The historic return of the S&P500 has been 10.12% per year, and 3-month T-bills have returned 3.56% per year, compounded annually. Long term government bonds have returned 5.65% per year, compounded annually. What has been the "market risk premium"?

Select one:

a. 7.0% to 9.0%

b. 5.0% to 7.0%

c. Less than 3%

d. 3.0% to 5.0%

e. More than 9.0%