The price of a stock and dividends are as follows
Year Annual Return
2013 -3.57%
2014 21.82%
2015 4.43%
2016 4.32%
Jefferson invested $25,000 in this stock at the beginning of 2012. How much would he have after 4 years (in the beginning of 2016), if he did not withdraw anything over the 4 years?
What is the standard deviation of the holding period returns (of this historical sample)?