Suppose you have calculated the average monthly returns of the Fama-French-Carhart (FFC) portfolios over the 1926-2019 period. You have also estimated the factor betas for 4 stocks using multiple regression analysis with monthly return data. All figures are provided in the Table below. Assume that the annual risk-free interest rate is equal to 3%.

Please use Excel to calculate the following and show the formula::

The monthly expected return, annual expected return, risk premium and annual risk premium of SIRI

Factor Portfolios	Average monthly returns (1926-2019)		Factor betas
RMkt rf	0.66%	COST	DE	HSY	SIRI
		1.008	1.089	0.209	1.100
SMB	0.20%	-0.304	0.008	-0.561	-0.118
HML	0.36%	-0.297	0.546	-0.045	0.064
PR1YR pLEASE	0.66%	0.235	-0.122	0.269	0.193