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【正文】 rice paid ?Adjust the bank discounted rate to make it parable. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 220 Markets and Instruments ?Money Market Debt Instruments Derivatives ?Capital Market Bonds Equity Derivatives McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 216 Averaging Methods Component Return A=10% B= (5%) C = 20% Arithmetic Average [.10 + () + .2] / 3 = % Geometric Average [() (.95) ()]1/3 1 = % McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 212 Examples of Indexes Domestic ?Dow Jones Industrial Average (30 Stocks) ?Standard Poor’s 500 Composite ?NASDAQ Composite ?NYSE Composite ?Wilshire 5000 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 28 Bond Equivalent Yield: Sample TBill %.90365800,9800,9000,10:365000,10???????????rrrBE YBE YBE YBillTSamplenPPMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 24 Money Market Instruments ? Treasury bills ? Certificates of deposit ? Commercial Paper ? Bankers Acceptances ? Eurodollars ? Repurchase Agreements (RPs) and Reverse RPs ? Federal Funds McGrawHill/Irwin Copyright 169。McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 23 Markets and Instruments ?Money Market Debt Instruments Derivatives ?Capital Market Bonds Equity Derivatives McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 27 Bond Equivalent Yield ?Can’t pare Tbill directly to bond: 360 vs 365 days Return is figured on par vs. price paid ?Adjust the bank discounted rate to make it parable. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill
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