For each of the past 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 withdrawals made by their clients. (Note: Contributions are indicated by positive numbers, withdrawals 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                   c. Estimates of her quarterly performance returns using the Dietz approximation method, assuming that contributions/withdrawals are made exactly halfway through the quarter

Question
For each of the past 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 withdrawals made by their clients. (Note: Contributions are indicated by positive numbers, withdrawals 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                  
c. Estimates of her quarterly performance returns using the Dietz approximation method, assuming that contributions/withdrawals are made exactly halfway through the quarter

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