11. The arithmetic average and the geometric average return of large stocks portfolio for 1926-2013 is 11.88% and 9.88%, respectively. Which of the following statements is NOT correct? A. The portfolio has increased 11.88% in value each year on average during 1926-2013. B. For an investor who bought shares in the portfolio at each year beginning and sold them at each year end during 1926-2013 without reinvesting previous gain, his yearly average return is 11.88%. C. If the investor described in (B) put $10 in the portfolio at the beginning of 1926, his total investment gain over the 88 years would be $104.544. D. For an investor who put $10 in the portfolio at the beginning of 1926 and reinvested all dividends, her investment would be worth $39,887.91 at the end of 2013. E. For the investor described in (D), her yearly compound rate of return only depends on the value of the portfolio at the end of 2013 relative to $10, not affected by the portfolio's year-by-year fluctuations