Which one of the following statements is FALSE? Select one: a. Realized returns are always higher than expected returns because realized returns are determined at the end of the period and must be discounted back to the present value. b. Risk requires the possibility of at least one outcome less favorable than the expected value. c. The coefficient of variation is a standardized measure of risk per unit of return, which is useful where investments differ in both risk and expected returns. d. A probability distribution is described by a list of favorable and unfavorable events and their likelihood.