Four years ago you invested $5M in a new Gig Economy ETF. Two years later you decided to take out $3M to buy a small house in LA. At the end of four years you take out the remaining cash. These are the returns to the ETF as well as your cash flows:

(End of) Year	Inflows/outflows	ETF return
0	-5
1		10.2%
2	3	8.5%
3		-4.0%
4	2.85	-0.2%

1. (15 points) What is the arithmetic average of the returns? What is the geometric average?
2. (15 points) Will the dollar-weighted average be higher or lower than the arithmetic average? Explain your reasoning.