A portfolio manager at a mutual fund is evaluating the end-of-year returns of the stocks in the portfolio and comparing them to those predicted by the Fama-French model. The manager considers stock GRI, which had a return of 7.8% over the previous year and had a beta to the market of 1.25. The factor betas for the stock and the returns of each factor are presented in the following table:

Factor	Factor beta	1-year factor return
HML factor	–0.45	2.50%
SMB factor	2.10	1.00%

The market had a return of 6.00% over the previous year and the risk-free rate of interest remained constant at 1.50%. What was the alpha of stock GRI for the previous year?