Purchase price 和 Sale price 哪个是期初价格？

问题如下：

Calculate the total return on a share of equity using the following data:

Purchase price: $50

Sale price: $42

Dividend paid during holding period: $2

选项：

–12.0%

–14.3%

–16.0%

解释：

A is correct.

The formula states R_t = (P_t – P_t–1 + D_t)/P_t. Therefore, total return = (42 – 50 + 2)/50 = –12.0%.

考点：Risk And Return, Market Value and Book Value, Required Return

这道题考点是total return，投资一只股票的总收益包括dividend红利和price change即资本增值，基础班讲义P155页。total return的计算公式=(价格变化+期间获得的红利)/一开始的初始投资。