424                                                    15

    .     $900 
         $60, $60  $1060
.   , ,       -
          
$50, $50  $1050     $910,61.      
  8,5%,        
  10,02% - 8,5% = 1,52%,  152  . . 15.1 
        
    1993 .   1994 . ,    
    100    50.

15.2.2     

 ,         
  .      , -
   ,     -
.       ,    
 . ?       -
   (call provision),        
  ,  ,  ,   2.
     (call price),      
      (call premium).    
  ,       -
   ,          -
    3.

,  ,    10   
 $1000,    12%,       
   5    $10504.   5  ,  
    8%,      
.  ,  ,    $120 
   10 ,        5   
   - $1050.   ,  $1050,    
8%- ,     $84      
 5  ( ,      , ..
 $1050     8%- )   $1050   10  
  .        -
   (   )   10 
 10,96%.

  ,      , 
,        .   
  .  . 15.2     
 ,    .   -
     (    ),  
      ,   
 ,     .

        ,
       , 
        ,    
   .      
 ,       
    .    ,  -
        ,   