单选题

The arithmetic mean and geometric mean returns of the following series of stock market returns are（     ）。

Year 1 14 percent
Year 2 6 percent
Year3 -5 percent
Year3 20 percent
【正确答案】 A
【答案解析】

[14+6+(-5)+20]/4=8.75.
(1.14×1.06×0.95×1.20)0.25-1=8.34%.