Imagine you and your best friend are walking in uptown Minneapolis on a fine spring afternoon. A mild breeze flows gently and a $50 dollars bill rolls over the side walk in front of both of you. Your friend, who took Financial economics before, says: "Don't bother picking up that bill, believe me, it must be fake. The strong version of EMH stays that on a street full of people is impossible to find such arbitrage opportunities, if it were really a $ 50 bill it would have been picked up by now". State each version of Efficient Market Hypothesis (EMH) and using this knowledge argue in favor or against your friend's reasoning, and explain what you would do. Is it possible that your friend is right?