Answer: D Due to different calculation calibers, the internal rate of return of a fund is divided into gross internal rate of return (GIRR) and net internal rate of return (NIRR).

The former is usually used to calculate the internal rate of return of fund project investment and recycling cash flow, reflecting the return level of fund investment projects; the latter is usually used to calculate the internal rate of return of investors' investment and distribution of cash flow, reflecting the return of investors' investment in funds.

level.

The main difference between the two is that the net internal rate of return is based on the gross internal rate of return and takes into account the impact of fund expenses and manager performance compensation on investor cash flow.