R2-1-1 Required rate of return: the return that investors and savers require to get them to
　　        Willingly
　　lend their funds; affected by the supply and demand of funds in the market.
　　l  Discount rate: the interest rate we use to discount payments to be made in the future.
　　l  Opportunity cost: the benefit from the second best choice at the same risk level.
　　l  兩個證券公司對同一個股票估值，使用相同的現(xiàn)金流預(yù)測，得出不一樣的價(jià)格。
　　原因： 使用的required rate of return 不一樣。
　　        R2-1-2 Decompose required rate of return:
　　Interest rate real risk free rate + expected inflation rate + risk premium
　　l  (1)Real risk free rate: compensation for consumption delay
　　l  (2)Expected inflation rate: 要注意不是historical inflation rate, 因?yàn)槔适窍蚯翱吹摹?/div>
　　l  (3)Risk premium: Default risk premium, liquidity risk premium, maturity risk premium.
　　Nominal risk free rate=(1)+(2), also called risk free rate.
　　Required rate of return=(1)+(2)+(3)
　　        考點(diǎn)對應(yīng)的試題如下：
　　R2-1 Interest rate
　　Q2-1The nominal (quoted) annual interest rate on an automobile loan is 10%. The effectiveannual rate of the loan is 10.47%. The frequency of compounding periods per year for theloan is closest to:
　　A. weekly.
　　B. monthly.
　　C. quarterly.
　　Solution: B
　　The effective annual return is: EAR = (1 + Periodic interest rate)m‐1
　　For weekly compounding, (1 + 0.10 / 52)52 — 1 = 0.10506 = 10.50%
　　For monthly compounding, (1 + 0.10 / 12)12 — 1 = 0.10471 = 10.47%
　　For quarterly compounding, (1 + 0.10 / 4)4 — 1 = 0.10381 = 10.38%
　　Thus, the correct answer is monthly compounding.
         
        高頓正能量：上帝從不抱怨人們的愚昧，人們卻抱怨上帝的不公平。

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