Suppose that three major systematic risk factors have been identified and these are exports, inflation, and industrial production.

At the beginning of the year, the growth of these three factors was estimated at -1%, 2.5%, and 3.5% respectively. However, the actual growth in these factors was 1%, -2% and 2%.

The respective beta factors are bEX = 1.8, bI = 0.7, and bPI = 1.0. What would the total return on stocks be if actual growth in each of the factors were equal to expected growth?