Moving to another question will save this response. Question 12 Question 12 of 20 10 points Save Ans The annual returns for three portfolios are shown in the following exhibit. Portfolios P and R were created in Year 1, Portfolio Q in Year 2. Annual Portfolio Returns (%) Year 1 Year 2 Year 3 Year 4 Year 5 Portfolio P Portfolio Q -3.0 4.0 5.0 3.0 7.0 -3.0 6.0 4.0 8.0 Portfolio R 1.0 -1.0 4.0 4.0 3.0 The median annual return from portfolio creation to Year 5 for O Portfolio R is less than its arithmetic mean annual return O Portfolio Q is 4.0% O Portfolio R is higher than its arithmetic mean annual return O Portfolio P is 4.5% A Moving to another question will save this response. < < < Question 12 of 20 >>