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)金流預測，得出不一樣的價格。
　　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, 因為利率是向前看的。
　　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)
　　        考點對應的試題如下：
　　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：積極的人在每一次憂患中都看到一個機會，而消極的人則在每個機會都看到某種憂患。
　　

 　　CFA官方微信　　
　　掃一掃微信，*9時間獲取2014年CFA考試報名時間和考試時間提醒
　　
　　高頓網(wǎng)校特別提醒：已經(jīng)報名2014年CFA考試的考生可按照復習計劃有效進行！另外，高頓網(wǎng)校2014年CFA考試輔導高清網(wǎng)絡課程已經(jīng)開通，通過針對性地講解、訓練、答疑、模考，對學習過程進行全程跟蹤、分析、指導，可以幫助考生全面提升備考效果。
　　報考指南：2014年CFA考試備考指南
　　免費題庫：2014年CFA免費題庫
　　考前沖刺：CFA考試備考專題
　　高清網(wǎng)課：CFA考試網(wǎng)絡課程