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You are evaluating the performance of two investors. Fernando DeSoto runs the Conquistador investment fund, and Sean Valdez runs the Alpaca fund. Their annual returns

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You are evaluating the performance of two investors. Fernando DeSoto runs the Conquistador investment fund, and Sean Valdez runs the Alpaca fund. Their annual returns are shown in the following table. Year 2012 2013 2014 2015 2016 Conquistador 6.00% 6.00% 7.00% 6.00% 5.00% Alpaca 3.00% 12 .00% 19.00% -7.00% 4.00% Alpaca's latest report to investors states that Alpaca's average return was 6.20% over this period. Conquistador's average return over this period was 6.00% Did Alpaca shareholders outperform Conquistador shareholders? Explain. Hint: Compute the arithmetic and the geometric average returns

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