a) The table below provides past performance of Maverick Mutual Fund. Bob has invested $10,000 in the fund on 31^st Dec 2019 and he still holds that investments. As on 30^th June 2021, the fund manager claims that the fund has earned an annualised return of 8.26% over the past 6 quarters. (see the details in table).

			Maverick Mutual Fund			Jenny's Investment Decisions
Dates		Unit Price		Quarterly Return		Buy		Sell
31/12/2019			14.49
31/03/2020			9.95	-31.33%		100 Units
30/06/2020			10.45	5.03%
30/09/2020			9.42	-9.86%		500 Units
31/12/2020			12.85	36.41%
31/03/2021			12.91	0.47%
30/06/2021			14.37	11.31%				600 Units
Average Quarterly Return				2.00%
Effective Average Annual Return				8.26%

1. Do you agree with the fund managers claim ? Provide reasons to justify your answer. (Numerical calculations are not necessary).
2. Jenny also invested in Maverick Mutual Fund. She purchased 100 units of the fund on 31^st of March 2020 and again purchased another 500 units on 30^th September 2020. Finally, she sold all her Maverick Mutual Fund units on 30^th June 2021. Do you think Jenny earned higher rate of return than what Bob has earned from his investment in Maverick Mutual Fund? Why or Why not? (Numerical calculations are not necessary).