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You've observed the following returns on Microsoft stock over the past five years: 15 percent, -3 percent, 18 percent, 11 percent, and -1 percent, Suppose

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You've observed the following returns on Microsoft stock over the past five years: 15 percent, -3 percent, 18 percent, 11 percent, and -1 percent, Suppose the average T-bill rate over this period was 5.6 percent. What was the overage risk premlum of this stock over the flve-year period? Hint Be sure to use the arithmetic average. (Do not round intermediate calculations and enter your onswer as a percent rounded to 2 decimal places, e.9. 1.23 . Do not input a percent sign with your answer.)

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