Consider the following model

R_Pt-R_Ft=+₁(R_Mt-R_Ft)+₂HML_Pt+_Pt,

where R_Pt is the return on a professionally managed portfolio P at day t, R_Ft is the return on the risk-free asset F at day t, R_Mt is the return on the market portfolio M at day t, HML_t is the high minus low Fama-French factor at day t, and _Pt is the unsystematic component in R_Pt. To estimate the model you use monthly data from January 2005 to December 2019. Using Excel, your estimates for the parameters , ₁ and ₂ are 0.05, 0.120, and 0.262, respectively, and you find as P-values 0.071, 0.000, and 0.007 respectively. The estimated R-square is 0.979. 1. What percentage of the variance in the excess returns on portfolio P is due to the excess returns on the market and the high minus low factor? 2. Interpret ₁ and ₂. Are these coefficients statistically significant when the level of significance is 5%? 3. Is portfolio P mispriced?