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"01;8F0 2 F5=:0 48=0<8:8 ?>:070B5;59 D8=0=A>2>9 CAB>9G82>AB8  <530 & & . B@8F0B5;L=K< <><5=B>< O2;O5BAO A=865=85 :>MDD8F85=B0 A>>B=>H5=8O 4>E>4>2 8 @0AE>4>2 =0 0,0272. -B> 3>2>@8B > B><, GB> @0AE>4K >@30=870F88 @0ABCB 1KAB@55 4>E>4>2. 0;55 8AA;54C5< C@>25=L 8 48=0<8:C @5=B015;L=>AB8 0:B82>2 >@30=870F88 A CG5B>< D0:B>@>2, 55 >?@545;ONI8E. 57C;LB0BK @0AG5B>2 ?@54AB02;5=K 2 B01;8F5 4. "01;8F0 4 $0:B>@=K9 0=0;87 @5=B015;L=>AB8 0:B82>2  <530 0AAG8B05< 2;8O=85 D0:B>@>2 =0 @5=B015;L=>ABL 0:B82>2: (ROA (0) = ( 0 * 1!0 * ROS0 = -0,0036 * 0,9193 * 14,34 = -0,05. (ROA (1!) = 01 * (1! * ROS0 = 0,5477 * 0,6258 * 14,34 = 4,92. (ROA (ROS) = 01 * 1!1 * (ROS0 = 0,5477 *1,5451 *(-2,37) = -2,01. @>2545< 0@8D<5B8G5A:CN ?@>25@:C: (ROA = -0,05 + 4,92  2,01 = 2,86. 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:>;8G5AB2>< >1>@>B>2 70 >BG5B=K9 ?5@8>4 (:>MDD8F85=B >1>@0G8205<>AB8). @>4>;68B5;L=>ABL >4=>3> >1>@>B0 2 4=OE ">1 ?@54AB02;O5B A>1>9 >B=>H5=85 AC<<K A@54=53> >AB0B:0 >1>@>B=KE A@54AB2 : AC<<5 >4=>4=52=>9 2K@CG:8 70 0=0;878@C5<K9 ?5@8>4:  EMBED Equation.3 , 345 ">1 - >1>@0G8205<>ABL >1>@>B=KE A@54AB2, 4=8; !>1 - A@54=89 >AB0B>: >1>@>B=KE A@54AB2 70 0=0;878@C5<K9 ?5@8>4, @C1.; " - G8A;> 4=59 0=0;878@C5<>3> ?5@8>40 (30, 60, 90, 180, 360); Np - 2K@CG:0 >B @50;870F88 ?@>4C:F88 (@01>B, CA;C3) 70 0=0;878@C5<K9 ?5@8>4, @C1. >MDD8F85=B >1>@0G8205<>AB8 A@54AB2 >1 E0@0:B5@87C5B @07<5@ >1J5<0 2K@CG:8 >B @50;870F88 ?@>4C:F88 2 @0AG5B5 =0 >48= @C1;L >1>@>B=KE A@54AB2:  EMBED Equation.3 , >AB :>MDD8F85=B0 >1>@0G8205<>AB8 A2845B5;LAB2C5B > 1>;55 MDD5:B82=>< 8A?>;L7>20=88 >1>@>B=KE A@54AB2. >MDD8F85=B 703@C7:8 A@54AB2 2 >1>@>B5 E0@0:B5@87C5B AC<<C >1>@>B=KE A@54AB2, 020=A8@C5<KE =0 >48= @C1;L 2K@CG:8 >B @50;870F88 ?@>4C:F88:  EMBED Equation.3 , 345 7 - :>MDD8F85=B 703@C7:8 A@54AB2 2 >1>@>B5, :>?.; <=>68B5;L 100 - ?5@52>4 @C1;59 2 :>?59:8. 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