XYZ stock price and dividend history are as follows:

YearBeginning-of-Year PriceDividend Paid at Year-End

2015 $118 3

2016 $126 3

2017 $110 3

2018 $115 3

An investor buys six shares of XYZ at the beginning of 2015, buys another three shares at the beginning of 2016, sells one share at the beginning of 2017, and sells all eight remaining shares at the beginning of 2018.

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.)

b-1.Prepare a chart of cash flows for the four dates corresponding to the turns of the year for January 1, 2015, to January 1, 2018.

b-2. What is the dollar-weighted rate of return? (Hint: If your calculator cannot calculate internal rate of return, you will have to use a spreadsheet or trial and error.)