                                     119

-

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

          ,
.. ,   ,    .   -
 -         7%,  
     8%.    -  t , s , 
  :

_ ,
^(17^'                              (5)

 ^ -     ,   
I    . ,         1= 1   
$857,34  $100 .

-         ,  
        -
 .  , -    (s^) ,   -
           -
.   ,      
      .     
        ,  -
   .,          
   ^.    - (s^)    
   ,   :

     !       M-j

P2=^+^^                   (51)

, ,       .  ,
 -    (s.)  7%.    -  
 (s.)     (5.11).    = $946,93, , = $50 
^ = $1050:

$946.93=   $5Q   .w^.
(1+0,07)' (1+^)2

    s, = 0,08 = 8%.  ,  
   -        
 ,    ,    
,         . 
        , 
  .