엔류의 CFA 노트: <L1, R1, M1> EAY & Compounding Frequency

ENRU's CFA Note : Lv. 1

<Reading 1 : The time value of money>

<Module 1.1> EAY & Compounding Frequency

▷ 재무계산기 사용법

* 기본적으로 P/Y가 12로 맞춰져 있으므로 월간이 된다. 그래서 연간으로 바꾼다:

 

                [2nd][P/Y] "1"[ENTER][2nd][Quit]

 

▷ TIMELINE 작성법

▷ LOS 1. a

               Interest rate = discounted rate, required rate of return, opportunity cost of consumption

▷ LOS 1. b

               [Norminal risk-free-rate = real risk-free rate + expected inflation rate],

               required interest rate on a security = norminal risk-free rate + default risk premium + liquidity premium

               +maturity risk premium

▷ LOS 1. c

               EAR = effective annual rate = (1+periodic rate)^m  - 1

                                                연간!

                                  or

               EAY = effective annual yield

 

EAR은 annual rate of return actually being earned after adjustments have been made for different compounding periods.

Periodic rate = stated annual rate /m

M = the number of compounding periods per year

 

* 재무계산기 사용법 1.03^4 쓰고 싶으면 : 

1.03 [y^x ] 4 [=]