120.31咋来的

NO.PZ2015121801000136 问题如下 the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely: A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return. A is correct. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely:

NO.PZ2015121801000136 问题如下 the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely: A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return. A is correct. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% 老师，题中的time-weightereturn怎么算出来的？用什么公式？

NO.PZ2015121801000136问题如下the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely: A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return. A is correct. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% CF1为什么不用加上第一年10mn的投资回报，CF2却加上了往期的投资回报？

NO.PZ2015121801000136 问题如下 the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely: A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return. A is correct. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% rt，如果可以用定性的结论，麻烦详细推演下，谢谢！