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1.
1.1. . . . . . . . . . . .
1.2.
1.3. . . . . . . .
1.4. . . . . . . . . . .
1.5. Excel . . . . . . . . . . . .
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2.
2.1. . . . . . . . . . . . . .
2.2. . . . . . . .
2.3. , . . . . . .
2.4. . . . . . . . . . . . . . . . . . .
2.5. . . . . . . . . . . . . . . . . . . . . . . .
2.6. . . . . . . . . . . . . . . . . . . . . . . . .
2.7.
2.8. . . . . . . . . . .
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33
33
35
36
37
37
38
39
42
44

3.
3.1. . . . . . . .
3.2. . . .
3.3.
3.4. . .
3.5. . . . . .
3.6. . . . . . . .

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3.7. . . . . . . . . . . . . . . . . . . . . . . 60
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4.
4.1. . . . . . . . .
4.2. . . . . . . . . . .
4.3. . . . . . . . . . . . . . .
4.4. . . . . . .
4.5. . . . . . . . . . . .
4.6.
4.7. Excel . . . . . . . . . . . . . . . .
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5.
5.1. . .
5.2.
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5.3. . . . . . . . . .
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68
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80
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91
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6.
6.1. . . . . . . . . . . . . . . . .
6.2. . sn; i . . . . . . . . . . . .
6.3. . . . . . . .
6.4. . . . . . . . . . . . . . . . . . .
6.4.1. .
6.4.2. m .
6.4.3.
6.5.
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6.6. ,
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6.7. Excel . . . . . . . . . . . . . . . . . . . . . .
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108
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111
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115
120

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7.
134
7.1.
. an;i . . . . . . . . . . . . . . . . 134
7.2. . . . . . . . . . 136

7.3. . . . . . . . .
7.3.1. .
7.3.2. m .
7.3.3.
7.3.4. . . . . . . . . . . . . . . . . . . . .
7.4.
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7.5.
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7.6. . . . . . . . . .
7.7. Excel . . . . . . . . . . . . . . . . . . . . . .
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8.
8.1. . . . . . . . . . . . . . . . . . . . .
8.2. ,
8.3. . . . . . . . . . .
8.4. . .
8.5. . . . . . . . . . . . . . . . . .
8.6. . . . . . . . . . . . . .
8.7. . . . . . . . . . . . . .
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9.
9.1. . . . . . . . . . . . . . . . . .
9.2. . . . . . . . . . . . . . . . . .
9.3. . . . . . . . . . . . . . . . . . . . . . .
9.4. . . . . . . .
9.5. . . . . . . . . . . . . . . . .
9.6. Excel . . . . . . . . . . . . . . . . . . . . .
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192
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10.
10.1. . . . . . . . .
10.2.
10.3. . . . . . . . . . . . .
10.4. . .
10.5. . .
10.6. NP V IRR . . . .

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230
230
233
235
236
245
247


10.7.
10.8. Excel . . . . . . . . . . . . . . . . .
10.8.1. .
10.8.2. . . . . . . . . . . . .
10.8.3. .
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A.
A.1. Microsoft Excel . .
A.2. . . .
A.3. . . . . . . . . . . . . . . .
A.4. . . . . . . . . . . . . . . .
A.5. . . . . . . . .

249
252
253
257
259
264
267

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296
296
297
299
302
304

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1.
2. . . .
3. . . .
4. Kp; i . . . . . . . . . . .

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307
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313

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Excel
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314


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2. . MS Excel VBA .
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3. ., ., .
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4. .., .. Microsoft Excel 2000. .:
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5. .. . , , . .: , , 1998. 400 .
6. .., .., .. - Excel. 3- . .: , 1999. 324 .
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8. .. .
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9. .. . .: , 2000. 400 .
10. ., ., . . . . .:
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1.
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16

1.

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18

1.

1.2. 180 ,
60% . ?
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180 60%.
2. x (1.2):
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60

1.3. 210
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70
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3. x (1.3):
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210
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1.4. 800 .
600 . ,
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1.2.

19

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160 + 90 = 250 .
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100% = 17 %.
1 400
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1.5. , ,
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20

1.

1.7. 1.4 800 . .


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10%,
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1.2.

21

1.9.
800 . 512 . ,
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22

1.

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800
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1.3.
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725 6 500 (1.3):
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2
100% = 11 %.
6 500
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1.3.

23

1.11. 1.10 ,
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225
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(1.3) :
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1.4.

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1.14. $ 140 000,
$ 55 000.
$ 50 000, 8% .
$ 12 000. ,
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25%.
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26

1.

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28%. $ 72 000,
28%.
1.15. - $ 28 000, -
$ 68 000, - $ 105 000. ,
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$ 28 0000.15 = $ 4 200.
- $ 30 000 15%,
$ 30 0000.15 = $ 4 500.
($ 68 000 $ 30 000 = $ 38 000) 28%,
$ 38 0000.28 = $ 10 640.
-
$ 4 500 + $ 10 640 = $ 15 140.
- $ 72 000, 28%.
$ 105 0000.28 = $ 29 400.

1.5. Excel
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1.5. Excel

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27

28

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1.14 1.15 (. 2)

1.5. Excel

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32

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2.1.
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P , P r .
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2.1. 17% (). , 1 200 .?
1

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(1 + r) (1 + 10), (1 + 0.1).

34

2.
. :
S = P (1 + r) = 1 200(1 + 0.17) = 1 404 .

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n r% P , :
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(2.1),
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2.2.

35

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t=2+

2.2.
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2.2. 2.1,
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S1 = 1 200(1 + 0.500.17) = 1 302 .,
S2 = 1 200(1 + 3.000.17) = 1 812 .,
S3 = 1 200(1 + 5.250.17) = 2 271 .
2.3. 6% .
2 6 10 000 .
16 -. ?
. S = 10 000 .,
t = 2.5 . r = 6% = 0.06.
(2.1) :
P =

S
.
1 + rt

(2.2)

36

2.

, :
P = 10 000/(1 + 0.062.5) = 10 000/1.15 = 8 695.65 .

2.4. 1 500 . 1 3
1 631.25 .
?
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t = 1.25 S = 1 631.25 .
r. (2.1) r:
r=

1
t

S
1
P

(2.3)

:
r=

1
1 631.25
0.0875

1 =
= 0.07 = 7% .
1.25
1 500
1.25

2.3. ,
. .
2.5. - - ,
9 800 . ,
10 000 . . r
?
. (2.3) P = 9 800, S = 10 000, t = 0.25:
r=

1
10 000

1 = 0.0816 = 8.16% .
0.25
9 800

2.4.

37

2.4.
. , , P ,
( ,
). t
r. ,
(2.1), S = P (1 + rt). , ,
q, m .
:
q=

S
.
tm

m = 12, .
2.6. , 2 000
., , 500 .
6 , .
,
6% ?
. 1 500 . ,
. (2.1) S,
r = 6% t = 0.5 :
S = P (1 + rt) = 1 500(1 + 0.060.5) = 1 545 .
,
1 545
= 257.5 .
6

2.5.
,
.
r%, S ( ), P , , t ,
, Srt P = S Srt. , :
P = S(1 rt).
(2.4)

38

2.

2.7. 5 000 . 3
, 5% .
?
. P (2.4) S = 5 000, r = 5%, t = 3:
P = 5 000(1 0.053) = 5 0000.85 = 4 250 .
2.8. 10 000 .
. , 8% ?
. (2.4) P = 10 000, r = 0.08, t = 0.25:
10 000 = S(1 0.080.25).
S:
S = 10 204.08 .

2.9. 2.8,
8% ?
. (2.1) P = 10 000, r = 0.08 t = 0.25 :
S = 10 000(1 + 0.080.25) = 10 200 .
2.8, , ,
.

2.6.
, :
S P , , S.
. P :
P = S(1 td) ,

(2.5)

2.7.

39

t , , d% , .
2.10. ( ) 10 000 .
15 . 15 10%. ?
, 15 ?
. 15 15 60. , 360 ( ),
t = 60/360 = 1/6. (2.5) S = 10 000, d = 0.1, t = 1/6
:
P = 10 000(1

1
59
0.1) = 10 000
= 9 833.33 .
6
60

15 15
360 + 60 = 420 , . .,
t = 420/360 = 7/6.
(2.5) S = 10 000, d = 0.1, t = 7/6
:
P = 10 000(1

7
53
0.1) = 10 000
= 8 833.33 .
6
60

2.7.


, , .
. : S
P ,
, S . , ,

40

2.

. ,

. ,
, ,
.
( ,
. .) r%, S t ,
(2.1), P (1 + rt). (
) P S, t ,
() (2.2):
P =

S
.
1 + rt

.

.
( ). ,
.
, . . .
2.11.
10 000 . 5 5 000 . 10 . :
6 000 . 3 , 7
( ). 7
, 8% ?
. ( . .)
, . .

2.7.

S1 = 10

0
6

S3 = 6

S2 = 5

9 10 11

41

S4 = x

0, 0 :
P1 =

S1
10
10
=
=
= 7.143 ,
1 + 5r
1 + 50.08
1.4

P2 =

S2
5
5
=
=
= 2.778 ,
1 + 10r
1 + 100.08
1.8

P3 =

S3
6
6
=
=
= 4.839 ,
1 + 3r
1 + 30.08
1.24

P4 =

S4
x
x
=
=
.
1 + 7r
1 + 70.08
1.56

, :
P1 + P2 = P3 + P4 .
:
7.143 + 2.778 = 4.839 +

x
,
1.56

, x:
x = (7.143 + 2.778 4.839)1.56 = 7.928 .
, ,
15 000 .
6 000 + 7 928 = 13 928 .

42

2.

2.12. , 55 000 . : 5 11 000 .


, 15 000 ., 10 000 . ,
, 8% .
. :

11 000 11 000 11 000 11 000 11 000

1- :

2- :

0
15 000
0

5 t

10 000 10 000 10 000 10 000


1

P1 P2 0:
11 000
11 000
11 000
+
+
+
1 + 10.08 1 + 20.08 1 + 30.08

P1 =
+
P2 =

11 000
11 000
+
= 44 729.39 .,
1 + 40.08 1 + 50.08
15 000 +

10 000
10 000
+
+
1 + 10.08 1 + 20.08

10 000
10 000
+
= 48 520.22 .
1 + 30.08 1 + 40.08

0 ,
, , .

2.8.
r i . ,

2.8.

43

(CPI Consumer Price Index)


, 1+i
. P
S, :
S = P (1 + i) .
, ( ) .
, . ( );
, .
r . :


1+r
ri
P =S
=S 1+
.
1+i
1+i
, 1 + i 1,
:
P = S(1 + r i).
, , i ,
.
r1 ,
, r1
. , r r1 :
(2.6)
1 + r = (1 + r1 )(1 + i) .
, . , , .
, ,

44

2.

.
, .
, , ,
.

, , , 1993
. (.
1994 .). .
2.13. 1996 . i = 50%.
1 . . r = 90% ( ,
).
.
. (2.6):
ri
=
1+i
,
( 10% ),
.
r1 =

0.90 0.50
= 0.267 = 26.7%.
1 + 0.50

2.14. 30%. , r1
5%.
.
(2.6):
r = (1 + r1 )(1 + i) 1 = (1 + 0.05)(1 + 0.30) 1 = 0.365 = 36.5%.

1. , 3 000 , , 7%
. : ) 3 ,
) 1 , ) 3 5 ?

45

2. , 4% ,
5 000 .: ) 4 , ) 1 , ) 2
9 ?
3.
100 000 . 2 6 120 000 .
() ?
4. , 6% , 6 000 .
6 540 .?
5. , 50 000 .
20 000 ., 1 6
4% (),
. ?
6. - , 450 .
,
. ,
6% ()?
7. , 15 000 ., 6 000
. 2 6 ,
.
, 8% ()?
8.
90 000 . , 12%
. ?
9. 8
90 000 . ?
10. 9,
12% ()? :
?
11. - 15 000 ., 1 .
1 , 7%. - ?
- , 1 ?
12. 20
20 000 . , 10 ,
1 10%?
13. 1 1992 40 000 ., 1 , 38 790 .
?

46

2.

14. - - 20 000 . : 5 000 . 2 , 5 000 . 3 10 000 .


5 , . -
, 10 000 . 3 10 000 .
4 . ,
5% ().
, - ?
15. - 14 4 ,
?
16. - ,
200 . . ,
, - . , 8%
()?
17. - 16
. ,
?
18. ,
120 000 . . 3 , 40 000 . 30 000 ., 90 000 .
,
. ?
8% ().
19. i = 20%.

, r 3%?
20. i = 20%.
,
25%.

3.
3.1.
2 , , ,
. , . ,
2 , i%,
i i% .
, P i
n , , , i% .
P P i.
S1 :
S1 = P + P i = P (1 + i).
P (1 + i)
P (1 + i)i . S2 :

S2 = P (1 + i) + P (1 + i)i = P (1 + i)2 .
,
S3 = P (1 + i)3 ,
n- Sn :
Sn = P (1 + i)n .
(1 + i)n . n .
,

48

3.

. ,
, , ,
. ,
, (n = 0.5) 3 2 (n = 19/6) . .
( , )
t
:
St = P (1 + i)t .
(3.1)

i t (. , 1). .
, ,

. . , rm % ,
P S = P (1 + rm )12 . i :
P (1 + rm )12 = P (1 + i) ,
i:
i = (1 + rm )12 1.
, rm = 6%, , :
i = (1 + 0.06)12 1 = 101.2%
, . 2.1 ,
,
, .
3.1. 8% .
20 000 . :
) 5 , ) 6 ?
. ) (3.1), S
P = 20 000, i = 0.08, t = 5:
S = 20 000(1 + 0.08)5 = 20 0001.469328 = 29 386.56 .

3.1.

49

, 8% , 5
:
S = 20 000(1 + 0.085) = 20 0001.4 = 28 000 .
) (3.1) S P = 20 000,
i = 0.08, t = 6.25:
S = 20 000(1 + 0.08)6.25 = 20 0001.617702 = 32 354.04 .
, , , , , , , . ,
1/m , i/m
. (3.1) :


i tm
,
m
t , (t ). ,
t = 0.25.
, i m i/m
jm . :
S =P 1+

S =P 1+

jm
m

tm

(3.2)

3.2. 3.1(), j4 = 8% j12 = 8%.


. (3.2) j4 = 8%:


S = 20 000 1 +

0.08
4

54

= 20 0001.4859474 = 29 718.95 .

(3.2) j12 = 8%:




0.08
S = 20 000 1 +
12

512

= 20 0001.4898457 = 29 796.91 .

,
,
, .

50

3.

3.2.
, .
3.1 3.2.
.
3.3. , j12 = 7%. ,
3 000 . 4 6 ?
. (3.2) j12 = 0.07, m = 12, t = 4.5:


0.07
3 000 = P 1 +
12

124.5

3 000 = P (1 + 0.0058)54 .
P :
P = 3 000(1 + 0.0058)54 = 3 0000.7317655 = 2 195.30 .
, , S t
. S.
:
P = S(1 + i)t ,

(3.3)

i% t ,
:


jm tm
P =S 1+
,
(3.4)
m
jm t .
(1 + i)t .
3.4. 5 000 ., 2 7 000 . j1
?

3.3.

51

. j1 1 .
(3.1) S = 7 000, P = 5 000, t = 2 :
7 000 = 5 000(1 + i)2 .
i:
(1 + i)2 = 1.4, 1 + i = 1.183; i = 0.183 = 18.3% .

3.5. , 8 .
. (3.1) S = 2P , t = 8:
2P = P (1 + i)8 .
i :

8
1 + i = 2 = 1.09051, i = 0.09051 = 9.051% .

3.3.
( 3.2), , t jm = j, m
. , m
S = Sm :
lim Sm

j
= lim P 1 +
m
m

mt

j/m = h. m , h 0, :
j

lim Sm = lim P (1 + h) h t = P ( lim (1 + h) h )jt .

h0

h0

, limh0 (1 + h)1/h = e, e = 2.718281828 . . .,


, :
lim Sm = P ejt .

52

3.

. t
:
S = P et .
(3.5)
.
j . ex x
ex :
ex = 1 +

x
x2 x3
+
+
+ ....
1!
2!
3!

3.6. 3.1, j = 8%.


. (3.5) P = 20 000, = j = 0.08,
t = 5, :
S = 20 000 e0.085 = 20 000 e0.4 = 20 0001.49182 = 29 836.49 .
3.2, ,
, ,
, j12 .
(3.5)
:
P = Set .

(3.6)

3.4.
, . 2.6, dc , ,
fm , m
fm /m%. P ,
S, :
P = S(1 dc )t ,


fm tm
P =S 1
,
m

(3.7)
(3.8)

t
( ).

3.5.

53

3.7. 10 000 . 15 . 15
10%. ? , 15 ?
. 15 15 60. (3.7) S = 10 000, dc = 0.1, t = 60/360 = 1/6 = 0.1(6):
P = 10 000(1 0.1)0.1(6) = 0.98259310 000 = 9 825.93 .
15 15
360 + 60 = 420 , t = 420/360 = 7/6 = 1.1(6):
P = 10 000(1 0.1)1.1(6) = 0.884333810 000 = 8 843.34 .
2.10,
,
, , , ,
.

3.5.

.
,
. ,

. :
.
,
: ,
( is ic ); jm , m
jm /m ; ( ); ds dc
fm , m . S :
(1)

S = P (1 + tis ),

54

3.

(2)

S = P (1 + ic )t ,

(3)

jm
S =P 1+
m

(4)

S = P et ,

(5)

S=

P
,
1 tds

(6)

S=

P
,
(1 dc )t

(7)

S=
1

tm

 .
fm tm
m

t ( ).
,

.
- , t . 21 , , 42 . .
(1) (2), :
P (1 + tis ) = P (1 + ic )t ,
is ic ,
:
is =

(1 + ic )t 1
,
t

ic =

1 + tis 1.

(3.9)
(3.10)

,
t , .

3.5.

55

(1) (3) is jm :
is =

1+


jm tm
m

(3.11)

jm = m( tm 1 + tis 1).

(3.12)

(1), (4) is :
is =

et 1
,
t

(3.13)

ln(1 + tis )
.
t

(3.14)

(1), (5) is ds :
is =

ds
,
1 tds

(3.15)

ds =

is
.
1 + tis

(3.16)

(1), (6) is dc :
is =

(1 dc )t 1
,
t

(3.17)

1
dc = 1
.
t
1 + tis

(3.18)

(1), (7) is fm :
is =
fm


fm tm
m

(3.19)


= m 1 tm
.
1 + tis

(3.20)

(2), (3) ic jm :


jm m
ic = 1 +
1,
m

jm = m( m 1 + ic 1).

(3.21)
(3.22)

56

3.

, ic
jm t , , (3.21) (3.22)
ic jm , t. ic
( (3.23) (3.24)), ic dc ( (3.27) (3.28)),
ic fm ( (3.29) (3.30)), jm (
(3.31) (3.32)), jm dc ( (3.35) (3.36)),
jm fm ( (3.37) (3.38)), dc ( (3.41)
(3.42)), fm ( (3.43) (3.44)), dc fm
( (3.49) (3.50)). .
(2), (4) ic :
ic = e 1,

(3.23)
(3.24)

= ln (1 + ic ).

(2), (5) ic ds :
1
ic =
1,
t
1 tds
ds =

(3.25)

1 (1 + ic )t
.
t

(3.26)

(2), (6) ic dc :
dc
,
1 dc
ic
dc =
.
1 + ic

(3.27)

ic =

(3.28)

(2), (7) ic fm :
ic = 

1
1



fm m
m

fm = m 1 m

(3.29)

1,


1
.
1 + ic

(3), (4) jm :

m
jm = m( e 1),


jm
= m ln 1 +
.
m

(3.30)

(3.31)
(3.32)

3.5.

57

(3), (5) jm ds :
jm = m

ds =

tm


1
1 ,
1 tds

1 1+


jm tm
m

(3.33)

(3.34)

(3), (6) jm dc :
jm = m

1 ,
m
1 dc

dc = 1 
1+

(3.35)
(3.36)

 .
jm m
m

(3), (7) jm fm :
jm =
fm =

fm

(3.37)

jm
.
1 + jmm

(3.38)

fm
m

(4), (5) ds :
=
ds =

ln(1 tds )
,
t

(3.39)

1 et
.
t

(3.40)

(4), (6) dc :
(3.41)

= ln (1 dc ),

dc = 1 e

(3.42)

(4), (7) fm :


fm
= m ln 1
,
m

fm = m(1 e m ).

(3.43)
(3.44)

58

3.

(5), (6) dc ds :
ds =

1 (1 dc )t
,
t

dc = 1

(3.45)

p
t

(3.46)

1 tds .

(5), (7) ds fm :

ds =

1 1

fm = m(1


fm tm
m

(3.47)

tm

1 tds ).

(3.48)

(6), (7) dc fm :


fm
dc = 1 1
m


fm = m 1

m

(3.49)

(3.50)

1 dc .

. .
3.8. 5% 8 . , , ( ). ?
. is , ic . (3.9) :
is =

(1 + 0.05)8 1
= 0.05969 = 5.97% ,
8

5.97% .
3.9. , 7% , . ( )
, ?

3.6.

59

. , ic
. (3.24) :
= ln(1 + ic ) = ln(1 + 0.07) = 0.0677 = 6.77%

3.6.
, , ic , .
. 3.5,
jm , , dc , fm . (3.21),
(3.23), (3.27) (3.29). .

. .
3.10. 10% ().

: ) , ) , ) , ) ?
.
, ic : ) j12 =
0.1/12 , ) j4 = 0.1/4 , ) j2 = 0.1/2 , ) = 0.1. :
) (3.21) :
ic = (1 + 0.1/12)12 1 = 0.1047 = 10.47% ;
) (3.21) :
ic = (1 + 0.1/4)4 1 = 0.1038 = 10.38% ;
) (3.21) :
ic = (1 + 0.1/2)2 1 = 0.1025 = 10.25% ;
) (3.23) :
ic = e0.1 1 = 0.1052 = 10.52% .

60

3.

7.6.

3.7.
,
, . , ,

<

. . . >. . . .
.
.
() , , . ,
( !) -
,
. , , ,
. , ,
.
, ,
.
, . , ,
, , ,
, .
, .
:
. , ,
. ,
4 , .

3.7.

61

. , , ( ) 25% . , , 4
( ). 25%
, .
, m.
, :
?
Mt , t
. 6 :
M1
M2
M3
M4
M5
M6

= m,
=m+
=m+
=m+
=m+
=m+

3
4m
3
4m
3
4m
3
4m
3
4m

= 74 m,
+ 12 m = 94 m,
+ 12 m + 14 m = 10
4 m,
1
1
+ 2 m + 4 m + 0 = 10
4 m,
1
1
1
+ 2 m + 4 m + 0 4 m = 94 m.

