XYZ stock price and dividend history are as below.

Year	Share price at the beginning of the year ($)	Dividend paid at the end of the year ($)
2014	70	3
2015	68	4
2016	70	2
2017	65	2
2018	67	5

An investor buys three shares of XYZ at the beginning of 2014, buys another two shares at the beginning of 2015, sells two shares at the beginning of 2016, buys two shares at the beginning of 2017 and sells all remaining shares at the beginning of 2018. Using the above information calculate the following for the investor

a. Dollar-weighted rate of return

Dollar-weighted return (DWR)

Enter the cash flows for each period in a column in an Excel sheet and use the IRR function to calculate the DWR. Example, if you have cash flows in cells A1,A2,A3 and A4, DWR can be calculated as follows:

=IRR(A1,A2,A3, A4)