2016 14 1.5 21 1. 50% 20% 5% 10% A.2 B.10.5 C.10 D.2.1 A = 1/ - =50%20%/10%5%=2 2. 2015 1 1.2 1.5 2016 1.9 2015 A.50% B.90% C.75% D.60% A = / = =1.2 1.5=1.8 2016 =1.9-1 /1=0.9 =0.9/1.8=50% 3. A. B. C. D. A BC = - A BC
A D 4. A. B. C. D. B B AD C B 5. A. B. C. D. B = - = - B 38~39 / A B 6. A. B. C. D. C
7. A. B. C. D. D D 8. 10 1 9.1 8 A.1 B.10.01 C.8.8 D.9 D =( + )/(1+ )= 9. 1+810%/(1+10%)=9 9. 58 450 0.15 A. B. C. D. B 450 450 B 369 450 58
10. 8000 0.5% 5000 8% A.8.06% B.8.8% C.8.3% D.8.37% D =5000 1+8%-0.5%/ 5000-80000.5%-1=8.37% 11. A. B. C. D. B 115 12. MM A. B. C. D. A MM = + A MM MM
13. 2015 70% 15% 8% 2016 10% 2016 A.37.5% B.62.5% C.42.5% D.57.5% A 0= - -[ 1+ / ] 1-0=70%-15%-[1+10% /10%] 8% 1- =37.5% 14. A. B. C. D. D 12 2 24 1. A. B. C. D. ABC D 113
2. A. B. C. D. BD = /1+IRR t, 1+IRR t= /, t,irr A C 3. X Y A.X Y 0 B.X Y -1 C.X Y 0.5 D.X Y 1 ABC 1 1 4. A. B. C. D. ABCD A 441 B 442
C 443 D 443 ABCD 5. A. B. C. D. ABCD A BCD 6. A. B. C. D. BCD A 7. A. B. C. D. CD
343 8. A. B. C. D. AD = A D 9. A. B. C. D. ABD 449
10. A. B. C. D. AD 236 BC B C 11.(2017 ) A. B. C. D. ABC 59 12. A. B. C. D. ACD B ACD B 5 40 5 45 1. W 300000 6%
5 2014 1 1 2019 1 1 W 7 1 1 1 2015 12 W 60000 12016 1 1 60000 2 5 1000 4% 3 1020 1 Y 2 W 1 i 1020=1000 1+4%5 P/F i 3 P/Fi 3=0.85 i=5% P/Fi 3=0.8638 i=6% P/F i 3 =0.8396i-5% /6%-5% =0.85-0.8638 /0.8396-0.8638 i=5.57% =1+6%/22-1=6.09% 6.09% 5.57% W 2 =300000/P/A3%10=35169.16 X 35169.16 P/A3%4+60000 P/F3%4+X P/A3%6 P/F 3%4=300000X=24092.65 2. 40 1 1 5 3 40 6 1 6 20% 2 6 50%
1 0 1 1 =40-40+5=5 2 6 =40 1-50%=20 =40-20=20 =20+0=20 = - =20-8=12 3 1 2015 1050 1750 300 1200 3700 8000 3500 500 4000 8000 10000 6500 300 1400 160 40 2015 1600 400 1200 2015
2 1 2015 24% 0.6 1.5 2 3 12015 =1200/10000=12% =10000/8000=1.25 =8000/4000=2 =24%0.6 1.5=21.6% =12%1.25 2=30% =12%-24% 0.6 1.5= -10.8% =12% 1.25-0.6 1.5=11.7% :12%1.25 2-1.5 =7.5% 2 1 1 1 1 4 2 15 450 10% 2016 12 31 2017 1 400 100 2400 2 300 10 3 40 50% 15
1 2 100 5% 100 3 100 20 1 =450/15+400+100 2400/10000+300/10=180 =4050%+4010%=24 = / =40-24 /40=40% =180/40%=450 =1- / =1-450/40 /15=25% 2 - - = 40-24 -180=100 =17.5 5% =40 1+5% 1-50%-10% 17.5-180=114 =114-100 /100=14% =14%/5%=2.8 3 1-50%-10% 20-180=100 35 5 2016 6 1 300 3700 3500 500 (2) 60% (3)
32000 3160 9600 1400 46160 508000 34840 138400 28200 709440 540000 38000 148000 29600 755600 4 (1) (2) (3) (4) (5) 1 =540000/3500+500 3500=472500 =540000/ 3500+500 500=67500 2 =50060%=300 =38000/3500+300 3500=35000 =38000/ 3500+300 300=3000 3 =148000/ 35002+5000.8 35002 =140000 =148000/35002+5000.8 5000.8 =8000 4 =29600/35001+5000.4 35001 =28000 =29600/35001+5000.4 5000.4 =1600 5 =472500+35000+140000+28000=675500 =675500/3500=193 15 / 2 0.8 / 1 0.4
1 2016 12 31 1 2017 12 31 2018 1 1 4000 3 4 5% 2020 12 31 1800 2 60 3 2018 12000 5% 0.5 0.3 10%2018 2019 2020 200 250 300 4 20% 5 5 1000 6% 960 2% 1.5 3.4% 7.4% / 2/3 / 1/1 6 25% 2016 (1) 2 2016 3 1 9601-2% =10006%P/A I 5+1000 P/F I 5 =7% 959.01 =8% 920.16 I-7%/ 8%-7%=940.8-959.01 / 920.16-959.01 I=7.47% =7.47% 1-25%=5.60% =1.5/[1+(1-25%)2/3]=1 =1[1+ 1-25% 1/1]=1.75 =3.4%+1.75 7.4%-3.4%=10.40% =5.6%50%+10.4%50%=8% 2 =4000 1-5%/4=950 =4000-9503=1150 2016 2017 2018 2019 2020-4000
120000.5 (1-25%) =4500 4725 4961.25-120000.3 (1-25%) =-2700-2835 -2976.75-120000.510% (1-25 - 6 0 ( 1-25% - 12000 0.5 20%= -1 200 %)=-450-472.5-496.125-200(1-25%)=-150-250(1-25%)=- 187.5-300(1-25%) =-225 950 25%=237.5 237.5 237.5-60 -63 1800 -(1800-1150)25%= - )=-45-45 -45-45 -45 162.5 1323-4045 -1245 1332.5 1359.5 4461.375 1 0.9259 0.8573 0.7938 0.7350-4045 -1152.75 1142.35 1079.17 3279.11 302.88 3 X 4000+X 1-5%/4=950+X 1-5%/4=950+0.2375X =237.5+0.059375X =0.059375X =4000+X- 950+0.2375X 3=1150+0.2875X
=1800 =1800-1800-1150-0.2875X 25%=1637.5+0.071875X =0.071875X- X+0.059375X P/A,8%,3 P/F,8%,1 +0.071875X P/F,8%,4 =-302.88 X=376.03 =4000+376.03=4376.03