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Suppose that borrowing is restricted so that the zero-beta version of the CAPM holds. The expected return on the market portfolio is 14%, and on

Suppose that borrowing is restricted so that the zero-beta version of the CAPM holds. The expected return on the market portfolio is 14%, and on the zero-beta portfolio it is 7%. What is the expected return on a portfolio with a beta of 0.5? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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