How would you compute the k-period gross return 1+ R_t (k) for an investment from t −k +1 to t? Assume no dividends are paid. Write the general formulas using gross return 1 + R_t = P_t /P_t−1. Also, compute 1 + R_t (k) assuming that

(1 + R₁) = 100/90, (1 + R₂) = 105/100, and (1 + R₃) = 110/105 (note t = k = 3 here).