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过儿 · 2022年03月29日

这题我用单利算

  1. CFA I
  2. Portfolio

NO.PZ2015121801000039

问题如下：

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information:

The ETF with the highest annualized rate of return is:

选项：

A.

ETF 1.

B.

ETF 2.

C.

ETF 3.

解释：

B is correct.

The annualized rate of return for ETF 2 is 12.05% = (1.0110 52/5 )-1, which is greater than the annualized rate of ETF 1, 11.93% = (1.0461365/146 365/ 146 )-1, and ETF 3, 11.32% = (1.143512/15 )-1. Despite having the lowest value for the periodic rate, ETF 2 has the highest annualized rate of return because of the reinvestment rate assumption and the compounding of the periodic rate.

我用单利算出来ETF3=11.48,ETF2=11.44,ETF1=11.36,这里为什么用复利算？

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1 个答案

Kiko_品职助教 · 2022年03月30日

嗨，努力学习的PZer你好：


一般计算年化收益都是考虑复利的，不能用单利。其实CFA考试中用单利的情况很少，如果有的话特殊记忆一下，大部分情况没有特别说明一般用的都是复利的。

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努力的时光都是限量版，加油！

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