下载APP
首页 > CFA > 试题中心 > 数量方法

CFA考试《定量方法》习题练习:时间加权收益率 贴现率

来源: 正保会计网校 2020-09-08
普通

正保会计网校陪伴你,高效备考,坚持学习。正保会计网校为大家准备了CFA练习题,大家要坚持练习哦!希望对大家有所帮助!

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.

2、Given a discount rate of 10%, the net present value (NPV) of the following 

investment is closest to:

Time               0      1     2      3      4     5     6

Cash flow –1,500 300 600 1,000 200 500 300

A 、605.

B、 578.

C 、636.

查看第1题答案解析
【答案】
C
【解析】

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.

查看第2题答案解析
【答案】
C
【解析】

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。

 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

今日热搜
热点推荐:
CFA考试课程
CFA面授课程

CFA优享/旗舰面授课程

实时互动 备考无忧

大学生专享点击了解

CFA课程试听

扫码关注公众号
正保金融大讲堂

接收更多考试资讯

扫码找组织

有奖原创征稿
取消
复制链接,粘贴给您的好友

复制链接,在微信、QQ等聊天窗口即可将此信息分享给朋友
客服