                                     133

    -   7%,   - 
8%.         
       ,     
 ,      .  ,
  -    ,   
(9,01%), ,   8,6%.       $1  
  $1,1620 ($1  1,07  1,086),    .
          $1 
$1,1664 ($1  1,08  1,08),  ,      
     .     -
        .

  

       - 
   (liquidity premium)4.   , 
         
.         0,41% (9,01% - 8,6%).
   :

/l,2="l,2+k2>                                        (5.27)

 L .      ,     -
   10.

        -
  -?         
,     $1     
    $1  (1 + s.)  (1 + es. -).      
         $1  (1 + s, )2.  
,        
      ,    -
     . ,  
 :

$l(l+5i)(l+Mi2)<$l(l+^)2'                     <3-28)


(1+il)(l+^y)<(l+^)2                        (5.29)

      ,    
  ".

  

     (s > s^). , 
,     ,   - (es ,) -
 ,   - (s )12.  ,   -
    ,     -
  .

, ,   - (s)  7%,   -
 (s^)  6%.   7%  6%,     .
        (5.29) :