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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

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 Action 0 $ 135 Buy 3 shares 1 165 Sell 1 share 2 165 Sell 1 share 3 165 Sell 1 share a. Calculate the time-weighted geometric average return on this portfolio. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Calculate the time-weighted arithmetic average return on this portfolio. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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