Use the data below to calculate the standard deviation of nominal and real Treasury bill returns from 1972–1982. Do you think that when they purchased T-bills, investors expected to earn negative real...

Use the data below to calculate the standard deviation of nominal and real Treasury bill returns from 1972–1982. Do you think that when they purchased T-bills, investors expected to earn negative real returns as often as they did during this period? If not, what happened that took investors by surprise? Year Nominal Return (%) Real Return (%) 1972 3.8 0.4 1973 6.9 1.7 1974 8.0 3.7 1975 5.8 1.1 1976 5.1 0.3 1977 5.1 1.5 1978 7.2 1.7 1979 10.4 2.6 1980 11.2 1.0 1981 14.7 5.3 1982 10.5 6.4 Source: Dimson, Elroy, Triumph of the Optimists. © 2002 Elroy Dimson, Paul Marsh, and Mike Staunton. Published by Princeton University Press. Reprinted by permission of Princeton University Press.