                                   931

 ,     ,   -
  .

      ,   -
         .  
          
.     .

  

          
  ( )   .   
          
 . ,     -
,       1000 . .,   850 . .
 , ,     ,  
    $1300  1000 . .      
    17,65% [(1000 - 850)/850].

     $1,35  ,    
   $1147.50 (850  $1,35).  ,  
  ,    ,   13,29%
[($1300  $1147,50)/$! 147,50].    ,   -
   ,       
  (..   ).

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

   

          
      , 
 .

    ,   -
  ,    .    
         ,    . 
  ,    (domestic return), r 
 :

 - )
'.=-^                                 (26.1)

,   =10 . .  ^ = 12 . .,   = 20% [(12  10)/10].
   /^   .  
   . ,      1 . . 