问一道题：NO.PZ2016031101000006 [ CFA III ]

问题如下：

Use the information in the following table to answer this question (amounts in €):

Calculate the rate of return for this portfolio for January, February, March, and the first quarter of 1998 using revaluing for large cash flows methodology (assume "large" is defined as greater than 5%).

解释：

January:

$R_{Jan}=(208,000-200,000)/200,000=4.00\%$

February:

${l}R_{Feb1-15}=(217,000-208,000)/208,000=4.33\%\\R_{Feb16-28}=(263,000-257,000)/257,000=2.33\%\\R_{Feb1-28}=\lbrack{(1+0.0433)}\times{(1+0.0233)}\rbrack-1=6.76\%\\\;$

March:

${l}R_{Mar1-21}=(270,000-263,000)/263,000=2.66\%\\R_{Mar22-31}=(245,000-240,000)/240,000=2.08\%\\R_{Mar1-31}=\lbrack{(1+0.0266)}\times{(1+0.0208)}\rbrack-1=4.80\%$

Quarter 1:

                             $R_{QT1}=\lbrack{(1+0.0400)}\times{(1+0.0676)}\times{(1+0.0480)}\rbrack-1=16.36\%$

 (See Section 3.3 of the reading.)