问题
单项选择题
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 $1.00 per share at the end of year one and year two. What is the investor’s time-weighted rate of return（）
A. 6.35%.
B. -2.0%.
C. 0.06%.
答案
参考答案：C
解析：
The holding period return in year one is ($ 89.00-$100.00+$1.00)/$100.00=-10.00%.
The holding period return in year two is ($98.00-$89.00+$1.00)/$89=11.24%.
The time-weighted return is {[1+(-0.1000)]×(1+0.1124)}1/2-1=0.06%.