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Which of the following statements regarding arithmetic and geometric average returns calculated over same time horizon is correct? Arithmetic average return is never less than

Which of the following statements regarding arithmetic and geometric average returns calculated over same time horizon is correct?

Arithmetic average return is never less than the geometric average return.

Arithmetic and geometric average returns can never be equal.

Geometric average return can be higher or lower than the arithmetic average return.

Geometric average return is never less than the arithmetic average return.

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