Please explain how do I get the value I circled. Thank you!

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1 1.2 2 0.8 10 25 -20 20 Assets under management at start of quarter Holding-period return (%) Total assets before net inflows Net inflow ($ million) Assets under management at end of quarter 1.1 1.5 1.6 0.96 0.1 0.5 -0.8 0.6 1.2 2 0.8 1.56 Geometric Average Arithmetic Average 10% + 25%+(-20%) + 20% = 8.75% 4 1 [(1.1)*(1.25)^(.8) (1.2)]4 1 = 7.19% 4 -1.0 -.5 .8 .96 Dollar-Weighted 0=-1.0+ 1+ IRR' (1+ IRR)? . (1+IRR) (1 + IRR) IRR = 3.38% 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1 1.2 2 0.8 10 25 -20 20 Assets under management at start of quarter Holding-period return (%) Total assets before net inflows Net inflow ($ million) Assets under management at end of quarter 1.1 1.5 1.6 0.96 0.1 0.5 -0.8 0.6 1.2 2 0.8 1.56 Geometric Average Arithmetic Average 10% + 25%+(-20%) + 20% = 8.75% 4 1 [(1.1)*(1.25)^(.8) (1.2)]4 1 = 7.19% 4 -1.0 -.5 .8 .96 Dollar-Weighted 0=-1.0+ 1+ IRR' (1+ IRR)? . (1+IRR) (1 + IRR) IRR = 3.38%