Example Actualisation Capitalisation

Tableau VA
5 10 50 VA = VF / (1+i)^n
1.00 % 95.15 90.53 60.80
6.00 % 74.73 55.84 5.43
10.00 % 62.09 38.55 0.85
Page 1
Tableau VA
VA = VF / (1+i)^n
Page 2
Prix Obligation
Année Flux Futurs Flux Futurs actualisés
1 40 38.46 Obligation
2 40 36.98 Valeur nominale
3 40 35.56 Taux de coupon
4 40 34.19 Maturité
5 1040 854.80 Taux actuariel
Prix 1000
Prix de cette obligation sur le marché se
Prix d’une obligation = somme des flux
Effet balançoire → Taux augmente, prix
« Au pair » : valeur nominale = prix
Page 3
Prix Obligation
1000
4.00 %
5 ans
4.00 %
ette obligation sur le marché secondaire ?
e obligation = somme des flux futurs actualisés
ançoire → Taux augmente, prix diminue (et inversement)
r » : valeur nominale = prix
Page 4
Obligation perpétuelle
Année Flux futur Flux futurs actualisés
1 2000 1941.74757281553000000000
2 2000 1885.19181826751000000000
3 2000 1830.28331870632000000000
4 2000 1776.97409583138000000000
5 2000 1725.21756876833000000000
6 2000 1674.96851336731000000000
7 2000 1626.18302268671000000000
8 2000 1578.81846862787000000000
9 2000 1532.83346468725000000000
10 2000 1488.18782979345000000000
11 2000 1444.84255319752000000000
12 2000 1402.75976038595000000000
13 2000 1361.90267998636000000000
14 2000 1322.23561163724000000000
15 2000 1283.72389479343000000000
16 2000 1246.33387844023000000000
17 2000 1210.03289168954000000000
18 2000 1174.78921523256000000000
19 2000 1140.57205362385000000000
20 2000 1107.35150837267000000000
21 2000 1075.09855181813000000000
22 2000 1043.78500176517000000000
23 2000 1013.38349685939000000000
24 2000 983.86747267901800000000
25 2000 955.21113852331800000000
26 2000 927.38945487700800000000
27 2000 900.37811153107600000000
28 2000 874.15350634085000000000
29 2000 848.69272460276700000000
30 2000 823.97351903181300000000
31 2000 799.97429032214800000000
32 2000 776.67406827393000000000
33 2000 754.05249346983500000000
34 2000 732.08979948527700000000
35 2000 710.76679561677400000000
36 2000 690.06485011337300000000
37 2000 669.96587389647800000000
38 2000 650.45230475386200000000
39 2000 631.50709199404100000000
40 2000 613.11368154761300000000
41 2000 595.25600150253700000000
42 2000 577.91844806071500000000
43 2000 561.08587190360700000000
44 2000 544.74356495495800000000
45 2000 528.87724752908600000000
46 2000 513.47305585348100000000
47 2000 498.51752995483600000000
48 2000 483.99760189789900000000
49 2000 469.90058436689200000000
50 2000 456.21415957950700000000
51 2000 442.92636852379300000000
52 2000 430.02560050853700000000
Page 5
53 2000 417.50058301799700000000
54 2000 405.34037186213300000000
55 2000 393.53434161372100000000
56 2000 382.07217632400200000000
57 2000 370.94386050873900000000
58 2000 360.13967039683400000000
59 2000 349.65016543382000000000
60 2000 339.46618003283500000000
61 2000 329.57881556585900000000
62 2000 319.97943258821200000000
63 2000 310.65964328952700000000
64 2000 301.61130416458900000000
65 2000 292.82650889765900000000
66 2000 284.29758145403800000000
67 2000 276.01706937285200000000
68 2000 267.97773725519700000000
69 2000 260.17256044193800000000
70 2000 252.59471887566800000000
71 2000 245.23759114142600000000
72 2000 238.09474868099600000000
73 2000 231.15995017572400000000
74 2000 224.42713609293600000000
