80

, 1993 45 000, 17, 70,160,,, :,, ;,,,,,,,,,, 2004 80,,,,2004 80 2004 80 2004, :,,,,, 2004,,,,, 2004 80, 1

,,,,, : yqingg@hotmail.com 2004 80 2004 5 2

1 1 1 2004 2 8 2004 ( 2004 ) 12 13 13 13 14 14 ( ) 14 22 25 30 30 31 31 ( ) 31 45 52 60 60 60 60 ( ) 60 69 73 77 77 77 1

( ) 78 94 100 110 110 110 110 ( ) 111 126 131 139 139 139 139 ( ) 140 150 155 162 162 162 163 ( ) 163 173 178 185 185 185 185 ( ) 186 193 197 203 203 203 204 ( ) 204 212 217 2

225 225 225 225 225 232 234 238 238 238 238 ( ) 239 250 256 266 266 266 266 ( ) 267 269 273 280 280 280 281 ( ) 281 291 296 305 305 305 305 ( ) 305 311 316 323 323 331 3

2004 347 A 347 A 351 B 356 B 361 4

, : ; : () ( ) () () (),, 12,,,,, (, ),,,,, 55%,,,,, :, ( ),,, 2004 2003,, : 1

,2004 2003, ),,,2004 2003, : () 1. (2003 ) 2. 3. (2003 ) 4. (2003 ) () 1. (2003 ) 2. ( 2003 3. (2003 ),, 2003, 2004,,, 2004, () 5, (), ( ),2004 2003,, : 2004 2003, 2, 1, 2004, 2003 2004 2004 ( 2004 ) : () 1. 2. 3. () 1. 2. 2

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

() 1. 2. () 1. 2. 3. () 1. 2. 4. () 1. 2. 3. 4. () 1. 2. 3. () 1. 2. 3. 4. () 1. 2. 3. () 1. 2. 3. 4. () 4

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

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

8. () 1. 2. () 1. 2. 3. () 1. 2. 3. () 1. 2. () 1. 2. 3. () 1. 2. 3. () 1. 2. 3. () 1. 2. () 1. 2. () 1. 2. 7

() 1. 2. 3. () 1. 2. 3. 4. () 1. 2. () 1. 2. 3. 4. () 2000 1 1 1 1 2001 2002 3 4 1 1 1 2 1 1 2003 2 3 1 1 1 2 2000 3 8 1 1 1 1 1 6 2001 1 1 1 1 2002 1. 8 12 1 1 1 1 4/ 5 11 2003 3 4. 5 1 1 1 2 1 1. 5 2000 2001 4 16 1 1 1 2 1 1 1 12 2002 2. 75 12 1 1 3/ 4 11 2003 4 10. 5 1 1 1 2 1 1. 5 1 6 8

) 2000 6 19 2 2 2 4 1 1 1 12 2001 5 5 3 3 2 2 2002 4. 6 10 2 2 1 2 1 1 3/ 5 5 2003 5 16. 5 1 1 1 2 1 1. 5 2 12 2000 3 12 1 1 1 1 1 10 2001 1 12 1 12 2002 2. 2 10. 5 1 1 1. 2 9. 5 2003 3 16. 5 1 2 1 1. 5 1 13 2000 3 8 1 1 1 1 1 6 2001 4 10 1 1 1 2 1 1 1 6 2002 2 9 1 1 1 8 2003 4 9. 5 2 2 1 1. 5 1 6 2000 2 3 1 1 1 2 2001 4 10 1 1 1 2 1 1 1 6 2002 2. 2 3. 5 1 1 1 1 1/ 5 1. 5 2003 3 5 1 2 2 3 2000 1 1 1 1 2001 4 9 1 1 2 2 1 6 2002 2 3 1 2 1 1 2003 2 3. 5 1 2 1 1. 5 2000 4 29 1 1 1 2 1 6 1 20 2001 1 1 1 1 2002 3. 5 6 1 1 2 2 0. 5 3 2003 2 13 1 1 1 12 2004, 2000 3 4 1 1 1 2 1 1 2001 5 5 2 2 3 3 2002 5 12 2 2 2 2 1 8 2003 2 7. 5 1 1. 5 1 6 9

