An analysist gathered the following about the performance of a porfolio:

quater  value at beginning of quarter  cash inflow(ourflow) at begging of quarter value at end of quarter

   1                 2.0                 0.2                2.4

   2                 2.4                0.4                 2.6  

   3                 2.6                (0.2)               3.2

   4                 3.2                1.0                 4.1

the porfolio's annual time-weighted rate of the return  is clised to:

答案是这样的：1.0909*0.9286*1.3333*0.9762=1.3185  1.3185-1=0.3185

请教一下：我不太能看懂它的计算谁能帮考解释一下啊？谢谢啦~~~~~

先谢谢你的回答：）

以前做的题目，会涉及到dividend paid ，就是用HPR=end value +dividend paid -beginnging value/beginnging value,这里面出现了cash inflow(ourflow) at beginning of quarter ,我以为这就是dividend paid，所以就以为是这样计算2.4+0.2/2.0，所以结果都不对。