75 2000 217.89042339120000000000
76 2000 211.54410037980600000000
77 2000 205.38262172796700000000
78 2000 199.40060361938500000000
79 2000 193.59281904794700000000
80 2000 187.95419325043400000000
81 2000 182.47979927226600000000
82 2000 177.16485366239400000000
83 2000 172.00471229358600000000
84 2000 166.99486630445300000000
85 2000 162.13093815966300000000
86 2000 157.40867782491500000000
87 2000 152.82395905331600000000
88 2000 148.37277577991800000000
89 2000 144.05123862128000000000
90 2000 139.85557147697100000000
91 2000 135.78210823006900000000
92 2000 131.82728954375600000000
93 2000 127.98765975121900000000
94 2000 124.25986383613500000000
95 2000 120.64064450110200000000
96 2000 117.12683932145900000000
97 2000 113.71537798199900000000
98 2000 110.40327959417300000000
99 2000 107.18765009143000000000
100 2000 104.06567970041800000000
101 2000 101.03464048584300000000
102 2000 98.09188396683750000000
103 2000 95.23483880275490000000
104 2000 92.46100854636400000000
105 2000 89.76796946248930000000
Page 6
106 2000 87.15336841018380000000
107 2000 84.61492078658620000000
108 2000 82.15040853066620000000
109 2000 79.75767818511280000000
110 2000 77.43463901467260000000
111 2000 75.17926117929380000000
112 2000 72.98957396047940000000
113 2000 70.86366403930040000000
114 2000 68.79967382456350000000
115 2000 66.79579982967330000000
116 2000 64.85029109677020000000
117 2000 62.96144766676720000000
118 2000 61.12761909394870000000
119 2000 59.34720300383370000000
120 2000 57.61864369304240000000
121 2000 55.94043076994410000000
122 2000 54.31109783489720000000
123 2000 52.72922119892930000000
124 2000 51.19341863973720000000
125 2000 49.70234819391960000000
126 2000 48.25470698438800000000
127 2000 46.84923008193010000000
128 2000 45.48468939993210000000
129 2000 44.15989262129330000000
130 2000 42.87368215659540000000
131 2000 41.62493413261690000000
132 2000 40.41255741030770000000
133 2000 39.23549263136670000000
134 2000 38.09271129258900000000
135 2000 36.98321484717380000000
136 2000 35.90603383220760000000
137 2000 34.86022702156070000000
138 2000 33.84488060345700000000
139 2000 32.85910738199710000000
140 2000 31.90204600193890000000
141 2000 30.97286019605720000000
142 2000 30.07073805442450000000
143 2000 29.19489131497520000000
144 2000 28.34455467473320000000
145 2000 27.51898512110020000000
146 2000 26.71746128262160000000
147 2000 25.93928279866170000000
148 2000 25.18376970743860000000
149 2000 24.45026185188210000000
150 2000 23.73811830279820000000
151 2000 23.04671679883320000000
152 2000 22.37545320275060000000
153 2000 21.72374097354430000000
154 2000 21.09101065392650000000
155 2000 20.47670937274420000000
156 2000 19.88030036188760000000
157 2000 19.30126248726950000000
158 2000 18.73908979346550000000
Page 7
159 2000 18.19329106161700000000
160 2000 17.66338938021070000000
161 2000 17.14892172835990000000
162 2000 16.64943857122320000000
163 2000 16.16450346720700000000
164 2000 15.69369268660870000000
165 2000 15.23659484136770000000
166 2000 14.79281052559970000000
167 2000 14.36195196660160000000
168 2000 13.94364268602100000000
169 2000 13.53751717089420000000
170 2000 13.14322055426620000000
171 2000 12.76040830511280000000
172 2000 12.38874592729400000000
173 2000 12.02790866727570000000
