William Jones has uncovered the following per-share information about the T. Rowe Price Australian Equity:

Find the fund’s holding period return for 2017, 2018, and 2019. (In all three cases assume you buy the fund at the beginning of the year and sell it at the end of each year). In addition, find the fund’s average annual compound rate of return over the three-year period 2017–2019. What would the 2018 holding period return have been if the investor had initially bought 500 shares of stock and reinvested both dividends and capital gains distributions into additional shares of the fund at an average price of A$52.5 per share?

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Ending share prices: Offer NAV Dividend income Capital gains distribution Beginning share prices: Offer NAV 2017 A$ A$ A$ A$ 1.83 46.2 A$ 64.68 43.2 A$ 60.47 2.1 A$ 2.84 A$ 6.26 2018 A$ 55 AS 51.42 A$ 46.2 A$ 43.2 2019 A$ 61.78 A$ 57.75 A$ 2.61 A$ 4.32 A$ 64.68 A$ 60.47