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沐沐的方盒 · 2022年11月30日

有疑问

NO.PZ2017092702000028

问题如下:

An investor performs the following transactions on the shares of a firm.

At t = 0, she purchases a share for $1,000.

At t = 1, she receives a dividend of $25 and then purchases three additional shares for $1,055 each.

At t = 2, she receives a total dividend of $100 and then sells the four shares for $1,100 each.

The money-weighted rate of return is closest to:

选项:

A.

4.5%.

B.

6.9%.

C.

7.3%.

解释:

B is correct.

Computation of the money-weighted return, r, requires finding the discount rate that sets the present value (outflows) equal to the present value (inflows).

Solving for r,  1,000+3,1651+r=251+r+4,500(1+r)21,000+\frac{3,165}{1+r}=\frac{25}{1+r}+\frac{4,500}{{(1+r)}^2}   results in a value of r = 6.91%

请问第一年25块钱收益没有取出来,为什么也要加在现金流里,为什么CF1不是直接用-1055*3?

1 个答案

pzqa27 · 2022年11月30日

嗨,从没放弃的小努力你好:


请问第一年25块钱收益没有取出来,为什么也要加在现金流里为什么CF1不是直接用-1055*3?

IRR的计算原理是让NPV=0,然后倒解利率,25是股息,直接给到了这个投资者,因此当然算是一笔现金流,或者您可以这么想,这人第一年投资了1055*3,然后收到了25,相当于花了1030+2*1055,您用这个算也行


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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