(a) An investment manager had a fund of 100,000 at the start of the year. On February 1st the fund's value had dropped to 98,000 and a withdrawal of 10,000 was made. On September 1st, the fund balance was 100,000 and a new deposit of 10,000 was made. At year-end, the account balance was 105,000. Find the time-weighted and dollar-weighted rates of return. Leave your answers in 4 decimal places. Which rate of return is more appropriate for evaluating the performance of the investment manager? Explain your answer. [8]