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So basically, there is this couple that invest $50,000 into a managed fund that has equal exposure to equity, bonds (both australian and international), and

So basically, there is this couple that invest $50,000 into a managed fund that has equal exposure to equity, bonds (both australian and international), and A-reits. However, the average 10 year return for cash investment for this managed fund was 4.5%, however, in the annual report they reported the average as 3.5%. The question is... why are they different?

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