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Old 06-26-2018, 08:46 PM
Academic Actuary Academic Actuary is offline
Join Date: Sep 2009
Posts: 8,475

The 9% is simply the solution of an equation. It doesn't imply that the rate was constant over the year. The fund earned 4% for the first half of the year and 8164.48.78/7800 - 1 for the second half of the year. With the larger amount invested for the second half of the year "dollar weighted" rate over the entire year was 9%.
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