Abstract
Investigating the future value F(K, s, t) of a capital K invested between dates s and t, the “natural” condition F(K,s,t)ge K has lost its naturality because of the strange fact of negative interest rates. This leads to the task of describing the possible solutions of the multiplicative Sincov equation f(s,u)=f(s,t)f(t,u) for sle tle u where f(s,t)=0 may happen. In this paper we solve this task and discuss connections to the theory of investments.
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