Consider the following information on different asset classes from 1926 through 2020. Series Arithmetic Mean Large-company stocks 12.2% Small-company stocks 16.2 Long-term corporate bonds 6.5 Long-term government bonds 6.1 Intermediate-term government bonds 5.3 U.S. Treasury bills 3.3 Inflation 2.9

Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.

What was the arithmetic average annual return on large-company stocks in nominal terms? Nominal Return:

What was the arithmetic average annual return on large-company stocks in real terms? Real Return: