Question: If returns rather than excess returns are used to estimate the single - index model and the risk - free rate is constant, then estimates

If returns rather than excess returns are used to estimate the single-index model and the risk-free rate is constant, then estimates of:
Multiple choice question.
both alpha and beta are affected.
alpha are affected but those of beta are not.
neither alpha nor beta are affected.
beta are affected but those of alpha are not.

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