, 4 ,
5- , .
.
st , t.
(t 1) :
1
st = m m(t 1).
4

(3.51)

(3.51) , st , m, , 14 m.
, t- , st > 0. , -
. st > 0 t, : t < 5.
: 4 .
, .

62

3.

st > 0 :
m m(t 1) > 0.
t, :
t <1+

1
,

(3.52)

:
, .
, 1 , t = 1 + 1 st = 0.
t = 1 , m, ,
m:
s1 + st
m
1
Mt =
t = (1 + ).
2
2

= 0.05.
80% . , , 5% .
(3.52) , , , 20(!) .
.
:
m
M20 = 21 = 10.5m.
2
, ,
,
, 20 . , , ,
20 .
. , : .
, ,
, > 1.
, t t1 m .
,
t, -
:

3.7.

63

t1 m m

t2
X

i > 0.

i=0

:
t2
X

t1 1
,
1

i =

i=0

:
t1 m m

t1 1
> 0.
1

> 1 t > 1, t1 > 1 t.


,
t1 1:
1

>
1.
(3.53)
t1 1
1
(3.53) .
.
.
< 1 (

), 1
1 < 0, (3.53)
t. ,
, .
> 1 (

1 > 0, t
), 1
(3.53) . (3.53):
t1 <

,
1

, , t, :

ln 1

.
(3.54)
ln
, (3.54) tmax
.
t <1+

64

3.

tmax

1.05

0.25

1.10

0.25

1.20

0.25

1.24

0.25

15

1.01

0.05

23

, , ,
, , , , , ,
:
M1 = m,
M2 = M1 + m m,

M3 = M2 + 2 m (1 + )m,
..
.

(3.55)

Mt = Mt1 + t1 m (1 + + 2 + . . . + t2 )m.
, st , t .
t1 m
:
s1 = m,
st = t1 m (1 + + 2 + . . . + t2 )m, t > 1.
t = st1 st (t 2). , t
2 = m,
= 1 + .
, :
st1 st = t2 m m

Pt3
i=0

i t1 m + m

Pt2
i=0

i =

= t2 m t1 m + mt2 = (1 + )t2 m = t2 m.

65

(3.55) , :

2 = m;
3 = 2 ;
..
.

s1 = m;
s2 = s1 2 ;
s3 = s2 3 ;
..
.

M1 = s1 ;
M2 = M1 + s2 ;
M3 = M2 + s3 ;
..
.

(3.56)

t = t1 ; st = st1 t ; Mt = Mt1 + st .
(3.56), , = 1.20 = 0.25
9 . , , m = 1. ,
, Mt .
, 9 6.1m
:
t

st

Mt

1.00

1.00

0.05

0.95

1.95

0.06

0.89

2.84

0.07

0.82

3.66

0.09

0.73

4.39

0.10

0.63

5.02

0.12

0.51

5.53

0.14

0.37

5.90

0.17

0.20

6.10

10

0.21

-0.01

6.09


,
,
.

66

3.

1. 8 000 . , 6%
(). : ) 1 ,
) 8 , ) 4 , ) 6 6 ?
2. 1, j3 = 6%.
3. , j6 = 10%. , 20 000 . 3 3 ?
4. 30 000 ., 5 40 000 .
j12 ?
5. 1 ., ,
j1 = 10% 1 000 000 .?
6. 1 000 .
1 , : ) j1 = 5%, ) j6 =
5%, ) j12 = 5%, ) j360 = 5%, ) j = 5%?
7.
) 8 ?
8. , j = 7%, 10 5 000 .?
9. : 1990 . 12%, 1991 . 18%, 1992 1993 . 24%.
31 1993 , 1 1990
3 000 .?
10. - 15 000 ., 1 , 7%.
, : ) 1 , ) 1
? 11
2.
11. 10 7% (),
.
, ?
12. , 7% ?
13. ic , : ) j2 =
10%, ) j6 = 10%, ) j12 = 10%, ) j = 10%.
14. 8% ().
jm , , : ) m = 2, ) m = 6, ) m = 12, ) m = ?

67

15. j4 = 6%
.
, ?
16. 60
ds = 6%. ,
?
17. f3 = 8%
dc . dc ,
?
18. dc = 6%.
fm , , : ) m = 2, ) m = 4, ) m = 12?
19. 6% ().
, : )
, ) , ) , ) ?
20. dc = 8%. ?
21. f4 = 8%. ?

4.
4.1.
: (1)
, , ; (2)
, ; (3)
; (4)
.
; , .
, (1) . . :
,
.
( ),
.
,
.
, , .
,
. , ,

4.2.

69

( ) . , , . , , , , ,
. , ,
. .

4.2.

,
, , , .
n S, (100/n)%, ,
S/n. ,
S/n. k - Sk
:
S
Sk = S k ,
(4.1)
n
k = 1, . . . , n . :
S1 = S

S
,
n

S2 = S 2

S
S
, . . . , Sn = S n
= 0.
n
n

, (S/n). .
4.1. 58 000 .
8 . , 8 4 000 .
. (4.1) ,
.
,

:
58 000 4 000 = 54 000 .

70

4.

(100/8)%, 12.5%. ,
54 0000.125 = 6750 .
:

(.)


(.)

58 000

6 750

51 250

6 750

44 500

6 750

37 750

6 750

31 000

6 750

24 250

6 750

17 500

6 750

10 750

6 750

4 000


2 .
. .

4.3.
,
,
, , . ,
, . ,
, .
2
: ,
. .: , 1999, 96.

4.3.

71

.
.
. n ,
Kn :
n(n + 1)
.
(4.2)
Kn = 1 + 2 + 3 + + n =
2
i- :
n (i 1)
Ai = S
,
(4.3)
Kn
S .
, .
. :
d = Ai+1 Ai = S
=

n (i + 1 1)
n (i 1)
S
=
Kn
Kn

2S
S
(1) =
.
Kn
n(n + 1)


.
4.2. 4.1
. , .
. 4.1, 4 000 .
58 000 . K8 :
K8 = 1 + 2 + 3 + + 8 =

1+8
8 = 36.
2


n (i 1) i = 1, . . . , 8:
8, 7, 6, 5, 4, 3, 2, 1.

72

4.

8/36 , 7/36 . 1/36 .


:

(.)


(.)

58 000

8/36

12 000

46 000

7/36

10 500

35 500

6/36

9 000

26 500

5/36

7 500

19 000

4/36

6 000

13 000

3/36

4 500

8 500

2/36

3 000

5 500

1/36

1 500

4 000

, 4.1, , 4.2 . , 4.1 31 000 ., 4.2


19 000 .
. .

4.4.

. ,
,
.

k- . r (

4.4.

73

),
. S. Sr
S Sr = S(1 r).
S(1 r)r
S(1 r) S(1 r) r = S(1 r)2 .
, , k- Sk :
Sk = S(1 r)k .

(4.4)

S,
n , S0 , r,
, :
S(1 r)n = S0 .
r, :
r =1

s
n

S0
.
S

(4.5)

, (4.4) ,
, .
, , S,
, (1 r).
,
. -, r
. -,
, Sk (1 r)k
0 < r < 1 .
, .
.

74

4.

4.3. 4.1 .
. (4.5) :
r =1

r
8

4 000
= 1 0.71586 = 0.28414 = 28.414%
58 000

(.)


(.)

58 000.00

58 000.000.2841 = 16 477.80

41 522.20

41 522.200.2841 = 11 796.46

29 725.74

29 725.740.2841 = 8 445.08

21 280.66

21 280.660.2841 = 6 045.84

15 234.82

15 234.820.2841 = 4 328.21

10 906.61

10 906.610.2841 = 3 098.57

7 808.04

7 808.040.2841 = 2 218.26

5 589.78

5 589.780.2841 = 1 588.06

4 001.72

,
, ,
:
15 235 .,
19 000 .

4.5.
, r
. ,
.

4.5.

75

,
. : .
.
4.4. 4.1 .
. 12.5%.
, , 25%.
:

(.)


(.)

58 000.00

58 000.000.25 = 14 500.00

43 500.00

43 500.000.25 = 10 875.00

32 625.00

32 625.000.25 = 8 156.25

24 468.75

24 468.750.25 = 6 117.19

18 351.56

18 351.560.25 = 4 587.89

13 763.67

13 763.670.25 = 3 440.92

10 322.75

10 322.750.25 = 2 580.69

7 742.06

7 742.060.25 = 1 935.52

5 806.54

, ,
5 806.54 ., , . 4 000 .,
1 935.52 . :
1 935.52 + (5 806.54 4 000) = 3 742.06 .
(
4.2 4.3), , ,
, , .
.

76

4.

4.6.
, , ,
. , . .
4.5. , 4.1,
(
), 60 000 .
25%. , , .
. :

(.)


(.)


(.)

(%)

(.)

60 000

6 750

53 250

25

13 312.5

60 000

6 750

53 250

25

13 312.5

60 000

6 750

53 250

25

13 312.5

60 000

6 750

53 250

25

13 312.5

60 000

6 750

53 250

25

13 312.5

60 000

6 750

53 250

25

13 312.5

60 000

6 750

53 250

25

13 312.5

60 000

6 750

53 250

25

13 312.5

106 500 .

4.6. , 4.5,
( 4.2).
. :

4.6.

77

(.)


(.)


(.)

(%)

(.)

60 000

12 000

48 000

15

7 200

60 000

10 500

49 500

15

7 425

60 000

9 000

51 000

25

12 750

60 000

7 500

52 500

25

13 125

60 000

6 000

54 000

25

13 500

60 000

4 500

55 500

25

13 875

60 000

3 000

57 000

25

14 250

60 000

1 500

58 500

25

14 625

96 750 .

, , 8 , , (. 4.5). :
106 500 96 750 = 9 750 .
, :
9 750
100% = 9.15%.
106 500
, ,
0. , 6%,
.
0 :
13 312.5

1
1
1
+
+
+
1 + 0.06 (1 + 0.06)2
(1 + 0.06)3

1
1
1
+
+
+
4
5
(1 + 0.06)
(1 + 0.06)
(1 + 0.06)6

1
1
+
+
7
(1 + 0.06)
(1 + 0.06)8

= 82 666.19 .

78

4.

0 :
7 200

+13 125

1
1
1
+ 7 425
+ 12 750
+
2
1 + 0.06
(1 + 0.06)
(1 + 0.06)3

1
1
1
+ 13 500
+ 13 875
+
4
5
(1 + 0.06)
(1 + 0.06)
(1 + 0.06)6

+14 250

1
1
+ 14 625
= 73 025.78 .
7
(1 + 0.06)
(1 + 0.06)8

,
:
82 666.19 73 025.78 = 9 640.41 .

9 640.41
100% = 11.66%.
82 666.19
, ,
,
, (9.15%).
4.7. ,
, 4.5, .
. ,
, , ,
, .
0
.
6% ( 4.6), : 73 298.97 . , ,
, .

4.6.

79

(.)


(.)


(.)

(%)

(.)

60 000

16 477.80

43 522.20

15

6 528.33

60 000

11 796.46

48 203.54

15

7 230.53

60 000

8 445.08

51 554.92

25

12 888.73

60 000

6 045.84

53 954.16

25

13 488.54

60 000

4 328.21

55 671.79

25

13 917.95

60 000

3 098.57

56 901.43

25

14 225.36

60 000

2 218.26

57 781.74

25

14 445.44

60 000

1 588.06

58 411.94

25

14 602.99

97 327.88 .

4.8. ,
, 4.5, .
. :

(.)


(.)


(.)

(%)

(.)

60 000

14 500.00

45 000.00

15

6 825.00

60 000

10 875.00

49 125.00

15

7 386.75

60 000

8 156.25

51 843.75

25

12 960.94

60 000

6 117.19

53 882.81

25

13 470.70

60 000

4 587.89

55 412.11

25

13 853.03

60 000

3 440.92

56 559.08

25

14 139.77

60 000

2 580.69

57 429.31

25

14 354.83

60 000

1 935.52

58 064.48

25

14 516.12

97 489.14 .

80

4.

. 6% ( 4.6),
: 73 524.77 .
:

8
(.)


0 (.)

106 500.00

82 666.19

96 750.00

73 025.78

97 327.88

73 298.97

97 489.14

73 542.77

,
0. ,
, .
0 . ,
. ,
.

4.7. Excel
Excel
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4.7. Excel

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4.7. Excel

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1.
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4.2
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87

Ctrl. ,
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( A3, A9) ( A11) ( B15:B22).

. 5.

1. 600 000 .
5 .
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88

4.

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89

2. 1 , 50 000 .
3. 1 ,
.
4. 1 ,
50 000 .
5. 1 ,

50 000 .
6. 1 ,
50 000 .
. 7 19
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(%)

200 000

15

200 000

30

7. 1
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, , .
8. , 1 7, ,
.
9. , , 5
1 7,
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10. 0 , 1 7 , . 10%.

90

4.

11. 0 , 1 7 ,
. 10%.
12. 0 ,
1 7 ,
,
, ? 10%.
13. 1 7
, .
14. ,
1 7, , ,
?
15. 0 , 1 7 , . 10%.
16. 0 ,
1 7,
,
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10%.
17. 1 7
, .
18. 0 , 1 7 , . 10%.
19.
1 7.

5.
5.1.
, , , , . ,
? , ?

, ,
.
, , . , , .
, . . 2.6

.
,
.
S,
t , P , t
S,
i. P = P V S
(3.3):
P V = S(1 + i)t .

(5.1)

P V Present Value, .
jm ,
(3.4):


PV = S 1 +

jm
m

tm

92

5.


, , .
i ( jm ) .
5.1. , , 5 000 .
, j4 = 6%?
. (3.4) 5 000 .
S = 5 000, m = 4, jm = 0.06, t = 2, :


0.06
P = 5 000 1 +
4

8

= 5 0000.8877 = 4 438.55 .

, 5 000 .
4438.55 . .
t P i%,
S = F V
(3.1):
F V = P (1 + i)t .
F V Future Value, .
jm , (3.2):


FV = P 1 +

jm
m

tm

, ,
, S,
t , (3.6):
P V = Set ,
P , t
, (3.5):
F V = P et .

5.1.

93

5.2. , j2 = 8%, 3
10 000 . ?
. ( ) (3.2) P = 10 000, j2 = 0.08, m = 2, t = 3:


F V = 10 000 1 +

0.08
2

23

= 10 0001.26532 = 12 653.2 .

10 000 .
12 653.2 .
,
.
, t
. , :
.
, , , , , ,
.
, .
. ,
. .
, .
5.1:
5 000

tm

5.2:

94

5.
10 000

-8 -7 -6 -5 -4 -3 -2 -1 0

tm


, - . , 5.1 5 000 .
t = 4 :


0.06
P V = 5 000 1 +
4

4

= 4 710.92 .,

5.2 10 000 . t = 3



0.08 3
P V = 10 000 1 +
= 11 248.64 .
2
T 6= 0,
S P VT (S).

5.2.

,
.
S1 , . . . , Sn R1 , . . . , Rk
(
).

W . , :
P VT (S1 ) + . . . + P VT (Sn ) = P VT (R1 ) + . . . + P VT (Rk ) + P VT (W ).
, n k. , .
.

5.2.

95

V1 V2
(, )
t, T
:
P VT (V1 + V2 ) = P VT (V1 ) + P VT (V2 ).
, T V , t, :
P VT (V ) = V (1 + i)T t .
V = V1 + V2 , :
P VT (V1 + V2 ) = (V1 + V2 )(1 + i)T t =
= V1 (1 + i)T t + V2 (1 + i)T t =
= P VT (V1 ) + P VT (V2 ).
5.3. , i% , : 2
S; 5 R,
W . , :
P V0 (S) = P V0 (R) + P V0 (W ).
. , , ,
, :

R+W

R + W S. (3.1), :
R + W = S(1 + i)3 .
(3.3), :
P V0 (R + W ) = (R + W )(1 + i)5 = S(1 + i)3 (1 + i)5 =
= S(1 + i)2 = P V0 (S).

96

5.
,
P V0 (R + W ) = P V0 (R) + P V0 (W ),

, :
P V0 (S) = P V0 (R) + P V0 (W ).

5.4. , i% , : 3
S1 ; 7 S2 ; 5
R1 ; 11 R2 .
W . , :
P V0 (S1 ) + P V0 (S2 ) = P V0 (R1 ) + P V0 (R2 ) + P V0 (W ).
. , , ,
, :

S1

S2

5
R1

9 10 11

R2 + W

R2 + W S1 , S2 R1 . t = 5
,
S1 (1 + i)2 R1 .
, t = 7:
(S1 (1 + i)2 R1 )(1 + i)2 + S2 = S1 (1 + i)4 R1 (1 + i)2 + S2 .
t = 11 :
(S1 (1 + i)4 R1 (1 + i)2 + S2 )(1 + i)4 = S1 (1 + i)8 R1 (1 + i)6 + S2 (1 + i)4 .
t = 11 R2 + W , :
R2 + W = S1 (1 + i)8 R1 (1 + i)6 + S2 (1 + i)4 .

5.2.

97

0:
P V0 (R2 + W ) = P V0 (S1 (1 + i)8 R1 (1 + i)6 + S2 (1 + i)4 ) =

= (S1 (1 + i)8 R1 (1 + i)6 + S2 (1 + i)4 )(1 + i)11 =

= S1 (1 + i)3 R1 (1 + i)5 + S2 (1 + i)7 =


= P V0 (S1 ) P V0 (R1 ) + P V0 (S2 ).

P V0 (R2 + W ) = P V0 (R2 ) + P V0 (W ),
:
P V0 (R2 ) + P V0 (W ) = P V0 (S1 ) P V0 (R1 ) + P V0 (S2 ),
, :
P V0 (S1 ) + P V0 (S2 ) = P V0 (R1 ) + P V0 (R2 ) + P V0 (W ).

,
. .
5.5. 700 . j4 = 6%. 6
300 ., 2 .
?
. , , .
, ,
, , , .
( ).

700

2
300

9 10 11
x

98

5.

, x. ,
, :
700 = 300(1 + i)2 + x(1 + i)10 .
i = 0.06/4 = 0.015, x:
x = 700(1 + i)10 300(1 + i)8 =

= 700(1.015)10 300(1.015)8 =
= 474.43 .

5.6. - 2 600 . , j12 = 5%.


400 ., 100 . 3
, , 500 .
?
. , , :

600
....
....
24 23 9 8 7 2 1 0 1
400
100

....
11 12
500

, , , , .
( ) .
, , x.
, , , ,
:
600(1 + i)27 + x = 400(1 + i)11 + 100(1 + i)3 + 500(1 + i)9 .

5.3.

99

i = 0.05/12 = 0.00417
x:
x = 4001.0041711 + 1001.004173 + 5001.004179 6001.0041727 =
= 4001.04684 + 1001.01256 + 5000.96324 6001.11891 =
= 330.265 .
, 3 330.27 .

5.3.
. , . ,
. , ( i
), ,
, .

.
t , S1
S0 :
S1 = S0 (1 + i)t ,

(5.2)

t , S1
S0 :
S1 = S0 (1 + i)t ,

(5.3)

5.7. 12 000 . 1 1998 . : ) 1 1997 ; ) 1 1999 ? 8% ().


. ) 1.5 ,
:
S = 12 000(1 + 0.08)1.5 = 12 0000.8910 = 10 692.00 .

100

5.

) 0.5 ,
, , 12 000 .:
S = 12 000(1 + 0.08)0.5 = 12 0001.0392 = 12 470.40 .
() :
S1 , . . . , Sk
t1 , . . . , tk , , S0 . : S0 ,
t0 ;
t0 S0 . :

S1
0

t1

Sk
S2
S0
.......... ..........
t2
t0
tk

, 0
S0 ( ) S1 , . . . Sk , :
S0 (1 + i)t0 =

k
X

Sl (1 + i)tl .

(5.4)

l=1

S0 , S0 :
S0 = (1 + i)t0

k
X

Sl (1 + i)tl .

(5.5)

l=1

t0 S0 , (5.4)
t0 .
:
ln S0 (1 + i)t0 = ln

k
X

Sl (1 + i)tl ;

k
X

Sl (1 + i)tl ;

l=1

ln S0 t0 ln(1 + i) = ln

l=1

5.3.

101

(5.6)

ln S0 ln kl=1 Sl (1 + i)tl
t0 =
.
ln(1 + i)

5.8.
800 000 ., 1 500 000 .
8 1 300 000 .
. , 6% ()?
. , (5.5):
S0 = (1 + 0.06)1 [ 0.8(1 + 0.06)0.5 + 1.5(1 + 0.06)1 + 1.3(1 + 0.06)1.(6) ] =
= 3 574 118.97 .

5.9.
, 3 600 000 .
?
. (5.6) t0 :
t0 =

ln 3.6 ln(0.81.060.5 + 1.51.061 + 1.31.061.(6) )


=
ln 1.06

= 1.1238 = 1 45 .
, 3 600 000 . 1 45
.
, . ,
.
5.10. - - 1 000 .
1 306 . 3 . - , :
4 , .
,
j2 = 6%?

102

5.

. ,
,
. x :
1 000

1 306

2
x

8
x

,
0 ( ) , , , ,
. ,
:
1 000 + 1 306(1 + i)6 = x(1 + i)2 + x(1 + i)8 .
i = 0.06/2 = 0.03 x:
x(1.032 + 1.038 ) = 1 000 + 1 3061.036 ;
x = 1 208.87 .
, - 1 208.87 .
, , . , 4 , :
1 000(1 + i)4 + 1 306(1 + i)2 = x(1 + i)2 + x(1 + i)4 .
(1+ i)4 , ,
.
, . . ( ) ,
.
( ),
.
? ,
,
. .

103

5.11. , , 1 000 .
27 3 000 . 5 . , ,
,

j4 = 8%. ?
. ,
(3 ). 27 9 , 5 20
. 0 x:

0
x

1 000

3 000

20

0,
, :
x=

1 000
3 000
+
.
(1 + i)9 (1 + i)20

i = 0.08/4 = 0.02 x:
x=

1 000
3 000
+
=
(1 + 0.02)9
(1 + 0.02)20

= 1 0000.8368 + 3 0000.6730 =
= 2 855.8 .

:
m
X

q=1

Sq V p q =

l
X

Rk V tk .

(5.7)

k=1

,
:

104

5.
R1 , . . . , Rl
t 1 , . . . , tl

S 1 , . . . , Sm
p 1 , . . . , pm

V = 1 + i,

V = (1 + i)1 ,

;
, ;
;
, ;
, ;
, ;
, , .

1. 10 000 ., :
) 3 6 ,
) 2 9 ,
) ?
8% ( , , 8% ()).
2. j4 = 6%.
25 000 ., :
) 5 4 ,
) 1 8 ?
3. 5.3, . 5.2, , :
) P V2 (S) = P V2 (R) + P V2 (W ),
) P V3 (S) = P V3 (R) + P V3 (W ),
) P V5 (S) = P V5 (R) + P V5 (W ),
) P V6 (S) = P V6 (R) + P V6 (W ).
4. 2 S1 , 4 S2 , 7
S3 , 14 S4 . 6 R1 ,
10 R2 17 R3 .
W . ,
P V0 (S1 ) + P V0 (S2 ) + P V0 (S3 ) + P V0 (S4 ) =
= P V0 (R1 ) + P V0 (R2 ) + P V0 (R3 ) + P V0 (W ).