174 2000 11.67758123036480000000
175 2000 11.33745750520850000000
176 2000 11.00724029631900000000
177 2000 10.68664106438730000000
178 2000 10.37537967416250000000
179 2000 10.07318414967230000000
180 2000 9.77979043657504000000
181 2000 9.49494217143208000000
182 2000 9.21839045770105000000
183 2000 8.94989364825345000000
184 2000 8.68921713422665000000
185 2000 8.43613314002587000000
186 2000 8.19042052429696000000
187 2000 7.95186458669608000000
188 2000 7.72025688028745000000
189 2000 7.49539502940529000000
190 2000 7.27708255282067000000
191 2000 7.06512869205891000000
192 2000 6.85934824471738000000
193 2000 6.65956140263824000000
194 2000 6.46559359479441000000
195 2000 6.27727533475185000000
196 2000 6.09444207257461000000
197 2000 5.91693405104331000000
198 2000 5.74459616606147000000
199 2000 5.57727783112764000000
200 2000 5.41483284575499000000
201 2000 5.25711926772329000000
202 2000 5.10399928905174000000
203 2000 4.95533911558421000000
204 2000 4.81100885008176000000
205 2000 4.67088237872015000000
206 2000 4.53483726089335000000
207 2000 4.40275462222656000000
208 2000 4.27451905070539000000
209 2000 4.15001849583048000000
210 2000 4.02914417070920000000
211 2000 3.91179045699923000000
Page 8
212 2000 3.79785481262061000000
213 2000 3.68723768215593000000
214 2000 3.57984240986013000000
215 2000 3.47557515520401000000
216 2000 3.37434481087768000000
217 2000 3.27606292318221000000
218 2000 3.18064361474001000000
219 2000 3.08800350945632000000
220 2000 2.99806165966633000000
221 2000 2.91073947540420000000
222 2000 2.82596065573224000000
223 2000 2.74365112207013000000
224 2000 2.66373895346615000000
225 2000 2.58615432375354000000
226 2000 2.51082944053742000000
227 2000 2.43769848595866000000
228 2000 2.36669755918316000000
229 2000 2.29776462056618000000
230 2000 2.23083943744289000000
231 2000 2.16586353149795000000
232 2000 2.10278012766792000000
233 2000 2.04153410453196000000
234 2000 1.98207194614753000000
235 2000 1.92434169528886000000
236 2000 1.86829290804744000000
237 2000 1.81387660975480000000
238 2000 1.76104525218912000000
239 2000 1.70975267202828000000
240 2000 1.65995405051289000000
241 2000 1.61160587428436000000
242 2000 1.56466589736345000000
243 2000 1.51909310423636000000
244 2000 1.47484767401589000000
245 2000 1.43189094564649000000
246 2000 1.39018538412281000000
247 2000 1.34969454769205000000
248 2000 1.31038305601170000000
249 2000 1.27221655923466000000
250 2000 1.23516170799481000000
251 2000 1.19918612426681000000
252 2000 1.16425837307457000000
253 2000 1.13034793502385000000
254 2000 1.09742517963481000000
255 2000 1.06546133945127000000
256 2000 1.03442848490415000000
257 2000 1.00429949990694000000
258 2000 0.97504805816207700000
259 2000 0.94664860015735600000
260 2000 0.91907631083238400000
261 2000 0.89230709789551900000
262 2000 0.86631757077234800000
263 2000 0.84108502016732800000
264 2000 0.81658739822070700000
Page 9
265 2000 0.79280329924340500000
266 2000 0.76971194101301500000
267 2000 0.74729314661457700000
268 2000 0.72552732681026900000
269 2000 0.70439546292259100000
270 2000 0.68387909021610800000
271 2000 0.66396028176321200000
272 2000 0.64462163277981700000
273 2000 0.62584624541729800000
274 2000 0.60761771399737700000
275 2000 0.58992011067706500000
276 2000 0.57273797153113100000
