Year	S&P 500 Index
2015	-0.73%
2016	9.54%
2017	19.42%
2018	-6.24%
2019	28.88%
2020	16.26%
2021	26.89%

1.

The arithmetic average return on the S&P 500 Index is _____, and the standard deviation of returns on the S&P 500 Index is _____.

	a.	13.43%; 17.89%
	b.	13.33%; 15.25%
	c.	13.33%; 17.68%
	d.	13.43%; 13.33%

2.

Suppose the current T-bill rate is 0.7%, what is the risk premium of the S&P 500 Index?

	a.	11.24%
	b.	12.73%
	c.	10.52%
	d.	9.81%

3.

What range of returns would you expect to see 95% of the time?

	a.	(-18.92%, 39.92%)
	b.	(-36.52%, 61.52%)
	c.	(-32.37%, 51.37%)
	d.	(-13.23%, 40.09%)

4.

What is the geometric average return for the 7-year period?

	a.	13.68%
	b.	12.74%
	c.	10.70%
	d.	11.53%