You are exploring the use of APT in making investment choices. You have identified three factors labelled F1, F2, and F3 with corresponding risk premia RP1 = 3%, RP2 = 6%, and RP3 = 2%.  A stock with ticker ABC has historically shown returns which have followed the equation:  rABC=0.14+.50F1+1.20F2+.8F3+eABC   If the expected price next year will be $23, what is the fair price today, that is, the stock price now that will not allow for arbitrage profits? xx

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