Ricardo invested $⁢15,000 in a real estate fund. In the first year, the fund earned 8% In the second year, it lost 4% In the third year, the fund recovered and earned 6% Was Ricardo's return variable or not, and why?

Ricardo’s returns changed from year to year: the fund gained 8%, lost 4%, and then gained 6%. That means his return was variable, reflecting changes in the real estate market. Choice A, “Variable, because the returns depended on the real estate market performance,” is correct.

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