The expected rate of return on the market portfolio is 13.25% and the riskfree rate of return is 2.75%. The standard deviation of the market portfolio is 18.50%. What is the representative investors average degree of risk aversion? Note that the degree of risk aversion is shown as a number rather than a percentage. Enter your answer rounded to two decimal places. For example, if your answer is 123.45% or 1.2345 then enter as 1.23 in the answer box.