5] Select the answer that most accurately describes Time-Weighted Returns TWR and Money- Weighted Returns MWR?

A. Money-Weighted Returns MWR link sub-period returns together to find the return over the investment period and are better suited to measuring the investment skill of a money manager due to removing the effects of investor-driven cash flows during the measurement period; Time- Weighted Returns TWR use Internal Rate of Return calculations and are better suited to measuring the actual results of a given investors portfolio while including the effects of investor-driven cash flows during the measurement period.

B. Time-Weighted Returns TWR link sub-period returns together to find the return over the investment period and are better suited to measuring the investment skill of a money manager due to removing the effects of investor-driven cash flows during the measurement period; Money- Weighted Returns MWR use Internal Rate of Return calculations and are better suited to measuring the actual results of a given investors portfolio while including the effects of investor- driven cash flows during the measurement period.

C. Money-Weighted Returns MWR and Time-Weighted Returns TWR give the same answer when there are investor-driven cash flows during the measurement period so either method is accurate for measuring the investment skill of a money manager and the actual results of a given investors portfolio.