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CAB0=02;820NB, 704020OAL ?>:070B5;5< @5=B015;L=>AB8 ( >:>;> 15-20%), 2 =0H5< A;CG05 >=0 22%  EMBED Equation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B01;.4. 8) V=20 355C.5.; Sn.1.0. - AC<<0 ?>AB>O==KE 70B@0B 70 3>4 (157 0<>@B870F88) (A<. AB@>:0 6 2 B01;.4. 8) Sn.1.0. =18 247,5 C.5.; - ?@>872>4AB25==0O <>I=>ABL, 4>AB8305<0O ?@8 @50;870F88 ?@>5:B0. 0AAG8B05< = 20 355*80 +18247,5 = 16466,5 C.5. !C<<C :0?8B0;L=KE 2;>65=89  2K18@0NB :0: 8B>3 87 B01;.4.2. = 26527 C.5. !B02:0 48A:>=B0 r. 07;8G0NB @50;L=CN 8 =><8=0;L=CN (A CG5B>< 8=D;OF88) AB02:C 48A:>=B0. A;8 @0AG5B ?>:070B5;59 @57C;LB0B>2 8 70B@0B 2K?>;=ONB 2 B25@4>9 20;NB5, =0?@8<5@, 2 4>;;0@0E !( 8;8 2 B0: =07K205<KE C.5., B> ?@8<5=ONB @50;L=CN AB02:C 48A:>=B0. > 2A5E A;CG0OE A=0G0;0 >F5=820NB @50;L=CN AB02:C 48A:>=B0 ?> D>@<C;5: r = rf+rp, 345 rf - 157@8A:>20O AB02:0 4>E>40; rp - ?@5<8O (4>?;0B0) 70 @8A:.  :0G5AB25 157@8A:>2>9 AB02:8 15@CB AB02:C 4>E>40 3>AC40@AB25==KE >1;830F89 70 3>4. =D>@<0F8O >1 MB8E AB02:0E 2 3>4>2KE ?@>F5=B0E @53C;O@=> ?C1;8:C5BAO 2 B0:8E 8740=8OE, :0: -:A?5@B, 54><>AB8 8 4@C38E. @8G5< 2K18@0NB >1;830F88 B>3> B@0=H0, A@>: ?>30H5=8O :>B>@KE A>87<5@8< A> A@>:>< 687=8 ?@>5:B0. @5<8O (4>?;0B0) 70 @8A: 7028A8B >B AB5?5=8 @8A:>20==>AB8 ?@>5:B0. ;O <0;> @8A:>20==KE ?@>5:B>2 (?5@5>A=0I5=85 ?@>872>4AB20) r@= 3-5%. ;O ?@>5:B>2 A@54=59 @8A:>20==>AB8 (=0@0I820=85 <>I=>AB8) r@= 5-8%. ;O ?@>5:B>2 2KA>:>3> @8A:0 (>A2>5=85 ?@8=F8?80;L=> =>2>3> ?@>4C:B0) r@ =8-10% 8 1>;55. >340 @0AG5B 254CB 2 @C1;OE, ?@8<5=ONB =><8=0;L=0O AB02:0 48A:>=B0, :>B>@0O <>65B 1KBL >?@545;5=0 8AE>4O 87 D>@<C;5 . $8H5@0:  EMBED Equation.3 , 345 i - 3>4>2>9 B5<? 8=D;OF88 (2 4>;OE 548=8FK). >4>2>9 B5<? 8=D;OF88 (B.5. @>AB ?>B@518B5;LA:8E F5=) A;54C5B 2K18@0BL :0: ?@>3=>7=K9 =0 ?5@A?5:B82C.  G0AB=>AB8 8=D>@<0F8N > B5<?5 8=D;OF88, :>B>@K9 =07=0G05B @028B5;LAB2> >AA88 ?@8 ?;0=8@>20=88 3>AC40@AB25==>3> 1N465B0 =0 >G5@54=>9 3>4. 0AG5B=K9 3>@87>=B 8;8 A@>: 687=8 ?@>5:B0 n 2 3>40E 2K18@0NB A CG5B>< E0@0:B5@0 ?@>5:B0. 0AAG8B0==K9 3>@87>=B 2@5<5=8, 2 B5G5=85 :>B>@>3> >ACI5AB2;O5BAO ?@>5:B @57C;LB0BK. !@>: 687=8 ?@>5:B>2 ?> >A2>5=8N =>2KE :>=A0;B8=3>2KE CA;C3 @025= 2@5<5=8 >ACI5AB2;5=8O ?@>5:B0 8 2@5<5=8, 2 B5G5=85 :>B>@>3> 1C45B 2K?CA:0BLAO 40==K5 CA;C38 4> <><5=B0 ?@5:@0I5=8O 8E 2K?CA:0. ;O @07;8G=KE <>45;59 ?@>5:B0 MB>B ?5@8>4 A>AB02;O5B >B 7 4> 15 ;5B. # >=A0;B8=3>2>9 D8@<K >=A0;B8=3 ?;NA MB>B A@>: A>AB02;O5B 7 ;5B. =45:A 4>E>4=>AB8 PI - >B=>H5=85 B5:CI59 E>40 : AC<<5 8=25AB8F89:  EMBED Equation.3 , A;8 PI > 1, B> ?@>5:B MDD5:B825=, 5A;8 PI < 1, B> ?