Historically,the Average Excess Return of the S&P/TSX Composite Index Over

Historically,the average excess return of the S&P/TSX Composite Index over the return of Government of Canada bonds has been ________ and is a proxy for the market risk premium.

A) between 10% and 12%
B) between 14% and 16%
C) between 5% and 7%
D) between 11% and 13%
E) between 4% and 6%