Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
1 HEADS
0.77 TAILS
0.07 HEADS
0.38 HEADS
0.49 HEADS
0.59 TAILS
0.52 TAILS
0.88 TAILS
0.49 HEADS
0.46 HEADS
0.7 TAILS
0.58 TAILS
0.03 HEADS
0.58 TAILS
0.34 HEADS
0.19 HEADS
0.52 TAILS
0.65 TAILS
0.8 TAILS
0.56 TAILS
0.49 HEADS
0.13 HEADS
0.14 HEADS
0.58 TAILS
0.6 TAILS
0.6 TAILS
0.46 HEADS
0.05 HEADS
0.67 TAILS
0.24 HEADS
0.81 TAILS
0.63 TAILS
0.43 HEADS
0.2 HEADS
0.24 HEADS
0.76 TAILS
0.49 HEADS
0.44 HEADS
0.18 HEADS
0.48 HEADS
0.34 HEADS
0.13 HEADS
0.21 HEADS
0.86 TAILS
0.35 HEADS
0.71 TAILS
0.25 HEADS
# heads # tails
payoff
481
519
240.5
0.12 HEADS
0.87 TAILS
0.26 HEADS
0.78 TAILS
0.34 HEADS
0.9 TAILS
0.22 HEADS
0.99 TAILS
0.95 TAILS
0.16 HEADS
0.64 TAILS
0.77 TAILS
0.44 HEADS
0.62 TAILS
0.7 TAILS
0.29 HEADS
1 TAILS
0.89 TAILS
1 TAILS
0.38 HEADS
0.4 HEADS
0.11 HEADS
0.48 HEADS
0.34 HEADS
0.59 TAILS
0.56 TAILS
0.71 TAILS
0.98 TAILS
0.32 HEADS
0.76 TAILS
0.99 TAILS
0.56 TAILS
0.3 HEADS
0.44 HEADS
0.22 HEADS
0.65 TAILS
0.41 HEADS
0.22 HEADS
0.6 TAILS
0.73 TAILS
0.67 TAILS
0.2 HEADS
0.6 TAILS
0.54 TAILS
0.31 HEADS
0.43 HEADS
0.76 TAILS
0.66 TAILS
0.52 TAILS
0.91 TAILS
0.23 HEADS
0.33 HEADS
0.86 TAILS
0.65 TAILS
0.2 HEADS
0.75 TAILS
0.67 TAILS
0.9 TAILS
0.07 HEADS
0.25 HEADS
0.47 HEADS
0.42 HEADS
0.3 HEADS
0.2 HEADS
0.47 HEADS
0.53 TAILS
0.77 TAILS
0.77 TAILS
0.17 HEADS
0.9 TAILS
0.22 HEADS
0.51 TAILS
0.88 TAILS
0.7 TAILS
0.7 TAILS
0.73 TAILS
0.23 HEADS
0.14 HEADS
0.37 HEADS
0.53 TAILS
0.11 HEADS
0.53 TAILS
0.48 HEADS
0.86 TAILS
0.71 TAILS
0.77 TAILS
0.46 HEADS
0.51 TAILS
0.96 TAILS
0.62 TAILS
0.71 TAILS
0.44 HEADS
0.78 TAILS
0.44 HEADS
0.58 TAILS
0.32 HEADS
0.52 TAILS
0.83 TAILS
0.8 TAILS
0.82 TAILS
0.3 HEADS
0.7 TAILS
0.73 TAILS
0.62 TAILS
0.85 TAILS
0.95 TAILS
0.47 HEADS
0.56 TAILS
0.99 TAILS
0.76 TAILS
0.27 HEADS
0.68 TAILS
0.22 HEADS
0.56 TAILS
0.42 HEADS
0.9 TAILS
0.98 TAILS
0.2 HEADS
0.42 HEADS
0.47 HEADS
0.49 HEADS
0.33 HEADS
0.47 HEADS
0.44 HEADS
0.96 TAILS
0.53 TAILS
0.42 HEADS
0.56 TAILS
0.58 TAILS
0.28 HEADS
0.96 TAILS
0.02 HEADS
0.95 TAILS
0.25 HEADS
0.28 HEADS
0.06 HEADS
0.23 HEADS
0.75 TAILS
0.41 HEADS
0.04 HEADS
