Jim began his investing program with a $10M initial investment. At beginning of the next two...

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Jim began his investing program with a $10M initial investment. At beginning of the next two years, he deposits $5M and $6M and in third year he withdrawals $8M from the account and then he liquidates the account at the total four-year period. The table below recaps his returns each year as well as the amounts he added to or made withdrawal from his investment accounts. What is his dollar-weighted average return (IRR)? Year Net inflows 0 1 2 3 4 or outflows 10 (initial investment) -8 5 (deposit) 6 (deposit) 0 (withdrawal) Holding period 10% 25% -20% 25% returns Dollar weighted return 0 1 2 3 4 Assets under 10.00 management at start of year ($ million) Investment profit during year ($ million) Net flows or during year ($ million) Assets under management at end of year ($ million) 10.00 Jim began his investing program with a $10M initial investment. At beginning of the next two years, he deposits $5M and $6M and in third year he withdrawals $8M from the account and then he liquidates the account at the total four-year period. The table below recaps his returns each year as well as the amounts he added to or made withdrawal from his investment accounts. What is his dollar-weighted average return (IRR)? Year Net inflows 0 1 2 3 4 or outflows 10 (initial investment) -8 5 (deposit) 6 (deposit) 0 (withdrawal) Holding period 10% 25% -20% 25% returns Dollar weighted return 0 1 2 3 4 Assets under 10.00 management at start of year ($ million) Investment profit during year ($ million) Net flows or during year ($ million) Assets under management at end of year ($ million) 10.00