问题如下图：为什么选择第一个选项呢？两者之间如何转换？
选项：
A. 
B. 
C. 
解释：
NO.PZ2016031002000028 问题如下 The effective annuyielof investment is 9%. Whis the yielon a bonequivalent basis? A.8.8% B.4.4% C.9.0% A is correct.The first step is to convert the Eto effective semiannuyiel (1+9%)0.5-1=4.403% ;the seconstep is to uble it: 2×4.403%=8.806%考点APR解析这道题默认是半年付息一次的债券，因为在美国bon般是半年付息一次。所以(1+BEY/2)2 =1+EAR，经过转换可以得到BEY= [(1+EAR)0.5 -1] × 2=8.806%，故A正确。 为啥不是(1+9%/2)0.5-1=4.403% ？
NO.PZ2016031002000028 谢谢~~~~~~~~~~~~~~~~~
NO.PZ2016031002000028 什么时候用 BEY=[(F-P)/P]*(365/t)呢
NO.PZ2016031002000028 第一个式子为什么不是 (1+4.5%)的平方？
4.4% 9.0% A is correct. The first step is to convert the Eto effective semiannuyiel (1+9%)0.5-1=4.403% ; the seconstep is to uble it: 2×4.403%=8.806%如何看出出题人就默认了一年付息2次？
