9. [Expected Rate of Return and Hubris Premiums] Following is rate of return component information for FirstVenture investors.

Rate Return

Component Component

Liquidity premium 5.5%

Risk-free rate 6

Advisory premium 9

Investment risk premium 11.5

Target rate of return 40

A. Calculate the expected rate of return before considering premiums for illiquidity, advisory activities, and hubris projections.

B. Estimate the hubris projections premium for this FirstVenture investment.