XYZ stock price and dividend history are as follows:

Year	Beginning-of-Year Price		Dividend Paid at Year-End
2010	$	130	$ 5
2011	$	144	$ 5
2012	$	120	$ 5
2013	$	125	$ 5

An investor buys six shares of XYZ at the beginning of 2010, buys another three shares at the beginning of 2011, sells one share at the beginning of 2012, and sells all eigth remaining shares at the beginning of 2013.

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 mean	%
Geometric mean	%

b-1. Prepare a chart of cash flows for the four dates corresponding to the turns of the year for January 1, 2010, to January 1, 2013. (Negative amounts should be indicated by a minus sign.)

Date	Cash Flow
1/1/2010	$
1/1/2011
1/1/2012
1/1/2013