Suppose you invest $1,000 at the beginning of each year with a portfolio manager who returns 20%, 10% and 0% in each successive year. Which of the following statements is accurate?

Select one:

a. The manager should be evaluated on his time weighted return, which is 9.7%.

b. The manager should be evaluated on his time weighted return, which is 10.0%.

c. Your dollar weighted return is 9.7%.

d. Your dollar weighted return is 10.0%.