1. What is the expected arithmetic return of a security based on the following historical data?
2. Return 5 years ago = 17.0%
3. Return 4 years ago = 9.2%
4. Return 3 years ago = -2.2%
5. Return 2 years ago = -12.2%
6. Return last year = 32.0%

a.7.69%

b.8.76%

c.11.29%

d.14.52%