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Please calculate on a paper dont use excel formulas XYZ stock price and dividend history are below. An investor buys three shares of XYZ at

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Please calculate on a paper dont use excel formulas

XYZ stock price and dividend history are below. An investor buys three shares of XYZ at the beginning of 2015, buys another two shares at the beginning of 2016, sells one share at the beginning of 2017 and sells all four remaining shares at the beginning of 2018. What are the arithmetic and geometric average returns for the investor? Is the money-weighted retur greater or less than 8%? Year Price per share at the beginning Dividend per share at the the year ending of the year $95 2016 $110 $4 2017 $100 $4 2018 $115 2015 $4

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