On 31 December last year, The Megafund Ltd had $2456m in funds under management (FUM). In the first four months of this year, the fund had the month-end cash flows shown in the following table. All amounts are in $m.

Month	FUM	Dividends received	Capital gains & losses	Distrib-utions	Redemp-tions	Fees	New inflows
January	2706	12	267	27	31	11	40
February	2931	38	199	30	39	2	59
March	2664	6	378	23	8	3	139
April	2590	8	59	26	18	12	33

The Megafund Ltd reports its returns using continuous time-weighted returns per annum.

For the first four months of this year, the fund reported returns closest to:

(A) 7.80%

(B) 7.92%

(C) 8.12%

(D) 8.22%

ANSWER

A