问一道题：NO.PZ2018062002000021 [ CFA I ]

NO.PZ2018062002000021问题如下When the stopriof PZ company w$30, Tim purchase300 shares. He bought the stocks on 50 percent margin. One month later, Tim receivea vinof $1 per share anhto pinterest on the amount borrowea rate of 4% per month. After receivevin, Tim solthe shares $25 per share immeately. The commissions for both the purchase anthe sale of the stocks are $5. Whiof the following statements is correct?A.The rate of return on this investment for the one-month periois -30.71%.B.The rate of return on this investment for the one-month periois –30.85%.C.The rate of return on this investment for the one-month periois –30.60%. B is correct.The totcosts for the purchase is 300 × $30=$9000Equity investeTim equals 0.5 × $9000=$4500Tim borroweamount is $9000-$4500=$4500Interests are neeto paiTim month enis $4500×0.04=$180vin are receivemonth enis $1×300=$300Procee on stosale=$25×300=$7500Totcommissions paiTim is $5+$5=$10Net gain/loss=-$9000-$180+$300+$7500-$10=$-1390The initiinvestment of Tim is $4505The rate of return on this investment for the one-month periois −$1390/$4505=-30.85%考点杠杆投资T同学借钱买股票，其中50%是自有资金（bought on 50 percent margin你就把它想象成首付比例50%），而剩余的50%是从broker那里借来的，借来的资金就会产生利息费用。整个投资期是一个月，相当于投资者将在一个月后把股票卖出，一卖一买还需要支付手续费。此外，投资者在持有股票的期间还将获得红利收益，让我们计算一下这一个月投资者通过举杠杆来投资所能获得的收益率。收益率等于profit(净收益资本利得扣减各项成本后的收益)除以初始总的投资资金。那我们就分子分母分别来计算一下。因为股票在一个月后是下跌了，所以这道题最后算得分子净收益为负相当于是净亏损。先计算分子净收益=资本利得（股价从30跌倒25，再乘股票数量300）-买卖股票的手续费-一个月借款的利息费用+股息=−1,390其中自有资金出资=0.50*(300*30)=4500，借款额=0.50*（300*30）=4500一个月的借款利息=0.04*4500=180一个月的红利所得=300*1=300初始投资=自有资金出资的部分+买股票的手续费=4505因此投资收益计算可得−$1390/$4505=-30.85%这道题的问题主要集中在分母为什么要加上commission5？需要特别明确一下我们现在算的是投资收益率，收益率等于的是投资总的收益除以一开始的初始投入资金，我们初始投入的钱除了4500的自有资金以外，还支付了5的手续费，不交手续费就买不到股票。所以总的初始投入就要加上这5元。 为什么最终不是-1385/4505. 初始增加5，末尾为什么是减少10不是减少5呢

NO.PZ2018062002000021问题如下When the stopriof PZ company w$30, Tim purchase300 shares. He bought the stocks on 50 percent margin. One month later, Tim receivea vinof $1 per share anhto pinterest on the amount borrowea rate of 4% per month. After receivevin, Tim solthe shares $25 per share immeately. The commissions for both the purchase anthe sale of the stocks are $5. Whiof the following statements is correct?A.The rate of return on this investment for the one-month periois -30.71%.B.The rate of return on this investment for the one-month periois –30.85%.C.The rate of return on this investment for the one-month periois –30.60%. B is correct.The totcosts for the purchase is 300 × $30=$9000Equity investeTim equals 0.5 × $9000=$4500Tim borroweamount is $9000-$4500=$4500Interests are neeto paiTim month enis $4500×0.04=$180vin are receivemonth enis $1×300=$300Procee on stosale=$25×300=$7500Totcommissions paiTim is $5+$5=$10Net gain/loss=-$9000-$180+$300+$7500-$10=$-1390The initiinvestment of Tim is $4505The rate of return on this investment for the one-month periois −$1390/$4505=-30.85%考点杠杆投资T同学借钱买股票，其中50%是自有资金（bought on 50 percent margin你就把它想象成首付比例50%），而剩余的50%是从broker那里借来的，借来的资金就会产生利息费用。整个投资期是一个月，相当于投资者将在一个月后把股票卖出，一卖一买还需要支付手续费。此外，投资者在持有股票的期间还将获得红利收益，让我们计算一下这一个月投资者通过举杠杆来投资所能获得的收益率。收益率等于profit(净收益资本利得扣减各项成本后的收益)除以初始总的投资资金。那我们就分子分母分别来计算一下。因为股票在一个月后是下跌了，所以这道题最后算得分子净收益为负相当于是净亏损。先计算分子净收益=资本利得（股价从30跌倒25，再乘股票数量300）-买卖股票的手续费-一个月借款的利息费用+股息=−1,390其中自有资金出资=0.50*(300*30)=4500，借款额=0.50*（300*30）=4500一个月的借款利息=0.04*4500=180一个月的红利所得=300*1=300初始投资=自有资金出资的部分+买股票的手续费=4505因此投资收益计算可得−$1390/$4505=-30.85%这道题的问题主要集中在分母为什么要加上commission5？需要特别明确一下我们现在算的是投资收益率，收益率等于的是投资总的收益除以一开始的初始投入资金，我们初始投入的钱除了4500的自有资金以外，还支付了5的手续费，不交手续费就买不到股票。所以总的初始投入就要加上这5元。 我记得老师上课的时候讲vi和interest都是要给lenr的呀，并不是自己拿走了，质押的本金在投资收入才是给自己的呀。因此300 的分红也因该是减去呀。

