1. A portfolio of 500 million at the beginning of 2020 grew to 600 million by the end of December 2020 and to 630 million by the end of 2021. What is the geometric annual return of the portfolio?

a. 12.25%

b. 13%

c. 12.75%

d. 12.5%

2. A stock investment of 100 million became 150 million in one year. Satisfied with the fifty percent return, the investor added 250 million to become 400 million in the beginning of second year. What is the money weighted return if the investment grew to only 410 million by the end of second year?

a. 13.0%

b. 26.3%

c. 12.0%

d. 24.0%