{"id":208188,"date":"2026-09-27T18:00:00","date_gmt":"2026-09-27T09:00:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208188"},"modified":"2026-09-25T19:36:21","modified_gmt":"2026-09-25T10:36:21","slug":"annuity","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/annuity\/","title":{"rendered":"\u7b2c8\u56de \u6bce\u5e74\u540c\u3058\u984d\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u306f\u3044\u304f\u3089\u304b \u2015 \u7b49\u6bd4\u6570\u5217\u306e\u548c\u304c\u516c\u5f0f\u306b\u306a\u308b"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c8\u56de \/ \u524d\u63d0: \u7b2c4\u56de\u3001\u7b2c7\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30ed\u30fc\u30f3\u306e\u6bce\u56de\u306e\u8fd4\u6e08\u984d\u3084\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u3092\u3001\u7b49\u6bd4\u6570\u5217\u306e\u548c\u306e\u516c\u5f0f\u3067\u8a08\u7b97\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u652f\u6255\u984d\u304c\u4e00\u5b9a\u3067\u306a\u3044\u3068\u516c\u5f0f\u304c\u4f7f\u3048\u306a\u3044<\/h2>\n\n\n\n

\u624b\u5143\u306b\u9000\u8077\u91d1\u304c\u3042\u3063\u3066\u3001\u3053\u308c\u304b\u308910\u5e74\u9593\u3001\u6bce\u5e74\u540c\u3058\u984d\u3092\u53d7\u3051\u53d6\u308c\u308b\u5e74\u91d1\u3092\u8cb7\u304a\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u91d1\u5229\u304c\u5e745%\u3060\u3068\u3059\u308b\u3068\u3001\u6bce\u5e741\u4e07\u5186\u305a\u3064\u53d7\u3051\u53d6\u308b\u6a29\u5229\u306e\u5024\u6bb5\u306f\u3044\u304f\u3089\u3067\u3057\u3087\u3046\u304b\u30021\u5e74\u76ee\u306e1\u4e07\u5186\u306f\u4eca\u3088\u308a\u5c11\u3057\u5b89\u3044\u30012\u5e74\u76ee\u306f\u3082\u3063\u3068\u5b89\u3044\u30013\u5e74\u76ee\u306f\u3055\u3089\u306b\u5b89\u3044\u3002\u305d\u308c\u309210\u56de\u5206\u3001\u5168\u90e8\u8db3\u3057\u5408\u308f\u305b\u308c\u3070\u3088\u3044\u306e\u3067\u3059\u304c\u3001\u53d7\u3051\u53d6\u308b\u984d\u304c\u6bce\u56de\u540c\u3058\u306a\u3089\u3001\u5b9f\u306f\u8db3\u3057\u7b97\u3092\u3057\u306a\u304f\u3066\u3082\u4e00\u767a\u3067\u7b54\u3048\u304c\u51fa\u307e\u3059\u3002\u7d047.72\u4e07\u5186\u3067\u3059\u3002<\/p>\n\n\n\n

\u3068\u3053\u308d\u304c\u3001\u53cb\u4eba\u304c\u3053\u3046\u8a00\u3044\u307e\u3057\u305f\u3002\u300c\u7269\u4fa1\u304c\u6bce\u5e742%\u305a\u3064\u4e0a\u304c\u308b\u304b\u3089\u3001\u53d7\u3051\u53d6\u308b\u984d\u3082\u6bce\u5e742%\u305a\u3064\u5897\u3048\u308b\u5e74\u91d1\u306b\u3057\u305f\u300d\u3002\u53cb\u4eba\u306e\u5e74\u91d1\u306f1\u5e74\u76ee\u304c1\u4e07\u5186\u30012\u5e74\u76ee\u306f1\u4e07200\u5186\u30013\u5e74\u76ee\u306f1\u4e07404\u5186\u3068\u3001\u5c11\u3057\u305a\u3064\u81a8\u3089\u3093\u3067\u3044\u304d\u307e\u3059\u3002\u53cb\u4eba\u306f\u300c\u3060\u3044\u305f\u3044\u540c\u3058\u3060\u308d\u3046\u300d\u3068\u601d\u3044\u3001\u3055\u3063\u304d\u306e7.72\u4e07\u5186\u3068\u3044\u3046\u6570\u5b57\u3092\u305d\u306e\u307e\u307e\u4f7f\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

