You observed the following returns for a stock and Treasury bills:

Year	Stock A	T-bills
2016	18%	3%
2015	8%	5%
2014	18%	3%

1. What was the excess return for the stock in 2016?

2. What was the (arithmetic) average return for the stock?

3. What was the (arithmetic) average return for T-bills?

4. What was the average excess return?