Julie, an analyst at Graffiti Aviation (GA), models the company's stock assuming that all stocks' returns depend on only three risk factors: inflation, industrial production, and the aggregate degree of risk aversion. The risk-free rate is ref = 5%, the return on the market is rm = 7%, and the rest of the available data is given in the following table: Variable Value The required rate of return on an inflation portfolio, ri 15% The required return on an industrial production portfolio, r2 10% The required return on a risk-bearing portfolio, r3 4% Factor sensitivity to the inflation portfolio, bi 0.4 Factor sensitivity to the industrial production portfolio, b2 -0.6 Factor sensitivity to the risk-bearing portfolio, b3 0.9 Graffiti Aviation's beta, bG A 0.65 Using the APT model, Julie calculates that GA's required rate of return is If Julie used the Capital Asset Pricing Model, she would have calculated that GA's required rate of return is