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

Year	Treasury Bills	Inflation
1	10.77%	13.17%
2	11.69	16.35
3	9.38	10.62
4	8.65	8.27
5	9.20	10.62
6	11.56	13.11
7	14.45	17.33
8	16.33	17.27

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

%