9. An investment fund has a value of $100,000 on January 1, 2019. On July 1, 2019, the value of the fund is $125,000, at which time the investor withdraws X from the fund. On October 1, 2019, the value of the fund is $110,000, at which time the investor deposits 2X into the fund. On January 1, 2020, the value of the fund is $125,000. The time-weighted rate of return on this fund during the year is exactly 5%. Find the dollar-weighted rate of return.

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