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Pragma

2005

This text was prepared by the Pragma Corporation with funding from United States Agency for International
Development for students studying Financial Accounting 1 within the requirements of CIPA program.
This text was updated through the joint efforts of the USAID Ukraine Accounting Reform project as
implemented by Chemonics Corporation and the USAID EDP project as implemented by Pragma Corporation.
Please send all comments and corrections to the Accounting Editorial Team, Pragma Corporation, 47
Turusbekov St., 720001 Bishkek, Kyrgyzstan, telephone (996)(312) 66-59-12, fax (996)(312) 66-58-82,
E-Mail: accounting@pragma.kg
# 10. 110. 4.00

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720001 , . 47, . (996)(312) 66-59-12, (996)(312) 66-58-82,
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# 10. 110. 4.00

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2. ................................................................................................ 11
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1.

,
, (FIFO).

48 ( )

1
............................................................................................... .........125,000 ..
, ................................. 134,000 ..
(400 80 ...) ..................................................... 32,000
........................................................... .........102,000 ..
............................................................................ ...........23,000 ..
2.

,
, .

(134,000 ../ 1,900) .......................... 70.53 ..


............................................................................................................. .........125,000 ..
, ............................................... 134,000 ..
(400 70.53 ..) ................................................................ 28,212
......................................................................... ........ 105,788
.......................................................................................... .......... 19,212 ..



(FIFO)
125,000

125,000

134,000
32,000

134,000
28,212

102,000
23,000

105,788
19,212

4. -


,
. ,
:

- ;
;
- .


-
:
()


- ;
()
- ;
()
- .

,
, .

( )

49

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

5. -

.
- ,
.
, :

+

=
,

=

,
, , ,
, ; ,
, ,
.

50 ( )


1.01.199 .
17,500 ..

199 .
142,600 ..

199 .
139,700 ..


199 .
199,000 ..

199 .
199,000


31.12.199


31.12.199 .
20,400 ..

..


199 .
156,200 ..

31.12.199 .

199 .
156,200 ..

1.01.199
21,200 ..

139,700 ..

199,000 ..

156,200 ..
31.12.9
23,500 ..


1.01.199
70,000 ..
199
492,600 ..
31.12.199
76,500 ..

199 .
486,100 ..

199 .
492,600 ..

199 .
486,100 ..

()

- . ,
, .
: .

().


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

51


:
1.

100 12,000 ..
2/10, n30, - . -.

..........................................11,760
................................... ....... 11,760

2.

20 - 3,000 ... n10, -


.
........................3,000
......................................... ......... 3,000
- . .........2,352
................................................ ......... 2,352

3.

........................ 3,000
......................................... ......... 3,000

10 -
.
...............................1,176
............................................... ......... 1,176

4.


.......................... 11,760
................................... ....... 11,760

............................... 1,176

.......................... ......... 1,176

.
.............................10,584
............................. 10,584
.................................................. ....... 10,584
................................................. ....... 10,584
: 11,760 .. 1,176 ..= 10,584 ...

.

, .
,
.

(),
.
.
( ).

:
1.
2.
3.


.

.
, .
.


- ,
, ( ).

52 ( )

6.
: ( )
.
=

,
.
=

365

, .

7.
:
() , - ;
() - ;
() -
;
() - ,
-
;
() - ;
() - ,
.

( )

53

13.

31 1997 . ,
1,150,000 ... , , ,
:

31 1997 . 95,000 ..
. .

30 1997 . ,
31 . 2 .
31 , .
130,000 ...

- 29 .
31 1997 .
. , , 260,000 ...

:
1.

, 31
1997 .

2.

. ,
31 1997 . , 1,383,000 ...
:

3.

?
.

54 ( )

14.


, - 1996 . :

1
8
23
15

800
2,200
4,000
3,000
10,000

.
7.00 ..
7.50
7.25
7.40


5,600 ..
16,500
29,000
22,200
73,300 ..

1,000 ,
?

?
1)

3)

( )

55

15.

. 31 1997 .

1
2
3
4

5,000
6,000
5,500
8,000

5,000
5,000
5,000
5,000

5
6
7

9,500
7,500
7,000

9,000
9,000
9,000

8
9
10
11
12

6,000
7,000
6,500
7,500
8,000

10,000
10,000
10,000
10,000
10,000

12 , . ,
.
,
:
1.

2.

3.

4.

5.

?
?

6.

1200 , ,
? , ?

56 ( )

16.

- 1 1996 :
500 ..;
800 ..,
.. 10 . 20 ..= 200 ..
3 . 100 ..= 300 ..
6 . 50 ..= 300 ..;
1,300 ...
:
(1) 15 1996 10 . 20 ..

(2) 18 1996 1 . 100 ..

(3) 20 1996 6 . 50 ..

(4) 25 1996 5 . 45 ..

(5) 27 1996 3 . 225 ..

(6) 29 1996 8 . 125 ..

(7) 31 1996
1996 .
()
( )

57

()

()

()


1 31 1996


31 1996

58 ( )

17.

- 1 1996 :
500 ..;
800 ..,
.. 10 . 20 ..= 200
3 . 100 ..= 300 ..
6 . 50 ..= 300;
1,300 ...
:
(1) 15 1996 10 . 20 ..

(2) 18 1996 1 . 100 ..

(3) 20 1996 6 . 50 ..

(4) 25 1996 5 . 45 ..

(5) 27 1996 3 . 225 ..

(6) 29 1996 8 . 125 ..

(7) 31 1996 .
31 1996 :


15 . 20 ..=300 ..
1 . 100 ..=100 ..
4 . 50 ..=200 ..
600 ..

(8) 31 1996
1996 .
()

( )

59

()

()

()

60 ( )


1 31 1996



+
= ,
-
=

31 1996

( )

61

18.

31 1997 . :

704,500

FIFO ,
. .
:

120,000 ..
240,000 ..
73,000 ..
15,000 ..
1,140 225 .. .

1997 .
. ,
. :
31 1997
30 1997
30 1997

560 ..
3,200 ..
1,750 ..

,
. 31 1997
- .
.

62 ( )

8.
1.
, : ()
, , ;
() .
, ,
( , , ),
.
,
, .
, ,
.
, ,
.

.
, ,
, .
- ,
, , .


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

( )

63

:
1.
2.
3.
4.

,
,
,
, , .
.

2.
, :
()

,
;
(b) .
,
. ,
, .

,
. , ,
, ,
, .
,
. ,
.
, .
.11 16 ,
.
.
. ,
. ,
,
.
, ,
.
, ,
, .

, .

3.
.15 16: , ,
.


:
()
,
;
()
,
;
()
,
, ,
, .
, ,
,
,
.
64 ( )

4.
:
;
;
();
;
.

4.1.

230,000 .., 2/10, n60.


.
5,200 .., 235,200
... 10,000 ...
, 80,000 ...
. 20,000 .. .
.
, . ,
, . , ,
, , ,
, ,
.

() .
. :

140,000 ..,
50,000 ...

, .
:
:
(230,000 98%) + 5,200 = 230,600 ..
:
40 600
: 140,000
: .
50,000

230,600
:
:

10 000
10,000

:

80,000

80,000

.
,
,
.

( )

65

4.2.
16, .23: ,
, ,
.
( ),
23
.

4.3.
16. . 24:
.
, ,
.
,
,
)

)
,
.
,
. ,
.
16, .25.
, ,
, , .
, :
) (, )
;
) , ,
;
) ) ) .
, ,
, ,
.
.
,
,
, ,
, .

1
, . ,

450,000 ..( 500,000
50,000).
.
:

66 ( )

1
_ ..................................................................... 450,000
- ............................................................................ 50,000
- ................................................................. .........500,000

2
, 100,000 .
90,000 .. . 90,000 ...
120,000 ...
, .
:
....................................................... 10,000
.............................................................................. 90,000
.................................................................... 120,000
()................................................................................. 120,000
.............................................. 90,000
()................................................................................... .........100,000
........................................................................................ ...........90,000
......................................................................... .......... 20,000

3
, 55,000 ..,
30,0000 .., , 32,000 ...
.
, .
:
..................................................................... 32,000

.........................................
30,000
................................................................ ...........55,000
......................................................... .............7,000


, .
2,000 50 ... ,
, , :
() , 100 ..
. , ,
.
() ,
150,000 ...
:
()

.............................................................................................. 200,000
: (2,00050 ..) ............................ .........100,000
(2,000(100-50 ..)) ...................... .........100,000

()

.............................................................................................. 150,000
: (2,00050 ..) ............................ .........100,000
......................................................... ...........50,000

( )

67

4.4. . ,
, -
. ,
.
, ,
.
,
.
, .
() , ,
, .
( )
(, , ).
(,
, ) 20
. . 23
:

.
. 13
:
;
.

.

.
,
.
. 17 , ,
, ,
.

()
.
:
()

, ,
, , ,
. ,
;

() , ,
, , -
.
:
()

, , ,
, ,
;

68 ( )

1
() , , .
, ,
, ,
,
;
() ,
, ,
.


