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

Maggie · 2025年02月09日

如题

  1. CFA I
  2. Quantitative

NO.PZ2023080903000026

问题如下：

Consider the investment summarized in the table below:

Year Activity

Start of Year 1 One unit purchased at $90

End of Year 1 $5.00 dividend/unit paid and one additional unit purchased at $135

End of Year 2 $5.00 dividend/unit paid and both units are sold for $130 per unit

If dividends are not reinvested, how does the money-weighted return compare to the time-weighted return?

选项：

A.

Lower

B.

The Same

C.

Higher

解释：

The time-weighted rate of return (TWR) can be calculated using the formula:

TWR = [(1 + HPRYear 1) × (1 + HPRYear 2)]1/2 − 1.

Where: HPRYear 1 = ($135 − $90 + $5)/$90 = 55.56%

HPRYear 2 = ($260 − $270 + $10)/$270 = 0%

Therefore, TWR = [(1 + 0.5556) × (1 + 0%)]1/2 − 1 = 24.72%.

The money-weighted rate of return (MWR) can be calculated using the formula provided in the text.

Using the cash flow (CF) function of a financial calculator:

CF0 = −$90

CF1 = (−$135 + $5)

CF2 = ($260 + $10)

Solving for IRR: MWR or IRR = 15.43%.

老师，这道题有简单的判断方法吗？不用计算的

添加评论
0 个答案

  • 0

    回答

  • 0

    关注

  • 1

    浏览
相关问题

NO.PZ2023080903000026问题如下 Consir the investment summarizein the table below:Year ActivityStart of Ye1 One unit purchase$90Enof Ye1 $5.00 vinunit paianone aitionunit purchase$135Enof Ye2 $5.00 vinunit paianboth units are solfor $130 per unitIf vin are not reinveste how es the money-weightereturn compare to the time-weightereturn? A.LowerB.The SameC.Higher The time-weighterate of return (TWR) ccalculateusing the formulTWR = [(1 + HPRYe1) × (1 + HPRYe2)]1/2 − 1.Where:HPRYe1 = ($135 − $90 + $5)/$90 = 55.56% HPRYe2 = ($260 − $270 + $10)/$270 = 0% Therefore, TWR = [(1 + 0.5556) × (1 + 0%)]1/2 − 1 = 24.72%.The money-weighterate of return (MWR) ccalculateusing the formula proviin the text. Using the cash flow (CF) function of a financicalculator: CF0 = −$90 CF1 = (−$135 + $5) CF2 = ($260 + $10) Solving for IRR: MWR or IRR = 15.43%. 请问第一年年末价值为何是135？第二年初始价值为何是135*2？第一年90元的具体收益怎么计算？谢谢。

2024-09-22 07:49 1 · 回答

NO.PZ2023080903000026 问题如下 Consir the investment summarizein the table below:Year ActivityStart of Ye1 One unit purchase$90Enof Ye1 $5.00 vinunit paianone aitionunit purchase$135Enof Ye2 $5.00 vinunit paianboth units are solfor $130 per unitIf vin are not reinveste how es the money-weightereturn compare to the time-weightereturn? A.Lower B.The Same C.Higher The time-weighterate of return (TWR) ccalculateusing the formulTWR = [(1 + HPRYe1) × (1 + HPRYe2)]1/2 − 1.Where:HPRYe1 = ($135 − $90 + $5)/$90 = 55.56% HPRYe2 = ($260 − $270 + $10)/$270 = 0% Therefore, TWR = [(1 + 0.5556) × (1 + 0%)]1/2 − 1 = 24.72%.The money-weighterate of return (MWR) ccalculateusing the formula proviin the text. Using the cash flow (CF) function of a financicalculator: CF0 = −$90 CF1 = (−$135 + $5) CF2 = ($260 + $10) Solving for IRR: MWR or IRR = 15.43%. MWR更取决于投资者投资的时期？比如刚投就降价了，是MWR还是TWR来着？

2024-06-12 12:53 1 · 回答