问题如下图：想问下，题目中15%、14%和-4%的收益率是以什么作为本金？知识点里哪有专门讲这个各个期收益率的计算，感觉题库里让自己算各期hpr的题目不多，这个不怎么会考是不？
选项：
A. 
B. 
C. 
解释：
污叫兽 · 2019年07月14日
同学你好~简单探讨下我的理解~表中的收益率为年化利率，本金与是什么yield关联不大，只要是期间持有的都可以按照年化利率来计算收益，主要看问题问什么，问什么收益率求什么收益率。
个人感觉各期收益率之所以题目考察不多，是因为计算比较简单，当然理解了含义公式也并不难记忆。但与计算想比更重要的，个人认为是要掌握不同利率的性质与经济含义。例如此题，其实考察就是MWRR的性质，因为MWRR的计算主要是找到各期的CF，那么现金流必定对其产生影响，具体计算在答案中有所展示~
欢迎探讨~
简ying · 2019年07月15日
谢谢，我又回讲义翻了下那个有股票分红的例子，好像也看懂了，这个题目开始的时候我很想找出各期的资金流入流出，有点错乱了。
污叫兽 · 2019年07月15日
一起加油！！
NO.PZ2017092702000029问题如下A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative?A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of returnC is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97%跟答案完全不一样？可以告知我这算的是啥吗。。。蒙的
NO.PZ2017092702000029 问题如下 A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative? A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of return C is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97% 计算器一直报error 5
NO.PZ2017092702000029 问题如下 A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative? A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of return C is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97% 为什么最后的CF3不是45000*-4%。最后的CF3不知道原因，没有看懂是怎么求出来的
NO.PZ2017092702000029 问题如下 A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative? A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of return C is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97% 为什么客户的收益是在最后一年的cashflow里，而不是在对应的cf1、cf2、cf3？
NO.PZ2017092702000029 问题如下 A funreceives investments the beginning of eayeangenerates returns shown in the table. Whireturn measure over the three-yeperiois negative? A.Geometric mereturn B.Time-weighterate of return C.Money-weighterate of return C is correct. The money-weighterate of return consirs both the timing anamounts of investments into the fun The investment the beginning of Ye1 will worth $1,000(1.15)(1.14)(0.96) = $1,258.56 the enof Ye3. The investment ma the beginning of Ye2 will worth $4,377.60 = $4,000(1.14)(0.96) the enof Ye3. The investment of $45,000 the beginning of Ye3 creases to a value of $45,000 (0.96) = $43,200 the enof Ye3. Solving for r,1,000+4,0001+r+45,000(1+r)2=1,258+4,337.60+43,200(1+r)31,000+\frac{4,000}{1+r}+\frac{45,000}{{(1+r)}^2}=\frac{1,258+4,337.60+43,200}{{(1+r)}^3}1,000+1+r4,000+(1+r)245,000=(1+r)31,258+4,337.60+43,200results in r = –2.08%Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive: TWR = √ 3 (1.15) (1.14) (0.96) - 1 = 7.97% 第一种CF0=-1000, CF1=-2850, CF2=-40440, CF3=43200 IRR=-2.22第二种CF0=1000, CF1=4000, CF2=45000, CF3=-48836.16 IRR=-2.08哪一种方法是正确的？第二种方法理解不了，而且48836.16是怎么来的？