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marionking · 2020年11月05日

问一道题：NO.PZ2018062016000019

  1. CFA I
  2. Quantitative

问题如下：

Clark opens two bank accounts. Account 1 is compounded quarterly with stated annual rate of 3%, while Account 2 is compounded annually with annual interest rate of 2.5%. Clark put the principal of $30,000 to Account 2 and annual interest to Account 1 as long as he received. After three years, what is the difference between Clark’s current wealth planning and leaving all the money in Account 2?

选项：

A.

$13.50

B.

$12.24

C.

$16.12

解释：

B is correct.

Annual interest received from Account 2 is $30,000*2.5%=$750.

After three years, Clark’s current wealth planning:

Leave all the money in Account 2: $30,000*(1+2.5%)3=$32306.71

The difference is $32318.95-$32306.71=12.24

请问， stated annual rate of 3%, 是EAR吗？还是coupon rate? stated annual rate和 interest rate有从意思上怎么区别？

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1 个答案

星星_品职助教 · 2020年11月05日

同学你好，

1. 本题不涉及coupon rate，这是一个固收的概念。很少在数量里考察

2.  stated annual rate of 3%不是EAR，正是因为这个3%只是“stated”（名义上的）的利率，所以需要转化成有效的利率才可以计算，即可以转化成季度利率或者EAR。

3. 当题干中看到“.....stated rate.....”，后面紧跟着一个计息频率“...compounded daily/weekly/quarterly”时，就是需要做转化。coumpounded annualy则说明这个stated rate等于EAR，所以不用做转化。

这个概念是基础，建议复习基础班相应内容。

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