Consider the following average annual returns:

Investment Average Return

Small Stocks 23.5%

S&P 500 13.7%

Corporate Bonds 7.8%

Treasure Bonds 6.7%

Treasury Bills 4.9%

What is the excess return for the portfolio of small stocks?

A. 11.2%

B. 18.6%

C. 16.7%

D. 15.8%