Suppose a portfolio manager generated the following returns over a four-year period, and Jack invested in that managers fund the following amounts at the beginning of each period:

Year Return Jack's Investment

1 30% $0

2 10% $1,000

3 -5% $500

4 -10% $500

What is the time-weighted rate of return achieved by the manager?

Select one:

a. 1.06%

b. 0%

c. 6.25%

d. 5.15%