A mutual fund has earned an annual average return of 15% over the last 5 years. During that time, the average risk-free rate was 2% and the average market return was 12% per year. The correlation coefficient between the mutual fund’s and market’s returns was 0.7. The standard deviation of returns was 45% for the mutual fund and 22% for the market. What was the fund’s CAPM alpha?               

		a) -2.9%
		b) -1.3%
		c) 0.3%
		d) 1.9%
		e) 3.5%