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. Your friend asks what would be different if the order of the returns were reversed and the manager had achieved returns of 0%, 10% and 20% in each successive year. Which of the following statements is accurate?

Select one:

a. The time weighted rate of return would not change.

b. Your dollar weighted rate of return would not change.

c. Both statements are correct statements.

d. Neither of the two statements is a correct statement.