问题如下图：
选项：
A. 
B. 
C. 
解释：
我的计算方式有点不一样，我是用（1+ear/365)^146/365=1+4.61%。没搞清楚。为什么不用除以365。
星星_品职助教 · 2019年11月01日
同学你好，
题干中给出的return已经是期间利率的概念了，或者说是HPR。即4.61%就是146天的利率，而不是名义利率为4.61%，如果这道题要求算名义利率，在这里应该是4.61%* (365/146)。
正因为4.61%本身就是期间利率的概念，所以算EAR时，要看这4.61%在一年内复利了几次（也就是“滚了几圈”），由于一共滚了365/146这么多圈，所以就是答案解析中的算法（1+4.61%）^(365/146)。这种算法实际上是（1+4.61%）^(365/146)=1+EAR。
所以如果用你的算法的那个角度，应该是1+EAR=（1+4.61%）^(365/146)，等式左侧是按照有效实际年利率计息的一年的本息和，右侧是按照期间利率4.61%滚了365/146这么多圈后的本息和，两者相等。
除以365的方法的目的是将名义的“假的”年利率转化为真的期间利率。所以这时候等式左侧的EAR（已经是真实的年利率了）就不用再除以365了，加油
treepple · 2019年11月28日
我想请问一下，按照这种算法，实际业务场景是怎样的？比如假设此笔存款存在银行，银行是在每第146天支付利息，然后利息和本金再按此循环计息？在第一个146天的时候，假设本金1元，那利息如何计算？
星星_品职助教 · 2019年11月28日
呃....CFA是纯理论。如果是实务的话，需要看银行具体条款是怎么规定的。没法直接套用。例如存款，银行往往会在3,6,9,12的20/21日支付利息，不大可能在具体的多少天。
NO.PZ2015121801000039问题如下investor evaluating the returns of three recently formeexchange-trafun gathers the following information:The ETF with the highest annualizerate of return is:A.ETF 1.B.ETF 2.C.ETF 3. is correct.The annualizerate of return for ETF 2 is 12.05% = (1.0110 52/5 )-1, whiis greater ththe annualizerate of ETF 1, 11.93% = (1.0461365/146 365/ 146 )-1, anETF 3, 11.32% = (1.143512/15 )-1. spite having the lowest value for the perioc rate, ETF 2 hthe highest annualizerate of return because of the reinvestment rate assumption anthe compounng of the perioc rate. 如题老师，这道题ear为啥是365/146，而不是146/365
NO.PZ2015121801000039 问题如下 investor evaluating the returns of three recently formeexchange-trafun gathers the following information:The ETF with the highest annualizerate of return is: A.ETF 1. B.ETF 2. C.ETF 3. is correct.The annualizerate of return for ETF 2 is 12.05% = (1.0110 52/5 )-1, whiis greater ththe annualizerate of ETF 1, 11.93% = (1.0461365/146 365/ 146 )-1, anETF 3, 11.32% = (1.143512/15 )-1. spite having the lowest value for the perioc rate, ETF 2 hthe highest annualizerate of return because of the reinvestment rate assumption anthe compounng of the perioc rate. 用EAR公式的角度理解，m 为什么等于 365/146...(以下类似）？
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