1- 2001 ( 400,000 ..)
( 100,000 ..)
. ( ) 5,000 ..
. 30%.
( , ) :
()

( - );

() 20- 1- 2002 .
2,000 ...
.
:

() 1.
1 2001 .
............................................................................................................ 105,000
.......................................................................................................... 400,000
........................................................................................ .............5,000
: ................................................................. .........350,000
(30% 500,000 ..) .................................... .........150,000

2.
1 2001 .
............................................................................................................ 105,000
.......................................................................................................... 400,000
........................................................................................ .............5,000
........................................................... .........500,000
........................................................................ 150,000
....................................................................... .........150,000
()
.
.

1.
1 2001 .
............................................................................................................ 105,000
.......................................................................................................... 400,000
........................................................................................ .............5,000
: ................................................................. .........322,000
(30% 460,000 ..) .................................... .........138,000
(20 2,000 ..)....................................... ...........40,000

( )

69

2.
1 2001 .
............................................................................................................ 105,000
.......................................................................................................... 400,000
........................................................................................ .............5,000
........................................................... .........460,000
(20 2,000 ..)....................................... ...........40,000
........................................................................ 138,000
....................................................................... .........138,000

,

,
. ,
, ,
.
, .
,
, ,
.
, ,
, .
, :
a)

,
.
b) , , ,
.
c) , :
(
),
,
.
( )
. ,
. ,
, .

:
, 30% ,
100,000 ... 10 .
, .

70 ( )

100,000
100,000

100,000
100,000

30,000
30,000


30,000

( )
30,000

10 :

7,000
7,000


10,000

10,000

3,000

3,000

. :

, , ,
. .

4.5.
, , .. , .
,
.
, , ,
.
,
.
,
.
. ,
, . , ,
,
,
.
,
, , .
,

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

:
, .
170,000 .., 6,000 .. 2,000 ..,
( )

71

10,000 .. , 4,000 ..,


1,000 ..
, :
:
................................................................................................ .........170,000 ..
............................................................... .............6,000
.................................................................................................... .............2,000
.................................................................. 10,000 ..
: .......................................................... 4,000.............6,000
.............................................................................. ........ 1,000
............................................................................................................... .........185,000 ..

5. ,
16, .22: , ,
, .
, (.
2 ). ,
. , ,
, .

. ,
. (
)
, . ,
, .
,
, .
,
.22 16. .
.
, ,
. ,
, ,
,
. :
1.

(,
, )

2.

,
(
, 1):
, ,
,

.
.
,
.
.
72 ( )

6.
, ,
,
, . ,
(
) .
,
, , ,
.
(, )
.
,
. , ,
, ,
( , )
.
, , ,

.
16. .55. , , ..
, . ,
. ,
, . ,
, , .
16. .67. :
1) ;
2) .


.
:
,

900,000 .., 20 ,
() 40,000 ..,
30,000 ...
.

900,000 y.e. (40,000 y.e. 30,000 y.e.)


= 44,500 y.e.
20

( ) =

1
= 0,05 = 5%
20

( ) =

44,500
* 100% = 5%
900,000 10,000

( )

73


, .
,
. 16 ,
,
.
()

. - ,
. ,
( ).
, 5 . 10,000 ..,
1,000 ... , .. , 15 (
):
1 + 2 + 3 + 4 + 5 = 15
: n (n+1)/2
, 9,000 .. (10,000 ...1,000
..), :
:
1-
5/15
2-
4/15
3-
3/15
4-
2/15
5-
1/15
:


1-
2-
3-
4-
5-

10,000 ..
10,000
10,000
10,000
10,000
10,000


5/15 9,000 ..=3,000 ..
4/15 9,000 ..= 2,400 ..
3/15 9,000 ..=1,800 ..
2/15 9,000 ..= 1,200 ..
1/15 9,000 ..= 600 ..


3,000 ..
5,400
7,200
8,400
9,000

10,000 ..
7,000
4,600
2,800
1,600
1,000

, ,
, ,
, .
() .
5 .
20% (100% / 5).
40% (2 20%). 40%
.
, , ,
. ,
, .


1-
2-
3-
4-
5-

10,000 ..
10,000
10,000
10,000
10,000
10,000


40% 10,000 = 4,000
40% 6,000 = 2,400
40% 3,600 = 1,440
40% 2,160 = 864
296

4,000 ..
6,400
7,840
8,704
9,000

74 ( )

10,000 ..
6,000
3,600
2,160
1,296
1,000

1
,
. ( ) . , ,
,
.
(R) , ,
:
R = 1 (S/C) 1/N

,
S ,
N .

: R = 1 (1,000/10,000) 1/5 = 0.369


, .
, .
, ,
.
, ,
.

, , -
, ,
.
,

, , , ,
90,000 . 1 :

10,0001,000
90,000

= 0.1 ../

, 20,000 ,
30,000 ; 10,000 ; 20,000 ; 10,000 ,
:


1-
2-
3-
4-
5-

10,000 ..
10,000
10,000
10,000
10,000
10,000

,
20,000
30,000
10,000
20,000
10,000

2,000 ..
3,000
1,000
2,000
1,000

2,000 ..
5,000
6,000
8,000
9,000

8,000 ..
5,000
4,000
2,000
1,000


.
, ( ).
.
16 , ,
.

( )

75

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

, ,
,
.


.41 16
.
,

. , ,
, , ,
,
, ,
.
16 , .
,
, , .

8, , ,
.
16 ,
,
.


,
.
, ,
. ,

(, ,
).
, .

.
, , ,
, .
, ,
76 ( )

1
, , ,
.

100,000 ... 10 .
, .
,
, 6 .
.

:
20,000 .. .(2/10 100,000 ..).
3- 80,000 .. (100,000 .. 20,000 ..).
4- (6 2). , 20,000
.. (80,000 ../4).

7.
, , , ,
:
1.
2.
3.
,
, , ,
, .
, , ,
,
. , , :
(a)

, ,
;
()
;
() ,
.


.
: .

180,000 ...
.
10,100 ... :
:
(180,000 .../12)............................ 15,000
........................................................... ...........15,000
:

( )

77

......................................................... 10,100

....................................................................................... ...........10,100
( )
, .
,
.

78 ( )

1.

, ,


2. :
.
, :
1. .

2. .

3.

b.
, :
()
1. .

2. .

3.
()

()
.


.

(
)
.

.
b. - 1.

2.

4.



1. ,


2. ,

( )

79


, ()
().
1.
2. ,
3. , ,

4.
5.
6.
7.

____
____
____
____
____
____
____

: ,,,,,/,

175,000 .. 4 .
20,000 ... ,
:
1.
2.
3.

14,000 .. ,
10% .
3,500 .. , ,
.
9,300 .. , , ,
4 6 .

, .

1.

................................................................................................ 14,000
............................................................................................... ...........14,000

2.

................................................................ 3,500
............................................................................................... .............3,500

3.

.............................................................. 9,300
............................................................................................... .............9,300

8.
16 . , ,
()

.
,
,

.


.
, .
,
.
, , ,
80 ( )

1
,
.

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

,
.
,
;

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

, ,
.
,
.
" ",
,
.
, " "
, .
.
.
, , ,
.
.

1 1998 100,000 ..,


5 . . 1 2000
90,000 ... 1 2002
15,000 ...
, .

1 1998
.............................................................................................. 100,000
............................................................................................... .........100,000

( )

81

31 1998
(100,000 .../5) ............................................................. 20,000
.............................................................. ...........20,000
31 1999
........................................................................................ 20,000
.............................................................. ...........20,000
1 2000
(50% 100,000 ..) ............................................................. 50,000
(50% 40,000 ..).............................. ...........20,000
......................................... ...........30,000
31 2000
........................................................................................ 30,000
(150,000 .../3) ................................... ...........30,000
(30,000 .../3) ............. 10,000
............................................................................ ...........10,000
31 2001
........................................................................................ 30,000
.............................................................. ...........30,000
...................................... 10,000
............................................................................ ...........10,000
1 2002
...................................... 10,000
................................................................. 5,000
................................................................................................... ...........15,000
,
, .

, ,
, .
, ,
.

82 ( )

19.

. :
1.

1 1998 :
....................................................................................................... 1,500,000
............................................................................. .........450,000

2.

, 2%.

3.

30 1998 .
1,380,000 ... .

30 31 1998 .

...........................................................................................................
.................................................................................. ......................
:
1 1998..............................................
1 30 1998 ............................................... .....................
........................................................................................ .....................
1998 :
............................................................................................................
...........................................................................................................
:
30 1998 .
. ...........................................................................................................................
. ................................................................................................................... ......................
. ...........................................................................................................................
. ................................................................................................................... ......................
. ...........................................................................................................................
. ................................................................................................................... ......................

31 . 1998 .
. ...........................................................................................................................
. ................................................................................................................... ......................
. ...........................................................................................................................
. ................................................................................................................... ......................
:
1998
:
.........................................................
.................................................................

( )

83

31 1998
:
30 1998 .............................................................................................
..................................................................................................
...........................................................................................

