A regression of a stock's return (in percent) on an industry index's return (in percent) provides the following results:

Coefficient	Standard Error
Intercept	2.1
Industry index	1.9

Degrees of Freedom	SS
Explained	1
Residual	3
Total	4

Which of the following statements regarding the regression is correct?

I. The correlation coefficient between the X and Y variables is 0.889. II. The industry index coefficient is significant at the 99% confidence interval. III. If the return on the industry index is 4%, the stock's expected return is 10.3%. IV. The variability of industry returns explains 21% of the variation of company returns.