Variable

Arithmetic average

Geometric average

Standard deviation

1

Stocks

12.39%

10.43%

20.31%

2

T-Bills

3.76%

3.72%

3.14%

3

Inflation

3.12%

3.04%

4.32%

Computations

4

(1) ? (3)

9.27%

7.39%

Average 8.33%

5

(1) ? (2)

8.63%

6.71%

Average 7.67%