1. At the beginning of 2021, you decide to sell bond position and invest in S&P 500. Past 10 year of S&P 500 dividend yield, total return and risk free rate are shown as follows.

   Year	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
   Dividend yield	2.13%	2.20%	1.94%	1.92%	2.11%	2.03%	1.84%	2.09%	1.83%	1.58%
   Total Return	2.11%	16%	32.39%	13.69%	1.38%	11.96%	21.83%	-4.38%	31.49%	18.40%
   Risk free rate (10 year)	2.78%	1.80%	2.35%	2.54%	2.14%	1.84%	2.33%	2.91%	2.14%	0.89%

   Q1: What is the average risk premium in percentage term from 2011 to 2020? (hint: copy paste the whole table to excel and use excel function)

2. Q2: What is the standard deviation of risk premium in percentage term?

3. Q3: Suppose you expect average 10-year treasury note rate to be 2.17% (average of past 10 year risk-free) . Also, you expect in 2021, S&P 500 index risk premium will be 0.2 standard deviation above the historical mean. What is the expected return in percentage term on market (S&P 500 index) in 2021?