Suppose that Horizon Equity Fund (SEF) has the following holding period returns in the most recent three years (year 1 is the oldest and year 3 is the most recent): -0.25, 0.13, and 0.12.

a) What is the expected return?

b) What is the standard deviation of returns?

Clearly label your findings (e.g., enterprise value = ..) and designate which part of the question you are answering such a, b, c (if there are multiple parts). Show your work by typing it in Canvas. Answers (whether correct or incorrect) without work shown will receive zero points. Simply typing your work will suffice. (e.g., x = y + 2z). No need to use mathematical functions in Canvas.