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Please be detailed and write the formulas themselves too. 13. On 6 June 2014, a fund is valued at 1 million. During the following year,

Please be detailed and write the formulas themselves too.

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13. On 6 June 2014, a fund is valued at 1 million. During the following year, the fund has the following income and losses, as well as additions to and with- drawals from the fund. Income/loss during the period to this date Addition or withdrawal at the end of the period 6 September 2014 6 December 2014 6 March 2015 6 June 2015 50,000 30,000 35,000 30,000 300,000 -200,000 500,000 What are the time-weighted rate of return and the money-weighted rate of return over the year? Assume that each 3-month period is exactly one quarter of a year

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