What is the expected arithmetic return of a security based on the following historical data?
Return 5 years ago = 17.0%
Return 4 years ago = 9.2%
Return 3 years ago = -2.2%
Return 2 years ago = -12.2%
Return last year = 32.0%
a. 14.52%
b. 11.29%
c. 8.76%
d. 7.69%