货币市场中有两大收益率的衡量：折现率和附加利率。折现率和附加利率是如何计算的？

  Discount rates（折现率） ：

  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.

  折现率的计算：

  折现率常用在商业票据和短期国库券以及银行承兑中，因为货币市场的折现率是利率除以到期赎回时的面值，而不是投资者的实际投入，所以低估了投资者的收益率。

  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证和回购协议中。

  举个例子说明两者的算法差异，一个期限90天的债券，面值是1000元，目前价格时950元，它的贴现率的算法是，附加利率的算法为，所以两者的差异为贴现的分母是面值，而附加利率的分母为价格。

  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.