A investor funds $5$ millions initially for a $4-$year program. The Holding period return for each year is $-4\%,5\%,6\%$ and $9\%,$ correspondingly. At the end of second year, he$/$she add addtional $0\mathrm{.}5$ millions.

Time

$0$

$1$

$2$

$3$

$4$

Fund to nvestment $($$ millions$)$

$5$

$0$

$0\mathrm{.}5$

$0$

HPR $(\%)$

$-4\%$

$5\%$

$6\%$

$9\%$

Compute the Arithmetic return $($simple average$)$:

a$.3\mathrm{.}88\%$

b$.4\mathrm{.}00\%$

c$.4\mathrm{.}05\%$

d$.4\mathrm{.}12\%$