Consider the following information on different asset classes from 1926 through 2011.

Series	Arithmetic Mean
Large-company stocks	11.8	%
Small-company stocks	16.5
Long-term corporate bonds	6.4
Long-term government bonds	6.1
Intermediate-term government bonds	5.5
U.S. Treasury bills	3.6
Inflation	3.1

Required:

What was the arithmetic average annual return on large-company stocks in real terms? Use the Fisher equation (1+R)/(1+h) - 1. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).) What is the Real Return? ________%