277 2000 0.55605628303993300000
278 2000 0.53986046897080900000
279 2000 0.52413637764156200000
280 2000 0.50887026955491400000
281 2000 0.49404880539312100000
282 2000 0.47965903436225300000
283 2000 0.46568838287597400000
284 2000 0.45212464356890700000
285 2000 0.43895596463000600000
286 2000 0.42617083944660800000
287 2000 0.41375809655010500000
288 2000 0.40170688985447100000
289 2000 0.39000668917909800000
290 2000 0.37864727104766800000
291 2000 0.36761870975501700000
292 2000 0.35691136869419200000
293 2000 0.34651589193610800000
294 2000 0.33642319605447400000
295 2000 0.32662446218881000000
296 2000 0.31711112833865000000
297 2000 0.30787488188218500000
298 2000 0.29890765231280100000
299 2000 0.29020160418718500000
300 2000 0.28174913027882100000
301 2000 0.27354284493089400000
302 2000 0.26557557760281000000
303 2000 0.25784036660466900000
304 2000 0.25033045301424200000
305 2000 0.24303927477110900000
306 2000 0.23596046094282400000
307 2000 0.22908782615808200000
308 2000 0.22241536520202100000
309 2000 0.21593724776895200000
310 2000 0.20964781336791500000
311 2000 0.20354156637661600000
312 2000 0.19761317123943300000
313 2000 0.19185744780527500000
314 2000 0.18626936680123800000
315 2000 0.18084404543809500000
316 2000 0.17557674314378200000
317 2000 0.17046285742114700000
Page 10
318 2000 0.16549791982635700000
319 2000 0.16067759206442400000
320 2000 0.15599766219847000000
321 2000 0.15145404096938800000
322 2000 0.14704275822270700000
323 2000 0.14275995943952100000
324 2000 0.13860190236846700000
325 2000 0.13456495375579300000
326 2000 0.13064558617067300000
327 2000 0.12684037492298400000
328 2000 0.12314599507085800000
329 2000 0.11955921851539600000
330 2000 0.11607691117999600000
331 2000 0.11269603027184100000
332 2000 0.10941362162314700000
333 2000 0.10622681710985100000
334 2000 0.10313283214548600000
335 2000 0.10012896324804500000
336 2000 0.09721258567771370000
337 2000 0.09438115114341130000
338 2000 0.09163218557612750000
339 2000 0.08896328696711410000
340 2000 0.08637212326904280000
341 2000 0.08385643035829400000
342 2000 0.08141401005659610000
343 2000 0.07904272821028750000
344 2000 0.07674051282552180000
345 2000 0.07450535225778820000
346 2000 0.07233529345416330000
347 2000 0.07022844024676050000
348 2000 0.06818295169588390000
349 2000 0.06619704048144070000
350 2000 0.06426897134120460000
351 2000 0.06239705955456750000
352 2000 0.06057966947045390000
353 2000 0.05881521307811060000
354 2000 0.05710214861952490000
355 2000 0.05543897924225710000
356 2000 0.05382425169151180000
357 2000 0.05225655504030270000
358 2000 0.05073451945660460000
359 2000 0.04925681500641220000
360 2000 0.04782215049166230000
361 2000 0.04642927232200230000
362 2000 0.04507696341941970000
363 2000 0.04376404215477640000
364 2000 0.04248936131531690000
365 2000 0.04125180710224940000
366 2000 0.04005029815752370000
367 2000 0.03888378461895500000
368 2000 0.03775124720286900000
369 2000 0.03665169631346500000
370 2000 0.03558417117812140000
Page 11
371 2000 0.03454773900788480000
372 2000 0.03354149418241240000
373 2000 0.03256455745865290000
374 2000 0.03161607520257560000
375 2000 0.03069521864327730000
376 2000 0.02980118314881290000
377 2000 0.02893318752311930000
378 2000 0.02809047332341680000
