The time-weighted return of the account

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Reference no: EM13878170

On 1/1/14, I deposit $20,000 into my account. On 8/22/14, my account is worth $23,000; I withdraw/deposit M into/from the account. On 12/31/14, my account is worth $24,000.

The time-weighted return of the account in 2014 is equal to 23.3294%. Calculate the value of M, and determine if M was deposited or withdrawn.

Reference no: EM13878170

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