the correct answer to question 4 is C. Please explain

Question 5 (2 points) On 1/1/03, the value of a pension fund was $4.5 million. The pension fund received a contribution of $1.3 million on 6/30/03 and $1.5 million on 3/31/04/ The fund paid out $ 5.57 million on 11/1/04. The value of the fund on 6/29/03 was $4.9 million; on 3/30/04 it was $6.3 million; on 10/31/04 it was $7 million; and on 12/31/04 it was $2 million. Find the time weighted rate of interest. C) 17.85% D) 16.95%