The following table gives the value of an investment fund on certain dates during 2020: Date Fund Value 1st January 2020 30th June 2020 31st December 2020 105,000 100,000 165,000 The only external cash-flow the fund experienced during 2020 was an inflow of 50,000 on 1st July. a) Calculate the annual money-weighted rate of return earned by the fund during 2020. [3] b) Calculate the annual time-weighted rate of return earned by the fund during 2020. [3] c) Explain, in words, why the answers to parts a) and b) differ significantly and indicate with reasons which gives the better measure of the investment management performance of the fund during 2020. [4]