ࡱ> jli`\bjbjss.n  ^^^^< +B B B B B B B B *******$V-h/*] B B B B B * B B @+"""B v B B *"B *"":!(, (B 6 [^ ZM( (V+0+W(R0"R0(0 (@B B "B B B B B **d"^B B B +B B B B ^ ^  040G0 5 ><<5@G5A:89 10=: ?@54;0305B A15@530B5;L=K5 A5@B8D8:0BK =><8=0;>< 500000,00 A> A@>:>< ?>30H5=8O G5@57 5 ;5B 8 AB02:>9 4>E>4=>AB8 50% 3>4>2KE. 0=: >1O7C5BAO 2K?;0B8BL G5@57 5 ;5B AC<<C 2 2,5 <;=. @C1. @>2548B5 0=0;87 MDD5:B82=>AB8 40==>9 >?5@0F88 4;O 2:;04G8:0. 0=>: n=5 A=500000 r=0.5 FV=2500000,00 ;O =0G0;> =04> =09B8 ?@82545==CN AB>8<>ABL G5@57 5 ;5B PV= FV\(1+r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r)t = " Dt\ (1+r)t + " D\ (1+r)t = 22 t=1 t=6 " " D\(1+r)t = X. @8=8<05< 40==>5 A;0305<>5 70 %. >;CG05<: t=6 0@80=B 1): r = 0,1 5 % = PV - " Dt\(1+r)t = 22  (1\ (1+0,1)1 + 1,20\ (1+0,1)2 + 1,10\ (1+0,1)3 + 1,30\ (1+0,1)4 + t=1 1,25\(1+0,1)5 ) = 22-(0,91+0,99+0,83+0,89+0,77) = 22-4,39 = 17,61 0@80=B 2): r = 0,15 5 % = PV - " Dt\(1+r)t = 22  (1\ (1+0,15)1 + 1,20\ (1+0,15)2 + 1,10\ (1+0,15)3 + 1,30\ (1+0,15)4 t=1 +1,25\(1+0,15)5 ) = 22-(0,87+0,91+0,72+0,74+0,62) = 22-3,86 = 18,14 040G0 13 <5NBAO A;54CNI85 40==K5 > @8A:5 8 4>E>4=>AB8 0:F89 ,  8 !. :F8O>E>4=>ABL 8A: (gi)>20@80F8O0,050,1G12 = -0,10,070,4G13 = 0,0!0,30,7G23 = 0,3 !D>@<8@C9B5 >?B8<0;L=K9 ?>@BD5;L ?@8 CA;>288, GB> <0:A8<0;L=> 4>?CAB8<K9 @8A: 4;O 8=25AB>@0 =5 4>;65= ?@52KH0BL 14%. 0AG5B 40==>9 7040G8 1K; A45;0= 2 A@545 MS EXEL. ;O ?>8A:0 >B25B0 1K;0 8A?>;L7>20=0 DC=:F8O ?>8A: @5H5=8O. 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