Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 101

Let us assume that Alfred buys this instrument for $12,500. If the rate of return received by him were to be 12%, he would have to receive a future value of $19,669. This can be stated as:

If Alfred were to receive a higher terminal payment, his rate of return would be higher than 12%, else it would be lower. Because the instrument offered to him promises a terminal value of $25,000, which is greater than the required future value of $19,669, the investment is attractive from his perspective.