Emily's trust fund has a value of 100,000 on January 1, 1997. On April 1, 1997, 10,000 is withdrawn from the fund, and immediately after this withdrawal the fund has a value of 95,000. On January 1, 1998, the fund's value is 1 15,000.

(a) Find the time-weighted rate of investment return for this fund during 1997.

(b) Find the dollar-weighted annual rate of investment return for Emily's fund, assuming simple interest.

(c) Find the rate of return for Emily's fund using simple interest, and assuming a uniform distribution throughout the year of all deposits and withdrawals.

AppendixLO1