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

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

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

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

Year Treasury Bills Inflation 82% 9.42% 8.60 6.44 5.60 6.02 8.25 11.23 12.85 13.04 7.55 5.35 7.31 9.67 13.98 13.37