Consider the two (excess return) index model regression results for A and B: R_A = 1% + 1.2R_M R-square = 0.576 Residual standard deviation = 10.3%

R_B = 2% + 0.8R_M R-square = 0.436

If r_f were constant at 6% and the regression had been run using total rather than excess returns, what would have been the regression intercept for stock A? (Negative value should be indicated by a minus sign. Round your answer to 1 decimal place.)