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
2011	9%	14%
2012	11%	16%
2013	15%	22%
2014	5%	7%
2015	1%	2%

:7.00%; r_United: 40.00%;