Use the following information to answer the question(s) below. MSFT Return Year 2018 2019 2020 Risk-free Return 3.0% 1.5% 1.0% Market Retur 6.0% -38.5% 22.5% Market Excess Retum 3.0% -40.0% 21.5% MSFT Excess Return 2.5% -34.1% 18.6% 5.5% -32.6% 19.6% Beta 0.833 0.853 0.865 Using the average historical excess returns for both MSFT and the Market portfolio, your estimate of MSFT's beta is closest to: a. 1.19. b. 1.00. C. 0.84. d. 0.75