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Consider the following table for a seven-year period: Returns Year 1 2 3 4 5 U.S. Treasury Bills 4.05% 3.90 4.80 5.22 3.02 1.90 1.63

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Consider the following table for a seven-year period: Returns Year 1 2 3 4 5 U.S. Treasury Bills 4.05% 3.90 4.80 5.22 3.02 1.90 1.63 Inflation -1.27% -2.41 -1.31 0.73 -6.55 -9.47 -1.42 6 7 What was the average real return for Treasury bills for this time period? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Average real return %

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