XYZ stock price and dividend history are as follows:

Year	Beginning-of-Year Price				Dividend Paid at Year-End
2013	$	125			$	7
2014		145				7
2015		115				7
2016		125				7

An investor buys three shares of XYZ at the beginning of 2013, buys another two shares at the beginning of 2014, sells one share at the beginning of 2015, and sells all four remaining shares at the beginning of 2016.

a.	What are the arithmetic and geometric average time-weighted rates of return for the investor? (Round your year-by-year rates of return and final answer to 2 decimal places. Do not round other calculations. Omit the "%" sign in your response.)

Arithmetic average rate of return	%
Geometric average rate of return	%

b.

What is the dollar-weighted rate of return? (Hint: Carefully prepare a chart of cash flows for the four dates corresponding to the turns of the year for January 1, 2013, to January 1, 2016. If your calculator cannot calculate internal rate of return, you will have to use trial and error.) (Round your answer to 4 decimal places. Negative amount should be indicated by a minus sign. Omit the "%" sign in your response.)

Dollar-weighted rate of return

%