Having heard about IPO underpricing, I put in an order to my broker for 2,700 shares of every IPO he can get for me. After 3 months, my investment record is as follows:

IPO	Shares Allocated to Me		Price per Share		Initial Return
A	600		$15		6	%
B	300		25		10
C	2,700		5		6
D	0		9		26

a.	What is the average underpricing of this sample of IPOs? (Do not round intermediate calculations. Enter your answer as a whole percent.)

Average underpricing

%

b.	What is the average initial return on my portfolio of shares purchased from the four IPOs I bid on? Calculate the average initial return, weighted by the amount of money invested in each issue. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Average initial return

%