Consider the following information for three stocks, Stocks A$,$ B$,$ and C$.$ The returns on the three stocks are positively correlated, but they are not perfectly correlated. $($That is$,$ each of the correlation coefficients is between $0$ and $1.)$

$\backslash$table$[[$Stock$,$Expected Return,Standard Deviation,Beta$],[$A$,8\mathrm{.}28\%,15\%,0\mathrm{.}8],[$B$,9\mathrm{.}51,15,1\mathrm{.}1],[$C$,11\mathrm{.}15,15,1\mathrm{.}5]]$

Fund $P$ has one$-$third of its funds invested in each of the three stocks. The risk$-$free rate is $5\%,$ and the market is in equilibrium. $($That is$,$ required returns equal expected returns.$)$ The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below.

Open spreadsheet

a$.$ What is the market risk premium $(($:$r_M-r_{RF}$