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The S&P 500 Index delivered a return of 20%, 25%, 25% and - 30% over four successive years. What is the arithmetic average annual return

The S&P 500 Index delivered a return of 20%, 25%, 25% and - 30% over four successive years. What is the arithmetic average annual return per year

A.10% ?

B. 12% ?

C. 14% ?

D. 9% ?

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