] Question 4 A pension fund has assets of R22 million on 1 January 2002. It received net income of R1.4 million on 1 January 2003 and R0.7 million on 1 July 2003. The value of the fund at different points in time was as follows: 31 December 2002 R24million 30 June 2003 R27million 31 December 2003 R30million 24 a) Calculate the time-weighted rate of return per annum for the period 1 January 2002 to 31 December 2003. b) Calculate the linked internal rate of return per annum, using sub-intervals of a calendar year, for the period 1 January 2002 to 31 December 2003. ] Question 4 A pension fund has assets of R22 million on 1 January 2002. It received net income of R1.4 million on 1 January 2003 and R0.7 million on 1 July 2003. The value of the fund at different points in time was as follows: 31 December 2002 R24million 30 June 2003 R27million 31 December 2003 R30million 24 a) Calculate the time-weighted rate of return per annum for the period 1 January 2002 to 31 December 2003. b) Calculate the linked internal rate of return per annum, using sub-intervals of a calendar year, for the period 1 January 2002 to 31 December 2003