130                                                    5

 ) : -    . ,
  -      -
 -5.

  

    ,       --
 7%   - 8%.     : -
  -  ,  ,    -
?

,     $1    ( ,
         --
).         - 8%.  
     (maturity strategy).     -
 $1,1664 ($1,1664 = $1  1,08  1,08).     $1  
  - 7%       $1,07 ($1  1,07)  -
       ,   -  
,   ,  - , , 10% (  -
 es^).        $1  
$1,177 ($1  1,07  1,1).       
(rollover strategy).  ,      7%  
      ,    ,    
        (,  $1,177 > $1,1664).

  10%- -      -
   .     ,      
  -,      .
   -   ,   
     8%       .  
,       7%   , -
     -.  , 
 -,   - 10%,   -
  .

 ,      -  6% 
10%?     ,   , -
 ,   ,     
($1,1342 < $1,664).     .    
  6%- -       ,
            -
.

  ,        9,01%. 
,    -    ?  
    $1,1664 ($1  1,07  1,0901)   
, ..   ,      .   -
 ,        . 
    ,    .

,       1$    -
   $1,07  .       -
 (naive strategy),         
   .        
 $1,07 ($1,664/1,0901)   7% (    
   $1,1664,  $1  1,08  1,08,    -   
 9,01%,        -