Due to massive manipulation by smart investors, an africa stock exchanged return 5% each month for the first year except during december holiday season for 10%, and 5% each month except in december holiday season when the return 10% for the second year. You as an analyst have been given the job of interpreting the adjusted returns for this exchange. Your estimates, will be Seasonal Returns, Yearly Returns, a) Geo Mean is smaller than Arithmetic mean, Arithmetic is same than Geo mean b) Geo Mean is same as Arithmetic mean, Arithmetic mean is greater than Geo mean c) Harmonic mean is less than Geo mean, Arithmetic mean is greater than Harmonic mean d) Harmonic mean is less than Arithmetic mean mean, Arithmetic mean is greater than Geo mean e) Geo mean same as Arithmetic mean, Arithmetic mean same as Geo mean.
don’t consider stocks in africa?:))
The relations between means are: harmonic
alphabetical order! that’s how i memorize it
map, your explanations are fantastic, but in the exam you are not allowed to question, the question. pick an answer.
that’s nice, never thought of alphabetical order:))
ok, I pick C:))
Also D seems to work 
Yes, but C is ahead of D:))
I’d pick B.
You don’t count, you have inside information:))
On a serious note, considering only december as seasonal, than yes, B is the answer. Month by month, 11 months, returns are 5%, than harmonic=geometric=arithmetic. The december month holds the same. On an yearly scale, the arithmetic>geometric>harmonic. B, final answer.