A bank quote  certificate of deposit (CD) yields both as annual percentage
rates(APR),without compounding and as annual percentage yields(APY) that
include the effects of monthly compounding.A $100,000 CD will pay $110,471.31
at the end of the year.Calculate the APR and APY the bank is quoting.
答案：
For APR,PV=100,000;FV=-110,471.31;PMT=0;N=12，CPT I/Y=0.8333， which is the
monthly rate. The ARP=12*0.8333,算出APR=10%
For APY,APY=(110,471.31/100,000)-1=10.471%
这里我不明白，为什么APY是直接算出来的，我和答案的算法刚好相反，是我把题目理解错
了么？各位大侠帮忙回答一下，谢谢了！


我看了一下人大经济论坛上给出的解释：大意是APR是nominal rate,所以0.8333*12可得

ARY是EAR ( effective annual rate 有效年利率)所以 用（1+10%/12)的12次方-1也可得
出10.471这个答案

但是我不理解的是，书上在给出计算过程以后，来了这么一句：

note that the APY, which includes the effects of compounding, must logically
be larger than the APR, which does not.

那这题如果答案正确，APY>APR，怎么破？

说的比较多，不知道看上去乱不乱了，望大牛解答，谢谢啦