5. Instead of residual-based information ratio (IR), it is also acceptable to compute information ratio (IR) based on active returns. The following table displays twelve (12) months of returns comparing a portfolio (P) to its benchmark (B); the final column shows the difference each month: Port- Bench- Month folio (P) mark (B) 1 3.58% 2.20% 2 -4.60% -4.50% 3 5.28% 3.27% 4 9.40% 6.80% 5 8.78% 7.71% 6 8.30% 9.00% 7 -4.60% -5.40% 8 5.37% 2.74% 9 -2.70% -2.86% 10 7.76% 6.49% 11 -2.80% -3.13% 12 0.78% 7.00% Average 2.88% 2.44% STDEV.S() 5.42% 5.19% (P-B) 1.38% -0.10% 2.01% 2.60% 1.07% -0.70% 0.80% 2.63% 0.16% 1.27% 0.33% -6.22% 0.44% 2.34% The final two rows show the average and sample standard deviation of the monthly return statistics. Which is nearest to the annualized ex-post (active-based) information ratio (IR)? A. 0.404 B. 0.651 C. 0.950 D. 1.237