) 2000 1 1 1 1 2001 1 1 1 1 2002 1 1 1 1 2003 1 1 2000 2001 5 17 1 1 1 2 2 2 1 12 2002 4 5 1 1 1 2 2 2 2003 2 2. 5 1 1 1 1. 5 2000 1 1 1 1 2001 3 4 1 1 1 2 1 1 2002 2 2 1 1 1 1 2003 2 3 1 1 1 2 () 2000 13 13 7 14 7 7 27 34 4 24 3 42 7 66 34 100 2001 15 15 5 10 15 15 35 40 4 24 3 36 7 60 42 100 2002 15 15 5 10 15 15 35 40 4 32 2 28 6 60 41 100 2003 10 10 10 20 10 15 30 45 5 30 2 25 7 55 37 100 (),,,,,,, 10

,,,,,, (),, :2003 10.36% ; 2002 9.34% ; 2001 9.27% ; 2000 17.66 % :, ;,,,,,,,,,,, 1.,,,,,,,,, 2., :,, 3.,,,,, 4.,,,,,,, ( ),, 5., 20, 4, ; 11

( 2004 ) () 2003 2003 : 1. 2002, 2003, ; ; 5, 0.5,, 0.5 1.5,,,, 2003 5 6, 2002, ; 2003 12 + 13, 2002, 2., 2003,,, 2002,2003, 3.,,, () 2004,,,,2003,,,, (),,,,,,,,,, 12

1. 2. 3. 4. 5. 6. 7. 8. 9. 13

, 1. ; ; ; ; ; ; 2.,,, 2003 1 1 1 2 2 3 2002 1 1 1 2 1 1 3 4 2001 2000 1 1 1 1 ( ) () 1., ( ) ;, 14

, ;, ;, ( ) ( ) ; ( ) ; ; ( ), () (),,, ( ),,,,, () ( ) () (), : ( ) 15

,, 2. :,, :, 3. : : :,,,,,,,, () 1. 2. 1. 2. 1. 2.,,,,,, : 16 1. : ( ) (1 ) : (2 ) : (3 ) : () 2. : ( )

( ) - - ( ) - ( ) ( ) - - ( ) ( ) - -, 3. : ( ) (1 ) :, (2 ) : (3 ) : () () 1. : (1 ) ( ) : (2 ) ( ) : (3 ) ( ),, 17

:,, (5 ),, 2. ( ) : ( ) (1 ) :,, (2 ) :, 3. : () 1., 12 2. (1 ) ; (2 ) ; (3 ) ; (4 ) ; (5 ) 3. : 12 (1 ) : : 1.,, 2. ( ) 1. 1.,, ;, 2., ;, 3.,, 2. 18

), 1. ; 2., 1., ; 2. 1. ( ) ; 2. 1. 2002 :, ( ) A., B. C. D. C,,, C, C 2. 2003 :, ( ) A., B., C. D., C D,,,A B ;,, C ;,D (2 ) : 19

1. ; 2. 1. ; 2. 1., ; 2. 1. ;, 2. 1. 1. ;, ; 2. 2. ; 3. 3. 2003 :, ( ) A. B. C. D. C,;,,,,,C (3 ) :,, 1. ; 2. 20

) 1., ; 2. 1. ; 2. ;, 1. 2002 :, ( ) A., B. C. D. A B,,, ;, C, D, A B () 1. (, ) 2. (1 ) ( ) ( ) : (2 ) : ; (3 ) : ( : ) 21

= + + 1. : ; 2. : ; 3. : ; 1. 1 ; ;, 2,, 2., ;, 3. 3. ( ) ( ) 1. 300, 20,, 20, ( 22 ) A. C. B. D. 2.,( ) A. C. 3. ( ) A. C. 4. ( ) A. C. B. D. B. D. B. D. 5., ( ) A. C. 6., ( ) A. B. D. B.

