This data was from Jeremy Siegel's books,"The Future for Investors"and "Stocks for the Long Run". Siegel tells us that, over the period from 1802 - 2005, the long-run averagerealreturn in the US equity market is 6.8% and it is 3.5% in the bond market. Based on Siegel's data, answer the following three questions.

Based on Siegel's data, with long (30 year) holding periods, which of the following asset classes has the smallest risk, as measured by standard deviation?

a. Common Stock

b. It is Impossible to know

c. Treasury Bills

d. Bonds