Consider a representative agent with CRRA utility. Her risk aversion is y $=6$ and the time discount rate is

$=0\mathrm{.}02.$ The expected growth rate of aggregate consumption is $1\%$ and the volatility is $2\%.$ The equity market has a volatility of $30\%$ and a correlation of $0\mathrm{.}6$ with consumption growth.

$($A$)$ What is the level of the equity risk premium in this economy?

Please keep $3$ decimal places of your result. Do not express your result in $\%$ or include a $\%$ sign in your answer, for example, write $0\mathrm{.}401$ rather than $40\mathrm{.}100\%$