NO.PZ2018062002000021 问题如下 When the stopriof PZ company w$30, Tim purchase300 shares. He bought the stocks on 50 percent margin. One month later, Tim receivea vinof $1 per share anhto pinterest on the amount borrowea rate of 4% per month. After receivevin, Tim solthe shares $25 per share immeately. The commissions for both the purchase anthe sale of the stocks are $5. Whiof the following statements is correct? A.The rate of return on this investment for the one-month periois -30.71%. B.The rate of return on this investment for the one-month periois –30.85%. C.The rate of return on this investment for the one-month periois –30.60%. B is correct.The totcosts for the purchase is 300 × $30=$9000Equity investeTim equals 0.5 × $9000=$4500Tim borroweamount is $9000-$4500=$4500Interests are neeto paiTim month enis $4500×0.04=$180vin are receivemonth enis $1×300=$300Procee on stosale=$25×300=$7500Totcommissions paiTim is $5+$5=$10Net gain/loss=-$9000-$180+$300+$7500-$10=$-1390The initiinvestment of Tim is $4505The rate of return on this investment for the one-month periois −$1390/$4505=-30.85%考点杠杆投资T同学借钱买股票，其中50%是自有资金（bought on 50 percent margin你就把它想象成首付比例50%），而剩余的50%是从broker那里借来的，借来的资金就会产生利息费用。整个投资期是一个月，相当于投资者将在一个月后把股票卖出，一卖一买还需要支付手续费。此外，投资者在持有股票的期间还将获得红利收益，让我们计算一下这一个月投资者通过举杠杆来投资所能获得的收益率。收益率等于profit(净收益资本利得扣减各项成本后的收益)除以初始总的投资资金。那我们就分子分母分别来计算一下。因为股票在一个月后是下跌了，所以这道题最后算得分子净收益为负相当于是净亏损。先计算分子净收益=资本利得（股价从30跌倒25，再乘股票数量300）-买卖股票的手续费-一个月借款的利息费用+股息=−1,390其中自有资金出资=0.50*(300*30)=4500，借款额=0.50*（300*30）=4500一个月的借款利息=0.04*4500=180一个月的红利所得=300*1=300初始投资=自有资金出资的部分+买股票的手续费=4505因此投资收益计算可得−$1390/$4505=-30.85%这道题的问题主要集中在分母为什么要加上commission5？需要特别明确一下我们现在算的是投资收益率，收益率等于的是投资总的收益除以一开始的初始投入资金，我们初始投入的钱除了4500的自有资金以外，还支付了5的手续费，不交手续费就买不到股票。所以总的初始投入就要加上这5元。 这个题目不严谨吧，for both the purchase anthe sale of the stocks are $5，就是总共是$5, 按照题目的解析，应改是respectively ,各自是$5.

NO.PZ2018062002000021 问题如下 When the stopriof PZ company w$30, Tim purchase300 shares. He bought the stocks on 50 percent margin. One month later, Tim receivea vinof $1 per share anhto pinterest on the amount borrowea rate of 4% per month. After receivevin, Tim solthe shares $25 per share immeately. The commissions for both the purchase anthe sale of the stocks are $5. Whiof the following statements is correct? A.The rate of return on this investment for the one-month periois -30.71%. B.The rate of return on this investment for the one-month periois –30.85%. C.The rate of return on this investment for the one-month periois –30.60%. B is correct.The totcosts for the purchase is 300 × $30=$9000Equity investeTim equals 0.5 × $9000=$4500Tim borroweamount is $9000-$4500=$4500Interests are neeto paiTim month enis $4500×0.04=$180vin are receivemonth enis $1×300=$300Procee on stosale=$25×300=$7500Totcommissions paiTim is $5+$5=$10Net gain/loss=-$9000-$180+$300+$7500-$10=$-1390The initiinvestment of Tim is $4505The rate of return on this investment for the one-month periois −$1390/$4505=-30.85%考点杠杆投资T同学借钱买股票，其中50%是自有资金（bought on 50 percent margin你就把它想象成首付比例50%），而剩余的50%是从broker那里借来的，借来的资金就会产生利息费用。整个投资期是一个月，相当于投资者将在一个月后把股票卖出，一卖一买还需要支付手续费。此外，投资者在持有股票的期间还将获得红利收益，让我们计算一下这一个月投资者通过举杠杆来投资所能获得的收益率。收益率等于profit(净收益资本利得扣减各项成本后的收益)除以初始总的投资资金。那我们就分子分母分别来计算一下。因为股票在一个月后是下跌了，所以这道题最后算得分子净收益为负相当于是净亏损。先计算分子净收益=资本利得（股价从30跌倒25，再乘股票数量300）-买卖股票的手续费-一个月借款的利息费用+股息=−1,390其中自有资金出资=0.50*(300*30)=4500，借款额=0.50*（300*30）=4500一个月的借款利息=0.04*4500=180一个月的红利所得=300*1=300初始投资=自有资金出资的部分+买股票的手续费=4505因此投资收益计算可得−$1390/$4505=-30.85%这道题的问题主要集中在分母为什么要加上commission5？需要特别明确一下我们现在算的是投资收益率，收益率等于的是投资总的收益除以一开始的初始投入资金，我们初始投入的钱除了4500的自有资金以外，还支付了5的手续费，不交手续费就买不到股票。所以总的初始投入就要加上这5元。 买过股票就知道，那5元不是要你一开始交，是你最后卖出时结算的，所以根本就不是本金，简直画蛇添足

NO.PZ2018062002000021 初始投资Tim确实花了9000呀？这个地方没太搞懂，希望老师解答一下