Suppose that the market can be described by the following three sources of systematic risk with associated risk premiums. Factor Risk Premium Industrial production (I) 8 % Interest rates (R) 3 % Consumer confidence (C) 5 % The return on a particular stock is generated according to the following equation: r = 14% + 1.3I + 0.7R + 1.00C + e a-1. Find the equilibrium rate of return on this stock using the APT. The T-bill rate is 9%. (Do not round intermediate calculations. Round your answer to 1 decimal place.)