单选题 Which of. the following statements least likely represents a characteristic of the time-weighted rate of return?

A、 It is not affected by the timing of cash flow.
B、 It is used to measure the compound rate of growth of $1 over a stated measurement period.
C、 It is defined as the internal rate of return on an investment portfolio, taking into account all inflows and outflows.

【正确答案】 C

【答案解析】[解析] 时间加权回报率是投资项目净现金流的内部回报率(IRR)，该回报率不受现金流入和流出的影响。