105

5. ,
i = 5% (), 12 000 . 1 6
4 500 ., 2 2 000 .
3 6 .
?
6. , j6 = 5%.
7. 3 5 000 . , j2 = 8%. 2 000 .,
3 6 3 500 . 6
,
10 000 .
?
8. . 2
, 1 6
. 2 6 25 000 .
,
i = 5%()?
9. ,
j12 = 5%.
10. 8,
= 5%.
11. 5 . . 8% (). 3 . .,
2 . . 2
. ?
12. ,
j4 = 10%, 2 000 . 1
6 3 000 . 1 6 ?
13. , .
14. , 25 000 ., 12%
(). 1 6 15 000 .,
6 . ?
15. 12 . . 15%
(). 6 4 500 ., 6 2 500 . 6 3 .
., 2
. ?

106

5.

16. 80 . ., 12% (). - . 20 . . 3 ,


30 . . 6 , 10 . .
1.5 .
?
17. -
. 30 . .,
20 . ., 20 . .
2.5 . ?
18. - 16, ( ).
?
19. 16 , 12% (). -
2 ,
, 25 . .
30 . . 2 , , , . -
?
20. - , , 30 .
. 30 . .
. ,
2 , 10 . . 2
?
21. 2 000 . 1 1994 .
15% (). ,
: ) 1 1993 , ) 1 1995 , ) 1
1996 ?
22.
3 500 . 2 , 3 000 2 5 200
3 .
5 .
, 8% ?
23.
, 12 000 . , , ?

107

24. 22
3 6 .
?
25. - - 25 000 . . - 30 000 .
2 , 2 .
, 9% ()?
26. - - , ,
15 000 . 8
20 000 . 18 . - ,
6% () .
, ?
27. ,
, ?

6.
6.1.

. , , , , ,
.

.
: , , .
. .
,
, n . ,

b1 , b2 , . . . , bn ,
, , , q, . Sn n ,
q 6= 1, :
Sn =

b1 (q n 1)
.
q1

(6.1)

6.2. . sn; i

109

6.2. . sn; i
, .
: n , ,
, R;
, i.
:

R
R
..........
3
n1

n ,
S.
, n, , R. , n ,
n1, R(1+i). , n
, n 2, R(1 + i)2 . . , n , 2, R(1 + i)n2 .
, n , 1, R(1 + i)n1 . , n
:
S = R + R(1 + i) + R(1 + i)2 + . . . + R(1 + i)n2 + R(1 + i)n1 .
,
b1 = R, q = 1 + i,
n. (6.1) n
:
S=

b1 (q n 1)
R[(1 + i)n 1]
(1 + i)n 1
=
=R
.
q1
1+i1
i

, R , :
sn; i =

(1 + i)n 1
.
i

(6.2)

110

6.

:
S = Rsn; i .

(6.3)

(6.3) sn; i . ,
n i ( 2). ,
, ,
Excel.
6.1. , 2 500 . , 5% ().
8 ?
. (
), R = 2 500 ., n = 8, i = 5%.
(6.3):
S = 2 500s8; 5% .
2 , s8; 5% = 9.54911.
:
S = 2 5009.54911 = 23 872.77 .

6.2. 100 .
, j12 = 9%.
2 ?
. , ,
, R = 100, n = 24 (2 12 ),
i = 0.09/12 = 0.0075. (6.3):
S = 100

(1 + 0.0075)24 1
= 100s24; 0.75% .
0.0075

2 , s24; 0.75% = 26.18847.


:
S = 10026.18847 = 2618.85 .

6.3.

111

6.3.
R
S. R S (6.3):
R=

S
.
sn; i

(6.4)

.
6.3. - 8 5 000 .,
, i = 5%().
?
. : S = 5 000, n = 8, i = 0.05. 2
, s8; 5% =9.54911. (6.4) :
5 000
= 523.61 .
9.54911
, -
523.61 .
R=

6.4.
,
.

6.4.1.

, , R,
,
i. n S R (6.3) (6.4),
.
p -
, p , R/p.
i.
:

112

6.

R
p

R
p

R
p

....
0

R
p

R
p

R
p

....
1

R
p

R
p

....
2

R
p

R
p

....
3 n1

R
p

R
p

....

R
p

n np . ,
n .
,
R/p. i
, 1/p , ,
n
1
R
(1 + i) p .
p

, n ,
2
R
(1 + i) p .
p

, n ,
np1
R
(1 + i) p ,
p

np 1
i , 1/p . ( :
np 1
1
=n ,
p
p
1 n
i , n 1/p .)
n :
S=

np1
1
2
R R
R
R
+ (1 + i) p + (1 + i) p + . . . + (1 + i) p .
p
p
p
p


b1 = R/p
1

q = (1 + i) p .

6.4.

113

k = np. (6.1),
k , S:
S=

b1

(q k

1)
R
=
q1
p

(1 + i) p

np

1
p

=R

(1 + i) 1

:
(p)

sn; i =

(1 + i)n 1
1

p[(1 + i) p 1]

(1 + i)n 1
1

(6.5)

p[(1 + i) p 1]

p - :
(p)

(6.6)

S = Rsn; i .
(p)

sn; i :
(p)

(6.7)

sn; i = sn; i Kp; i ,

Kp; i =

p[(1 + i) p 1]

p -
(6.6), 2 4
sn; i Kp; i .

, , Rr ,
r (r > 1). i . :
Rr
0

....
....
1 r1 r r+1

Rr

Rr Rr
....

2r

....
3r n2r

Rr
....

Rr
....

nr

n n/r 4 .
n S .
4

, , n/r .

114

6.

, Rr . r n, , n
Rr (1 + i)r .
2r n, ,
n Rr (1 + i)2r . n r n,
, n Rr (1 + i)nr .
n :
S = Rr + Rr (1 + i)r + Rr (1 + i)2r + . . . + Rr (1 + i)nr .

b1 , Rr , q, (1+ i)r
k = n/r. k
:
n

b1 (q n 1)
Rr [((1 + i)r ) r 1]
(1 + i)n 1
S=
=
=
R
.
r
q1
(1 + i)r 1
(1 + i)r 1
i (6.2), :
(1 + i)n 1
i
,
S = Rr
(1 + i)r 1
i
sn; i
S = Rr
.
sr; i

(6.8)


.
6.4. -
4 000 ., .
6 , 5%
()?
. - p - , R = 4 000, p = 4, i = 0.05, n = 6.
(6.6):
(p)

(4)

S = Rsn; i = 4 000s6; 5% .

6.4.

115

(4)

s6; 5% (6.7) ( 2
4):
(4)

s6; 5% = s6; 5% K4; 5% = 6.801911.01856 = 6.92815.


, :
S = 4 0006.92815 = 27 712.61 .

6.5. , 3 4 . ., ,
6% ().
12 ?
. .
Rr = 4 . ., r = 3, i = 0.06, n = 12.
(6.8):
S = 4 000 000

s12; 6%
.
s3; 6%

sn; i , (6.2):
(1 + 0.06)12 1
= 16.8699,
0.06
(1 + 0.06)3 1
=
= 3.1836.
0.06

s12; 6% =
s3; 6%

, :
S = 4 000 000

16.8699
= 21 196 004.52 .
3.1836

6.4.2. m

R ,
m jm , jm /m%.
:

116

6.

R
0

R R
.....
.....
2 n1n1+ 1

.....
1
1+ m

1
2 m

R
1
n m

n .
. 1 n
m jm , n


jm
R 1+
m

m

2 n,
n


R 1+

jm
m

2m

n 1 n, ,
n


jm
R 1+
m

(n1)m


(3.2). :


jm
S =R+R 1+
m

m

jm
+R 1+
m

2m

jm
+ ... + R 1 +
m

(n1)m


b1 = R, q = (1 + jm /m)m
k = n. :
h

m n

mn

m
R
1 + jm
1
1 + jmm
1
b1 (q n 1)

m
m
S=
=
=R
.
m
q1
1 + jmm
1
1 + jm
1

6.4.

117

jm /m
(6.2), :


jm mn
1
m
jm
m

jm m
1+ m
1
jm
m

1+

S=R

= R

smn; jm
m

sm; jm

(6.9)

(6.9) 2.
p -
p
. R/p.
m jm , jm /m%.
, . 6.4.1.
n .
, , R/p.
jm , 1/p
, n (3.2)


m
R
jm p
1+
.
p
m
jm ,
2/p , n
(3.2)

 2m
R
jm p
1+
.
p
m
n p1 n,
n , (3.2), :


R
jm
1+
p
m

m(n 1 )
p

:


R R
jm
S= +
1+
p
p
m

m
p

R
jm
+
1+
p
m

 2m
p

R
jm
+ ... +
1+
p
m

m

n p1

118

6.


b1 = R/p ,
q = (1 +

jm mp
)
m

k = np. :
b1 (q k 1)
R
S=
=
q1
p
=

1+

R

p

1+


jm mn
m
jm
m

m
p



1+

1+

 m np

jm
m

jm
m

m
p

jm /m,
:


1+

S=

S=

R

p

1+

jm mn
m
jm
m

m

jm
m
jm
m

1
,
1

R smn; jmm

.
p s m ; jm
p

(6.10)

, sn; i (6.2)
n (n ). (6.10)
m/p , sn; i (6.2) n.
(6.10) .
(6.10)
2.
p - p = m
(6.10) :
S=

R smn; jmm

.
m s1; jm
m

6.4.

119

:
s1; jm =

jm 1
m)
jm
m

(1 +

= 1.

, :
S=

R
s
jm .
m mn; m

(6.11)


, Rr ,
r (r > 1). jm , m
jm /m%. , . 6.4.1.
n .
,
Rr . r n
m jm /m%,
n ,
(3.2),
jm mr
) .
Rr (1 +
m
2r n,
n
Rr (1 +

jm 2mr
) .
m

n r n, n

Rr (1 +

jm m(nr)
)
.
m

:
S = Rr + Rr

jm
1+
m


+ . . . + Rr 1 +

mr

jm
m

+ Rr

m(nr)

jm
1+
m

2mr

120

6.


b1 = Rr ,
jm mr
)
m

q = (1 +

k = n/r. :

S=

b1 (q k 1)
=
q1


1+

= Rr 
1+

jm
m
jm
m

Rr

mn
mr




1
1

mr  n
r
m
+ jm
mr
j

1+

jm /m
(6.2), :


1+

S = Rr 
1+
S = Rr

jm mn
m
jm
m
jm mr
m
jm
m

smn; jm
m

smr; jm

1
1

(6.12)

(6.12) 2.

6.4.3.

R
( ) . n .
, . 6.2.
n . , n ,

6.4.

121

(3.5), Re . , ,
(3.5) Re2 . , n
, (3.5) Re(n1) .
:
S = R + Re + Re2 + . . . + Re(n2) + Re(n1) .

b1 = R, q = e k = n.
k :
b1 (q k 1)
R((e )n 1)
en 1
=
=
R
,
q1
e 1
e 1
en 1
S=R
.
e 1
S=

(6.13)

p -
p R/p
.
, .6.4.1. , (1+i)1/p e/p ,
:
S=

R R p R 2 p
R (np1)
+ e + e + + e p .
p
p
p
p


b1 = R/p, q = e/p k = np.
k
:
b1 (q k 1)
R
S=
=
q1
p
S=

en

R
1

.
p ep 1

ep

np

e 1

R en 1

,
p e p 1
(6.14)


, Rr , r
(r > 1). . , . 6.4.1.

122

6.

, (1 + i)r er
n:
S = Rr + Rr er + Rr e2r + . . . + Rr e(nr) .

b1 = Rr , q = er k = n/r.
:
b1

(q k

1)
=
q1
en 1
S = Rr r
.
e 1

S=

Rr (er ) r 1
er 1

= Rr

en 1
,
er 1
(6.15)

.
6.6. 10 . ., ,
12%. , 6 , : ) ,
; )
, ; ) , ; )
, .
. )
j4 = 12%. (6.9)
m = 4, n = 6, jm /m = 12%/4 = 3% :
S=R

smn; jm
m

sm; jm
m

= 10 000

s24; 3%
.
s4; 3%

2 sn; i :
s24; 3% = 34.4265; s4; 3% = 4.18363.
, :
S = 100 000

34.4265
= 82 288.574 .
4.18363

6.4.

123

) p -
j2 = 12%. (6.10)
m = 2, n = 6, p = 4:
S=

10 000 s12;6%
R smn; jmm

.
p s m ; jm
4
s0.5;6%
p

2 sn;i , (6.2):

s12; 6% =

(1 + 0.06)12 1
= 16.8699,
0.06

s0.5; 6% =

(1 + 0.06)0.5 1
= 0.49271.
0.06

:
S=

10 000 16.8699

= 85 597.51 .
4
0.49271

) = 0.12. (6.13) = 0.12, n = 6:


S=R

e0.126 1
en 1
=
10
000
= 82 702.69 .
(e 1)
(e0.12 1)

) p -
= 0.12. (6.14) = 0.12, n = 6, p = 12:
en 1
e0.126 1
 = 10 000
 0.12
 = 87 430.82 .
S=R 
12 1
12
e
p
p e 1
6.7. , 6 100 . .
, .

124

6.

. ) (6.9) R S = 100000:
R = 100 000

s4; 3%
4.18361
= 100 000
= 12 152.29 .
s24; 3%
34.4265

) (6.10) R S = 1 000 000 p = 4:


R = 100 0004

s0.5; 6%
0.49272
= 400 000
= 11 682.58 .
s12; 6%
16.8699

) (6.13) R S = 100 000:


R = 100 000

e0.12 1
0.12750
= 100 000
= 12 091.84 .
e0.72 1
1.05443

) (6.14) R S = 100 000 p = 12:


R = 100 00012

e0.01 1
0.01005
= 100 00012
= 11 437.50 .
e0.72 1
1.05443

6.8.
10 . .
10 , : )
j4 = 12%, )
= 12%?
. ) (6.12) r = 2, m = 4, n = 10, jm /m = 12%/4 = 3%:
smn; jm
s40; 3%
m
S = Rr
= 10 000
.
smr; jm
s8; 3%
m

2 :
s40; 3% = 75.40126,

s8; 3% = 8.89234.

:
75.40126
= 84 793.54 .
8.89234
) (6.15)
= 12% = 0.12, n = 10, r = 2:
S = 10 000

S = Rr

en 1
e1.2 1
=
10
000
= 85 534.53 .
er 1
e0.24 1

6.6.

125

6.5.

.
, S .,
n .
q. ( ) , . ,
, i% . , .
, Sq, R. R
, n , n S. (6.4) R = S/sn;i .
:
S
= Sq +
.
(6.16)
sn; i
6.9. 1 . . 8%
4 .
, .
, , 5% . .
. 2 ,
s4; 5% = 4.310125.
(6.16) S = 1 000 000, q = 0.08, n = 4, i = 0.05
:
= 1 000 0000.08 +

1 000 000
= 312 011.83 .
4.310125

, (6.2) (6.15).
. 7.4.

126

6.

6.6. ,

, , ,
. , ,
( , ), ,
. .
6.10. - ,
10 200 000 .
, . -
18% .
,
.
, 10%
?
. S. R ,
S. (6.4) :
R=

S
S
=
.
sn; i
s10; 10%

, 200 000 ., , 18% ,


0.18S . , S :
S
= 200 000.
0.18S +
s10; 10%
2 s10; 10% = 15.9374.
:
S
0.18S +
= 200 000.
15.9374
, :
S = 823 908.50 .

6.7. Excel

127

6.7. Excel
, ,
:
,
,
,
( ),
.
Excel . ,
Excel, ,
,
5 .
, .
, , .


( 0 _)


(1 , 0 )

, ( ) ,
:
5

Excel , .

128

6.

FV

(;_;
[;_][;])

NPER

(;;_
[;_][;])

RATE

(_;;_
[;_][;][;])

PMT

(_;;_
[;_][;])

PV

(;_;;
[;_][;])

IPMT

(;;_;
_;_[;])

PPMT

(;;_;
_;_[;])

CUMIPT

(;_;_;
_;_;_;)

CUMPRINC

(;_;_;
_;_;_;)


, , . , .
.
6.11. - 100 000 .
8% 2 000 .
. ?
. , .
:
=(8%/12;-2000;100000)
, 61 . (-

129

, , ),
, .
. 7
6.1, 6.3 6.11, ,
.
, .
, .
: # !. ,
,
. 666 .
, , . .
(),
.
,
. , 6.1 (. 7) B7 , 6.11
B31 .
(
6.3 . 7), .
,
.

1. 25 000 . , 5% ().
: ) 3 , ) 10 ?
2. 1 ,
, j4 = 5%.
3. 6 40 000 . ,
, i = 10% ().
?

130

6.

. 7.

131

4. 3 ,
, j12 = 5%.
5.
, 300 000 .
,
5% (). 4 ?
6. , 4 2 . .?
7. ,
4 15 . . ,
5% (). 16 ?
8. , 20 120 . ., ?
9. 120 000 . ,
j6 = 8%.
10 ?
10. , 10 2 . .?
11. 9 30 000 .
10 ?
12. 9,
15 3 . .?
13. j4 =
3%. 800 ., .
5 ?
14. , 6 6 000 .?
15.
( ) = 8%. 500 . 7 6 ?
16. . 7
6 ?
17. 2 1.5 . .
15, .
6 ?

132

6.

18. 17,
6 7 . .?
19. 5 . . 15% 5 .
,
10% .
.
20. , , , 8% .
21. 19 , j4 = 10%.
22. 19 , 10% .
23. 19 , , j6 = 10% .
24. 2 . . 3 .
12% . ,
j4 = 8%.
?
25. 24,
, ,
= 8%?
26. , 20 5 . . ,
. 12% . ,
,
. , ,
8% . ?
27. 26 50 . .

? ?
28. S(p; m) p -
( p = 1 ),

133

jm ( m = 1 i). , i = j = ,
R, n :
S(1; 1) < S(1; m) < S(1; ) < S(p; 1)|p>1 <
< S(p; m)|p>m>1 < S(p; m)|p=m>1 <
< S(p; m)|m>p>1 < S(p; ).
R, n, i, jm ,
p m.

7.

7.1.
. an;i
2.6 5.1
. . ,
, , .
, .
, n , R .
i, , (6.2),
S = Rsn; i .
, , , (3.3), :
P V = S(1 + i)n = Rsn; i (1 + i)n = R
=R

(1 + i)n 1
(1 + i)n =
i

1 (1 + i)n
.
i

P V 0
(. (5.1)), , n , R, P V (R, n),
R n , P V .
, R

7.1.

135

, :
an; i =

1 (1 + i)n
.
i

(7.1)

, n , R ,
i , :
(7.2)

P V (R, n) = P V = Ran; i

, an; i ,
n i. ,
3 . ,
, , . ,
(7.2) Excel.
, (7.2) , (6.3). , n , :

R
R
..........
3
n1

(3.3) : 0
R(1 + i)1 ; 0 R(1 + i)2 ..;
n-, , 0 R(1 + i)n . 0 ( )
:
P V (R, n) = R(1 + i)1 + R(1 + i)2 + . . . + R(1 + i)n .
n b1 = R(1 + i)1 q = (1 + i)1 .
, (7.2):

136

7.

P V (R, n) =
=

b1 (q n 1)
R(1 + i)1 [(1 + i)n 1]
=
=
q1
(1 + i)1 1
R(1 + i)1 [(1 + i)n 1]
=
1 (1 + i)
1+i

=R

1 (1 + i)n
= Ran; i .
i

7.2.
(7.2) :
i%, R n ?
,
.
1 R, 0
R(1 + i)1 . 2 R, 0 R(1 + i)2 . . n
R, 0 R(1 + i)n . . 7.1. , ,
, (7.2). ,
0, n , R .
7.1.
, 10% (), , 10 000 .
. ( ).
?
. 0 , 10 000 . , i = 10% = 0.1.
(7.2) :
P V = Ran; i .
3 : a5; 10% = 3.79079.

7.3.

137

, :
P V = 10 0003.79079 = 37 907.90 .

7.3.
: , m ,
, .

7.3.1.

(7.2),
n , i .
p -
(3.3) (6.6), P V
:
(p)

P V = S(1 + i)n = Rsn; i (1 + i)n =


=R

(1 + i)n 1
1
p

(1 + i)n = R

p[(1 + i) 1]

1 (1 + i)n
1

p[(1 + i) p 1]

:
(p)

an; i =

1 (1 + i)n
1

p[(1 + i) p 1]

P V :
(p)

P V = Ran; i .
(p)

an; i :
(p)

an; i =

1 (1 + i)n
i

,
1
i
p[(1 + i) p 1]

(7.3)

138

7.

:
(p)

(7.4)

an; i = an; i Kp; i ,

Kp; i , (6.7). ,
(p)
an; i ,
an; i ( 3) Kp; i ( 4).

(3.3) S, (6.8), :
P V = S(1 + i)n = Rr
= Rr

(1 + i)n 1
(1 + i)n =
(1 + i)r 1

1 (1 + i)n
.
(1 + i)r 1

i, :
1 (1 + i)n
an; i
i
.
P V = Rr
= Rr
r
(1 + i) 1
sr; i
i
, :
P V = Rr

an; i
.
sr; i

(7.5)

(7.5)
2 3.

7.3.2. m

(3.4) S, (6.9), :


jm
PV = S 1 +
m

nm

1+

=R 
1+


jm nm
m
m
j
m


1
jm nm
1+
=
m
1

7.3.


1 1+

=R 
1+

jm
m

139


jm nm
m
m
.

jm /m, :


1 1+
PV = R

1+


jm nm
m

jm
m
m
j
m

m
jm
m

=R

anm; jm
m

sm; jm

, :
anm; jm
m
PV = R
.
(7.6)
sm; jm
m

p -
(3.4) S, (6.10):


jm
PV = S 1 +
m

nm

1 1+

R

p
1+

jm
m

R
= 
p
1+


jm nm
m

m
p

1+


jm nm
m
jm
m

m
p


1
jm nm
1+
=
m
1

jm /m, :


1 1+
PV =

R

p
1+


jm nm
m

jm
m

m

jm
m
jm
m

=
1

R anm; jmm

.
p s m ; jm
p

, :
R anm; jmm
PV =
.
p s m ; jm
p

(7.7)

140

7.

p - p = m
. 6.4 , s1; jm /m = 1, (7.7) :
anm; jm
m
.
(7.8)
PV = R
m

(3.4) S, (6.12):


jm
PV = S 1 +
m


nm

1 1+

= Rr 
1+

jm
m

1+

= Rr 
1+


jm nm
m
mr
.


jm nm
m
mr
j
m


1
jm nm
1+
=
m
1

jm /m, :


1 1+
P V = Rr 
1+


jm nm
m

jm
m

jm
m
jm
m

mr

= Rr

anm; jm
m

smr; jm

, :
anm; jm
m
P V = Rr
.
smr; jm

(7.9)

7.3.3.

