1996 1996 1996

2000 1200 5 32 763 675 220 8 1210 850 15 75 2000 381.81 1618.19

1996 1996 1618.19 1618.19 670 670 2288.19 2288.19 161.82 161.82 161.82 80.91 1964.55(0.5 ) 2045.46 161.82 323.64 806 835 996.73(0.5 ) 886.82

= 1183.2 +108 +100 60% - 80 60% = 1303.2 = 1303.2 + 360-300 60% = 1483.2 = 1483.2 + 408-400 60% + 50 60% = 1681.2 6 30 4 1 600 600 500 3 3 2.5 520 598 364 10000 10000 7000 150 130 150 850 1200 900 220 360 252 0 50 0

[ 598 520 = 520 364 = 54.6 ] 6 30 4 1 600 600 500 500 3 3 2.5 2 5 520 598 364 10000 10000 7000 418.6 150 130 150 130 850 1200 900 1250 220 360 252 392 0 50 0 50

50 30 80 60 800 600 420 580 4 3 95 115 796 597 75 80 274 343 30 50 40 47 310 365 30 45 1010 1250 350 368 1540 1430 320 130 200 200 520 330 170 198 1180 1200 1530 1580 360 420 820 780 58 360 878 1140 600 600 240 240 90 96 300 360 72 36 80 120 162 132 1220 1320 2900 2750 2750 2900

1. 1. 2. 3. (1) 4. (2) 5. 6. (3) ) (4) ( ) (5) 2. (1) ( (2) (3) (4) (5) (6) 1. 2. 1. 3. (1) 4. (2) 5. 6. 2. (1) (2) (3) (4)

1. 240 1. -20 2. -199 (1) 120 3. 69 (2) 60 4. 7 (3) ( ) 5. 15 (4) ( ) 10 6. 18 (5) -110 2. 430 (1) 40 (2) 50 (3) (4) (5) (6) 60 150 580 1. 1. -20 (1) 60 2 16020 (2) 140 3. 20 4. 5 200 5. 20 2. 6. 55 (1) 432 240 (2) 30 (3) 240 (4) 28 730 930-350 -350

A B 1200 648 78 1926 960 486 104 1550 240 162-26 376 24 18 14 56 216 144-40 320 A 60 60 B -16-10 -26 260 134-40 354 60 34 0 94 200 100-40 260 120 30-30 120 320 130-70 380 60 30 0 90 80 50 0 130 180 50-70 160 400 200 100 700 560 370 249 1179 538 357.5 221 1116.5 A 318 0 0 318

A B B 84 52.5 0 136.5 800 500 400 1700 200 180 160 540 600 320 240 1160 2500 1300 810 4610 300 170 220 690 700 510 300 1510 500 120 80 700 1500 800 600 2900 500 300 200 1000 120 80 80 280 200 70 0 270 180 50-70 160 1000 500 210 1710 2500 1300 8100 4610

A B 1200 648 78 1926 1926 960 486 104 1550-4 -8 1554 240 162-26 376-4 -8 372 24 18 14 56 3 53 216 144-40 320 319 A 60 60 60 0 B -16-10 -26-26 0 260 134-40 354 30-5 319 60 34 0 94 94 26 200 100-40 260 30-5 26 199 120 30-30 120 30 4.5 93.5 320 130-70 380 87-0.5 292.5 60 30 0 90 18 30 78 80 50 0 130 50 80 24-30 15 180 50-70 160 50 50-8 -70-70 40-14

A B 59 59..5 26 134.5 400 200 100 700 700 560 370 249 1179-4 1183 538 357.5 221 1116.5 1116.5 A 318 0 0 318 318 0 B 84 52.5 0 136.5 136.5 0 18 18 800 500 400 1700 15 1685 200 180 160 540 4.5 532.5 3 600 320 240 1160 7.5 15 1152.5 2500 1300 810 4610 25.50 465.50 4170 300 170 220 690 690 700 510 300 1510 1510 500 120 80 700 700 1500 800 600 2900 2900

A B 500 300 200 1000 300 500 200 120 80 80 280 80 120 200 70 0 270 70 242 180 50-70 160 59 59.5 26 134.5 1000 500 210 1710 815 101.5 26 996.5 200 273.5 80 18 24 73.5 2500 1300 810 4610 273.5 4170

19 4 150000 0 150000 15000 7500 127500 17500 37500 60000 12500

19 2 19 3 19 4 19 5 19 6 1040 1020 1030 1015 1035 1258 1272 1260 1255 15 19 2 19 2 19 3 19 4 19 5 19 6 1 1

