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Average rates of return on Treasury bills, government bonds, and common stocks, 1900-2017 (figures in percent per year) are as follows. Portfolio Treasury bills

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Average rates of return on Treasury bills, government bonds, and common stocks, 1900-2017 (figures in percent per year) are as follows. Portfolio Treasury bills Treasury bonds Common stocks Average Annual Rate of Return (%) 3.8 5.3 11.5 Average Premium (Extra return versus Treasury bills) (%) 1.5 7.7

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