开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

摩羯大小姐 · 2021年10月23日

120.31是怎么算出来的

  1. CFA I
  2. Portfolio

NO.PZ2015121801000136

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.

B.

the same as the time-weighted rate of return.

C.

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%

120.31的计算过程是什么呀
添加评论
1 个答案
已采纳答案

Kiko_品职助教 · 2021年10月24日

嗨，从没放弃的小努力你好：


这道题第一期投入了10，第二期投入了100，第三期相当于将账户里所有的钱都提出，而这个时候第一期的10经过两年后已经变成了 10*1.14*1.08，第二期的100一年后变成了100*1.08，两个相加就是+120.31，加油~

----------------------------------------------
努力的时光都是限量版，加油！

  • 1

    回答

  • 0

    关注

  • 394

    浏览
相关问题

NO.PZ2015121801000136 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. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% 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:

2024-05-22 13:49 1 · 回答

NO.PZ2015121801000136 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. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% 老师，题中的time-weightereturn怎么算出来的？用什么公式？

2024-03-07 07:17 1 · 回答

NO.PZ2015121801000136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. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% 。。。。。。。。。。。

2024-02-26 11:24 2 · 回答

NO.PZ2015121801000136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. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% CF1为什么不用加上第一年10mn的投资回报，CF2却加上了往期的投资回报？

2023-08-30 11:26 1 · 回答

NO.PZ2015121801000136 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. Computation of the money-weightereturn, r, requires finng the scount rate thsums the present value of cash flows to zero. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. The cash flows are follows:CF0 = -10CF1 = -100CF2 = +120.31The terminvalue is terminesumming the investment returns for eaperio[(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53% The time-weightereturn of the funis = [(1.14)(1.08)] ^0.5-1= 10.96% rt，如果可以用定性的结论，麻烦详细推演下，谢谢！

2023-01-07 18:33 1 · 回答