A pension fund has a value of 1,000,000 on January 1, 1999. On June 30, 1999, a withdrawal of 10,000 is made. On September 30, 1999, a further withdrawal of 20,000 is made. On December 31, 1999, the fund has a value of 1,1 15,000.

(a) Find (if possible) the dollar-weighted rate of investment return for 1999. Assume simple interest for periods less than a year.

(b) Find (if possible) the time-weighted rate of investment return for 1999.