Suppose that we wished to compute monthly returns for Fund A over a period of five months. We collect relevant end-of-month NAVs along with any dividends. The following table lists NAV’s and dividends collected for Fund A from June 30 to November 30. Following the NAV data are sample return calculations:

a. Calculate returns for each month starting with July.
b. The following lists NAVs for Fund B. Calculate monthly returns for Fund B.

c. Calculate geometric mean returns for Funds A and B.
d. Calculate time-weighted average returns for Funds A and B.

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Date June 30 July 31 Aug. 31 Sep. 30 Oct. 31 Nov. 30 NAV, 1 50 2 55 3 50 4 54 5 47 6 51 NAV₁-1 50 55 50 54 47 DIV, 0 0 0 0 2 0