0.02 HEADS
0.46 HEADS
0.22 HEADS
0.16 HEADS
0.92 TAILS
0.62 TAILS
0.01 HEADS
0.99 TAILS
0.55 TAILS
0.45 HEADS
0.36 HEADS
0.4 HEADS
0.05 HEADS
0.3 HEADS
0.39 HEADS
0.12 HEADS
0.64 TAILS
0.25 HEADS
0.55 TAILS
0.23 HEADS
0.16 HEADS
0.31 HEADS
0.33 HEADS
0.81 TAILS
0.7 TAILS
0.16 HEADS
0.58 TAILS
0.03 HEADS
0.21 HEADS
0.05 HEADS
0.27 HEADS
0.64 TAILS
0.98 TAILS
0.6 TAILS
0.39 HEADS
0.64 TAILS
0.56 TAILS
0.66 TAILS
0.72 TAILS
0.27 HEADS
0.83 TAILS
0.72 TAILS
0.47 HEADS
0.02 HEADS
0.86 TAILS
0 HEADS
0.27 HEADS
0.33 HEADS
0.19 HEADS
0.47 HEADS
0.33 HEADS
0.57 TAILS
0.86 TAILS
0.61 TAILS
0.34 HEADS
0.71 TAILS
0.06 HEADS
0.11 HEADS
0.26 HEADS
0.15 HEADS
0.41 HEADS
0.96 TAILS
0.71 TAILS
0.23 HEADS
0.64 TAILS
0.22 HEADS
0.58 TAILS
0.31 HEADS
0.44 HEADS
0.44 HEADS
0.93 TAILS
0.74 TAILS
0.4 HEADS
0.52 TAILS
0.67 TAILS
0.85 TAILS
0.7 TAILS
0.13 HEADS
0.6 TAILS
0.49 HEADS
0.56 TAILS
0.63 TAILS
0.76 TAILS
0.2 HEADS
0.27 HEADS
0.84 TAILS
0.6 TAILS
0.26 HEADS
0.47 HEADS
0.23 HEADS
0.91 TAILS
0.88 TAILS
0.08 HEADS
0.57 TAILS
0.72 TAILS
0.77 TAILS
0.75 TAILS
0.57 TAILS
0.04 HEADS
0.95 TAILS
0.51 TAILS
0.49 HEADS
0.52 TAILS
0.48 HEADS
0.21 HEADS
0.94 TAILS
0.73 TAILS
0.22 HEADS
0.51 TAILS
0.9 TAILS
0.02 HEADS
0.39 HEADS
0.96 TAILS
0 HEADS
0.62 TAILS
0.84 TAILS
0.38 HEADS
0.83 TAILS
0.17 HEADS
0.65 TAILS
0.37 HEADS
0.89 TAILS
0.83 TAILS
0.78 TAILS
0.83 TAILS
0.51 TAILS
0.83 TAILS
0.57 TAILS
0.53 TAILS
0.75 TAILS
0.48 HEADS
0.17 HEADS
0.95 TAILS
0.73 TAILS
0.54 TAILS
0.53 TAILS
0.6 TAILS
0.87 TAILS
0.32 HEADS
0.32 HEADS
0.55 TAILS
0.46 HEADS
0.4 HEADS
0.3 HEADS
0.47 HEADS
0.43 HEADS
0.77 TAILS
0.91 TAILS
0.33 HEADS
0.69 TAILS
0.69 TAILS
0.54 TAILS
0.75 TAILS
0.72 TAILS
0.84 TAILS
0.14 HEADS
0.54 TAILS
0.21 HEADS
0.49 HEADS
0.57 TAILS
0.75 TAILS
0.31 HEADS
0.22 HEADS
0.58 TAILS
0.7 TAILS
0.47 HEADS
0.83 TAILS
0.66 TAILS
0.6 TAILS
0.41 HEADS
0.41 HEADS
0.03 HEADS
0.7 TAILS
0.98 TAILS
0.82 TAILS
0.96 TAILS
0.03 HEADS
0.05 HEADS
0.93 TAILS
0.08 HEADS
0.02 HEADS
0.72 TAILS
0.56 TAILS
0.47 HEADS
0.29 HEADS
0.78 TAILS
0.74 TAILS
0.22 HEADS
0.46 HEADS
0.06 HEADS
0.06 HEADS
0.21 HEADS
0.22 HEADS
0.13 HEADS
