Consider the following table for an eight-year period:

Year	T-bill return	Inflation
Year 1	7.36%	8.64%
Year 2	8.39	12.27
Year 3	5.94	6.87
Year 4	5.42	4.93
Year 5	5.52	6.63
Year 6	7.99	8.95
Year 7	10.63	13.22
Year 8	12.45	12.45

Requirement 1:

Calculate the average return for Treasury bills and the averageannual inflation rate (consumer price index) for this period.(Do not round intermediate calculations.Enter your answers as a percentage rounded to 2decimal places (e.g., 32.16).)

Average return for Treasury bills	%
Average annual inflation rate	%

Requirement 2:

Calculate the standard deviation of Treasury bill returns andinflation over this time period. (Do notround intermediate calculations. Enter your answers as a percentagerounded to 2 decimal places (e.g.,32.16).)

Standard deviation of Treasury bills	%
Standard deviation of inflation	%

Requirement 3:

(a)	Calculate the real return for each year.(Negative amounts should be indicated by aminus sign. Leave no cells blank - be certain toenter "0" wherever required. Donot round intermediate calculations. Enter your answers as apercentage rounded to 2 decimalplaces (e.g., 32.16).)

Year	Real return
Year 1	%
Year 2	%
Year 3	%
Year 4	%
Year 5	%
Year 6	%
Year 7	%
Year 8	%

(b)	What is the average real return for Treasury bills?(Negative amount should be indicated by a minussign. Do not round intermediate calculations.Enter your answer as a percentage rounded to 2 decimal places (e.g.,32.16).)

Average real return for Treasury bills

%