19 2 1 1 19 2 19 3 19 4 19 5 192.06 180.84 171 168 327.6 71.94 83.16 69 72 ( ) ( ) ( ) ( ) 71.94 83.16 51.9 72 ( ) ( ) ( ) ( ) 19 6 323.1 ( ) 308.4 ( ) 33 33 ( ) ( ) 104.94 ( ) 104.94 ( ) 188.10 257.1 329.1 ( ) ( ) ( ) 188.10 240 312 ( ) ( ) ( ) 6 ( ) 3.6 ( )

W A B C ( ) ( ) ( ) ( ) 4000 2000 1000 0 20 10 5 0 3980 1990 995 0 3000 2500 0 0 4700 5060 4005 600 11680 9550 5000 600 A 5700 0 0 0 B 1400 450 0 0 C 3220 0 0 0 10320 450 0 0 10000 6000 4000 110 2000 1000 1000 10 8000 5000 3000 100 30000 15000 8000 700 4000 2000 2000 100 3500 2500 2000 100 7500 4500 4000 200 5000 3500 0 100 12500 8000 4000 300 10000 5000 3000 300 2000 200 0 0 3000 1000 300 0 2500 800 700 100 17500 7000 4000 400 30000 15000 8000 700<

W A B C ( ) ( ) ( ) ( ) 7300 10000 9000 1000 6000 7520 6800 800 1300 2480 2200 200 520 500 600 60 780 1980 1600 140 2520 120 0 0 A 1280 0 0 0 B 420 120 0 0 C 820 0 0 0 3300 2100 1600 140 800 500 400 40 2500 1600 1200 100 2000 500 500 0 4500 2100 1700 100 500 300 200 0 1500 1000 800 0 2500 800 700 100

1000 800 200 60 140 0 140 40 100 0 100 0 0 100 ( ) ( ) ( ) ( ) 600 100 100 200 110 10 100 100 300 300 100 400 700 700

W 7300 6000 1300 520 780 2520 A 1280 B 420 C 820 3300 800 2500 2000 4500 500 1500 2500 4000 20 3980 3000 4700 10320 A 5700 B 1400 C 3220 10000 2000 8000 30000 4000 3500 5000

W 12500 10000 2000 3000 2500 17500 30000 1000 8.2 8200 800 8.2 6560 200 1640 60 8.2 492 140 1148 0 0 140 1148 40 8.2 328 100 820 0 0 100 820 0 0 0 0 100 820

600 8.4 5040 100 8.4 100 8.4 200 110 8.4 924 10 8.4 84 100 8.4 100 8.4 840 300 300 8.0 100 400 700 / 5880 700 /

W A C 7300 10000 8200 25500 5000 6000 7520 6560 20080 400 5000 1300 2480 1640 5420 5400 5000 520 500 492 20 780 1980 1148 3908 5400 5025 2520 120 2640 2100 A 1280 1280 1280 B 420 120 540 C 820 820 820 3300 2100 1148 6548 7500 5025 800 500 328 1628 5 2500 1600 820 4920 7500 5025 2000 500 0 2500 100 5 500 20 4500 2100 820 7420 8100 5050 500 300 0 800 300 1500 1000 0 2500 1000 2500 800 820 4120 800 800 0 820 820 9720 7970

W A C 4000 2000 6000 20 10 30 5 3980 1990 5970 10 2000 3000 2500 5500 400 4700 5060 5040 14800 10320 450 10770 8920 A 5700 5700 5700 B 1400 450 1850 C 3220 3220 3220 100 10000 6000 924 16924 100 2000 1000 84 3084 20 5 20

W A C 8000 5000 840 13840 40 30000 15000 5880 50880 150 11420 4000 2000 840 6840 2000 3500 2500 840 6840 5000 3500 840 9340 12500 8000 2520 23020 2000 10000 5000 2400 17400 5000 2000 200 2200 200 3000 1000 4000 1000 2500 800 820 4120 140 140 17500 7000 3360 2400 9720 27860 18320 W A C 30000 15000 5880 50880 203200 20470 19390

W A C 7300 10000 8200 25500 5000 6000 7520 6560 20080 400 5000 1300 2480 1640 5420 5400 5000 520 500 492 1512 5 780 1980 1148 3908 5400 5025 2520 120 2640 2100 A 1280 1280 1280 B 420 120 540 C 820 820 820 3300 2100 1148 6548 7500 5025 800 500 328 1628 20 2500 1600 820 4920 7500 5025 2000 500 0 2500 100 5 500 20 4500 2100 820 7420 8660 5050 500 300 0 800 240 300 1500 1000 0 2500 1000 2500 800 820 4120 800 800 560 820 820 10520 7970

W A C 4000 2000 6000 2000 20 10 30 5 3980 1990 5970 10 2000 3000 2500 5500 400 4700 5060 5040 14800 10320 450 10770 8920 A 5700 5700 5700 B 1400 450 1850 C 3220 3220 3220 100 10000 6000 924 16924 100 2000 1000 84 3084 20 8000 5000 840 13840 40 100 30000 15000 5880 50880 150 11420 4000 2000 840 6840 2000 3500 2500 840 6840 5000 3500 840 9340 5 20

