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Across 16 developed countries, the average annual excess return is about 7.2%, with a standard deviation of 19%, over the last century. What is your

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Across 16 developed countries, the average annual excess return is about 7.2%, with a standard deviation of 19%, over the last century. What is your closest estimate of average risk aversion in these markets? A. 0.4 B. 1.99 C. 2.5 D. 3.5 E. 4

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