An investor bought 100 shares at $5.50 each. After one year, he received $0.75 dividend per share and he bought 50 more shares at $5.89 each. After two years, he received $0.65 dividend per share for all the holdings and he sold all the shares for $6.15 per shares.
a) Calculate his annualized Time Weighted Return (TWR).
b) Calculate his annualized Money Weighted Return (MWR).
c) Which one should be more preferred by regulators? Explain.