(3.6) ,
(6.13), :
P V = Sen = R

en 1 n
1 en
e
=
R
.
e 1
e 1

, :
PV = R

1 en
.
e 1

(7.10)

7.3.

141

p -
(3.6) , (6.14), :
P V = Sen =

R en 1 n R 1 en
=

e
.
p e p 1
p
ep 1

, :
PV =

R 1 en

.
p
ep 1

(7.11)


(3.6) (6.15):
P V = Sen = Rr

en 1 n
1 en
e
=
R
.
r
er 1
er 1

:
P V = Rr

1 en
.
er 1

(7.12)

, .
7.2. , 8 2 500 ., .
: ) i = 5%, ) j4 = 5%, ) = 5%?
. . ) .
(7.2):
P V = Ran; i = 2 500 a8; 5% .
3 a8; 5% = 6.46321 :
P V = 2 5006.46321 = 16 158.78 .

142

7.

) 4 . (7.6) n = 8, m = 4, jm /m = 5%/4 = 1.25%:


PV = R

anm; jm
m

sm; jm
m

= 2 500

a32; 1.25%
s4; 1.25%

(7.1) :
a32; 1.25% =

1 (1 + 0.0125)32
= 26.2413.
0.0125

(6.2) :
s4; 1.25% =

(1 + 0.0125)4 1
= 4.07563.
0.0125

:
P V = 2 500

26.2413
= 16 096.47 .
4.07563

) (7.10) n = 8, = 0.05:
PV = R

1 en
1 e0.058
=
2
500
= 16 075.33 .
e 1
e0.05 1

7.3. , 10 3 000 ., . 2
. : ) i = 5%, ) j4 = 5%, )
= 5%.
. p p = 6.
) . (7.3) n = 10, i = 5%, p = 6:
(p)

(6)

P V = Ran; i = 3 000a10; 5% .
(6)

a10; 5% (7.4) 3 4:
(6)

a10; 5% = a10; 5% K6; 5% = 7.721731.02064 = 7.88111.

7.3.

143

:
P V = 3 0007.88111 = 23 643.30 .
) 4 . (7.7) n = 10, m = 4, jm = 5%, p = 6:
PV =

30 000 a40; 1.25%


R amn; jmm
=
.

p s m ; jm
6
s 2 ; 1.25%
p

(6.2) :
2

s 2 ; 1.25%
3

(1 + 0.0125) 3 1
=
= 0.66529.
0.0125

(7.1) :
a40; 1.25% =

1 (1 + 0.0125)40
= 31.3269.
0.0125

:
P V = 30 000

31.3269
= 23 543.79 .
60.66529

) . (7.11) n = 10, p = 6, = 0.05:


PV =

R 1 en
3 000 1 e0.0510

=

=
0.05
p
6
e 6 1
ep 1

= 50047.0199 = 23 509.95 .

7.4. ,
12 3
2 500 ., . : )
i = 5%, ) j4 = 5%, ) = 5%?

144

7.

.
. ) . (7.5)
r = 3, n = 12, i = 5%:
P V = Rr

a12; 5%
an; i
= 2 500
.
sr; i
s3; 5%

a12; 5% s3; 5% 3 2, :
a12; 5% = 8.86325, s3; 5% = 3.1525.
:
P V = 2 500

8.86325
= 7 028.75 .
3.1525

) 4 .
(7.9) n = 12, m = 4, r = 3,
jm /m = 5%/4 = 1.25%:
P V = Rr

anm; jm
m

smr; jm
m

= 2 500

a48; 1.25%
.
s12; 1.25%

2 3 s12; 1.25% a48; 1.25% ,


(6.2) (7.1):
s12; 1.25% =

(1 + 0.0125)12 1
= 12.8604,
0.0125

a48; 1.25% =

1 (1 + 0.0125)48
= 35.9315.
0.0125

:
P V = 2 500

35.9315
= 6 984.91 .
12.8604

) =
5% = 0.05. (7.12)
n = 12, r = 3, = 0.05:
P V = Rr

1 en
1 e0.6
=
2
500
= 6 969.92 .
er 1
e0.15 1

7.3.

145

7.3.4.

. ,

. ,
, , ,
. ,

, R,
, .
. P V ,
,
( )
R.

. ,
, limn an = 0 a > 1.
.

, i
(7.2). n:
1 (1 + i)n
R
= .
n
i
i

P V = lim P V = lim Ran; i = R lim


n

, :
P V =

R
.
i

(7.13)

p -
, i
(7.3):
(p)

P V = lim P V = lim Ran; i = R lim


n

1 (1 + i)n
1

p[(1 + i) p 1]

146

7.
=

p[(1 + i) p 1]
(6.6) :
i
,
Kp; i

p((1 + i)1/p 1) =

, P V :
P V = R

Kp; i
.
i

(7.14)


, i
(7.5):
P V = lim P V = lim Rr
n

an; i
=
sr; i

1 (1 + i)n
Rr
=
.
n (1 + i)r 1
(1 + i)r 1

= Rr lim

(6.2) ,
(1 + i)r 1 = isr; i ,
:
P V =

Rr
isr; i

(7.15)

m jm
(7.6):
P V = lim P V = lim R
n

anm; jm
m

sm; jm

nm

= R lim

1 1+


1+

jm
m

jm
m
m

=

R
1+


jm m
m

7.3.

147

(6.2) :


1+

jm
m

m

1 =

jm
sm; jm ,
m
m

:
P V =

R
jm
m sm;

(7.16)

.
jm
m

p - m
jm
(7.7):
anm; jm

P V = lim P V = lim
n

R
R
m

= lim 
p s m ; jm
p n
p

1 1+

R
1

.
m
p
p
m
1 + jm
1

1+

jm
m


jm nm
m

m
p

(6.2) :


jm
1+
m

m
p

1 =

jm
s m ; jm ,
p
m
m

:
P V =

R
p jmm s m ;
p

(7.17)

jm
m

, m = p, :
s1; jm /m = 1.
(7.17) :
P V =

R
R
jm = j .
m m
m

(7.18)

148

7.


m jm
(7.9):
P V = lim P V = lim Rr
n

anm; jm
m

smr; jm

1 1+

= Rr lim 
n
1+

= Rr

jm
m


jm nm
m
mr

(1 +

jm mr
m)

mr

1 =

jm
smr; jm .
m
m

(6.2) :


1+

jm
m

P V :
P V =

Rr
jm
m smr;

(7.19)

jm
m



(7.10):
P V = lim P V = lim R
n

1 en
1 en
R
=
R
lim
=
.
n e 1
e 1
e 1

R
.
(7.20)
1
p -

(7.11):
P V =

1 en
R
 = 
.
P V = lim P V = lim R 

n
n
p ep 1
p ep 1

7.3.

149

, :
R

P V =

.

(7.21)

p e 1



(7.12):
P V = lim P V = lim Rr
n

, :
P V =

Rr
1 en
= r
.
p(er 1)
e 1

Rr
.
1

er

(7.22)

7.5.
1 200 000 . . , , : )
12% (), )
j4 = 12%, )
= 12%?
. )
. (7.13)
R = 1 200 000, i = 0.12:
R
1 200 000
=
= 10 000 000 .
i
0.12
)
m jm .
(7.16) m = 4, jm = 12%, jm /m = 12%/4 = 3%:
P V =

P V =

R
jm
m sm;

=
jm
m

1 200 000
.
0.03s4; 3%

2 s4; 3% = 4.18363. :
P V =

1 200 000
= 9 561 074.95.
0.034.18363

150

7.

) . (7.20) R = 1 200 000, = 12% = 0.12:


R
1 200 000
P V =
= 0.12
= 9 411 997.13 .
e 1
e
1
7.6. ,
( ).
. ) p -
. (7.14) p = 12, i = 12%:
K12; 12%
Kp; i
= 1 200 000
.
P V = R
i
0.12
4 : K12; 12% = 1.053874826.
, :
1.05387
P V = 1 200 000
= 10 538 700 .
0.12
) p -
4 . (7.17)
m = 4, p = 12, jm = 12% = 0.12, jm /m = 0.12/4 = 0.03 = 3%:
P V =

R
p jmm s m ;
p

=
jm
m

1 200 000
.
120.03s 4 ; 3%
12

s1/3; 3% , (6.2):
1
(1 + 0.03) 3 1
s 1 ; 3% =
= 0.33005.
3
0.03
P V :
1 200 000
P V =
= 10 099 479.88 .
120.030.33005
) p -
. (7.21)
p = 12, = 12% = 0.12:
R
1 200 000
 =
P V = 
= 9 950 083.42 .
0.12
12(e 12 1)
p ep 1

7.4.

151

7.7. 7.5 , 2 2 400 000 .


.
.
) . (7.15) r = 2, Rr = 2 400 000, i = 12% = 0.12:
P V =

R
2 400 000
=
.
isr; i
0.12s2; 12%

s2; 12% , (6.3):


s2; 12% =

(1 + 0.12)2 1
= 2.12.
0.12

, :
P V =

2 400 000
= 9 433 962.26 .
0.122.12

) . (7.19) r = 2, Rr =
2 400 000, m = 4, jm /m = 12%/4 = 3% = 0.03:
P V =

Rr
jm
m smr;

=
jm
m

2 400 000
0.12
4 s42;

12%
4

2 400 000
.
0.03s8; 3%

2 : s8; 3% = 8.89234 P V :
P V =

2 400 000
= 8 996 507.11 .
0.038.89234

) .
(7.22) r = 2, Rr = 2 400 000, = 12% = 0.12:
P V =

Rr
2 400 000
= 0.122
= 8 847 953.99 .
er 1
e
1

152

7.

7.4.

,
. 6.5. ,
, , .
. .
, S ., ,
n .
, q .
, n , S. , (7.2) S = an; q , :
=

S
an; q

(7.23)

, , . .
t- St q, St t-
S1 = S. t-
t = St q.
t- :
St = St1 t1 ,
t = 2, . . . , n. .
7.8. 300 . .
5 , . q = 5%.
.
. (7.23). n = 5, S =
S1 = 300 000, q = 0.05. 3 :
a5; 5% = 4.32948.

7.5.

153

:
=

S
a5; 5%

300 000
= 69 292.39 .
4.32948

(t)


t-
(.)
St =
= St1 dt1

()

t-

(.)
St 0.05

t-
dt =
St 0.05

300 000

69 292

15 000

54 292

245 708

69 292

12 285

57 007

188 701

69 292

9 435

59 857

128 844

69 292

6 442

62 850

65 994

69 292

3 300

65 994

300 000 .

7.5.

S .
n (7.23):
S=

(1 (1 + q)n )
.
q

:
Sq
,

n:
(1 + q)n = 1


n ln(1 + q) = ln 1
n=

Sq
,

ln 1

Sq

ln(1 + q)

(7.24)

154

7.

n . ,
, . .
7.9. , , ,
, , 70 000 .
.
. (7.24) :
n=

300 000 0.05


70 000
ln(1 + 0.05)

ln 1

= 4.94284.

, 4.94 . , 4 70 000 ., ,
.
:
= 62 943 + 3147 = 66 090 .
:

(t)


t-
(.)
St =
= St1 dt1

()

t-

(.)
St 0.05

t-
dt =
St 0.05

300 000

70 000

15 000

55 000

245 000

70 000

12 250

57 750

187 250

70 000

9 362

60 638

126 612

70 000

6 331

63 669

62 943

66 090

3 147

62 943

300 000 .

7.6.

155

7.6.
sn; i
an; i i
n. , S , n
R . . :
?
, S, R, n, sn; i , (6.3), i.
. S
, n
, R . ,
. S, R n
an; i (7.2),
i.
i
q, n, sn; i an; i :
sn; i = q an; i = q.

(7.25)

. 7.6 9.5.
(7.25) ,
( n > 2), .
, . , n = 5 sn; i = q :
(1 + i)5 1
= q, (1 + i)5 qi 1 = 0,
i
i5 + 5i4 + 10i3 + 10i2 + (5 q)i 1 = 0.
.
: .
f (x) [x1 ; x2 ] ( )

156

7.

, f (x) , ( ) .
:
x
= x1

f (x1 )(x2 x1 )
.
f (x2 ) f (x1 )

(7.26)

.


: Lotus 1-2-3, Quattro Pro, Excel. .7.6
, Excel.
7.10. 10
2 . .
150 . . , ?
. 10 S = 2 . . (6.3), :
s10; i =

S
2 000 000
=
= 13.(3).
R
150 000

, i (7.25).
:
(1 + i)10 1
= 13.(3).
i
.
f (i) = 0,
(1 + i)10 1
13.(3).
i
2 i, f (i)
: i = 5% i = 10%. , i
:

s10; 5% = 12.5779,

f (i) =

f (0.05) = 12.5779 13.(3) = 0.7554,

7.7. Excel
s10; 10% = 15.9374,

157
f (0.10) = 15.9374 13.(3) = 2.6041.

[ 0.05; 0.10] f (i) . i (7.26),


x i. :
x1 = 0.05,

x2 = 0.1,

f (x1 ) = 0.7554,

f (x2 ) = 2.6041.

i, (7.26), :
i = 0.05 0.7554(0.1 0.05) = 0.061243 6.12%.
2.6041 + 0.7554
f (6.12%) = f (0.0612):
(1 + 0.0612)10 1
13.(3) = 0.0780.
0.0612
0,
i 6.12% .
i ,
(7.26) [ 6.12%; 10% ],
:
f (0.0612) =

f (6.12%) = 0.0780,

f (10%) = 2.6041.

, i .
7.11. - 1 500 000 .
. , 20
120 000 . , .
?
. , 20 120 000 . .
(7.2) :
PV
1 500 000
=
= 12.5.
R
120 000
i :
a20; i =

a20; i = 12.5.
3 , i = 5%.

158

7.

7.7. Excel
(. 6.7) , Excel, .

, , .
,
.

, ( 7.1 . 8).
,
.
.
7.12. , 40 000 . , 10 000 .
5 .
?
. . 5% ,
:
=(5%;5;10000)
_ ( ).
: 43 295 . , , 10 000 . 5 . (40 000 .)
, .
, 50 000 . , :
=(5%;5;;50000)

7.7. Excel

. 8.

159

160

7.

, _, 50 000 . :
39 176 . , (39 176 .) , (40 000 .). .
, , . . 10%.
Excel .
20 , : #.

.
. 8
7.1, 7.10 7.11, .
.7.6 , 7.10 :
f (i) =

(1 + i)10 1
s10;i = 0.
i


. ,
.
, , .
,
x 0:
|f (x )| < .
, , , Excel . _, ,
, , _
:
(; _; _)

7.7. Excel

161

. 9.
. 9 7.10
. , , , , ,
.
. .
,
. 8. ,
, B9.
s10;i B13. , 7 .
.
(A, B) (x1 , x2 ),
f (x). (C) -

162

7.

x , (7.26),
.
, . D, E, F
f (x) x1 , x2 x , .
D16. E16 F16 , D16. ,
,
D16 B13.
(G) ,
: , f (x) .
: A17 B17 ,
; C16:G16 C17:G17.

. . ,
:
= < >.
7.10 .
, .

1. , 5% ,
500 .,
?
2. ,
j12 = 5%.
3. 1,
= 5%.
4. , 10
500 ., 6 , 5% ?

163

5. ,
j3 = 5%.
6. 4, = 5%.
7. , 26
1 000 ., , ,
, 10% ?
8. ,
j2 = 10%.
9. 7, = 10%.
10. - 5 000 .
, 5% ?
11. , - ( 1 250 .).
12. 10, -
3 ( 15 000 .).
13. 10, j6 =
5%.
14. 10, - ,
j6 = 5%.
15. 10, - ,
j4 = 5%.
16. 10, -
3 ( 15 000 .), j6 = 5%.
17. 10, = 5%.
18. 10, - , = 5%.
19. 10, -
3 ( 15 000 .),
= 5%.

164

7.

20. 12 000 .
5% 4 .
.
21. , ,
3 500 .
22. , 20, 2 : 2 .
23. - , 80 000 .
, .
, 10% .
24. , ,
- , 7 500 .
25. 15 ,
12 . .
600 . .
, ?
26. - 180 000 .,
5
40 . ., .
?

8.

8.1.
, .
8.1. , ,
10 000 . 5 . , ,
,
j4 = 12%.
?
. , , , 20 10 000 .
. .
(7.2) R = 10 000, n = 20,
i = j4 /4 = 12%/4 = 3%:
P V = Ran; i = 10 000 a20; 3% .
3 :
a20; 3% = 14.8775.
P V , :
P V = 10 00014.8775 = 148 775 .
, , , ,
200 000 148 775 = 51 225 .,

166

8.

. , , , 51 225 .
, ,
.
, p - 4 R = 40 000 (R
). (7.8) p = 4,
.
8.2. 20 000 ., ,
j12 = 6%.
, : j12 = 12%.
?
. 12 ,
. , 12 , 20 000 .
, , 0.5% (
i = j12 /12 = 6%/12 = 0.5%). (7.2):
R=

PV
20 000
=
.
an; i
a12; 0.5%

3 , a12; 0.5% = 11.6189.


, :
R=

20 000
= 1 721.33 .
11.6189

, , 12 1 721.33 . ,
j12 = 12%.
(7.2) i = 12%/12 = 1%:
P V = Ran; i = 1 721.33 a12; 1% .
3 , a12; 1% = 11.2551.
, :
P V = 1 721.3311.2551 = 19 373.74 .

8.2. , 167
, ,
1 721.3312 = 20 655.96 .
, , ,
20 000 19 373.74 = 626.26 .,
,
20 655.96 19 373.74 = 1 282.22 .
, .

8.2. ,

, , . , .
, - , i, .

,
. . , , .
.
-, Pt , t (
).
:
PV =

X
t

Pt (1 + i)t .

168

8.

-, ,
C :
C

Pt .

.
:
) .
g% . , , :
(C

Pt )(1 + g)N ,

N , . :
P V = (C

Pt )(1 + g)N (1 + i)(T +N ) ,

T .
P V
:
PV =

X
t

Pt (1 + i)t + (C

Pt )(1 + g)N (1 + i)(T +N ) .

(8.1)

) .
, ).
, , ,

C

Pt ,

(7.23) :
=

P
t

aN ; g

Pt
.

8.2. , 169
, N .
T , (7.2), aN ; i .
aN ; i (1 + i)T . ,
:
PV =

X
t

Pt (1 + i)t + (C

X
t

Pt )

aN ; i
(1 + i)T .
aN ; g

(8.2)

.
8.3.
i = 10%.
1- : 20 . . 3 . . : ,
, . . 6 ,
, 5% .
2- : 21 . . , 5 . . . 10
5% .
. . 1-
P V1 (8.1) C = 20 . ., t1 = 0,
t2 = 1, t3 = 2, T = 2, N = 6, g = 5%, P1 = P2 = P3 = 3 . .:
P V1 = 3(1 + i)0 + 3(1 + i)1 + 3(1 + i)2 +
+(20 9)(1 + 0.05)6 (1 + i)(2+6) =
= 3 + 31.11 + 31.12 + 111.056 1.18 =
= 16.083 . .
2- P V2 (8.2)
C = 21 . ., t1 = 0, P1 = 5, T = 0, N = 10, g = 5%:
P V2 = 5(1 + i)0 + (21 5)

a10; 10%
(1 + i)0 = 17.732 . .
a10; 5%

170

8.

, , ,
, .
8.4. i = 10%.
1- : 100 000 . : , 20 000 ., ; , 10 000 ., . .
3 , , 8%
.
2- : 110 000 . 10 000 .: ,
, . .
10 , , 3%
.
.
. 1- P V1
(8.1) C = 100 000 ., t1 = 0, t2 = 1, T = 1, N = 3, g = 8%,
P1 = 20 000, P2 = 10 000:
P V1 = 20(1 + i)0 + 10(1 + i)1 + 70(1 + 0.08)3 (1 + i)(1+3) =
= 20 + 101.11 + 701.083 1.14 = 89 319 .

2- P V2 (8.2)
C = 110 000 ., t1 = 0, t2 = 1, t3 = 2, P1 = P2 = P3 = 10 000, T = 0,
N = 10, g = 3%:
a10; 10%
(1 + i)0 =
P V2 = 10(1 + i)0 + 10(1 + i)1 + 10(1 + i)2 + 80
a10; 3%
= 101.10 + 101.11 + 101.12 + 80

6.14457
=
8.53020

= 84 982 .
, ,
, .
.

8.3.

171

8.3.
,
. -
.
, , . . (
) ,
. ( .) , . 3.6, . ie . ,
.
1. is
jm ,
() ds dc , fm .

ic (3.10), (3.21), (3.25), (3.27),
(3.29), . 3.5.
2. P n
is . , n
P (1 + nis ).
G% , (P P G).

(P P G)(1 + ie )n .
ie
:
(P P G)(1 + ie )n = P (1 + nis ).
P 1 G, :
1 + nis
(1 + ie )n =
,
1G
ie :
ie =

s
n

1 + nis
1.
1G

(8.3)

172

8.

8.5. 2 12% . :
) ; )
0.5% ; ) 0.5%
4 .
. ) (3.10):
ie =

1 + nis 1 =

1 + 20.12 1 = 0.1136 = 11.36%;

) (8.3):
ie =

s
n

1 + nis
1=
1G

1 + 20.12
1 = 0.1163 = 11.63%;
1 0.005

) (8.3):
ie =

s
n

1 + nis
1=
1G

s
4

1 + 40.12
1 = 0.1044 = 10.44%.
1 0.005

, ,
.
3. P jm n
G% . ,
(P P G) n , (3.2), , P (1+jm /m)mn .
, : (
) (P P G)(1 + ie )n
n P (1 + jm /m)mn .
ie :


(P P G)(1 + ie )n = P 1 +

jm
m

nm

P 1 G, :

nm
1 + jmm
(1 + ie )n =
,
1G

8.3.

173

ie :


m

1 + jmm
ie =
1.
n
1G

(8.4)

8.6. 5 j4 = 8%.
: ) ; ) 0.6%
; ) 0.6%
10 .
. ) (3.21):


jm
ie = 1 +
m

m

0.08
1= 1+
4

4

1 = 0.08243 = 8.24%.

) (8.4):


m

1 + jmm
(1 + 0.02)4

ie =

1
=
1 = 0.08373 = 8.37%.
n
5
1 0.006
1G

) (8.4):


m

m
1 + jm
(1 + 0.02)4

1 = 10
1 = 0.08308 = 8.31%.
ie =
n
1 0.006
1G

,
,
.
4. S n
ds , G%
P = S(1 nds ) (. (2.5)).
, , (P P G).
n S = P/(1 nds ).

