The following table shows risk and returns measures for two portfolios.

Portfolio	Average Annual Rate of Return	Standard Deviation	Beta
R	11%	10%	0.5
Market portfolio	14%	12%	1.0

The market portfolio has an alpha of 0 and a beta of 1. The expected return of the market portfolio is 14%. The risk-free rate is 2%. Under the CAPM framework, when plotting portfolio R on the preceding table relative to SML (security market line), portfolio R lies:

a. on the SML

b. below the SML

c. above the SML

d. insufficient data given