Carry where multiple distributions

Hoping someone can help me with this.

If there was a fund (or some other sort of investment vehicle) that paid an annual dividend as well as a lump sum at the end of the investment's five-year life, what would be the appropriate way to calculate a carry of say 20 percent. Calculating something like NAV is not really appropriate for this.

Consider the following gross dollar amounts available for distribution (Initial Equity): T0: (1,000,000) T1: 100,000 T2: 100,000 T3: 100,000 T4: 100,000 T5: 1,200,000

Thank you!

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