The following table shows the nominal returns on U.S. stocks and the rate of inflation. Year 2010 2011 2012 2013 2014 Nominal Return (%) 11.7 8.6 15.5 5.7 -44.2 Inflation (%) 2.2 3.4 2.9 4.3 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.) Standard deviation 22.07 % b. Calculate the arithmetic 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 -3.08 %