9.
:
1) ;
2) ;
3) .

:
, ,
65,000 .. , 10 ;
. 10 5,000 ...
1 1995 :

65,000


41,000

, , ,

. ,
.
, . 30 1995 . 9
:
30 1995
.................................................................. 4,500
................................................................. .............4,500
:

65,000


45,500


19,500 ..
(65,000 .. 45,500 ..). ( ,
), ,
:
30 1995
............................................................... 45,500
.................................................... 19,500
................................................................................................... ...........65,500
, ,
() .

84 ( )

,
, ,
. ,
.
, ,
, .
, ,
.
.
:
30 1995
............................................................... 45,500
............................................................................................. 19,500
................................................................................................... ...........65,500


, ,
. , . ,
.
19,500 .., , , , ,
:
30 1995
............................................................... 45,500
..................................................................................... 19,500
................................................................................................... ...........65,500
10,000 .., .. .
9,500 ..:
30 1995
............................................................... 45,500
..................................................................................... 10,000
.................................................. 9,500
................................................................................................... ...........65,500
20,000 .., .. , 500 ..
:
30 1995
............................................................... 45,500
..................................................................................... 20,000
.................................................. ................500
................................................................................................... ...........65,500

10.

:
()

. ,
;
() ;
( )

85

() ;
() ;
() , :
(i) ;
(ii) ;
(iii) ;
(iv) , ;
(v)
;
(vi) ;
(vii) ,
;
(viii) .
:
(a)
(b)
(c)
(d)

,
;
,
;
;
.

, :
(a)
(b)
(c)
(d)
(e)
(f)

;
;
;
, ;
,
, ;
, ,
.

;
, ;
, .

86 ( )

9.
1.
- .
, ,
.
, :
) ,.. , , ,
, ;
) , ,
.

2.
, , ,
, .
, , - ,
. ,
, .
- , .
, , ,
, , .
,
. ,
.
- , , ,
. .
/ - ,
, , .
.
,
, ,

. (
), ,
.
, .

, , .

3.

.

( )

87

.
.
(.74 38)

.


,
.
,
.


,
, , ,
, .
(.90 38) :

,
;

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

88 ( )

,
;

.


.
38. .97 ,
, .
, , ..
, . ,
: , (
, ) 5
, ,
.
.
, .
,
.

.
.
36
:
) ,
) , .


, - ,

.

4.
.
,
, .

.

,
.
, , . 36
,
.

5. ()
38:
,
.

, , , ,
() ().

( )

89

, :
.
.
.
.

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

, :
)
)
)

,

, ,
,

, , , .
,


, , , , .



, (
)
.

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

) ,
.

90 ( )

10. .

, ,
.

1.
:

;
,
. , ,
, ;
,
,
, .

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

2.
(, ..),
.
,
, .

500,000 .. 3 30% . 3
:
500,000 .. 30% 3 = 450,000 ..
, , .. ,
, ,
, .
, ,
.

1,000 .. 10%
( ), :
()

:
1,000 ..+ 10% 1,000 ..= 1,000 .. (1 + 10%) = 1,000 .. (1.10) = 1,100 ..
100 ...

() ,
1,210 .. (1,100 .. 1.1). 110 .. (1,210
... 1,100 ..).
( )

91

- ,
, ..:
1,000 .. (1.1) (1.1) = 1,000 .. (1.1)2 = 1,210 ...
() , ,
:
1,000 .. (1.1) (1.1) (1.1) = 1,000 .. (1.1)3 = 1,331 ...
(1,331 .. 1,210 ..) = 121 ...
.
()
.
.
,
, :
FV = PV (1 + r)n,
:

FV n ;
PV , ;
r ( 10% = 0,10);
n ( ).

, , 2,000 .. 10%.
() 5 ?
() 6 ?
1 n 10% C-3.
() 5 : FV = 2,000 .. 1.611 = 3,222 ..
() 6 : FV = 2,000 .. 1.772 = 3,544 ..

3. ()
.
,
, - .
, , ..
, (, 6%), ,
(4 ) , , 5,000 ...
[FV = PV (1 + r)n] ,
,
:
PV = FV / (1 + r)n = FV [1 / (1 + r)n],
.
1 .. C-1.
, 5,000 ..
6%, :
92 ( )

PV = 5,000 .. [1 / (1.06)4] = 5,000 .. 0.792 = 3,960 ..

4.
,
(, , ) .
, ,
.. .
( )
.
.
, ..
: , ,
, .
:
;
( );
(
);
, .
, ,
; ,
( ) .
,
( ), .
.


,
. , 3- 250 .. 10%
. 250 ..?
FV = PV (1 + r)n .
250 .., 3 :
1-
250 .. (1+0.1)2 = 250 ..1.21 =302.50 ..
2-
250 .. (1+0.1) = 250 ..1.10 =275.00 ..
3-
250 .. 1
= 250 ..1.00 =250.00 ..
3.31 827.50 ..
1 ..,
( -4), : 250 .. 3.31 = 827.50 ...
4.2
() -
, .

, ,
.
, 250 .. 10% ,

PV = FV[1 / (1 + r)n] :
1-
250 ... [1/(1+0.1)1] = 250 ... 0.9091 =227.20 ..
2-
250 ... [1/(1+0.1)2] = 250 .. 0.8264 =206.57 ...
3-
250 ... [1/(1+0.1)3] = 250 ... 0.7513 =187.95 ..
621.72 ..
( )

93


() 1 , ( -2): 250 ..
2.4869 = 621.72 ...
, ,
,
,
.

, :
500 .., 200 .., 400 ..,
500 ... 6% .

.
, ,
: PV4 = 500 .. FPVA(6%,7) = 500 .. 5.5824 = 2,791.20 ...
PV4.
PV1 = 500 .. 0.9434 =
471.70 ..
178.00 ..
PV2 = 200 .. 0.8900 =
(335.84 ..)
PV3 = (400 ..) 0.8396 =
PV4 = 2,791.20 .. 0.8396 = 2,344.49 ..
2,658.35 ..
, PV = 2,658.35 ...

94 ( )

20.

1. , 10,000 .. 10% ?

2. 80,000 .., 10
12%.

3. 6,000 ..
. 15%.
?

4. 15,000 .. 9 14%
. 9 ?

5. 10 . 2 :
1) 1,000,000 .. 10 ;
2) , 5,650,000 ...
10%.
?

( )

95

C-1 1 ..

