120  5

 

  -,     -
  (discount/actors).   d -
   $1,     /   
 , ..:

d,=

(5.12)

       -
 (market discount function).    -
    -.   d, = 1/(1 + 0,07)1 = 0,9346;

d^= 1/(1 + O.OS)^ 0,8573.

    ,     
       ( 
   ).    ,  -
   t    .    d  -
 (discounting),  ,  ()  -
    .   ,   -
        ,   -
     -. -
,      t ,   
= d^C^ .    ,   ;  ,
 .       -
  .  ,       
     ,   
   ,   .

   

   

    -
,  ,  
    -
? ,   -
      -
.

   -
    
  . -
    -
    -
,     -
     .

  ,  -
     -
   ,   
   
.     -
   , 
    .  -
   -
  ,    -
  .

, ,   -
   .  
   -