An analyst uses a three-factor model to estimate the expected return of Northgate Capital stock. The factors are market risk premium (5.5%), size premium (SMB = 2.8%), and value premium (HML = 3.2%). Northgate's factor sensitivities are: market beta = 1.15, size beta = 0.45, and value beta = -0.30. If the risk-free rate is 3.0%, what is the expected return?