A2. Daniel Singh, the owner of a major recording studio, is a strictly buy-and-hold type of investor. You have the following information on Daniel's portfolio during 2016-18 Total Portfolio Income Year 2016 2017 2018 End of Year Value $100,000 $125,000 $70,000 $5,000 $5,000 The end of year value does not include total portfolio income which is assumed to be paid at the end of each year. Based on discrete returns over this period, the average geometric return (per annum) Dan has earned on his investment is closest to: a) -16.3% b) -11.7% c) -9.5% d) -5.0%