July 2011
Beginner
288 pages
7h 22m
English
Content preview from BOND MATH: The Theory Behind the FormulasBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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The Future: Hourly Interest Rates?
Suppose that some time in the not-so-distant future the fastest-growing financial institution in the world is Bank 24/7/52. Its success owes to pioneering use of hourly interest rates for loans and deposits. Its (add-on) rates on short-term large time deposits (>$1,000,000) are shown in Table 1.2. The APR quoted by Bank 24/7/52 assumes a 364-day year. For instance, 3.4944% is calculated as 0.0004% * 24 * 7 * 52.
To see how hourly interest rates might work, suppose a corporation makes a 52-hour, $5,000,000 time deposit at Bank 24/7/52. The redemption amount on the deposit can be calculated using an hourly version of equation 1.3. The corporation will receive $5,001,560 when the deposit matures.
TABLE 1.2 Hourly ...
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