An investment manager is pleased with their recent investment performance for a particular fund. Suppose

that the following applied over the time period from 1 January 2019 to 1 March 2021:

The fund value at 1 January 2019 was $1.01 million

The fund value at 1 February 2019 was $1.04 million

The fund value at 1 March 2019 was $1.12 million, and then $350,000 was immediately withdrawn

The fund value at 1 August 2019 was $800,000, and then $95,000 was immediately withdrawn and

$1.75 million was immediately deposited

The fund value at 1 January 2020 was $2.8 million, and then $350,000 was immediately withdrawn

The fund value at 1 May 2020 was $2.9 million

The fund value at 1 March 2021 was $3.9 million, and then $475,000 was immediately deposited

(c)

Solve for the MWRR and for the TWRR. Give your answers to 3 significant figures. You do not need

to show any workings. (2 marks)