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    NEW QUESTION: 1
    A stock has the following returns over 4 years: +5%, -6%, +8%, +3%. The annual arithmetic and geometric rates of return over the 4 years are:
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    C. 10%; 9.79%
    D. 2.5%; 2.36%
    Answer: D
    Explanation:
    Explanation/Reference:
    Explanation:
    The mean equals (5% + (-6%) + 8% + 3%)/4 = 2.5%
    The geometric mean equals (1.05 * 0.94 * 1.08 * 1.03)

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      (1/4) = 2.36%
      Note that the geometric mean is less than the mean.

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