5.2.1 Growth from 111105 to 61301105 is l,310,000250,000 ___ 1 06 1,000, 000 ' Growth from 7} 1f05 to 12131105 is 1,265,000 + 150,000 _ Growth from 111106 to 61301106 is 1, 540, 000 250, 000 1,265,000 = 1.019763 Growth fmm 711106 to 12131106 is 1, 420,000 + 150,000 = 1.01 481 1,540,000 9 Annual time-weighted return for 2005-2006 is (1.0611.030153)(1.019763)(1_019431) 1 = .0910. 5.2.1 The details regarding fund value, contributions and withdrawals from a fund are as follows: Date Amount Fund Values: 1/1/ 15 1,000,000 7/1/15 1,310,000 1/1/16 1,265,000 7/1/16 1,540,000 1/1/17 1,420,000 Contributions 6/30/15 250,000 Received: 6/30/16 250,000 Benefits 12/31/15 150,000 Paid: 12/31/16 150,000 Find the effective annual time-weighted rate of return for the two-year period of 2015 and 2016