Davin and his wife,  are planning for retirement and want to compare the past performance of a few mutual funds they are considering for investment. They believe that a comparison over a five-year period would be appropriate. They are given the following information about the Superior Fund that they are considering
 

year                              Asset under management beginning of year          NAV%

1	20 million	10
2	35 million	5
3	10 million	-4
4	15 million	9
5	25 millin	12

 

calculate the holding period return for the five year period and the 

 

Compute the arithmetic mean annual return.  Compute the geometric mean annual return.