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Year Implicit Probability HPR (decimal) 1 0.25 0.25 -0.1279 0.1634 0.25 0.1765 3 4 0.25 0.2071 What is the gross return for year 3? 0.8811

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Year Implicit Probability HPR (decimal) 1 0.25 0.25 -0.1279 0.1634 0.25 0.1765 3 4 0.25 0.2071 What is the gross return for year 3? 0.8811 1.1765 1.1849 O None of these

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