You want to use a three-factor return model to estimate a stock's expected return. The stock has a market beta of 1.1, an industrial production growth rate beta of 1.4, and an inflation rate beta of 0.4. The market risk premium is 5.7% per year, the industrial production growth rate risk premium is 3.2% per year, and the inflation rate risk premium is 4.6% per year. If the risk-free interest rate is 2.8% per year, what is the stock's annual expected return estimated by the model? 1) 15.1% ) 2) 15.4% 3) 14.8% 4) 14.4% 5) 13.9%