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 withdrawals made by their clients.

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 thequarter.

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MANAGER L MANAGER M Total Funds Contributions/ Total Funds Contributions/ Quarter Under Management Withdrawals Under Manag ement Withdrawals Initial $500,000 527,000 530,000 555,000 580,000 625,000 12,000 7,500 13,500 6,500 10,000 $700,000 692,000 663,000 621,000 612,000 625,000 -35,000 -35,000 -35,000 -35,000 -35,000