C D. 7.,( ) A. C. 8. ( ) A. C. B. D. B. 9. ( ) D. A., B. C. D. 10., ( ) A. C. 11. ( ) A. C. B. D. B. D. 12. ( ) A. C. 13. ( ) A. C. 14. ( ) A. C. ( ) 1. ( ) A. B. B. D. B. D. B. D. C. D. 2. ( ) A. C. 3. ( ) A., B. C. D. 4. ( ) A. B. D. B. 23

C 24 D. 5.,,, ( ) A. C. 6. ( ) A. C. B. D. B. D. 7. ( ) A., B.,, C.,, D., 8. ( ) A. C. 9. ( ) A. C. 10. ( ) A., C., 11. ( ) A. C. B. D. B. D. B. D. B. D. 12. ( ) A. C. B. D. 13., ( ) A. C. 14. ( ) A. C. 15. ( ) A. C. B. D. B. D. B. D. 16. ( ) A. C. 17., ( ) A. B. C. B. D.

D, 18., ( ) A. B. C. D. E. 19., ( ) A. B., C. D.,,, ( ) 1., ( ) 2. ( ) 3.,,, ( ) 4., ( ) 5. ( ) 6. ( ) 7. ( ) 8.,, ( ) 9. ( ) 10., ( ) 11. ( ) 12. ( ) 13.,,, ( ) 14.,, ( ) 15., ( ) 16.,,, ( ) 17. ( ) 18.,, ( ) ( ) 1. B, 25

. B,,,, 3. C, 4. A,,,, 5. D, 6. D, : ; ; ; 7. C,, 8. A,,, 9. D,, 10.C,, 11.A :, ;, 12.C 13.B,, 14.A,, ( ) 1. B C D ;,, ;,, ; 26

, 2. A B, :, ;, 3. A B,,,,, 4. A B C D,,,, 5. B D,,,,,, 6. B C D 7. A B D,, : = t/ (1 + ) t,,;( ),,, 8. C D A B,,;,, 9. A B D,,, 10.A B D,,, ;, ; 11.A B C D, ; 12.A B C 13.A B C D : 27

. C D,,, ( ) 15.A B C D : 16.A B C D, : 17.A B C D, ;, ;, ;, 18.A B C D E 19.A B C D,: ;, ;,,, ;,,, ( ) 1.,,, 2., 3.,, 4., 5.,,,,, 6. 28 7.

,, 8.,,,,, 9., 10.,, 11., 1 1, 1 1,, 12.,,,, 13.,, ;,,,,,,, 14.,,,,, 15.,,,,, 16.,,,,,,,,, 17. ;, ;, ;, 18.,, 29

1. 2. 3. : : : : : : 4. 30

; ; ; 2. :,, ;,, ;,,, 2003 1 1 1 2 0.5 3 2.5 6 2002 1 1 1 1 0.8 11 2.8 13 2001 1 1 1 1 1 6 3 8 ( ) () 1. (1 ) :, (2 ) : (3 ) :, (4 ) :,,, 2. (1 ) : ( ) : ; ; (2 ) : ; ; ; 31

(1 ) (??) ( ) ( ) ( ) ( ) (2 ) :, 4. (1 ) : a., ; b., ; c.,, ; d.,, (2 ) (3 ) (4 ) () : 1. : ( ) : =,, 2, ( = - ), 1, ( + + + ), 32 (1 ) : (2 ) : ;,

; (3 ) : ; ( - ), ;,, 2. : ( ) : =,,,,,,, +,,,,,, (1 ) : ; ; ; (2 ) : : ; : ; :,, ) = (360 ) = ( 360) : = ( 1-1. 2001 :( ) 33

A C. A B. D. ( ) = /,, A,, A ; B, C D, 2. 2003 :, ( ) A. ( ) C., D., A B C B. ( ) = + = 360 + 360 = 360 + 360,,, A B ;,,, ( ),C,D,D 3. : ( ),,, ( -, ),, = + ; = +, 34

:, ; ; ( ) ( ),,, (2 ) :, (3 ) : 1. 2002 :,, ( ),,, 2. 2001 :,,, ( ),,,, 4. : ( ) : = 100% 100% 100% (),,,,,, (1 ) : (2 ), (3 ), 35

- = - - ; = 1 (4 ) 5. (1 ), :, :, ;,,,,,,,,,,,, ;,,, ;, (2 ) 10 : ( ), :,, ( ) AB, B/ A, = / ; A B, A/ B, = / A B : = /, = / () 1. = ( ) ( ) ( ) 2. = (1 ) :, (2 ) :,, (3 ),,,, 36

