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下钱的雨 · 2019年06月07日

问一道题:NO.PZ2017092702000030 [ CFA I ]

这道题irr的计算没明白

麻烦列出每一期现金流,并解释。

另外计算器中问一下CF0和CF1有什么区别?

问题如下图:

选项:

A.

B.

C.

解释:

3 个答案
已采纳答案

源_品职助教 · 2019年06月07日

CF0=-10,

CF1=-100,

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

负号代表现金流流出,正号代表现金流流入。依次录入这些数据,之后点击CPT IRR即可。

 

CF0代表当前时刻的现金流

CF1代表第一期期末发生的现金流

下钱的雨 · 2019年06月07日

year1初期有10万本金,收益14%,那么利息为啥不体现在year2,也就是year2年末进了100万的同一年?

源_品职助教 · 2019年06月08日

你的理解是对的。最后一期返还本息

源_品职助教 · 2019年06月07日

因为求IRR,用的是实际现金流

虽然取得了14%的收益,但是这个收益没有返还给投资者(收益直接进入下一期本金),消费者没有获得实际现金流,所以不考虑。

下钱的雨 · 2019年06月07日

老师 咱们做这种题的时候是默认收益在最后一期才以实际现金流的方式返还吗

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NO.PZ2017092702000030问题如下the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely:A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return.A is correct. The money-weighterate of return is founsetting the present value (PV) of investments into the funequto the PV of the funs terminvalue. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. Set the PV of investments equto the PV of the funs terminvalue: 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}10+1+r100​=(1+r)210×1.14×1.08+100×1.08​ Solving for r results in r = 8.53%. The time-weightereturn of the funis =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.962(1.14)(1.08)​−1=10.96CF0 -10CF1 1.4-100CF2 100*0.08+10*0.08

2023-11-11 19:27 2 · 回答

NO.PZ2017092702000030 问题如下 the beginning of Ye1, a funh$10 million unr management; it earns a return of 14% for the year. The funattracts another $100 million the start of Ye2 anearns a return of 8% for thyear. The money-weighterate of return is most likely: A.less ththe time-weighterate of return. B.the same the time-weighterate of return. C.greater ththe time-weighterate of return. A is correct. The money-weighterate of return is founsetting the present value (PV) of investments into the funequto the PV of the funs terminvalue. Because most of the investment came ring Ye2, the measure will biasetowarthe performanof Ye2. Set the PV of investments equto the PV of the funs terminvalue: 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}10+1+r100​=(1+r)210×1.14×1.08+100×1.08​ Solving for r results in r = 8.53%. The time-weightereturn of the funis =(1.14)(1.08)2−1=10.96\sqrt[2]{{(1.14)}{(1.08)}}-1=10.962(1.14)(1.08)​−1=10.96

2023-09-06 00:23 1 · 回答

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2023-02-27 15:49 3 · 回答

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2022-11-20 20:37 1 · 回答

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