Suppose a portfolio had an arithmetic average return of 8 percent for a 4-year period. Which one of these statements must be true regarding this portfolio for the period?A) At least one of the 4 years produced an annual rate of return of 8 percent.B) If the standard deviation of the portfolio is greater than zero, then the geometric average portfolio return is less than 8 percent.C) The standard deviation of the portfolio must be lower than the standard deviation of a comparable portfolio that had an arithmetic average return of 9 percent.D) If the standard deviation of the portfolio is zero, then the geometric average return must also be zero.E) The holding period return must be less than 8 percent.

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