,,, : = 1(1 - ) = = 1 + (2 ),, : = 1(1 - ) ( + )2 = 1 1 - ( + ) 2 = 1. 2002 : F,( : ) : : 10 000 30 000 ( ) 7 300 23 560 ( ) 600 800 ( ) 500 1 200 ( ) 100 2 640 1 500 1 800 500 600 1 000 1 200 : 500 1 000 2 000 8 000 5 000 20 000 0 1 000 7 500 30 000 5 000 30 000 37

) : 12 500 60 000 1 850 15 000 200 300 450 700 2 500 16 000 0 29 000 2 500 45 000 9 000 13 500 900 1 100 100 400 10 000 15 000 12 500 60 000 : ( :,, ; 360 ) : ( 1) :? ( ) ( 2) :, () ( 3) :, () ( 4) :, ( ) ( 5) : ( 10 000 ) ; ( 30 000 ) 38 ( 1) : = 1 200-1 000 = 200( ) = 1 00010 000100 % = 10% = 1 20015 000100 % = 8 % = ( 15 000-10 000 )10 % = 500 ( ) = ( 8% - 10 % ) 15 000 = - 300 ( ) : = 500-300 = 200 = 1 200-1 000

= 8% - 10 % = - 2 % = 1 00012 500100 % = 8 % = 1 20060 000100 % = 2 % = 12 50010 000 = 1.25 = 60 00015 000 = 4 : = (2 % - 8% )1.25 = - 7.5 % = (4-1.25) 2% = 5.5% : = - 7.5% + 5.5% = - 2 % ( 3) : = 2% - 8 % = - 6 % = 10 00012 500 = 0.8 = 30 00060 000 = 0.5 = 1 00010 000100 % = 10% = 120030 000100 % = 4 % = (0.5-0.8 )10 % = - 3 % = (4 % - 10 % ) 0.5 = - 3% : = - 3 % + ( - 3% ) = - 6 % ( 4) : = 3600.8 = 450( ) = 3600.5 = 720( ) = 720-450 = 270 () = 360(10 0005 000 ) = 180( ) = 360(30 00030 000) = 360 () = 360(10 0007 500 ) = 270( ) = 360(30 00030 000) = 360 () = 360-180 = 180 () = 360-270 = 90( ) : = 180 + 90 = 270( ) ( 5) : = (10 000-7 300)( 10 000-7 300-600 - 500 ) = 1.69 = (10 000-7 300-600 - 500) ( 10 000-7300 - 600-500 - 100 ) = 1.07 = = 1.691.07 = 1.81 = (30 000-23 560) (30 000-23 560-800 - 1 200) = 1.45 = (30 000-23 560-800 - 1 200) ( 30 000-23 560-800 - 1 200-2 640) = 2.47 = = 1.452.47 = 3.58 () 1., : ; ; ( ) ; () 39

() 1. ; 2. ; 3.,; 4.,, 1., ; 2., ; 3.,, ; 4., ; 5. ; 6. ; 7. 520 ( -, ) 1., ; 2., 1. ; 2. ; 3. 1., ; 2. 40 3. (1 ),,

,, = ; = (2 ),,,,,, = 100%,, : = (- ) 100% ;,, : = (- ) (3 ), : + = 1,,,,,, + = 1, 1. 2002 : ( ) A. C. C B. D. = ( - )/,,B ;,, A ;,,,,D ;, = ( - - - )/,,,,C () 1. () 2. () 41

1. ; 2. :,,,,,,,,,,,,, 100%, 5, 5, ( ) ( ), 42

) = 2. ; = ( - 3.,, ) = 1-4.,, 1., ;, ; = 1., ; 2. 1, ; = 1-3. 1,,,, ;,,, 1. 2003 :,( ) A. B. C. D. C ; = (- )/, = / ; A,,,, ; B, ;C,,,,,, C D, 2. 2001 : A : : A 2000 : 66 307-108 115-101 690-143 498 43

