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 $90 Buy 4 shares

1 $ 100 Sell 1 share

2 $100 Sell 1 share

3 $105 Sell 2 share

a . Calculate the time-weighted geometric average return and arithmetic average return on this portfolio.

(b) (2 marks) Calculate the dollar-weighted average return on this portfolio