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Consider the following table for a seven-year period: Returns Year U.S. Treasury Bills Inflation 1 3.70 % 1.20 % 2 3.55 2.34 3 4.45 1.24

Consider the following table for a seven-year period: Returns Year U.S. Treasury Bills Inflation 1 3.70 % 1.20 % 2 3.55 2.34 3 4.45 1.24 4 4.87 .66 5 2.67 6.48 6 1.55 9.40 7 1.28 1.35 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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