Question $10$

Given the following regarding a share of stock and the overall market:

The risk$-$free rate of return is $1\mathrm{.}5\%$

The beta of the stock is $2\mathrm{.}42$

The expected risk premium of the stock is $9\%$

What is the expected return of the market?

$($Answer to the nearest $0\mathrm{.}01\%)$