问一道题：NO.PZ2015121801000135 [ CFA I ]

NO.PZ2015121801000135 问题如下 A funreceives investments the beginning of eayeangenerates returnsshown 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 To calculate the money-weighterate of return, tabulate the annureturns aninvestment amounts to termine the cash flows CF0 = –$1,000, CF1 = –$2,850, CF2 = –$40,440, CF3 = +$43,200 Eacash inflow or outflow occurs the enof eayear. Thus, CF0 refers to the cash flow the enof Ye0 or beginning of Ye1, anCF3 refers to the cash flow enof Ye3 or beginning of Ye4. Because cash flows are beingscounteto the present—this, enof Ye0 or beginning of Ye1—the perioof scounting CF0 is zero wherethe perioof scounting for CF3 is 3 years. Results in a value of r = –2.22% Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive money weighte的r求解过程是否就是把cf0+cf1+cf2的pv之和求出来，等于cf3的pv，就可以求解方程了。但这个方程中r有三次方了，可以直接用计算器按出来吗？还是说得解三次方程？

NO.PZ2015121801000135问题如下 A funreceives investments the beginning of eayeangenerates returnsshown 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 To calculate the money-weighterate of return, tabulate the annureturns aninvestment amounts to termine the cash flows CF0 = –$1,000, CF1 = –$2,850, CF2 = –$40,440, CF3 = +$43,200 Eacash inflow or outflow occurs the enof eayear. Thus, CF0 refers to the cash flow the enof Ye0 or beginning of Ye1, anCF3 refers to the cash flow enof Ye3 or beginning of Ye4. Because cash flows are beingscounteto the present—this, enof Ye0 or beginning of Ye1—the perioof scounting CF0 is zero wherethe perioof scounting for CF3 is 3 years. Results in a value of r = –2.22% Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive 这题可不可以换一种思考方式，因为到第三期收益率是最差的，资金也是最多的，MWRR的权重占比是CF和收益率相互考虑，而TWRR只是单一考虑收益率权重，因此第三年是最negative的，这种思考方式可以吗

NO.PZ2015121801000135 问题如下 A funreceives investments the beginning of eayeangenerates returnsshown 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 To calculate the money-weighterate of return, tabulate the annureturns aninvestment amounts to termine the cash flows CF0 = –$1,000, CF1 = –$2,850, CF2 = –$40,440, CF3 = +$43,200 Eacash inflow or outflow occurs the enof eayear. Thus, CF0 refers to the cash flow the enof Ye0 or beginning of Ye1, anCF3 refers to the cash flow enof Ye3 or beginning of Ye4. Because cash flows are beingscounteto the present—this, enof Ye0 or beginning of Ye1—the perioof scounting CF0 is zero wherethe perioof scounting for CF3 is 3 years. Results in a value of r = –2.22% Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive 这道题可以用排除法吧？直接可以选出来了

NO.PZ2015121801000135 问题如下 A funreceives investments the beginning of eayeangenerates returnsshown 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 To calculate the money-weighterate of return, tabulate the annureturns aninvestment amounts to termine the cash flows CF0 = –$1,000, CF1 = –$2,850, CF2 = –$40,440, CF3 = +$43,200 Eacash inflow or outflow occurs the enof eayear. Thus, CF0 refers to the cash flow the enof Ye0 or beginning of Ye1, anCF3 refers to the cash flow enof Ye3 or beginning of Ye4. Because cash flows are beingscounteto the present—this, enof Ye0 or beginning of Ye1—the perioof scounting CF0 is zero wherethe perioof scounting for CF3 is 3 years. Results in a value of r = –2.22% Note thB is incorrebecause the time-weighterate of return (TWR) of the funis the same the geometric mereturn of the funanis thus positive 请问老师记得何老师上课的时候说过TWRR 比MWRR更准确，是因为MWRR会被现金流大的perio多的权重，所以会有偏差被带偏。这个题目亏损的第三年现金流明显比其他的年份都大，因此会被带偏，出现负数的几率会更高，请问是这样的吗

NO.PZ2015121801000135 我自己用IRR算了一遍也是负数，但我第一时间答题是看到几何平均和TWRR，知道他俩是一个东西，所以这两个肯定没法选，所以第一时间选了MWRR，这个答题思路可以吗？