                                       461

,     ,  ,   
   .      == (),   (16.3)
 :

PV(C^)
D=   = 1  = .

л

       ,   -
    .      (16.3).   
,    t,  ,   /   PV(C)/Py,
, , D    .

16.4.2       

    5   ,  ,  
 ,    ,  -  
      , ..     
-     .    -
     .  ,  -
         :

 ^_  
 ( %) ~     (1 +  ) '               (.4)

  =   .   ,  
  ,      ,    
  ,            
.  (16.4)      :

 - 1 ^ \
-^    \^\                        (16)

     ,  -   ,  - 
   ,      .

   ,       $1000
  8%.  ,     10 , 
       9%?   (16.46), -
  = 9% - 8% = 1% = 0,01,  Ay /(1 + ) = 0,01/1,08 = 0,00926 = 0,926% 
-D [& /(1 + )] = -10 (0,926%) = -9,26%, ..    1%   
   9,26%  $926 [$1000 - (0,0926  $1000)].

IB. 4.3       

         -
.     ,        
    .  . 16.3    -
.    . 16.2,         
    . ,       
 ,     .

     ^,     ~.  ,
    ~,     ^.    
 (16.46)     ~   .   ,
  ,   ,  .   