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 4. Based on the historical data from 1926 to 2015 in the U.S., Fill in the blanks. Average Annual Return Standard Deviation of Annual Returns Large-company stocks Small-company stocks Long-term corporate bonds Long-term government bonds U.S. Treasury bills