For bonds, assume coupons paid semi-annually, coupon rates and yields quoted with semi-annual compounding, and redeemable at par unless otherwise noted

- An investor puts $100,000 into a fund at the beginning of the year. At the June, the investor has $95,000 in the fund and withdraws $5000. The fund value at the end of the year is $99,000. What is the dollar-weighted return to the investor?