\u3053\u308c\u304c\u843d\u3068\u3057\u7a74\u3067\u3059\u3002\u53d7\u3051\u53d6\u308b\u984d\u304c\u6bce\u5e74\u5897\u3048\u3066\u3044\u308b\u306e\u306b\u3001\u6bce\u56de\u540c\u3058\u984d\u3060\u3068\u601d\u3063\u3066\u8a08\u7b97\u3057\u305f\u5024\u6bb5\u306f\u5b89\u3059\u304e\u307e\u3059\u3002\u6b63\u3057\u304f\u8a08\u7b97\u3059\u308b\u3068\u7d048.39\u4e07\u5186\u3067\u3001\u53cb\u4eba\u306e\u898b\u7a4d\u3082\u308a\u3068\u306e\u5dee\u306f\u7d046700\u5186\u3002\u8aa4\u5dee\u7387\u306b\u3057\u3066\u7d048%\u3067\u3059\u300210\u5e74\u3067\u3053\u308c\u3067\u3059\u304b\u3089\u300120\u5e74\u300130\u5e74\u3068\u671f\u9593\u304c\u5ef6\u3073\u308c\u3070\u5dee\u306f\u3082\u3063\u3068\u5e83\u304c\u308a\u307e\u3059\u300230\u5e74\u3067\u306f\u6b63\u3057\u3044\u5024\u6bb5\u304c\u7d0419.4\u4e07\u5186\u306a\u306e\u306b\u3001\u8aa4\u3063\u305f\u8a08\u7b97\u3067\u306f\u7d0415.4\u4e07\u5186\u30024\u4e07\u5186\u3082\u5b89\u304f\u898b\u7a4d\u3082\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u6bce\u56de\u540c\u3058\u984d\u3092\u53d7\u3051\u53d6\u308b\u5e74\u91d1\u306b\u306f\u3001\u5272\u5f15\u306e\u8db3\u3057\u7b97\u3092\u4e00\u3064\u306e\u5f0f\u306b\u307e\u3068\u3081\u308b\u4fbf\u5229\u306a\u516c\u5f0f\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u305d\u306e\u516c\u5f0f\u306f\u300c\u652f\u6255\u984d\u304c\u4e00\u5b9a\u300d\u3068\u3044\u3046\u6761\u4ef6\u306e\u4e0a\u306b\u6210\u308a\u7acb\u3063\u3066\u3044\u307e\u3059\u3002\u6761\u4ef6\u304c\u5d29\u308c\u305f\u307e\u307e\u516c\u5f0f\u3092\u4f7f\u3046\u3068\u3001\u5e74\u91d1\u306e\u5024\u6bb5\u3092\u5b9f\u614b\u3088\u308a\u5b89\u304f\u898b\u8aa4\u308a\u307e\u3059\u3002\u3053\u306e\u56de\u3067\u306f\u3001\u516c\u5f0f\u304c\u306a\u305c\u6210\u308a\u7acb\u3064\u306e\u304b\u3001\u305d\u3057\u3066\u3069\u3053\u307e\u3067\u4f7f\u3048\u308b\u306e\u304b\u3092\u3001\u8a3c\u660e\u3068\u53cd\u4f8b\u306e\u4e21\u9762\u304b\u3089\u78ba\u304b\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u540c\u3058\u984d\u3092\u4f55\u5ea6\u3082\u5272\u308a\u5f15\u304f\u306e\u306f\u9762\u5012\u304f\u3055\u3044<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u30ed\u30fc\u30f3\u306e\u6bce\u56de\u306e\u8fd4\u6e08\u984d\u3084\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u3092\u3001\u7b49\u6bd4\u6570\u5217\u306e\u548c\u306e\u516c\u5f0f\u3067\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u7b2c7\u56de\u307e\u3067\u306b\u3001\u5c06\u6765\u306e1\u56de\u9650\u308a\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3059\u65b9\u6cd5\u3092\u8eab\u306b\u3064\u3051\u307e\u3057\u305f\u3002\u5272\u5f15\u4fc2\u6570 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u308b\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

\u3068\u3053\u308d\u304c\u73fe\u5b9f\u306b\u306f\u3001\u300c\u6bce\u5e74\u540c\u3058\u91d1\u984d\u3092\u53d7\u3051\u53d6\u308b\u300d\u3068\u3044\u3046\u7d04\u675f\u304c\u305f\u304f\u3055\u3093\u51fa\u3066\u304d\u307e\u3059\u3002\u30ed\u30fc\u30f3\u306e\u8fd4\u6e08\u3001\u5e74\u91d1\u306e\u53d7\u7d66\u3001\u5229\u606f\u306e\u652f\u6255\u3044\u3002\u3053\u308c\u3089\u306f1\u56de\u3067\u306f\u306a\u304f <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u56de\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5217\u3067\u3059\u3002<\/p>\n\n\n\n

1\u56de\u3054\u3068\u306b\u5272\u308a\u5f15\u3044\u3066\u8db3\u3059\u306e\u306f\u3082\u3061\u308d\u3093\u6b63\u3057\u3044\u306e\u3067\u3059\u304c\u3001<\/span>n<\/span><\/span><\/span><\/span><\/eq> \u304c\u5927\u304d\u304f\u306a\u308b\u3068\u8a08\u7b97\u304c\u9762\u5012\u3067\u3059\u3002\u305d\u3057\u3066\u4f55\u3088\u308a\u3001\u5f0f\u3092\u9589\u3058\u305f\u5f62\u306b\u76f4\u3055\u306a\u3044\u3068\u3001\u91d1\u5229\u3084\u671f\u9593\u3092\u52d5\u304b\u3057\u305f\u3068\u304d\u306b\u5024\u304c\u3069\u3046\u5909\u308f\u308b\u304b\u304c\u898b\u3048\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306e\u8a71\u306f\u7d14\u7c8b\u306b\u4ee3\u6570\u3067\u3059\u3002\u7b49\u6bd4\u6570\u5217\u306e\u548c\u306e\u516c\u5f0f\u30921\u56de\u4f7f\u3046\u3060\u3051<\/strong>\u3067\u3001<\/span>n<\/span><\/span><\/span><\/span><\/eq> \u500b\u306e\u5272\u5f15\u304c1\u3064\u306e\u5f0f\u306b\u6f70\u308c\u307e\u3059\u3002\u305d\u3053\u304b\u3089\u6c38\u4e45\u5e74\u91d1\u306e\u6975\u9650\u3001\u305d\u3057\u3066\u671f\u9996\u6255\u3044\u3068\u306e\u95a2\u4fc2\u307e\u3067\u3001\u5168\u3066\u4e00\u672c\u306e\u5f0f\u304b\u3089\u51fa\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u8a18\u4e8b\u3067\u8a3c\u660e\u3059\u308b\u3053\u3068<\/h3>\n\n\n\n
    \n
  • THM-AN-1<\/strong> \u91d1\u5229 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u4e00\u5b9a\u306e\u3068\u304d\u3001\u6bce\u671f\u672b\u306b 1 \u3092 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u671f\u306b\u308f\u305f\u3063\u3066\u53d7\u3051\u53d6\u308b\u6a29\u5229\u306e\u73fe\u5728\u4fa1\u5024\u306f <\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>\/<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
  • THM-AN-2<\/strong> <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001<\/span>n<\/span><\/span><\/span><\/span><\/eq> \u3092\u7121\u9650\u5927\u306b\u3057\u305f\u6c38\u4e45\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u306f <\/span>1\/<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306b\u53ce\u675f\u3057\u307e\u3059\u3002<\/li>\n
  • THM-AN-3<\/strong> \u671f\u9996\u6255\u3044\u306e\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u306f\u3001\u671f\u672b\u6255\u3044\u306e\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u3092 <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u500d\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u4e00\u5b9a\u984d\u3092\u4e00\u5b9a\u671f\u9593\u3082\u3089\u3046\u6a29\u5229<\/h2>\n\n\n\n

