1. Security X has the following historical returns.

Year	Return
1	10%
2	5%
3	-8%
4	7%

1. What is the average return of security X (arithmetic return)? (5 points)

2. What is the standard deviation of security X? (5 points)

3. What range of returns would you expect to see 95% of the time for this security? (5 points)

4. What is the geometric return of security X? (5 points)