Consider a multi$-$period investment with returns R$(1)-$ R$(2)-...-$ R$($T$)$ in each period. When will the arithmetic average return equal the geometric average return?

Question $9$ options:

When you do not reinvest gains and losses.

When all returns are equal $-$ i$.$e$.-$ R$(1)=$R$(2)=...=$R$($T$).$

When you reinvest gains and losses.

The two will never be equal