=+d Calculate the excess return (ER) for both Sity and Pity given that the required rate of return for Sity is 8 per cent per year and the required rate of return is 10 per cent per year for Pity. Sity has paid only two dividends: £2m was paid five years ago and £3m was paid three years ago. Pity has paid £2m in dividends at the end of every year since its foundation.