1,00%
0,9901

1,25%
0,9877

1,50%
0,9852

1,75%
0,9828

2,00%
0,9804

3,00%
0,9709

4,00%
0,9615

5,00%
0,9524

6,00%
0,9434

7,00%
0,9346

8,00%
0,9259

9,00%
0,9174

10,00%
0,9091

12,00% 14,00%
0,8929 0,8772

15,00%
0,8696

0,9803

0,9755

0,9707

0,9659

0,9612

0,9426

0,9246

0,9070

0,8900

0,8734

0,8573

0,8417

0,8264

0,7972

0,7695

0,7561

0,9706

0,9634

0,9563

0,9493

0,9423

0,9151

0,8890

0,8638

0,8396

0,8163

0,7938

0,7722

0,7513

0,7118

0,6750

0,6575

0,9610

0,9515

0,9422

0,9330

0,9238

0,8885

0,8548

0,8227

0,7921

0,7629

0,7350

0,7084

0,6830

0,6355

0,5921

0,5718

0,9515

0,9398

0,9283

0,9169

0,9057

0,8626

0,8219

0,7835

0,7473

0,7130

0,6806

0,6499

0,6209

0,5674

0,5194

0,4972

0,9420

0,9282

0,9145

0,9011

0,8880

0,8375

0,7903

0,7462

0,7050

0,6663

0,6302

0,5963

0,5645

0,5066

0,4556

0,4323

0,9327

0,9167

0,9010

0,8856

0,8706

0,8131

0,7599

0,7107

0,6651

0,6227

0,5835

0,5470

0,5132

0,4523

0,3996

0,3759

0,9235

0,9054

0,8877

0,8704

0,8535

0,7894

0,7307

0,6768

0,6274

0,5820

0,5403

0,5019

0,4665

0,4039

0,3506

0,3269

0,9143

0,8942

0,8746

0,8554

0,8368

0,7664

0,7026

0,6446

0,5919

0,5439

0,5002

0,4604

0,4241

0,3606

0,3075

0,2843

10

0,9053

0,8832

0,8617

0,8407

0,8203

0,7441

0,6756

0,6139

0,5584

0,5083

0,4632

0,4224

0,3855

0,3220

0,2697

0,2472

11

0,8963

0,8723

0,8489

0,8263

0,8043

0,7224

0,6496

0,5847

0,5268

0,4751

0,4289

0,3875

0,3505

0,2875

0,2366

0,2149

12

0,8874

0,8615

0,8364

0,8121

0,7885

0,7014

0,6246

0,5568

0,4970

0,4440

0,3971

0,3555

0,3186

0,2567

0,2076

0,1869

13

0,8787

0,8509

0,8240

0,7981

0,7730

0,6810

0,6006

0,5303

0,4688

0,4150

0,3677

0,3262

0,2897

0,2292

0,1821

0,1625

14

0,8700

0,8404

0,8118

0,7844

0,7579

0,6611

0,5775

0,5051

0,4423

0,3878

0,3405

0,2992

0,2633

0,2046

0,1597

0,1413

15

0,8613

0,8300

0,7999

0,7709

0,7430

0,6419

0,5553

0,4810

0,4173

0,3624

0,3152

0,2745

0,2394

0,1827

0,1401

0,1229

16

0,8528

0,8197

0,7880

0,7576

0,7284

0,6232

0,5339

0,4581

0,3936

0,3387

0,2919

0,2519

0,2176

0,1631

0,1229

0,1069

17

0,8444

0,8096

0,7764

0,7446

0,7142

0,6050

0,5134

0,4363

0,3714

0,3166

0,2703

0,2311

0,1978

0,1456

0,1078

0,0929

18

0,8360

0,7996

0,7649

0,7318

0,7002

0,5874

0,4936

0,4155

0,3503

0,2959

0,2502

0,2120

0,1799

0,1300

0,0946

0,0808

19

0,8277

0,7898

0,7536

0,7192

0,6864

0,5703

0,4746

0,3957

0,3305

0,2765

0,2317

0,1945

0,1635

0,1161

0,0829

0,0703

20

0,8195

0,7800

0,7425

0,7068

0,6730

0,5537

0,4564

0,3769

0,3118

0,2584

0,2145

0,1784

0,1486

0,1037

0,0728

0,0611

21

0,8114

0,7704

0,7315

0,6947

0,6598

0,5375

0,4388

0,3589

0,2942

0,2415

0,1987

0,1637

0,1351

0,0926

0,0638

0,0531

22

0,8034

0,7609

0,7207

0,6827

0,6468

0,5219

0,4220

0,3418

0,2775

0,2257

0,1839

0,1502

0,1228

0,0826

0,0560

0,0462

23

0,7954

0,7515

0,7100

0,6710

0,6342

0,5067

0,4057

0,3256

0,2618

0,2109

0,1703

0,1378

0,1117

0,0738

0,0491

0,0402

24

0,7876

0,7422

0,6995

0,6594

0,6217

0,4919

0,3901

0,3101

0,2470

0,1971

0,1577

0,1264

0,1015

0,0659

0,0431

0,0349

25

0,7798

0,7330

0,6892

0,6481

0,6095

0,4776

0,3751

0,2953

0,2330

0,1842

0,1460

0,1160

0,0923

0,0588

0,0378

0,0304

26

0,7720

0,7240

0,6790

0,6369

0,5976

0,4637

0,3607

0,2812

0,2198

0,1722

0,1352

0,1064

0,0839

0,0525

0,0331

0,0264

27

0,7644

0,7150

0,6690

0,6260

0,5859

0,4502

0,3468

0,2678

0,2074

0,1609

0,1252

0,0976

0,0763

0,0469

0,0291

0,0230

28

0,7568

0,7062

0,6591

0,6152

0,5744

0,4371

0,3335

0,2551

0,1956

0,1504

0,1159

0,0895

0,0693

0,0419

0,0255

0,0200

29

0,7493

0,6975

0,6494

0,6046

0,5631

0,4243

0,3207

0,2429

0,1846

0,1406

0,1073

0,0822

0,0630

0,0374

0,0224

0,0174

30

0,7419

0,6889

0,6398

0,5942

0,5521

0,4120

0,3083

0,2314

0,1741

0,1314

0,0994

0,0754

0,0573

0,0334

0,0196

0,0151

96 ( )

1
C-2

1 ..

1,00%

1,25%

1,50%

1,75%

2,00%

3,00%

4,00%

5,00%

6,00%

7,00%

8,00%

9,00%

10,00%

12,00%

14,00%

15,00%

0,9901

0,9877

0,9852

0,9828

0,9804

0,9709

0,9615

0,9524

0,9434

0,9346

0,9259

0,9174

0,9091

0,8929

0,8772

0,8696

1,9704

1,9631

1,9559

1,9487

1,9416

1,9135

1,8861

1,8594

1,8334

1,8080

1,7833

1,7591

1,7355

1,6901

1,6467

1,6257

2,9410

2,9265

2,9122

2,8980

2,8839

2,8286

2,7751

2,7232

2,6730

2,6243

2,5771

2,5313

2,4869

2,4018

2,3216

2,2832

3,9020

3,8781

3,8544

3,8309

3,8077

3,7171

3,6299

3,5460

3,4651

3,3872

3,3121

3,2397

3,1699

3,0373

2,9137

2,8550

4,8534

4,8178

4,7826

4,7479

4,7135

4,5797

4,4518

4,3295

4,2124

4,1002

3,9927

3,8897

3,7908

3,6048

3,4331

3,3522

5,7955

5,7460

5,6972

5,6490

5,6014

5,4172

5,2421

5,0757

4,9173

4,7665

4,6229

4,4859

4,3553

4,1114

3,8887

3,7845

6,7282

6,6627

6,5982

6,5346

6,4720

6,2303

6,0021

5,7864

5,5824

5,3893

5,2064

5,0330

4,8684

4,5638

4,2883

4,1604

7,6517

7,5681

7,4859

7,4051

7,3255

7,0197

6,7327

6,4632

6,2098

5,9713

5,7466

5,5348

5,3349

4,9676

4,6389

4,4873

8,5660

8,4623

8,3605

8,2605

8,1622

7,7861

7,4353

7,1078

6,8017

6,5152

6,2469

5,9952

5,7590

5,3282

4,9464

4,7716

10

9,4713

9,3455

9,2222

9,1012

8,9826

8,5302

8,1109

7,7217

7,3601

7,0236

6,7101

6,4177

6,1446

5,6502

5,2161

5,0188

11

10,3676

10,2178

10,0711

9,9275

9,7868

9,2526

8,7605

8,3064

7,8869

7,4987

7,1390

6,8052

6,4951

5,9377

5,4527

5,2337

12

11,2551

11,0793

10,9075

10,7395

10,5753

9,9540

9,3851

8,8633

8,3838

7,9427

7,5361

7,1607

6,8137

6,1944

5,6603

5,4206

13

12,1337

11,9302

11,7315

11,5376

11,3484

10,6350

9,9856

9,3936

8,8527

8,3577

7,9038

7,4869

7,1034

6,4235

5,8424

5,5831

14

13,0037

12,7706

12,5434

12,3220

12,1062

11,2961

10,5631

9,8986

9,2950

8,7455

8,2442

7,7862

7,3667

6,6282

6,0021

5,7245

15

13,8651

13,6005

13,3432

13,0929

12,8493

11,9379

11,1184

10,3797

9,7122

9,1079

8,5595

8,0607

7,6061

6,8109

6,1422

5,8474

16

14,7179

14,4203

14,1313

13,8505

13,5777

12,5611

11,6523

10,8378

10,1059

9,4466

8,8514

8,3126

7,8237

6,9740

6,2651

5,9542

17

15,5623

15,2299

14,9076

14,5951

14,2919

13,1661

12,1657

11,2741

10,4773

9,7632

9,1216

8,5436

8,0216

7,1196

6,3729

6,0472

18

16,3983

16,0295

15,6726

15,3269

14,9920

13,7535

12,6593

11,6896

10,8276

10,0591

9,3719

8,7556

8,2014

7,2497

6,4674

6,1280

19

17,2260

16,8193

16,4262

16,0461

15,6785

14,3238

13,1339

12,0853

11,1581

10,3356

9,6036

8,9501

8,3649

7,3658

6,5504

6,1982

20

18,0456

17,5993

17,1686

16,7529

16,3514

14,8775

13,5903

12,4622

11,4699

10,5940

9,8181

9,1285

8,5136

7,4694

6,6231

6,2593

21

18,8570

18,3697

17,9001

17,4475

17,0112

15,4150

14,0292

12,8212

11,7641

10,8355

10,0168

9,2922

8,6487

7,5620

6,6870

6,3125

22

19,6604

19,1306

18,6208

18,1303

17,6580

15,9369

14,4511

13,1630

12,0416

11,0612

10,2007

9,4424

8,7715

7,6446

6,7429

6,3587

23

20,4558

19,8820

19,3309

18,8012

18,2922

16,4436

14,8568

13,4886

12,3034

11,2722

10,3711

9,5802

8,8832

7,7184

6,7921

6,3988

24

21,2434

20,6242

20,0304

19,4607

18,9139

16,9355

15,2470

13,7986

12,5504

11,4693

10,5288

9,7066

8,9847

7,7843

6,8351

6,4338

25

22,0232

21,3573

20,7196

20,1088

19,5235

17,4131

15,6221

14,0939

12,7834

11,6536

10,6748

9,8226

9,0770

7,8431

6,8729

6,4641

26

22,7952

22,0813

21,3986

20,7457

20,1210

17,8768

15,9828

14,3752

13,0032

11,8258

10,8100

9,9290

9,1609

7,8957

6,9061

6,4906

27

23,5596

22,7963

22,0676

21,3717

20,7069

18,3270

16,3296

14,6430

13,2105

11,9867

10,9352

10,0266

9,2372

7,9426

6,9352

6,5135

28

24,3164

23,5025

22,7267

21,9870

21,2813

18,7641

16,6631

14,8981

13,4062

12,1371

11,0511

10,1161

9,3066

7,9844

6,9607

6,5335

29

25,0658

24,2000

23,3761

22,5916

21,8444

19,1885

16,9837

15,1411

13,5907

12,2777

11,1584

10,1983

9,3696

8,0218

6,9830

6,5509

30

25,8077

24,8889

24,0158

23,1858

22,3965

19,6004

17,2920

15,3725

13,7648

12,4090

11,2578

10,2737

9,4269

8,0552

7,0027

6,5660

( )

97

C-3

1 ..

