8. Suppose that the market value of equity for a particular private equity fund at the beginning of our three-year period of analysis is $527 million. During the first year, they have a cash distribution of $11 million, and they raise an additional $175 million. All $175 million is used to buy properties. The market value of equity at the end of the first year is $730 million. What is the rate of return for year 1 of our period of analysis? b. Assume the rate of return in year 2 is 3.7% with a cash distribution of $12 million, and the rate of return in year 3 is 10.9% with a cash distribution of $15 million. This results in a market value of equity at the end of our period of analysis of $1,155. Compute the overall IRR and the time-weighted return. a.