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

The average annual return on the S&P 500 Index from 1996 to 2005 was 20.25 percent. The average annual T-bill yield during the same period was 3.65 percent.
What was the market risk premium during these ten years? (Round your answer to 2 decimal places.)
\table[[Average market risk premium]]
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