                                     117

       -
 .

  

    ,    ,     .
 ,      .   
  ,     . 
  ,      , -
 - (spot rate).

      -   
   ,    .
,          ,  -
          -
 .  ,       -
       .

      , , . 
   ,     $1000.     
,      $1000.     -
,     $50     $1050   . , 
        , :

  (     1 ) - $934,58;

  (     2 )  $857,34;

  (     2 )  $946,93.

   (yield to maturity, YTM)      -
       , -
  ,      ,  
  ,        ,
   .       
    1  -  .    $934,58 
    $1000  ,     
    ^,    ,    
$934,58    $1000.  ,     
     ,   :

(1+/^)$934,58=$1000,                        (5.4)
   7%.

       , , 
    $857,34   (1 + /-)  $857,34  . 
   ,       (1+^)  [(1+') 
 $857,34]    .  ,     -
     /,   :

(1 + /)  [(1 + /)  $857,34]= $1000,                    (5.5)
   8%.

    ,      $946,93. 
      (1 + /-)  $946,93.    
$50,    (1 + /-^.)  $946,93 - $50.       
,  (1 + / )  [(1 +  )  $946,93  $50].     -
  -   /-,      $1050: