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🐚 · 2024年08月20日

可以解释一下用计算器怎么按吗？

  1. CFA I
  2. Corporate Issuers

NO.PZ2023090505000012

问题如下：

An issuer with limited cash flow is deciding which of its suppliers’ credit terms are least costly. Which of the following credit terms offered to the issuer by its suppliers have the lowest effective interest rate?

选项：

A.

1/10, net 50

B.

2/15, net 40

C.

3/15, net 60

解释：

A is correct. The implicit financing cost that the issuer faces when forgoing a discount that the supplier or vendor offers is based on the amount of the forgone discount and length of the payment period beyond the discount period; 1/10, net 50 would permit the issuer to borrow for 50 − 10 = 40 days at a cost of only 1% of the purchase price (the forgone discount). The calculations for the cost of financing for each set of credit terms, expressed as an effective annual rate, are as follows:


可以解释一下用计算器怎么按吗？

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1 个答案

王琛_品职助教 · 2024年08月21日

嗨，爱思考的PZer你好：


1

可以的，首先，关于 EAR of supplier financing 的背景及分析，我之前刚好详细总结过，请同学先参考一下：https://class.pzacademy.com/qa/154927

关键是，如果要按计算器，也建议是在老师上课讲的思路，所涉及的公式基础上，通过变形，来计算哈

请参考基础讲义墨迹版 P182

2

以选项 A 为例（1/10, net 50）

参考墨迹讲义的原公式，选项 A 涉及的公式为：99*(1+r)^[(50-10)/365]=100

先把 99 移项到等号右侧：(1+r)^[(50-10)/365] = 100/99

然后开根号，把次方移项到等号右侧：(1+r)=(100/99)^[365/(50-10)]

再减去 1，即把 1 移项到等号右侧：r = (100/99)^[365/(50-10)] - 1

计算结果为：0.096046，即 9.6046%

3

公式变形到这样，同学看现在是否会按计算器了哈

其中，指数的按键，位于数字 9 的上方

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公式显示不正确 类似答案A，EAR应该是 99*(1+R)的50/365次方=100？

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