379 2000 0.02727230419749200000
380 2000 0.02647796524028350000
381 2000 0.02570676236920730000
382 2000 0.02495802171767700000
383 2000 0.02423108904628830000
384 2000 0.02352532917115370000
385 2000 0.02284012540888710000
386 2000 0.02217487903775450000
387 2000 0.02152900877451890000
388 2000 0.02090195026652320000
389 2000 0.02029315559856620000
390 2000 0.01970209281414200000
391 2000 0.01912824545062330000
392 2000 0.01857111208798380000
393 2000 0.01803020591066380000
394 2000 0.01750505428219790000
395 2000 0.01699519833223100000
396 2000 0.01650019255556410000
397 2000 0.01601960442287770000
398 2000 0.01555301400279390000
399 2000 0.01510001359494550000
400 2000 0.01466020737373350000
401 2000 0.01423321104245970000
402 2000 0.01381865149753370000
403 2000 0.01341616650245990000
404 2000 0.01302540437132030000
405 2000 0.01264602366147600000
406 2000 0.01227769287521950000
407 2000 0.01192009017011600000
408 2000 0.01157290307778250000
409 2000 0.01123582823085680000
410 2000 0.01090857109791920000
411 2000 0.01059084572613520000
412 2000 0.01028237449139340000
413 2000 0.00998288785572171000
414 2000 0.00969212413176865000
415 2000 0.00940982925414432000
416 2000 0.00913575655742167000
417 2000 0.00886966656060356000
418 2000 0.00861132675786754000
419 2000 0.00836051141540538000
420 2000 0.00811700137417998000
421 2000 0.00788058385842716000
422 2000 0.00765105228973511000
423 2000 0.00742820610653894000
Page 12
424 2000 0.00721185058887276000
425 2000 0.00700179668822598000
426 2000 0.00679786086235532000
427 2000 0.00659986491490807000
428 2000 0.00640763583971658000
429 2000 0.00622100566962775000
430 2000 0.00603981132973567000
431 2000 0.00586389449488900000
432 2000 0.00569310145134855000
433 2000 0.00552728296247432000
434 2000 0.00536629413832458000
435 2000 0.00520999430905299000
436 2000 0.00505824690199319000
437 2000 0.00491091932232349000
438 2000 0.00476788283720727000
439 2000 0.00462901246330803000
440 2000 0.00449418685758061000
441 2000 0.00436328821124331000
442 2000 0.00423620214683817000
443 2000 0.00411281761828948000
444 2000 0.00399302681387328000
445 2000 0.00387672506201290000
446 2000 0.00376381073981835000
447 2000 0.00365418518428966000
448 2000 0.00354775260610646000
449 2000 0.00344442000592860000
450 2000 0.00334409709313457000
451 2000 0.00324669620692676000
452 2000 0.00315213223973472000
453 2000 0.00306032256284925000
454 2000 0.00297118695422257000
455 2000 0.00288464752837143000
456 2000 0.00280062866832177000
457 2000 0.00271905695953570000
458 2000 0.00263986112576282000
459 2000 0.00256297196676002000
460 2000 0.00248832229782526000
461 2000 0.00241584689109248000
462 2000 0.00234548241853639000
463 2000 0.00227716739663727000
464 2000 0.00221084213265755000
465 2000 0.00214644867248306000
466 2000 0.00208393074998355000
467 2000 0.00202323373784811000
468 2000 0.00196430459985253000
469 2000 0.00190709184451702000
470 2000 0.00185154548011361000
471 2000 0.00179761697098409000
472 2000 0.00174525919513018000
473 2000 0.00169442640303901000
474 2000 0.00164507417770778000
475 2000 0.00159715939583279000
476 2000 0.00155064019012893000
Page 13
477 2000 0.00150547591274653000
478 2000 0.00146162709975391000
479 2000 0.00141905543665428000
480 2000 0.00137772372490707000
481 2000 0.00133759584942434000
