Manager A and Manager B have identical investment styles. Both managers had a 25% return two years ago and had returns of -20% last year. Two years ago, Manager A started with an investment of $100,000 and did not receive any additional funds last year. Two years ago, Manager B started with $20,000 and received an additional $80,000 to invest at the beginning of last year. 10.5 Compute the time-weighted return for Manager A and Manager B

10.6 Compute the dollar-weighted return for Manager A and show that the dollar- weighted return for Manager B is either -2.24%, -1.24%, -0.24%, 0%, or 0.24%