An analyst uses the Grinold-Kroner model to estimate the stock market return. The analyst forecasts a 1% dividend yield, 2% real dividend growth, 3.5% long-term inflation, 1% average annual increase in shares outstanding and an overall market contraction in valuation of 0.5%. What should be the analyst's forecast of the equity market return? O a. 4.5% b. 5.0% O c. 2.0% O d. 3.5%