482 2000 0.00129863674701392000
483 2000 0.00126081237574167000
484 2000 0.00122408968518609000
485 2000 0.00118843658755931000
486 2000 0.00115382192966924000
487 2000 0.00112021546569829000
488 2000 0.00108758783077504000
489 2000 0.00105591051531557000
490 2000 0.00102515584011220000
491 2000 0.00099529693214776900
492 2000 0.00096630770111433900
493 2000 0.00093816281661586300
494 2000 0.00091083768603481800
495 2000 0.00088430843304351300
496 2000 0.00085855187674127500
497 2000 0.00083354551139929600
498 2000 0.00080926748679543300
499 2000 0.00078569658912177900
500 2000 0.00076281222244833000
501 2000 0.00074059439072653300
502 2000 0.00071902368031702300
503 2000 0.00069808124302623600
504 2000 0.00067774877963712200
505 2000 0.00065800852391953600
506 2000 0.00063884322710634500
507 2000 0.00062023614282169500
508 2000 0.00060217101244824700
509 2000 0.00058463205092062800
510 2000 0.00056760393293264900
511 2000 0.00055107177954626100
512 2000 0.00053502114519054500
513 2000 0.00051943800503936400
514 2000 0.00050430874275666400
515 2000 0.00048962013859870300
516 2000 0.00047535935786281800
517 2000 0.00046151393967263900
518 2000 0.00044807178608994100
519 2000 0.00043502115154363200
520 2000 0.00042235063256663300
521 2000 0.00041004915783168200
522 2000 0.00039810597847736100
523 2000 0.00038651065871588500
524 2000 0.00037525306671445100
525 2000 0.00036432336574218600
526 2000 0.00035371200557493800
527 2000 0.00034340971415042500
528 2000 0.00033340748946643200
529 2000 0.00032369659171498200
Page 14
530 2000 0.00031426853564561400
531 2000 0.00030511508315108200
532 2000 0.00029622823606901100
533 2000 0.00028760022919321500
534 2000 0.00027922352348855800
535 2000 0.00027109079950345400
536 2000 0.00026319495097422800
537 2000 0.00025552907861575500
538 2000 0.00024808648409296600
539 2000 0.00024086066416792800
540 2000 0.00023384530501740600
541 2000 0.00022703427671592800
542 2000 0.00022042162787954200
543 2000 0.00021400158046557500
544 2000 0.00020776852472385900
545 2000 0.00020171701429500800
546 2000 0.00019584176145146500
547 2000 0.00019013763247715000
548 2000 0.00018459964318169900
549 2000 0.00017922295454533900
550 2000 0.00017400286849062000
551 2000 0.00016893482377730100
552 2000 0.00016401439201679700
553 2000 0.00015923727380271600
554 2000 0.00015459929495409300
555 2000 0.00015009640286805100
556 2000 0.00014572466297869100
557 2000 0.00014148025531911700
558 2000 0.00013735947118360900
559 2000 0.00013335870988699900
560 2000 0.00012947447561844600
561 2000 0.00012570337438684000
562 2000 0.00012204211105518500
563 2000 0.00011848748646134400
564 2000 0.00011503639462266500
565 2000 0.00011168582002200400
566 2000 0.00010843283497282000
567 2000 0.00010527459706099000
568 2000 0.00010220834666115500
569 2000 0.00009923140452539370
570 2000 0.00009634116944212980
571 2000 0.00009353511596323280
572 2000 0.00009081079219731340
573 2000 0.00008816581766729450
574 2000 0.00008559788123038300
575 2000 0.00008310473905862430
576 2000 0.00008068421267827600
577 2000 0.00007833418706628740
578 2000 0.00007605260880222080
579 2000 0.00007383748427400070
580 2000 0.00007168687793592310
581 2000 0.00006959891061740100
582 2000 0.00006757175788097190
Page 15
583 2000 0.00006560364842812800
