You have the following rates of return for a risky portfolio for several recent years:

r₂₀₁₆ = 35.23%

r₂₀₁₇ = 18.67%

r₂₀₁₈ = 9.87%

r₂₀₁₉ = 23.45%

The annualized (geometric) average return on this investment is __________.

Multiple Choice

• 16.15%

• 16.87%

• 21.32%

• 15.60%