You have run a regression of monthly returns on a stock against monthly returns on the S&P 500 index, and come up with the following output:

R_stock = 0.25% + 1.25 (R_Market Rf) (R2= 0.60)

The current one-year treasury bill rate is 4.8%. The expected market risk premium is 5.8%

1) An analyst has estimated, correctly, that the stock did 2.2% better than expected, annually, during the period of the regression. Can you estimate the annualized risk-free rate that he used for his estimate?