@>5:B C1KB>G5=. A;8 PI = 1, B> 48A:>=B8@>20==K9 G8ABK9 4>E>4 >B ?@>5:B0 @025= =C;N. 0AAG8B05<:  EMBED Equation.3 , B0: :0: PI=1,8>1, B> ?@>5:B AG8B05BAO MDD5:B82=K<. 5=B015;L=>ABL 8=25AB8F89 8=2 (4@C3>5 =0720=85 - ?@>AB0O =>@<0 ?@81K;8) ?@54AB02;O5B A>1>9 >B=>H5=85 G8AB>9 ?@81K;8, ?>;CG05<>9 2 B>B 3>4, :>340 ?@>872>4AB2> 2KE>48B =0 ?>;=CN <>I=>ABL, : AC<<5 8=25AB8F89 (:0?8B0;L=KE 2;>65=89):  EMBED Equation.3 , 345 G8AB - AC<<0 G8AB>9 ?@81K;8 70 3>4;  - AC<<0 :0?8B0;>>1@07CNI8E 8=25AB8F89 (A<. B01;.4.2).45 =26527 C.5. '8AB0O ?@81K;L 70 3>4 ?@8 ?>;=>< 8A?>;L7>20=88 ?@>872>4AB25==>9 <>I=>AB8: '8AB = (&-!?)(1-?@), 345 ?@ -AB02:0 =0;>30 =0 ?@81K;L 2 4>;OE 548=8FK, 2 2003 3, ?@=0,24 (24%). 0AAG8B05<: G8AB= ( 6820-4543)80(1-0,24) =13844,2,6 C.5. P8=2= 13844,2,6/ 26527)*100%= 5,2% 86=89 ?@85<;5<K9 C@>25=L @5=B015;L=>AB8 8=25AB8F89 7028A8B >B E0@0:B5@0 ?@>5:B0 8 AB5?5=8 53> @8A:>20==>AB8.  B01;.4.9. ?@82545=K @5:><5=4C5<K5 7=0G5=8O @5=B015;L=>AB8 8=25AB8F89 4;O @07=KE ?> =07=0G5=8N ?@>5:B>2 "01;8F0 4.9. 5:><5=4C5<K5 7=0G5=8O @5=B015;L=>AB8 8=25AB8F89 07=0G5=85 8=25AB8F89 #@>25=L @8A:0 >?CAB8<0O @5=B015;L=>ABL 8=25AB8F89, % 1 2 3 1O70B5;L=K5,2K=C645==K5 8=25AB8F88 - >E@0=0 >:@C60NI59 A@54K, A>F80;L=K5 <5@>?@8OB8O 8 B.4. C;52>95 >3>20@820NBAO12 3 !>E@0=5=85 ?>78F89 =0 @K=:5 865 A@54=53>>6 1=>2;5=85 >A=>2=KE ?@>872>4AB25==KE D>=4>2 865 A@54=53>>12 !=865=85 A515AB>8<>AB8 ?@>4C:F88, M:>=><8O ?@>872>4AB25==KE @5AC@A>2 !@54=89>15 #25;8G5=85 ?@>872>4AB25==>9 <>I=>AB8, >A2>5=85 =>2>9 ?@>4C:F88 KH5 A@54=53>>20  8A:>2K5 :0?8B0;L=K5 2;>65=8O 2 8=25AB8F8>==K9 187=5A KA>:89>25  @>AB>9 A@>: >:C?05<>AB8 2 3>40E ">: - ?5@8>4 2@5<5=8 ?> 8AB5G5=88 :>B>@>3> >1I0O AC<<0 ?>;CG05<>9 >B ?@>5:B0 G8AB>9 ?@81K;8 4>AB83=5B 25;8G8=K, @02=>9 AC<<5 2;>65==KE 2 ?@>5:B 8=25AB8F89:  EMBED Equation.3  0AAG8B05< ">:= 26527/13844,2( 2 3>40 0: 284=>, ?@>AB>9 A@>: >:C?05<>AB8 O2;O5BAO 25;8G8=>9 >1@0B=>9 @5=B015;L=>AB8 8=25AB8F89. 57C;LB0BK @0AG5B>2 ?>:070B5;59 MDD5:B82=>AB8 >B =C;O A2>4OB 2 B01;.4. 10. "01;8F0 4.10. >:070B5;8 M:>=><8G5A:>9 MDD5:B82=>AB8 187=5A ?;0=0 :>=A0;B8=3>2>9 D8@<K >=A0;B8=3 ?;NA >:070B5;L MDD5:B82=>AB8=0G5=85 ?>:070B5;O1.=B53@0;L=K9 M:>=><8G5A:89 MDD5:B 70 A@>: 687=8 ?@>5:B0, C.5. 30 7822.=45:A 4>E>4=>AB8 8=25AB8F89.1,83. 5=B015;L=>ABL 8=25AB8F89, %.5,24. @>AB>9 A@>: >:C?05<>AB8 8=25AB8F89, 3>4K.2  ! !- 025@H0NI59 G0ABLN ;N1>3> 187=5A-?;0=0 O2;O5BAO 2KO2;5=85 8 0=0;87 @8A:>2, :>B>@K5 <>3CB 2>7=8:=CBL ?@8 @50;870F88 ?@>5:B0. 8A:8 <>6=> ?>4@0745;8BL =0 G5BK@5 >A=>2=KE 2840: D8=0=A>2K5, :><<5@G5A:85, ?@>872>4AB25==K5 8 A?5F8D8G5A:85.  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