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

Year	Treasury Bills	Inflation
1	8.62%	10.40%
2	9.46	13.96
3	7.23	8.39
4	6.34	6.04
5	6.81	8.15
6	9.09	10.56
7	11.90	14.70
8	13.62	14.33

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

	Average return
Treasury bills	%
Inflation	%

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.)

	Standard deviation
Treasury bills	%
Inflation	%

c.	What was 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.)

Average real return

%