收益率 Yield Rate 大学教学课件.pptVIP

* Solution: P = 1000(1.095)(1.095) (1.096) =1314.13 Q =1000 (1.0835) (1.086 ) (1.0885) = 1280.82 R = 1000 (1.095)(1.10) (1.10 ) =1324.95 Thus, R P Q * Exercise: You are given the following information about the activity in two different investment accounts: * Account L Date Fund value before activity Activity Deposit Withdrawal January 1, 1999 100.0 July 1, 1999 125.0 x December 31, 1999 105.8 During 1999, the dollar-weighted return for investment account K equals the time-weighted return for investment account L, which equals i. Calculate i. Account K Date Fund value before activity Activity Deposit Withdrawal January 1, 1999 100.0 July 1, 1999 125.0 x October 1, 1999 110.0 2x December 31, 1999 125.0 * Amount of interest I = 125 – 100 – 2x + x = 25 – x For account L: So x = 10 i = 15% For account K: * Exercise： An association had a fund balance of 75 on January 1 and 60 on December 31. At the end of every month during the year, the association deposited 10 from membership fees. There were withdrawals of 5 on February 28, 25 on June 30, 80 on October 15, and 35 on October 31. Calculate the dollar-weighted (money-weighted) rate of return for the year. * total deposits =120 total withdrawals = 145 Investment income = 60 －(75+120－145 ) =10 Rate of return = = 10/90.833 = 11% Solution: * Exercise: Susan invests Z at the end of each year for seven years at an annual effective interest rate of 5%. The interest credited at the end of each year is reinvested at an annual effective rate of 6%. The accumulated value at the end of seven years is X . Lori invests Z at the end of each year for 14 years at an annual effective interest rate of 2.5%. The interest credited at the end of each year is reinvested at an annual effective rate of 3%. The accumulated value at the end of 14 years is Y . Calculate Y/X . * Solution: We may assume that Z = 1. Susan’s accumulated value c