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.

Required:

a$.$ Calculate the time$-$weighted geometric average return on this portfolio. $($Do not round intermediate calculations. Round your

answer to $2$ decimal places.$)$

Answer is complete and correct.

b$.$ Calculate the time$-$weighted arithmetic average return on this portfolio. $($Do not round intermediate calculations. Round your

answer to $2$ decimal places.$)$

Answer is complete and correct.

Arithmetic average return

c$.$ Calculate the dollar$-$weighted average return on this portfolio. $($Do not round intermediate calculations. Round your answer to $2$

decimal places.$)$

Answer is complete but not entirely correct.