t

N t

N ρ = N t C t 2

D t

C t

q t = D t N ρ

p t = 1 q t

S ( t ) = p t × p t 1

0 - 4

32

32 − (2/2) = 31.0

3

2

3/31 = 0.097

1 − 0.097 = 0.903

0.903 × 1.000 = 0.903

5 - 9

27

27 − (2/2) = 26.0

1

2

1/26 = 0.038

1 − 0.038 = 0.962

0.962 × 0.903 = 0.869

10 - 14

24

23.0

1

2

1/23 = 0.043

1 − 0.043 = 0.957

0.957 × 0.869 = 0.831

15 - 19

21

20.5

1

1

1/20.5 = 0.049

1 − 0.049 =0.951

0.951 × 0.831 = 0.790

20 - 24

19

18.5

2

1

2/18.5 = 0.108

1 − 0.108= 0.892

0.892 × 0.790 = 0.705

24 - 29

16

15

1

2

1/15 = 0.067

1 − 0.067= 0.933

0.933 × 0.705 = 0.658

30 - 34

13

12

2

2

2/12 = 0.167

1 − 0.167= 0.833

0.833 × 0.658 = 0.548

35 - 39

9

8.5

2

1

2/8.5 = 0.235

1 − 0.235 = 0.765

0.765 × 0.548 = 0.419

40 - 45

6

5.5

1

1

1/5.5 = 0.182

1 − 0.182 = 0.818

0.818 × 0.419 = 0.343