A digital-to-analog converter which is effective for an interpolative decoder for decoding a linear PCM signal is disclosed. An output signal of a binary rate multiplier which develops signals of several less-significant bits of the linear PCM signal onto a time axis is directly applied to a driver circuit, by which is driven the segment of a ladder resistance network corresponding to the least significant bit, the ladder resistance network having segments corresponding to signals of several more-significant bits of the linear PCM signal. Thus, an adder for the digital addition between the output signal of the binary rate multiplier and the signals of the several more-significant bits is dispensed with.
