Carlos, an analyst at Graffiti General (GG), models the company's stock assuming that all stocks' returns depend on only three risk factors: inflation, industrial production, and the aggregate degree of risk aversion. The risk-free rate is PRF = 8%, the return on the market is r = 15%, and the rest of the available data is given in the following table: Value 13% 10% 6% Variable The required rate of return on an inflation portfolio, 11 The required return on an industrial production portfolio, 12 The required return on a risk-bearing portfolio, 13 Factor sensitivity to the inflation portfolio, bi Factor sensitivity to the industrial production portfolio, b2 Factor sensitivity to the risk-bearing portfolio, b3 Graffiti General's beta, bGG 0.9 1.2 -0.7 1.1 Using the APT model, Carlos calculates that GG's required rate of return is If Carlos used the Capital Asset Pricing Model, he would have calculated that GG's required rate of return is