(P P G)(1 + ie )n ,
, ,
ie % . ,
ie :
(P P G)(1 + ie )n =

P
.
1 nds

174

8.

ie , :
1
ie = p
1.
n
(1 nds )(1 G)

(8.5)

8.7. 3
ds = 8%.
: ) ; ) 0.6% , ;
) 0.6% ,
, 6 .
. ) (3.25):
ie =
n

1
1=
1 nds

0.25

= 0.0842 = 8.42%.

1
1=
1 0.250.08

) (8.5):
1
ie = p
1=
n
(1 nds )(1 G)
1
p
= 0.25
1=
(1 0.250.08)(1 0.006)
= 0.1106 = 11.06%

) (8.5):
1
p
1 = 0.0982 = 9.82%.
ie = 0.5
(1 0.50.08)(1 0.006)
,
, .
5. , C,
( ), V .
p n , ,
np . ds . ,

8.3.

175


ie .
(2.5) Q, ,
np :
, ( 1/p ), Q1 :


1
Q1 = V 1 ds ;
p
, ( 2/p ), Q2 :


2
Q2 = V 1 ds .
p
, :
, ( np/p = n ), Qnp :
Qnp = V

np
1
ds .
p

Q:
Q=

np
X
i=1

Qi = V

np 
X

ids
1
p

i=1

=V

np
ds X
np
i .
p i=1

, :
Q=V

np

ds 1 + np

np ,
p
2

ds 1 + np

.
p
2

Q = V np 1

(8.6)

, p - , p n V . . P V , (7.3), :
(p)

P V = V pan; ie .

176

8.

ie
, , Q, :
(p)

Q = V pan; ie .
, ie :
(p)

an; ie =

Q
.
Vp

(8.7)

. 7.6. .
8.8. , 12
100 . . , . 6%. .
. Q, . (8.6) p = 4, n = 3, V = 100,
ds = 6%:


1 + 34
Q = 10034 1
0.06 = 1 083 . .
24
ie (8.7),
Q :
(4)

a3; ie =

1 083
= 2.7075.
1004

Excel , : ie = 6.62%.
6. , 5 , , , , ,
. ,
t (t = 1, . . . , np), t- V (1 + tg), g ,
C
V V = np
. .

8.3.

177

( . a
` forfait , ).
.
, d%:
V (1 + g) , (2.5), , V (1 + g)(1 d);
V (1 + 2g) ,
V (1 + 2g)(1 2d);
, :
np- V (1 + npg)
, V (1 + npg)(1 npd).
Q, , :
Q = V [(1 + g)(1 d) + (1 + 2g)(1 2d) +
+ . . . + (1 + npg)(1 npd)] =

= V (1 + g d dg + 1 + 2g 2d 4dg +
+ . . . + 1 + npg npd (np)2 dg) =

= V [(1 + . . . + 1) +g(1 + 2 + . . . + np)


|

{z

np

d(1 + 2 + . . . + np) gd(1 + 4 + . . . + (np)2 ].


:
1 + 2 + ... + k =

1+k
k;
2

k(k + 1)(2k + 1)
.
6
Q :
1 + 4 + . . . + k2 =

Q=V

np + g

1 + np
1 + np
np(np + 1)(2np + 1)
np d
np gd
.
2
2
6

:


Q = V np 1 +

gd
gd
(np + 1) (np + 1)(2np + 1) .
2
6

(8.8)

178

8.

i ,
, , :
: P V = V (1 + g)(1 + i)1/p ;
: P V = V (1 + 2g)(1 + i)2/p ;
, :
np- : P V = V (1 + npg)(1 + i)np/p .
ie , , , :
np
X

V (1 + t g)(1 + i) p = Q.

(8.9)

t=1

.
.
8.9. 8% , 6 , 50 . . 4%
. . .
. (8.8) ,
, V = 50, p = 2, n = 3, g = 4%/2 = 2% = 0.02,
d = 8%/2 = 4% = 0.04:


Q = 5032 1 +

0.02 0.04
(32 + 1)
2


0.020.04

(32 + 1)(232 + 1) = 275.36 . .


6
,
:
np
X

t=1
6
X
t=1

pt

V (1 + t g)(1 + i)

=
t

50(1 + 0.02t)(1 + i) 2 =

8.4.

179

= 50(1 + 0.02)(1 + i) 2 + 50(1 + 0.022)(1 + i)1 +


3

+50(1 + 0.023)(1 + i) 2 + 50(1 + 0.024)(1 + i)2 +


5

+50(1 + 0.025)(1 + i) 2 + 50(1 + 0.026)(1 + i)3 .


(8.9), :
1

51(1 + i) 2 + 52(1 + i)1 + 53(1 + i) 2 + 54(1 + i)2 +


5

+55(1 + i) 2 + 56(1 + i)3 = 275.36.


: (1 + i)1 = x.
:
1
3
5
51x 2 + 52x + 53x 2 + 54x2 + 55x 2 + 56x3 = 275.36.
,
: x = 0.916. ie :
(1 + i)1 = 0.916.
, :
ie = 0.0917 = 9.17%.
.

8.4.

. 2.4 . , .
Q
is % () n , , , Q(1 + nis ).
Q(1 + nis )/n. p , p . ,
ie , (7.3),
Q(1 + nis ) (p)
an; ie .
n

180

8.

(
ie )
, , Q. , :
Q(1 + nis ) (p)
an; ie = Q.
n
Q, ie :
n
(p)
.
(8.10)
an; ie =
1 + nis
(8.10). -, Q, ie , is , n p.
-, is p , n
. ,
.
(p)
n
is 1+ni
, an; i
s
i. , ie .
n
,
n 1+ni
s
:
n
1
=
.
1
1 + nis
+ is
n
n

1
n

, (p)

, an; ie , , ie .
(p)

p an; ie ,
is n , (8.10), , p ie ,
ie .
.
8.10. 80 . .
5 . .

8.5.

181

6% ().
.
. ,
, ,
80 . ., .
(), ie (8.10):
(12)

a5; ie =

5
= 3.84615.
1 + 50.06

, ,
ie = 11.41%.

8.5.
, .
. ( ) ,
N n ,
.
,

g% . , ,
, .
Q N .
Q
Qk = 100%
N
.

.
() :
N Q. (
) ie : ,
, ,

182

8.

ie , Q.
ie .
N ,
n , N (1 + ie )n .
N g.
, (7.2), N gan; ie , (p)
( ), N gan; ie ,
p (p - ). , ie :
N (1 + ie )n + N gan; ie = Q,
:
(p)

N (1 + ie )n + N gan; ie = Q.
N 100,
ie :
((1 + ie )n + gan; ie )100 = Qk ,
(p)

((1 + ie )n + gan; ie )100 = Qk .

(8.11)
(8.12)

, (8.11) (8.12) n
() .
8.11. 95 10 . ( )
, , 5% .
.
. , ie , (8.11),
:
!
1 (1 + ie )10
10
(1 + ie )
+ 0.05
100 = 95.
ie
, : ie = 5.68%.

8.6.

183

8.6.
, , ,
, Nr ( , , , . .). ( )
ik ,
, ( )
.
, ik :
N (1 + ik )n + N gan; ik + Nr = Q.
p ,
ik :
(p)

N (1 + ik )n + N gan; ik + Nr = Q.
, . 8.5.
N 100, :
((1 + ik )n + gan; ik )100 = Qk Qr ,

(8.13)

(p)

(8.14)

((1 + ik )n + gan; ik )100 = Qk Qr ,

Qr = (Nr /N )100 ( )
.
(8.11) (8.12) . ,
Qr = 0,
ie .

8.7.
, , , . .

184

8.

.
( )
.
. ( ) ,
.

ie ,
, ,
, . ie
:
X

Rt (1 + ie )t =

(8.15)

n j Qj ,

t
Rt
nj
Qj

,
t,
j- ,
, j- .

8.12. : , .
.
, , :

:
nj

:
Nj

:
tj
()

:
gj
(%)

:
Qj

20

200

10

180

30

100

90

10

100

100

. :
X
j

nj Qj = 18020 + 9030 + 10010 = 7 300 .

8.7.

185

,
.

, t = 0.5 t = 4.5 10%/2 = 5% . ,
:
202000.05 = 200 .
t = 5, , . , , t = 5 :
20020 + 200 = 4 200 .
t = 1, 2, 3, 4, 5 6% .
, :
301000.06 = 180 .
t = 6, ,
. , , t = 6
:
30100 + 180 = 3 180 .
t = 1 t = 2 8% .
, :
101000.08 = 80 .
t = 3, ,
. , , t = 3
:
10100 + 80 = 1 080 .

186

8.

(8.15)
:

(.)

0.5

200

1.0

200

1.5

Rt

Rt (1 + i)t
i=
10%

i=
11%

i=
10.6%

200

190.60

189.80

190.20

180

80

460

418.14

414.46

415.84

200

200

173.40

171.00

172.00

2.0

200

180

80

460

379.96

373.52

376.28

2.5

200

200

157.60

154.00

155.40

3.0

200

180

1080

1460

1096.46

1067.26

1078.94

3.5

200

200

143.20

138.80

140.60

4.0

200

180

380

259.54

250.42

253.84

4.5

200

200

130.20

125.00

127.00

5.0

4200

180

4380

2719.98

2597.34

2645.52

6.0

3180

3180

1793.52

1701.30

1736.28

5 Rt , t . .
:
X

Rt (1 + ie )t = f (ie ),

nj Qj = Q.

(8.15) :
f (ie ) = Q ,

f (ie ) = 7 300.

f (ie ) ie = 10% ie = 11%:


f (10%) = 7 462.6 , f (11%) = 7 182.9.
67
.

187

f (ie ) , -
.
:
f (10.6%) = 7 291.9.
, , ie = 10.6%. , ie
Excel.

1. 5 300 000 .,

, 6 50 000 .
, , j12 = 8%.
?
2. 50 . ., 25 , 5% .
, 8% .
?
3. ,

.
15 . . 2 2 . .
: ,
.
. 4 , , 5%
. 18 . .,
3 . . , ,
. 5 ,
, 3% , . ?
i = 10%.
4. ( ),
?

188

8.

5. , 3 , ,
, ,
.
6. .
.
20 . ., 5 . .: ,
2 . 3
6% , . 22 . .
2 . .:
, .
5 4% ,
. ?
i = 10%.
7. , ,
5 . ?
8. , 6, , 10 . .
.
-,
?
9. ,
10 . .
.
10. , .
. 2 . 8 . .,
1 . .: ,
, .

2 6% ,
. 10 .
. 5 . .
. 4 5% ,

189

. ?
10%.
11. , ,
:
) 8 ;
) 3% ;
) 9 . .;
) 9 . .,
8 ?
12. 5 20% .
, :
) ,
) 0.2% ,
) ) 8 ?
13. 2
j4 = 12%. , :
) ,
) 0.5% ,
) ) 3 ?
14. 6
ds = 5%. ,
:
) ,
) 0.3% , ,
) 0.3% , , 9 ?
15. , 8 500 . ,
. 4% ().
?
16. , 7% ().
17. , 15?

190

8.

18. , 16?
19. 4% () , 5 , 1 . ., 6% (), .
?
20. , 10% ().
21. , 19?
22. , 20?
23. 12 . ., 3 , . 10%
().
.
24. , : ) 5 , )
10 , ) 20 .
?
25. ( ) ,
23, ?
26. 6 . .,
2 . . 4 . . 8% (),
.
.
27. ,
. ?
28. 26 , 5 , , 10 .
?
29. , (), ,
.
30. 28 , ,
.
, ,
, ,
26?

191

31. 90 8 . 6% . .
32. 31,
( 6%).
33. 31, ( 6%).
34. .
1 000 . 15 . 5% ( ). 95. 3%
.
( ).
35. 34, 5% . , ( )
?
36. - , : , , , . , , :

:
nj

:
Nj

:
tj
()

:
gj
(%)

:
Qj

10

500

10

400

20

300

12

300

15

1000

15

1200

30

200

180

9.

9.1.
, ( )
. .
9.1. 6.03 ., - 6.11 .
1 000 . , 0.1%
.
. 6 030 .
6110 .
6 0300.001 = 6.03 .,

6 1100.001 = 6.11 .
6.03 + 6.11 = 12.14 . ,
80 12.14 = 67.86 .
. , ,
.

9.1.

193

9.2. 30 ., 16 .
1.5 . , ,
. , , 0.1%
. .
. , , : ; ; , .
, ( ) 1 000 .
, 16 000 .
. ,
, ,
0.1% :
1 000
= 666 .
1.51.001
, 666 . , ,

66630 = 19 980 .
,
19 980 16 000 = 3 980 .
:
3 980
100 = 24.88%.
16 000
, , 9.2,
.
- .
9.3. ,
8%, 6%.

194

9.

1.8 ,
1.5 . .
. , 1 , 1.06 .
1 , 1/1.8 = 0.56 , , :
0.56(1 + 0.08) = 0.60 .
, 0.601.5 = 0.9
, , .
, . . , ,

, e ,
:
0.60e = 1.06, e = 1.77.
,
,
1.77 .
, . , , . . ,
.
9.1 . 9.2 . . , , , ,
.

9.2.

195

9.4. , 1 41 .
40 . 10%. ,
.
. 40 . 10% 40 . 41 .
, 40(1 + 0.1)1/6 = 40.64 .
, 41 40.64 = 0.36 .

9.2.
: , . .
, , . , .
, ,
,
. , , ,
. .
.
,
,
() () T ,
T K,
. , ,
, .
, ,

. ,

196

9.

, (, , , ).
, ,
,
.
, ,
(, , ..).
, , -, -. , -,
, S. , ,
.
, , ,
.
, T . , ,
, - -.
:
S K, S , , K,
(K S);
S K, ,
K,
S, (S K).
, . ,
.
, .
.
9.5. 31 , 1
ABC,
160 . .

9.3.

197

. 1 80 .,
80 . 160 .,
80 . 80 .,
80 . 1
240 ., 160 .
240 ., 80 .
80 ., 80 . ,
.
1
:

80

80

@
pp@
p p pp
pp@
p @
pp
80 160
@ 240
pp
p p p p p p p p p p p p@
ppp
@

80

80

p p p p p p p p p p p p p p pp
pp
p
pp
80
160 240
pp

ppppp


. , .

9.3.
,
. K, , -
. .
, , ,

198

9.


. ,

. .
1- . ,
. , , (), ,
.
S0 ,
() r.
K , T (
, 1 = 1/52), K
S0 , K
:
1
K
= S0 .
(1 + r)T
K, :
K = S0 (1 + r)T .

(9.1)

S0

, K 6= S0 (1 + r)T , . :
) K > S0 (1 + r)T , 0
S0 r% .

K T . T
K ,
S0 (1 + r)T .

9.3.

199

,
K S0 (1 + r)T .
) K < S0 (1+r)T , 0
S0 .
S0 r% , ). T
S0 (1 + r)T
K. ,
,
S0 (1 + r)T K.
, , .
, , , ( ,
, , ).
.
9.6. M
3 . M (S0 ) 103 .
r = 10% . K, .
. (9.1) :
K = S0 (1 + r)T = 103(1 + 0.1)0.25 = 105.48 .

9.7. , 9.6 M 106 .,


.
. 103 . r =
10% M 103 . 3
106 . ,
103(1 + 0.1)0.25 = 105.48 .

200

9.

,
106 105.48 = 0.52 .

9.8. , 9.6
105 ., .
. M ,
103 . r = 10%.
3
103(1 + 0.1)0.25 = 105.48 .,
105 . .
,
105.48 105 = 0.48 .
2- . ,
. ,
, , .
, , ,
.
,
, S0 . D1 , . . . , Dn

t1 , . . . , tn (0 < t1 < . . . < tn < T ),


T . ,
. K
:

9.3.

201

S0

D1

t1

Dn

tn

, r%.
, K , 0
, [0; T ], S0 .
, S :
S0 = D1

1
1
1
+

+
D
+
K
.
n
t
t
(1 + r) 1
(1 + r) n
(1 + r)T

:
K = (S0 D1 (1 + r)t1 Dn (1 + r)tn )(1 + r)T .

(9.2)


[0; t1 ], [0; t2 ], . . . , [0; tn ], [0; T ]
.
r1 , r2 , . . . , rn , rn+1 ,
. :
K = (S0 D1 (1 + r1 )t1 Dn (1 + rn )tn )(1 + rn+1 )T .

(9.3)

9.9. 6 , 100 . , 3 6
15 .
6% . .
. ( 9.2) n = 2, t1 = 0.25, t2 = 0.5,
T = 0.5, S0 = 100 ., D1 = D2 = 15 ., r = 6% = 0.06:
K = (100 15(1 + 0.06)0.25 15(1 + 0.06)0.5 )(1 + 0.06)0.5 =
= (100 14.78 14.57)1.03 = 72.77 .

202

9.

9.10. 9.9 3 7%, 6 9%. .


. (9.3) r1 = 0.07, r2 = 0.09, :
K = (100 15(1 + 0.07)0.25 15(1 + 0.09)0.5 )(1 + 0.09)0.5 =
= (100 14.75 14.37)1.04 = 73.72 .
9.9 9.10 , ,
.
, (9.2)
(9.3), . .
9.11. 9.8 72.77 ., , 73 . ,
.
. , , 9.8, 6 73 . 100 . . 100 .
14.78 . . 3 :
14.78(1 + 0.06)0.25 = 15 .
.
,
100 14.78 = 85.22 . ,
6 . 6 :
85.22(1 + 0.06)0.5 = 87.73 .
15 .
73 ., 15 + 73 = 88 .
87.73 . :
88 87.73 = 0.27 .

9.3.

203

9.12. , 9.8 72.77 ., , 72 .,


.
. ,
, ,
6 . 100 .
, 6
72 . 100 . 14.78 .
, 6%,
, 15 . 14.78 .
,
14.78(1 + 0.06)0.25 = 15 .
,
100 14.78 = 85.22 . ,
6 6% .
,
85.22(1 + 0.06)0.5 = 87.74 .
72 ., , 15 .
,
87.74 15 72 = 0.74 .
, .
9.13. 9.9
73.72 ., , 75 . 7%
3 9% 6 . ,
.
. , 6 75 .
100 . . 100 . 14.75 .
7%. 3
14.75(1 + 0.07)0.25 = 15 .,

204

9.

, . ,

100 14.75 = 85.25 . ,


6 9% . 6

85.25(1 + 0.09)0.5 = 89.00 .
15 . ,
75 . , 89.00 .
,
15.00 + 75.00 89.00 = 1.00 .
9.14. 9.9
73.72 ., , 73 . 7%
3 9% 6 . ,
.
. 6 , , .
100 . ,
6 73 . 100 . 14.75 . 7%

100 14.75 = 85.25 .
6 9% .
3 , 3
:
14.75(1 + 0.07)0.25 = 15 .,
, 15 .
6 , 6
:
85.25(1 + 0.09)0.5 = 89 .,
, 15 .,
73 ., . ,

89 15 73 = 1 .

9.4.

205

9.4.

,
,
.
. ,
. -

. (
).
, -. , ,
, .
. ,
,
.
, ,
, ,
. , ,
, .
, ( ). ,
(
). ,
.
, . 9.2. . t (0 t T ) T
, . ,
, F (t).
, F (0) = K , ,

206

9.

0, . K,
. t ,
F (t) t St . ,
- , , (r).
,
,
. .

St
t

F (t)
T

:
F (t)

1
= St .
(1 + r)T t

F (t):
F (t) = St (1 + r)T t .

(9.4)

,
(9.4).
9.15. , 9.6. 2
M
. M
105 . M
, .
, 9.6, r = 10%.
. (9.4) t = 2 = 1/6 , St =
105 ., :
F (t) = 105(1 + 0.1)1/41/6 = 105.84 .

9.4.

207

t (0 < t < T ) :
. :
St , 0 T K.
?
, Ct , t
Ct ( Ct )
K t. ,
Ct :
Ct + K

1
= St .
(1 + r)T t

(9.4) ( ):
Ct = St K(1 + r)tT =

F (t) K
.
(1 + r)T t

(9.5)

, ,
.
Ct , (9.5),
t,
. .
9.16. , 9.6. 2
, M 107 .
. 9.5 : r = 0.1, T = 0.25 , t =
1/6 , St = 107 . 9.5
S = 105.48 .
(9.5) :
Ct = 107 105.48(1 + 0.1)1/61/4 = 2.35 .
. , 9.16,
:

208

9.

t
0

1/12

1/6

T
1/4

2.35 ., t =
1/4 M 105.48 .
T :
105.48 + 2.35(1 + 0.1)1/41/6 = 107.85 .
T , t = 2 = 1/6 , :
107(1 + 0.1)1/41/6 = 107.85 .
, , M t t
, (9.5).
, .

9.5.
, ( ) T ( ), N , , . .

( ).


N . ,
(k , k = 1, 2 4)
.
T (
) .
T
.

9.5.

209

N
0

D1

D2
1

D3

D4
2

D
D
D +N
2T 2 2T 1 2T
T 1
T
t

, , r,
:
Di = rN.
i- ri , :
Di = ri N ,
i = 1, . . . , kT .
T D:
D=

kT
X

ri N.

(9.6)

i=1

9.17. 100 . 5
5%. , .
. (9.6) r = 0.05, :
D = 250.05100 = 50 .

( ),
T . D
:
D = N C,

(9.7)

N , C ().
, T ,
.

210

9.

9.18. , 100 ., 5 , 20%.


, ?
. :
1000.2 = 20 .,
, 80 . :
100 80 = 20 .
( ) , ,
, ,
. ( )
.
( ), , ,
, .
, , .
. , , ,
, ( ). , .

.
.
,
, , . ,
, , ,
. .
, ,
, . .

9.5.

211

9.19.
N 4 ,
, D.
, ,
.
. , , :

N +D

b1 , b2 , b3 ,
D, b1 + b2 + b3 < N. :
1- : D, b1 ( D b1 ), ;
2- : D, b2 ( D b2 ), ;
3- : D, b3 ( D b3 ), ;
4- : (N + D) ,
(N b1 b2 b3 ) ( D + b1 + b2 + b3 ),
.
:

1- :

b1

2- :

b2
0

212

9.

3- :

b3

4- :

b1 + b2 + b3 N

D
1

N +D

0 N . 1, 2 3 ,
D, 4 N + D.
, ,
.
, ,
. ,

,
b1 , b2 , b3 , b1 + b2 + b3 < N.
,
.
- , .
,
.

, .
,
, .
, ,
,
.
,
.

9.5.

213

.
() rt t
, t .
,
. , ,
.
9.20. r1 10%,
r2 12%. r , ,
100 . 3 , ? 6% ,
92 .
. ,
. ,
, , 92 .
,
. ,
6 , 106 .
r1 10%,
0 :
6
6
=
= 5.4545.
1 + r1
1 + 0.1
r2 12%,
0 :
6
6
=
= 4.7832.
2
(1 + r2 )
(1 + 0.12)2
0:
92 (5.4545 + 4.7832) = 81.7623 .
, , ( ):

214

9.

