Question: HMA, Universal, and the market have had the following returns over…. Please include formulas! HMA, Universal, and the market have had the following returns over the past four years: Year Market HMA Universal 1 11% 10% 12% 2 7% 4% -3% 3 17% 12% 21% 4 -3% -2% -5% The risk-free rate is 7

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