NO.PZ2015121801000138
问题如下:
An analyst observes the following historic geometric returns:
The risk premium for corporate bonds is closest to:
选项:
A.3.5%
3.9%
4.0%
解释:
B is correct. (1 + 0.0650)/(1 + 0.0250) – 1 = 3.9%
(1+ real rate)= (1+real risk free return ) *(1+ RP)
1+RP = (1+ real rate)/(1+real risk free return ) 到这里公式都能理解。但是Corpate bond 的几何平均的6.5%不是应该减去Inflation rate :2.1% 才是real rate 么?
还是说几何平均在算复利的时候,已经把通胀算进去了。 就可以把几何平均当成real rate