570                                                    18

        $50  ,  -
   $19,17 ($69,17 - $50) (    ).  ,
 ()  -    29,9 ($50/$1,67), 
  -    41,4 ($69,17/$ 1,67),  
  ,     .

18.8.3     

    ,  ,    ,
          -
    .    
        .
       -
  ,      -
       .     -
   (implied return)  .      
  14,8%.

18.8.4       

           ,
    .    
        ,   
   ,     -.

,         
(SML)11.       ,   
   .      -
 ,   . 17.  ,    
       ,  -
        -
   12.

 . 18.4    SML.    SML  
,  8%,     4%.  SML ,    
          -
.           
        .

20

10

  = 8,0%

1,0




. 18.4.    ,    
 