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Consider the following table for a seven-year period: Returns Year U.S. Treasury Bills Inflation Year 1 3.55 % 1.17 % Year 2 3.40 2.31 Year

Consider the following table for a seven-year period: Returns Year U.S. Treasury Bills Inflation Year 1 3.55 % 1.17 % Year 2 3.40 2.31 Year 3 4.30 1.21 Year 4 4.72 0.63 Year 5 2.52 6.45 Year 6 1.40 9.37 Year 7 1.13 10.32 Required: What was the average real return for Treasury bills for this time period?

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