0.49 HEADS
0.77 TAILS
0.98 TAILS
0.21 HEADS
0.8 TAILS
0.86 TAILS
0.92 TAILS
1 TAILS
0.66 TAILS
0.28 HEADS
0.64 TAILS
0.91 TAILS
0.47 HEADS
0.73 TAILS
0.49 HEADS
0.68 TAILS
0.51 TAILS
0.09 HEADS
0.17 HEADS
0.43 HEADS
0.7 TAILS
0.84 TAILS
0.85 TAILS
0.8 TAILS
0.23 HEADS
0.04 HEADS
0.37 HEADS
0.04 HEADS
0.09 HEADS
0.39 HEADS
0.68 TAILS
0.99 TAILS
0.29 HEADS
0.94 TAILS
0.69 TAILS
0.94 TAILS
0.08 HEADS
0.68 TAILS
0.19 HEADS
0.29 HEADS
0.13 HEADS
0.48 HEADS
0.47 HEADS
0.95 TAILS
0.08 HEADS
0.84 TAILS
0.95 TAILS
0.54 TAILS
0.65 TAILS
0.24 HEADS
0.25 HEADS
0.12 HEADS
0.9 TAILS
0.52 TAILS
0.67 TAILS
0.65 TAILS
0.59 TAILS
0.58 TAILS
0.88 TAILS
0.03 HEADS
0.11 HEADS
0.77 TAILS
0.03 HEADS
0.45 HEADS
0.66 TAILS
0.68 TAILS
0.11 HEADS
0.42 HEADS
0.79 TAILS
0.37 HEADS
0.84 TAILS
0.76 TAILS
0.17 HEADS
0.34 HEADS
0.81 TAILS
0.85 TAILS
0.01 HEADS
0.44 HEADS
0.67 TAILS
0.73 TAILS
0.2 HEADS
0.74 TAILS
0.67 TAILS
0.32 HEADS
0.58 TAILS
0.34 HEADS
0 HEADS
0.19 HEADS
0.84 TAILS
1 TAILS
1 TAILS
0.43 HEADS
0.92 TAILS
0.47 HEADS
0.25 HEADS
0.34 HEADS
0.59 TAILS
0.22 HEADS
0.17 HEADS
0.04 HEADS
0.67 TAILS
0.4 HEADS
0.99 TAILS
0.16 HEADS
0.76 TAILS
0.32 HEADS
0.09 HEADS
0.81 TAILS
0.83 TAILS
0.86 TAILS
0.36 HEADS
0.22 HEADS
0.24 HEADS
0.41 HEADS
0.34 HEADS
0.76 TAILS
0.86 TAILS
0.65 TAILS
0.53 TAILS
0.45 HEADS
0.87 TAILS
0.75 TAILS
0.83 TAILS
0.53 TAILS
0.51 TAILS
0.96 TAILS
0.12 HEADS
0.3 HEADS
0.01 HEADS
0.89 TAILS
0.23 HEADS
0.76 TAILS
0.85 TAILS
0.97 TAILS
0.94 TAILS
0.31 HEADS
0.37 HEADS
0.54 TAILS
0.87 TAILS
0.81 TAILS
0.91 TAILS
0.94 TAILS
0.14 HEADS
0.43 HEADS
0.34 HEADS
0.12 HEADS
0.13 HEADS
0.01 HEADS
0.55 TAILS
0.89 TAILS
0.48 HEADS
0.02 HEADS
0.43 HEADS
0.65 TAILS
0.75 TAILS
0.36 HEADS
0.64 TAILS
0.45 HEADS
0.42 HEADS
0.17 HEADS
0.91 TAILS
1 TAILS
0.05 HEADS
0.21 HEADS
0.73 TAILS
0.27 HEADS
0.57 TAILS
0.54 TAILS
0.14 HEADS
0.57 TAILS
0.38 HEADS
0.16 HEADS
0.66 TAILS
0.08 HEADS
0.3 HEADS
0.73 TAILS
0.36 HEADS
0.36 HEADS
0.21 HEADS
0.3 HEADS
0.55 TAILS
0.94 TAILS
0.74 TAILS
0.98 TAILS
0.42 HEADS
0.2 HEADS
0.68 TAILS
0.56 TAILS
0.35 HEADS
0.81 TAILS
0.95 TAILS
0.51 TAILS
0.55 TAILS
0.75 TAILS
