Pembahasan Ujian PAI: A10 – No. 01 – Mei 2025

$$s_{1} = 5{,}5\%, \quad s_{2} = 5{,}0\%, \quad s_{3} = 5{,}0\%$$

$$s_{4} = 4{,}5\%, \quad s_{5} = 4{,}0\%$$

$$m = 1, \quad t = 4$$

$$(1 + s_{t+m})^{t+m} = (1 + s_{t})^{t}\left(1 + {}_{m}f_{t}\right)^{m}$$

sehingga,

$$_{m}f_{t} = \frac{(1 + s_{t+m})^{t+m}}{(1 + s_{t})^{t}} – 1$$

$$f_{4} = \frac{(1 + s_{5})^{5}}{(1 + s_{4})^{4}} – 1$$

Substitusikan nilai spot rate tahun ke-4 dan tahun ke-5:

$$f_{4} = \frac{(1 + 0{,}04)^{5}}{(1 + 0{,}045)^{4}} – 1$$

$$f_{4} = \frac{(1{,}04)^{5}}{(1{,}045)^{4}} – 1$$

$$f_{4} = \frac{1{,}216652902}{1{,}192518601} – 1$$

$$f_{4} \approx 0{,}0202 \text{ atau } 2{,}0\%$$