PS9.xlsx - 400 350 NOMINAL MEAN PRICE 300 Trend Valuation F1 F2 Initial Price max price B dt 0.89 0.07 75 360 0.54 0.1 250 200 150 100 50 0 0 5 0 5 0 5

PS9.xlsx - 400 350 NOMINAL MEAN PRICE 300 Trend Valuation...

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Trend F1 0.89 Valuation F2 0.07 Initial Price 75 max price 360 B 0.54 dt 0.1 Time Constant Price Linear Approximation Model Price ln(P) 0.0 360 360.0 75.0 4.3175 0.1 360 357.6 74.6 4.3125 0.2 360 355.2 74.4 4.3088 0.3 360 352.8 74.2 4.3063 0.4 360 350.4 74.1 4.3049 0.5 360 348.0 74.0 4.3047 0.6 360 345.6 74.1 4.3055 0.7 360 343.2 74.3 4.3075 0.8 360 340.8 74.5 4.3106 0.9 360 338.4 74.8 4.3147 1.0 336 336.0 75.2 4.3198 1.1 336 333.6 75.6 4.3259 1.2 336 331.2 76.2 4.3329 1.3 336 328.8 76.8 4.3409 1.4 336 326.4 77.5 4.3498 1.5 336 324.0 78.2 4.3596 1.6 336 321.6 79.1 4.3703 1.7 336 319.2 80.0 4.3818 1.8 336 316.8 81.0 4.3941 1.9 336 314.4 82.0 4.4072 2.0 312 312.0 83.2 4.4211 2.1 312 309.6 84.4 4.4358 2.2 312 307.2 85.7 4.4512 2.3 312 304.8 87.1 4.4673 2.4 312 302.4 88.6 4.4841 2.5 312 300.0 90.2 4.5015 2.6 312 297.6 91.8 4.5196 2.7 312 295.2 93.5 4.5383 2.8 312 292.8 95.4 4.5576 0.0 5 10 15 20 25 30 35 40 NOMINAL MEAN PRICE
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2.9 312 290.4 97.3 4.5775 3.0 288 288.0 99.3 4.5980 3.1 288 285.6 101.4 4.6190 3.2 288 283.2 103.6 4.6406 3.3 288 280.8 105.9 4.6626 3.4 288 278.4 108.3 4.6851 3.5 288 276.0 110.8 4.7081 3.6 288 273.6 113.5 4.7315 3.7 288 271.2 116.2 4.7553 3.8 288 268.8 119.0 4.7795 3.9 288 266.4 122.0 4.8042 4.0 264 264.0 125.1 4.8291 4.1 264 261.6 128.3 4.8545 4.2 264 259.2 131.6 4.8801 4.3 264 256.8 135.1 4.9060 4.4 264 254.4 138.7 4.9322 4.5 264 252.0 142.4 4.9586 4.6 264 249.6 146.2 4.9852 4.7 264 247.2 150.2 5.0119 4.8 264 244.8 154.3 5.0389 4.9 264 242.4 158.5 5.0660 5.0 240 240.0 162.9 5.0932 5.1 240 237.6 167.4 5.1206 5.2 240 235.2 172.1 5.1479 5.3 240 232.8 176.8 5.1752 5.4 240 230.4 181.7 5.2025 5.5 240 228.0 186.7 5.2297 5.6 240 225.6 191.9 5.2568 5.7 240 223.2 197.1 5.2838 5.8 240 220.8 202.5 5.3106 5.9 240 218.4 207.9 5.3373 6.0 216 216.0 213.5 5.3637 6.1 216 213.6 219.2 5.3899 6.2 216 211.2 224.9 5.4157 6.3 216 208.8 230.7 5.4411 6.4 216 206.4 236.5 5.4660 6.5 216 204.0 242.4 5.4904 6.6 216 201.6 248.2 5.5143 6.7 216 199.2 254.1 5.5376 6.8 216 196.8 259.9 5.5604 6.9 216 194.4 265.7 5.5825 7.0 192 192.0 271.5 5.6040 7.1 192 189.6 277.2 5.6247 7.2 192 187.2 282.8 5.6446 7.3 192 184.8 288.2 5.6635 7.4 192 182.4 293.4 5.6814 7.5 192 180.0 298.4 5.6983 7.6 192 177.6 303.1 5.7142 7.7 192 175.2 307.7 5.7290 7.8 192 172.8 311.9 5.7427 7.9 192 170.4 315.9 5.7553 8.0 168 168.0 319.5 5.7668
