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An investment over 4 years has an HPR of +4% in the first year, -7% in the second, +3.75% in the third, and +2.15% in

An investment over 4 years has an HPR of +4% in the first year, -7% in the second, +3.75% in the third, and +2.15% in the fourth year. Calculate the average annual compound rate of return over this 4-year holding period.

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