XYZ stock price and dividend history are as follows: Year Beginning-of-Year Price Dividend Paid at Year-End

2018 $ 120 $ 3

2019 145 3

2020 115 3

2021 120 3

An investor buys six shares of XYZ at the beginning of 2018, buys another two shares at the beginning of 2019, sells one share at the beginning of 2020, and sells all seven 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.)