456                                                    16

   ,     -
     .  ,   -
 ,       , 
    .    
.     ,    .   -
       ,    -
     .

,    

 ,    , ,   
     .     
,     ,   .

       
 .     (,   ) 
 ,     .    -
         
   (coupon payments),      
 .   (coupon rate)   
    ,      -
 ,    . , ,  
 ,      (term-to-maturity),   -
,        -
     ,     (yield-to-maturity),
  .

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

    ,    ". 
 ,        (.. -
      12 ).  .

1.     ,     
;  ,     ,    -
  .

         5  
  $1000,      $80 -
.    8%,         $1000.
      $1100,     5,75%. ,
    $900,     10,68%.

2.          ,  
         .

    . 16.1.    ,   ,
    ,   ,    
.           -
.

         5  
  $1000,      $60