9% is the difference between the expected return on the market and the risk-free rate, but it is not the expected risk premium. 11% is the expected return on the market, but it is not the stock's expected risk premium. The expected risk premium for a stock (or a portfolio) is the difference between the expected return on the market and the risk-free rate multiplied by the stock's (or portfolio's) beta. The expected return on the market minus the risk-free rate multiplied by the beta is 1.2 × (.11 ? .02), which is equal to .108 or 10.8%. 13.2% is the stock's beta (1.2) multiplied by the expected return on the market (.11). However, this is not the stock's expected risk premium.
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