Suppose that the expected risk premium on small stocks relative to large stocks is 9%, the expected risk premium on high book-to-market stocks relative to low book-to-market stocks is 6%, and the expected risk premium on prior one year momentum portfolio is 4%. Assume also that the expected risk premium on the overall stock market relative to the risk-free rate is 13%. TSLA stock has a market beta of 2.04, a size beta of 0.7, a book-to-market beta of 0.45, and a prior one year momentum beta of 0.65.

If the annual risk-free rate is 2%, what is the risk premium of TSLA stock according to the Fama-French-Carhart (F-F-C) model? (5 marks)