<p>1、在视频discount2_p里第8分钟的讲解例子中，an investor buys one share of stock for $100. At the end of year one she buys three more shares at 89$ per share.AT the end of year two she sells all four shares for $98 each.The stock paid a dividend of $1.00 per share at the end of year one and year two.What is the investor's money-weighted rate of return?</p><p>解题：第一年的现金流是－100，第二年的现金流是－3×89＋4＝－263，第三年是4×98＋4＝396，用计算器算出来的IRR是7.02</p><p>和视频中的6.35%答案不同。</p><p>2、在视频discount3_p里第8:47分钟，习题5中，consider the following two statements:</p><p>1. the holding period yield is greater than the bank discount yield.</p><p>2. the money market yield is less than the bank discount yield</p><p>答案是B，statement1 may be true and statement2 must be false.</p><p>原因中应该为discount/(face-sicount)&gt;discount /face*360/t吧，好像少加了360/t的年化</p>

<p>关于第2题，因为题目中是否能够拿到最后1年的股利并没有解释清楚，所以是股利的假设影响了计算结果；按照你的计算方法是对的；</p><p></p><p>第3题，是这样的，漏掉了相同的时间360/t,谢谢!</p>

<div>有关Time-weighted rate of return的例题：（见Schweser Study Notes P143-P144)</div><div><br/></div><div>Time-weighted rate of return</div><div><br/></div><div>A share of stock is purchased at t=0 for $100, and at the end of the next year, t=1, another share is purchased for $120. </div><div>At the end of year 2, both shares are sold for $130 each. At the end of both years 1 and 2, the stock paid a $2.00 per share</div><div>dividend. What is the annual time-weighted rate of return for this investment? (This is the same investment as the preceding </div><div>example.)</div><div><br/></div><div>Answer:</div><div><br/></div><div>Step1: Bread the evaluation period into two subperiods based on timing of cash flows.</div><div>       Holding period 1: Beginning value = $100.00</div><div>                         Dividends paid =  $2.00</div><div>                         Ending value =    $102.00</div><div>    </div><div>       Holding period 2: Beginning value = $240.00 (2 shares)</div><div>                         Dividends paid =  $4.00  ($2 per share)</div><div>                         Ending value =    $260.00 (2 shares)</div><div><br/></div><div>我的问题是：在Step 1中，Holding period 2的Beginning value为什么是$240。如何得出这个结果的。我自己是认为：$222。就是把Holding period 1中的所有values加在一起。我不知道怎么得来$240的。同样，在notes后面的练习题目里的第13题也是，我不知道$130是怎么得来的。</div><div><br/></div><div>烦请老师解答。</div><div><br/></div><div>谢谢。</div>

<span class="Apple-style-span" style="font-family: tahoma; ; "><div>有关Time-weighted rate of return的例题：（见Schweser Study Notes P143-P144)</div><div><br/></div><div>Time-weighted rate of return</div><div><br/></div><div>A share of stock is purchased at t=0 for $100, and at the end of the next year, t=1, another share is purchased for $120. </div><div>At the end of year 2, both shares are sold for $130 each. At the end of both years 1 and 2, the stock paid a $2.00 per share</div><div>dividend. What is the annual time-weighted rate of return for this investment? (This is the same investment as the preceding </div><div>example.)</div><div><br/></div><div>Answer:</div><div><br/></div><div>Step1: Bread the evaluation period into two subperiods based on timing of cash flows.</div><div>       Holding period 1: Beginning value = $100.00</div><div>                         Dividends paid =  $2.00</div><div>                         Ending value =    $102.00</div><div>    </div><div>       Holding period 2: Beginning value = $240.00 (2 shares)</div><div>                         Dividends paid =  $4.00  ($2 per share)</div><div>                         Ending value =    $260.00 (2 shares)</div><div><br/></div><div>我的问题是：在Step 1中，Holding period 2的Beginning value为什么是$240。如何得出这个结果的。我自己是认为：$222。就是把Holding period 1中的所有values加在一起。我不知道怎么得来$240的。同样，在notes后面的练习题目里的第13题也是，我不知道$130是怎么得来的。</div><div><br/></div><div>烦请老师解答。</div><div><br/></div><div>谢谢。</div></span>

<p>你看这句“another share is purchased for $120. ”说明这个时候股价是120，所以2个股票就是2×120=240了</p>