$2\mathrm{.}3$ The share price of Sephaku Limited and its dividend history are as follows:

Year Beginning of year share price Dividend paid at year end

$2018$ R$100\mathrm{.}00$ R$4\mathrm{.}00$

$2019110\mathrm{.}00$ R$4\mathrm{.}00$

$202090\mathrm{.}00$ R$4\mathrm{.}00$

$202195\mathrm{.}00$ R$4\mathrm{.}00$

An investor buys three$-$hundred shares of Sephaku Limited at the beginning of $2018,$ buys additional two$-$hundred shares at the beginning of $2019,$ sells one$-$hundred shares at the beginning of $2020,$ and sells all four$-$hundred remaining shares at the beginning of $2021.$

a$)$ What is the holding$-$period return for each of the three$-$year holding periods?

b$)$ Calculate the arithmetic average return on the shares.

c$)$ Calculate the geometric average return on the shares.

d$)$ Prepare a chart of cash flows for the four dates $($T$02018$ until T$32021)$ that we will use to calculate the internal rate of return $($no need to compute the internal rate of return$).(8$ marks$)$