1,00%

1,25%

1,50%

1,75%

2,00%

3,00%

4,00%

5,00%

6,00%

7,00%

8,00%

9,00%

10,00%

12,00%

14,00%

15,00%

1,0100

1,0125

1,0150

1,0175

1,0200

1,0300

1,0400

1,0500

1,0600

1,0700

1,0800

1,0900

1,1000

1,1200

1,1400

1,1500

1,0201

1,0252

1,0302

1,0353

1,0404

1,0609

1,0816

1,1025

1,1236

1,1449

1,1664

1,1881

1,2100

1,2544

1,2996

1,3225

1,0303

1,0380

1,0457

1,0534

1,0612

1,0927

1,1249

1,1576

1,1910

1,2250

1,2597

1,2950

1,3310

1,4049

1,4815

1,5209

1,0406

1,0509

1,0614

1,0719

1,0824

1,1255

1,1699

1,2155

1,2625

1,3108

1,3605

1,4116

1,4641

1,5735

1,6890

1,7490

1,0510

1,0641

1,0773

1,0906

1,1041

1,1593

1,2167

1,2763

1,3382

1,4026

1,4693

1,5386

1,6105

1,7623

1,9254

2,0114

1,0615

1,0774

1,0934

1,1097

1,1262

1,1941

1,2653

1,3401

1,4185

1,5007

1,5869

1,6771

1,7716

1,9738

2,1950

2,3131

1,0721

1,0909

1,1098

1,1291

1,1487

1,2299

1,3159

1,4071

1,5036

1,6058

1,7138

1,8280

1,9487

2,2107

2,5023

2,6600

1,0829

1,1045

1,1265

1,1489

1,1717

1,2668

1,3686

1,4775

1,5938

1,7182

1,8509

1,9926

2,1436

2,4760

2,8526

3,0590

1,0937

1,1183

1,1434

1,1690

1,1951

1,3048

1,4233

1,5513

1,6895

1,8385

1,9990

2,1719

2,3579

2,7731

3,2519

3,5179

10

1,1046

1,1323

1,1605

1,1894

1,2190

1,3439

1,4802

1,6289

1,7908

1,9672

2,1589

2,3674

2,5937

3,1058

3,7072

4,0456

11

1,1157

1,1464

1,1779

1,2103

1,2434

1,3842

1,5395

1,7103

1,8983

2,1049

2,3316

2,5804

2,8531

3,4785

4,2262

4,6524

12

1,1268

1,1608

1,1956

1,2314

1,2682

1,4258

1,6010

1,7959

2,0122

2,2522

2,5182

2,8127

3,1384

3,8960

4,8179

5,3503

13

1,1381

1,1753

1,2136

1,2530

1,2936

1,4685

1,6651

1,8856

2,1329

2,4098

2,7196

3,0658

3,4523

4,3635

5,4924

6,1528

14

1,1495

1,1900

1,2318

1,2749

1,3195

1,5126

1,7317

1,9799

2,2609

2,5785

2,9372

3,3417

3,7975

4,8871

6,2613

7,0757

15

1,1610

1,2048

1,2502

1,2972

1,3459

1,5580

1,8009

2,0789

2,3966

2,7590

3,1722

3,6425

4,1772

5,4736

7,1379

8,1371

16

1,1726

1,2199

1,2690

1,3199

1,3728

1,6047

1,8730

2,1829

2,5404

2,9522

3,4259

3,9703

4,5950

6,1304

8,1372

9,3576

17

1,1843

1,2351

1,2880

1,3430

1,4002

1,6528

1,9479

2,2920

2,6928

3,1588

3,7000

4,3276

5,0545

6,8660

9,2765

10,7613

18

1,1961

1,2506

1,3073

1,3665

1,4282

1,7024

2,0258

2,4066

2,8543

3,3799

3,9960

4,7171

5,5599

7,6900

10,5752

12,3755

19

1,2081

1,2662

1,3270

1,3904

1,4568

1,7535

2,1068

2,5270

3,0256

3,6165

4,3157

5,1417

6,1159

8,6128

12,0557

14,2318

20

1,2202

1,2820

1,3469

1,4148

1,4859

1,8061

2,1911

2,6533

3,2071

3,8697

4,6610

5,6044

6,7275

9,6463

13,7435

16,3665

21

1,2324

1,2981

1,3671

1,4395

1,5157

1,8603

2,2788

2,7860

3,3996

4,1406

5,0338

6,1088

7,4002

10,8038

15,6676

18,8215

22

1,2447

1,3143

1,3876

1,4647

1,5460

1,9161

2,3699

2,9253

3,6035

4,4304

5,4365

6,6586

8,1403

12,1003

17,8610

21,6447

23

1,2572

1,3307

1,4084

1,4904

1,5769

1,9736

2,4647

3,0715

3,8197

4,7405

5,8715

7,2579

8,9543

13,5523

20,3616

24,8915

24

1,2697

1,3474

1,4295

1,5164

1,6084

2,0328

2,5633

3,2251

4,0489

5,0724

6,3412

7,9111

9,8497

15,1786

23,2122

28,6252

25

1,2824

1,3642

1,4509

1,5430

1,6406

2,0938

2,6658

3,3864

4,2919

5,4274

6,8485

8,6231

10,8347

17,0001

26,4619

32,9190

26

1,2953

1,3812

1,4727

1,5700

1,6734

2,1566

2,7725

3,5557

4,5494

5,8074

7,3964

9,3992

11,9182

19,0401

30,1666

37,8568

27

1,3082

1,3985

1,4948

1,5975

1,7069

2,2213

2,8834

3,7335

4,8223

6,2139

7,9881

10,2451

13,1100

21,3249

34,3899

43,5353

28

1,3213

1,4160

1,5172

1,6254

1,7410

2,2879

2,9987

3,9201

5,1117

6,6488

8,6271

11,1671

14,4210

23,8839

39,2045

50,0656

29

1,3345

1,4337

1,5400

1,6539

1,7758

2,3566

3,1187

4,1161

5,4184

7,1143

9,3173

12,1722

15,8631

26,7499

44,6931

57,5755

30

1,3478

1,4516

1,5631

1,6828

1,8114

2,4273

3,2434

4,3219

5,7435

7,6123

10,0627

13,2677

17,4494

29,9599

50,9502

66,2118

98 ( )

1
C-4

1 ..

