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The average annual return on the S&P 5 0 0 Index from 1 9 8 6 to 1 9 9 5 was 1 2 .

The average annual return on the S&P 500 Index from 1986 to 1995 was 12.45 percent. The average annual T-bill yield during the same period was 4.20 percent.
What was the market risk premium during these ten years? (Round your answer to 2 decimal places.)
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