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4. The beta of land is -0.8. Using CAPM, please calculate the rate of return for this investment if the expected market return is 9%.

4. The beta of land is -0.8. Using CAPM, please calculate the rate of return for this investment if the expected market return is 9%. Risk-free rate is 1.5%.

a. 19.80% b. 18.96% c. 17.11 d. 16.80% e. 15.73%

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