Monthly returns, in percent
	SP 500	RiskFree asset	Portfolio
Month1	1.8710	0.1694	2.6399
Month2	2.1660	0.1629	2.8807
Month3	3.6299	0.1471	3.8000
Month4	3.0182	0.1509	3.4601
Month5	-0.0392	0.1415	-0.2885
Month6	-8.2319	0.1291	-7.9074
Month7	-12.3513	0.1339	-10.9948
Month8	12.8194	0.2035	11.2941
Month9	4.7628	0.0525	4.9683
Month10	1.9887	0.0155	2.7926
Month11	5.6385	0.0149	6.1024
Month12	7.1881	0.0126	7.5139
Month13	-3.7997	0.0112	-2.9336
Month14	-2.6594	0.0104	-1.5111
Month15	10.9464	0.0124	12.0939
Month16	3.8448	0.0143	3.3406
Month17	-1.0096	0.0120	0.4979
Month18	2.7575	0.0083	4.0462
Month19	4.3796	0.0089	4.6032
Month20	5.3369	0.0095	5.8422
Month21	0.6984	0.0088	1.7204
Month22	2.3345	0.0073	1.4137
Month23	2.3755	0.0088	2.5766
Month24	3.0406	0.0083	2.7834
Month25	-4.6510	0.0080	-5.2840
Month26	7.0062	0.0094	6.2762
Month27	-0.6929	0.0115	-1.9685
Month28	4.4816	0.0147	5.3701
Month29	-5.1747	0.0185	-4.6402
Month30	-2.9942	0.0283	-2.3977
Month31	3.7130	0.0650	1.0116
Month32	-8.7202	0.0743	-7.2246
Month33	0.1835	0.1177	-0.8481
Month34	-8.2544	0.1553	-7.1315
Month35	9.2205	0.2171	8.3193
Month36	-4.0782	0.2371	-4.4996

1. Calculate the monthly average of portfolio:

a. raw returns

b. excess returns

c. active returns