题目
The rate, interpreted to be the incremental return for extending the time-to-maturity of an investment for an additional time period, is the:
选项
A.add-on rate.
B.forward rate.
C.yield-to-maturity.
答案
B
解析
： B is correct. The forward rate can be interpreted to be the incremental or marginal return for extending the time-to-maturity of an investment for an additional time period. The add-on rate (bond equivalent yield) is a rate quoted for money market instruments such as bank certificates of deposit and indexes such as Libor and Euribor. Yield-to-maturity is the internal rate of return on the bond’s cash flows—the uniform interest rate such that when the bond’s future cash flows are discounted at that rate, the sum of the present values equals the price of the bond. It is the implied market discount rate. ： B是正确的。远期利率可以解释为将投资的到期时间延长一段额外时间的增量或边际回报。附加利率（债券等价收益率）是指银行存款证等货币市场工具和Libor、Euribor等指数的报价。到期收益率是债券现金流的内部收益率统一利率，当债券的未来现金流按该利率贴现时，现值之和等于债券价格。这是隐含的市场贴现率。