Fill in the blank

please show your calculations. thank you!

8. Fund M begins with $1 million and reports the following three year results. What is the dollar-weighted average return of Fund M? Years 1 2 Net inflows (end of year, S million) 0.8 L HPR (%) 25% 20% 3 0 -6% Answer: Show your calculations here. Time 2 Net cash flow Year (in S million) Assets under management at the beginning of year Investment profits during year (HPR Assets) Net inflows during year Assets under management at end of year