# For each of the last six quarters, Managers

### For each of the last six quarters, Managers

10.       For each of the last six quarters, Managers L and M have provided you with the total dollar value of the funds they manage, along with the quarterly contributions or withdra- wals made by their clients. (Note: Contributions are indicated by positive numbers, with- drawals by negative numbers.)

MANAGER L                                                                             MANAGER M

 Quarter Total Funds Under Management Contributions/ Withdrawals Total Funds Under Management Contributions/ Withdrawals Initial \$500,000 — \$700,000 — 1 527,000 12,000 692,000 −35,000 2 530,000 7,500 663,000 −35,000 3 555,000 13,500 621,000 −35,000 4 580,000 6,500 612,000 −35,000 5 625,000 10,000 625,000 −35,000

For each manager, calculate:

a.    her money-weighted return;

b.    her time-weighted return; and,

c.    estimates of her quarterly performance returns using the Dietz approximation method, assuming contributions/withdrawals are made exactly halfway through the    quarter