Returnt eamed over a given time period are called realized returns. Historical data on realized reture is often used to estimate future results. Analysts across companies use realized stock returns to estimate the risk of a stock five years of realized retums for Happy Dog Soap Inc. (Happy Dog) are given in the following table: 2012 2013 2014 6.809 12.001 2015 16.80% 2016 5.2096 Stod return 10.00% Also note that: 1. While Happy Dog was started 40 years ago, its common stock has been publicy traded for the past 25 years. 2. The returns on Happy Dog's equity are calculated as arithmetic returns Given this retum data, the average realized return on Happy Dog Soap Inc.'s stock is of Happy Dog's historical returns. Based on this conclusion, the standard deviation of The preceding data series represents Happy Dog's historical returns is If investors expect the average realized return on Happy Dog Soap Inc.'s stock from 2012 to 2016 to continue into the future, its expected coefficient of variation (CV) is expected to equal