Using historical risk premiums over the 1926-2016 period as your guide, what would be your estimate, in percentage, of the expected annual return on the Big/Value portfolio? Assume the current risk-free interest rate is 3%. Round your answers to two decimal places. Use the following table. Market Index Big/Growth Big/Value Small/Growth Small Nalue 08.30 18.64 0.45 19.49 0.20 7.77 -13.95 - 11.87 0.94% 7.98 18.50 0.43 18.57 -0.10 5.55 - 14.68 - 11.80 0.75% 11.67 24.62 0.47 22.78 1.70 19.05 -19.53 - 15.63 0.94% 8.79 26.21 0.34 25.92 0.70 7.83 -20.59 -16.92 0.75% 15.56 28.36 0.55 25.98 2.19 22.21 -20.47 - 17.87 0.57% -20.14 -20.33 -24.30 - 25.02 -25.76 A. 1926-2016 Mean excess return (annualized) Standard deviation (annualized) Sharpe ratio Lower partial SD (annualized) Skew Kurtosis VaR (19) actual (monthly) returns VaR(1%) normal distribution % of monthly returns more than 3 SD below mean Expected shortfall (monthly B. 1952-2016 Mean excess return (annualized) Standard deviation (annualized) Sharpe ratio Lower partial SD (annualized) Skew Kurtosis VaR (1%) actual (monthly returns VaR(1%) normal distribution % of monthly returns more than 3 SD below mean Expected shortfall (monthly 9.92 7.52 14.89 0.50 16.51 -0.52 1.90 - 10.80 -9.37 0.66% 7.18 15.54 0.46 15.67 -0.36 1.81 -10.90 -9.84 0.66% 15.95 0.62 16.01 -0.29 2.26 - 11.94 -9.89 0.80% 7.05 22.33 0.32 23.79 -0.36 2.17 -16.93 -14.41 0.93% 13.34 18.42 0.72 19.36 -0.35 3.48 -15.21 - 11.26 1.19% -18.85 -17.99 -21.30 -24.66 -28.33