You are told that Land's End, a catalog retailer, earned an excess return (Jensen's alpha), in annualized terms, of 32% over the last 5 years and that it had a beta of 1.50 during the same period. Assuming that this estimate came from a quarterly regression of stock returns against a market return, and that the average annualized risk-free rate during the period was 4.8%, estimate the intercept on the regression. ( 3 points)