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21 22 2. 23 Beta 1.23 24 Market E(R) 10.90% 25 Risk-free retum 3.60% 26 28 Output area: 31 Stock E(R) 32

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21 22 2. 23 Beta 1.23 24 Market E(R) 10.90% 25 Risk-free retum 3.60% 26 28 Output area: 31 Stock E(R) 32

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