An account is worth $26, 000 on January 1, 2019. Deposits into the fund are made on January 31,

2019 and August 1, 2019 for $5, 500 and $8, 000 respectively. Suppose a withdrawal is made from the

account on June 1, 2019 for $3, 000. Finally suppose that the account is worth $46, 000 on December

31, 2019.

(a) (3 marks) Find the dollar-weighted rate of return for the year. (b) (3 marks) If we also know that the account balance on February 1, May 31, and July 31 is,

respectively, $32, 300, $35, 000, and $44, 000 then find the time-weighted rate of return for the