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The table below provides past performance of Maverick Mutual Fund. Bob has invested $10,000 in the fund on 31 st Dec 2019 and he still

The table below provides past performance of Maverick Mutual Fund. Bob has invested $10,000 in the fund on 31st Dec 2019 and he still holds that investments. As on 30th June 2021, the fund manager claims that the fund has earned an annualised return of 8.26% over the past 6 quarters. (see the details in table).

Maverick Mutual Fund Jenny's Investment Decisions
Dates Unit Price Quarterly Return Buy Sell
31/12/2019 14.49
31/03/2020 9.95 -31.33% 100 Units
30/06/2020 10.45 5.03%
30/09/2020 9.42 -9.86% 500 Units
31/12/2020 12.85 36.41%
31/03/2021 12.91 0.47%
30/06/2021 14.37 11.31% 600 Units
Average Quarterly Return 2.00%
Effective Average Annual Return 8.26%

Jenny also invested in Maverick Mutual Fund. She purchased 100 units of the fund on 31st of March 2020 and again purchased another 500 units on 30th September 2020. Finally, she sold all her Maverick Mutual Fund units on 30th June 2021. Do you think Jenny earned higher rate of return than what Bob has earned from his investment in Maverick Mutual Fund? Why or Why not? (Numerical calculations are not necessary).

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