€$10\,000$ at nominal $3.6\%$ p.a. Account X compounds monthly; Account Y continuously. Compare at $t = 10$, find gap-€$50$ time, explain Y > X.€$10\,000$ 名义年利率 $3.6\%$。账户 X 按月复利;账户 Y 连续复利。$t = 10$ 比较、求差 €$50$ 的时间、说明 Y > X。
Answers:答案: (a) $X \approx$ €$14\,325.60$, $Y \approx$ €$14\,333.29$ · (b) $\approx 33$ years年 · (c) $e^{r} > (1 + r/n)^{n}$ for $n < \infty$.当 $n < \infty$ 时 $e^{r} > (1 + r/n)^{n}$。
(a) Values at $t = 10$ M1·A1·A1
$$ A_{X}(10) \;=\; 10\,000\,(1 + 0.036/12)^{120} \;=\; 10\,000\,(1.003)^{120} \;\stackrel{\text{GDC}}{\approx}\; \text{€}14\,325.60. $$
$$ A_{Y}(10) \;=\; 10\,000\,e^{0.036 \cdot 10} \;=\; 10\,000\,e^{0.36} \;\stackrel{\text{GDC}}{\approx}\; \text{€}14\,333.29. $$
Gap at $t = 10$: about €$7.69$.
(b) Time for gap to reach €$50$ M1·M1·A1
Solve $A_{Y}(t) - A_{X}(t) = 50$, i.e. $10\,000\,\bigl(e^{0.036 t} - (1.003)^{12 t}\bigr) = 50$. The expression grows monotonically since $e^{r} > (1 + r/n)^{n}$. Use the GDC's numerical solver (or scan $t$): at $t = 32$, gap $\approx$ €$48$; at $t = 33$, gap $\approx$ €$56$. So the gap first exceeds €$50$ around $t = 33$ years.
(c) Why $Y > X$ A1
For any nominal rate $r > 0$ and finite compounding frequency $n$, the inequality $\bigl(1 + \tfrac{r}{n}\bigr)^{n} < e^{r}$ holds (the LHS approaches the RHS as $n \to \infty$). Equivalently, the effective annual rate of continuous compounding $e^{r} - 1$ strictly exceeds the effective rate of any discrete scheme at the same nominal $r$.
Why the gap grows so slowly. The ratio $A_{Y}/A_{X} = (e^{r}/(1+r/n)^{n})^{t} = (1 + \epsilon)^{t}$ where $\epsilon = e^{r}/(1+r/n)^{n} - 1$ is tiny — for $r = 3.6\%$, $n = 12$, $\epsilon \approx 5 \times 10^{-5}$. Even after $10$ years the gap is single-digit euros. The lesson: continuous vs frequent-discrete compounding differs by a rounding error at these rates. Where compounding frequency matters more dramatically is at high rates (think credit-card APR ≈ $20\%$).
(a) $t = 10$ 时的金额 M1·A1·A1
$$ A_{X}(10) \;=\; 10\,000\,(1 + 0.036/12)^{120} \;=\; 10\,000\,(1.003)^{120} \;\stackrel{\text{GDC}}{\approx}\; \text{€}14\,325.60. $$
$$ A_{Y}(10) \;=\; 10\,000\,e^{0.036 \cdot 10} \;=\; 10\,000\,e^{0.36} \;\stackrel{\text{GDC}}{\approx}\; \text{€}14\,333.29. $$
$t = 10$ 时差约 €$7.69$。
(b) 差达到 €$50$ 的时间 M1·M1·A1
解 $A_{Y}(t) - A_{X}(t) = 50$,即 $10\,000\,\bigl(e^{0.036 t} - (1.003)^{12 t}\bigr) = 50$。由于 $e^{r} > (1 + r/n)^{n}$,该差关于 $t$ 单调增。用 GDC 数值求解(或扫值):$t = 32$ 时差 $\approx$ €$48$;$t = 33$ 时差 $\approx$ €$56$。差首次超过 €$50$ 约在 $t = 33$ 年。
(c) 为何 $Y > X$ A1
对任意名义利率 $r > 0$ 与有限复利频率 $n$,恒有 $\bigl(1 + \tfrac{r}{n}\bigr)^{n} < e^{r}$(左侧在 $n \to \infty$ 时趋于右侧)。等价地,相同名义利率下,连续复利的有效年利率 $e^{r} - 1$ 严格大于任何离散方案的有效年利率。
差为何增长得慢。$A_{Y}/A_{X} = (e^{r}/(1+r/n)^{n})^{t} = (1 + \epsilon)^{t}$,其中 $\epsilon = e^{r}/(1+r/n)^{n} - 1$ 极小 —— $r = 3.6\%$、$n = 12$ 时 $\epsilon \approx 5 \times 10^{-5}$。即便 10 年差距也只是个位数欧元。结论:本题利率水平下,连续复利与高频离散复利的差异约等于舍入误差。复利频率对结果的影响在高利率(如信用卡 APR $\approx 20\%$)时才显著。