XYZ's stock price and dividend history are as follows:
Year  BeginningofYear Price  Dividend Paid at YearEnd  
2016  $  200  $  6  
2017  220  6  
2018  185  6  
2019  200  6 
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 timeweighted rates of return for the investor? (Round your yearbyyear rates of return and final answer to 2 decimal places. Do not round other calculations.)

b. What is the dollarweighted rate of return? (Hint: Carefully prepare a chart of cash flows for the four dates corresponding to the turns of the year for January 1, 2016, to January 1, 2019. If your calculator cannot calculate internal rate of return, you will have to use trial and error.) (Round your answers to 4 decimal places. Negative amount should be indicated by a minus sign.)

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