A portfolio manager summarizes the input from the macro and micro forecasts in the following table:

Micro Forecasts

Asset	Expected Return (%)	Beta	Residual Standard Deviation (%)
Stock A	20	1.50	60
Stock B	18	2.00	40

Macro Forecasts

Asset	Expected Return (%)	Standard Deviation (%)
T-bills	5	0
Passive Equity Portfolio (m)	16	25

a. Calculate expected excess returns for stock A.

b. Calculate expected excess returns for stock B.

c. Calculate expected alpha values for stock A.

d. Calculate expected alpha values for stock B.

e. Calculate expected residual variances for stock A.

f. Calculate expected residual variances for stock B.