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甜甜圈洞 · 2023年11月11日

请问计算器输入的CF是这样吗~谢谢

  1. CFA I
  2. Portfolio

NO.PZ2017092702000030

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.

The money-weighted rate of return is found by setting the present value (PV) of investments into the fund equal to the PV of the fund’s terminal value. Because most of the investment came during Year 2, the measure will be biased toward the performance of Year 2. Set the PV of investments equal to the PV of the fund’s terminal value: 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}   Solving for r results in r = 8.53%. The time-weighted return of the fund is =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.96

CF0 -10

CF1 1.4-100

CF2 100*0.08+10*0.08

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2 个答案

Kiko_品职助教 · 2024年04月27日

嗨，努力学习的PZer你好：


不好意思同学，这里CF2直接=10*1.14*1.08+100*1.08。不需要加负号，因为第二年把投资的钱都取出来，相当于是收益，所以应该是正号。

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Kiko_品职助教 · 2023年11月13日

嗨，从没放弃的小努力你好：


第一年的收益并没有取出，是假设再投资的，所以直接就是-100

第二年是假设年末把投资的所有钱全部取出来了。

CF0=-10，

CF1=-100，

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

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加油吧，让我们一起遇见更好的自己！

Brayden · 2024年04月25日

为什么按照这样输入进去计算机按IRR compute之后显示的是Error 5？

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