A$1.3600 / US$ DKr6.4500 / US$ - 12 n - 12 n 1.4310-1.4505 12 1.4505 6 1.4505-1.4310 16 1.4310 6 1.4395-1.4505 12 1.4505 3

S1(b / a) + Pb 1 S0(b / a) 1 + Pa S0(b / a) + Pa 1 S1(b / a) 1 + Pb S1(b/ a) -S0(b/ a) Pb - Pa S0(b / a) 1 + Pa S0 - S1 1 + Pb S1 1 + Pb S 1( b / a ) S 0( b / a ) S0( b / a)

1 + ia + Pa 1 1+ ib 1 + Pb S1(b / a) + Pb ib 1 1+ S0(b / a) 1 + Pa 1 + ia S1(b / a) ib 1+ S0(b / a) 1 + ia S1- S0 ib - ia S0 1 + ia S1- S0 S0

F1(b/ a) ib -S0 1+ F1 S0(b / a) 1 + ia S0 ib - ia 1 + ia F1 -S0 S0 $10,000 S0($/ ) $10,000 $1.5 /

1 + n / 365 y $1,000 1+(182 / 365) 10%

n +1 ( 1 + kd) t t ( 1 + kd) n

5 80% 1000 t 1000 t= 1 ( 1 + 9%) ( 1+ 9%) 5

Dt Ke t t =1 ( 1+ )

D g t 0( 1+ ) t D 0( 1 + g ) t= 1 ( 1+ Ke) Ke g D 0( 1+ g ) D1 + g = = g P0 P0 D 0 P0 D 1 + g P0( 1 f) D 0( 1+ g ) + g P0( 1 f) 15. ( 1+ 8%) + 8% 15( 1 02%). D 1 15. 108. + g = + 8% = P0 15 100%

100%

( ) 100% Dp P0 Dp P f 0 1 ( )