A manager buys three shares of stock today, and then sells one of those shares each year for the next 3 years. His actions and the price history of the stock are summarized below. The stock pays no dividends.

a. Calculate the time-weighted geometric average return on this €œportfolio.€
b. Calculate the time-weighted arithmetic average return on this portfolio.
c. Calculate the dollar-weighted average return on thisportfolio.

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Time Price Action 0 90 Buy 3 shares 100 Sell 1 share 100 Sell 1 share 100 Sell 1 share