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Consider the following realized annual returns: Index Stock A Realized Realized Year End Return Return 2006 23.6% 46.3% 2007 24.7% 26.7% 2008 30.5% 86.9% 2009

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Consider the following realized annual returns: Index Stock A Realized Realized Year End Return Return 2006 23.6% 46.3% 2007 24.7% 26.7% 2008 30.5% 86.9% 2009 9.0% 23.1% 2010 -2.0% 0.2% 2011 -17.3% -3.2% 2012 -24.3% -27.0% 2013 32.2% 27.9% 2014 4.4% -5.1% 2015 7.4% -11.3% The geometric average annual return on the Index from 2006 to 2015 is closest to: 9.75% 8.75% 8.35% 7.10%

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