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8.1 168 165.6 322.9 5.7772 8.2 168 163.2 325.8 5.7862 8.3 168 160.8 328.2 5.7936 8.4 168 158.4 330.2 5.7996 8.5 168 156.0 331.7 5.8042 8.6 168 153.6 332.7 5.8073 8.7 168 151.2 333.3 5.8090 8.8 168 148.8 333.4 5.8092 8.9 168 146.4 333.0 5.8081 9.0 144 144.0 332.2 5.8056 9.1 144 141.6 330.9 5.8018 9.2 144 139.2 329.1 5.7963 9.3 144 136.8 326.7 5.7891 9.4 144 134.4 323.8 5.7802 9.5 144 132.0 320.5 5.7698 9.6 144 129.6 316.7 5.7579 9.7 144 127.2 312.5 5.7446 9.8 144 124.8 308.0 5.7300 9.9 144 122.4 303.1 5.7141 10.0 120 120.0 298.0 5.6970 10.1 120 117.6 292.6 5.6788 10.2 120 115.2 286.9 5.6591 10.3 120 112.8 280.9 5.6378 10.4 120 110.4 274.6 5.6153 10.5 120 108.0 268.1 5.5914 10.6 120 105.6 261.5 5.5665 10.7 120 103.2 254.8 5.5405 10.8 120 100.8 248.1 5.5137 10.9 120 98.4 241.3 5.4860 11.0 96 96.0 234.6 5.4577 11.1 96 93.6 227.9 5.4288 11.2 96 91.2 221.1 5.3987 11.3 96 88.8 214.4 5.3676 11.4 96 86.4 207.6 5.3356 11.5 96 84.0 200.9 5.3029 11.6 96 81.6 194.3 5.2695 11.7 96 79.2 187.8 5.2355 11.8 96 76.8 181.5 5.2011 11.9 96 74.4 175.3 5.1665 12.0 72 72.0 169.3 5.1315 12.1 72 69.6 163.5 5.0965 12.2 72 67.2 157.7 5.0606 12.3 72 64.8 152.0 5.0240 12.4 72 62.4 146.5 4.9867 12.5 72 60.0 141.0 4.9490 12.6 72 57.6 135.8 4.9109 12.7 72 55.2 130.6 4.8725 12.8 72 52.8 125.7 4.8339 12.9 72 50.4 120.9 4.7953 13.0 48 48.0 116.4 4.7567 13.1 48 45.6 112.0 4.7181 13.2 48 43.2 107.6 4.6786
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13.3 48 40.8 103.4 4.6382 13.4 48 38.4 99.2 4.5971 13.5 48 36.0 95.1 4.5554 13.6 48 33.6 91.2 4.5132 13.7 48 31.2 87.4 4.4706 13.8 48 28.8 83.7 4.4278 13.9 48 26.4 80.2 4.3848 14.0 24 24.0 76.8 4.3417 14.1 24 21.6 73.6 4.2986 14.2 24 19.2 70.3 4.2534 14.3 24 16.8 67.1 4.2061 14.4 24 14.4 63.9 4.1571 14.5 24 12.0 60.7 4.1065 14.6 24 9.6 57.7 4.0545 14.7 24 7.2 54.7 4.0012 14.8 24 4.8 51.8 3.9469 14.9 24 2.4 49.0 3.8916 15.0 0 0.0 46.3 3.8355
