Five years of realized returns for Happy Dog Soap (HDS) Inc. are given in the following table.

Remember: 1.) While HDS was started 40 years ago, its common stock has been publicly traded for the past 25 years. 2.) The returns on its equity are calculated as arithmetic returns.

	2011	2012	2013	2014	2015
Stock return	10.00%	6.80%	12.00%	16.80%	5.20%

Given the preceding data, the average realized return on HDS's stock is ? (Options are: a.) 25.40%, b.) 20.32%, c.) 10.16%, d.) 31.50%)

The preceding data series represents ? (Options are: a.) a sample, b.) the universe, c.) the population) of HDS's historical returns. Based on this conclusion, the standard deviation of HDS's historical return is ? (Options are: a.) 6.16%, b.) 4.57%, c.) 4.08%, d.) 3.52%)

If the investors expect the average realized return on HDS's stock from 2011 to 2015 to continue into the future, what will be its coefficent of variation (CV)?

a.) 0.45

b.) 0.52

c.) 0.38

d.) 0.83