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Consider an investor's position in a fund over the past three years: Year Beginning balance Ending balance 1 $100,000 $120,000 2 $120,000 $130,000 3 $130,000
Consider an investor's position in a fund over the past three years:
| Year | Beginning balance | Ending balance |
| 1 | $100,000 | $120,000 |
| 2 | $120,000 | $130,000 |
| 3 | $130,000 | $99,823 |
The investor made no deposits or withdrawals with the exception of the $100,000 to open the account and the withdrawal of the balance at the end of the third year. What is this investor's money-weighted return?
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