0.07 HEADS
0.82 TAILS
0.43 HEADS
0.58 TAILS
0.17 HEADS
0.31 HEADS
0.65 TAILS
0.96 TAILS
0.77 TAILS
0.25 HEADS
0.65 TAILS
0.08 HEADS
0.42 HEADS
0.71 TAILS
0.75 TAILS
0.6 TAILS
0.12 HEADS
0.63 TAILS
0.07 HEADS
0.12 HEADS
0.18 HEADS
0.08 HEADS
0.74 TAILS
0.59 TAILS
0.91 TAILS
0.72 TAILS
0.67 TAILS
0.75 TAILS
0.71 TAILS
0.52 TAILS
0.4 HEADS
0.59 TAILS
0.94 TAILS
0.8 TAILS
0.6 TAILS
0.77 TAILS
0.54 TAILS
0.34 HEADS
0.65 TAILS
0.81 TAILS
0.1 HEADS
0.2 HEADS
0.01 HEADS
0.34 HEADS
0.6 TAILS
0.17 HEADS
0.83 TAILS
0.56 TAILS
0.99 TAILS
0.94 TAILS
0.85 TAILS
0.83 TAILS
0.77 TAILS
0.65 TAILS
0.32 HEADS
0.83 TAILS
0.22 HEADS
0.05 HEADS
0.55 TAILS
0.94 TAILS
0.8 TAILS
0.83 TAILS
0.57 TAILS
0.83 TAILS
0.06 HEADS
0.04 HEADS
0.38 HEADS
0.4 HEADS
0.25 HEADS
0.3 HEADS
0.17 HEADS
0.63 TAILS
0.41 HEADS
0.81 TAILS
0.29 HEADS
0.21 HEADS
0.69 TAILS
0.43 HEADS
0.24 HEADS
0.74 TAILS
0.78 TAILS
0.48 HEADS
0.4 HEADS
0.6 TAILS
0.99 TAILS
0.83 TAILS
0.45 HEADS
0.19 HEADS
0.04 HEADS
0.29 HEADS
0.62 TAILS
0.84 TAILS
0.54 TAILS
0.36 HEADS
0.08 HEADS
0.07 HEADS
0.01 HEADS
0.47 HEADS
0.33 HEADS
0.56 TAILS
0.76 TAILS
0.32 HEADS
0.6 TAILS
0.58 TAILS
0.7 TAILS
0.97 TAILS
0.59 TAILS
0.48 HEADS
0.14 HEADS
0.67 TAILS
0.85 TAILS
0.78 TAILS
0.52 TAILS
0.88 TAILS
0.54 TAILS
0.64 TAILS
0.05 HEADS
0.65 TAILS
0.33 HEADS
0.31 HEADS
0.98 TAILS
0.02 HEADS
0.53 TAILS
0.31 HEADS
0.63 TAILS
0.13 HEADS
0.28 HEADS
0.65 TAILS
0.59 TAILS
0.79 TAILS
0.54 TAILS
0.01 HEADS
0.52 TAILS
0.24 HEADS
0.99 TAILS
0.49 HEADS
0.41 HEADS
0.36 HEADS
0.81 TAILS
0.88 TAILS
0.27 HEADS
0.53 TAILS
0.99 TAILS
0.32 HEADS
0.11 HEADS
0.57 TAILS
0.13 HEADS
0.8 TAILS
0.02 HEADS
0.27 HEADS
0.38 HEADS
0.88 TAILS
0.12 HEADS
0.7 TAILS
0.84 TAILS
0.36 HEADS
0.24 HEADS
0.81 TAILS
0.1 HEADS
0.12 HEADS
1 TAILS
0.16 HEADS
0.09 HEADS
0.16 HEADS
0.4 HEADS
0.4 HEADS
0.7 TAILS
0.71 TAILS
0.38 HEADS
0.9 TAILS
0.03 HEADS
0.66 TAILS
0.82 TAILS
0.91 TAILS
0.63 TAILS
0.71 TAILS
0.28 HEADS
0.08 HEADS
0.38 HEADS
0.4 HEADS
0.27 HEADS
0.05 HEADS
0.08 HEADS
0.51 TAILS
0.64 TAILS
0.77 TAILS
0.74 TAILS
0.2 HEADS
0.03 HEADS
0.73 TAILS
0.61 TAILS
1 TAILS
0.19 HEADS
0.55 TAILS
