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The following table shows the nominal returns on U.S. stocks and the rate of inflation Year Nominal Return (%) Inflation (%) 2010 12.0 4.0 2011

The following table shows the nominal returns on U.S. stocks and the rate of inflation

Year Nominal Return (%) Inflation (%)
2010 12.0 4.0
2011 6.8 3.4
2012 15.7 2.9
2013 7.1 4.4
2014 -44.0 .3

a. What was the standard deviation of the nominal market returns? (Do not make the adjustment for degrees of freedom described in footnote 18.) (Use decimals, not percents, in your calculations. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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