6. 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.

Time Price Action 0 $ 90 Buy 3 shares 1 100 Sell 1 share 2 100 Sell 1 share 3 100 Sell 1 share

a. Calculate the time-weighted geometric average return on this “portfolio.”

b. Calculate the time-weighted arithmetic average return on this portfolio.

c. Calculate the dollar-weighted average return on this portfolio.