The risk-free rate is 4.3?% and you believe that the S&P 500's excess return will be 11.9 % over the next year. If you invest in a stock with a beta of 1.2 (and a standard deviation of 30%), what is your best guess as to its expected excess return over the next year?
The expected excess return over the next year is ____%.
(Round to two decimal places.)