Consider the two (excess return) index model regression results for A and B:

R_A = 0.6% + 1.3R_M

R-square = 0.582

Residual standard deviation = 10.5%

R_B = 0.8% + 0.9R_M

R-square = 0.426

Residual standard deviation = 8.8%

d. If r_f were constant at 4% 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 2 decimal places.)

Intercept

%