Consider the following information for a period of years:

Arithmetic Mean

Long$-$term government bonds $7\mathrm{.}7\%$

Long$-$term corporate bonds $7\mathrm{.}8$

Inflation $4\mathrm{.}8$

a$.$ What is the real return on long$-$term government bonds? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$.$ What is the real return on long$-$term corporate bonds?