4. Measuring standalone risk using realized data Returns earned over a given time period are called realized returns. Historical data on realized returns is often used to estimate future results. Analysts across companies use realized stock returns to estimate the risk of a stock Five years of realized returns for Happy Dog Soap Inc. (Happy Dog) are given in the following table: 201220132014 2015 2016 Stock return 23.75% 16.15% 28.50% 39.90% 12.35% Also note that: was started 40 years ago, its common stock has been publicly traded for the past 25 years returns on Happy Dog's equity are calculated as arithmetic returns. 2. The Given this return data, the average realized return on Happy Dog Soap Inc.'s stock is the standard deviation of of Happy Dog's historical returns. Based on this conclusion, t The preceding data series represents Happy Dog's historical returns is If investors expect the average realized return on Happy Dog Soap Inc.'s stock from 2012 to 2016 to continue into the future, its ex of variation (CV) is expected to equal