XYZ stock price and dividend history are as follows:

Year	Beginning-of-Year Price	Dividend Paid at Year-End
2013	$100	$4
2014	120	4
2015	90	4
2016	100	4

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.

1.What are the arithmetic and geometric average time-weighted rates of return for the investor?

2 decimal place.

Arithmetic average rate of return: 5.94%

Geometric average rate of return: %

2. What is the dollar-weighted rate of return? (Hint: Carefully prepare a chart of cash flows for the fourdates 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.) Dollar-weighted rate of return: %