Question: A portfolio manager generates a 5% return in Year 1, a 12% return in Year 2, a negative 6% return in Year 3, and a

A portfolio manager generates a 5% return in Year 1, a 12% return in Year 2, a negative 6% return in Year 3, and a return of 2% (nonannualized) in the first quarter in Year 4. The annualized return for the entire period is the closest to __________.

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