Solution 1 Growth from 111105 to 61301105 is l 310 000250 000 ___ 1 06 1 000 000 Growth from 7 1f05 to 12131105 is 1 265 000 150 000 _ Growth from
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(Solution) 1 Growth from 111105 to 61301105 is l,310,000250,000 ___ 1 06 1,000, 000 ' Growth from 7} 1f05 to 12131105 is 1,265,000 + 150,000 _ Growth from...

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I real confuse for the last step from the answer. why need to calculate the root square? Can I just used 1.06*1.080153*1.019763*1.019481-1 to find the annual time-weighted return.

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