Suppose that next year, the S&P 500 Index rises by 11% and during this period the risk free rate was 3%. This means the S&P 500's excess return will be 8% If ABC US Equity Fund has a beta of 0.9. Calculate the expected excess return that ABC US Equity Fund will have next year. h a) 7.2% b) 7.1% % c) 8.9% d) 8.8%