2. Two years ago you bought a share of J-mart stock for $40. Over the first year, the price of J-mart rose to $60. Over the second year, the price of J-mart fell to $30, which is its current price. If you sell the stock today, what is your holding period return for the two years that you owned J-mart stock? a. 75% b. 0% c. 25% d. 50% 3. Arbitrage describes which one of the following: a. Making profits without taking on any risk b. Selling securities that you do not own c. Refinancing debt when interest rates decline d. A trading halt on the floor of the exchange