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Lessons From
Capital Market History
12-17
Figure 12.4 – If you invested $1 in 1957,
LO2
how much would you have in 2014?
12-21
LO1
Calculating Arithmetic Average
15 (8) 12 18 (11)
Arithmetic Average Return RA
5
R A 5.2
$124.44 $100 (1 RG ) 5
1
RG 1.2444 5 1
RG 4.47%
• Your average geometric return was 4.47% each year.