掃碼下載APP
及時接收最新考試資訊及
備考信息
學習是一個不斷積累的過程,每天學習一點,每天進步一點!為了幫助大家更高效地備考2021年CFA考試,正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試,夢想成真!
Questions 1:
The time-weighted rate of return:
A 、results in a lower return when compared with the money-weighted rate of return.
B 、is affected by the amount and timing of cash flows to and from a portfolio.
C 、calculates multi-period cash flows mirroring a portfolio’s compound growth rate.
Questions 2:
Given a discount rate of 10%, the net present value (NPV) of the following investment is closest to:
A 、605.
B 、578.
C、 636
C is correct. Time-weighted rate of return reflects the compound rate of growth of one unit of currency invested over a stated measurement period, and it removes the effects of timing and amount of withdrawals and additions to the portfolio.
A is incorrect. Time-weighted rate of return can be the same, higher, or lower than money-weighted rate of return.
B is incorrect because this is in fact the explanation for money-weighted return.
C is correct. The given cash flows are inserted into a financial calculator along with the 10% discount rate: CF0 = –1,500, CF1 = 300, CF2 = 600, CF3 = 1,000, CF4 = 200, CF5 = 500, CF6 = 300, I = 10. Computing NPV the result is 636.32 ~ 636. Alternatively, the net present value of the project is found by discounting each cash flow by the time at which it arises, at the appropriate discount rate, as follows:
B is incorrect; 578 occurs when the cash flows are discounted by one period too many (i.e., Year 0 is discounted as if it were Year 1, Year 1 is discounted as if it were Year 2, etc.): CF1 = –1,500, CF2 = 300, CF3 = 600, CF4 = 1,000, CF5 = 200, CF6 = 500, CF7 = 300, I = 10. Computing NPV the result is 578.
A is incorrect; the mistake is to use the average cash flow across the six years (483.33). Using a financial calculator: PMT = –483.33, N = 6, I/Y = 10, FV = 0. Computing PV (PV = 2,105.03) and subtracting 1,500: 2,105.03 – 1500 = 605.03 ~ 605.
成功=時間+方法,自制力是這個等式的保障。世上無天才,高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績,其成績背后無比寂寞的勤奮。小編相信,每天都在勤奮練習,即使是一點點的進步,大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊,點擊了解>
Copyright © 2000 - m.electedteal.com All Rights Reserved. 北京正保會計科技有限公司 版權所有
京B2-20200959 京ICP備20012371號-7 出版物經營許可證 京公網安備 11010802044457號
套餐D大額券
¥
去使用 主站蜘蛛池模板: 日韩大片在线观看 | 色网网站| 日韩成人毛片在线 | 久久精品国产99国产精品 | 中文字幕av亚洲精品一部二部 | 久久大陆 | 免费日韩一区二区三区 | 精品九九 | av黄色网| 九一在线观看 | 色骚网| 久久一区国产 | 国产精品视频一区二区三区不卡 | 精品久久久久久亚洲综合网 | 91精品久久久久久久久 | 国产区在线看 | 91av视频网 | 成人ssswww在线播放 | 蜜桃视频一区二区 | 成人免费在线观看 | 久久99精品国产一区二区三区 | 五月婷婷网站 | 黄视频欧美 | 中文字幕av日韩 | 亚洲一区二区三区在线电影 | 国产97在线 | 免费 | 国产精品一区二区在线播放 | 欧美三级一区 | 欧美综合久久久 | 密桃av| a v视频在线播放 | 国产精品成人av | 天堂中文资源在线观看 | 国产精品高清在线 | 成人午夜小视频 | 精品成人在线视频 | 欧美一二三四 | 操女人网址 | 免费av在线播放 | 欧美精品福利视频 | 伊人热|