1- :

5.45

2- :

4.79

3- :

81.76

t
6

2
106

, : 0 92 .,
6% (6 .),
100 .
0 :
6
106
6
+
.
+
2
1 + 0.1 (1 + 0.12)
(1 + r)3
r :
6
6
106
+
+
= 92.
2
1 + 0.1 (1 + 0.12)
(1 + r)3
:
5.4545 + 4.7832 +

106
= 92.
(1 + r)3

, r :
r = 0.0904 9%.
, ,

.
t , . N , D1 , . . . , Dt .

9.5.

215

r1 , r2 , . . . , rt1 ,
1, 2, . . . , t 1 .
P .
0
:
D1
D2
Dt1
N + Dt
+
+ +
+
.
2
t1
1 + r1 (1 + r2 )
(1 + rt1 )
(1 + r)t
r :
D1
D2
Dt1
N + Dt
+
+ +
+
= P.
2
t1
1 + r1 (1 + r2 )
(1 + rt1 )
(1 + r)t

(9.8)

.
1 r1 , 2 r2 . r 1 ,
?
, N ,
:
N0 = N

1
.
(1 + r2 )2

: 1 ,
.
r , , ,
?
N ,
r :
N = N0 (1 + r1 )(1 + r).
N0 , :
N =N

1
(1 + r1 )(1 + r),
(1 + r2 )2

216

9.

r:
r=

(1 + r2 )2
1.
1 + r1

(9.9)

9.21.
8%, 12%. r
1 , .
. r (9.9):
r=

(1 + 0.12)2
1, r = 0.1615 16.5%.
1 + 0.08

. 0 t rt
(t = 1, . . . , n). , r
, n 1 1 .
:
rn
rn1
r2
r1
0

r
?

?
......... ?

n1

r n
0 n ( ) -
.
. , n
N , 0 N0 , :
N0 =

N
.
(1 + rn )n

N N0 .

9.5.

217

, n N , 0 N0 .
.
. 0 N0 n 1 . n 1- ,
N0 (1 + rn1 )n1 .
n1 1
r. :
N0 (1 + rn1 )n1 (1 + r).
, , ,
r :
N = N0 (1 + rn1 )n1 (1 + r).
N0 , :
N=

N
(1 + rn1 )n1 (1 + r),
(1 + rn )n

r:
(1 + rn )n
1.
(9.10)
(1 + rn1 )n1
. 0 N0 t0 (t0 < n). t0
r=

N0 (1 + rt0 )t0 .
n t0 r, t0 ,
n t0 .
:
rt0

r
?

t0

218

9.

, n ,
N0 (1 + rt0 )t0 (1 + r)nt0 .
, N ,
r :
N = N0 (1 + rt0 )t0 (1 + r)nt0 ,
r:
r=

nt0

(1 + rn )n
1.
(1 + rt0 )t0

(9.11)

, (9.9) (9.11)
t0 = n 1.
9.22.
10%, 11%, 12%,
14%. :
) 3
1 ;
1 ?
) 2
2 ;

2 ?
. ) n = 4, r3 = 12%, r4 = 14%. r
(9.10):
r=

(1 + 0.14)4
1.68996
1=
1 = 0.20217 = 20.22%.
3
(1 + 0.12)
1.10493

) n = 4, t0 = 2, r4 = 14%, rt0 = 11%. (9.11)


r:
r=

42

(1 + 0.14)4
1.2996
1 =
1 = 0.1708 = 17.08%.
2
(1 + 0.11)
1.11

9.6. Excel

219

9.6. Excel
Excel
, .
, .

:
0 ( ) US 30/360
1 /
2 /360
3 /365
4 30/360

:
1
2
4

__


( )


( )

( 100 .)

100 .

100 .

- -

220

9.

: 6 . ,
22 1998 . 36029,
22.08.98. , , ( -).
(, 22/08/98) , . Excel
. ,
, .
, (
) ,
7 ,
,
.
. , , . ,
5 11
16 , , :
=.(5.11;16)
, 5.6875.
.(5.6875;16).
, . 1
, 5 16
, :
=.(5.01;16)
=.(5.1;16) 5 10
16 ,
5.6250 ( 5.0625).
, , , ( ), . , Excel , ,
,
.
6
7

.
2 32.

9.6. Excel

221

.
DOLLARDE

(;)

.
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100

, ()
.
: ( ), ( ),
( ).
( 100 .
) ,
( ).

.

222

9.

.
, ( ) ( ), . ,
.

, , , ,
.
9.23. 1000 . 9%
01.10.96. . 1. 01.04.97.
01.10.98.

12.01.97, 12%? ?
, 950 .?
. . 10.

:
, , .
.
, .
B23
954.34 . B25 : 25.47 . B27
: 180.00 .
, .
: 100 .
(95 . 100 ., ).
B29 12.30%.
, . .

9.6. Excel

. 10.

223

224

9.


, . 3, 6, 9
12 .
(
), .
, .
.
100
.
, 100.
8 .
9.24. 11
1998 . (. ) 36002 36001. 74.02% 47.84% .
91 154.
. . 11. ,
: ( ) . ,
.
. , Excel . B21 B27.
, .
. 36002 ( B22) 140.78%, 36001
( B28) 258.42%. .
8

. : ,

122(505), 13.11.1998.

. 11.

225

226

9.

.
36002 ( B24) 104.21%, 36001
( B30) 123.63%.

1.
3.19 ., 3.32 . , 10 000 ,
0.2% ?
2. - - ,
3 100 5 000 . 48 .
- , 8% ?
3. - ,
52 . - ?
4. ,
2 1 000 .

,
: ) 1300 ., ) 700 . .
5. 30 30 (
) ,
1500 . ,
, 8%
.
6. ,
5,
1550 .
?
7. ,
5,
1480 .
?
8. 12 ,
100 .

227

, 4 5% . 10% .
, .
9. 8 ,
0.5 10% 0.5 1 12% .
, .
10. ,
8, 90 ., ,
(89.26 .), 8. ,
.
11. ,
8, 88 ., ,
(89.26 .), 8. ,
.
12. , 9, 92 .,
, (91.05 .), 9 ,
.
13. ,
9, 90 .,
, (91.05 .), 9. ,
.
14. ,
5. .

1650 .
,
. , 5,
8% .
15. 5 ,

1650 . 8% .
16. , 5 :
1) 140.35 .
1519.36 .; 2) (
) 1650 .

228

9.

17. , 5, t = 1/12
1650 .

140 ., , (140.35
.), 15. ,
.
18. ,
5, t = 1/12 1650 .

141 ., ,
(140.35 .), 15. , .
19. , 8, t = 4 = 1/3 , 105 . 10%.
20. 19, ,
t = 4
.
21. ,
8 19, ,
t = 4
6 ., , ,
19. ,
.
22. ,
8 19,
,
t = 4 8 ., , , 19. ,
.
23. 200 .
3 8%. , .
?
24. ( ), 200 ., 3 20%.
, . ?

229

25. , 24, ,
, 23.
26. 1 000 ., .
5% . , .
27. 26, .
28. , , r1 = 9%,
, r2 = 11%,
, , 200 ., 8% ,
3 , ?
: ) 180 ., )220 .
29.
10%, 13%. r
, .
30. : r1 = 8% ( 1 ), r2 = 10%
( 2 ), r3 = 11% ( 3 ),
r4 = 12% ( 4 ), r5 = 14% (
5 ). :
) , 4 . 4 -
. ?
) , 3 . 3
. , 4- .
) , 1 .
,
4 . .

10.
10.1.
, , , ,
. . .
, .
, , . ,
,
. , .
, .
.
.

, . , .
( ,
..) ( , , , ..). ,
, .
,
,
. .
:

10.1.

C0

C1

C2

t1

t2

231

Cn
tn

C0 , C1 , C2 , . . . , Cn , . Ct .
, (
). Ct < 0. Ct ,
, , , Ct > 0. ,
,
(, ) , .
, , ,
.
,
, , , , , , .
t1 , t2 , . . . , tn 1, 2, . . . , n ,
. , , :
C0

C1

C2

Cn
n

, Ct . , Ct :
+ + +

+ + +

.
10.1. . , 100 . . 100 . . ,

232

10.

, ,
70 . ., 180 . . 90 . . , 10 . .
.
.
.
( ):
100

100

70

180

90

10

:
6. .

200

100

100

, , , , , :

10.2.

233

100

50

80

50

60

150

100

: ,
, ,
, .
, t Ct < 0, ,
, .
, , .
.
,
. .

10.2.
, . .
10.2.
, 10.1.
. :
70 + 180 + 90 + 10
= 70 ..
5
100 + 100 = 200 .. :
70
100% = 35%.
200

234

10.

,
. , .
, ,
.
,
, , .
.
10.3. : , , .
:

15 000

3 000

2 000

1 000

15 000

2 000

2 000

2 000

15 000

1 000

2 000

3 000

.
.
:
3 000 + 2 000 + 1 000
32 000
1 000 + 2 000 + 3 000
=
=
= 2 000 .
3
3
3
15 000 . , :
2 000
100% = 13.3%.
15 000

10.3.

235

, .
,
.
,
.

10.3.
,
.
,
.
() Q,
P , P/Q. , 18 000 ., 5 700 .,
:
18 000
= 3.16 .
5 700
,
. .
10.4. 10.1.
. 200 . .
70 .. 130 . .,
, 130/180 = 0.72 .
2 + 0.72 = 2.72 .
, ,
.
, .
, , .10.2,

. ,
.

236

10.

10.4.
:
C0 ,

C1 ,

C2 ,

...

Cn

t = 0, 1, . . . , n. Ct ,
.
C0 I, C0 = I < 0, Ct t 1
, .
, , 0. ,
0 , C1 ,
9 :
PV =

n
X

Ct

t=1

1
,
(1 + r)t

(10.1)

r (discount rate).
, C0 0,
:
NP V =

n
X
t=0

Ct

1
.
(1 + r)t

(10.2)

NP V
( Net Present Value).
r
, .
.
NP V , . ,
NP V . .
9

: , , .

10.4.

237

10.5. 10.1, r = 10%.


. (10.2) :
NP V = 100
+

100
70
180
+
+
+
(1 + 0.1) (1 + 0.1)2
(1 + 0.1)3

10
90
+
= 69.86 ..
4
(1 + 0.1)
(1 + 0.1)5


, , NP V r. NP V r.
10.6. NP V (r)
, 10.1.
. (10.2) NP V (r)
r = 0%, 20%, 30%, 40%. :
r%

10

20

30

40

NP V (r)

150

69.86

16.90

19.37

44.83

NP V (r), , . 12.
NP V (r) . , ,
0, , r
( )
, ( ). .
.
r , 1/(1 + r) . NP V , , (). ,

238

10.
6NP V (r)

150

100

50

50

..a.
...
...
...
...
...
...
...
...
...
...
...
....
....
....
....
....
...a.
....
.....
.....
....
.....
.....
.....
.....
.....
.....
.....
...a..
.....
.....
......
......
......
.......
....... 30
10
20
40
.......
......a..
.........
..........
..........
............
..............a

r%

. 12. NP V (r) 10.1


. , t ,
( ), , 1/(1 + r)t ,
. , NP V (r) , . 12.
NP V (r)
.
r = 20% NP V , r = 30% NP V
. , ,
NP V . , .
, NP V
. .

10.4.

239

10.7. : .
23 616 .,
.
10 000 . . ,
5 000 . , 10 000 .,
32 675 .
NP V (r)
NP V r.
. :

23 616 10 000 10 000 10 000 10 000


0

23 616

5 000

10 000 32 675
3

(10.2), NP V (r)
r.
:
r%

NP V (r)

NP V (r)

16 384

24 059

10

8 083

10 347

20

2 271

1 400

30

1 954

4 665

50

7 567

11 976

NP V (r) , , . 13.
, 17%.
, , NP V
, 17%, , r = 10%,

240

10.

NP V (r)
6
24 059 ..`...

16 384

10 347
8 083

2 271
1 400
0
1 954
4 665
7 567
11 976

...
...
...
...
...
...
...
...
...

...
...
..`.
...
...
...
...
...
...
...
...
..
...
... ....
...
...
...
...
...
...
...
... ...`.
.
...
... ....
.... ..
.... ...
....` ...
.... ...
.... ...
..... ..
..... ...
..... ...
........
........
.....
........
........
... ....`.
... ....
...` .....
... ......
... ....
.... .....
.... .......
10
20 ......... .............30
40
50
......`.
....
.......
....
.
.
........
.....
........
.....
........
.....
........
.....`
........
......
.........
......
.........
......
..........
......
..........
.......
..........
.......
..`
......
.......
.......
.......
.......
........
........
........
......`

r%

. 13. NP V (r) 10.7

10.4.

241

, NP V
, NP V :
NP V (10%) = 10347 > 8083 = NP V (10%) .
NP V ,
17%, , r = 20%, ,
NP V ,
:
NP V (20%) = 2271 > 1400 = NP V (20%) .
,
NP V (r) r,
r .
.
10.8. NP V (r).
0
1 000 . ,
3 600 ., .
4 320 . ,
1 728 . .
0
4 000 . 25 000 . ,
,
25 000 . .
. :

1 000

3 600

4 320

1 728

4 000

25 000

25 000

242

10.

6NP V (r)

10

20

30

40

50

r%

. 14. NP V (r) A 10.8


NP V (r) :
NP V (r) = 1 000

4 320
3 600
1 728
+

.
2
1 + r (1 + r)
(1 + r)3

:
(NP V (r)) =

3 600
8 640
5 184
144(5r 1)2

+
=
.
(1 + r)2 (1 + r)3 (1 + r)4
(1 + r)4

r 6= 1/5 NP V (r) , , NP V (r)


r. r = 1/5 .
:
NP V (1/5) = NP V (20%) = 0.
NP V (r) :

10.4.

243

r%

20

30

50

NP V (r)

0.45

NP V (r) . 14.
NP V (r) :
NP V (r) = 4 000 +

25 000
25 000

.
1+r
(1 + r)2

:
(NP V (r)) =

25 000
50 000
25 000(r 1)
+
=
.
2
3
(1 + r)
(1 + r)
(1 + r)3

r = 1. .

(NP V (r))

:


NP V (r)


XX
XXX
XX
z

r < 1 , r > 1 ,
r = 1 :
NP V (1) = 4 000 + 12 500 6 250 = 2 250.
NP V (r) :
NP V (r) = 4 000 +

25 000
1 000(4r 2 + 17r 4)
25 000

=
.
1+r
(1 + r)2
(1 + r)2

:
4r 2 + 17r 4 = 0, r1 = 4.0 = 400%, r2 = 0.25 = 25%.
r = 0:
NP V (0) = 4 000 + 25 000 25 000 = 4 000.
NP V (r) . 15.

244

10.

6NP V (r)

2 000

1 000
-

25

100

200

300

400

r%

1 000
2 000
3 000
4 000

. 15. NP V (r) 10.8

10.5.

245

10.5.
,

.
IRR ( Internal Rate of Return).
:
C0 ,

C1 ,

C2 ,

...

Cn ,

Ct t (t = 0, 1, . . . , n),
r :
n
X

Ct

t=0

1
= 0.
(1 + r)t

(10.3)

, Ct
t, , 0
.
?
NP V (r) = 0, r ( , IRR)
,
. ,
C0 (C0 < 0) C1 (C1 > 0). IRR
:
C0 +

C1
= 0.
1 + IRR

:
IRR =

C1 + C0
C1 |C0 |
=
.
C0
|C0 |

C1 |C0 | , |C0 |
, ,
IRR =

C1 |C0 |
|C0 |

246

10.

.
IRR
() ,
.
, . ,
, .
, , ,
.
10.9. , 10.1.
. r
:
100

100
70
180
90
10
+
+
+
+
= 0.
2
3
4
1 + r (1 + r)
(1 + r)
(1 + r)
(1 + r)5

, 6.6 ( (7.26)),
Excel.
, . 10.8.
10.6 :
NP V (20%) = NP V (0.2) = 16.90;
NP V (30%) = NP V (0.3) = 19.37.
,

0.2 + 0.3
= 0.25.
r=
2
, ,
r = 0.24.
, 24% , ,
25%. 24%,
.
, .

10.6. NP V IRR

247

NP V (r) (,
10.7), IRR : ,
IRR ,
.
NP V (r) ( 10.7), IRR .

10.6. NP V IRR
NP V . , .
, NP V .
NP V . , NP V
? ,
NP V , . .
: NP V
, . ?
.
IRR , .
IRR , -
, . , , . IRR
, ,
.
IRR , , , .
, , NP V , .
NP V IRR , ,

248

10.

NP V , r .
, r < IRR, NP V > 0, , NP V r.
, . r > IRR, NP V < 0,
. .
10.10. 10.1. ,

10%. NP V IRR.
. 10.5, NP V
r = 10% , . 10.9
: IRR = 24%. r = 10%,
IRR > r IRR.
NP V IRR.
10.7 .
10.11.
10.7. NP V
r.
. (IRR)
:


1
1
1
1
23 616 + 10 000
+
+
+
2
3
1 + r (1 + r)
(1 + r)
(1 + r)4

= 0.

, , IRR 25%.
(IRR) :
10 000
32 675
5 000
23 616 +
+
+
= 0.
(1 + r)2 (1 + r)3 (1 + r)4
, , IRR 22%.

10.7.

249

10.7
:

NP V (10%)

8 083

10 347

NP V (20%)

2 271

1 400

IRR

25%

22%

, NP V 10% , IRR
. ,
, NP V 20%.

10.7.

, , . ?
i% , ,
t , ,
(1 + i)t . , , . ,
. 10.1, :
C0 C1 (1 + i) C2 (1 + i)2

0
1
2

Cn (1 + i)n
n

, , .
,
, , (1 + i)t ,
. . .

250

10.

10.12.
10.1, 7% .
. 10.1
:
C0 = 100;

C1 = 100(1 + 0.07) = 107;

C3 = 180(1 + 0.07)3 = 220.51;

C2 = 70(1 + 0.07)2 = 80.14;

C4 = 90(1 + 0.07)4 = 117.97;

C5 = 10(1 + 0.07)5 = 14.03.

100

107

80.14

220.51 117.97
3

14.03


:
80.14 + 220.51 + 117.97 + 14.03
= 86.53 . .
5
:
100 + 107 = 207 . .
:
86.53
= 0.4180 = 41.8%.
207
,
( 35%, . 10.2).
. , , 207 . .
80.14 . . 207 80.14 = 126.86 . ., , :
126.86
= 0.58 .
220.51

10.8. Excel

251

, :
2 + 0.58 = 2.58 .
, ,
( 2.72 ; . 10.4).
, , , (NP V ) .
.
, P r% , t Ct :
Ct = P (1 + r)t .
, i% ,
P t P (1 + i)t . ,
:
Ct = P (1 + i)t (1 + r)t .
P Ct 0 :
P =

Ct
.
(1 + i)t (1 + r)t

, ,
, :
n
X
t=0

n
X
Ct (1 + i)t
Ct
=
.
t
t
(1 + r) (1 + i)
(1 + r)t
t=0

, , .
Ct = Rt Zt , Rt , Zt
t. , Rt , Zt ,
.

252

10.

10.8. Excel
Excel 5 , . , , , , , .


( )


( )

,
( ),
.

(NPV)

(;)

(IRR)

([;])

(MIRR)

(;;)

(XNPV)

(;;)

(XIRR)

(;
[;])

, . , ,
.

10.8. Excel

253

.
, . : ( 0) ,
.
, ,
, .

,
.
10%. .
20 ,
: # !.
.
( ). Excel .
Excel, , : ,
, .

10.8.1.
Excel. 10.6.
. 16.
, .
, NP V
r, ( )
, 4.2. , .
.
B5:B9 ( ) A23:A27.

254

10.

. 16. 10.6

10.8. Excel

. 17. 10.7

255

256

10.

B23 :
= $B$10+(A23;$B$11;$B$12;$B$13;$B$14;$B$15;)
, A23, r. :
1.
2.
3.
4.

A23:B27.
.
. . .
:
: $A$23
5. OK.
, ,
Excel 97. , Excel 5.0
, ,
. ,
Excel ,
.
A23:B27, ,
:
{=(;A23)}
, .
,
(_) , <;>.
,
.
, . , r = 40% r = 25%.
10.7, . 17.
,
10.6, .
10.6
10.7 , .

10.8. Excel

257

Excel
(Chart), .

10.8.2.
.
( ), (
).
10 .
Excel .
, ,
, .
10.6 NP V (r)
(. 18). , (
), A3:B8. , , ,
:
1. .
2. . . .
3. OK.
. .
( >)
( < ). ,
.
. , .
.
.
10

, , .

258

10.

. 18. 10.6

10.8. Excel

259

. , ,
>. (
), . ,
,
.
.
. ( NP V (r)), (r, NP V ),
.
( )
, . 10.6 .
,
. ,
, ,
. ,
.
, ,
.
, , . -
, ( <)
. , .
10.7 (. 19)
. ( ),
, .
10.5 , (IRR).
, ,
.

10.8.3.
,
, , .

260

10.

. 19. 10.7

10.8. Excel

261

,
, .
, ,
-. , ,
-, . - , .
10.13. 10.6 r,
,
100 000 .
. . 20.
.
. -,
A18 , r, . . 16,
( NP V (r)), 0% < r < 10%.
A18 5%.
,
r.
-, B18 NP V :
= $B$5+(A18;$B$6;$B$7;$B$8;$B$9;$B$10)
B18 105623.22. .
:

1. .
2. . . .
3. :
: B18
: 100000
: A18
4. OK.

262

10.

. 20.

263

,
A18 : 5.72%. B21 NP V (5.72%).
.
. ,
. , , 0.001,
100 . . , , , 200 , 0.0001.
:

1.
2.
3.
4.

.
. . .
. . .
:
: 200
: 0.0001
5. OK.

,
, .
, . , :
x2 = 9.
: +3 -3. 1, +3, -1, -3.
, ,
( 10.13 A18)
.

264

10.

1. . 300 000 .
. 200 000 .
, 50 000 . . , ,
, 400 000 ., 600 000 ., 700 000 . 200 000 .
,
.
.
2.
200 000 . 280 000 .
300 000 .
400 000 . , 150 000 .

300 000 . 420 000 .
350 000 . 500 000 .
.
3. , 1 2, , ?
4. ,
1 2.
5. , 1 2.
6. (NP V ) 1 r = 10% ( 0).
7. (NP V ) 1 : ) 0%, ) 20%, ) 30%,
) 40%, ) 50%. NP V (r).
8. T & Co 15 522 .
. : .
. 10 000 . .
,
. 10 000 .
.
22 100 .

265

,
. 0
r = 0, r = 10%, r = 20%, r = 30%
NP V (r) .
r ,
?
9.
, :


(.)

(P V )
0 (.)

