1.11 9 Problem 12-22 Calculating Returns [LO2, 3] points Suppose we have the following Treasury bill returns and inflation rates over an eight- year period: Year Treasury bills Inflation 12345678 9.47% 11.32% 10.35 14.93 8.08 9.28 7.15 6.81 7.66 9.04 9.98 11.49 12.83 15.67 14.63 15.53 a. Calculate the average return for Treasury bills and the average annual inflation rate for this period. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) b. Calculate the standard deviation of Treasury bill returns and inflation over this period. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) c. What was the average real return for Treasury bills over this period? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)