A financial analyst collects the following data on the Tiger Fund during a period in which the risk-free rate is 3% :

Tiger Fund bet = 1.4 Tiger Fund 1-Year Return = 12% Tiger Fund Alpha = 0.7%

The expected return on the market portfolio using Jensen's alpha is closest to

a. 6.43%
b. 6.88%.
c. 7.62%
d. 8.93%