Let $S _ { T }$ Denote the Time- $T$ Price of a Stock And

Let $S _ { T }$ denote the time- $T$ price of a stock and $S _ { 0 }$ its current price.Suppose that for any $T$ , $\ln \left( \frac { S _ { T } } { S _ { 0 } } \right) : N \left( \mu _ { T } , \sigma ^ { 2 } T \right)$ for constant annual parameters $\mu$ and $\sigma$ .What does this imply about the returns process? Pick the most accurate of the following alternatives:

A) The returns are independent and identically distributed over time.
B) The returns are independent over time.
C) The returns are normally distributed.
D) None of the above.