You expect the inflation rate to be 5.2% and the U.S. Treasury bill yield to be 6.5% for the next year. You also expect the risk premium on small-company stocks to be 3.2% for the year. What rate of return do you expect to earn on small-company stocks over the next year?

a.	3.3%
b.	11.7%
c.	14.9%
d.	8.4%
e.	9.7%