Suppose that an investor opens an account by investing $1,000. At the beginning of each of the next four years, he deposits an additional $1,000 each year, and he then liquidates the account at the end of the total five-year period. Suppose that the yearly returns in this account, beginning in Year 1, are as follows: 9 percent, 17 percent, 9 percent, 14 percent, and 4 percent. What is the dollar-weighted average return? Round to the nearest answer. a. 6% b. 8% c. 10% d. 12%

The answer is 6 percent. Show me how to calculate answer without excel. IF YOU USE EXCEL TO SOLVE I WILL THUMPS DOWN