Calculating Returns and Variability You have observed the following prices for British Auto, the luxury car maker, for a number of years. Jan 2011: €26.87; Jan 2012: €35.19; Jan 2013: €32.17; Jan 2014: €37.23;

Jan 2015: €46.84; Jan 2016: €36.80; Jan 2017: €18.61; Jan 2018: €30.96; Jan 2019: €56.08; Jan 2020: €65.39. The company paid the following dividends: 2011: €0.85; 2012: €0.52; 2013: €0.58; 2014: €0.62; 2015: €0.64; 2016:

€0.70; 2017: nil; 2018: €0.30; 2019: €0.30; 2020: nil.

(a) What was the arithmetic average return on British Auto’s shares over this period?

(b) What was the variance of British Auto’s returns over this period? The standard deviation?