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The following table shows the nominal returns on Brazilian stocks and the rate of inflation. Year Nominal Return (%) 2012 0.3 2013 -18.0 2014 -16.0

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The following table shows the nominal returns on Brazilian stocks and the rate of inflation. Year Nominal Return (%) 2012 0.3 2013 -18.0 2014 -16.0 2015 - 41.6 2016 66.4 2017 27.1 Inflation (%) 6.0 6.1 6.6 10.9 6.5 3.1 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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