W A C 12500 8000 2520 23020 2000 10000 5000 2400 17400 5000 2000 200 2200 200 3000 1000 4000 1000 800 2500 800 820 4120 140 140 2400 17500 7000 3360 27860 19120 8770 10520 7970 30000 15000 5880 50880 211200 8770 21270 20190 1400 1080 1080

50 ( 1 10%) 6 (5) 4.5 [ 5 12 = 4.5 ]

10000-9630 = = 3.70% 10000 = 3.70% 360 1-3.70% 90-0 = 15.37% 10000-9750 = = 2.5% 10000 = 2.5% 360 1-2.5% 90-30 = 15.38% 10000-9870 = = 1.3% 10000 = 1.3% 360 1-1.3% 90-60 = 15.81%

40 (5) = 4000 500 = 5 645+ 2050 + 700 + 550 = 550 = 7.17

15500-500 (1) = = 5000 3

10% 200 = (1-40%) 600 + 200 600 + 15% 600 + 200 = 1.5% + 11.25% = 12.75%

(1) =

2 3600 25 (1) = = 95 20 d(a) = d(b) = ( 2000 1050) 0. 2 + ( 1000 1050) 0. 5 + ( 500 1050) 0. 3 = 522.02 2 2 2 ( 3500 1050) 0. 2 + ( 1000 1050) 0. 5 + ( 500 1050) 0. 3 = 1386.54 2 2 2

(100 30% - 20 ) (1-40%) = = 20% 50 (1-40%) 100 30% = 100 30% - (20-50 40% 8%) = 30 = 2.59 116. 11.6 = 11.6-1.6 = 1.16 100 30% [ = = 3] 100 30% - 20 [100 120% (1-60%) - (20 + 5 )] (1-40%) = 50 (1-40%) + 40 = 19.71% 120 (1-60%) = 120 (1-60%) - (20 + 5-1.6 ) 48 = = 48 = 1.95 48-23.4 24.6 24.6 = = 1.07 24.6-1.6 [ 120 40% = 120 40% - (20 + 5 ) = 2.09]

= [100 120% (1-60%) - (20 +5 + 4 )] = 19.71% (1-40%) 50 (1-40%) 120 40% = 120 40% - (20 + 5-1.6 ) = 1.95 24.6 = = 1.29 24.6 - (4 + 1.6 ) 120 40% [ = 120 40% - (20 + 5 + 4 ) = 2.53] = 2242.50 30% 2.4018(P / A,12%,3) = 1615.81

= 2062.50 30% 4.1114(P / A,12%,6) = 2543.93 = [2500 - (2500-13750 10%) 30%] 0.5066(P/ S,12%,6) = 1095.52 = 12556.83 4.1114(P / A 12% 6) = 3054.15

1000 = = 374.11 2. 673

(2)V = 100 1.08 + 1000 1.08 = 1019 (3)900 = 100 1 + i + 1000 i = 22% 1 + i (4)V = 100 1.12 + 100 1.12 + 100 1.12 + 1000 2 3 3 1.12 = 952

18000 10000 2000 1000 = 40000 5000 = = 12. 5% 40000 5000 + 2000 = = 17.5% 40000

= = 85000 = 21% 400000 5000 ( 100 50) = = 5 5000 ( 100 50) 200000 7000 ( 95 40) = = 3 7000 ( 95 40) 250000 = 200000 100-50 = 4000 250000 = = 4545 95 40 d 2 2 2 = ( 250 200) 0. 25 + 0 0. 5 + ( 150 200) 0. 25 = 35. 36 d 3 2 2 = ( 3000 250) 0. 2 + 0 0. 6 + ( 200 250) 0. 2 = 3162. 2 ( 35. 36) ( 3162. ) D = 4 + 6 ( 1. 06) ( 106. ) 200 250 EPV = 2 + 3 = 387. 90 106. 106 4117. Q = = 011. 387. 90 2

200 250 NPV = 2 + 3 400 1071. 1071. = 174.36 + 203.50-400 = -22

= (800 280 + 500 280) 17% + 6% + 60000 1 + 17% 17% = 61880 + 5660.38 + 8717.95 = 76258.33 100000 1+ 6%

62308 62788 99.2%

50 8. 3 ( = 0.45) 4.55 50 8. 3 + 500 80 8.3 ( = 0.77) 14.88 80 8.3 + 200

1600 + 1200 = 3200 17% (1-2400 + 1500 + 4800 ) = 368.92 5900 = 220 20% 2400 + 1500 + 4800

2700 (3) = 37% 7300

3745 = 60% 6255

(4) = 23.4 110 17% = 374 1 + 17%

1053000 1 17% 900000 + = ( ) = = 2500 30000 12