Suppose at the beginning of 2012 you decide to invest $20,000 in Driehaus’ Emerging Markets Growth mutual fund. The following table shows the returns (in %) for the years 2012–2016.

Year . . . . . . . . . . . . . . Annual Return
2012 . . . . . . . . . . . . . .19.5
2013 . . . . . . . . . . . . . . 8.9
2014. . . . . . . . . . . . . . . −6.0
2015 . . . . . . . . . . . . . . −10.5
2016 . . . . . . . . . . . . . . . 5.9

a. Calculate and interpret the arithmetic mean return.

b. Calculate and interpret the geometric mean return.

c. How much money would you have accumulated by the end of 2016?