A Note on Disclosure of Realized Rates of Return for Retirement Accumulations, Savings Accounts, and the Savings Component of Universal Life Insurance Policies
提出一种披露实际收益率的方法，该方法考虑存款和取款的时间以及费用和罚金的影响，仅需期初余额、期间每笔交易金额及日期、期末余额即可计算。
Advertised rates of return for various types of savings programs frequently involve prominent references to interest rates credited to net deposits, and less prominent references to various expense charges and penalties. The purpose of this note is to present a method of disclosing realized rates of return reflecting the timing of deposits and withdrawals as well as the effect of expense charges and penalties. The Method The only items of information needed for this approach are the account balance at the beginning of the period of analysis, the date and the amount of each deposit or withdrawal made during the period, and the account balance at the end of the period. The realized daily percentage rate, based on daily compounding, is determined through successive approximations. The realized daily percentage rate is the rate, compounded daily, with which the account balance at the beginning of the period and the amount of each deposit (or withdrawal) during the period would have to be credited (or debited) in order to equal the account balance at the end of the period. The realized annual percentage yield (or effective annual rate) is determined by compounding the realized daily percentage rate for 365 days. Alternatively, the realized annual percentage rate may be determined by multiplying the realized daily percentage rate by 365.2