Carl​ Foster, a trainee at an investment banking​ firm, is trying to get an idea of what real rate of return investors a

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Carl​ Foster, a trainee at an investment
banking​ firm, is trying to get an idea of what real rate of
return investors are expecting in​ today's marketplace. He has
looked up the rate paid on​ 3-month U.S. Treasury bills and
found it to be 3.5​%. He has decided to use the recent
rate of change in the Consumer Price Index as a proxy for the
inflationary expectations of investors. That annualized rate now
stands at0.8​%. On the basis of the information that Carl
has​ collected, what estimate can he make of the real rate
of​ return?
The estimate of the real rate of return is: ​(Round to one
decimal​ place.)