An investor does research about investment return and gathers the following nformation about a portfolio:
| Year | Return |
| 2009 | 11% |
| 2010 | 7% |
| 2011 | 3% |
If the investor contributed new funds to the portfolio at the beginning of each year, the time-weighted rate of return is m.ost likely:
A. less than the money-weighted rate of return.
B. the same as the money-weighted rate of return.
C. greater than the money-weighted rate of return.