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B z1 k S D dln(P)/dt 0.5400 0.0000 0.0554 0.5277 0.2551 0.2427 -0.0495 0.5375 -0.0044 0.0610 0.5282 0.2536 0.2443 -0.0373 0.5357 -0.0077 0.0665 0.5294 0.2521 0.2458 -0.0254 0.5344 -0.0100 0.0721 0.5310 0.2506 0.2472 -0.0137 0.5337 -0.0112 0.0776 0.5332 0.2492 0.2486 -0.0023 0.5336 -0.0114 0.0832 0.5358 0.2477 0.2499 0.0088 0.5341 -0.0106 0.0887 0.5390 0.2462 0.2511 0.0198 0.5350 -0.0089 0.0943 0.5426 0.2447 0.2523 0.0305 0.5366 -0.0062 0.0999 0.5467 0.2432 0.2534 0.0409 0.5386 -0.0025 0.1054 0.5513 0.2417 0.2544 0.0511 0.5411 0.0020 0.1110 0.5563 0.2401 0.2552 0.0611 0.5442 0.0075 0.1164 0.5616 0.2386 0.2560 0.0706 0.5477 0.0137 0.1218 0.5674 0.2369 0.2566 0.0799 0.5516 0.0209 0.1272 0.5735 0.2353 0.2572 0.0890 0.5560 0.0288 0.1326 0.5800 0.2335 0.2575 0.0979 0.5608 0.0375 0.1380 0.5869 0.2317 0.2577 0.1066 0.5660 0.0470 0.1434 0.5940 0.2298 0.2578 0.1150 0.5717 0.0572 0.1487 0.6015 0.2278 0.2577 0.1232 0.5777 0.0682 0.1541 0.6093 0.2257 0.2573 0.1313 0.5840 0.0799 0.1594 0.6174 0.2235 0.2568 0.1391 0.5908 0.0922 0.1647 0.6257 0.2211 0.2561 0.1467 0.5978 0.1053 0.1698 0.6342 0.2187 0.2551 0.1539 0.6051 0.1190 0.1749 0.6429 0.2161 0.2538 0.1609 0.6128 0.1333 0.1800 0.6517 0.2134 0.2524 0.1677 0.6206 0.1483 0.1850 0.6607 0.2106 0.2507 0.1743 0.6287 0.1638 0.1900 0.6699 0.2076 0.2487 0.1808 0.6371 0.1799 0.1950 0.6791 0.2044 0.2465 0.1870 0.6456 0.1965 0.2000 0.6885 0.2011 0.2440 0.1931 0.6543 0.2137 0.2049 0.6979 0.1977 0.2412 0.1991 z 2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5 13.0 13.5 14.0 0 50 00 50 00 50 00 50 00 Constant Price Linear Approximati Model Price PERIOD
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0.6632 0.2314 0.2097 0.7073 0.1941 0.2382 0.2048 0.6722 0.2496 0.2145 0.7167 0.1904 0.2350 0.2104 0.6813 0.2684 0.2191 0.7261 0.1866 0.2314 0.2155 0.6904 0.2875 0.2237 0.7354 0.1827 0.2277 0.2203 0.6996 0.3072 0.2281 0.7447 0.1786 0.2237 0.2251 0.7089 0.3272 0.2326 0.7539 0.1745 0.2195 0.2296 0.7181 0.3476 0.2369 0.7630 0.1702 0.2151 0.2340 0.7273 0.3684 0.2412 0.7720 0.1659 0.2105 0.2382 0.7365 0.3897 0.2455 0.7808 0.1615 0.2057 0.2423 0.7457 0.4112 0.2497 0.7895 0.1570 0.2008 0.2462 0.7547 0.4331 0.2538 0.7980 0.1525 0.1957 0.2499 0.7637 0.4554 0.2578 0.8063 0.1479 0.1906 0.2535 0.7725 0.4779 0.2615 0.8144 0.1434 0.1853 0.2564 0.7812 0.5008 0.2651 0.8223 0.1389 0.1799 0.2590 0.7897 0.5238 0.2686 0.8299 0.1343 0.1745 0.2615 0.7981 0.5471 0.2720 0.8373 0.1299 0.1691
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