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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. Time Price $ 135 165 165 165 Action Buy 3 shares Sell l share Sell l share Sell l share 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 6.92 % 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 return 7.41 % 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 10.75 %

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