    \u4ee5\u4e0b\u306e\u4eee\u5b9a\u3092\u5168\u3066\u7f6e\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

      \n
    • \u91d1\u5229 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f\u4e00\u5b9a\u3067\u3001<\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq>\u3002<\/li>\n
    • \u652f\u6255\u3044\u306f\u5404\u671f\u672b\u306b1\u56de\u3001\u91d1\u984d\u306f\u4e00\u5b9a\u3002\u7279\u306b\u65ad\u308a\u304c\u306a\u3051\u308c\u3070\u91d1\u984d\u3092 1 \u3068\u3057\u307e\u3059\u3002<\/li>\n
    • \u671f\u9593 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u306f\u6709\u9650\u306e\u6574\u6570\u3002\u6c38\u4e45\u5e74\u91d1\u306f\u6975\u9650\u3068\u3057\u3066\u6271\u3044\u307e\u3059\u3002<\/li>\n
    • \u7a0e\u3001\u624b\u6570\u6599\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/li>\n<\/ul>\n\n\n\n

      \u3053\u306e\u3088\u3046\u306a\u300c\u6bce\u671f\u672b\u306b\u4e00\u5b9a\u984d\u3092 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u56de\u53d7\u3051\u53d6\u308b\u6a29\u5229\u300d\u3092\u5e74\u91d1<\/strong>\uff08annuity\uff09\u3068\u547c\u3073\u307e\u3059\u3002\u53d7\u53d6\u984d\u3092 1 \u306b\u3057\u3066\u304a\u3051\u3070\u3001\u5b9f\u969b\u306e\u5e74\u91d1\u984d <\/span>c<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308b\u5834\u5408\u306f\u5168\u4f53\u3092 <\/span>c<\/span><\/span><\/span><\/span><\/eq> \u500d\u3059\u308b\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

      \u5e74\u91d1\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u6642\u70b9 <\/span>1<\/span>,<\/span><\/span>2<\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>n<\/span><\/span><\/span><\/span><\/eq> \u306b\u767a\u751f\u3057\u307e\u3059\u3002\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n\n\n\n

      <\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3067\u3059\u3002\u3053\u308c\u3092\u5168\u90e8\u8db3\u3057\u305f\u3082\u306e\u304c\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u3067\u3059\u3002<\/p>\n\n\n\n

      <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>k<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>2.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3053\u306e\u548c\u3092\u9589\u3058\u305f\u5f62\u306b\u3059\u308b\u306e\u304c\u3001\u6b21\u306e\u7bc0\u306e\u4ed5\u4e8b\u3067\u3059\u3002<\/p>\n\n\n\n

      \u307e\u3068\u3081\u308b\u3068\u3001\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u306f <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u500b\u306e\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u548c\u3067\u3042\u308a\u3001\u500b\u5225\u306b\u8db3\u3059\u3053\u3068\u306f\u5e38\u306b\u53ef\u80fd\u3067\u3059\u304c\u3001\u9589\u3058\u305f\u5f0f\u304c\u3042\u308b\u3068\u898b\u901a\u3057\u304c\u826f\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u7b49\u6bd4\u6570\u5217\u306e\u548c\u304c\u9589\u3058\u305f\u5f0f\u306b\u306a\u308b<\/h2>\n\n\n\n

      3\u3064\u306e\u5b9a\u7406\u3092\u8ff0\u3079\u307e\u3059\u3002\u5168\u3066 (2.1) \u306e\u548c\u3092\u6574\u7406\u3059\u308b\u3060\u3051\u3067\u51fa\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

      \n

      \u5b9a\u7406 THM-AN-1\uff08\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\uff09<\/strong>\n\u91d1\u5229 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u304c\u4e00\u5b9a\uff08<\/span>y<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\uff09\u306e\u3068\u304d\u3001\u6bce\u671f\u672b\u306b 1 \u3092 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u671f\u306b\u308f\u305f\u3063\u3066\u6255\u3046\u6a29\u5229\u306e\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n

      <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u306b\u7b49\u3057\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-AN-2\uff08\u6c38\u4e45\u5e74\u91d1\uff09<\/strong>\n<\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001<\/span>n<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>\u221e<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u305f\u6c38\u4e45\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n

