【正文】
??????T1iii0TT2210 )r1(CC)r1(C)r1(C)r1(CCNPV ? 二、復(fù)利期間( Compounding periods) ? a 10% interest rate ―pounded semiannually‖, what is the endoftheyear wealth of a $1000 deposit in the bank? ? Compounding an investment m times a year provides endofyear wealth of m0 )mr1(C ? ? r is the stated annual interest rate, or annual percentage rate(SAIR). ? The annual rate of return is called the effective annual interest rate(EAIR) or the effective annual yield. 1)mr1(EA R m ??? ? SAIR和 EAIR的區(qū)別 ? SAIR is meaningful only if the pounding interval is given, EAIR is meaningful without a pounding interval. ? Compounding over many years mT0 )mr1(CFV ?? 連續(xù)復(fù)利 (continuous pounding) ? C0 is the initial investment, r is the SAIR, T is the number of years over which the investment runs. r