09 Level 1 Notes P141例题。不懂Time Weighted Rate of Return的计算方法……[em04]

A share of stock is purchased at t=0 for $100, and at the end of the next year, t=1, another share is purchased for $120, At the end of year 2, both shares are sold for $130 each. At the end of both years 1 and 2, the stock paid a $2.00 per share dividend. What is the annual time-weighted rate of return for this investment?

为什么Holding period 1的Ending value是$120, Holding Period 2的Beginning Value是$240, Ending Value是$260？ 多谢！！！！

如果是3年的话,是不是应该算立方根呢?  多谢！！！！

[此贴子已经被作者于2008-12-23 20:36:14编辑过]