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An account has a balance of $100 on January 1, 2020. During 2020, the account had the following investment activity: The amount in the account

An account has a balance of $100 on January 1, 2020. During 2020, the account had the following investment activity: The amount in the account on December 31, 2020, is $85. During 2020, the dollar-weighted yield is 0%.

a) Determine the time-weighted yield.

b) What approximation, if any, was used in the dollar-weighted yield. Explain why the assumption was or was not needed.

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