The market return is 10% and the risk-free rate is 5%. A security has a market beta of 1.20 , a SMB beta of -0.50 , and an HML beta of -0.75 . The risk premium on HML and SMB are both 4%. What is the expected return using the Fama-French three-factor model? a. 9% b. 12% c. 1% d. 6% e. 8%