XYZ stock price and dividend history are as follows:

Year Beginning-of-year Price Dividend paid at Year-End

2018 $100 $4

2019 $110 $4

2020 $90 $4

2021 $95 $4

1. 2018: BUY 3stock 2. 2019: BUY 2stock (additional) 3. 2020: Sell 1stock 4. 2021: Sell 4stock (all)

1) Arithmetic average

2) Geometric average

3) Amount Weighted Rate of Return