                                                    655

           -
,   -         . 
    :

  

, _        od

h-  _    ,                                 (20.5)

  -     ,     ( - , s -
)   (  , d  ).

       , -
  h  [ h -     (20.5)]. -
          -
 .   :

B=PV(hP- ,^),                        (20.6)

 PV   ,   . ( -
  ,     -      .)"
     :

 = hP, -  ,                                (20.7)

 h           
   ,      ; 
    (20.5)  (20.6)

     

      ,     -
,     Widget       
  .     Widget     
   .     ,    
 .

      Widget    
   . ,       Widget
   $111,80 (  11,80%)    $89,44 (  10,56%).
      Widget      11,80%,
   10,56%.  ,   Widget   
        . 20.5(6)   .
   ,    Widget       
 : $125, $100  $80.     
      .

          
 Widget    ?   .    
,      ,       -
,       . 20.5().    -
    .

-, ,        Widget 
$111,80.         ? -
  h  1,0 [($25  $0)/($125  $100],   
   $96,08 [(1  $100 - $0)/1,0408]. (   
    4,08%   .)  -
 (20.7)     $15,72 (1  $111,80 - $96,08).

-,  ,    ,    Widget
 $89,44.         
       (20.5), (20.6)  (20.7),  -