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XYZ's stock price and dividend history are as follows: Year 2018 2019 2020 2021 Beginning-of-Year Price $ 112 134 101 112 Dividend Paid at Year-End

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XYZ's stock price and dividend history are as follows: Year 2018 2019 2020 2021 Beginning-of-Year Price $ 112 134 101 112 Dividend Paid at Year-End $ 4 4 4 4 An investor buys three shares of XYZ at the beginning of 2018, buys another two shares at the beginning of 2019, sells one share at the beginning of 2020, and sells all four remaining shares at the beginning of 2021. 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 answers to 2 decimal places. Do not round other calculations.) Answer is complete but not entirely correct. 16.42 X % Arithmetic average rate of return Geometric average rate of return 5.47 x %

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