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A fund begins the year with 1,000 on January 1. A withdrawal of 400 is made on April 1, and a deposit of 800
A fund begins the year with 1,000 on January 1. A withdrawal of 400 is made on April 1, and a deposit of 800 is made on June 1. There are no other deposits or withdrawals during the year. The fund balance on December 31 is 1,600. The fund's time-weighted rate of return for the year is equal to its approximated dollar-weighted rate of return. If the fund balance on April 1 (before the deposit) was 1,100, what was the fund balance on June 1 before the deposit on that date? (Assume each month of a year) Find the closest value.
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