      <\/span>PV<\/span><\/span><\/span>\u221e<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u306b\u53ce\u675f\u3059\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-AN-3\uff08\u671f\u9996\u6255\u3044\u3068\u306e\u95a2\u4fc2\uff09<\/strong>\n\u671f\u9996\u6255\u3044\u306e\u5e74\u91d1\uff08\u6642\u70b9 <\/span>0<\/span>,<\/span><\/span>1<\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>n<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306b\u53d7\u3051\u53d6\u308b\uff09\u306e\u73fe\u5728\u4fa1\u5024\u3092 <\/span><\/span>a<\/span><\/span><\/span>\u00a8<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3059\u308b\u3068\u3001<\/p>\n

      <\/span><\/span>a<\/span><\/span><\/span>\u00a8<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>PV<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u304c\u6210\u308a\u7acb\u3064\u3002\u3053\u3053\u3067 <\/span>PV<\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u671f\u672b\u6255\u3044\u306e\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\uff08THM-AN-1\uff09\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \u8a3c\u660e\u3092\u8aad\u3080\uff08\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\uff09<\/summary>\n

      4. \u8a3c\u660e \u2015 \u521d\u9805\u3068\u516c\u6bd4\u3092\u53d6\u308a\u51fa\u3057\u3066\u8db3\u3059<\/h2>\n

      \u3053\u306e\u7bc0\u306f\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\u3002<\/p>\n

      THM-AN-1 \u306e\u8a3c\u660e<\/h3>\n

      (2.1) \u3092\u66f8\u304d\u76f4\u3057\u307e\u3059\u3002<\/span>v<\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u304a\u304f\u3068\u3001\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n

      <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>k<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>v<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>v<\/span><\/span>+<\/span><\/span><\/span><\/span>v<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>\u22ef<\/span><\/span>+<\/span><\/span><\/span><\/span>v<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3059\u3002\u3053\u308c\u306f\u521d\u9805 <\/span>v<\/span><\/span><\/span><\/span><\/eq>\u3001\u516c\u6bd4 <\/span>v<\/span><\/span><\/span><\/span><\/eq>\u3001\u9805\u6570 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u306e\u7b49\u6bd4\u6570\u5217\u306e\u548c\u3067\u3059\u3002\u516c\u6bd4\u304c 1 \u3067\u306a\u3044\uff08<\/span>y<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>v<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\uff09\u3068\u304d\u3001\u7b49\u6bd4\u6570\u5217\u306e\u548c\u306e\u516c\u5f0f\u304c\u4f7f\u3048\u307e\u3059\u3002\u548c\u306e\u516c\u5f0f\u3092\u5c0e\u51fa\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n

      (4.1) \u306e\u4e21\u8fba\u306b\u516c\u6bd4 <\/span>v<\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u307e\u3059\u3002\u305a\u3089\u3057\u305f\u548c\u3092\u4f5c\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

      <\/span>v<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>v<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>v<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>\u22ef<\/span><\/span>+<\/span><\/span><\/span><\/span>v<\/span><\/span>n<\/span>+<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn>(4.1)<\/span><\/section>\n
      <\/span>PV<\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>v<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>v<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>v<\/span><\/span>n<\/span>+<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u5de6\u8fba\u3092 <\/span>PV<\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u304f\u304f\u308a\u307e\u3059\u3002<\/p>\n

      <\/span>PV<\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>v<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>v<\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>v<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>v<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u4e21\u8fba\u3092 <\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>v<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308c\u307e\u3059\u3002<\/p>\n

      <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>v<\/span><\/span><\/span><\/span><\/span><\/span><\/span>v<\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span>v<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3053\u3053\u304b\u3089 <\/span>v<\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u4ee3\u5165\u3057\u3066\u6574\u7406\u3057\u307e\u3059\u3002\u307e\u305a\u5206\u6bcd\u3092\u66f8\u304d\u63db\u3048\u307e\u3059\u3002<\/p>\n

      <\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>v<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u5206\u5b50\u306e <\/span>v<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066<\/p>\n

      <\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>v<\/span><\/span><\/span><\/span><\/span><\/span><\/span>v<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c\u7d04\u5206\u3055\u308c\u3066\u6d88\u3048\u307e\u3059\u3002(4.3) \u306b\u623b\u3059\u3068<\/p>\n

      <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>v<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.4<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u304c\u5f97\u3089\u308c\u307e\u3059\u3002 \u220e<\/p>\n

      (4.4) \u306e\u69cb\u9020\u3092\u78ba\u8a8d\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u671f\u5148\u306e 1 \u306e\u73fe\u5728\u4fa1\u5024\u3001\u3064\u307e\u308a\u5272\u5f15\u4fc2\u6570\u305d\u306e\u3082\u306e\u3067\u3059\u3002<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u300c1 \u304b\u3089\u5272\u5f15\u4fc2\u6570\u3092\u5f15\u3044\u305f\u3082\u306e\u300d\u3067\u3001<\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u306f 0 \u3068 1 \u306e\u9593\u306b\u3042\u308a\u307e\u3059\uff08<\/span>\u2212<\/span>1<\/span><\/span><<\/span><\/span><\/span><\/span>y<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u5272\u5f15\u4fc2\u6570\u304c 1 \u3092\u8d85\u3048\u308b\u306e\u3067\u8ca0\u306b\u306a\u308a\u3001\u5206\u6bcd\u306e <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3082\u8ca0\u306a\u306e\u3067\u73fe\u5728\u4fa1\u5024\u306f\u6b63\u306e\u307e\u307e\u3067\u3059\uff09\u3002\u3053\u308c\u3092 <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u3063\u305f\u3082\u306e\u304c\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u3067\u3059\u3002<\/p>\n

