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The following table shows the nominal returns on Brazilian stocks and the rate of inflation. Year Nominal Return (%) 2012 2013 0.2 -16.0 Inflation

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The following table shows the nominal returns on Brazilian stocks and the rate of inflation. Year Nominal Return (%) 2012 2013 0.2 -16.0 Inflation (%) 6.9 7.0 2014 -14.0 7.5 2015 -42.5 11.8 2016 2017 67.3 28.0 7.4 4.0 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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