Now, it is end of 2018, Ron has been investing with Bloom mutual fund for 4 years now. This morning, Ron was reviewing his investment statements and show the following information (Please ignore any fund expenses info. in solving this question)

Year	Beginning balance		Ending balance		Dividends per share
	No. Shares	Share price	No. Shares	Share price
2015	20,000	15	20,000	16	0.50
2016	20,625	16	20,625	13.75	0.60
2017	21,525	13.75	21,525	17	0.632
2018	22,325	17	22,325	18	0.80

(please notice that the dividends received at the end of each year have been used to purchase new shares at the beginning of the following year)

14. What is the dollar weighted average return of Ron during the period 215-2018?

1. 7.58%
2. 8.76%
3. 10.38%
4. 11.53%

15. Assuming that the dollar weighted return is Rons nominal rate of return, what is Rons real rate of return if the annual rate of inflation during the investment period is 3%?

1. 5.59%
2. 11.76%
3. 10.76%
4. 1.92%