XYZ stock price and dividend history are as follows:Year Beginning-of-Year Price Dividend Paid at Year-End1998 $100 $41999 120 42000 90 42001 100 4An investor buys three shares of XYZ at the beginning of 1998, buys another twoshares at the beginning of 1999, sells one share at the beginning of 2000, and sellsall four remaining shares at the beginning of 2001. What are the arithmetic and geometric average time-weighted rates of return forthe investor?
a) 10.42% and 10.08%
b) 8.33% and 9.50%
c) 11.25% and 9.10%
d) 9.80% and 8.75%