GIPS的收益率计算是都不需要年化吗

NO.PZ2022010601000003 问题如下 Use the information in the table below to answer this question (amounts are in Euros):Use revaluing for large cash flows methology (assuming “large” is finegreater th5%) to calculate the return on the portfolio in April, May, June, anthe seconquarter of 2021. April: RApr= (105,000 − 100,000)/100,000 = 5.00%May: RMay1- 17 = (112,000 − 105,000)/105,000 = 6.66% RMay18- 31= (142,000 − 132,000)/132,000 = 7.58% RMay1-31 = [(1 + 0.0666) × (1 + 0.0758)] − 1 = 14.74%June: RJune1- 20 == (150,000 − 142,000)/142,000 = 5.63% RJune21- 30= (140,000 − 135,000)/135,000 = 3.7% RJune1- 30= [(1 + 0.0563) × (1 + 0.0370)] − 1 = 9.54%Quarter 2: RQT2 = [(1 + 0.0500) × (1 + 0.1474) × (1 + 0.0954)] − 1 = 31.97% RJune1- 20 == (150,000 − 142,000)/142,000 = 5.63%RJune21- 30= (140,000 − 135,000)/135,000 = 3.7%这里的思路是不是TWR？要不要考虑每一期现金流发生的时间占比？

NO.PZ2022010601000003 问题如下 Use the information in the table below to answer this question (amounts are in Euros):Use revaluing for large cash flows methology (assuming “large” is finegreater th5%) to calculate the return on the portfolio in April, May, June, anthe seconquarter of 2021. April: RApr= (105,000 − 100,000)/100,000 = 5.00%May: RMay1- 17 = (112,000 − 105,000)/105,000 = 6.66% RMay18- 31= (142,000 − 132,000)/132,000 = 7.58% RMay1-31 = [(1 + 0.0666) × (1 + 0.0758)] − 1 = 14.74%June: RJune1- 20 == (150,000 − 142,000)/142,000 = 5.63% RJune21- 30= (140,000 − 135,000)/135,000 = 3.7% RJune1- 30= [(1 + 0.0563) × (1 + 0.0370)] − 1 = 9.54%Quarter 2: RQT2 = [(1 + 0.0500) × (1 + 0.1474) × (1 + 0.0954)] − 1 = 31.97% 老师，请问这里说的large finition 5%是针对beginning的100，000计算吗？

答案判断及提示不正确 每月业绩没有考虑现金流

NO.PZ2022010601000003 问题如下 Use the information in the table below to answer this question (amounts are in Euros):Use revaluing for large cash flows methology (assuming “large” is finegreater th5%) to calculate the return on the portfolio in April, May, June, anthe seconquarter of 2021. April: RApr= (105,000 − 100,000)/100,000 = 5.00%May: RMay1- 17 = (112,000 − 105,000)/105,000 = 6.66% RMay18- 31= (142,000 − 132,000)/132,000 = 7.58% RMay1-31 = [(1 + 0.0666) × (1 + 0.0758)] − 1 = 14.74%June: RJune1- 20 == (150,000 − 142,000)/142,000 = 5.63% RJune21- 30= (140,000 − 135,000)/135,000 = 3.7% RJune1- 30= [(1 + 0.0563) × (1 + 0.0370)] − 1 = 9.54%Quarter 2: RQT2 = [(1 + 0.0500) × (1 + 0.1474) × (1 + 0.0954)] − 1 = 31.97% The return of April: (105000-100000)/100000=5%The return of May: (112000/105000)*(142000/132000)-1=14.75%The return of June: (150000/142000)*(140000/135000)-1=9.55%The return of seconquarter of 2021: (1+5%)(1+14.75%)(1+9.55%)-1=31.99%5月、6月用上述公式计算出来与答案有尾差，导致最终答案略大，请问主观题时是否还是按答案的步骤计算？