1. ) A fund is established on 7/1/2017 with $100 million initial investment. On 12/31/2017 the fund has grown to $120 million due to capital gains. An additional $100 million is invested on 1/1/2018, bringing the fund to $220 million. No cash inflows or outflows occur in 2018, and on 12/31/18 the fund has grown to $231 million due to capital gains and reinvested dividends. On 1/1/2019, $81 million is withdrawn from the fund, leaving a balance of $150 million. On 7/1/2019, the fund is closed put with a value of $168 million distributed to investors.
   1. Calculate the time-weighted rate of return for the fund.

b. Calculate the money-weighted rate of return for the fund.