Youve observed the following returns on Pine Computers stock over the past five years: 26.7 percent, 14.8 percent, 32.6 percent, 2.9 percent, and 21.9 percent. The average inflation rate over this period was 3.29 percent and the average T-bill rate over the period was 4.3 percent.

a. What was the average real risk-free rate over this time period?

b. What was the average real risk premium?