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(*** Wolfram Notebook File ***)
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(* Beginning of Notebook Content *)
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Cell["\:6570\:7406\:30d5\:30a1\:30a4\:30ca\:30f3\:30b9 ", "Title"],

Cell["4. Forwards and Futures (\:5148\:7269\:53d6\:5f15)", "Subtitle"],

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\:3000\:7d04\:675f\:3092\:3057\:305f\:73fe\:5728\:6642\:70b9\:3067\:306f\:8cc7\
\:91d1\:306e\:3084\:308a\:53d6\:308a\:3092\:884c\:308f\:306a\:3044\:3068\:3057\
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\:7d04\:675f(\:5148\:7269\:5951\:7d04)\:305d\:306e\:3082\:306e\:306b\:4fa1\
\:5024\:304c\:767a\:751f\:3057\:ff0c\:305d\:308c\:304c\:6642\:9593\:306e\:7d4c\
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\:50b5\:306e\:4f8b\:3067\:ff0c\:73fe\:5728\:8a2d\:5b9a\:3055\:308c\:308b \
Implied Forward rate\:30671\:5e74\:5f8c\:306b\:8cb8\:3057\:4ed8\:3051\:308b\
\:3053\:3068\:3092\:7d04\:675f\:3057\:305f\:30b5\:30a4\:30c9\:306b\:7acb\:3063\
\:3066\:3001\:3053\:306e\:7d04\:675f(\:5951\:7d04)\:3092\:898b\:3066\:307f\
\:3088\:3046\:30021\:5e74\:5f8c\:306b\:91d1\:5229(1\:5e74\:5f8c\:304b\:3089\
\:6b21\:306e1\:5e74\:9593\:306b\:8cc7\:91d1\:3092\:904b\:7528\:3059\:308b\
\:3068\:304d\:306e\:3082\:306e)\:304c\:4e0b\:843d\:3057\:3066\:3044\:308c\
\:3070\:ff0c\:3053\:306e\:7d04\:675f\:306b\:306f\:30d7\:30e9\:30b9\:306e\:4fa1\
\:5024\:304c\:751f\:3058\:308b\:3002\:5e02\:5834\:3088\:308a\:6709\:5229\:306a\
(\:9ad8\:3044)\:91d1\:5229\:3067\:904b\:7528\:3067\:304d\:308b\:304b\:3089\
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\:3067\:8cb8\:4ed8\:304c\:53ef\:80fd\:3067\:3042\:308b\:306b\:3082\:304b\:304b\
\:308f\:3089\:305a\:4f4e\:3044  Implied Forward rate \:3067\:8cb8\:3057\:4ed8\
\:3051\:306a\:3051\:308c\:3070\:306a\:3089\:306a\:3044\:304b\:3089\:ff0c\:7d04\
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\:3000\:3053\:306e\:3088\:3046\:306b\:3001\:8cc7\:91d1\:306e\:3084\:308a\:3068\
\:308a\:3092\:5b9f\:884c\:3059\:308b\:65e5\:306b\:304a\:3051\:308b\:5f53\:521d\
\:5951\:7d04(\:7d04\:675f)\:306e\:4fa1\:5024\:306f\:ff0c\:5b9f\:884c\:65e5\
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\:6c7a\:307e\:308b\:3002\:4f8b\:3048\:3070\:5f53\:521d\:306e Implied Forward \
rate \:3088\:308a\:91d1\:5229\:306f\:4e0b\:304c\:3063\:3066\:3044\:3066\:ff0c\
\:5f53\:521d\:306e\:7d04\:675f\:306b\:30d7\:30e9\:30b9\:306e\:4fa1\:5024\:304c\
\:751f\:3058\:305f\:3068\:3057\:3088\:3046\:3002\:305d\:306e\:4e00\:65e5\:524d\
\:3067\:306f\:3069\:3046\:3067\:3042\:3063\:305f\:3060\:308d\:3046\:304b\:3002\
\:7d04\:675f\:3092\:5b9f\:884c\:3059\:308b\:65e5\:306f\:660e\:65e5\:3060\:304b\
\:3089\:ff0c\:660e\:65e5\:6c7a\:307e\:308b\:91d1\:5229\:306f\:307e\:3060\:78ba\
\:5b9a\:306f\:3057\:3066\:3044\:306a\:3044\:3002\:3057\:304b\:3057\:ff0c1\
\:5e74\:9593\:5b89\:5168\:8cc7\:7523\:3067\:904b\:7528\:3059\:308b\:91d1\:5229\