      THM-AN-2 \u306e\u8a3c\u660e<\/h3>\n

      <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>0<\/span><\/span><<\/span><\/span><\/span><\/span>v<\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6307\u6570\u306e\u6027\u8cea\u304b\u3089\u3001<\/span>n<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>\u221e<\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>v<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2192<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u5177\u4f53\u7684\u306b\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n

      <\/span>v<\/span><\/span><<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001<\/span>v<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306b\u304a\u3044\u3066 <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\u3002\u3057\u305f\u304c\u3063\u3066<\/p>\n

      <\/span>v<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u306f <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2192<\/span><\/span><\/span><\/span>\u221e<\/span><\/span><\/span><\/span><\/eq>\uff08<\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089 <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306e\u3079\u304d\u306f\u7121\u9650\u5927\u306b\u767a\u6563\u3059\u308b\uff09\u3088\u308a<\/p>\n

      <\/span>v<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2192<\/span><\/span><\/span><\/span>0<\/span><\/span>(<\/span>n<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>\u221e<\/span>)<\/span><\/span><\/span>(<\/span>4.5<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3059\u3002THM-AN-1 \u306e\u7d50\u679c (4.4) \u3067 <\/span>n<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>\u221e<\/span><\/span><\/span><\/span><\/eq> \u306e\u6975\u9650\u3092\u53d6\u308a\u307e\u3059\u3002<\/p>\n

      <\/span>PV<\/span><\/span><\/span>\u221e<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>n<\/span>\u2192<\/span>\u221e<\/span><\/span><\/span><\/span><\/span>lim<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.6<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u5206\u5b50\u306e\u6975\u9650\u3068\u5206\u6bcd\u306f <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u306b\u4f9d\u5b58\u3057\u306a\u3044\u306e\u3067\u3001\u6975\u9650\u3092\u305d\u306e\u307e\u307e\u5206\u5b50\u306b\u5165\u308c\u3089\u308c\u307e\u3059\u3002 \u220e<\/p>\n

      <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>0.05<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u6c38\u4e45\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u306f <\/span>1\/0.05<\/span><\/span>=<\/span><\/span><\/span><\/span>20<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6bce\u671f 1 \u3092\u6c38\u9060\u306b\u3082\u3089\u3048\u308b\u6a29\u5229\u304c 20 \u3067\u8cb7\u3048\u308b\u3001\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002\u5e74\u91d1\u984d\u304c 1 \u3067\u306f\u306a\u304f <\/span>c<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089 <\/span>c<\/span>\/<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

      THM-AN-3 \u306e\u8a3c\u660e<\/h3>\n

      \u671f\u9996\u6255\u3044\u5e74\u91d1\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u6642\u70b9 <\/span>0<\/span>,<\/span><\/span>1<\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>n<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306b\u767a\u751f\u3057\u307e\u3059\u3002\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n

      <\/span><\/span><\/span>a<\/span><\/span><\/span>\u00a8<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span>k<\/span>=<\/span>0<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>1<\/span><\/span>+<\/span><\/span>v<\/span><\/span>+<\/span><\/span>v<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>\u22ef<\/span><\/span>+<\/span><\/span>v<\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.7<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3059\u3002\u4e00\u65b9\u3001\u671f\u672b\u6255\u3044\u306e\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n

      <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>v<\/span><\/span>+<\/span><\/span><\/span><\/span>v<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>\u22ef<\/span><\/span>+<\/span><\/span><\/span><\/span>v<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.8<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3057\u305f\u3002(4.8) \u306e\u5404\u9805\u306f (4.7) \u306e\u5404\u9805\u3092 <\/span>v<\/span><\/span><\/span><\/span><\/eq> \u500d\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u9006\u306b\u8a00\u3048\u3070\u3001(4.7) \u306f (4.8) \u3092 <\/span>1\/<\/span>v<\/span><\/span><\/span><\/span><\/eq> \u500d\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u3053\u308c\u3092\u5f0f\u3067\u66f8\u304d\u307e\u3059\u3002<\/p>\n

      <\/span><\/span>a<\/span><\/span><\/span>\u00a8<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>v<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>PV<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>1\/<\/span>v<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u304b\u3089<\/p>\n

      <\/span><\/span>a<\/span><\/span><\/span>\u00a8<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>PV<\/span><\/span><\/span><\/span>(<\/span>4.9<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067\u3059\u3002 \u220e<\/p>\n

      (4.9) \u306e\u76f4\u89b3\u306f\u660e\u5feb\u3067\u3059\u3002\u671f\u9996\u6255\u3044\u306f\u671f\u672b\u6255\u3044\u3088\u308a\u5168\u3066\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c1\u671f\u5206\u65e9\u304f\u5c4a\u304d\u307e\u3059\u3002\u65e9\u304f\u5c4a\u304f\u5206\u3060\u3051\u5272\u5f15\u304c1\u671f\u5206\u5c11\u306a\u3044\u306e\u3067\u3001\u73fe\u5728\u4fa1\u5024\u306f <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u500d\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

      \u307e\u3068\u3081\u308b\u3068\u3001\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u516c\u5f0f\u306f\u7b49\u6bd4\u6570\u5217\u306e\u548c\u304b\u3089\u51fa\u3066\u304d\u307e\u3059\u3002\u6c38\u4e45\u5e74\u91d1\u306f\u516c\u6bd4\u304c 1 \u672a\u6e80\u306e\u3068\u304d\u306e\u7121\u9650\u7d1a\u6570\u306e\u6975\u9650\u3067\u3042\u308a\u3001\u671f\u9996\u6255\u3044\u306f\u671f\u672b\u6255\u3044\u30921\u671f\u5206\u524d\u5012\u3057\u306b\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<\/details>\n\n\n\n

