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The following return series comes from Global Financial Data. Year Large Stocks LT Gov Bonds US T-bills (Risk-free) CPI (Inflation) 1946 -8.18% 0.38% 18.13% 4.07%

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The following return series comes from Global Financial Data. Year Large Stocks LT Gov Bonds US T-bills (Risk-free) CPI (Inflation) 1946 -8.18% 0.38% 18.13% 4.07% -1.15% 1947 5.24% 0.62% 8.84% 1948 5.10% 2.10% 1.06% 2.99% 1950 18.06% 7.02% 1.12% -2.07% 1951 30.58% -1.44% 1.22% 5.93% Calculate the average rate of inflation. (Enter percentages as decimals and round to 4 decimals)

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