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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

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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. Tine Price Action . $ 165 Buy 3 shares 1 195 Sell l share 2 Sell I share 3 195 Sell I share 195 a. Calculate the time-weighted geometric average return on this portfolio. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Geometric average return b. Calculate the time-weighted arithmetic average return on this portfolio (Do not round intermediate calculations. Round your answer to 2 decimal places.) Arithmetic average retum c Calculate the dollar-weighted average return on this portfolio (Do not round intermediate calculations. Round your answer to 2 decimal places.) Dollar-weighted average return %

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