 657

   .  ,     -
    ,        
,   .

20.6.3       

  ,       Widget  -
  0,5556.    ,   
    0,5556  1 = 0,4444.   . 
         
   :

h - 1 = h ,                                   (20.8)

                    '                                                                                \         '

 /^  hp       
.

        
              . 
      Widget    $100  
  .     . 
      . (    -
 ,   ).      
   ,     -
,   .

        -
,     :   Widget   
$100,   Widget   . (,     -
,       ,     -
.)    . 20.1.  ,    Widget  
  ,    $100,     
 $100.     Widget  $100,   
 ,    $100.  ,    
  ,         -
:

 + ,= , + /"1',                                 (20.9)

 fp  ^ -        .

        (put-call parity). 
. 20.1 ,      $106,84,   
  (20.5), (20.6)  (20.7).

 20.1

      Widget

     ___   

		 	 
		. < = $100	= $100 > ,
.   	 +  =' 'S		  
	= $6,84 + $100 =	 ,	 , 
 	= $106,84	 $100	  
.   	, + / RT =	  	
 =	-- $14,53 + $92,31 =	 ,	 ,
	= $106,84	 $100	 
 		 	 ,
  		