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1998 2000 0.00000000000000000000
1999 2000 0.00000000000000000000
2000 2000 0.00000000000000000000
2001 2000 0.00000000000000000000
2002 2000 0.00000000000000000000
2003 2000 0.00000000000000000000
2004 2000 0.00000000000000000000
2005 2000 0.00000000000000000000
2006 2000 0.00000000000000000000
2007 2000 0.00000000000000000000
2008 2000 0.00000000000000000000
2009 2000 0.00000000000000000000
2010 2000 0.00000000000000000000
2011 2000 0.00000000000000000000
2012 2000 0.00000000000000000000
2013 2000 0.00000000000000000000
Page 42
2014 2000 0.00000000000000000000
2015 2000 0.00000000000000000000
2016 2000 0.00000000000000000000
2017 2000 0.00000000000000000000
2018 2000 0.00000000000000000000
2019 2000 0.00000000000000000000
2020 2000 0.00000000000000000000
2021 2000 0.00000000000000000000
2022 2000 0.00000000000000000000
2023 2000 0.00000000000000000000
2024 2000 0.00000000000000000000
2025 2000 0.00000000000000000000
2026 2000 0.00000000000000000000
2027 2000 0.00000000000000000000
2028 2000 0.00000000000000000000
2029 2000 0.00000000000000000000
2030 2000 0.00000000000000000000
2031 2000 0.00000000000000000000
2032 2000 0.00000000000000000000
2033 2000 0.00000000000000000000
2034 2000 0.00000000000000000000
2035 2000 0.00000000000000000000
2036 2000 0.00000000000000000000
2037 2000 0.00000000000000000000
2038 2000 0.00000000000000000000
2039 2000 0.00000000000000000000
2040 2000 0.00000000000000000000
2041 2000 0.00000000000000000000
2042 2000 0.00000000000000000000
2043 2000 0.00000000000000000000
2044 2000 0.00000000000000000000
2045 2000 0.00000000000000000000
2046 2000 0.00000000000000000000
2047 2000 0.00000000000000000000
2048 2000 0.00000000000000000000
2049 2000 0.00000000000000000000
Page 43
Quel est le prix d’une rente perpétuelle de 50 euros (à vie chaque année) ?
Prix est égal à la somme des flux futurs actualisés
Coupon 2000
Taux actuariel 3.00 %
Prix (somme des flux) 66666.66667
Prix (formule) 66666.66667
Page 44
Taux actuariel
Flux Flux actualisé
1 55 51.5947 Taux actuariel 6.60 %
2 55 48.4003
Prix 99.9951
Page 45
Relation Fisher
Taux nominal n
Taux réel r 1.00 %
Taux inflation i 2.00 %
Relation Fisher n = r + i + r*i 3.02 % 3.02 %

Formule simplifiée n=r+i 3.00 %
Page 46
Feuille6
Année Flux Flux Futurs
1 10 9.83
2 10 9.67 Prix marché secondaire
3 1010 960.48
Obligation
Somme flux 979.980440925 Valeur nominale
futurs actualisés Coupon
Maturité
Taux actuariel
Page 47
Feuille6
980
1000
1.00 %
3
1.69 %
Page 48
Courbe de taux
Année Taux actuariel
1 1.2
2 1.5
3 1.69
4 1.8 3
5 2
6 2.1
2.5
7 2.2
8 2.25
9 2.4
2
10 2.45
1.5
0.5
0
0 2 4 6 8 10
Page 49
Courbe de taux
Taux actuariel
8 10 12
Page 50

Example Actualisation Capitalisation

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Example Actualisation Capitalisation

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Tableau VA

Prix d’une obligation = somme des flux

Effet balançoire → Taux augmente, prix

« Au pair » : valeur nominale = prix

ette obligation sur le marché secondaire ?

e obligation = somme des flux futurs actualisés

ançoire → Taux augmente, prix diminue (et inversement)

r » : valeur nominale = prix

Relation Fisher n = r + i + r*i 3.02 % 3.02 %

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