NO.PZ2018062006000083

问题如下：

A 150-day banker's acceptance is quoted at a discount rate of 5.62% for a 360-day year. What`s the bond equivalent yield?

选项：

A.

3.21%

B.

6.55%

C.

5.84%

解释：

C is correct.

First we need calculate PV:

$PV=100\times(1-\frac{150}{360}\times5.62\%)$

PV = 97.658

Then we use PV to calculate the bond equivalent yield:

$\frac{365}{150}\times(\frac{100-97.658}{97.658})=5.84\%$

考点：Bond Equivalent Yield

解析：discount rate是折价率，相当于在面值基础上打一个折扣。假设FV=100，就可以通过discount rate把PV算出来，得PV=97.658。Bond Equivalent Yield是一年按365天算的Add-on Yield。BEY=【(FV-PV)/PV】×365/days，代入可得BEY=5.84%，故选项C正确。