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 123 Action $185 Buy 3 shares 195 Sell 1 share 195 Sell 1 share 195 Sell 1 share Required: a. Calculate the time-weighted geometric average return on this "portfolio." Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Calculate the time-weighted arithmetic average return on this portfolio. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. c. Calculate the dollar-weighted average return on this portfolio. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a. Geometric average return b. Arithmetic average return c. Dollar-weighted average return % % %

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." Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Calculate the time-weighted arithmetic average return on this portfolio. Note: Do not round intermediate colculations. Round your answer to 2 decimal places. c. Calculate the dollar-weighted average return on this portfolio. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. 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." Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Calculate the time-weighted arithmetic average return on this portfolio. Note: Do not round intermediate colculations. Round your answer to 2 decimal places. c. Calculate the dollar-weighted average return on this portfolio. Note: Do not round intermediate calculations. Round your answer to 2 decimal places