Ryan and Brian run the following mutual funds. Suppose that the risk-free rate is 3%, the market risk premium is 7%, and the risk premium on the financial intermediary factor is 5%. CAPM model estimates Portfolio Market Beta E[R] Ryan 6% 0.5 18% Brian 1.5 2 Factor (Market and Financial Intermediary) model estimates Financial Intermediary Portfolio E[R] Market Beta Beta Ryan 6% 0.5 -1 Brian 18% 1.5 2 What is the model implied return on Brian's portfolio using the 2-factor model? 18.0% 19.5% 20.0% 22.0% 23.5%