Problem 8 - Dollar-weighted and Time-weighted rate of returns For an investment account, you are given the following information during calendar years 2014 and 2015: Account for 2014

Date	Fund Value Before Activity	Deposit	Withdrawal
January 1, 2014	150
April 1, 2014	175	20
June 1, 2014	170		15
November 1, 2014	175	15
December 31, 2014	X

Account for 2015

Date	Fund Value Before Activity	Deposit	Withdrawal
January 1, 2015	X
September 1, 2015	201	10
December 31, 2015	Y

During 2014, the dollar-weighted return equals 8%. During 2015, the time-weighted return equals 10%. Determine the value of the fund at the end of 2014 and 2015. X= Y=