Suppose the risk$-$free return is $4\%.$ The beta of a managed portfolio is $1\mathrm{.}2,$ the alpha is $\mathrm{.}8\%,$ and the average return is $15\%.$ Based on Jensen's measure of portfolio performance, you would calculate the return on the market portfolio as:

Group of answer choices

$12\mathrm{.}5\%$

$15\%$

$11\mathrm{.}5\%$

$16\%$