Alpha stock has an expected return of 8.2 percent and betas of: GNP = 1.23; I = .97; and Ex = 1.08. This expectation is based on a three-factor model with expected values of: GNP growth of 1 percent; inflation of 2.4 percent; and export growth of 3.5 percent. However, actual growth in these factors turns out to be .55 percent, 1.8 percent, and 2.6 percent, respectively. Assuming there was no unexpected news related specifically to the stock, what was the stocks total rate of return?

a.) 8.04%

b.) 8.55%

c.) 8.47%

d.) 7.85%

e.) 8.85%