Please let me know how to calculate the excess return in percent relative to the S&P 500 Index. What is meant by t+5, t+4,...t,....t-4,t-5? Pleaseprovide an explanation and answer in detail, I really want to understand this topic. Thank you

=tv- en tv-Kantv-Australia A #D 14-TV FINS1612 Course Outlines B Order details T INFS3603 Team Assignment Tn Assessment (page 1 of: X + 0 M L iLAB forum > Assessment Analyse the quarterly earnings per share (EPS) announcement on 17 Oct 2017 for JNJ-US (FactSet identifier). Was this a positive, neutral, or negative earnings surprise? OPositive ONeutral ONegative Compute excess returns in percent relative to the S&P 500 Index (FactSet identifier SP50). Please use 4 decimal places. A five-percent excess return should be presented at 5.0000%, not 0.0500). Complete the table below: Event day Excess return (%) t+5 It+4 t+3 t+2 t+1 t t-1 t-2 t-3 It-4 t-5 Ni Window