Under the CAPM, the relationship between the expected return on a stock (i) and the risk-free rate is _________________, when the correlation [of returns] between stock (i) and the market portfolio is less than 0.

Group of answer choices

Expected return on stock (i) = risk-free rate

Expected return on stock (i) > risk-free rate

Expected return on stock (i) < risk-free rate

indeterminate (cannot be determined)