3. Smith and Jones is a money management firm specializing in fixed income securities. One of its clients gave the firm $ 100 million to manage. The market value of the portfolio for the four quarters after receiving the funds was as follows: End of Quarter Market Value 1 $50 2 $150 3 $75 4 $117 a) Calculate quarterly returns (HPRs) for each quarter b) Find arithmetic average quarterly return c) Find geometric average return d) Which average return (arithmetic or geometric) is a better measure in the given situation