算annualized rate of return时计算器怎么按

问题如下：

An investor is evaluating the returns of three recently formed ETFs. Selected return information on the ETFs is presented in Exhibit 20:

Which ETF has the highest annualized rate of return?

选项：

A.

ETF 1

B.

ETF 2

C.

ETF 3

解释：

B is correct. The annualized rate of return for

ETF 1 annualized return = (1.0425^365/125) – 1 = 12.92%

ETF 2 annualized return = (1.0195^52/8 52/8) − 1 = 13.37%

ETF 3 annualized return = (1.1718^12/16 ) – 1 = 12.63%

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.