8. (10 marks) A fund has assets under management on January 1st 2003 of 120, on January 1st 2004 of 147 and on Jan 1st 2005 of 156. The fund earns returns of 14.2% in 2003 and 13% in 2004. i. Calculated the implied flows into the fund in 2003 and 2004. State clearly any assumptions that you need to make. (4 marks) Calculate the money weighted returns of investors in the fund. (6 marks) li