An investment fund has a balance of $6,000,000 at the beginning of the year and $6,360,000 at the end of the year.

Semi-annual contributions of $250,000 are made to the fund both at the end of February and at the end of August. Withdrawals of $300,000 and $200,000 for retirement benefits are made at the end of May and at the end of October respectively.

What is the dollar-weighted rate of return?

• A.

  6.09%

• B.

  5.83%

• C.

  6.01%

• D.

  5.92%