3. Measuring stand-alone risk using realized (historical)data Returns eamed over a given time period are called realized retums. Historical data on realized returns is often used to estimate future results. Analysts across companies use realized stock retums to estimate the risk of a stock. Consider the case of Happy Dog Soap Inc. (HDS): Five years of realized returns for HDS are given in the following table. Remember: 1. While HDS was started 40 years ago, its common stock has been publidy traded for the past 25 years. 2. The returns on its equity are calculated as arithmetic returns. 3. The historical retums for HDS for 2014 to 2018 are: Given the preceding data, the average realized return on HDS's stock is The preceding data series represents of HDS's historical returns. Based on this canclusion, the standard deviation of HDS's historical returns is If investors expect the average realized return from 2014 to 2018 on HDS's stock to continue into the future, its coefficient of variation (CV) will be