Over the last nine years, you have earned the following returns on the NZX Year (ending in March) 20132014 20142015 20152016 20162017 20172018 20182019 20192020 20202021 20212022 Return 17.45% 15.17% 17.26% 7.94% 16.92% 19.54% 0.36% 28.93% -5.17% You have also collected the level of the CPI over the same period: Date Level March 2013 958 March 2014 972 March 2015 975 March 2016 979 March 2017 1000 March 2018 1011 March 2019 1026 March 2020 1052 March 2021 1068 March 2022 1142 (a) For each tax year, calculate the inflation rate. (b) Now calculate a real rate of return for the NZX50 (use the full for- mula, not the approximation) for each year. (c) What is the mean nominal return for the NZX50? What is the mean real return? (d) What is the nominal volatility for the NZX50? What is the real volatility of the NZX50? (e) Suppose New Zealand had a 33% tax levied on capital gains and all dividends. Repeat your analysis, calculating after-tax mean real and nominal returns, along with real and nominal after-tax volatilities.