850                                                    24

        S, FM  -
 Su F,  ^= 12%,  = 7,5%  2 = 152 = 225.   (24.2)
  ,    ,  :

2,-7,5)225]
=-^'-^= 22,22;-166,67.                     (24.3)

(12-7,5)2

 ,     50%   50%  -
 ,        , -
 9,75%.   (24.3)     -
    .   50 (22,22  9,75  166,67).  , 
    50  ,   -
 1%  .  ,    
 ,  :

t'P=u^+7,QoP                                                  (24-4)

 24.1         -
  (       -
  /"     (24.3),    
    ). -,    ,   
    ,    .   
(24.3)      : = \QQXg,  Xg  
 ,    ,     .  -
,      ,  ^- = 4,5%  os = 15%.
     ,    ^    --
  .

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

       ,   . 7, 
     ,  -
     ,      
        
   .     ,  -
   ,     .  -
 .    . 24.3()  24.3(6),    
  .

24.3.3     

 .      

(certainty equivalent return)   ,     -
 ;5.  ,    . 24.2     -
   ,       -