来自《耶鲁大学开放课程：金融理论 第8集 第8集》

• 
  
  It says take the net cash flows every year.
  考虑到每年的净现金流
• 
  
  Find the number which when you discount at that number you get
  找到这个值 然后折现
• 
  
  present value equal to zero.
  得到现值为零
• 
  
  So it's 10 percent which is a different number from 12
  得到百分之十而不是百分之
• 
  
  percent.
  十二
• 
  
  Now before we got the geometric average of 12 percent.
  在我们算出几何平均数为百分之十二前
• 
  
  Now very typically this is the case that this internal rate of
  典型的一点是内部收益率
• 
  
  return is lower than the dollar return from putting the money in
  比最早放的钱的收益率低
• 
  
  at the beginning, assuming the fund doesn't just
  假设基金不会倒闭
• 
  
  collapse and go to zero at the end.
  最后不会为零
• 
  
  So why is that?
  为什么是这样呢
• 
  
  For funds that have survived typically that number,
  对于基金收益率超过这个值