$3$

Saved

The excess return is computed by $-$

$\_$ the average return for the investment.

Multiple Choice

$3$:$17$:$21$

subtracting the average return on the U$.$S$.$ Treasury bill from

subtracting the average return on long$-$term government bonds from

adding the average return on the U$.$S$.$ Treasury bill to

subtracting the inflation rate from

adding the inflation rate to