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28069 code execution speed

I make test project with options execution from RAM (28069_RAM_link.cmd) and 90MHz system clock

Program circle, after 1000 times decrements long i, toggles GPIO6. Oscilloscope shows 110 us switching time. Short circle of execution is 4 machine code length. I divide 110000 ns / 4 / 1000 = 27.5 ns. But I expected about 11 ns. Why?

Second question. 

I turn on compiler optimization on any level, for example 0. Compiler omited all circle code. It is wrong.