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The S&P 500 index delivered a return of 25%,- 15%, 25%, and 5% over four successive years. What is the arithmetic average annual return for
The S&P 500 index delivered a return of 25%,- 15%, 25%, and 5% over four successive years. What is the arithmetic average annual return for four years?
A. 10.00%
B. 12.00%
C. 15.00%
D. 11.00%
Please don't use excel and please go step by step
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