You hear on the news that the S&P 500 was down 2.8% today relative to the risk-free rate (the market's excess return was 2.8%). You are thinking about your portfolio and your investments in Hewlett Packard and P & G.

a. If Hewlett Packard's beta is 1.2, what is your best guess as to Hewlett Packard's excess return today? (answer as %)

b. If P & G's beta is 0.4, what is your best guess as to P&G's excess return today? (answer as %)