200 000

290 000

115 000

185 000

270 000

400 000

1 2 . 1 3 400 000 . .
0 .
2 3
, 0 620 000 .
.
, 125 000 .
. 0 .
, 0?
10. : 1 600 . .,
10 000 . . ,
,
10 000 . . ,
NP V (r) .
11. , ,
. 1 000 . ,
6 000 . 11 000 .

266

10.
. 6 000 . . ,
NP V (r) .

12. (IRR) ,
1.
13. 1
(IRR), : ) 30%; ) 40%?
14. NP V (r), 7, , IRR . r NP V ,
? IRR?
15. (IRR) 8 IRR
NP V 10%, 10%
10%.
16. 1,
, 5% .
17. 16.
(. 4).
18. 16.

(. 5).


1
1. 85 680 .
2. 200 .
3. 79.1%.
4. 18.33%.
5. 33.33%.
6. 25%.
7. 57.14%.
8. 110%, 260%.
9. 10%.
10. 21%.
11. 17.36%.
12. 9.375%.
13. 64%.
14. 80.95%.
15. 425%.
16. 50 .
17. , 9%. . x , ,
(70 + x) .
18. , 12%. . x , ,
(20 + x) .

268

19. 198 220 . . . 1.4


20. 4 740 .
21. 9 484 .
22. 23 156 .

2
1. ) 3 052.5 .; ) 3 210 .; ) 3 717.5 .
2. ) 4 934.21 .; ) 4 807.69 .; ) 4 504.515 .
3. 8%.
4. 1.5 .
5. 1766.67 .
6. 63 .
7. 2 160 .
8. 68 400 .
9. 118 421.05 .
10. 111 600 . 9, , ,
.
11. 14 644.17 .; 13 579.58 .
12. 2 055.56 .
13. 9%
14. 16 893.28 .,
17 028.98 . , - .
15. 9 837.16 .
16. 1 470.50 . .
, .
17. 821.71 . ,
3 , 200 12 = 2 400 .,
821.703 = 2 465.10 . .
18. 103 777.90 .,
109 232.60 . , .
19. 23.6%
20. 4%

269

3
1. ) 8 480; ) 8 316.88 .; ) 10 099.82 .; ) 11 683.64 .
2. ) 8 489.66 .; ) 8 323 .; ) 10 145.93 .; ) 11 770.46 .
3. 14 489.31 .
4. 5.77%
5. 145 .
6. ) 1 050 .; ) 1 051.05 .; ) 1 051.16 .;
) 1 051.27 .; ) 1 051.27 .
7. 1 491.82 .
8. 2 482.93 .
9. 6 544.42 .
10. ) 14 635.60 .; ) 13 611.11 .
11 2, ,
, ,
, ,
.
11. 9.67% ( ).
12. 5.45%.
13. ) 10.25%; ) 10.43%; ) 10.47%; ) 10.52%.
14. ) 7.85%; ) 7.75%; ) 7.72%; ) 7.70%.
15. 5.96%.
16. 5.85%.
17. 7.79%.
18. ) 6.10%; ) 6.14%; ) 6.17%.
19. ) 6.09%; ) 6.14%; ) 6.17%; ) 6.18%.
20. 8.70%.
21. 8.42%.

270

4
1.

(.)


(.)

600 000

120 000

480 000

120 000

360 000

120 000

240 000

120 000

120 000

120 000

(.)

2.

(.)

600 000

110 000

490 000

110 000

380 000

110 000

270 000

110 000

160 000

110 000

50 000

3.


(.)


(.)

(.)
600 000

5/15

600 000

200 000

400 000

4/15

600 000

160 000

240 000

3/15

600 000

120 000

120 000

2/15

600 000

80 000

40 000

1/15

600 000

40 000

271

4.

(.)


(.)

(.)

600 000

5/15

550 000

183 333

416 667

4/15

550 000

146 667

270 000

3/15

550 000

110 000

160 000

2/15

550 000

73 333

86 667

1/15

550 000

36 667

50 000

5. . :

r
5

50 000
= 0.3916 = 39.16%
600 000


(.)


(.)

600 000.00

600 000.000.3916 = 234 960.00

365 040.00

365 040.000.3916 = 142 949.66

222 090.34

222 090.000.3916 = 86 970.58

135 119.76

135 119.760.3916 = 52 912.90

82 206.86

82 206.860.3916 = 32 192.21

50 014.65

(50 014.65 .)
50 000 . .
50 000 .
32 206.86 .

272

6.


(.)


(.)

600 000

600 0000.4 = 240 000

360 000

360 0000.4 = 144 000

216 000

216 0000.4 = 86 400

129 600

129 6000.4 = 51 840

77 760

77 7600.4 = (31 104)

(46 656)

27 760

50 000

. 20%. 40%. , 50 000 .,


27 760 .

7.

(.)

(.)

(.)

(%)

(.)

350 000

120 000

230 000

30

69 000

350 000

120 000

230 000

30

69 000

350 000

120 000

230 000

30

69 000

350 000

120 000

230 000

30

69 000

350 000

120 000

230 000

30

69 000

345 000 .

273

8.

(.)

(.)

(.)

(%)

(.)

350 000

200 000

150 000

15

22 500

350 000

160 000

190 000

15

28 500

350 000

120 000

230 000

30

69 000

350 000

80 000

270 000

30

81 000

350 000

40 000

310 000

30

93 000

294 000 .

9. 14.78%
10. 261 564.28 .
11. 208 919 .
12. 20.13%
13.

(.)

(.)

(.)

(%)

(.)

350 000

234 960.00

115 040.00

15

17 256.00

350 000

142 849.66

207 050.00

30

62 115.10

350 000

86 970.58

263 029.42

30

78 908.83

350 000

52 912.90

297 087.10

30

89 126.13

350 000

32 192.21

317 807.79

30

95 342.34

:
14. 4.79%.
15. 246 380 .
16. 9.73%.

342 748.40 .

274

17.

(.)

(.)

(.)

(%)

(.)

350 000

240 000

110 000

15

16 500

350 000

144 000

206 000

30

61 800

350 000

86 400

263 600

30

79 080

350 000

51 840

298 160

30

89 448

350 000

27 760

322 240

30

96 672

343 500 .

18. 246 608.25 .


19. 5 ,
0 : 1)
; 2) ; 3) ; 4)
.

5
1. ) 7 638.65 .; ) 12 357.06 .; ) 10 000 .
2. ) 34 347.50 .;) 22 637.74 .
3.
4.
5. 13 372.53 .
6. 13 467.26 .
7. 2 143.26 .
8. 6 783.66 .
9. 6 751.71 .
10. 6 748.71 .
11. 5 356 108.89 .

275

12. . , :
x = 2(1.025)1.54 + 3(1.025)34 =
= 3 955.26 .
13. , , :
x1.02534 = 21.0251.54 + 3, x = 3 955.26 .
12, ,
, .
14. 15 485.49 .
15. 13 149.49 .
16. 28 535.61 .
17. 21 504.67 .
18. 16 182.24 .
19. 14 976.38 .
20. 16 632.22 .
21. ) 1 865.01 .; ) 2 466.48 .; ) 2 645 .
22. 11 721.02 .
23. 0.72231 , 260 .
24. 5 841.48 .
25. 46 562.98 .
26. 32 754.63 .
27. 33 722.96 .

6
1. ) 78 812.50 .; ) 314 447.50 .
2. ) 321 510 .; s12;1.25% (6.2);
) 1 287 240 .
3. 5 184.30 .
4. 477.53 .

276

5. 1 309 008.03 .
6. 458 364 .
7. 82 332 272.41 .
8. 15 641 916.17 .
9. 1 760 957.70 .
10. 136 289.47 .
11. 1 814 674.80 .
12. 26 243.42 .
13. 4 298.24 .
14. 916.43 .
15. 4 935.29 .
16. 5 087.38 .
17. 5 325.95 .
18. 1 971.48 .
19. 1 568.99 .
20. 1 602.28 . s5; 8% , , , (6.2).
s4; 2.5% s20; 2.5% , .
21. 1 562.79 .
22. 1 539.83 . p- (p = 4)
.
(4)
(6.6); s5; 10%
(6.5).
23. p- (p = 4)
6 j6 = 10%.
(6.10), R
m = 6, n = 5, jm /m = 10/6 = 1.(6)%. s1.5; 1.(6)% s30; 1.(6)%
(6.2). 1 532.19
.
24. 4 . R (6.9)
m = 4, n = 3, jm /m = 0.08/4 = 0.02. s4; 2% s12; 2% (6.2). 854.6
..

277

25. . R (6.13). 854.12 . .


26. 35 248 501.94 .
27. (6.4):
R = S/s20; 8% = 5 000 000/45.7620 = 1 092 609.59.

5 000 000 1 092 609.59 = 3 907 390.41.
7.8% .
28. R = 1, n = 10, i = jm = = 5%. :
S(1; 1) (6.3): S(1, 1) = 12.5779;
S(1; m) (6.9) m = 4: S(1, m) = 12.6335;
S(1; ) (6.13): S(1, ) = 12.6528;

S(p; 1)|p>1 (6.6) p = 6: S(6; 1) = 12.8374;


S(p; m)|p>m>1 (6.10) p = 6, m = 4: S(6; 4) = 12.8991;
S(p; m)|p=m>1 (6.11) p = m = 6: S(6; 6) = 12.9062;
S(p; m)|m>p>1 (6.10) p = 6, m = 8: S(6; 8) = 12.9097;
S(p; ) (6.14) p = 6: S(6, 8) = 12.9204.

, ,
. , ,
, .

7
1. 3 860.87 .
2. 3 839.16 . a120; 5/12% (7.1) s12; 5/12%
(6.2).
3. 3 837.15 .
(2)

4. 3 908.54 . a10; 5/12% (7.4), 3 4.


5. 3 893.46 . (7.7); a30; 5/3%
(7.1), s3/2; 5/3% (6.2).
6. 3 885.72 .

278

7. 4 362.35 . (7.5); a26; 10%


3, s2; 10% 2.
8. 4 273.19 .
9. 4 181.19 .
10. 100 000 .
11. 101 856 .
12. 95 162.57 .
13. 97 936.84 .
14. 99 792.39 .
15. 100 000 .
16. 93 102.75 .
17. 97 520.83 .
18. 99 376.30 .
19. 92 687.43 .
20.
= 12 000/a4; 5% = 3 384.14 .
:


t-
(.)
St =
= St1 dt1

(.)

t-

(.)
St 0.05

t-
dt =
St 0.05
(.)

12 000.00

3 384.14

600.000

2 784.14

9 215.86

3 384.14

460.793

2 923.35

6 292.51

3 384.14

314.625

3 069.52

3 222.99

3 384.14

161.150

3 222.99

12 000 .

279

21. :


t-
(.)
St =
= St1 dt1

(.)

t-

(.)
St 0.05

t-
dt =
St 0.05
(.)

12 000.00

3 500.000

600.00

2 900.00

9 100.00

3 500.000

455.00

3 045.00

6 055.00

3 500.000

302.75

3 197.25

2 857.75

3 000.637

142.89

2 857.75

:
12 000 .
St 2 857.75 .
, .
:
St q = 2 857.750.05 = 142.89 .
:
2 857.75 + 142.89 = 3 000.64 .
22. n = 2, q = 5% 2 = 10%,
(2 ) 10%. :
=

12 000s2;5%
12 0002.05
Ssr;i
=
=
= 6 937.50.
an; q
a2; 10%
3.54595


t-
(.)
St =
= St1 dt1

(.)

t-

(.)
St 0.1

t-
dt =
St 0.1
(.)

12 000.00

6 937.50

1 230.00

5 707.49

6 285.73

6 937.50

644.98

6 292.51

12 000 .

280

23. :


t-

(.)
St =
= St1 dt1

t-

(.)
St0.008(3)

t-

dt =
St0.008(3)

80 000

7 033

667

6 366

73 634

7 033

614

6 419

67 215

7 033

560

6 473

60 742

7 033

506

6 527

54 215

7 033

452

6 581

47 634

7 033

397

6 636

40 998

7 033

342

6 691

34 307

7 033

286

6 747

27 560

7 033

230

6 803

10

20 757

7 033

173

6 860

11

13 897

7 033

116

6 917

12

6 980

7 033

58

6 975

79 895 .

d12 = 6 975 6 980


. 6 980 + 58 = 7 038 .

281

24. :


t-

(.)
St =
= St1 dt1

t-

(.)
St0.008(3)

t-

dt =
St0.008(3)

80 000

7 500

667

6 833

73 167

7 500

610

6 890

66 277

7 500

552

6 948

59 329

7 500

494

7 006

52 323

7 500

436

7 064

45 259

7 500

377

7 123

38 136

7 500

318

7 182

30 954

7 500

258

7 242

23 712

7 500

198

7 302

10

16 410

7 500

137

7 363

11

9 047

7 500

75

7 425

12

1 622

1 636

14

1 622

:
80 000 .
1 622 .
1 622 0.008(3) =
14 . 1 622 + 14 = 1 636 .
25. 3.97%.
26. 3.64%.

8
1. 293 122.60 .
2. 37 870 079.73 .
3. P V1 = 12 120 253.06 ., P V2 = 13 797 269.88 . ,
, .

282

4. P V2
N = 6, N = 7, N = 8. N = 6 P V2 =
13 110 170.89 . , P V1
. N = 7 P V2 = 12 466 796.35 . ,
P V1 . N = 8 P V2 = 11 864 363.88 . , P V1 . , , ,
8 , .
: N , P V2 = P V1 .
:
3 + 151.03N 1.1N = 12.12025306.
:
151.03N 0.(90)N = 9.12025306; (0.9(36))N = 0.60801687.
:
N ln 0.9(36) = ln 0.60802; N = 7.56722.
P V2 N , N ,
P V2 < P V1 , N = 8.
5. g = 2%, P V2 = 13 283 209.69 .; g = 1%, P V2 = 12 788 918.26
.; g = 0%, P V2 = 12 313 819.85 .
g . , . (g = 0)
,
(P V1 = 12 120 253.06 .).
6. 16 821 121.76 ., 16 730 756.89 . , , .
7. , 5 16 569 579.62 . ,
,
6.
8. . ,

15 701 810.00 .,
, 6.

283

9. . , .

17 271 990.00 .,
, 6.
10. NP V 6 888 355.00 ., 7 826 196.54 ., .
, aN ; i = a4; 5% , aN ; g = a4; 3% , 0.5 ,
4
, , 2.
11. ), ), )
, , NP V
) 7 543 096.93 ., ) 7 656 113.78 ., ) 7 087 403.52 . NP V
, : 6 882 913.15 . )
, ,
NP V 6 860 923.82 .,
, NP V .
12. ) 14.87%; ) 14.92%; ) 12.72%.
13. ) 12.55%; ) 12.83%; ) 12.74%.
14. ) 5.19%; ) 5.83%; ) 5.65%.
15. 3 940 .
16. 3 895 .
17. 4.1216%.
18. 7.3792%.
19. 5 066.75 .
20. 4 829.38 .
21. 4.1597%.
22. 11.0596%.
23. 14.3629%.
24. n = 5 15.2417%; n = 10
15.1012%; n = 20 14.1197%. , ,
, .

284

25. n = 6, n = 7, n = 8, n = 9.
, , 15.3457%, 15.3510%, 15.2983%, 15.2105%.
,
, 7 .
26. 13.4585%.
27. 14.6456%.
, ,
.
28. n = 5 13.7190%, n = 10
13.2037%. 26,
, , 24,
,
.
n
29. is n 1+ni
s
, . ,
:
n
(p)
an; ie =
1 + nis
(p)

is . an; ie
ie , ie
. , , ( ), .
30. 7.8429%.
. is :
a5; 13.4585% =

5
.
1 + 5is

31. 7.73%.
32. 7.9125%.
33. 7.9544%.
, , .
34. 5.8237%.
35. 6.0338%.
.
36. 10.5135%.

285

9
1. 1 169.8 .
2. 106.75 . - 4 800 . 8%
100 4 800 . -
- 5 000 . ,
4 8001.080.25 = 4 893.25 . -
5 000 4 893.25 = 106.75 .
3. 301.02 . - 100 ,
3 . 5 200 .
8% . 3
5 200(1 + 0.08)0.25 = 5 301.02 . ,
- 100 5 000 . .
- 301.02 . , ,
, ( -
). - ,
8% .
4. ) , ) .
) ) :

300

p p p p p p p p p p p p p p p p p pp
pp
p
700

300

1000 1300

300

300

@
ppppp@
p p pp
pp@
p @
700 1000
@ 1300
@
@
)

5. 1 519.36 .
6. 30.64 . 2

286

7. 39.36 . 3
8. 89.26 .
9. 91.05 .
10. 0.74 . ,
90 . 100 . . 4 :
4.88 ., 3 . 3
5 . . ,
4.77 ., 6 . 6
5 . . , 4.66 ., 9 . 9
5 . .
, 85.69 ., 1 .
94.26 . 5 . 90 .
, 95 ., 94.26 .
95 94.26 = 0.74 .
11. 1.26 . , , .
100 . ,
88 . 100 . 10%
. , 4.88 ., 3
. 3 5 ., . , 4.77 ., 6 . 6 5 .
. , 4.66 .,
9 . 9 5 . . 85.69 .
94.26 .
5 . , 88 .
. ,
94.26 5 88 = 1.26 .
12. 0.95 . 10.
100 . : 4.88 .,
4.77 ., 4.36 ., 85.99 .
13. 1.05 . 11.
: 4.88 ., 4.77 .,
4.59 ., 85.76 .

287

14. 1 660.62 .
15. 140.35 .
16. . , .
, t = 1/12 1 650 .
17. 0.36 . t = 1/12
140 . : 1 650 .,
1 650 140 = 1 510 .
8% , t = 1/6 , 1 510
1.081/61/12 = 1 519.72 .
1 519.36 . .
1 519.72 1 519.36 = 0.36 .
18. 0.65 . 141 .
1 650 ., t = 1/12
1 650 141 = 1 509 . t = 1/6
, 1 5091.081/61/12 = 1 518.71 .,
,
t = 1/6 ( 1 519.36 .).
1 519.36 1 518.71 = 0.65 .
19. 6.82 .
20. , 98.18 .
21. 0.88 . Ft = 6 .
t = 1/3 St = 105 .
t = 1/3 105 6 = 99 .
t = 1
G = 99(1 + 0.1)11/3 = 105.50 .
t = 1 , , ( ) ,
S , :
89.26 + 51.111/2 + 51.113/4 + 5 = 104.62 .
105.50 104.62 = 0.88 .

288

22. 1.26 . t = 1/3


8 ., 10% 97 .
St = 105 . t = 1
97 (1 + 0.1)11/3 = 103.36 .
, : 5 . 1/2, 3/4 1. 1

51.111/2 + 51.113/4 + 51.111 = 15.36 .


t = 1 ,
S = 89.26 . , ,
89.26 + 15.36 103.36 = 1.26 .

23. 96 . 48%.
24. 40 . 20%.
25. 52%.
26. 6 .
50 . 0 40%.
t = 0.5, 1, 1.5, 2, 2.5 (), .
1 050 ., 0
850 . .
6 .
50 ., 0 20% ( 40 .) t = 0.5, 1, 1.5, 2, 2.5 (), .
1 050 ., 0
800 . ( 23.81%) .
27. 30%. ,
.
28. a) 12.37%. ) 3.96%.
29. 16.08%.
30. ) 22.36%, ) 18.65%, ) 15.55%.

289

10
1. ,
:
300

200

50

400

600

700

200

700

6. .

600
500
400
300
200
100

2
3

100

200
300

2. ,
:

80

50

120

120

150

290

200

6. .

100

2
1

100

200

3. , 1, ,
2 .
4. 1
57.58%, 2 37.6%.
5. 1 3.25 ,
2 4.16 .
6. 734.73 . .
7. NP V (r) ( 1)
:
r

10%

20%

30%

40%

50%

NP V (r)

1 350

735

368

139

-10

-109

291

NP V (r) :
6NP V (r)
1 400
1 200
1 000
800
600
400
200

..`.
...
...
...
...
...
...
...
...
...
...
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.....
.....
.....
.....
......
......
....`...
.......
.......
........
.........
...`......
.....
0
10
20
30
40 ......................50
....`

60

r%

200
8. , :
15 522

10 000

10 000

15 522

22 100

NP V (r) :
r

0%

10%

20%

30%

4 478

1 082

-1 402

-3 278

6 578

1 082

-2 733

-5 463

NP V (r)

292


NP V (r) :
6NP V (r)
..a.
.

7 000
6 000
5 000
4 000
3 000
2 000
1 000
1 000
2 000
3 000
4 000
5 000

...
...
...
...
...
...
....
.
..a...
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.
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..... ........ 20
10
30
.....
.
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.....
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.....
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.....
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......
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r%

6 000

9. :

(.)


0
P V (.)


0
NP V (.)

200 000

290 000

90 000

115 000

185 000

70 000

270 000

400 000

130 000

12

315 000

475 000

160 000

13

400 000

690 000

290 000

23

385 000

620 000

235 000

1, 2 3

710 000

875 000

165 000

1 3, (NP V ), 290 000 .

293

10. , , :

1 600

10 000

10 000

NP V (r) = 1 600 + 10 000 (1 + r)1 10 000 (1 + r)2 .


NP V (r) :
(NP V (r)) =

10 000(1 r)
.
(1 + r)3

NP V (r) :

6NP V (r)

1 000

1 000

1 600
2 000

................................
.a........
...........
.........
.....
.
.
.
........
.
.
.
.......
.
.
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25
100
200
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400...............
....
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...
...
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....
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r%

294

11. , ,
:

1 000

6 000

11 000

6 000

NP V (r) =

1 000 r(r 1)(r 2)


.
(1 + r)3

:
6NP V (r)

50

0
50
100
150

..........
.............. .........................
.........
...........
.
.
.
.
.
.
..........
.......
...........
......
.
..........
.
...
.
.
.
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.
.
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.
.
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.
.
... 23
.
100
143
200
.
.
.
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.
.
.
.
.
...
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...
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... .......
... ....
..........

r%

12. IRR 39.32%. NP V (IRR) = 0.95. . .


7 NP V (30%) = NP V (0.3) = 139.00
NP V (40%) = NP V (0.4) = 10.00. , NP V (r) [0.3; 0.4].

295

13. ) . ) .
14. , IRR = 39.32%,
NP V (r) . r 39.32%
NP V IRR. r > 39.32%
.
15. IRR = 14%, IRR = 12.5%. IRR
. r = 10% NP V
: 1 082.06 . NP V . r < 10% NP V
, r > 10% .
16. :
300

210

55.13

463.05

729.30

893.4

268.02

17. 69.42%.
18. 3.14 .

