The share price of Sephaku Limited and its dividend history are as follows: Year Beginning of year share price Dividend paid at year end 2018 R100.00 R4.00 2019 110.00 R4.00 2020 90.00 R4.00 2021 95.00 R4.00 An investor buys three-hundred shares of Sephaku Limited at the beginning of 2018, buys additional two-hundred shares at the beginning of 2019, sells one-hundred shares at the beginning of 2020, and sells all four-hundred remaining shares at the beginning of 2021. 

a) What is the holding-period return for each of the three-year holding periods? 

b) Calculate the arithmetic average return on the shares. 

c) Calculate the geometric average return on the shares. 

d) Prepare a chart of cash flows for the four dates (T0 - 2018 until T3 - 2021) that we will use to calculate the internal rate of return (no need to compute the internal rate of return). 

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