Portfolio Return Calculation

John manages a portfolio that has a beginning value of $1,000,000. During the year, he adds $100,000 and the portfolio ends the year with a value of $1,150,000. To evaluate the portfolio's performance over the year, we need to calculate the return on the portfolio.

To determine the return, we will use the formula that accounts for external cash flows:

Return = (Ending Value - Beginning Value - Contributions) / (Beginning Value + Contributions)

Using this information, what is John’s portfolio return for the year?