Consider the following data for a one-factor economy. All portfolios are well diversified.

Portfolio E (r) Beta

A 12% 1.2

F 6% 0.0

Suppose that another portfolio, portfolio E, is well diversified with a beta of .6 and expected return of 8%.

If an arbitrage opportunity exists, what percentage rate of return would you earn for free based on your arbitrage strategy? (Do not round your intermediate calculations. Enter your final answer in percent rounded up, if necessary, to two decimal places without the % symbol).