A manager buys three shares of stock today, and then sells oneof those shares each year for the next 3 years. His actions and theprice history of the stock are summarized below. The stock pays nodividends.
| Time | Price | Action |
| 0 | $ | 120 | | Buy 3 shares |
| 1 | | 150 | | Sell 1 share |
| 2 | | 150 | | Sell 1 share |
| 3 | | 150 | | Sell 1 share |
|
a. Calculate the time-weighted geometricaverage return on this portfolio. (Do notround intermediate calculations. Round your answer to 2 decimalplaces.)
b. Calculate the time-weighted arithmeticaverage return on this portfolio. (Do not roundintermediate calculations. Round your answer to 2decimal places.)
c. Calculate the dollar-weighted average returnon this portfolio. (Do not round intermediate calculations.Round your answer to 2 decimal places.)
