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Non-excel solution please Elizabeth and Andrew are both investment fund managers. The balance of each of their funds is $1, 000 on 1/1/2003. On 12/31/2003,

Non-excel solution please

Elizabeth and Andrew are both investment fund managers. The balance of each of their funds is $1, 000 on 1/1/2003. On 12/31/2003, Elizabeths fund value is $2, 000. On 1/1/2004, a deposit of $20, 000 is made to Elizabeths fund, and the new fund balance is $22, 000. On 12/31/2004, the fund value is $22, 000. On 12/31/2003, Andrews fund value is $1, 200. On 1/1/2004, a withdrawal of $1, 000 is made from Andrews fund, and the new fund balance is $200. On 12/31/2004, the fund value is $180. Determine the dollar-weighted and the time-weighted returns for both Elizabeth and Andrew over this two-year period. Who had the higher return in 2003? who had the higher return in 2004?

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