The table below shows a mutual fund's quarterly cash flow and quarterly yield. Assets under management at start of quarter Holding-period return (96) Total assets before net inflows Net inflow (S million) Assets under management at end of quarter 1st Quarter 1 10 1.1 0.1 1.2 2nd Quarter 1.2 25 1.5 0.5 2 3rd Quarter 2 -20 1.6 -0.8 0.8 4th Quarter 0.8 20 0.96 0.6 1.56 (a) Calculate the arithmetical average of the return on mutual funds for each quarter. (b) Calculate the geometric average of the return on mutual funds for each quarter. (c In order to calculate the mutual fund's dollar weighted average, the internal rate or return (IRR) for the fund must be obtained. Give the net present value (NPV) equation from which IRR can be obtained.