      5. \u53cd\u4f8b \u2015 \u91d1\u52290\u3068\u6210\u9577\u3059\u308b\u5e74\u91d1\u3067\u306f\u516c\u5f0f\u304c\u4f7f\u3048\u306a\u3044<\/h2>\n\n\n\n

      \u53cd\u4f8b CEX-AN-1: \u91d1\u5229\u30bc\u30ed\u3067\u6c38\u4e45\u5e74\u91d1\u304c\u767a\u6563\u3059\u308b<\/h3>\n\n\n\n

      THM-AN-2 \u306f <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3092\u4eee\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u5404\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc 1 \u306e\u73fe\u5728\u4fa1\u5024\u306f\u305d\u306e\u307e\u307e 1 \u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u671f\u306e\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u306f\u5358\u7d14\u306b <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
      <\/span>n<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\uff08<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\uff09<\/th>\n<\/tr>\n<\/thead>\n
      10<\/td>\n10<\/td>\n<\/tr>\n
      100<\/td>\n100<\/td>\n<\/tr>\n
      1,000<\/td>\n1,000<\/td>\n<\/tr>\n
      10,000<\/td>\n10,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

      <\/span>n<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>\u221e<\/span><\/span><\/span><\/span><\/eq> \u3067\u767a\u6563\u3057\u307e\u3059\u3002\u300c\u6c38\u9060\u306b\u6bce\u671f 1 \u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u300d\u3092\u8cb7\u3046\u306e\u306b\u7121\u9650\u306e\u30b3\u30b9\u30c8\u304c\u5fc5\u8981\u3067\u3059\u3002\u5272\u5f15\u304c\u306a\u3044\u306e\u3060\u304b\u3089\u5f53\u7136\u3067\u3059\u3002<\/p>\n\n\n\n

      THM-AN-1 \u306e\u516c\u5f0f <\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>\/<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u3082\u3001<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u5206\u6bcd\u304c 0 \u306b\u306a\u308a\u3001\u5f0f\u305d\u306e\u3082\u306e\u304c\u5b9a\u7fa9\u3067\u304d\u307e\u305b\u3093\u3002<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3092 0 \u306b\u8fd1\u3065\u3051\u305f\u3068\u304d\u306e\u6c38\u4e45\u5e74\u91d1 <\/span>1\/<\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3082\u767a\u6563\u3057\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
      <\/span>y<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u6c38\u4e45\u5e74\u91d1 <\/span>1\/<\/span>y<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/tr>\n<\/thead>\n
      1.0<\/td>\n1<\/td>\n<\/tr>\n
      0.1<\/td>\n10<\/td>\n<\/tr>\n
      0.01<\/td>\n100<\/td>\n<\/tr>\n
      0.001<\/td>\n1,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

      \u91d1\u5229\u304c\u4f4e\u3044\u307b\u3069\u5e74\u91d1\u306e\u4fa1\u5024\u304c\u9ad8\u304f\u306a\u308a\u3001\u91d1\u5229\u30bc\u30ed\u3067\u306f\u7121\u9650\u5927\u306b\u5439\u304d\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      \u307e\u3068\u3081\u308b\u3068\u3001THM-AN-2 \u306e <\/span>y<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068\u3044\u3046\u6761\u4ef6\u306f\u672c\u8cea\u7684\u3067\u3059\u3002<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u5272\u5f15\u304c\u52b9\u304b\u306a\u3044\u305f\u3081\u6c38\u4e45\u5e74\u91d1\u306f\u767a\u6563\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u53cd\u4f8b CEX-AN-2: \u6210\u9577\u3059\u308b\u5e74\u91d1\u306b\u4e00\u5b9a\u984d\u306e\u516c\u5f0f\u3092\u5f53\u3066\u308b<\/h3>\n\n\n\n

      THM-AN-1 \u306f\u300c\u652f\u6255\u984d\u304c\u4e00\u5b9a\u300d\u3092\u4eee\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u6bce\u671f <\/span>g<\/span><\/span>=<\/span><\/span><\/span><\/span>2%<\/span><\/span><\/span><\/span><\/eq> \u305a\u3064\u6210\u9577\u3059\u308b\u5e74\u91d1\u3092\u8003\u3048\u307e\u3059\u3002\u7b2c <\/span>k<\/span><\/span><\/span><\/span><\/eq> \u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>g<\/span>)<\/span><\/span>k<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

      \u6b63\u3057\u3044\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n\n\n\n

      <\/span>PV<\/span><\/span><\/span>grow<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>k<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>g<\/span>)<\/span><\/span>k<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span>\u2212<\/span><\/span>g<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>(<\/span><\/span><\/span><\/span>1<\/span>+<\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span>+<\/span>g<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>y<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>g<\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3067\u3059\u3002\u4e00\u65b9\u3001\u300c\u91d1\u984d\u306f\u4e00\u5b9a\u3060\u300d\u3068\u601d\u3044\u8fbc\u3093\u3067 THM-AN-1 \u306e\u516c\u5f0f\u3092\u4f7f\u3046\u3068<\/p>\n\n\n\n

