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An analyst believes equity prices are completely explained by the market risk premium, earnings growth, earnings yield (E/P), and the dividend payout ratio (D/E). The analyst uses beta to represent exposure to the market risk premium and standardizes earnings growth, earnings yield, and the dividend payout ratio. The analyst's forecasted factor returns are as follows:
A. 1%. B. 5%. C. 1.5%. D. 2%. |