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Consider the following table for a seven-year period: Returns Year U.S. Treasury Bills Inflation Year 1 3.90 % 1.24 % Year 2 3.75 2.38 Year

Consider the following table for a seven-year period: Returns Year U.S. Treasury Bills Inflation Year 1 3.90 % 1.24 % Year 2 3.75 2.38 Year 3 4.65 1.28 Year 4 5.07 0.70 Year 5 2.87 6.52 Year 6 1.75 9.44 Year 7 1.48 10.39 What was the average real return for Treasury bills for this time period? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Average real return ?? NOT 6.97 %

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