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0.25

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0.75

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
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35
36
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40
41
42
43
44
45
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47
48
49
50
60
70
80
90
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1.002500000
1.005006250
1.007518766
1.010037563
1.012562656
1.015094063
1.017631798
1.020175878
1.022726317
1.025283133
1.027846341
1.030415957
1.032991997
1.035574477
1.038163413
1.040758822
1.043360719
1.045969120
1.048584043
1.051205503
1.053833517
1.056468101
1.059109271
1.061757044
1.064411437
1.067072465
1.069740147
1.072414497
1.075095533
1.077783272
1.080477730
1.083178925
1.085886872
1.088601589
1.091323093
1.094051401
1.096786529
1.099528496
1.102277317
1.105033010
1.107795593
1.110565082
1.113341494
1.116124848
1.118915160
1.121712448
1.124516729
1.127328021
1.130146341
1.132971707
1.161616782
1.190986093
1.221097954
1.251971136
1.283624889

1.003333333
1.006677778
1.010033370
1.013400148
1.016778149
1.020167409
1.023567967
1.026979861
1.030403127
1.033837804
1.037283930
1.040741543
1.044210681
1.047691384
1.051183688
1.054687634
1.058203259
1.061730604
1.065269706
1.068820605
1.072383340
1.075957951
1.079544478
1.083142959
1.086753436
1.090375947
1.094010534
1.097657235
1.101316093
1.104987147
1.108670437
1.112366005
1.116073892
1.119794138
1.123526785
1.127271875
1.131029447
1.134799546
1.138582211
1.142377485
1.146185410
1.150006028
1.153839381
1.157685512
1.161544464
1.165416279
1.169301000
1.173198670
1.177109332
1.181033030
1.220996594
1.262312437
1.305026318
1.349185542
1.394839018

1.005000000
1.010025000
1.015075125
1.020150501
1.025251253
1.030377509
1.035529397
1.040707044
1.045910579
1.051140132
1.056395833
1.061677812
1.066986201
1.072321132
1.077682738
1.083071151
1.088486507
1.093928940
1.099398584
1.104895577
1.110420055
1.115972155
1.121552016
1.127159776
1.132795575
1.138459553
1.144151851
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1.161400083
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1.226898208
1.233032699
1.239197862
1.245393851
1.251620821
1.257878925
1.264168319
1.270489161
1.276841607
1.283225815
1.348850152
1.417830527
1.490338568
1.566554679
1.646668492

1.007500000
1.015056250
1.022669172
1.030339191
1.038066735
1.045852235
1.053696127
1.061598848
1.069560839
1.077582545
1.085664415
1.093806898
1.102010449
1.110275528
1.118602594
1.126992114
1.135444555
1.143960389
1.152540092
1.161184142
1.169893023
1.178667221
1.187507225
1.196413529
1.205386631
1.214427031
1.223535233
1.232711748
1.241957086
1.251271764
1.260656302
1.270111224
1.279637058
1.289234336
1.298903594
1.308645371
1.318460211
1.328348663
1.338311278
1.348348612
1.358461227
1.368649686
1.378914559
1.389256418
1.399675841
1.410173410
1.420749710
1.431405333
1.442140873
1.452956930
1.565681027
1.687150546
1.818043980
1.959092460
2.111083840

308

1. : (1 + i)n .
()
i

10

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
60
70
80
90
100

1.010000000
1.020100000
1.030301000
1.040604010
1.051010050
1.061520151
1.072135352
1.082856706
1.093685273
1.104622125
1.115668347
1.126825030
1.138093280
1.149474213
1.160968955
1.172578645
1.184304431
1.196147476
1.208108950
1.220190040
1.232391940
1.244715860
1.257163018
1.269734649
1.282431995
1.295256315
1.308208878
1.321290967
1.334503877
1.347848915
1.361327404
1.374940679
1.388690085
1.402576986
1.416602756
1.430768784
1.445076471
1.459527236
1.474122509
1.488863734
1.503752371
1.518789895
1.533977794
1.549317572
1.564810747
1.580458855
1.596263443
1.612226078
1.628348338
1.644631822
1.816696699
2.006763368
2.216715217
2.448632675
2.704813829

1.030000000
1.060900000
1.092727000
1.125508810
1.159274074
1.194052297
1.229873865
1.266770081
1.304773184
1.343916379
1.384233871
1.425760887
1.468533713
1.512589725
1.557967417
1.604706439
1.652847632
1.702433061
1.753506053
1.806111235
1.860294572
1.916103409
1.973586511
2.032794106
2.093777930
2.156591268
2.221289006
2.287927676
2.356565506
2.427262471
2.500080345
2.575082756
2.652335238
2.731905296
2.813862454
2.898278328
2.985226678
3.074783478
3.167026983
3.262037792
3.359898926
3.460695894
3.564516770
3.671452274
3.781595842
3.895043717
4.011895029
4.132251879
4.256219436
4.383906019
5.891603104
7.917821913
10.64089056
14.30046711
19.21863198

1.050000000
1.102500000
1.157625000
1.215506250
1.276281562
1.340095641
1.407100423
1.477455444
1.551328216
1.628894627
1.710339358
1.795856326
1.885649142
1.979931599
2.078928179
2.182874588
2.292018318
2.406619234
2.526950195
2.653297705
2.785962590
2.925260720
3.071523756
3.225099944
3.386354941
3.555672688
3.733456322
3.920129138
4.116135595
4.321942375
4.538039494
4.764941468
5.003188542
5.253347969
5.516015367
5.791816136
6.081406943
6.385477290
6.704751154
7.039988712
7.391988148
7.761587555
8.149666933
8.557150279
8.985007793
9.434258183
9.905971092
10.40126965
10.92133313
11.46739979
18.67918589
30.42642553
49.56144106
80.73036504
131.5012578

1.100000000
1.210000000
1.331000000
1.464100000
1.610510000
1.771561000
1.948717100
2.143588810
2.357947691
2.593742460
2.853116706
3.138428377
3.452271214
3.797498336
4.177248169
4.594972986
5.054470285
5.559917314
6.115909045
6.727499949
7.400249944
8.140274939
8.954302433
9.849732676
10.83470594
11.91817654
13.10999419
14.42099361
15.86309297
17.44940227
19.19434250
21.11377675
23.22515442
25.54766986
28.10243685
30.91268053
34.00394859
37.40434345
41.14477779
45.25925557
49.78518113
54.76369924
60.24006916
66.26407608
72.89048369
80.17953206
88.19748526
97.01723379
106.7189572
117.3908529
304.4816395
789.7469568
2048.400215
5313.022612
13780.61234

309

2. sn; i =
i

0.25

0.33

0.50

0.75

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
60
70
80
90
100

1.000000000
2.002500001
3.007506251
4.015025017
5.025062580
6.037625237
7.052719300
8.070351098
9.090526976
10.11325329
11.13853643
12.16638277
13.19679873
14.22979072
15.26536520
16.30352861
17.34428744
18.38764815
19.43361727
20.48220132
21.53340682
22.58724034
23.64370844
24.70281771
25.76457476
26.82898619
27.89605866
28.96579881
30.03821330
31.11330884
32.19109211
33.27156984
34.35474876
35.44063564
36.52923723
37.62056032
38.71461172
39.81139825
40.91092675
42.01320406
43.11823707
44.22603267
45.33659775
46.44993924
47.56606409
48.68497925
49.80669170
50.93120843
52.05853645
53.18868279
64.64671264
76.39443738
88.43918142
100.7884543
113.4499555

1.000000000
2.003333334
3.010011112
4.020044482
5.033444631
6.050222780
7.070390189
8.093958157
9.120938017
10.15134114
11.18517895
12.22246288
13.26320442
14.30741510
15.35510649
16.40629018
17.46097781
18.51918107
19.58091167
20.64618138
21.71500198
22.78738532
23.86334327
24.94288775
26.02603071
27.11278415
28.20316010
29.29717063
30.39482786
31.49614396
32.60113111
33.70980154
34.82216755
35.93824144
37.05803558
38.18156236
39.30883424
40.43986369
41.57466323
42.71324544
43.85562293
45.00180834
46.15181437
47.30565375
48.46333926
49.62488372
50.79030000
51.95960100
53.13279967
54.30990901
66.29897820
78.69373116
91.50789534
104.7556627
118.4517054

1.000000000
2.005000000
3.015024999
4.030100124
5.050250624
6.075501877
7.105879387
8.141408784
9.182115827
10.22802641
11.27916654
12.33556237
13.39724018
14.46422638
15.53654751
16.61423025
17.69730140
18.78578791
19.87971685
20.97911543
22.08401101
23.19443107
24.31040322
25.43195524
26.55911501
27.69191059
28.83037014
29.97452199
31.12439460
32.28001657
33.44141666
34.60862374
35.78166686
36.96057519
38.14537807
39.33610496
40.53278548
41.73544941
42.94412666
44.15884729
45.37964153
46.60653973
47.83957243
49.07877029
50.32416415
51.57578497
52.83366389
54.09783221
55.36832137
56.64516298
69.77003050
83.56610547
98.06771355
113.3109358
129.3336984

1.000000000
2.007500000
3.022556250
4.045225422
5.075564612
6.113631347
7.159483582
8.213179709
9.274778556
10.34433940
11.42192194
12.50758636
13.60139325
14.70340370
15.81367923
16.93228182
18.05927394
19.19471849
20.33867888
21.49121897
22.65240312
23.82229614
25.00096336
26.18847058
27.38488411
28.59027074
29.80469778
31.02823301
32.26094476
33.50290184
34.75417361
36.01482991
37.28494113
38.56457819
39.85381253
41.15271612
42.46136149
43.77982170
45.10817036
46.44648164
47.79483025
49.15329148
50.52194117
51.90085573
53.29011214
54.68978799
56.09996140
57.52071111
58.95211644
60.39425731
75.42413692
91.62007285
109.0725307
127.8789947
148.1445120

(1+i)n 1
i

310

2. sn; i =
()
i

10

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
60
70
80
90
100

1.000000000
2.010000000
3.030100000
4.060401000
5.101005010
6.152015060
7.213535211
8.285670563
9.368527269
10.46221254
11.56683467
12.68250301
13.80932804
14.94742132
16.09689554
17.25786449
18.43044314
19.61474757
20.81089504
22.01900400
23.23919404
24.47158598
25.71630184
26.97346485
28.24319950
29.52563150
30.82088781
32.12909669
33.45038766
34.78489153
36.13274045
37.49406785
38.86900853
40.25769862
41.66027560
43.07687836
44.50764714
45.95272362
47.41225085
48.88637336
50.37523709
51.87898946
53.39777936
54.93175715
56.48107472
58.04588547
59.62634433
61.22260777
62.83483385
64.46318219
81.66966986
100.6763368
121.6715217
144.8632675
170.4813829

1.000000000
2.030000000
3.090900000
4.183627000
5.309135810
6.468409885
7.662462181
8.892336047
10.15910613
11.46387931
12.80779569
14.19202956
15.61779045
17.08632416
18.59891389
20.15688130
21.76158774
23.41443538
25.11686844
26.87037449
28.67648572
30.53678030
32.45288371
34.42647022
36.45926432
38.55304225
40.70963352
42.93092253
45.21885020
47.57541571
50.00267818
52.50275852
55.07784128
57.73017652
60.46208181
63.27594427
66.17422260
69.15944928
72.23423275
75.40125974
78.66329753
82.02319645
85.48389235
89.04840912
92.71986139
96.50145723
100.3965010
104.4083960
108.5406479
112.7968673
163.0534368
230.5940638
321.3630186
443.3489037
607.2877327

1.000000000
2.050000000
3.152500000
4.310125000
5.525631250
6.801912812
8.142008453
9.549108876
11.02656432
12.57789254
14.20678716
15.91712652
17.71298285
19.59863199
21.57856359
23.65749177
25.84036636
28.13238467
30.53900391
33.06595410
35.71925181
38.50521440
41.43047512
44.50199887
47.72709882
51.11345376
54.66912645
58.40258277
62.32271191
66.43884750
70.76078988
75.29882937
80.06377084
85.06695938
90.32030735
95.83632272
101.6281389
107.7095458
114.0950231
120.7997742
127.8397630
135.2317511
142.9933387
151.1430056
159.7001559
168.6851637
178.1194218
188.0253929
198.4266626
209.3479957
353.5837179
588.5285107
971.2288213
1594.607301
2610.025157

1.000000000
2.100000000
3.310000000
4.641000000
6.105100000
7.715610000
9.487171000
11.43588810
13.57947691
15.93742460
18.53116706
21.38428377
24.52271214
27.97498336
31.77248169
35.94972986
40.54470285
45.59917314
51.15909045
57.27499949
64.00249944
71.40274939
79.54302433
88.49732676
98.34705943
109.1817654
121.0999419
134.2099361
148.6309297
164.4940227
181.9434250
201.1377675
222.2515442
245.4766986
271.0243685
299.1268053
330.0394859
364.0434345
401.4477779
442.5925557
487.8518113
537.6369924
592.4006916
652.6407608
718.9048369
791.7953206
871.9748526
960.1723379
1057.189572
1163.908529
3034.816395
7887.469568
20474.00215
53120.22612
137796.1234

(1+i)n 1
i

311

3. an; i =
i

0.25

0.33

0.50

0.75

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
60
70
80
90
100

0.997506234
1.992524923
2.985062268
3.975124457
4.962717663
5.947848043
6.930521739
7.910744877
8.888523568
9.863863908
10.83677198
11.80725384
12.77531556
13.74096315
14.70420264
15.66504004
16.62348134
17.57953251
18.53319951
19.48448829
20.43340478
21.37995489
22.32414453
23.26597958
24.20546592
25.14260939
26.07741585
27.00989113
27.94004102
28.86787135
29.79338788
30.71659638
31.63750263
32.55611235
33.47243127
34.38646511
35.29821956
36.20770031
37.11491303
38.01986337
38.92255698
39.82299948
40.72119649
41.61715360
42.51087641
43.40237049
44.29164138
45.17869465
46.06353581
46.94617038
55.65235770
64.14385340
72.42595171
80.50381629
88.38248348

0.996677741
1.990044260
2.980110559
3.966887600
4.950386313
5.930617588
6.907592280
7.881321210
8.851815159
9.819084877
10.78314107
11.74399443
12.70165557
13.65613512
14.60744364
15.55559167
16.50058971
17.44244821
18.38117762
19.31678833
20.24929069
21.17869504
22.10501167
23.02825083
23.94842276
24.86553763
25.77960561
26.69063682
27.59864135
28.50362926
29.40561056
30.30459524
31.20059326
32.09361455
32.98366898
33.87076643
34.75491671
35.63612961
36.51441489
37.38978228
38.26224148
39.13180214
39.99847389
40.86226634
41.72318904
42.58125154
43.43646333
44.28883388
45.13837264
45.98508901
54.29906891
62.34092990
70.11957850
77.64362974
84.92141665

0.995024875
1.985099378
2.970248137
3.950495659
4.925866327
5.896384405
6.862074035
7.822959238
8.779063919
9.730411859
10.67702673
11.61893206
12.55615131
13.48870777
14.41662465
15.33992502
16.25863186
17.17276802
18.08235624
18.98741914
19.88797925
20.78405895
21.67568055
22.56286622
23.44563803
24.32401794
25.19802780
26.06768935
26.93302423
27.79405396
28.65079996
29.50328354
30.35152591
31.19554817
32.03537132
32.87101623
33.70250372
34.52985444
35.35308900
36.17222786
36.98729140
37.79829990
38.60527353
39.40823237
40.20719639
41.00218546
41.79321937
42.58031778
43.36350028
44.14278634
51.72556074
58.93941755
65.80230537
72.33129957
78.54264475

0.992555831
1.977722909
2.955556238
3.926110410
4.889439612
5.845597630
6.794637846
7.736613247
8.671576423
9.599579577
10.52067452
11.43491267
12.34234508
13.24302242
14.13699495
15.02431261
15.90502492
16.77918106
17.64682984
18.50801969
19.36279870
20.21121459
21.05331473
21.88914614
22.71875547
23.54218905
24.35949286
25.17071251
25.97589331
26.77508021
27.56831783
28.35565045
29.13712203
29.91277621
30.68265629
31.44680525
32.20526576
32.95808016
33.70529048
34.44693844
35.18306545
35.91371260
36.63892070
37.35873022
38.07318136
38.78231401
39.48616775
40.18478188
40.87819542
41.56644707
48.17337352
54.30462210
59.99444012
65.27460918
70.17462272

1(1+i)n
i

312

3. an; i =
()
i

10

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
60
70
80
90
100

0.990099010
1.970395059
2.940985207
3.901965552
4.853431239
5.795476475
6.728194529
7.651677752
8.566017576
9.471304531
10.36762825
11.25507747
12.13374007
13.00370304
13.86505252
14.71787378
15.56225127
16.39826858
17.22600850
18.04555297
18.85698314
19.66037934
20.45582113
21.24338726
22.02315570
22.79520366
23.55960759
24.31644316
25.06578530
25.80770822
26.54228537
27.26958947
27.98969255
28.70266589
29.40858009
30.10750504
30.79950994
31.48466331
32.16303298
32.83468611
33.49968922
34.15810814
34.81000806
35.45545353
36.09450844
36.72723608
37.35369909
37.97395949
38.58807871
39.19611753
44.95503841
50.16851435
54.88820611
59.16088148
63.02887877

0.970873786
1.913469696
2.828611355
3.717098403
4.579707187
5.417191444
6.230282955
7.019692190
7.786108922
8.530202837
9.252624114
9.954003994
10.63495533
11.29607314
11.93793509
12.56110203
13.16611847
13.75351308
14.32379911
14.87747486
15.41502414
15.93691664
16.44360839
16.93554212
17.41314769
17.87684242
18.32703147
18.76410823
19.18845459
19.60044135
20.00042849
20.38876553
20.76579178
21.13183668
21.48722007
21.83225250
22.16723544
22.49246159
22.80821513
23.11477197
23.41239998
23.70135920
23.98190214
24.25427392
24.51871254
24.77544907
25.02470783
25.26670664
25.50165693
25.72976401
27.67556367
29.12342135
30.20076345
31.00240714
31.59890534

0.952380952
1.859410431
2.723248029
3.545950504
4.329476671
5.075692067
5.786373397
6.463212759
7.107821676
7.721734929
8.306414218
8.863251636
9.393572987
9.898640940
10.37965804
10.83776956
11.27406625
11.68958690
12.08532086
12.46221034
12.82115271
13.16300258
13.48857388
13.79864179
14.09394457
14.37518530
14.64303362
14.89812726
15.14107358
15.37245103
15.59281050
15.80267667
16.00254921
16.19290401
16.37419429
16.54685171
16.71128734
16.86789271
17.01704067
17.15908635
17.29436796
17.42320758
17.54591198
17.66277331
17.77406982
17.88006650
17.98101571
18.07715782
18.16872173
18.25592546
18.92928953
19.34267665
19.59646048
19.75226174
19.84791020

0.909090909
1.735537190
2.486851991
3.169865446
3.790786769
4.355260699
4.868418818
5.334926198
5.759023816
6.144567106
6.495061005
6.813691823
7.103356203
7.366687457
7.606079506
7.823708642
8.021553311
8.201412101
8.364920092
8.513563720
8.648694291
8.771540264
8.883218422
8.984744020
9.077040018
9.160945471
9.237223156
9.306566505
9.369605914
9.426914467
9.479013152
9.526375593
9.569432357
9.608574870
9.644158973
9.676508157
9.705916506
9.732651369
9.756955790
9.779050718
9.799137017
9.817397288
9.833997535
9.849088668
9.862807880
9.875279891
9.886618082
9.896925530
9.906295936
9.914814487
9.967157297
9.987337716
9.995118141
9.998117832
9.999274343

1(1+i)n
i

313

4. Kp; i =

i
p((1+i)1/p 1)

, p

12

1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
4.75
5.00
5.25
5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25
7.50
7.75
8.00
8.25
8.50
8.75
9.00
9.25
9.50
9.75
10.00
10.25
10.50
10.75
11.00
11.25
11.50
11.75
12.00
12.25
12.50
12.75
13.00
13.25
13.50
13.75
14.00

1.002493781
1.003115295
1.003736042
1.004356025
1.004975247
1.005593710
1.006211418
1.006828373
1.007444578
1.008060036
1.008674749
1.009288720
1.009901951
1.010514446
1.011126207
1.011737237
1.012347538
1.012957113
1.013565965
1.014174095
1.014781507
1.015388203
1.015994186
1.016599458
1.017204022
1.017807879
1.018411034
1.019013487
1.019615242
1.020216301
1.020816666
1.021416340
1.022015325
1.022613624
1.023211238
1.023808171
1.024404424
1.025000000
1.025594901
1.026189129
1.026782688
1.027375578
1.027967802
1.028559363
1.029150262
1.029740503
1.030330086
1.030919015
1.031507291
1.032094916
1.032681894
1.033268225
1.033853913

1.003742226
1.004675369
1.005607553
1.006538781
1.007469058
1.008398388
1.009326773
1.010254217
1.011180723
1.012106295
1.013030935
1.013954649
1.014877439
1.015799307
1.016720258
1.017640295
1.018559421
1.019477640
1.020394954
1.021311366
1.022226881
1.023141501
1.024055229
1.024968068
1.025880022
1.026791093
1.027701285
1.028610601
1.029519044
1.030426616
1.031333322
1.032239163
1.033144143
1.034048264
1.034951531
1.035853945
1.036755509
1.037656227
1.038556101
1.039455134
1.040353329
1.041250689
1.042147216
1.043042914
1.043937785
1.044831832
1.045725058
1.046617464
1.047509055
1.048399833
1.049289800
1.050178960
1.051067314

1.004158605
1.005195753
1.006231906
1.007267070
1.008301246
1.009334439
1.010366653
1.011397891
1.012428157
1.013457454
1.014485785
1.015513155
1.016539566
1.017565022
1.018589527
1.019613084
1.020635696
1.021657367
1.022678100
1.023697898
1.024716765
1.025734704
1.026751718
1.027767810
1.028782985
1.029797244
1.030810591
1.031823029
1.032834562
1.033845193
1.034854924
1.035863759
1.036871701
1.037878753
1.038884917
1.039890198
1.040894598
1.041898120
1.042900766
1.043902541
1.044903446
1.045903486
1.046902662
1.047900977
1.048898436
1.049895039
1.050890791
1.051885693
1.052879750
1.053872963
1.054865336
1.055856870
1.056847570

1.004575099
1.005716317
1.006856519
1.007995709
1.009133892
1.010271070
1.011407248
1.012542429
1.013676617
1.014809816
1.015942028
1.017073258
1.018203509
1.019332784
1.020461088
1.021588424
1.022714794
1.023840203
1.024964654
1.026088150
1.027210695
1.028332292
1.029452944
1.030572656
1.031691429
1.032809267
1.033926174
1.035042153
1.036157207
1.037271339
1.038384552
1.039496850
1.040608236
1.041718712
1.042828283
1.043936950
1.045044718
1.046151588
1.047257565
1.048362652
1.049466850
1.050570164
1.051672596
1.052774148
1.053874826
1.054974630
1.056073564
1.057171631
1.058268833
1.059365174
1.060460656
1.061555283
1.062649057


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