                                                  421

    * ,   ,  
.  ,   > *,   ,    < *,  -
 .   = *,  ,    .

15.1.1      

          -
        ,   ,  
  ..      ( ,  -
  ) (promised yield-to-maturity) -   ,  
  :

,         ,         ,             ,
 =         +          +          +... +         .
(\+)1    (1+)2    (1+)3   '"   (1+)" '

      :

V   .

^ŗ                   (15)

,^(\+)'

,  ,     $900, 
    3 .    , 
   $60  ,     
$1000, .. , = $60, , = $60, , = $1060 ($1000 + $60).   (15.1) , 
    -   ,     -
 :

$900=^6^--^^60--+^1^60

(1+)1   (\+)2   (1+)3

  = 10,02%.    ,    
  9,00%,    ,    = 10,02% > * = 9,00%.

15.1.2    

  ,       
 :

,         -         ,            

V=         +         +         +... +    "

(1+-)1   (1+^)2   (1+)3      (1+>*)"
,    :

^S0-                            (15.2)
,^(\+*

     -     ,    
  (net present value, NPV)    
   :



NPV=V-P= ^ --                   (15.3)
,=i(l+y*)'