Quarterly Return = [(1 + R1) x (1 + R2) ×...× (1 + RN)]1/N − 1
Quarterly Return = [(1.0195)(1.0115)(1.0207)(1.0145)]1/4 − 1 = 1.654%
Annual Return = (1 + average subperiod return)# of subperiods per year − 1
Annual Return = (1.01654)4 − 1 = 0.06783 or 6.783%
