$18$

Multiple Choice $3\mathrm{.}5$ points

Which of the following statements is true about equity returns, as represented by the S&P $500$ from $1928-2016?$

The lowest $20-$year average return for this time period was $-3\mathrm{.}0\%.$

$39$

Both a and $b$ are false.

$39$

The historical $1-$year returns for the S&P $500$ have ranged from approximately $25\%$ to $-15\%.$

$40$

Both a and $b$ are true.