You’ve observed the following returns on Crash-n-Burn Computer’s stock over the past five years: 14 percent, –14 percent, 16 percent, 26 percent, and 10 percent. Suppose the average inflation rate over this period was 3.5 percent and the average T-bill rate over the period was 4.0 percent.
What was the average real risk-free rate over this time period? (Round your answer to 2 decimal places. (e.g., 32.16))