Problem:
The value of a pension fund managed by John was $3 million on 1/1/13. The fund received a contribution of $1 million on April 30 2013, and $2 million on November 30, 2013. The fund also paid out a large payment of 500,000 on December 30 2013. The value of the fund was 3,100,000 on April 29, 2013; $4.5 million on November 29, 2013; $6.55 million on December 31,2013.
Required:
Question: Determine the time-weighted rate of interest.
Note: Please provide full description.