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貨幣市場中有兩大收益率的衡量：折現率和附加利率。折現率和附加利率是如何計算的？
Discount rates（折現率） ：
In general, the interest rate used to calculate a present value. In the money market,
however, discount rate is a specific type of quoted rate.
折現率的計算：
折現率常用在商業票據和短期國庫券以及銀行承兌中，因為貨幣市場的折現率是利率除以到期贖回時的面值，而不是投資者的實際投入，所以低估了投資者的收益率。
Add-on rates（附加利率） ：
Bank certificates of deposit, repos, and indices such as Libor and Euribor are quoted on an add-on rate basis (bond equivalent yield basis).
附加利率一般用在存款證和回購協議中。
舉個例子說明兩者的算法差異，一個期限90天的債券，面值是1000元，目前價格時950元，它的貼現率的算法是，附加利率的算法為，所以兩者的差異為貼現的分母是面值，而附加利率的分母為價格。
Which of the following is most likely regarding the bond equivalent yield?
A. It is stated on a 360-day year and on an add-on yield basis.
B. It is stated on a 365-day year and on an add-on yield basis.
C. It is stated on a 365-day year and on a discount rate basis.
Answer: B is correct，The bond equivalent yield is a money market yield stated on a 365-day year on an add-on rate basis.
Discount rates（折現率） ：
In general, the interest rate used to calculate a present value. In the money market,
however, discount rate is a specific type of quoted rate.
折現率的計算：
折現率常用在商業票據和短期國庫券以及銀行承兌中，因為貨幣市場的折現率是利率除以到期贖回時的面值，而不是投資者的實際投入，所以低估了投資者的收益率。
Add-on rates（附加利率） ：
Bank certificates of deposit, repos, and indices such as Libor and Euribor are quoted on an add-on rate basis (bond equivalent yield basis).
附加利率一般用在存款證和回購協議中。
舉個例子說明兩者的算法差異，一個期限90天的債券，面值是1000元，目前價格時950元，它的貼現率的算法是，附加利率的算法為，所以兩者的差異為貼現的分母是面值，而附加利率的分母為價格。
Which of the following is most likely regarding the bond equivalent yield?
A. It is stated on a 360-day year and on an add-on yield basis.
B. It is stated on a 365-day year and on an add-on yield basis.
C. It is stated on a 365-day year and on a discount rate basis.
Answer: B is correct，The bond equivalent yield is a money market yield stated on a 365-day year on an add-on rate basis.
