Suppose if WalMart has a beta of 1.1, current risk-free rate is 3.5%, average risk free rate over the last 70 years is 3.2 percent, and the expected return on the stock market is 12.3 percent, calculate Wal-Mart's risk premium?
[a] 8.8%
[b] 9.1%
[c] 9.7%
[d] 13.2%