Calculating Time-Weighted Rate of Return

Michael is managing a portfolio with the following cash flows over the past three years:

Year 1: Initial investment of $500,000; Ending value of $550,000

Year 2: Withdrawal of $100,000; Ending value of $600,000

Year 3: No withdrawal; Ending value of $700,000

Determine the time-weighted rate of return (TWRR) for Michael's portfolio over the three years.