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A stock has an expected return of 12.1 percent, a beta of 1.4, and the expected return on the market is 9.2 percent. What must

A stock has an expected return of 12.1 percent, a beta of 1.4, and the expected return on the market is 9.2 percent. What must the risk-free rate be? (Do not round intermediate calculations. Enter your answer as a percent rounded to two decimal places.)

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