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Let R0 be tomorrows one-day return on the S&P 500. How long will it take, on average, to observe a return Rt > R0? (Hint:

Let R0 be tomorrows one-day return on the S&P 500. How long will it take, on average, to observe a return Rt > R0? (Hint: You do not need any market data for this question. Assume each days return is independent and identically distributed.)

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