Calculate the geometric average of stock returns and the geometric average of bond returns using the data from the $3$ years below. Then calculate the equity risk premium using the geometric averages. Compare this to the equity risk premium using arithmetic averages.

Year Stock returns Return on T$-$Bonds

$202128\mathrm{.}5\%-4\mathrm{.}4\%$

$2022-18\mathrm{.}0\%-17\mathrm{.}8\%$

$202326\mathrm{.}1\%3\mathrm{.}9\%$

Geometric ERP $=16\mathrm{.}5\%$

Arithmetic ERP $=18\mathrm{.}3\%$

Need to know how to get there.