Youve observed the following returns on Crash-n-Burn Computers stock over the past five years: 8 percent, 15 percent, 19 percent, 31 percent, and 21 percent. Suppose the average inflation rate over this period was 3.1 percent and the average T-bill rate over the period was 3.9 percent.

a. What was the average real return (risk-free rate) over this time period? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

b. What was the average nominal (real) risk premium over this time period? (Do not round intermediate calculations and enter your answer as a percent rounded to 1 decimal place, e.g., 32.1.)