You invested $5,000 in a mutual fund. The first year the fund earned 12%, so you invested an additional $8,000 at the end of the year. The second year the fund earned -5%, so you withdrew $3,000 at the end of year. The fund earned 9% the third year and, at the end of three years, your holdings are worth $10,812.80. What average annual return was earned by the fund manager? What was your annual rate of return? How much did your “performance chasing” cost you per year?