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Consider the following table for a seven-year period: Returns Year U.S. T-bills Inflation d 1926 3.27% -1.49% 1927 3.12 -2.08 1928 3.56 -.97 1929

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Consider the following table for a seven-year period: Returns Year U.S. T-bills Inflation d 1926 3.27% -1.49% 1927 3.12 -2.08 1928 3.56 -.97 1929 4.75 .20 1930 2.41 -6.03 1931 1.07 -9.52 1932 .96 -10.30 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 %

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