) : 1. : 72 198 : 1 001 15 639 4 116-91 - 136 0 0 2 047-4 700 ( : ) 17 085 (: ) - 2 437 (: ) - 34 419 0 66 307 2. : 27 558 : 171 056-143 498 : A 2000 44 = - = + + + - = 72 198 + 0 + 0 + 2 047-4 700 = 69 545 ( ) = + = + ( + + + ) = 69 545 + (1 001 + 15 639 + 4 + 116-91 - 136) = 86 078 ( )

= 66 30786 078 = 0.77 : = 17 085-2 437 = 14 648 ( ) = 34 419 ( ) = 34 419-14 648 = 19 771 ( ) = 1 - ( 19 77186 078 ) = 0.77 : 2001, 2001, 2004, ( ) 1. ( ) A. C. B. D. 2.,2, 1,1 250 30,2 250, ( A. 30 % B. 33% C. 40 % D. 44 % ) 3. 5 760, 20%, 1 800, ( ) A. 120 B. 90 C. 150 D. 60 4. : 20, 2.5, 1.3, 40,16, ( ) A. 1.8 B. 2 C. 2.5 D. 2.54 5., ( ) A. C. B. D. 6. 67,33 %, 35, ( ) A. 3.86 B. 2.22 C. 2.72 D. 1.78 7.,( ) A. C. B. D. 8.,,( ) A., B. C. D. 9. ( ) A. C. 10. ( ) A. B. D. B. 45

C D. 11. ( ) A. C. B. D. 12.,, ( ) A. B. C. D. 13. A 2001 10, 2002 4 1 2002, 10 5, 4 16,2002 4, 2002 ( ) A. 0.267 B. 0.30 C. 0.291 D. 0.28 14., ( ) A. C. B. D. 15. 2003 1 000, 5, 1.2, ( ) A. 960 B. 240 C. 1 200 D. 220 16. 2003 12 31,1 000,4, 1.2, 900,( ) A. 1.44 B. 0.69 C. 0.63 D. 0.71 17. ( ) A. = 1 C. = (1 + ) 18., ( ) A. C. B. = 1(1 - ) D. = 1 + B. D. 19. ( ) A. C. B. D. 20. 20 000, 4, 3500, ( ) A. 5 000 B. 6 000 C. 6500 D. 4 000 21. 800 ( 220, 580 ),1 060 ( 300, 760 ) 1680, 2 000 ( ) ( 46 ) A. 2. 022 B. 2. 128 C. 1. 909 D. 2. 1 22. 2,4, 1, ( ) A. 2 B. 4 C. 3 D. 1 23.,( ) A. C. B. D. 24. ( ) A. C. B. D.

A. C. ( ) B. D. 26. 2002 1 000, 2003 3 2 200, 2003 6 4 140, 2003 400, 30, 2003 ( ) A. 0.36 B. 0.29 C. 0.4 D. 0.37 27.,, ( ) A. C. B. D. 28., ( ) A. C. B. D. 29. ABC,, 5, 4, 40% ( ), ( ) A. 6 B. 2.5 C. 4 D. 8 30. M, 2003 16, 5 %, 2003, 2003 ( ) A. 30 % B. 20 % C. 40 % D. 50 % 31. ( ) A. C. 32., ( ) A. C. B. D. B. D. 33.,( ) A. C. ( ) 1. ( ) A. C. B. D. () B. D. 2., ( ) A. C. B. D. 3. ( ) A. B. C. D., 4. ( ) A. B. 47

C 48 D. 5.,( ) A. C. 6. ( ) A. = C. = 7., ( ) B. D. B. = D. = A., B. C., D., 8. ( ) A., B., C., D.,, 9. ( ) A. C. B. D. 10. ( ) A. C. B. D. 11. ( ) A. C. B. D. 12., ( ) A. C. B. 13. 1, ( ) A. 1 C. 1 D. B. D. 14.,( ) A. B. C. D. E. 15. ( ) A. C. E. 16. ( ) A. B. D. B.

