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Assume that the annual average excess return of S&P 500 is 7.9%, and the standard deviation is 22.3%. What is a reasonable estimate of the

Assume that the annual average excess return of S&P 500 is 7.9%, and the standard deviation is 22.3%. What is a reasonable estimate of the average risk aversion in the U.S.?

Round your answer to two decimal places.

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