Shares of AAA Corporation pay a dividend of 2 at the end of each year on December 31. An investor buys two shares of the stock on January 1 at a price of 20 each. This investor sells one of those two shares for 22 a year later on the next January 1, and sells the second

share an additional year later for 19. Find the time- and dollar-weighted rates of return on the 2-year investment. Please show both geometric and arithmetic average return for the time-weighted rates of return.