我是CFA I初学者，有道题想请教大家，谢谢 deposit, without, monthly, percentage, include

badonkus

书上有道题：
A bank quote  certificate of deposit (CD) yields both as annual percentage rates(APR),without compounding and as annual percentage yields(APY) that include the effects of monthly compounding.A $100,000 CD will pay $110,471.31 at the end of the year.Calculate the APR and APY the bank is quoting.
答案：
For APR,PV=100,000;FV=-110,471.31MT=0;N=12，算出APR=10%
For APY,APY=(110,471.31/100,000)-1=10.471%
这里我不明白，为什么APY是直接算出来的，我和答案的算法刚好相反，是我把题目理解错了么？各位大侠帮忙回答一下，谢谢了！

SpyAli

一般APR是指单利，APY是将单利滚存以后的结果。两者的关系是：

APY=(1+APR / N) ^ N -1

显然，APY要比APR高一些，所以国外商业银行更喜欢用APY来忽悠储户。

ayodayo

那为什么在答案中，APR是按月复利计算呢？我看的是Notes中的题

bdavi77962

你把那个公式搞懂就理解了。