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The performance of an investment fund is to be evaluated over a two year period starting from 1 st January 2 0 1 7 .

The performance of an investment fund is to be evaluated over a two year period starting from 1st January 2017. The given fund had a value of 8.36
mil on the 1st January 2017 that had increased to 12.39 mil by the 1st January 2019. During this period, the fund had received a net cash flow of 464,000 on the 1st January 2018 that was followed by a further net cash flow of 948,000 on the 1st July 2018. It is estimated that immediately before the receipt of these net cash flows the fund had a value of 8.9 mil and 11.57 mil, respectively.
For the given 2-year valuation period estimate, to the nearest 0.1%, the following annual effective rates of return:
a) The time-weighted rate of return earned on the fund;
b) The money-weighted rate of return earned on the fund;
c) The linked internal rate of return using sub-intervals of a calendar year.

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