= =

P P = n 0 ( 1+ r) n P P = n 0 1 + r n 5000000 P 0 = 7 = 2565791( ) ( 1+ 10%) 5000000 P 0 = = 2941176. 4( ) ( 1+ 10% 7 ) M( 1+ i n ) P = 1+ r n n M( 1 + i) P = n ( 1 + r) n

C C C M P = + + 2 + + n + n 1 r ( 1+ r) ( 1+ r) ( 1+ r) n C M = Σ t + n ( 2 7 ) t= 1 ( 1+ r) ( 1+ r) n C M P = Σ + ( 2 8 ) t = 11+ t r 1 + n r n C M P = Σ t + n ( 2 9 ) t= 1 ( 1 + r) ( 1 + r) n C M P = Σ + ( 2 10) t = 11+ r t 1 + n r

C1 C2 Cn F P = + + 2 + + n + n ( 2 11) 1 Y ( 1 + Y) ( 1 + Y) ( 1 + Y) C1 C2 Cn F P = + + 2 + + n + n ( 2 12) 1 Y ( 1 + Y) ( 1 + Y) ( 1 + Y)

= (2.13) D1 D2 D3 Dt V = 1 + 2 + 3 + + t ( 1 + k) ( 1 + k) ( 1 + k) ( 1 + k) Dt = Σ t= 1 ( 1 + k) t ( 2 14) = D Σ t ( + k) t= 1 1 t P ( 2. 15)

D t NPV = V P = Σ * t p = 0 t= 1 ( 1 + k ) D t p = Σ * t ( 2 18) t= 1 ( 1 + k ) g t D t D = D t 1 t 1 ( 2 20) 4. 2 4 g 3 = = 5% 4 V = Σ t= 1 = D D ( 1 + k) 0 t 0 1 Σ = 1 ( 1 + k) t t ( 2 21) 1 1 Σ t = t= 1 ( 1 + k) k V D 0 = ( 2 22) k

D0 P = Σ t= 1 * t ( 1+ k ) D0 = * ( 2 23a) K D 0 k* = ( 2 23b) P V = Σ t= 1 = D D 0 0 t= 1 ( 1+ g) ( 1+ k) ( 1+ g) Σ t ( 1+ k) t t t ( 2 25) t ( 1 + g) 1 g Σ t = + ( 2 26) t= 1 ( 1 + k) k g 1+ g V = D0 ( 2 27) k g

1 + g P = D0 * ( 2 29) k g D0( 1 + g) k* = + g P D1 = + g ( 2 30) P k * 180. ( 1+ 0. 05) = + 0. 05 = 9. 725% 40 T D t VT = Σ t ( 2 31) t= 1 ( 1 + k) 1 VT = DT+1 ( 2 32) k g 1 DT+ 1 VT + = VT T = T ( 2 33) ( 1+ k) ( k g)( 1+ k)

V = V + V = T Σ t= 1 T- T+ Dt DT+ 1 t + ( 1+ k) ( k g)( 1 + k) T ( 2 34) D1 D 0 2 0 75 g1 = =. = 167% D 0. 75 0 D 2 D1 3 2 g2 = = = 50% D 2 1 V V T T+ V 2 3 = + = + 2 4. 01( ) 1 0. 15 ( 1 + 0. 15) 3. 3 = 3 = 49. 91( ) ( 015. 010. ) ( 1 + 015. ) + V = 4. 01 + 49. 91 = 53. 92( ) T T+ r D t D t+ 1 P = Σ * t + * * T ( 2 35) t= 1 ( 1 + k ) ( k g)( 1 + k ) T Dt VT = Σ t = 0 t= 1 ( 1 + k) V T+ Dt+ = ( k g)( 1 + k) D 1 1 T = k g ( 2 36)

V D 1 + P 1 D1 P1 = = + 1 + k 1 + k 1 + k ( 2 37) D2 D3 D4 P1 = 1 + 2 + 2 + ( 1 + k) ( 1 + k) ( 1 + k) = Dt Σ ( 1 + k) t= 2 t 1 ( 2 38) D1 D2 D3 1 V = + + + + 1 2 1 k ( 1+ k) ( 1+ k) 1+ k D1 D2 D3 = + + 2 + 3 + 1 k ( 1+ k) ( 1+ k) Dt = Σ t ( 2 39) t= 1 ( 1+ k)

