问题如下：
At the beginning of Year 1, a fund has $10 million under management; it earns a return of 14% for the year. The fund attracts another $100 million at the start of Year 2 and earns a return of 8% for that year. The money-weighted rate of return is most likely:
选项：
A. less than the time-weighted rate of return.
B. the same as the time-weighted rate of return.
C. greater than the time-weighted rate of return.
解释：
A is correct. Computation of the money-weighted return, r, requires finding the discount rate that sums the present value of cash flows to zero. Because most of the investment came during Year 2, the measure will be biased toward the performance of Year 2. The cash flows are as follows:
CF0 = -10
CF1 = -100
CF2 = +120.31
The terminal value is determined by summing the investment returns for each period [(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53%
The time-weighted return of the fund is = [(1.14)(1.08)] ^2-1= 10.96%
何老师总结，有资金进，mwrr>twrr，这个结论不对吗？
