Susie · 2023年03月20日

请问这个摁计算器怎么摁呢？摁出来是错的啊，（1.016667）开12次方出来错误

1. CFA I
2. Quantitative

NO.PZ2022071202000010

问题如下：

Question If the stated annual interest rate is 20% and the frequency of compounding is monthly, the effective annual rate (EAR) is closest to:

选项：

A.20%. B.21%. C.22%.

解释：

Solution

C is correct. EAR = (1 + periodic interest rate)^m -1 = (1 + 0.20/12)¹² - 1 = 0.21939%, rounded to 22%.

A is incorrect. It is simply the given stated annual rate.

B is incorrect. It uses semiannual compounding as follows: (1 + 0.20/2)² - 1 = 21%.