The level of the S&P500 market index is 20,000 at the start of the year and 24,000 at the end. The dividend yield on the index is 5%

. 12) Demonstrate that the return on the index over the year is 25%?

13)If the risk-free rate is 10%, what is the risk premium over the year?

14)If the inflation rate is 8%, what is the real return on the index over the year?