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早早 · 2022年11月05日

老师，这道题ear为啥是365/146，而不是146/365

  1. CFA I
  2. Portfolio

NO.PZ2015121801000039

问题如下：

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information:

The ETF with the highest annualized rate of return is:

选项：

A.

ETF 1.

B.

ETF 2.

C.

ETF 3.

解释：

B is correct.

The annualized rate of return for ETF 2 is 12.05% = (1.0110 52/5 )-1, which is greater than the annualized rate of ETF 1, 11.93% = (1.0461365/146 365/ 146 )-1, and ETF 3, 11.32% = (1.143512/15 )-1. Despite having the lowest value for the periodic rate, ETF 2 has the highest annualized rate of return because of the reinvestment rate assumption and the compounding of the periodic rate.

如题

老师，这道题ear为啥是365/146，而不是146/365

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1 个答案

pzqa27 · 2022年11月05日

嗨，从没放弃的小努力你好：


我们正常列式子是这样的，

(1+EAR)^(146/365)=1+4.61%, 由于EAR是年化利率，投资期是146天，所以是按EAR，投资了146天，因此用年化利率时算的期限是146/365，然后你倒腾下这个式子就是解析的式子了

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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