问题如下图：
老师 MWRR是求IRR，不是应该列出现金流式子之后等于0吗 为什么答案倒数第五行的式子事等于右边那个式子，有点没懂
选项：
A. 
B. 
C. 
解释：
Olive_品职助教 · 2019年08月21日
同学你好，这是计算IRR的公式，IRR是使NPV等于0的报酬率，也就是使初始投资额等于后续现金净流入的现值。等式左边其实可以理解为初始投资额，因为是分期投入的，所以都得折现到0时刻才能算是初始投资。等号右边相当于是未来现金流的流入，也就是投资的结果，分子的三个数字是用本金乘以收益率算出来的到第三年年末的本利和，因为要算的是未来现金流流入的现值，所以得再折现到0时刻，就要除以一个（1+r）^3。如果你想看的是一边等于0的公式，那么把等号左边都挪到等号右边就行了。加油！
cheeric · 2019年08月21日
谢谢老师 回答的非常详细清楚
NO.PZ2017092702000029问题如下A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative?A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of returnC is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97%跟答案完全不一样？可以告知我这算的是啥吗。。。蒙的
NO.PZ2017092702000029 问题如下 A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative? A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of return C is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97% 计算器一直报error 5
NO.PZ2017092702000029 问题如下 A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative? A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of return C is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97% 为什么最后的CF3不是45000*-4%。最后的CF3不知道原因，没有看懂是怎么求出来的
NO.PZ2017092702000029 问题如下 A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative? A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of return C is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97% 为什么客户的收益是在最后一年的cashflow里，而不是在对应的cf1、cf2、cf3？
NO.PZ2017092702000029 问题如下 A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative? A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of return C is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97% 第一种CF0=-1000, CF1=-2850, CF2=-40440, CF3=43200 IRR=-2.22第二种CF0=1000, CF1=4000, CF2=45000, CF3=-48836.16 IRR=-2.08哪一种方法是正确的？第二种方法理解不了，而且48836.16是怎么来的？