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This paper proposes an algebraic solution for the position and velocity of a moving source using the time differences of arrival (TDOAs) and frequency differences of arrival (FDOAs) of a signal received at a number of receivers. The method employs several weighted least-squares minimizations only and does not require initial solution guesses to obtain a location estimate. It does not have the initialization and local convergence problem as in the conventional linear iterative method. The estimated accuracy of the source position and velocity is shown to achieve the Crame´r-Rao lower bound for Gaussian TDOA and FDOA noise at moderate noise level before the thresholding effect occurs. Simulations are included to examine the algorithm's performance and compare it with the Taylor-series iterative method.