Can the instantaneous velocity of an object ever be greater in magnitude than the average velocity? can it ever be less?

Both are possible and easy.

-- Throw a stone straight up.

(It's eventually coming back down, so step out of the way.)

-- From your hand and all the way up to the top of its path, the stone is slowing down. Its greatest instantaneous velocity was as it left your hand. That's greater than the average from your hand to the top.

-- At the very top, as it reverses and starts to fall, its instantaneous velocity is zero. That's less than the average going up, less than the average coming down, and equal to the average velocity for the whole round trip !

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50 inches should be the resultant vector