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wjzhyt · 2018年01月21日

问一道题:NO.PZ2017092702000030 [ CFA I ]

问题如下图:

    

选项:

A.

B.

C.

解释:



我算的是
CF0=-10

CF1=-100+0.14*10=-98.6

CF2=(10*1.14*1.08+100*1.08)=120.31

想知道为什么CF1=100 不用算上14%的收益吗

2 个答案

源_品职助教 · 2018年12月08日

因为题目假要计算截止第二期的收益率。所以就假设在第二期期末投资结束,所有的本金和利息都返还给投资者了。

源_品职助教 · 2018年01月21日

因为这14%的盈利在第一期并没有取出来,没有取出来就不计入现金流。

梦梦0708 · 2018年12月08日

那第二期也没有取出来 为什么要考虑呢

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NO.PZ2017092702000030问题如下the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely:A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return.A is correct. The money-weighterate of return is founsetting the present value (PV) of investments into the funequto the PV of the funs terminvalue. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. Set the PV of investments equto the PV of the funs terminvalue: 10+1001+r=10×1.14×1.08+100×1.08(1+r)210+\frac{100}{1+r}=\frac{10\times1.14\times1.08+100\times1.08}{{(1+r)}^2}10+1+r100​=(1+r)210×1.14×1.08+100×1.08​ Solving for r results in r = 8.53%. The time-weightereturn of the funis =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.962(1.14)(1.08)​−1=10.96CF0 -10CF1 1.4-100CF2 100*0.08+10*0.08

2023-11-11 19:27 2 · 回答

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2023-09-06 00:23 1 · 回答

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2022-11-20 20:37 1 · 回答

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