C 17., ( ) A. C. 18. ( ) D. B. D. A., B., C.,, D.,, E. 19. ( ) A., B., C. D., E. 20. ( ) A. C. E. B. D. 21. ( ) A. C. E. 22. ( ) A. C. E. B. D. B. D. 23. 1.2,( ), ( ) A. C. B. D. 24.,,,( ) A. C. E. ( ) B. D. 1.,;, ( ) 2. ( ) 3. ( ) 4.,, ( ) 5., ( ) 49

,, ( ) 7. 1, ( ) 8. ( ) 9. ( ) 10. ( ) 11., ( ) 12., 1 ( ) 13. ( ) 14., 1 ( ) 15.,, ( ) 16. 300 000, 45 000 3.68, 3.20 ( ) 17.,, ( ) 18., ( ) 19.,, ( ) 20. ( ) 21.,, ( ) 22. 5.73%, 2.17 ; 4.88 %, 2. 83, ( ) 23., ( ) ( ) 1. ABC,: 2 100 3 000 : 400 1 2 500 10.5 : 500 3 000 2 000 2 200 : 200 1 200 1 200 600 600 7 000 50 : ( 1) ; ( 2) ; ( 3) ;

2. : 2003 12 31 : ( 6% ) 5 000 40 000 20 000 40 000 ( ) 20 000 120 000 2003 : 1 12 86 400 ( ) ( 50 % ) 13 14 15 16 17 : ; 12 ; 26.67, 30 000 ; 3,163 000 ; 18 ; 20% ; 2.24; 10 % : 3. ABC 2003 62 500, 28%,: 51

2002 2002 2003 ( ) 35 36 36 2.50 2.59 2.11 38% 40% 40 % ( ) 10% 9.6 % 10.63% 3.73 % 2.4 % 3.82 % 6.27 % 7.2 % 6.81 % 1.14 1.11 1.07 1.4 2.02 1.82 58% 50% 61.3 % 2.68 4 2.78 : : ( 1), 2002, ( 2), 2003 2002, ( ) 1. D 2. A = = 2 ; = = 1, : ( - ) = 1,= 2501 = 250( ) =, = 25030 = 7 500 ( ), = 2 250 7 500100 % = 30% 3. B = 5 760( 1-20 % ) = 7 200 ( ), = 7 2001 800 = 4 ( ), = 3604 = 90( ) 4. B = = 202.5 = 50( ), = = 201.3 = 26( ), = 50-26 = 24 ( ), = 40[ ( 16 + 24) 2 ] = 2( ) 52 5. C,,,

, 6. A = 67( 1-33 % ) + 35 = 135 ( ) ; = 13535 = 3.86 7. A, 8. D,,,, =,, =, 9. D, 10.A : ;; 11.C, 12.B 0. 30 = 1( 1 - ),,, 13.B = = 4(101212 + 5812 ) = 14.B ; ; 15.B 5 1 000, ( )200 ; = 1. 2 = 16.A =,, 240 4, 75%, 750 ; 1.2, 900, 1 080 :1 080750 = 1.44 = 1 + 17.D = ; = ; 1 + = = 18.C,,, ;,,, 53

. A = ( + ) =, 20.C X,20 0004 = (3 500 + X)2, X = 6 500( ) 21.A = (800 + 1 060) 2(1 680 + 2 000) 2 = 50.54%,, = 1( 1-50.54 % ) = 2.022 22.B 2 = ( EB I T + 4) E BI T,, E BI T = 4,= E BI TI = 4 23.C,, 24.B,, 25.C, 26.D 2003 = 27.D 400 1 000 12 = 0. 37( ) 12 + 2009 12-1406 12 =,,, 28.D,,, B C, ; A 29.D = - = - = = = 540 % 4 = 8 30.B = = = = 165 % = 80% 54 31.B 32.A, ;

33. C ;,, ( ),,,,, ( ) 1. A B C D,,,, 2. B C D = (- ) (), 3. C D,, 2,,,,,,, 4. A B C : ; ;; 5. B C, 6. A B C D ; ; ; 7. B C D,,,, 8. B D,,, ;,,,, 9. A C D =, A C D A C, 10.B D, B D 11.B C D 55

