问一道题：NO.PZ2016082402000001

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EAR与YTM的区别是什么？

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orange品职答疑助手 · 2018年04月01日

同学你好，。有效年利率是指在按照给定的计息期利率和每年复利次数计算利息时，能够产生相同结果的，每年复利一次的年利率。举例来说，某债券的名义年利率为10%，每年支付利息两次(年复利次数为2)，则其有效年利率为多少？那么答案就是(1+10%/2)^2=1+EAR。

而YTM，它相当于投资者按照当前市场价格，购买并且一直持有债券到满期，同时再投资率（市场利率）保持不变时可以获得的年平均收益率。或者说，它是可以使投资购买国债获得的未来现金流量的现值=债券当前市价的那个贴现率。

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NO.PZ2016082402000001 问题如下 investor buys a Treasury bill maturing in one month for $987. On the maturity te the investor collects $1,000. Calculate effective annurate (EAR). A.17.0% B.15.8% C.13.0% 11.6% ANSWER: AThe Eis finebyFVPV=(1+EAR)T\frac{FV}{PV}={(1+EAR)}^TPVFV=(1+EAR)T . So (FVPV)1T−1{(\frac{FV}{PV})}^\frac1T-1(PVFV)T1−1 E= . Here, T = 1/12. So, E= (1,000987)12−1=17.0%\;{(\frac{1,000}{987})}^{12}-1=17.0\%(9871,000)12−1=17.0% EAR和BEY在讲义的哪个地方，找不到了

2024-09-18 20:59 1 · 回答

NO.PZ2016082402000001问题如下investor buys a Treasury bill maturing in one month for $987. On the maturity te the investor collects $1,000. Calculate effective annurate (EAR).A.17.0%B.15.8%C.13.0%11.6%ANSWER: AThe Eis finebyFVPV=(1+EAR)T\frac{FV}{PV}={(1+EAR)}^TPVFV=(1+EAR)T . So (FVPV)1T−1{(\frac{FV}{PV})}^\frac1T-1(PVFV)T1−1 E= . Here, T = 1/12. So, E= (1,000987)12−1=17.0%\;{(\frac{1,000}{987})}^{12}-1=17.0\%(9871,000)12−1=17.0%为什么不是（1+R/12）=1000/987

2023-02-24 23:11 1 · 回答

NO.PZ2016082402000001问题如下investor buys a Treasury bill maturing in one month for $987. On the maturity te the investor collects $1,000. Calculate effective annurate (EAR).A.17.0%B.15.8%C.13.0%11.6%ANSWER: AThe Eis finebyFVPV=(1+EAR)T\frac{FV}{PV}={(1+EAR)}^TPVFV=(1+EAR)T . So (FVPV)1T−1{(\frac{FV}{PV})}^\frac1T-1(PVFV)T1−1 E= . Here, T = 1/12. So, E= (1,000987)12−1=17.0%\;{(\frac{1,000}{987})}^{12}-1=17.0\%(9871,000)12−1=17.0%您好，我是想ERA是年化利率，所以按照学习的内容，这么列的公式。是哪里理解的有偏差？

2022-05-19 23:06 1 · 回答

NO.PZ2016082402000001问题如下investor buys a Treasury bill maturing in one month for $987. On the maturity te the investor collects $1,000. Calculate effective annurate (EAR).A.17.0%B.15.8%C.13.0%11.6%ANSWER: AThe Eis finebyFVPV=(1+EAR)T\frac{FV}{PV}={(1+EAR)}^TPVFV=(1+EAR)T . So (FVPV)1T−1{(\frac{FV}{PV})}^\frac1T-1(PVFV)T1−1 E= . Here, T = 1/12. So, E= (1,000987)12−1=17.0%\;{(\frac{1,000}{987})}^{12}-1=17.0\%(9871,000)12−1=17.0%一个月到期，不是说明一个月结一次么，一年就得是12次？

2022-05-19 22:20 1 · 回答

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2022-05-04 03:50 1 · 回答

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