Analysts sometimes use a historical market risk premium, the asset's current beta, and the current Treasury rate to estimate the asset's required return with the CAPM. The Treasury rate is the __________ in the model. The maturity of the Treasury rate used should roughly match the asset life so that

• Arisk-free rate; it includes the correct inflation expectations and liquidity premiums.
• B real return; it includes the correct liquidity premiums.
• Crisk-free rate; it includes the correct inflation expectations.
• Dexpected return on the market; it includes the correct risk premium.