NO.PZ2016031001000083
问题如下:
A 365-day year bank certificate of deposit has an initial principal amount of USD 96.5 million and a redemption amount due at maturity of USD 100 million. The number of days between settlement and maturity is 350. The bond equivalent yield is closest to:
选项:
A.3.48%.
B.3.65%.
C.3.78%.
解释:
C is correct.
The bond equivalent yield is closest to 3.78%. It is calculated as:
where:
PV = present value, principal amount, or the price of the money market instrument
FV = future value, or the redemption amount paid at maturity including interest
Days = number of days between settlement and maturity
Year = number of days in the year
AOR = add-on rate, stated as an annual percentage rate (also, called bond equivalent yield).
AOR = 1.04286 × 0.03627
AOR = 0.03783 or approximately 3.78%
为什么要考虑那个settlement的时间呢