L. Adams buys  1,000 shares of Morris Tool stock for $35 per share. One year
later the stock is $38 per share and has paid a dividend of $1 .50 per share.
Adams reinvests the dividends in additional shares at the time. At the end of the
second year, the shares are trading for $37 and have paid  $2 dividends over the
period.
L. Burns buys 500 shares of Morris Tool stock for $35 per share. One year later
the stock is  $38 per share and has paid a dividend of $1.50 per share. Burns
reinvests the dividends in additional shares at that time and also buys 500
additional shares. At the end of the second year, the shares are trading for $37
and have paid $2 in dividends over the period.
A.  Compare the annual time-weighted return s for the accounts of the two
investors  (no calculation required).