      <\/span>PV<\/span><\/span><\/span>wrong<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>y<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u306b\u306a\u308a\u307e\u3059\u3002<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>, <\/span>g<\/span><\/span>=<\/span><\/span><\/span><\/span>2%<\/span><\/span><\/span><\/span><\/eq> \u3067\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
      <\/span>n<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u6b63\u3057\u3044 PV<\/th>\n\u8aa4\u3063\u305f PV<\/th>\n\u8aa4\u5dee<\/th>\n<\/tr>\n<\/thead>\n
      5<\/td>\n4.497460<\/td>\n4.329477<\/td>\n0.167983<\/td>\n<\/tr>\n
      10<\/td>\n8.388106<\/td>\n7.721735<\/td>\n0.666371<\/td>\n<\/tr>\n
      20<\/td>\n14.665402<\/td>\n12.462210<\/td>\n2.203191<\/td>\n<\/tr>\n
      30<\/td>\n19.363059<\/td>\n15.372451<\/td>\n3.990608<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

      <\/span>n<\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u8aa4\u5dee\u7387\u304c\u7d04 7.94% \u3067\u3059\u3002<\/span>n<\/span><\/span><\/span><\/span><\/eq> \u304c\u4f38\u3073\u308b\u307b\u3069\u8aa4\u5dee\u306f\u5e83\u304c\u308a\u307e\u3059\u3002\u6210\u9577\u7387 <\/span>g<\/span><\/span><\/span><\/span><\/eq> \u3092\u7121\u8996\u3059\u308b\u3068\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c 1 \u304b\u3089 <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>g<\/span>)<\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u81a8\u3089\u3080\u52b9\u679c\u3092\u898b\u843d\u3068\u3059\u305f\u3081\u3001\u5e74\u91d1\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u307e\u3068\u3081\u308b\u3068\u3001\u4e00\u5b9a\u984d\u306e\u516c\u5f0f\u306f\u652f\u6255\u984d\u304c\u4e00\u5b9a\u3067\u3042\u308b\u5834\u5408\u306b\u306e\u307f\u6b63\u3057\u304f\u3001\u6210\u9577\u3059\u308b\u5e74\u91d1\u306b\u306f\u6210\u9577\u7387 <\/span>g<\/span><\/span><\/span><\/span><\/eq> \u3092\u7d44\u307f\u8fbc\u3093\u3060\u5225\u306e\u516c\u5f0f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

      6. \u6570\u5024\u4f8b \u2015 10\u5e74\u5206\u30921\u3064\u306e\u6570\u306b\u6f70\u3059<\/h2>\n\n\n\n

      <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>, <\/span>n<\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq> \u3067\u5177\u4f53\u7684\u306b\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u307e\u305a1\u671f\u305a\u3064\u5272\u308a\u5f15\u3044\u3066\u8db3\u3057\u4e0a\u3052\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u671f <\/span>k<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u5272\u5f15\u4fc2\u6570 <\/span>(<\/span>1.05<\/span>)<\/span><\/span>\u2212<\/span>k<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n\u73fe\u5728\u4fa1\u5024<\/th>\n<\/tr>\n<\/thead>\n
      1<\/td>\n0.95238095<\/td>\n0.95238095<\/td>\n<\/tr>\n
      2<\/td>\n0.90702948<\/td>\n0.90702948<\/td>\n<\/tr>\n
      3<\/td>\n0.86383760<\/td>\n0.86383760<\/td>\n<\/tr>\n
      4<\/td>\n0.82270247<\/td>\n0.82270247<\/td>\n<\/tr>\n
      5<\/td>\n0.78352617<\/td>\n0.78352617<\/td>\n<\/tr>\n
      6<\/td>\n0.74621540<\/td>\n0.74621540<\/td>\n<\/tr>\n
      7<\/td>\n0.71068133<\/td>\n0.71068133<\/td>\n<\/tr>\n
      8<\/td>\n0.67683936<\/td>\n0.67683936<\/td>\n<\/tr>\n
      9<\/td>\n0.64460892<\/td>\n0.64460892<\/td>\n<\/tr>\n
      10<\/td>\n0.61391325<\/td>\n0.61391325<\/td>\n<\/tr>\n
      \u5408\u8a08<\/strong><\/td>\n<\/td>\n7.721735<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

      \u516c\u5f0f\u3067\u4e00\u767a\u3067\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      <\/span><\/span>PV<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>(<\/span>1.05<\/span>)<\/span><\/span>\u2212<\/span>10<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>\u2212<\/span><\/span>0.61391325<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>0.38608675<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>7.721735<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u8db3\u3057\u4e0a\u3052\u305f\u5024\u3068\u4e00\u81f4\u3057\u307e\u3059\u300210\u500b\u306e\u5272\u5f15\u304c1\u3064\u306e\u6570\u306b\u6f70\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

      \u6c38\u4e45\u5e74\u91d1\u3078\u306e\u53ce\u675f<\/strong>\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
      <\/span>n<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u5e74\u91d1\u306e PV<\/th>\n<\/span>1\/<\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>20<\/span><\/span><\/span><\/span><\/eq> \u3068\u306e\u5dee<\/th>\n<\/tr>\n<\/thead>\n
      10<\/td>\n7.721735<\/td>\n12.278265<\/td>\n<\/tr>\n
      50<\/td>\n18.2559<\/td>\n1.7441<\/td>\n<\/tr>\n
      100<\/td>\n19.8479<\/td>\n0.1521<\/td>\n<\/tr>\n
      1,000<\/td>\n<\/span>\u2248<\/span><\/span><\/span><\/span>20<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2248<\/span><\/span><\/span><\/span>1.3<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1<\/span>0<\/span><\/span>\u2212<\/span>20<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

