The time weighted return is a method of measuring performance. Which of the following statements BEST describes time weighted return?

A Time weighted return on investment considers the impact of capital inflows and outflows of an investment.

B The rate of return that discounts a portfolios terminal value and interim cash flows back to its initial value.

C The discount rate that equates the present value of future cash flows with the market value.

D The probability weighted return of cash flows in a portfolio.

D. Refund policy.