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Niko Sato Co. stock price and dividend history are as follows: Year Beginning of year price Dividend paid at year end 2016 $105 $3 2017

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Niko Sato Co. stock price and dividend history are as follows: Year Beginning of year price Dividend paid at year end 2016 $105 $3 2017 S112 $4 2018 S100 SS 2019 S120 $6 An investor buys four shares of Chico Pop at the beginning of 2016, buys another three shares at the beginning of 2017, sells two shares at the beginning of 2018, and sells all five remaining shares at the beginning of 2019. What is the dollar-weighted average return for this investor? 9.52% 9.13% 6.139 16.08%

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