You are provided the prices of Sun Growth Fund shares today(t=0) and in years 1, 2 and 3 The stock pays no dividends Year Share Price 0 (P0) $100 1 (P1) $90 2 (P2) $80 3 (P3) $70

a) What are the single period returns in year 1, 2, 3

b) What is the arithmetic average return over the three years?

c) What your the geometric average return over the three years?

d) What is the IRR if you bought 100 shares in year 0, sold 40 shares in year 2, and sold the remaining 60 shares in year 3?