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Suppose you purchased one share of Delta Manufacturing at the end of 2018 for $55. At the end of 2019, you received a dividend of
Suppose you purchased one share of Delta Manufacturing at the end of 2018 for $55. At the end of 2019, you received a dividend of $2 and the price of the share was $52. You bought another share of Delta Manufacturing at the end of 2019. At the end of 2020, you received total dividends of $6 (i.e. $3 for each share) and sold both shares at $55.50 per share. The geometric average annual return and the dollar-weighted annual return on your investment for the two-year period of 2019 and 2020 are
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