0.38 HEADS
0.41 HEADS
0.37 HEADS
0.57 TAILS
0.47 HEADS
0.31 HEADS
0.93 TAILS
0.77 TAILS
0.86 TAILS
0.58 TAILS
0.59 TAILS
0.71 TAILS
0.32 HEADS
0.71 TAILS
0.28 HEADS
0.75 TAILS
0.9 TAILS
0.56 TAILS
0.19 HEADS
0.44 HEADS
0.72 TAILS
0.57 TAILS
0.35 HEADS
0.2 HEADS
0.76 TAILS
0.25 HEADS
0.57 TAILS
0.99 TAILS
0.89 TAILS
0.94 TAILS
0.29 HEADS
0.76 TAILS
0.52 TAILS
0.18 HEADS
0.58 TAILS
0.12 HEADS
0.13 HEADS
0.46 HEADS
0.91 TAILS
0.53 TAILS
0.85 TAILS
0.21 HEADS
0.73 TAILS
0.96 TAILS
0.96 TAILS
0.06 HEADS
0.65 TAILS
0.23 HEADS
0.7 TAILS
0.99 TAILS
0.4 HEADS
0.86 TAILS
0.46 HEADS
0.29 HEADS
0.55 TAILS
0.52 TAILS
0.05 HEADS
0.94 TAILS
0.87 TAILS
0.68 TAILS
0.03 HEADS
0.22 HEADS
0.25 HEADS
0.91 TAILS
0.16 HEADS
0.85 TAILS
0.49 HEADS
0.55 TAILS
0.23 HEADS
0.16 HEADS
0.67 TAILS
0.94 TAILS
0.62 TAILS
0.39 HEADS
0.17 HEADS
0.04 HEADS
0.95 TAILS
0.66 TAILS
0.22 HEADS
0.5 TAILS
0.15 HEADS
0.16 HEADS
0.46 HEADS
0.67 TAILS
0.45 HEADS
0.94 TAILS
0.97 TAILS
0.91 TAILS
0.45 HEADS
0.89 TAILS
0.3 HEADS
0.95 TAILS
0.1 HEADS
0.54 TAILS
0.05 HEADS
0.16 HEADS
0.15 HEADS
0.47 HEADS
0.24 HEADS
0.78 TAILS
0.51 TAILS
0.63 TAILS
0.79 TAILS
0.37 HEADS
0.82 TAILS
0.36 HEADS
0.32 HEADS
0.62 TAILS
0.59 TAILS
0.08 HEADS
0.02 HEADS
0.93 TAILS
0.36 HEADS
0.4 HEADS
0.59 TAILS
0.36 HEADS
0.4 HEADS
0.91 TAILS
0.52 TAILS
0.58 TAILS
0.74 TAILS
0.62 TAILS
0.26 HEADS
0.96 TAILS
0.01 HEADS
0.33 HEADS
0.88 TAILS
0.6 TAILS
0.25 HEADS
0.81 TAILS
0.91 TAILS
0.6 TAILS
0.79 TAILS
0.25 HEADS
0.6 TAILS
0.9 TAILS
0.51 TAILS
0.42 HEADS
0.42 HEADS
0.05 HEADS
0.03 HEADS
0.23 HEADS
0.01 HEADS
0.94 TAILS
0.9 TAILS
0.21 HEADS
0.88 TAILS
0.34 HEADS
0.48 HEADS
0.34 HEADS
0.86 TAILS
0.85 TAILS
0.88 TAILS
0.24 HEADS
0.97 TAILS
0.21 HEADS
0.56 TAILS
0.77 TAILS
0.93 TAILS
0.91 TAILS
0.55 TAILS
0.49 HEADS
0.34 HEADS
0.93 TAILS
0.35 HEADS
0.72 TAILS
0.31 HEADS
0.24 HEADS
0.89 TAILS
0.59 TAILS
0.11 HEADS
0.87 TAILS
0.77 TAILS
0.34 HEADS
0.6 TAILS
0.47 HEADS
0.49 HEADS
0.51 TAILS
0.85 TAILS
0.22 HEADS
0.66 TAILS
0.43 HEADS
0.79 TAILS
0.86 TAILS
0.29 HEADS
0.25 HEADS
0.78 TAILS
0.14 HEADS
0.72 TAILS
0.36 HEADS
0.88 TAILS
0.3 HEADS
0.42 HEADS
0.48 HEADS