1,00%

1,25%

1,50%

1,75%

2,00%

3,00%

4,00%

5,00%

6,00%

7,00%

8,00%

9,00%

10,00%

12,00%

14,00%

15,00%

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

1,0000

2,0100

2,0125

2,0150

2,0175

2,0200

2,0300

2,0400

2,0500

2,0600

2,0700

2,0800

2,0900

2,1000

2,1200

2,1400

2,1500

3,0301

3,0377

3,0452

3,0528

3,0604

3,0909

3,1216

3,1525

3,1836

3,2149

3,2464

3,2781

3,3100

3,3744

3,4396

3,4725

4,0604

4,0756

4,0909

4,1062

4,1216

4,1836

4,2465

4,3101

4,3746

4,4399

4,5061

4,5731

4,6410

4,7793

4,9211

4,9934

5,1010

5,1266

5,1523

5,1781

5,2040

5,3091

5,4163

5,5256

5,6371

5,7507

5,8666

5,9847

6,1051

6,3528

6,6101

6,7424

6,1520

6,1907

6,2296

6,2687

6,3081

6,4684

6,6330

6,8019

6,9753

7,1533

7,3359

7,5233

7,7156

8,1152

8,5355

8,7537

7,2135

7,2680

7,3230

7,3784

7,4343

7,6625

7,8983

8,1420

8,3938

8,6540

8,9228

9,2004

9,4872

10,0890

10,7305

11,0668

8,2857

8,3589

8,4328

8,5075

8,5830

8,8923

9,2142

9,5491

9,8975

10,2598

10,6366

11,0285

11,4359

12,2997

13,2328

13,7268

9,3685

9,4634

9,5593

9,6564

9,7546

10,1591

10,5828

11,0266

11,4913

11,9780

12,4876

13,0210

13,5795

14,7757

16,0853

16,7858

10

10,4622

10,5817

10,7027

10,8254

10,9497

11,4639

12,0061

12,5779

13,1808

13,8164

14,4866

15,1929

15,9374

17,5487

19,3373

20,3037

11

11,5668

11,7139

11,8633

12,0148

12,1687

12,8078

13,4864

14,2068

14,9716

15,7836

16,6455

17,5603

18,5312

20,6546

23,0445

24,3493

12

12,6825

12,8604

13,0412

13,2251

13,4121

14,1920

15,0258

15,9171

16,8699

17,8885

18,9771

20,1407

21,3843

24,1331

27,2707

29,0017

13

13,8093

14,0211

14,2368

14,4565

14,6803

15,6178

16,6268

17,7130

18,8821

20,1406

21,4953

22,9534

24,5227

28,0291

32,0887

34,3519

14

14,9474

15,1964

15,4504

15,7095

15,9739

17,0863

18,2919

19,5986

21,0151

22,5505

24,2149

26,0192

27,9750

32,3926

37,5811

40,5047

15

16,0969

16,3863

16,6821

16,9844

17,2934

18,5989

20,0236

21,5786

23,2760

25,1290

27,1521

29,3609

31,7725

37,2797

43,8424

47,5804

16

17,2579

17,5912

17,9324

18,2817

18,6393

20,1569

21,8245

23,6575

25,6725

27,8881

30,3243

33,0034

35,9497

42,7533

50,9804

55,7175

17

18,4304

18,8111

19,2014

19,6016

20,0121

21,7616

23,6975

25,8404

28,2129

30,8402

33,7502

36,9737

40,5447

48,8837

59,1176

65,0751

18

19,6147

20,0462

20,4894

20,9446

21,4123

23,4144

25,6454

28,1324

30,9057

33,9990

37,4502

41,3013

45,5992

55,7497

68,3941

75,8364

19

20,8109

21,2968

21,7967

22,3112

22,8406

25,1169

27,6712

30,5390

33,7600

37,3790

41,4463

46,0185

51,1591

63,4397

78,9692

88,2118

20

22,0190

22,5630

23,1237

23,7016

24,2974

26,8704

29,7781

33,0660

36,7856

40,9955

45,7620

51,1601

57,2750

72,0524

91,0249

102,4436

21

23,2392

23,8450

24,4705

25,1164

25,7833

28,6765

31,9692

35,7193

39,9927

44,8652

50,4229

56,7645

64,0025

81,6987

104,7684

118,8101

22

24,4716

25,1431

25,8376

26,5559

27,2990

30,5368

34,2480

38,5052

43,3923

49,0057

55,4568

62,8733

71,4027

92,5026

120,4360

137,6316

23

25,7163

26,4574

27,2251

28,0207

28,8450

32,4529

36,6179

41,4305

46,9958

53,4361

60,8933

69,5319

79,5430

104,6029

138,2970

159,2764

24

26,9735

27,7881

28,6335

29,5110

30,4219

34,4265

39,0826

44,5020

50,8156

58,1767

66,7648

76,7898

88,4973

118,1552

158,6586

184,1678

25

28,2432

29,1354

30,0630

31,0275

32,0303

36,4593

41,6459

47,7271

54,8645

63,2490

73,1059

84,7009

98,3471

133,3339

181,8708

212,7930

26

29,5256

30,4996

31,5140

32,5704

33,6709

38,5530

44,3117

51,1135

59,1564

68,6765

79,9544

93,3240

109,1818

150,3339

208,3327

245,7120

27

30,8209

31,8809

32,9867

34,1404

35,3443

40,7096

47,0842

54,6691

63,7058

74,4838

87,3508

102,7231

121,0999

169,3740

238,4993

283,5688

28

32,1291

33,2794

34,4815

35,7379

37,0512

42,9309

49,9676

58,4026

68,5281

80,6977

95,3388

112,9682

134,2099

190,6989

272,8892

327,1041

29

33,4504

34,6954

35,9987

37,3633

38,7922

45,2189

52,9663

62,3227

73,6398

87,3465

103,9659

124,1354

148,6309

214,5828

312,0937

377,1697

30

34,7849

36,1291

37,5387

39,0172

40,5681

47,5754

56,0849

66,4388

79,0582

94,4608

113,2832

136,3075

164,4940

241,3327

356,7868

434,7451

( )

99

11.
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100,000.00 ..
82,930.00
64,506.35
44,621.70
23,160.20


(3)

25,000 ..
25,000
25,000
25,000
25,000
125,000 ..

(4)=(2)*0.0793

7,930.00 ..
6,576.35
5,115.35
3,538.50
1,839.80
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(5)=(3)-(4)

17,070.00 ..
18,423.65
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1997
1998
1999
2000
2001


10,000
8,524
6,823
4,863
2,604



1,524
1,299
1,040
741
396
5,000

3,000
3,000
3,000
3,000
3,000
15,000

1,476
1,701
1,960
2,259
2,604
10,000

, () :
- 10,000 ..
- 10,000 ..
: ,

3,000 ..

106 ( )

1997
1998
1999
2000
2001

10,000
8,524
6,823
4,863
2,604



1,524
1,299
1,040
741
396
5,000

3,000
3,000
3,000
3,000
3,000
15,000

1,476
1,701
1,960
2,259
2,604
10,000

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121

1 1991 . :
..................................................................................... 10,000
, ................................................................ ...........10,000
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............................................................... ................300
31 1991 . :
..................................................................................... 300
:
:
, ......................................................................... ...........10,000
........................................................................ ................300
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.................................................................. 300
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........................................................................................ ...........11,200


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1.12 = 10,000 ..
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122 ( )

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1991.:
1 1991. ():
..................................................................................... 10,000
, ()* ................................ ...........10,000
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.

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(10,000 .. 12% 3/12) ....................................... 300
, *............................................................... ................300
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31 1991.: :
..................................................................................... 300
:
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, (10,000 .. +300 ..).................................... ...........10,300
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:
(10,000 .. 12% 9/12) ........................................... 900
, ................................................................ ................900
(10,000 .. + 300 .. +900 ..) .................................... 11,200
........................................................................................ ...........11,200

:
1991.:
1 1991. () :
..................................................................................... 10,000
............................................. 1,200
, ................................................................ ...........11,200
31 1991 . :
(1,200 .. 3/12)...................................................... 300
............................................. ................300
31 1991 . :
........................................................................................ 300
:

( )

123

:
........................................................................................... 11,200
: ......................................................... 900
10,300
:
30 1991 . :
(1,200 .. 9/12) ....................................................... 900
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............................................. ................900
........................................................................................ ...........11,200

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.............................................................. .............6,000
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........................................................................................ .........100,000

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.................................................................................. 4,500
............................................................... .............4,500
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4,500 x 7,722

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34,749
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127

..................................................................................... 96,149
........................................................... 3,851
....................................................................................... .........100,000
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...................................................................... 3,851...........96,149
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= 4,500 .. + 385 .. = 4,885 ...
1 :
........................................................... 4,885
............................................................ ................385
........................................................................................ .............4,500

128 ( )

0
1
2
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4
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4,500.00 ..
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4,807.45 ..
4,822.82
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4,892.39
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()

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338.96
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373.71
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97,474.15
97,847.86
98,240.25
98,652.26
99,084.87
99,539.12
100,000.00

1 :
........................................................... 4,807.45
............................................................ ................307.45
........................................................................................ .............4,500.00
,
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................................................................................... 104,100
........................................................... .............4,100
........................................................................................ .........100,000
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......................................................................... 4,100
........................................................................................................................... .........104,100
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.................................................................................... 100,000
............................................................. 1,447
...................................................................................... ...........32,000
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40 1,000 .. , 4,000 32,000
.. (4,0008 ..).

7.
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130 ( )

23.
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2.

15 1998 . 25 1998
500,000 ...
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, 31 .

( )

131

14.
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.
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.

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.
, 1 1991
. 28,000 .. 37,000 ...
40,000 .. 20,000 .. (
).
1
..................................................................................... 28,000
............................................................................................................ 37,000
.............................................................................................. ...........65,000
..................................................................................... 40,000
................................................................................................ 20,000
........................................................................................... ...........60,000
, . ,
45,000 ...
37,000 .. . :
1 .
..................................................................................................... 45,000
............................................................................................... ...........37,000
........................................................................................... .............8,000

3.
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, , , .
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132 ( )

1
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.
, 140,000 ...
60% 40% .
:
30 .1992 .
.......................................................................................... 140,000
(140,000 60%) .................................................................. ...........84,000
(140,000 40%) ................................................................. ...........56,000


125,000 ... 65,000
.., 60,000 ..
, , ,
. :
(I)

(
):

30 . 1992
.......................................................................................... 140,000
(140,000 65/125) .............................................................. ...........72,800
(140,000 60/125).............................................................. ...........67,200
(II) :
, ,
.
, 1 1991 . 10,000 .., 1 1992 10,000 ... , 1
1992 8,000 ... :

( )

133

(, )
07.91 12.91
01.92 06.92
07.91 10.91
11.91 01.92
02.92 06.92

65 000
55 000
60 000
50 000
58 000

- .
6
6
12
4
3
5
12

390 000
330 000
720 000
240 000
150 000
290 000
680 000

60 000

56 667
116 667

:
= 60 000116 667 = 51.4%

= 56 667116 667 = 48.6%

:
30 . 1992 .
.......................................................................................... 140,000
(140,000 0.514) ................................................................ ...........71,960
........................................................................................... ...........68,040

, ,

,
. .
.
, 10% ,
( - 70,000 .. - 60,000 ..).
. 140,000 ...
.
, .
, .

