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1) An investor had the following returns in the past three years: 2009: -30% 2010: +20% 2011: +20% What was his buy-and-hold return over the

1) An investor had the following returns in the past three years:

2009: -30% 2010: +20% 2011: +20% What was his buy-and-hold return over the three years?

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