Consider the following average annualreturns:

Investment

Average Return

Small Stocks

23.8%

S&P 500

13.5%

Corporate Bonds

7.1%

Treasure Bonds

6.5%

Treasury Bills

4.2%

What is the excess return for the portfolio of smallstocks?

A.

11.8%

B.

16.7%

C.

19.6%

D.

17.6%