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Given the annual returns below, which investment is the most risky (using standard deviation as the risk measure)? Investment A Investment B Investment C Investment

Given the annual returns below, which investment is the most risky (using standard deviation as the risk measure)?

Investment A Investment B Investment C Investment D

Year 1

Year 2

Year 3

4%

-3%

8%

8%

-7%

13%

9%

-10%

23%

-6%

-9%

11%

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