NO.PZ2016031001000083
问题如下：
A 365-day year bank certificate of deposit has an initial principal amount of USD 96.5 million and a redemption amount due at maturity of USD 100 million. The number of days between settlement and maturity is 350. The bond equivalent yield is closest to:
选项：
A. 3.48%.
B. 3.65%.
C. 3.78%.
解释：
C is correct.
The bond equivalent yield is closest to 3.78%. It is calculated as:
where:
PV = present value, principal amount, or the price of the money market instrument
FV = future value, or the redemption amount paid at maturity including interest
Days = number of days between settlement and maturity
Year = number of days in the year
AOR = add-on rate, stated as an annual percentage rate (also, called bond equivalent yield).
AOR = 1.04286 × 0.03627
AOR = 0.03783 or approximately 3.78%
考点：Bond Equivalent Yield
解析：Bond Equivalent Yield是一年按365天算的Add-on Yield。BEY=【(FV-PV)/PV】×365/days，代入可得BEY=3.78%，故选项C正确。
这个题我的理解是一年期的CD，购买价格是96.5到期赎回价格是100（1年后到期的赎回价格），在15天的时候卖出，然后求BEY。这个和解答不太一致。不知是我翻译理解错了，还是这个题出得有问题？
