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Julius buys 1 0 0 shares of Acme stock at $ 1 0 0 per share on January 1 , Year 1 . At the

Julius buys 100 shares of Acme stock at $100 per share on January 1, Year 1. At the end of the first year
(December 31, Year 1), he buys 100 more shares at $120 per share. At the end of the second year
(December 31, Year 2), he buys another 100 shares for $135 per share. The stock pays a dividend of $2.00
per share on December 29th of each year. Acme is trading at $169.80 as of December 31, Year 3. What is
the time weighted return for Acme since January 1, Year 1 to today?

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