Delta, United, and American Airlines announced purchases of planes on July 18 (7/18), February 12 (2/12), and October 7 (10/7), respectively.

Delta			United			American
Date	Market Return	Company Return	Date	Market Return	Company Return	Date	Market Return	Company Return
7/12	−.47	−.73	2/8	−.96	−1.32	10/1	.67	.35
7/13	.00	.37	2/9	−1.06	−1.32	10/2	.57	.79
7/16	1.97	2.21	2/10	.57	.33	10/3	1.27	1.27
7/17	−1.97	−1.69	2/11	.77	4.33	10/6	.27	−3.57
7/18	−2.26	1.16	2/12	−.47	−.14	10/7	−2.37	−.40
7/19	−.90	−.65	2/15	1.27	3.53	10/8	.67	.67
7/20	−.96	−1.09	2/16	.67	.67	10/9	−.47	−.34
7/23	.78	.48	2/17	−.47	−.28	10/10	.47	−.33
7/24	.27	.03	2/18	.47	.25	10/13	.00	−.27

Given the above information, calculate the cumulative abnormal return (CAR) for these stocks as a group. (Negative answers should be indicated by minus sign. Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations and round your final answers to 2 decimal places (e.g., 32.16).)

	Abnormal returns (Ri – R­M)
Days from announcement	Delta	United	American	Sum	Average abnormal return	Cumulative average residual
−4
−3
−2
−1
0
1
2
3
4