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Fund had a value of $32,000 on 1 April 2011

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Fund had a value of $32,000 on 1 April 2011. A net cash ow of $7,000 was received on 1 April 2012, a further net cash ow of $8,000 was received on 1 April 2013, and a further net cash ow of $12,000 was received on 1 April 2014. Immediately before receipt of the _rst net cash ow, the fund had a value of $35.000, immediately before receipt of the second net cash flow, the fund had a value of $45,000 and immediately before receipt of the third net cash ow, the fund had a value of $55,000. The value of the fund on 1 April 2015 was $65.000. The money weighted rate of return per annum for the same period is Select one: a. 4.22% O b. 6.19% O c.3.17% O d. 5.16% e. 8.41%