𝑒

𝑏𝑎𝑧𝑜𝑤𝑒𝑗

=

𝑠

𝑡

−𝑠

0

𝑠

0

∙ 100%

𝑒

2

=

1

1 + 𝑒

1

−1 ∙100%

premia/dyskonto =

𝑓

0

−𝑠

0

𝑠

0

∙

12

𝑛

𝑚𝑖𝑒𝑠𝑖ę𝑐𝑦

∙ 100% (=

𝑓

0

−𝑠

0

𝑠

0

∙

360

𝑛

𝑑𝑛𝑖

∙ 100%)

1 + 𝑖 = 1 + 𝑟 (1 + 𝑝)

𝑆

𝑟𝑒𝑎𝑙

= 𝑆

𝑛𝑜𝑚

∙

1 + 𝑝

𝑓

1 + 𝑝

ℎ

𝑖

ℎ

− 𝑖

𝑓

1 + 𝑖

𝑓

=

𝑝

ℎ

− 𝑝

𝑓

1 + 𝑝

𝑓

𝑓

𝑜

𝑆

0

=

1 + 𝑖

ℎ

1 + 𝑖

𝑓

𝑆

𝑡

𝑆

0

=

(1 + 𝑝

ℎ

)

𝑡

(1 + 𝑝

𝑓

)

𝑡

𝑅

𝐹

𝐸

= 𝑟

𝐹

1 − 𝑑 (1 − 𝑇) − 𝑑

𝑅

𝐻

𝐸

= 𝑟

𝐻

1 − T − dT

𝑑

∗

=

𝑟

𝐹

− 𝑟

𝐻

1 + 𝑟

𝐹

𝑆

𝑡

𝑆

0

=

1 + 𝑖

ℎ

1 + 𝑖

𝑓

1

2

3

4

5

6

7

8

9

10

11

12