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XYZ's stock price and dividend history are as follows Beginning-of-Year Price Dividend Paid at Year-End Year 2016 2017 2018 2019 100 120 90 100 4

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XYZ's stock price and dividend history are as follows Beginning-of-Year Price Dividend Paid at Year-End Year 2016 2017 2018 2019 100 120 90 100 4 4 An investor buys three shares of XYZ at the beginning of 2016, buys another two shares at the beginning of 2017, sells one share at the beginning of 2018, and sells all four remaining shares at the beginning of 2019 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.) Arithmetic average rate of return Geometric average rate of return

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