Consider the following bootstrapped 3-year performance of an actively managed investor's portfolio and a relevant benchmark: Investor's Portfolio Benchmark Portfolio Iteration Portfolio Portfolio Portfolio Value t=3 Portfolio Value t=3 Return p.a. Return p.a. 1 1.3 9.1% 1.2 6.3% N 0.9 -3.5% 0.9 -3.5% 3 0.9 -3.5% 0.8 -7.2% 4 1.2 6.3% 1.1 3.2% 5 5 1.3 9.1% 1.2 6.3% What is the tracking error of investor's portfolio relative to the benchmark (compounded outperformance) over 3 years per annum (rounded to one decimal place)? Select one: a. 1.4% O b. 2.6% O c. 2.7% O d. 4.6% e. None of the above