The following are gold's annual rate of return for the last 30 years-what is gold's Sharpe ratio if the risk-free rate has been 4.5%? A B D 0.13 0.22 0.31 0.40 Year % Return 1990 -9.62 1991 -5.80 1992 17.35 1993 -2.09 1994 1.10 1995 -4.43 1996 -21.74 1997 -0.61 Hint: Use the following formula with AVERAGE and STDEV.S functions 1998 1.18 Sharpe Ratio In equilibrium, assets are priced based on risk - High risk assets offer higher returns than low risk -6.26 1.41 Need to risk adjust returns to compare returns of assets with different levels of risk 23.96 21.74 4.97 17.12 23.92 31.59 3.41 Sharpe Ratio SR = E[Upl-ri op 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 27.63 27.74 11.65 5.68 -27.79 -0.19 -11.42 9.12 11.85 -1.15 18.83 2019 24.17