问一道题：NO.PZ2015121801000039

问题如下：

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information:

The ETF with the highest annualized rate of return is:

选项：

ETF 1.

ETF 2.

ETF 3.

解释：

B is correct.

The annualized rate of return for ETF 2 is 12.05% = (1.0110 $^{52 / 5}$ )-1, which is greater than the annualized rate of ETF 1, 11.93% = (1.0461 $^{365 / 146}$ )-1, and ETF 3, 11.32% = (1.1435 $^{12 / 15}$ )-1. Despite having the lowest value for the periodic rate, ETF 2 has the highest annualized rate of return because of the reinvestment rate assumption and the compounding of the periodic rate.

请问，EAR算法不是（1+EAR/N）^146=1.0461类似这样算吗？为什么会变成答案里的1.0461^365/146=1+EAR呢？

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星星_品职助教 · 2020年01月16日

同学你好，

公式需要修正一下。EAR的公式是（1+r/N）^N=1+EAR。其中：

r是stated annual rate，也就是一个“假的”名义上的年利率，而r/N指的是期间利率。这道题里，表格中给的直接就已经是期间利率了（例如4.61%），不用再除以N了。

N是复利了多少次，所以这道题以第一行为例，N=365/146，意思就是这个投资一共复利了365/146次。

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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

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问一道题：NO.PZ2015121801000039

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