The value of the assets held by an investment fund on 1st January 2021 was 2 million. On 31st March 2021 , the value of the assets had risen to 2.6 million and, on 1st April 2021 , there was a net cash inflow to the fund of 1.2 million. Then, on 31st December 2021 , the value of the fund was 3.5 million. (i) Calculate the annual effective time-weighted rate of return (TWRR) for 2021. [2 marks] (ii) Calculate, to the nearest 0.1%, the annual effective money-weighted rate of return (MWRR) for 2021. [4 marks] (iii) Explain briefly why the TWRR is significantly higher than the MWRR for 2021. [2 marks] [Total 8 marks]