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Year Beginning - of - Year Price Dividend Paid at Year - End 2 0 2 0 $ 1 5 3 $ 4 . 7

Year Beginning-of-Year Price Dividend Paid at Year-End
2020 $153 $4.76
2021 $202 $4.76
2022 $174 $4.76
2023 $140 $4.76
An investor buys three shares of CLX at the beginning of 2020, buys another two shares at the beginning of 2021, sells one share at the beginning of 2022, and sells all four remaining shares at the beginning of 2023.
(1) What are the arithmetic average time-weighted rates of return for the investor?
2.28%
(2) What are the geometric average time-weighted rates of return for the investor?
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(3) What is the dollar-weighted rate of return?
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