      <\/span>n<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3067\u6c38\u4e45\u5e74\u91d1\u306e\u5024\u306b\u307b\u307c\u8ffd\u3044\u3064\u304d\u3001<\/span>n<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span>,<\/span><\/span>000<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u5dee\u304c\u5b9f\u8cea\u30bc\u30ed\u3067\u3059\u3002<\/p>\n\n\n\n

      \u671f\u9996\u6255\u3044\u3068\u671f\u672b\u6255\u3044<\/strong>\u306e\u6bd4\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      <\/span><\/span>a<\/span><\/span><\/span>\u00a8<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.05<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>7.721735<\/span><\/span>=<\/span><\/span><\/span><\/span>8.107822<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u6bd4\u306f <\/span><\/span>a<\/span><\/span><\/span>\u00a8<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002THM-AN-3 \u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

      \u307e\u3068\u3081\u308b\u3068\u3001\u516c\u5f0f\u3068\u8db3\u3057\u4e0a\u3052\u306f\u5b8c\u5168\u306b\u4e00\u81f4\u3057\u3001\u6c38\u4e45\u5e74\u91d1\u306f\u6709\u9650\u5e74\u91d1\u306e\u81ea\u7136\u306a\u6975\u9650\u3067\u3059\u3002\u671f\u9996\u6255\u3044\u306f\u671f\u672b\u6255\u3044\u306e <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u500d\u306b\u306a\u308b\u3053\u3068\u3082\u6570\u5024\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

      7. \u6b21\u56de\u3078 \u2015 \u50b5\u5238\u4fa1\u683c\u306f\u5e74\u91d1\u3068\u5272\u5f15\u50b5\u306e\u548c<\/h2>\n\n\n\n

      \u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u516c\u5f0f\u306f\u3001\u540c\u3058\u984d\u3092\u7e70\u308a\u8fd4\u3057\u53d7\u3051\u53d6\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30921\u3064\u306e\u6570\u306b\u5727\u7e2e\u3059\u308b\u9053\u5177\u3067\u3059\u3002<\/p>\n\n\n\n

      \u6b21\u56de\uff08\u7b2c9\u56de\uff09\u3067\u306f\u3001\u3053\u306e\u5e74\u91d1\u306b\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u50b5\u30921\u3064\u8db3\u3059\u3060\u3051\u3067\u3001\u3082\u3063\u3068\u5e83\u3044\u7a2e\u985e\u306e\u91d1\u878d\u5546\u54c1\u306e\u4fa1\u683c\u304c\u4f5c\u308c\u308b\u3053\u3068\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n

      \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 8 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

      \u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n

      \u306a\u305c\u516c\u5f0f\u3092\u899a\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

      \u899a\u3048\u306a\u304f\u3066\u3082\u8db3\u3057\u7b97\u3067\u51fa\u307e\u3059\u3002\u305f\u3060\u3057\u516c\u5f0f\u306b\u3059\u308b\u3068\u3001\u671f\u9593\u3084\u91d1\u5229\u3092\u5909\u3048\u305f\u3068\u304d\u306e\u52d5\u304d\u304c\u898b\u3048\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      \u6c38\u4e45\u5e74\u91d1\u306f\u73fe\u5b9f\u306b\u3042\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

      \u904e\u53bb\u306b\u767a\u884c\u3055\u308c\u305f\u6c38\u4e45\u50b5\u304c\u3042\u308a\u307e\u3059\u3002\u7406\u8ad6\u3067\u306f\u3001\u682a\u5f0f\u306e\u914d\u5f53\u3092\u5358\u7d14\u5316\u3059\u308b\u3068\u304d\u306b\u3082\u4f7f\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

      \u91d1\u5229\u304c0\u306e\u3068\u304d\u306f\u3069\u3046\u306a\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

      \u516c\u5f0f\u306e\u5206\u6bcd\u304c0\u306b\u306a\u308b\u306e\u3067\u4f7f\u3048\u307e\u305b\u3093\u3002\u5358\u7d14\u306b\u671f\u9593\u306e\u6570\u3060\u3051\u8db3\u3059\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      \u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n
        \n\n
      1. Luenberger D. G.\u3001Investment Science\u3001\u7b2c2\u7248\u3001Oxford University Press\u30012013\u5e74<\/li>\n\n\n
      2. Fabozzi F. J.\u3001Bond Markets Analysis and Strategies\u3001\u7b2c9\u7248\u3001Pearson\u30012015\u5e74<\/li>\n\n<\/ol>\n\n\n\n
        \n\n\n\n

        \u6570\u5024\u4f8b\u306f compute.py<\/code> \u306b\u3088\u308a\u6709\u7406\u6570\u6f14\u7b97\u3067\u691c\u7b97\u6e08\u307f\u3002\u672c\u6587\u4e2d\u306e\u5c0f\u6570\u306f4\u301c8\u6841\u3067\u4e38\u3081\u3066\u3044\u308b\u3002<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"

        \u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c8\u56de \/ \u524d\u63d0: \u7b2c4\u56de\u3001\u7b2c7\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30ed\u30fc\u30f3\u306e\u6bce\u56de\u306e\u8fd4\u6e08\u984d\u3084\u5e74\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u3092\u3001\u7b49\u6bd4\u6570\u5217\u306e\u548c\u306e\u516c\u5f0f\u3067\u8a08\u7b97\u3067\u304d\u308b 0. \u7269\u8a9e \u2015 \u652f\u6255\u984d\u304c\u4e00\u5b9a\u3067\u306a\u3044\u3068\u516c\u5f0f […]<\/p>\n","protected":false},"author":1,"featured_media":209101,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[161],"class_list":["post-208188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-engineering","tag-fe-part1-rates"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t