Based on the long-run historical evidence, a market portfolio of US stocks (similar to the S&P 500 index) has an average annual excess return (above the risk-free rate) closest to ____. (Look it up in BKM.) Question 3 options: 16% 4% 8% 32%

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Question 3 (1 point) Based on the long-run historical evidence, a market portfolio of US stocks (similar to the S&P 500 index) has an average annual excess return (above the risk-free rate) closest to ___(Look it up in BKM.) 16% 4% 8% 32%