Pandora Incorporation's stock has a beta of 0.94, its required return is 11.49%, and the risk-free rate is 4.25%. What is the required rate of return on the market? Round your intermediate calculations to at least 4 decimal places.
a. 16.47% b. 7.70% c. 12.22% d. 10.70% e. 11.95%

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