At the beginning of Year 1, a fund has $10 million under management; it earns a return of 14% for the year. The fund attracts another $100 million at the start of Year 2 and earns a return of 8% for that year. The money-weighted rate of return is most likely:
- less than the time-weighted rate of return.
- the same as the time-weighted rate of return.
- greater than the time-weighted rate of return.
less than TWROR
MWROR = 8.53 %
TWROR = 10.96 %
could you pls provide me the solution