134 ( )




:
(65 000 10%)
(60 000 10%)

70 000

60 000

140 000
130 000
10 000

6 500

- 1 250
75 250

6 000

12 500

- 1 250
64 750

- 2 500
2 500
140 000

:
30 .1992
.......................................................................................... 140,000
.............................................................................................. ...........75,250
........................................................................................... ...........64,750

4. ()
, .
, .

. :
(1)
(2)

,
.


70,000 .. 100,000 ...
. :
31 .
........................................................................................... 70,000
........................................................................................ ...........70,000


, 75,000 ...
31 .
..................................................................................... 75,000
........................................................................................ ...........75,000


, , ,
. , 100,000 .., 80,000 ...
20,000 .. .
, , .
,
:

( )

135

160,000 ..
140,000 ..
300,000 ..

55%
45%
100%

1 100,000
.. . .
:
.......................................................................... .........300,000
................................................................................................... .........100,000
................................................................................... .........400,000
:
................................................................................. 100,000
: (400 000 1/5).................................... 80,000...........20,000
:
(20 000 55%).................................................................................... 11,000
(20 000 45%) ................................................................................... 9,000...........20,000
100, 000 .., :
1 .
................................................................................... 100,000
.............................................................................................. ...........11,000
........................................................................................... .............9,000
........................................................................................ ...........80,000


,
.
, . 60,000
.. . :
............................................................................................................ .........160,000
......................................................................................................... .........140,000
................................................................................................... ...........60,000
................................................................................... .........360,000
:
(360 000 ) ................................................... 90,000
................................................................................... 60,000...........30,000
:
(30 000 55%).................................................................................... 16,500
(30 000 45%) ................................................................................. 13,500...........30,000
60 000 .. :
1 .
..................................................................................... 60,000
........................................................................................... 16,500
......................................................................................... 13,500
........................................................................................ ...........90,000

5.
,
, ,
136 ( )

1
.
. , ,
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:
(I)
(II)
(III)

,
, ,
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:

2 194

( )................................................. 200,000
.......................................................................................................... 100,000
....................................................................................... 40,000
.............................................................................................................. 60,000
.......................................................................................................... 400,000

...................................................................................................... ...........85,000
.................................................................................................... ...........95,000
................................................................................................ .........100,000

........................................................................................................ .........120,000
......................................................................................... .........400,000
(): 30, 30, 40.

:

, ,
, 140,000 ... ,
:
(I)

( ):

15 .
................................................................................... 140,000
............................................................... 200,000
.......................................................................................... ...........40,000
.............................................................................................................. .........100,000
......................................................................................... .........200,000
200,000 ...
(II)

16 .
........................................................................................... 120,000
........................................................................................ .........120,000
(III)

( ):

( )

137

20 .

(IV)
20 .

(200,000 .. 0.3) ........................................................... 60,000


......................................................................................... 60,000
..................................................................................... 80,000
.................................................................... .........200,000
:
(200,000 .. 0.3) ........................................................... 25,000
......................................................................................... 35,000
..................................................................................... 20,000
.................................................................... ...........80,000

:
,

.
,
:

......................................................................................................................... ...........30,000

........................................................................................... 25,000
......................................................................................... 20,000
.................................................................................... (15,000) .........30,000
15,000 .. ,
:
20 .
..................................................................................... 15,000
........................................................................................ ...........15,000
........................................................................................... 25,000
......................................................................................... 20,000
........................................................................................ ...........45,000
15, 000 ..,
. 0,3
0,3, 50% , .
20 .

(15,000 .. 50%)............................................................. 7,500


........................................................................................... 7,500
........................................................................................ ...........15,000
........................................................................................... 17,500
......................................................................................... 12,500
........................................................................................ ...........30,000

138 ( )

6.


.
, :

()

50 ..,
1 000 .
................................................................................................ ...........50,000

5 ..,
30 000 ,
20 000 .............................................................................. 100,000
, .................................................. 50,000.........150,000
.................................................................................... .........200,000
() .............................................................. ...........60,000
............................................................................................ .........260,000

( )

139

7.
.
, .


, . ,
,
. , , ,
.


. ,
500,000 , 300,000 .
300,000 . 100%
. 200,000 .
.
.
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140 ( )

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, 20,000 10
.., .
.............................................................................. 200,000
................................................................................................ .........200,000


, 1 10,000 :
1 .
................................................................................... 100,000
................................................................................... .........100,000


,
, .
, .
, 1,000 1 , 12 .. :
1
(12 .. 1,000).......................................................... 12,000
(1,000 10 ..) ........................................................ ...........10,000
......................................................... .............2,000
() .
. ,
, .
:

( )

141


()
....................................................................................... ....................
10 ..,
20,000 ,
11,000 .............................................................................. 110,000
, .................................................... 2,000.........112,000
............................................................................ .........112,000
() ..................................................... .................... ................................................................................... .........112,000


, , . :
. ,
, , ,
.
, , 100
, . .
, , 1,500
... :
1 .
............................................................................. 1,500
(100 10 ..) .......................................................... .............1,000
......................................................... ................500
, , , 1,000 .
16 .., .
:
20 .

(1,000 16 ..)................................................................................... 16,000


(1,000 10 ..) ....................................................... ...........10,000
......................................................... .............6,000


,
.
, 1 1998
50,000 10 .. 15 ... -
30 1999 2,000 25
... :
30 .

(2,000 15 ..).......................................................... 30,000


( ) .................................................... ...........20,000
......................................................... ...........10,000

, - 20,000 .. ( 50,000 ..
30,000 ..), .

8.
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.
.
142 ( )

:
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21 , 31 , 10 .
:
21 .
.......................................................................... 56,000
..................................................................................... ...........56,000
10

31 .
................................................................................... 56,000
........................................................................................ ...........56,000

9.
, , (
, )
.
,
.
, 20,000 :
(20,000 10 ..).......................................................... 200,000
........................................................................................ .........200,000


()
.........................................................................................
........................................................................................... ..............

()

, 7.50 .. :

( )

143

(20,000 7.50 ..)................................................... 150,000


.......................................................................... 50,000
........................................................................................... .........200,000

()
, 20,000 15 .. :
(20,000 15 ..)...................................................... 300,000
........................................................................................... .........200,000
............................................. .........100,000

10.

.

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144 ( )

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156 ( )

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15,800
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.......................................................... .............1,000
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.......................................................... ..................90

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1996 . 1996 190,000 ...
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34
:

31 2001 .












, 5 ..

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127,000
55,000
110,000
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312,000

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115,000
47,000
144,000
1,000
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(68,000)
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749,000

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3,000
12,000
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245,000
302,000

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295,000
360,000

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115,000
132,000
447,000
749,000

276,000
189,000
140,000
605,000
965,000

( )

179


1 2001 . 31 2001 .




( .. 37,000 ..)

:







698,000 ..
(520,000)
178,000
(147,000)
31,000
(23,000)
6,000
12,000
(3,000)
(8,000)
23,000
(7,000)
16,000

, , :
1.
2.
3.
4.
5.
6.
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102,000 ... 90,000
...
120,000 ...
5,000 ... 10,000 .., . 2,000
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100,000 ..
.
50,000 .. , .
15,200 5 .. 150,000 ...
8,000 ...

180 ( )


1 2001 . 31 2001 .


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:



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181


1 2001 . 31 2001 .


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182 ( )

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:

184 ( )

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($10,000 125) ....................................................... 1,250,000
...................................................................................... ......1,250,000
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, 128 .. 1 .
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........................................................................... ...........30,000
,
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:
....................................................................................... 1,260,000
...................................................................... 20,000
.......................................................................................... ......1,280,000

2:

:
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10 1994 . 250,000 .
1.00 ..=110 .

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(250,000/110) ................................................. 2,272.73
.............................................................................................. .............2,272.73
250,000

( )

185

() 15.12.94
(500,000/100) .......................................................................... 5,000
(100,000/100) .................................................. .............1,000
(400,000 ) ........................................................................ .............4,000
500,000
31 1994 (1.00 .. = 90 )
(150,000 / 90)
(2,272.73 .. 1,000 ..)

1,666.67 ..
1,272.73
393.94 ..

(400,000 / 90)

4,444.44 ..
4,000.00
444.44 ..

31.12.94
............................................................................ 393.94
............................................................................. 50.50
............................................................................................... ................444.44
() 15.01.95
............................................................................................... 4,444.44
........................................................................... 261.44
(400,000 / 85) ........................................... .............4,705.88

35.

