422                                                              15
NPV         :

NPV=	$60	^ $60 ^ $1060	- $900 =	= $24,06.
	(1+0,09)'	(1+0,09)2	(1+0.09)3		

     NPV,   . 
 ,      ,  ,  
  (  ,      
  10,02%,  ,  9,00%, ..  .) -
 ,  ,    > *,    
NPV,  ,     NPV    > *; 
        '.

    ,  *  11%,  NPV 
  -$22,19.         ,
           , 
10,02%,  11,00%.     ,    < *,   -
 NPV,  ;         
.

   ,       *
       (  10%),  ./W^ 
   .        
.

,        
    ^,   *.  ,   , 
  ,          -
  .    * ,   
        ,
     .   ,   
       *.  -
   ,     -
    .

 

       : (1)  
; (2)  ; (3)   ; (4)  ; (5) -
; (6)  .        -
,    ,      
    .      
 (yield structure).      
,      . ,
          
  (term structure) (  . 5),     -
          (risk structure).

        
       .    -
         -
   .  ,     
,      .

        ()
(yield spread)  .       -