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The following table shows the nominal returns on Brazilian stocks and the rate of inflation. Year 2012 2013 2014 2015 2016 2017 Nominal Return (8)

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The following table shows the nominal returns on Brazilian stocks and the rate of inflation. Year 2012 2013 2014 2015 2016 2017 Nominal Return (8) 0.1 -15.0 -13.0 -43.4 68.2 28.9 Inflation (%) 7.8 7.9 8.4 12.7 - a. What was the standard deviation of the market returns? (Use decimals, not percents, in your calculations. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Standard deviation b. Calculate the average real return. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places) Average real return

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