We run regressions of the excess returns of the two portfolios (Value and Growth) on the market excess return and obtain the following results. The numbers in brackets are the t-statistics.

Portfolio Intercept MKT R-squared

Value 0.048 (2.54) 0.95 (16.65) 0.86

Growth -0.012 (3.10) 1.11 (20.42) 0.91

What is the value premium after controlling for CAPM?

	A.	0.16
	B.	0.06
	C.	0.036
	D.	0.064
	E.	0.048