P&G and the market have the following annual returns. The risk-free rate is 3.5% and the equity market risk premium is 7.7%. Using CAPM and the data provided, what is P&G's expected return? Write your answer to two decimal places as a percentage without the percent sign, e.g., write 12.02% as 12.02.

Year: P&G Market

2008 -40% -40%

2009 -10% 16%

2010 35% -5%

2011 -5% -10%

2012 16% 35%