practice 2 上有个关于养老金的问题，给出了一串数字，然后说： the client determineds that he can invest his money in an accunt that offers 5% interest per year with quarterly compounding. 于是所有之后计算都是用

EAY=（1+0.05/4)^4-1=5.0945% 作为 I/Y来计算的，谁能给我解释一下，为什么是 EAY？

谢谢。这道题的题号是  practice 2 morning section 19

因为题目里说了吧offers 5% interest per year with quarterly compounding.

是按季度算复利的，所以你要折算成年复利的吧