For each of the past 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 Quarter Total Funds under Management Contributions/Withdrawals Total Funds under Management Contributions/Withdrawals Initial $500,000 $700,000 1 527,000 12,000 692,000 35,000 2 530,000 7,500 663,000 35,000 3 555,000 13,500 621,000 35,000 4 580,000 6,500 612,000 35,000 5 625,000 10,000 625,000 35,000

For each manager, calculate:

(1) Her money-weighted return

(2)Her time-weighted return

(3)Estimates of her quarterly performance returns using the Dietz a