XYZ stock price and dividend history are as follows:

Year	Beginning-of-Year Price	Dividend Paid at Year-End
2010	$ 110	$ 3
2011	$ 113	$ 3
2012	$ 100	$ 3
2013	$ 105	$ 3

An investor buys four shares of XYZ at the beginning of 2010,buys another two shares at the beginning of 2011, sells one shareat the beginning of 2012, and sells all five remaining shares atthe beginning of 2013.

a.	What are the arithmetic and geometric average time-weightedrates of return for the investor? (Do not roundintermediate calculations. Round your answers to 2 decimalplaces.)

Arithmetic mean	%
Geometric mean	%

b-1.	Prepare a chart of cash flows for the four dates correspondingto the turns of the year for January 1, 2010, to January 1, 2013.(Negative amounts should be indicated by a minussign.)

Date	Cash Flow
1/1/2010	$
1/1/2011
1/1/2012
1/1/2013

b-2.	What is the dollar-weighted rate of return? (Hint: Ifyour calculator cannot calculate internal rate of return, you willhave to use a spreadsheet or trial and error.) (Negativevalue should be indicated by a minus sign. Round your answer to 4decimal places.)

Rate of return

%

rev: 10_31_2013_QC_37911, 03_06_2015_QC_CS-9041