23.8 Developing No-arbitrage Model for r a model for r can be made to fit the initial term structure by including a function of time in the drift Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 23.8 Developing No-Arbitrage Model for r A model for r can be made to fit the initial term structure by including a function of time in the drift