. 10 250,000,
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117 .. 1. , .. ,
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- 12 30,000 ..
. 2001 . .
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, 0.25%
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8,800 ..;
. 31 2001 . 400 ..
4) 1 2001 . 2,160 ..;
, . 2001 . .
5) 1 2001 . . 7,200 ..
.
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. .
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8,400 .. .
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9) 31 2001 . , , ,
18,000 .. .

194

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1
10) 30 2001 . 60,000 .. 10% ,
.
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11) 1 2001 . 200 .. 2001 .
4,000 .. .
31 2001 . 800 ..
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60,000 .
, .
: 1999 - 3,000; 2000 - 7,000; 2001 - 5,000 . 2001 .
.
13) 2001 , 120 .. ,
, .
14) 2001 . 59,000 .. 1
2002 .
15) 1 2001 . 120,000 .. 60-
9.5% .
16) 1 2001 . 1,000 .. 12
. 1,000 ..
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. .
9,600 .. .

.
.

USAID ( )

195

196

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.

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1996 .
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:
1.
2.
3.

31.12.1997 .;
;
- .

1.

1 600 .. .
, .

2.

1 1997 . 720 ..
.
319 ..

3.

1 . , 20
. ,
.
.

4.

1 . , 10 ,
. ,
; . ,
60% , 40% - .

5.

15 ,
, . 1,800
.. .

6.

21 3,000 ..
36.5%. 365 . 1,000 ..
21 , - .

7.

20 .
30 .. . 5 1998 .

8.

,
. .
,
, .

9.

15 ,
. 240 ..
15 1998 . .

10. 31 900 ..
11. 20%. " "
.

USAID ( )

197

198

.
.

( )


1 _________ 1 _________ 19___ .
: __________________________________________________________________________________________
: _______________________________________________________________________________________________
: _____________________________________________________________________________________
: ________________________________________________________________________________________________
: __________________________________

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,
,


:




:


()




USAID ( )

199

_______________ 19__ .
: __________________________________________________________________________________
: _______________________________________________________________________________________
: _____________________________________________________________________________
: ________________________________________________________________________________________
: [..]

: __________________________


,

,


,



:

,


:

200

( )

USAID ( )

201

1

, 31 1999 .

. .:

.
















. -
. - .

-
.-. -

22,240
16,990
1,500
720
600
130,000
36,000
150
5,400
45
23,595
1,800

3,000
180,000
2,771
15,484
1,275
9,425
27
1,500
1,000
150
18
226,845

226,845

202

( )

1
""
"" 1997 .
.
1998 .
31.12.98. 30 .. 1 $.
,
:
1.

1 1998 . 6 15,000 ..,


, .

2.

1 1998 . 6 21,600 ..
" ".

3.

31 1998 .
. 170,000 ..
30 1999. .

4.

, $80.
" " .

5.

. ,
20,000 .., 10 . , 40,000 .., 25 . , 80%
10% , -
.
.

6.

31 1998. , 1,200 ..
, .

7.

31 1998 . 205,300. .
, .
.

8.

1 1998. $1,600. 25
.. $1. 1 1999.

9.

30%.
3- .

USAID ( )

203

204

.
.

( )


1 _________ 1 _________ 19___ .
: _____________________________________________________________________________________
: __________________________________________________________________________________________
: ________________________________________________________________________________
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,
,


:




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USAID ( )

205


__________________________________________________________
:

/
______________________________________________________________

:
+/- _____________________________________________________________________
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___________________________________________________

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206

( )

_______________ 19__ .
: __________________________________________________________________________________
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,

,


,



:

,


:

USAID ( )

207

208

( )

1
""
, 31 1998




($8,000)

-
,

.:

.:

. ..


, 6%
- 25,000


-

.

:
:




247 710
32 400
6 450
160 000
250 000
15000
160 000
540 000
20 000
1 220 000
120 000
178 600

510 000
1 175 790
185 740
899 750
358 300
47 000
99 400
5 240
113 000
97 300

18480
115 600
25 500

46440
3 323 850

3 323 850

USAID ( )

209


31 2002 .
1 1999 . 2002 2001
. ,
2002 .
:
1) , .
2) .
3)
- ;
;
;
.
1. 110,000 .. 15,000 ..
.
1% 10% . ,
.
2. :
) , 20,000 , 30 2002, 10%,
30 2003.
) , 10,000 , 28 2002, 12%,
28 2003.
30 360
, .
3. 60,000 , - 150,000 ..
4. , , 1 1999 .,
25 5,000 ..
.
, .
5. . , 1
2002 . 2 10,000 ..,
.

1
2
3
4


1 2000 .
1 2000 .
1 2000 .
31 2002 .

.
20,000
1,000
30,000
2,000
30,000
2,000
30,000
2,000

5 .
2002 .
6. 1 2001. 25,000 .. 4 ,
200,000 , 5,000 .. 30 2002.
60,000 . , 31 2002. 8,000 .
.
2002. . "

210

( )

" . 2002
2,700 .. ( )
,
10% .
7. . 3- 1
2000. 3,900 .. ( ).
8. 31 2002 . 2,900 ..
9. .
2002 . :

8,000
25,000
33,000


1,000
3,900
4,900


7,000
21,100
28,100

10.
300 .., 900 ..
11. 12% , 1 2003., 30
2002 . .
, .
12. 20 , 1,375 ..,
- 12% 25 2002 .
13. - . 2002 . "
" 35% .
.
14. 30%.

USAID ( )

211

212

.
.

( )

.
.

USAID ( )

213

214

.
.

( )


1 _________ 1 _________ 20___ .
: _____________________________________________________________________________________
: __________________________________________________________________________________________
: ________________________________________________________________________________
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: [..]

,
,


:




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()




USAID ( )

215


__________________________________________________________
:

/
______________________________________________________________

:
+/- _____________________________________________________________________
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_____________________________________________________________________

___________________________________________________________________

:
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216

( )

_______________ 20__ .
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,

,


,



:

,


:

USAID ( )

217

218

( )

1
" "

, 31 1990 .

.-. -

35 260

125 000

1 200
30 000


( )

65 200

3 700

1 300

40 000

135 000

15 600
110 000

,

,

61 200
25 000
8 000

64 500

, 12%

75 000






, 12% 25.12.2010

126 300

100 000

USAID ( )

219

10,000
6,000

19,950
375,500

4,800

220,000

1,200

1,400

8,500

42,000

6,000

2,700
10,000
2,100

.

.
,

950
1,450

12,810


(30%)
. /

4700

220

876,160

876160

( )

-1
""
.
:

1. - (56
).
. (12 ).
31 1999 (10 ).
, 31 1999 . (6 )
,
(8 ).
6. (8 )

2.
3.
4.
5.

:
,
, 1999 .
.

1. - 31 1999
2.
.
3. 4 :
- 40%
- 40%
- 10%
- 10%
4.

.. .. 1 :
31 1998 .
- 117 ..
1 1999 .
- 120 ..
1 1999 . - 123 ..
1 1999 .
- 124 ..
1 1999 . - 125 ..
1 1999 .
- 120 ..
31 1999 .
- 130 ..
.
.

USAID ( )

221

1

,
.
1.

25 1999.
2,000,000 .. 4 .
12
.

2.

, 1-
3 .
.

3.

23,000 ..
10,000 ..

4.

) 1 1999.
10 . 30% ,
. .
) 30 1999 . 5
. .
) , 10% , 90% ,
1 1999. 5 ,
40%. .
) .

5.

1999. 30% .
1998. 2,000,000 ..
200,000 .. ,
.

6.

31 1999. . 18,000 ..
, , 1
2000.

7.

27 1999. 18,500 .. , ,
, . 7 2000.
.

8.

, 28,300 ..
.
.

9.

120 .
, 30 1999.

10. . 6,900
.., 15%.
11. 30%.

222

( )

.
.

USAID ( )

223

224

.
.

( )


1 _________ 1 _________ 20___ .
: __________________________________________________________________________________
: _______________________________________________________________________________________
: _____________________________________________________________________________
: ________________________________________________________________________________________
: __________________________

: [..]

,
,


:




:


()




USAID ( )

225

1

__________________________________________________________
:

/
______________________________________________________________

:
+/- _____________________________________________________________________
+/- _____________________________________________________________________
+/- _____________________________________________________________________
___________________________________________________
_____________________________________________________________________

___________________________________________________________________

:
+/- _____________________________________________________________________
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226

( )

_______________ 20__ .
: __________________________________________________________________________________
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,


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:

,


:

USAID ( )

227

228

( )

1
-

1________ 1__________199__.

: ..

USAID ( )

229

. -

,
""





/ .


-,
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-,
















230

""
, 31 1999 .

1,750,000
625,000
593,250

350,000
510,000
514,076
124,200

20,000
101,176
269,876
27,000
3,576

1,500,000

1,712,500
1,904,938
371,500

142,438

316,250

5,417,890

5,417,890

( )

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