(ii) Calculate the market return for the corresponding periods (iii) Calculate the excess return: (i) - (ii)

\begin{tabular}{|l|l|} \hline & \multicolumn{2}{|c|}{ 3-day stock return } \\ \hline Formulas & \\ \hline Workings & \\ \hline Day before announcement & 4.6063 \\ \hline Day of the announcement & 4.6545 \\ \hline day after announcement & 4.6545 \\ \hline & \\ \hline Results & 1.05 \\ \hline \end{tabular}