\:306f\:ff0c\:65e5\:3005\:305d\:308c\:307b\:3069\:5927\:304d\:304f\:5909\:52d5\
\:3059\:308b\:3082\:306e\:3067\:306f\:306a\:3044\:3002(\:516c\:5b9a\:6b69\
\:5408\:306e\:5909\:66f4\:304c\:7a81\:7136\:30a2\:30ca\:30a6\:30f3\:30b9\:3055\
\:308c\:305f\:308a\:3059\:308c\:3070\:ff0c\:5225\:3067\:3042\:308b\:3002\:ff09\
\:4e00\:65e5\:524d\:306b\:6210\:7acb\:3059\:308b\:91d1\:5229\:304c\:ff0c\:7fcc\
\:65e5\:306b\:6210\:7acb\:3059\:308b\:91d1\:5229\:3068\:307b\:307c\:540c\:3058\
\:3068\:8003\:3048\:3089\:308c\:3066\:3044\:308b\:72b6\:6cc1\:4e0b\:3067\:306f\
\:ff0c\:4e00\:65e5\:524d\:306e\:6642\:70b9\:3067\:7d04\:675f\:306b\:30d7\:30e9\
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\:5206\:ff0c\:78ba\:5b9f\:3067\:3042\:3063\:305f\:5834\:5408\:3088\:308a\:ff0c\
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\:5229\:304c\:7d04\:675f\:3092\:5b9f\:884c\:3059\:308b\:65e5\:306e\:91d1\:5229\
\:3092\:4e88\:6e2c\:3067\:304d\:308b\:7a0b\:5ea6\:306b\:5fdc\:3058\:3066\:ff0c\
\:300c\:7d04\:675f\:300d\:306e\:4e8c\:65e5\:76ee\:6642\:70b9\:3067\:306e\:4fa1\
\:5024\:304c\:6c7a\:307e\:3063\:3066\:3044\:308b\:3067\:3042\:308d\:3046\:3002\
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\:5834\:5408\:306e\:3042\:305f\:308a/\:306f\:305a\:308c\:306e\:3070\:3089\
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\:304c\:ff0c\:7d04\:675f\:3092\:5b9f\:884c\:3059\:308b\:65e5\:3088\:308a\:300c\
\:524d\:300d\:3067\:3042\:308b\:306b\:3082\:304b\:304b\:308f\:3089\:305a\:ff0c\
\:7d04\:675f\:306b\:4fa1\:5024\:304c\:751f\:3058\:3046\:308b\:3053\:3068\:306f\
\:4e86\:89e3\:3055\:308c\:3088\:3046\:3002
\:3000\:3053\:306e\:3088\:3046\:306b\:ff0c\:5c06\:6765\:306e\:7d04\:675f\:306b\
\:30d7\:30e9\:30b9\:3042\:308b\:3044\:306f\:30de\:30a4\:30ca\:30b9\:306e\:4fa1\
\:5024\:304c\:751f\:3058\:305d\:308c\:304c\:72b6\:6cc1\:306e\:5909\:5316\:306b\
\:5fdc\:3058\:3066\:5909\:5316\:3057\:3066\:3044\:304f\:3068\:304d\:ff0c\:4fa1\
\:5024\:5909\:5316\:304c\:3042\:308b\:300c\:7d04\:675f\:305d\:306e\:3082\:306e\
\:300d\:3092\:ff0c\:3042\:305f\:304b\:3082\:682a\:5f0f\:306a\:3069\:3068\:540c\
\:3058\:3088\:3046\:306a\:91d1\:878d\:5546\:54c1\:3068\:307f\:306a\:3057\:3066\
\:ff0c\:65e5\:3005\:ff08\:5f53\:521d\:306e\:5951\:7d04\:5f8c\:ff0c\:5148\:7269\
\:306e\:6e80\:671f(\:7d04\:675f\:306e\:671f\:9650)\:304c\:6765\:308b\:307e\
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\:5e02\:5834\:306e\:4e88\:60f3\:3092\:6bd4\:8f03\:3059\:308b\:3053\:3068\:304c\
\:3067\:304d\:308b\:306e\:3067\:ff0c\:53d6\:5f15\:6a5f\:4f1a\:306b\:5229\:7528\
\:4fa1\:5024\:304c\:3042\:308b\:3002\:53d6\:5f15\:6a5f\:4f1a\:3068\:3044\:3046\
\:300c\:5834\:300d\:306e\:63d0\:4f9b\:8005\:306f\:ff0c\:3053\:308c\:3092\:63d0\
\:4f9b\:3057\:53d6\:5f15\:53c2\:52a0\:8005\:304b\:3089\:53d6\:5f15\:624b\:6570\
\:6599\:3092\:5fb4\:53ce\:3059\:308c\:3070\:5229\:76ca\:3092\:5f97\:308b\:3053\
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