问题如下:
At the beginning of Year 1, a fund has $10 million under management; it earns a return of 14% for the year. The fund attracts another $100 million at the start of Year 2 and earns a return of 8% for that year. The money-weighted rate of return is most likely:
选项:
A.less than the time-weighted rate of return.
the same as the time-weighted rate of return.
greater than the time-weighted rate of return.
解释:
A is correct. Computation of the money-weighted return, r, requires finding the discount rate that sums the present value of cash flows to zero. Because most of the investment came during Year 2, the measure will be biased toward the performance of Year 2. The cash flows are as follows:
CF0 = -10
CF1 = -100
CF2 = +120.31
The terminal value is determined by summing the investment returns for each period [(10 × 1.14 × 1.08) + (100 × 1.08)] , results in a value of r = 8.53%
The time-weighted return of the fund is = [(1.14)(1.08)] ^2-1= 10.96%
想请问下,用CF键把几个现金流用计算器输入后,计算器里面显示的I应该输入哪个数值啊?