问题如下图：
用连续复利的公式，e（x＊1/12）＝1000/987
x＝ 15.8%？ 请问这个思路错在哪里。
选项：
A. 
B. 
C. 
D. 
解释：
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
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
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？
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？
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%老师请问一下，为什么这里不是1+12分之r，然后滚一次方来算呢
