For all five asset classes, compute over the entire period given below showing Excel steps.

a) Arithmetic average returns (description of expected returns use the Excel function AVERAGE

b) Geometric average returns (description of past returns use the Excel function GEOMEAN).

c) Standard deviations of returns (use the Excel function STDEV.S)

	U.S. Small	S&P 500	U.S. LT	U.S. IT Gvt	U.S. 30
	Stk TR	TR (%Total	Gvt TR	TR (%Total	Day TBill
	(%Total	Return)	(%Total	Return)	TR (%Total
	Return)		Return)		Return)
	Small Stocks (SS)	Large Stocks (LS)	Long-Term G Bonds (LT)	Intermediate-Term G Bonds (IT)	Treasury Bills (TB)			SS	LS	LT	IT	TB
Dec-25	NA	NA	NA	NA	NA		Dec-25	1	1	1	1	1
Jan-26	6.9863	0.0000	1.3756	0.6809	0.3384		Jan-26	1.069863	1	1.013756	1.006809	1.003384
Feb-26	-6.3911	-3.8462	0.6313	0.3191	0.2681		Feb-26	1.001487	0.961538	1.020156	1.010022	1.006074
Mar-26	-10.7319	-5.7471	0.4129	0.4080	0.2994		Mar-26	0.894008	0.906277	1.024368	1.014143	1.009086
Apr-26	1.7907	2.5305	0.7589	0.8969	0.3427		Apr-26	0.910017	0.929211	1.032142	1.023238	1.012544
May-26	-0.6616	1.7918	0.1412	0.0842	0.0128		May-26	0.903997	0.94586	1.033599	1.0241	1.012674
Jun-26	3.7794	4.5724	0.3812	0.2664	0.3459		Jun-26	0.938162	0.989109	1.037539	1.026828	1.016177
Jul-26	1.1188	4.7890	0.0435	0.1339	0.2243		Jul-26	0.948659	1.036477	1.037991	1.028203	1.018456
Aug-26	2.5621	2.4845	0.0005	0.0930	0.2536		Aug-26	0.972964	1.062229	1.037996	1.029159	1.021039
Sep-26	-0.0052	2.5191	0.3763	0.4969	0.2273		Sep-26	0.972914	1.088987	1.041902	1.034273	1.02336
Oct-26	-2.2697	-2.8358	1.0174	0.5384	0.3195		Oct-26	0.950831	1.058106	1.052502	1.039842	1.026629
Nov-26	2.0749	3.4669	1.5997	0.4453	0.3092		Nov-26	0.97056	1.094789	1.069339	1.044472	1.029804
Dec-26	3.3184	1.9593	0.7813	0.8902	0.2778		Dec-26	1.002767	1.116239	1.077694	1.05377	1.032665
Jan-27	2.9572	-1.9274	0.7472	0.5671	0.2463		Jan-27	1.032421	1.094725	1.085746	1.059746	1.035208
Feb-27	5.4726	5.3747	0.8777	0.3832	0.2570		Feb-27	1.088921	1.153563	1.095276	1.063807	1.037868
Mar-27	-5.4771	0.8671	2.5328	0.3816	0.2959		Mar-27	1.02928	1.163566	1.123017	1.067866	1.04094
Apr-27	5.7339	2.0101	-0.0490	0.1561	0.2546		Apr-27	1.088298	1.186955	1.122467	1.069533	1.04359
May-27	7.3379	6.0692	1.0864	0.2034	0.3008		May-27	1.168156	1.258993	1.134661	1.071709	1.046729
Jun-27	-3.0289	-0.6707	-0.6890	0.2945	0.2583		Jun-27	1.132774	1.250549	1.126844	1.074865	1.049433
Jul-27	5.1579	6.7028	0.4970	0.4288	0.2991		Jul-27	1.191201	1.334371	1.132444	1.079474	1.052571
Aug-27	-1.7829	5.1494	0.7600	0.5611	0.2757		Aug-27	1.169963	1.403083	1.141051	1.085531	1.055473
Sep-27	0.4746	4.5040	0.1798	0.6016	0.2096		Sep-27	1.175516	1.466278	1.143102	1.092062	1.057686
Oct-27	-6.5899	-5.0175	0.9858	-0.3450	0.2520		Oct-27	1.098051	1.392707	1.154371	1.088294	1.060351
Nov-27	8.0826	7.2089	0.9705	0.8318	0.2086		Nov-27	1.186802	1.493106	1.165574	1.097346	1.062563
Dec-27	3.1636	2.7858	0.7151	0.3729	0.2230		Dec-27	1.224347	1.534701	1.173909	1.101438	1.064932
Jan-28	4.8169	-0.3964	-0.3600	0.4613	0.2536		Jan-28	1.283323	1.528618	1.169683	1.106519	1.067633
Feb-28	-2.3624	-1.2521	0.6120	-0.0360	0.3294		Feb-28	1.253006	1.509478	1.176841	1.106121	1.07115
Mar-28	5.3051	11.0081	0.4545	0.1044	0.2943		Mar-28	1.319479	1.675643	1.18219	1.107276	1.074302
Apr-28	9.0990	3.4501	-0.0360	-0.0260	0.2230		Apr-28	1.439538	1.733454	1.181765	1.106988	1.076698
May-28	4.3787	1.9747	-0.7710	-0.0640	0.3238		May-28	1.502571	1.767685	1.172653	1.106279	1.080184
Jun-28	-8.4225	-3.8500	0.4135	0.1655	0.3122		Jun-28	1.376017	1.699629	1.177502	1.10811	1.083557
Jul-28	0.5856	1.4070	-2.1740	-0.8950	0.3226		Jul-28	1.384075	1.723543	1.151903	1.098193	1.087052
Aug-28	4.4184	8.0288	0.7647	0.5015	0.3216		Aug-28	1.445229	1.861922	1.160712	1.1037	1.090548

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