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.

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 return:______%

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:_____%

Time 0 1 2 3 Price $ 110 120 120 120 Action Buy 3 shares Sell 1 share Sell 1 share Sell 1 share