Could you please provide step by step instructions to this question please. Thanks.

We know that during the last 10 years, the average historical return on a market index is 15%. We also know that the average inflation rate and average risk-free rate over the last 10 years are 3% and 6%, respectively. What is the real risk premium using the exact Fisher equation?

a.2.94%

b.6.86%

c.7.92%

d.8.74%

e.10.75%