The risk-free rate is 3.3% and you believe that the S&P 500's excess return will be 8.8% over the next year. If you invest in a stock with a beta of 1.2 (and a standard deviation of 30%), what is your best guess as to its expected excess return over the next year? The expected excess return over the next year is %. (Round to two decimal places.) Suppose the risk-free return is 4.3% and the market portfolio has an expected return of 8.7% and a standard deviation of 16%. Johnson & Johnson Corporation stock has a beta of 0.31. What is its expected return? The expected return is %. (Round to two decimal places.)