0.9 TAILS
0.16 HEADS
0.48 HEADS
0.65 TAILS
0.86 TAILS
0.63 TAILS
0.22 HEADS
0.1 HEADS
0.8 TAILS
0.1 HEADS
0.56 TAILS
0.3 HEADS
0.13 HEADS
0.44 HEADS
0.98 TAILS
0.37 HEADS
0.38 HEADS
0.3 HEADS
0.93 TAILS
0.93 TAILS
0.17 HEADS
0.22 HEADS
0.72 TAILS
0.4 HEADS
0.2 HEADS
0.79 TAILS
0.09 HEADS
0.5 HEADS
0.44 HEADS
0.46 HEADS
0.47 HEADS
0.65 TAILS
0.62 TAILS
0.19 HEADS
0.88 TAILS
0.41 HEADS
0.03 HEADS
Face value
Coupon
number of payments/yr
YTM
Year
1000
10.00%
1
8.00%
0
-1000
PV factor
PV of cash flow
PV of face value
Price of Bond
Bond 2
Face value
Coupon
number of payments/yr
YTM
Year
PV factor
PV of cash flow
PV of face value
Price of Bond
1
100
0.93
92.59
680.58
1079.85
2
100
0.86
85.73
3
100
0.79
79.38
1000
0.08
2
100
0.86
85.73
3
100
0.79
79.38
1000
0.13
4
100
0.74
73.5
5
100
0.68
68.06
4
100
0.74
73.5
5
100
0.68
68.06
1000
10.00%
1
8.00%
0
-1000
1
100
0.93
92.59
463.19
1134.2
6
100
0.63
63.02
7
100
0.58
58.35
8
100
0.54
54.03
9
100
0.5
50.02
10
100
0.46
46.32
671.01
0.08
10
Annuity Coupon *
80 X
536.81
( 1-(1/1+i)^N)
i
6.71
Face value
Coupon
number of payments/yr
YTM
Year
1000
7.00%
1
8.00%
0
-1000
PV factor
PV of cash flow
PV of face value
Price of Bond
Bond 2
Face value
Coupon
number of payments/yr
YTM
Year
PV factor
PV of cash flow
PV of face value
Price of Bond
1
70
0.93
64.81
680.58
960.07
2
70
0.86
60.01
3
70
0.79
55.57
886.27
0.08
2
100
0.86
85.73
3
100
0.79
79.38
1000
0.08
4
70
0.74
51.45
5
70
0.68
47.64
4
100
0.74
73.5
5
100
0.68
68.06
1000
10.00%
1
8.00%
0
-1000
1
100
0.93
92.59
680.58
1079.85
Face value
Coupon
number of payments/yr
YTM
Year
1000
5.00%
1
10.00%
0
-1000
PV factor
PV of cash flow
PV of face value
Price of Bond
Bond 2
Face value
Coupon
number of payments/yr
YTM
Year
PV factor
PV of cash flow
PV of face value
Price of Bond
1
50
0.91
45.45
620.92
810.46
2
50
0.83
41.32
3
50
0.75
37.57
886.27
-0.09
2
100
0.83
82.64
3
100
0.75
75.13
1000
4
50
0.68
34.15
5
50
0.62
31.05
4
100
0.68
68.3
5
100
0.62
62.09
1000
10.00%
1
10.00%
0
-1000
1
100
0.91
90.91
385.54
1000
6
100
0.56
56.45
7
100
0.51
51.32
8
100
0.47
46.65
9
100
0.42
42.41
10
100
0.39
38.55
614.46