Andrew Baum and David Hartzell, Global Property Investment, 2011 Indexation effect (2) CV 0 = £232,674 CV 1 = £233,021 Y 0-1 = £10,000 TR = [Y 0-1 + CV 1 - CV 0 ]/CV 0 TR = [£10,000 + (£233,021 - £232,674)]/£232,674 TR = [£10,000 + £347]/£232,674 TR = £10,347/£232,674 TR = 4.45% IR = 4.30%; CR = 0.15%
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