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Year Implicit Probability HPR (decimal) 1 0.25 -0.1165 0.25 -0.1634 2 3 0.25 0.2165 4 0.25 0.2361 What is the gross return for year 3?

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Year Implicit Probability HPR (decimal) 1 0.25 -0.1165 0.25 -0.1634 2 3 0.25 0.2165 4 0.25 0.2361 What is the gross return for year 3? 0.8811 1.2165 1.1849 None of these

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