Total return as defined in the text is: O the difference between the sale price and the purchase price of an investment. O measured by dividing the sum of all cash flows received by the amount invested. the reciprocal of a return relative. O measured by dividing all cash flows received by its selling price. Question 25 A major difference between real and nominal returns is that: O real returns adjust for inflation and nominal returns do not O real returns use actual cashflows and nominal returns use expected cashflows real returns adjust for commissions and nominal retums do not real returns show the highest possible return and nominal returns show the lowest possible return