(a) Calculate the arithmetic average monthly return for each portfolio and for the index.

(b) Calculate the geometric average monthly return for each portfolio and for the index.

(c) Calculate the time weighted average monthly return for each portfolio and for the index.

(d) Why does the geometric average for portfolio A deviate more from the arithmetic average than for portfolio B or for the index?

Month Index Portfolio A Return Portfolio B Return A 1.81% 1.13% January 1.04% February -0.36% -0.11% -0.11% March -0.41% -0.16% -0.13% April 0.91% 0.55% 0.58% May 0.99% 0.50% 0.47% June 2.21% 1.55% 1.60% -1.46% - 1.04% -1.02% 1.34% % 0.96% 0.91% July August September October November -0.77% -0.48% -0.44% -0.41% -0.22% -0.21% 0.37% 0.11% 0.06% December 0.54% 0.14% 0.13%