Problem 10-16 Calculating Real Returns [LO 1]

Consider the following table for a seven-year period:

	Returns
Year	U.S. Treasury Bills		Inflation
Year 1	4.10	%	1.28	%
Year 2	3.95		2.42
Year 3	4.85		1.32
Year 4	5.27		0.74
Year 5	3.07		6.56
Year 6	1.95		9.48
Year 7	1.68		10.43

Required:

What was the average real return for Treasury bills for this time period? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)