Use this info for the next two questions.

Consider these historical annual returns for the SPSM small-cap ETF. (Google it as needed).

Helpful hint: You can copy the below data directly into Excel. This is another problem in support of FSB's mandate to make all students facile with Excel. Since the Excel skillset cannot be tested on Canvas exams, in Fin 301 we support building/texting Excel skills in HW assignments.

Date	Return
12/31/99	-22.180%
12/31/00	0.270%
12/31/01	4.190%
12/31/02	38.310%
12/31/03	16.520%
12/31/04	25.600%
12/31/05	27.330%
12/31/06	31.530%
12/31/07	21.430%
12/31/08	10.500%
12/31/09	-0.790%
12/31/10	14.120%
12/31/11	-16.340%
12/31/12	9.810%
12/31/13	14.830%
12/31/14	-2.430%
12/31/15	-2.670%
12/31/16	-38.250%
12/31/17	12.500%
12/31/18	32.650%

1. What is the average return? Compute your answer to three decimal places.

2. What is the standard deviation of the returns? (Hint, use sample stdev formula not the population formula. Recall this from your Stats class or google it). Compute your answer to three decimal places.