Consider an investment with the returns over 4 years as shown here:

a. What is the compound annual growth rate (CAGR) for this investment over the 4 years?

b. What is the average annual return of the investment over the 4 years?

c. Which is a better measure of the investment's past performance? If the investment's returns are independent and identically distributed, which is a better measure of the investment's expected return next year?

Year 1 2 3 4 Return 11% 10% -1% 9%