You have observed the following returns over time: Year Stock X stock Y Market 2015 14% 13% 12% 2016 19 7 10 2017 -16 -5 -12 2018 3 1 1 2019 20 11 15 Assume that the risk-free rate is 6% and the market risk premium is 5%. a. What are the betas of stocks X and Y? b. What are the required rates of return on stocks X and Y? c. What is the required rate of return on a portfolio consisting of 80% of stock X and 20% of stock Y?