                           881

  .       
    ,        
. ,    $5 .       
,      -1,90% {[$103 . - ($100 . + $5 .)]/
($100 . + $5 .)}.

25.1.1      

   ,       
  .   ,   
    ,     
{dollar-weighted return,  internal rate of return). ,   
$5 .    ,     ,
      :

ff,nn ir-     -$5million  $103million                    ,-,,,
$100 mi ion =+.                   (25.2)

(1+/-)      (1+/-)2

   -  = -0,98%     .
     1,     
   1,       , 

-1,95% {[1 + (-0,0098)]2 - 1}'.

25.1.2   ,   

    ,    (time-
weighted return),          -
   .       
  . ,   ,  , -
       $96 .  ,
     $5 .    $101 .
($96 . + $5 .).         

-4% [($96 . - $100 .)/ ($100 .)],      -
 1,98% [($103 . - $101 .)/$101 .].      
          
1   ,      1   -
.         -
  -2,1% {[(1 - 0,04)  (1 + 0,0198)] - 1}.

25.1.3         

        ?
       1,95%,  
    2,1%.   ,  , 
     .   
     ,   ,   
       ,  , -
  ,   .

  ,      -
  $50 .        
$25 .,        $25 .  