A为什么不对

问题如下：

The rate, interpreted to be the incremental return for extending the time-to-maturity of an investment for an additional time period, is the:

选项：

add-on rate.

forward rate.

yield-to-maturity.

解释：

B is correct.

The forward rate can be interpreted to be the incremental or marginal return for extending the time-to-maturity of an investment for an additional time period. The add-on rate (bond equivalent yield) is a rate quoted for money market instruments such as bank certificates of deposit and indices such as Libor and Euribor. Yield-to-maturity is the internal rate of return on the bond’s cash flows$—$the uniform interest rate such that when the bond’s future cash flows are discounted at that rate, the sum of the present values equals the price of the bond. It is the implied market discount rate.

考点：interest rates

解析：选项B：未来开始，未来结束的一段时间的收益率是forward rate，可视为将投资的到期时间延长一段时间的增量收益率。故选项B正确。

选项A：add-on rate，附加收益率（BEY）用于货币市场工具的报价，通过对当前市场价格的折现计算而来。

选项C：YTM，到期收益率：当债券的未来现金流量按该利率贴现时，现值的总和等于债券的价格。是隐含的市场价格单一折现率。