Suppose the price per share of XYZ stock at the beginning of years 2005, 2006, 2007, 2008 is $100, $120, $90 and $100, respectively. The stock pays a $4 dividend per share each year. Suppose you buy 3 shares of XYZ at the beginning of 2005, buy another two shares at the beginning of 2006, sell one share at the beginning of 2007, and sell all four remaining shares at the beginning of 2008.

What are the arithmetic and geometric average time-weighted rates of return? What is the dollar weighted rate of return?