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.