4 , ( , ) , . .
, 100 . . , , 6% ? 4, 267,30 . , , .
, 1 . , (i):
PV = | 1 - (1+i)-n |
i |
, (", (PV):
n | i | PV | FV | ||
? | Pl/=267,30 |
, , 6% % . ?
, . 7% , . ? , , 7%- .
n | i | PV | FV | PMT | |
? | PV=262,43 |
100 . 262,43 . 7% . , . , , , .
, 1% 4,87 . , .
, , . .
|
|
, .
8.1 |
100 ., 6% 5% ? |
, . , , , . 2, . . 8.1 , ( . . .) .
, , , 3 . . , , , .
() . The Wall Street Journal, April 3, p.C21
. 8.1.
8.2. :
, ;
(pure discount bonds zero-coupon bonds). , , . .
. , , .
(face value, par value). , , . , , 1000 . 950 ., 50 .
(yield) , , 1. 1 ( HaineN ) :
1 -
= | - | = | 1000 . 950 . |
950 . |
=0,0526 5,26 %
|
|
, , , . 2 1000 ., 880 . . , PV, FVn (i).
n | i | PV | FV | ||
? | -880 | i = 6,60% |
, 8.1. ( 3 100 .). . 8.1 . , ( ).
8.1.
( 1 . , ) | () | |
1 2 3 | 0,95 0,88 0,80 | 5,26 % 6,60 % 7,72 % |
. . 8.1, . , , 1 . . .
1- = 100 . 0,95 =
95 .
2- = 100 . 0,88 =
88 .
3- == 100 . 0,80 =
80 .
= 263 . 263 . , .
1- = 100 . / 1,0526 = 95,00 . 2- = 100 . / 1,06602 = 88,00 . 3- = 100 . / 1,07723 = 80,00 .
263 . , , 7,72%, . 8.1. , 259 ., 4 . .
i | PV | FV | PMT | ||
7,72 | ? | 0 | PMT =259. |
, , , 263 .? , 6,88% 1 . , (i) 6,88%
n | i | PV | FV | PMT | |
6,88 | ? | 0 | =263 . |
, 6,88%, , . 8.1 . , , 263 . , , (I), .
|
|
n | i | PV | FV | ||
? | -263 | i=6,88% |
, (.. 263 .). , , . 8.1.
, . (.. ), : , , .
8.2 |
, 2 6% , , . 8.1, . , 100 . ? , , ? |