With regard to differences and similarities between the CAPM and APT, which of the following statements are false? I. CAPM requires the market portfolio to contain all risky assets; APT uses a market index as the benchmark portfolio. ||. Both CAPM and APT assume investors have homogeneous expectations. I\". CAPM applies only to diversified portfolios; APT applies to all assets which can be arbitraged. I'v'. CAPlvl assumes all investors are mean-variance optimisers; APT assumes the actions of large sophisticated investors move the market to equilibrium. V. Both CAPlvl and APT can be stated as either singlefactor and multifactor models. 0 a. II, III and V only. 0 b. H and V only. 0 c. V only. C]. IV and V only