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Rate From Table 5-1, the overnight fed funds rate on May 16, 2016, was 0.41 percent. The con- version of the fed funds rate to a bond equivalent rate is calculated as follows: er a one-year period. It is the rate used to calculate the PV of an investment. be -X Compare discount securities to bonds with bond equivalent ields (ibe). (P;-P) 365 Po n Convert bond equivalent yields into effective annual returns (EAR) to incorporate the impact of compounding interest over time. EAR = 1+ 365 -1 n Rate From Table 5-1, the overnight fed funds rate on May 16, 2016, was 0.41 percent. The con- version of the fed funds rate to a bond equivalent rate is calculated as follows: er a one-year period. It is the rate used to calculate the PV of an investment. be -X Compare discount securities to bonds with bond equivalent ields (ibe). (P;-P) 365 Po n Convert bond equivalent yields into effective annual returns (EAR) to incorporate the impact of compounding interest over time. EAR = 1+ 365 -1 n