The price of ABC stock and its dividend history may be found below. Three shares of ABC are purchased by an investor. Purchases two more shares in the beginning of 2016, sells one share in the beginning of 2017, and sells all four remaining shares in the beginning of 2019. What are the investor's arithmetic and geometric average returns? Is the money-weighted return more than or less to 8%? Year 2016 2017 2018 2019 Price per share at the beginning of the year $95 $110 $100 $115 Dividend per share at the ending of the year $4 $4 $4