In measuring the performance of a portfolio, the time-weighted rate of return is superior to the dollar-weighted rate of return because: a. When the rate of return varies, the time-weighted return is...

In measuring the performance of a portfolio, the time-weighted rate of return is superior to the dollar-weighted rate of return because:
a. When the rate of return varies, the time-weighted return is higher.
b. The dollar-weighted return assumes all portfolio deposits are made on day 1.
c. The dollar-weighted return can only be estimated.
d. The time-weighted return is unaffected by the timing of portfolio contributions and withdrawals.