For each of the last six quarters, Managers L and M have provided you with the total dollar value of the funds they manage, along with the quarterly contributions or withdrawals made by their clients. (Note: Contributions are indicated by positive numbers, withdrawals by negative numbers.)

	MANAGER L					MANAGER M
	Total Funds		Contributions/			Total Funds		Contributions/
Quarter	Under Management		Withdrawals			Under Management		Withdrawals
Initial	$503,000					$716,000
1	533,000		13,000			682,000		-32,000
2	545,000		6,500			675,000		-32,000
3	556,000		14,500			629,000		-32,000
4	561,000		7,500			614,000		-32,000
5	607,000		11,000			618,000		-32,000

For each manager, calculate:

1. her money-weighted return. Do not round intermediate calculations. Round your answers to two decimal places.

Money-weighted return (Manager L): %

Money-weighted return (Manager M): %

1. her time-weighted return. Do not round intermediate calculations. Round your answers to two decimal places.

Time-weighted return (Manager L): %

Time-weighted return (Manager M): %

1. estimates of her quarterly performance returns using the Dietz approximation method, assuming contributions/withdrawals are made exactly halfway through the quarter. Do not round intermediate calculations. Round your answers to two decimal places. Use a minus sign to enter negative values, if any.

Quarter	Return (Manager L)	Return (Manager M)
1	%	%
2	%	%
3	%	%
4	%	%
5	%	%