Assume that the market is in equilibrium and that stock betas can be estimated with historical data. The returns on the market, the returns on United Fund (UF), the risk-free rate, and the required return on the United Fund are shown below. Based on this information, what is the required return on the market, ?

Year	Market	UF
2008	-9%	-14%
2009	11%	16%
2010	15%	22%
2011	5%	7%
2012	-1%	-2%

Select the correct answer.

9.36%

9.18%

9.00%

9.27%

9.09%