来自《耶鲁大学开放课程：金融理论 第8集 第8集》

• 
  
  internal rate of return, the interest rate which makes
  折现现金 这个利率下折现之后
• 
  
  the present value zero.
  现值为零
• 
  
  So 10 percent turns out to be the right number.
  因此百分之十是正确的
• 
  
  So if you discounted things by 10 percent,
  如果你按百分之十折现
• 
  
  you see what the formula is, you take the inflow and you
  公式就是 你把现金流入放进来
• 
  
  discount it by 1.10 to the first power and this you discount by
  用1.10折现
• 
  
  1.10 to the second power, the inflow, the net outflow,
  再一次用1.10折现 净流入和净流出
• 
  
  I guess, which is 110 you discount by
  得到110 然后再用1.10进行
• 
  
  1.10 to the third power etcetera.
  第三次折现 一直持续下去
• 
  
  You keep discounting by that and you get all the discounted
  持续折现 最后得到
• 
  
  net flows.
  折现后净现金流
• 
  
  You add them all up and you get practically nothing.
  把这些都加起来 等于零