Suppose that you make 20% returns for 8 years straight, followed by 4% returns for 12 years straight. Then your AAR is 10% ((1.2^8*1.04^12)^(1/20)-1), but your

Suppose that you make 20% returns for 8 years straight, followed by 4% returns for 12 years straight. Then your AAR is 10% ((1.2^8*1.04^12)^(1/20)-1), but your median yearly return is 4%.