哪个更取决于Investor的投资时期来着？

问题如下：

Consider the investment summarized in the table below:

Year Activity

Start of Year 1 One unit purchased at $90

End of Year 1 $5.00 dividend/unit paid and one additional unit purchased at $135

End of Year 2 $5.00 dividend/unit paid and both units are sold for $130 per unit

If dividends are not reinvested, how does the money-weighted return compare to the time-weighted return?

选项：

A.

Lower

B.

The Same

C.

Higher

解释：

The time-weighted rate of return (TWR) can be calculated using the formula:

TWR = [(1 + HPRYear 1) × (1 + HPRYear 2)]1/2 − 1.

Where: HPRYear 1 = ($135 − $90 + $5)/$90 = 55.56%

HPRYear 2 = ($260 − $270 + $10)/$270 = 0%

Therefore, TWR = [(1 + 0.5556) × (1 + 0%)]1/2 − 1 = 24.72%.

The money-weighted rate of return (MWR) can be calculated using the formula provided in the text.

Using the cash flow (CF) function of a financial calculator:

CF0 = −$90

CF1 = (−$135 + $5)

CF2 = ($260 + $10)

Solving for IRR: MWR or IRR = 15.43%.