NO.PZ2016031002000028
问题如下:
The effective annual yield of an investment is 9%. What is the yield on a bond-equivalent basis?
选项:
A.8.8%
B.4.4%
C.9.0%
解释:
A is correct.
The first step is to convert the EAY to an effective semiannual yield: (1+9%)0.5-1=4.403% ;
the second step is to double 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bond一般是半年付息一次。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%,故选项A正确。
什么时候用 BEY=[(F-P)/P]*(365/t)呢