A. Rates of Return An investor earned a geometric average return over 4 years of 13.30%. The first year's return was 13.80%, the second year's return was -3.40%, the third year's return was 24.40%. What was the fourth year's return?

B. Portfolio Returns Suppose you have $10,400 invested in a stock portfolio in October. You have $4,800 invested in Stock A, $3,300 in Stock B and $2,300 in Stock C. The HPR for the month of September for Stock A was 2.6%, for Stock B the HPR was -5.7% and for Stock C the HPR was 4.1%. What was the average HPR for the portfolio for the month of October?

C. Ex-Ante Standard Deviation An analyst estimates a 18% probability of a recession next year, a 53% probability of normal economic growth and a 29% probability of a strong recovery. If a recession occurs a stock is projected to have a -16.8% return. With normal growth the stock will generate a 11.8% return and if the strong recovery occurs the stock will have a 26.8% rate of return. This stock's standard deviation is