李同学回答（1）
Evian, CFA2022-09-23 11:39:53
Evian, CFAヾ(◍°∇°◍)ﾉﾞ你好同学，
本题只能有“月利率”进行计算，此时为按月复利，没有其他利率可以使用。因为现金流发生的频率是“月”，于是折现利率只能是“月利率”。
所以不存在第二种利率的求解方法。
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我的意思是 换成按年复利或者按日等复利计息方式 这道题的1/N都是0.5吗？ 因为不同计息方式的EAR是不一样的
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不都是0.5
只有现金流按“年”频率发生，此时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
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老师 你还是没有理解我的意思 我是说Assuming an annual discount rate of 6%, compounded monthly这里的monthly如果改成按季按年按日或连续复利 但是依然按月即N=96这样算的话 1/Y是不是都是用6÷12=0.5 受不受复利方式的影响
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因为现金流发生的频率为月，此时折现率只能是月利率，题目给出的利率复利方式只能是按月。不存在你描述的情况。
如果题目现金流按“年发生”，利率匹配EAR，付息频率变，I/Y=EAR变：
A financial contract offers to pay €4,800 per year for 8 years with the first payment made immediately.
付息频率变化：
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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