124  5

/^ ^       (forward
rate)     , ..     ,
         , 
      .    $1, 
  ,   $1/1,0901 = $0,9174,    
(     ,      $0,9174 
$0,9174/1,07, .. $0,8573).

    -,  - 
     :

$1/(1+/1,2) $1

(5.15)

    :

(1+/1,2)=                                              (5.16)



(1+il)(l+/y)=(l+^2) .

(5.17)

 5.1        -
,    .

     -   t  1  /    
  t  1  / :

(5.18)



(5.19)

			1 				2 	
	:		
	s, = 7%		(1,07) (1 + f,,) = ?,= [('.)2/^^)]	(I.OS)2 - 1 = 9,01%		
	5 = 8%	
	:						
	s!		(1 +s,) (1 + f,,)= f,,= [(1 ts^r/d	(1 +S,)2 + s,)l - 1		
	^	


. 5.1. -   