Suppose we have the following Treasury bill returns and inflation rates over an eight year period:

Year	Treasury Bills	Inflation
1	7.55%	9.02%
2	8.29	12.69
3	6.15	7.24
4	5.43	5.20
5	5.83	7.10
6	8.04	9.44
7	11.00	13.72
8	12.58	13.05

a.	Calculate the average return for Treasury bills and the average annual inflation rate for this period. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

Treasury bills	8.11 %
Inflation	9.68 %

b.	Calculate the standard deviation of Treasury bill returns and inflation over this period. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

Treasury bills	2.53 %
Inflation	3.16 %

c.	What was the average real return for Treasury bills over this period? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Average real return

%