Jim began his investing program with a $10M initial investment. At beginning of the next two years, he deposits $5M and $6M and in third year he withdrawals $8M from the account and then he liquidates the account at the total four-year period. The table below recaps his returns each year as well as the amounts he added to or made withdrawal from his investment accounts.What is his dollar- weighted average return (IRR)?

Year01234Net inflows or outflows10 (initial investment)5(deposit)6(deposit)-8(withdrawal)0Holding period returns10%25%-20%25%

Dollar weighted return01234Assets under management at start of year ($ million)10.00Investment profit during year ($ million)Net flows or during year ($ million)Assets under management at end of year ($ million)10.00

To calculate IRR01234Net cash flow ($ million)