You invest $100 in a mutual fund that grows 10 percent annually for four years. Then the fund experiences an exceptionally bad year and declines by 60 percent. After the bad year, the fund resumes its 10 percent annual return for the next four years.

a) What is the average percentage change for the nine years?

b) If you liquidate the fund after nine years, how much do you receive?

c) What is the annualized return on this investment using a dollar-weighted calculation and using a time-weighted calculation?