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XYZ stock price and dividend history are as follows: Beginning-of- Dividend Paid at Year Year Price Year-End 2018 $ 125 $ 2 2019 2020

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XYZ stock price and dividend history are as follows: Beginning-of- Dividend Paid at Year Year Price Year-End 2018 $ 125 $ 2 2019 2020 2021 141 2 120 125 2 2 An investor buys six shares of XYZ at the beginning of 2018, buys another three shares at the beginning of 2019, sells one share at th beginning of 2020, and sells all eight remaining shares at the beginning of 2021. Required: a. What are the arithmetic and geometric average time-weighted rates of return for the investor? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Arithmetic time-weighted average returns Geometric time-weighted average returns % %

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