The Carhart 4-factor model adds a momentum factor (UMD = "Up minus Down") to the Fama-French 3-factor model. Suppose we have the same data as in (a). In particular, we have estimated EMSFT = 12%, EJNJ = 6%, and EMarket = 9%. For the 4 risk factors we estimate expected returns by looking at the historical average returns. Historically, besides the market factor, the other 3 factors have had the following average