Suppose the price per share of XYZ stock at the beginning of years 2005, 2006, 2007, 2008 is $100, $120, $90 and $99, respectively. The stock pays a $3 dividend per share each year. Suppose you buy 10 shares of XYZ at the beginning of 2005, buy another 5 shares at the beginning of 2006, sell 3 shares at the beginning of 2007, and sell all remaining shares at the beginning of 2008.

A) What are the arithmetic and geometric average time-weighted rates of return?

B) What is the dollar weighted rate of return?

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