1. Following are the annual returns on a portfolio over each of the last three years:

Year	Return
2011	10%
2012	15%
2013	20%

1. What was the arithmetic average return and geometric average return over the past three years?
2. What would be your average return if you invested $200,000 per year at the beginning of each of the last three years?
3. What would be your average return if you invested $100,000 at the beginning of 2011, $200,000 at the beginning of 2012 and $300,000 at the beginning of 2013?