You run a regression for a stock's return on a market index and find the following Excel output:

Multiple R	0.35
R-Square	0.12
Adjusted R-Square	0.02
Standard Error	38.45
Observations	12

	Coefficients		Standard Error			t-Stat	p-Value
Intercept	4.05			15.44		0.26	0.80
Market	1.32			0.97		1.36	0.10

_______________ % of the variance is explained by this regression.

Multiple Choice

• 12

• 80

• 35

• 4.05