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What is the expected arithmetic return of a security based on the following historical data? Return 5 years ago = 17.0% Return 4 years ago

What is the expected arithmetic return of a security based on the following historical data?

Return 5 years ago = 17.0%

Return 4 years ago = 9.2%

Return 3 years ago = -2.2%

Return 2 years ago = -12.2%

Return last year = 32.0%

a.

14.52%

b.

11.29%

c.

8.76%

d.

7.69%

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