Hi,
On page 318 in Volume IV, the three year HPY for three annual returns is calculated as R=(1+R1)*(1+R2)*(1+R3)-1
where R1,R2,R3 are the three annual returns.
Is this formula correct? I was thinking that the product of the returns should be raised to (1/3) to calculate it correctly.
Please help if you know the answer! Thanks. |
发表于 2011-9-20 14:24
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