李同學(xué)
2022-09-23 10:27請問這道題是否按月復(fù)利計息對答案有影響嗎
所屬：CFA Level I > Quantitative Methods 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
Evian, CFA助教
2022-09-23 11:39
該回答已被題主采納
ヾ(?°?°?)??你好同學(xué)，
本題只能有“月利率”進(jìn)行計算，此時為按月復(fù)利，沒有其他利率可以使用。因為現(xiàn)金流發(fā)生的頻率是“月”，于是折現(xiàn)利率只能是“月利率”。
所以不存在第二種利率的求解方法。
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追問
我的意思是 換成按年復(fù)利或者按日等復(fù)利計息方式 這道題的1/N都是0.5嗎？ 因為不同計息方式的EAR是不一樣的
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追答
不都是0.5
只有現(xiàn)金流按“年”頻率發(fā)生，此時I/Y才是EAR
改成“年”：
A financial contract offers to pay €4,800 per year for 8 years with the first payment made immediately. Assuming an annual discount rate of 6%, compounded monthly the present value of the contract is closest to:
Using a financial calculator:
N = 8; the discount rate, I/Y = EAR=6.1678; PMT = 4,800; FV = 0; Mode = BGN; CPT PV =－29,610 -
追問
老師 你還是沒有理解我的意思 我是說Assuming an annual discount rate of 6%, compounded monthly這里的monthly如果改成按季按年按日或連續(xù)復(fù)利 但是依然按月即N=96這樣算的話 1/Y是不是都是用6÷12=0.5 受不受復(fù)利方式的影響
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追答
因為現(xiàn)金流發(fā)生的頻率為月，此時折現(xiàn)率只能是月利率，題目給出的利率復(fù)利方式只能是按月。不存在你描述的情況。
如果題目現(xiàn)金流按“年發(fā)生”，利率匹配EAR，付息頻率變，I/Y=EAR變：
A financial contract offers to pay €4,800 per year for 8 years with the first payment made immediately.
付息頻率變化：
1
Assuming an annual discount rate of 6%, compounded monthly the present value of the contract is closest to:
2
Assuming an annual discount rate of 6%, compounded quarterly the present value of the contract is closest to:
1
N = 8; the discount rate, I/Y = EAR=6.1678; PMT = 4,800; FV = 0; Mode = BGN; CPT PV =－29,610
2
N = 8; the discount rate, I/Y = EAR=6.1364; PMT = 4,800; FV = 0; Mode = BGN; CPT PV =－29,647
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