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

Jen2023 · 2023年10月30日

这道题与经典题1.4本质上有什么区别？

  1. CFA I
  2. Portfolio

NO.PZ2017092702000028

问题如下：

An investor performs the following transactions on the shares of a firm.

• At t = 0, she purchases a share for $1,000.

• At t = 1, she receives a dividend of $25 and then purchases three additional shares for $1,055 each.

• At t = 2, she receives a total dividend of $100 and then sells the four shares for $1,100 each.

The money-weighted rate of return is closest to:

选项：

A.

4.5%.

B.

6.9%.

C.

7.3%.

解释：

B is correct.

Computation of the money-weighted return, r, requires finding the discount rate that sets the present value (outflows) equal to the present value (inflows).

Solving for r,  1,000+3,1651+r=251+r+4,500(1+r)21,000+\frac{3,165}{1+r}=\frac{25}{1+r}+\frac{4,500}{{(1+r)}^2}   results in a value of r = 6.91%

经典题最后第四年的NPV也求在CF里了，这里应该是360，为什么不用？



添加评论
3 个答案

Kiko_品职助教 · 2023年10月31日

嗨，努力学习的PZer你好：


不客气~加油

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

Kiko_品职助教 · 2023年10月31日

嗨，努力学习的PZer你好：


经典题这道题，是4年期的fund，最后把钱都取出来所以最后CF4=4626没有问题。这道题只有两年啊，哪来的CF3呢，在第二年末就已经把股票都卖掉了，第三年就没有现金流了。没有明白你这个360是怎么得出来的呢。

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

Jen2023 · 2023年10月31日

明白了，谢谢！

Kiko_品职助教 · 2023年10月31日

嗨，爱思考的PZer你好：


本质上是没有区别的。都是每一年发生的现金流折现=NPV。只不过这道题解析用的是另一种方法，cash inflow的PV=cash outflow的PV；

如果这道题按照直接去求IRR的方法比较简便，直接用计算器的IRR进行计算。CF0=-1000；CF1=-1055*3+25=-3140；CF2=1100*4+100；IRR-CPT-=6.91%。

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

Jen2023 · 2023年10月31日

不好意思，还是不懂。经典题里老师在求IRR前说还得按CF=4626, 不懂为什么在这道题里不需要按CF3=360?

  • 3

    回答

  • 0

    关注

  • 264

    浏览
相关问题

NO.PZ2017092702000028 问题如下 investor performs the following transactions on the shares of a firm.• t = 0, she purchases a share for $1,000. • t = 1, she receives a vinof $25 anthen purchases three aitionshares for $1,055 each. • t = 2, she receives a totvinof $100 anthen sells the four shares for $1,100 each. The money-weighterate of return is closest to: A.4.5%. B.6.9%. C.7.3%. B is correct.Computation of the money-weightereturn, r, requires finng the scount rate thsets the present value (outflows) equto the present value (inflows). Solving for r, 1,000+3,1651+r=251+r+4,500(1+r)21,000+\frac{3,165}{1+r}=\frac{25}{1+r}+\frac{4,500}{{(1+r)}^2}1,000+1+r3,165​=1+r25​+(1+r)24,500​ results in a value of r = 6.91% 是输完现金流，按IRR再按CPT就行吗，为什么显示error 5

2023-12-05 19:26 2 · 回答

NO.PZ2017092702000028 问题如下 investor performs the following transactions on the shares of a firm.• t = 0, she purchases a share for $1,000. • t = 1, she receives a vinof $25 anthen purchases three aitionshares for $1,055 each. • t = 2, she receives a totvinof $100 anthen sells the four shares for $1,100 each. The money-weighterate of return is closest to: A.4.5%. B.6.9%. C.7.3%. B is correct.Computation of the money-weightereturn, r, requires finng the scount rate thsets the present value (outflows) equto the present value (inflows). Solving for r, 1,000+3,1651+r=251+r+4,500(1+r)21,000+\frac{3,165}{1+r}=\frac{25}{1+r}+\frac{4,500}{{(1+r)}^2}1,000+1+r3,165​=1+r25​+(1+r)24,500​ results in a value of r = 6.91% 求一个这题的计算器按键步骤

2023-05-03 20:31 1 · 回答

NO.PZ2017092702000028 问题如下 investor performs the following transactions on the shares of a firm.• t = 0, she purchases a share for $1,000. • t = 1, she receives a vinof $25 anthen purchases three aitionshares for $1,055 each. • t = 2, she receives a totvinof $100 anthen sells the four shares for $1,100 each. The money-weighterate of return is closest to: A.4.5%. B.6.9%. C.7.3%. B is correct.Computation of the money-weightereturn, r, requires finng the scount rate thsets the present value (outflows) equto the present value (inflows). Solving for r, 1,000+3,1651+r=251+r+4,500(1+r)21,000+\frac{3,165}{1+r}=\frac{25}{1+r}+\frac{4,500}{{(1+r)}^2}1,000+1+r3,165​=1+r25​+(1+r)24,500​ results in a value of r = 6.91% 3165和4500哪里来的，能一下吗？，我按cf0=-1000，cf1=-1030.cf2=1100错在哪里呢

2022-12-01 19:37 1 · 回答

NO.PZ2017092702000028 问题如下 investor performs the following transactions on the shares of a firm.• t = 0, she purchases a share for $1,000. • t = 1, she receives a vinof $25 anthen purchases three aitionshares for $1,055 each. • t = 2, she receives a totvinof $100 anthen sells the four shares for $1,100 each. The money-weighterate of return is closest to: A.4.5%. B.6.9%. C.7.3%. B is correct.Computation of the money-weightereturn, r, requires finng the scount rate thsets the present value (outflows) equto the present value (inflows). Solving for r, 1,000+3,1651+r=251+r+4,500(1+r)21,000+\frac{3,165}{1+r}=\frac{25}{1+r}+\frac{4,500}{{(1+r)}^2}1,000+1+r3,165​=1+r25​+(1+r)24,500​ results in a value of r = 6.91% 请问第一年25块钱收益没有取出来，为什么也要加在现金流里，为什么CF1不是直接用-1055*3？

2022-11-30 00:02 1 · 回答