An investment fund had assets totalling 42 million on 1 January 2019 . It received net income of 3 million on 1 January 2020 and paid out expenses of 5 million on 1 July 2020. The value of the fund totalled: 45 million on 31 December 2019 52 million on 30 June 2020 46 million on 31 December 2020 (i) Calculate for the period 1 January 2019 to 31 December 2020, to 3 decimal places: (a) the effective time weighted rate of return per annum; [3 marks] (b) the linked internal rate of return, using sub-intervals of a calendar year. [5 marks] (ii) Explain, in this particular case, when the linked internal rate of return would be identical to the time weighted rate of return. [2 marks] [Total 10 marks] An investment fund had assets totalling 42 million on 1 January 2019 . It received net income of 3 million on 1 January 2020 and paid out expenses of 5 million on 1 July 2020. The value of the fund totalled: 45 million on 31 December 2019 52 million on 30 June 2020 46 million on 31 December 2020 (i) Calculate for the period 1 January 2019 to 31 December 2020, to 3 decimal places: (a) the effective time weighted rate of return per annum; [3 marks] (b) the linked internal rate of return, using sub-intervals of a calendar year. [5 marks] (ii) Explain, in this particular case, when the linked internal rate of return would be identical to the time weighted rate of return. [2 marks] [Total 10 marks]