Time-weighted return

Buying a stock for $200 at t = 0. At t = 1, buying another share for $250. At t = 2 selling both shares for $280. During both years, the stock paid a dividend of $15.

What’s the time-weighted rate of return here?

Confused regarding the return in t = 2.

Thanks

When calculating TWR, the return for the period is (Capital Gain + Dividend)/(Beginning Price), or

((280 - 250) + 15)/250 = 18%

First calculate the holding period return at t=1, then again at t=2. Then calculate the annualized geometric return to obtain the time-weighted return. As follows:

t=1: (250+15)/200 - 1 = 32.5%

t=2: (280+15)/250 - 1 = 18%

Geometric return (aka time-weighted return) = (1.325 * 1.18)^0.5 - 1 = 25.04%.