D1 D2 D3 V = 1 + 2 + 3 ( 1+ k) ( 1+ k) ( 1+ k) + P1 E1 P2Et P3 E3 = 1 + 2 + 3 ( 1+ k) ( 1+ k) ( 1+ k) + PtEt = Σ t t= 1 ( 1+ k) ( 2 41) V P 1 E 0 ( 1 + g e1) P2 E0 ( 1+ g e1 )( 1 + ge2) = 1 + 2 + ( 1 + k) ( 1 + k) P3 E0( 1 + ge1)( 1 + ge2 )( 1 + ge3 ) 3 ( 1 + k) V E 0 P1 ( 1 + ge1) P2 ( 1 + ge1)( 1 + ge2 ) = 1 + 2 + ( 1 + k) ( 1 + k) ( 2 43) P3( 1 + g e1 )( 1 + ge2)( 1+ ge3) 3 + ( 2 44) ( 1 + k)

V 1 1 1 = + + + E 1 + k 1 + k 1 + k 0 1 = Σ t ( 2 45) t= 1 ( 1+ k ) 1 1 Σ t = t= 1 ( 1 + k) k V E 0 ( 1+ ge) = P Σ t= 1 t ( 1+ k) 1 2 3 e e e P( 1+ g ) P( 1+ g ) = + 2 1+ k ( 1+ k) t P( 1+ g ) + 3 ( 1+ k) + ( 2 48)

t ( 1 + ge ) 1 g e Σ t = + ( 2 49) t= 1 ( 1 + k) k ge V 1 + ge = P ( 2 50) E0 k ge

= ( ) 2 52

= ( 2 54) = 100% ( 2 56)

= 100% ( 2 58) 1200 = = 40( ) 30 = 30 20 = 10( ) 10 = 100% = 50% 20 R M = S ( 2 60) N + 1

R M = S ( 2 62) N

=

= = + + =

= - = = 360 = 360

= 100 = + 100 = 100

= 100 = 100

= = 360 = 360 = 360 = = = = + 2 = = + 2

= = + 2 = - 100 = - 100 = 100

= 100 = + 2 = 100 = 100 = -

= 100 = 100 = ( ) = ( ) = 100 ( + ) 2

= = ( )

2 EMA(12) = + 11 EMA(12) 12 + 1 12 + 1 2 EMA(26) = + 25 EMA(26) 26 + 1 26 + 1

n WMS = H n - C t 100 H - L n n

n RSV = C t - L n 100 H - L n n

A RSI(14) = A + B 100

- N N = 100 N BIAS(N) = C n - MA(N) 100 MA(N)

PSY(N) = A N 100

AR(26) = P P 1 2 100

BR(26) = P P 1 2 100

CR(26) = P P 1 2 100

sgn = +1-1

P ADR( N) = 1 P2

M i X M i M PiQ i Xi = N (7.3) Σ P Q i= 1 i i M F σ M E = r + E - r p F σ p (7.4)

M 2 M M M σ = X σ σ + X σ σ + + X σ σ (7.5) M 1 1M 1 M 2 2M 2 M i im i M M i X i 2 2 M i ( 2 ) σ M σim 2 E M rf (7.6) σ ( ) M σim Ei - r F = 2 (EM - r F) (7.7) σ M σim βi = 2 σ E = r + β ( E r ) (7.8) M i F i M F 2 i = σim / σ M (

σim b i = 2 (7.12) σ M ) r i E M

- r - r = + (E - r ) (7.14) i F i M F i - r i - E i = i (7.16) ^ i i i r = + rm (7.18)

2 2 2 σ = β 2 σ + σ ( ε ) (7.21) i i M i 2 2 2 σ = β 2 σ + σ ( ε ) (7.22) p p M p β p 2 n = Σ X β i= 1 i σ ( ε ) = Σ X σ ( ε ) p n i i= 1 2 2 i i (7.23) (7.24) 2 2 2 1 σ ( ε1) + + σ ( ε n ) σ ( ε p) = (7.25) n n E = E( + ) i (7.27) 1

= E( + ) (7.28) Ei +1 2 2 2 σ = b 2 σ + σ ( ε ) (7.31) σ i i F i 2 ij = bi b jσf (7.32)

2 2 2 2 σ = b σ + σ ( ε ) (7.34) p p F p 2 i K σ = Σ b σ + 2 Σ b b σ F + σ ( ε ) (7.37) S= 1 K 2 is 2 2 FS is il FS e i S l 2 σij = Σ b isb jsσfs + Σ (bisb jl + bilb js) σ FSFe (7.37) S= 1 S l

= 1w + 2w nw (7.44) 1 2 n i c i / (1+ y) w i = (7.45) p

2 E = + 1 p α σp (7.46) τ

2 2[( E C rf ) σs] τ = 2 (7.47) ( E r ) S F α = 1 τ σ 2 (7.48) E p p

Ep rf Tp = (7.50) β p E p rf Sp = (7.51) σ p