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标题: Reading 5: The Time Value of Money- LOS c, (Part 1)～ Q11- [打印本页]

作者: mayanfang1 时间: 2008-12-29 16:31 标题: [2009] Session 2 - Reading 5: The Time Value of Money- LOS c, (Part 1)～ Q11-

Q11. As the number of compounding periods increases, what is the effect on the annual percentage rate (APR) and the effective annual rate (EAR)?

A) APR increases, EAR increases.

B) APR increases, EAR remains the same.

C) APR remains the same, EAR increases.

Q12. A local bank advertises that it will pay interest at the rate of 4.5%, compounded monthly, on regular savings accounts. What is the effective rate of interest that the bank is paying on these accounts?

A) 4.59%.

B) 4.65%.

C) 4.50%.

Q13. As the number of compounding periods increases, what is the effect on the EAR? EAR:

A) increases at an increasing rate.

B) increases at a decreasing rate.

C) does not increase.

[此贴子已经被作者于2008-12-29 17:08:39编辑过]

作者: mayanfang1 时间: 2008-12-29 16:32

答案和详解如下：

Q11. As the number of compounding periods increases, what is the effect on the annual percentage rate (APR) and the effective annual rate (EAR)?

A) APR increases, EAR increases.

B) APR increases, EAR remains the same.

C) APR remains the same, EAR increases.

Correct answer is C)

The APR remains the same since the APR is computed as (interest per period) × (number of compounding periods in 1 year). As the frequency of compounding increases, the interest rate per period decreases leaving the original APR unchanged. However, the EAR increases with the frequency of compounding.

A) 4.59%.

B) 4.65%.

C) 4.50%.

Correct answer is A)

(1 + 0.045 / 12)¹² − 1 = 1.0459 − 1 = 0.0459.

Q13. As the number of compounding periods increases, what is the effect on the EAR? EAR:

A) increases at an increasing rate.

B) increases at a decreasing rate.

C) does not increase.

Correct answer is B)

There is an upper limit to the EAR as the frequency of compounding increases. In the limit, with continuous compounding the EAR = e^APR –1. Hence, the EAR increases at a decreasing rate.

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