Consider the following information regarding balances, deposits into, and withdrawals from an investment fund.

1 January 2015: Balance of the investment fund = $350,000

31 July 2015: Balance of the investment fund = $339,000.

1 August 2015: $40,000 deposited into the fund

31 August 2015: Balance of the investment fund = $380,000

1 September 2015: $100,000 withdrawn from the fund

30 June 2016: Balance of the investment fund = $285,000

1 July 2016: $456,000 deposited into the fund

30 November 2016: Balance of the investment fund = $755,000

1 December 2016: $98,000 deposited into the fund

(a)If the time weighted rate of return (TWRR) from investing into this fund between 1 January 2015 and 1 July 2017 is 4.5% per annum (effective), what is the balance of the investment fund as at 1 July 2017?

(b)You have just been told that there was an error in the above information about the balance of the investment fund as at 30 November 2016. The balance was actually equal to $827,643, rather than $755,000.

As such, determine the TWRR as an effective annual rate, based on the period of 1 January 2015 to 30 November 2016.