12.A D A D,; C ; B,, 13.A C D, 1,, 14.B C D E,, 15.B C D E,, B C D E A 16.A B C D A, ; B, ; C,,; D,, 17.A B C D, : ; ; ; 18.A B C D :, ;, ;,, ;,, 19.A B C D 1 20.A B C 21.A B C E : ; ; ; 22.A C D E = C 23.B D - =,, A D E, = 1.2 > 1,,,, 24.B C D,,,, 56

, B C D,,, ( ) 1.,, ;, 2.,, 3., 4.,, 5.,, 6.,, 7., 1,, 1, 8., 9. : 10.,, 11. =, 12.,,, ;, 1,, 1,, 1 1 13. 57

14.,,,, 15. =,,, ;,,, 16. : 300 000 3.68 / = 1 104 000, : 1 104 000 ( 300 000 + 45 000 ) = 3.2 / 17.,, ;,, 18.,, ( ), 19.,, 20. 21. : ;,,, 22. = =,: = 5.73 % 2.17 = 12.43% ; = 4.88% 2.83 = 13.81 % ;,, 23.,, 58 ( ) 1. ( 1) = = 2 1003 000 = 0.7( / ) ( 2) = = 10.50.7 = 15 () = = 1 2003 000 = 0.4 (/ ) = = 0.410.5100 % = 3.81% = = 0.40.7100 % = 57.14 %

= 0.70.4 = 1.75 () = ( - )= (0.7-0.4) 0.7100% = 42.86 % ( 3) = = 7 0003 000 = 2.33( / ) = = 10.52.33 = 4.51( ) ( 4) = = = 2 1007 000100 % = 30 % 2. = 120 00012 = 60 000( ) = 86 40020 % = 432 000( ) = 432 00026( 2/ 3 )2360-30 000 = 34 000 ( ) = 432 000-86 400 = 345 600( ) = 345 60032-163 000 = 67 400 ( ) = 432 00010% = 43 200( ) = (432 000-345 600-43 200) 18 = 2 400( ) = 86 400-43 200-2 400 = 40 800 ( ) = 40 80050 % = 20 400 ( ) = 40 800-20 400 = 20 400( ) = 2 4006% = 40 000( ) = 60 000-40 000 = 20 000( ) = 20 0002.24-5 000-34 000 = 5 800( ) = 5 800 + 5 000 + 34 000 + 67 400 = 112 200 ( ) = 60 000 + 120 000 = 180 000( ) = 180 000-112 200 = 67 800 ( ) 3. ( 1) 2002 : = = 7.2% 1.11[1( 1-50 % ) ] = 15.98% = 6.27% 1.14[ 1(1-58 % ) ] = 17.01% 0.93%, : (2 % ), ( 2% ), ( 2.4 % )(3.73 % )(1.33 % ) ( 0.03 ),, ( 2) 2003 2002 : 2002 = 7.2 % 1.112 = 15.98% 2003 = 6.81% 1.07[ 1(1-61.3% ) ] = 18.80 % 2002 (0.39 % ), ( 1.4 % ),, 59

,, 1. ; ; ; ; ; ; 2. 2003 1 1 1 2 1 1.5 1 6 4 10.5 2002 1 1 3/ 4 11 1.75 12 2001 1 1 1 12 2 13 2000 60 ( ) () 1.

, (2 ), (3 ) 2. (1 ),, ( ) = - - (2 ),, ( ) = (- ) - (1 - ),, 3. (1 ), ( ), ( ), (2 ),, ;, :,,,,,,,,,,,,, ( ) () 1. (1 ) : = - - [ ( 1 + ) ](1 - ) (2 ) : : - = :,, 61

, = (1 + )(1 + ) - 1 (3 ) :,,, :, :, 2.,,, ;,,, 0 = - - [ (1 + ) ] (1 - ) = 2003 :,,,, 60 %, 15%, 5%,, 12.5 % ( ) X, 60 % - 15 % - 5 % (1-0) ( 1 + X) X = 0,X = 12.5 % 3., (1 ) :, ;, ;, ;, ;, : 62

( ) (2 ) : : = = = = ( ) ( ) ( ) 1 - ( )( )( ) = 1 - (3 ), = > < 1. 2003 :, ( ) A. B. ( 1 + ) - [ (1 + ) ] ( 1 + ) - [ ( 1 + ) ] C. D. B C : = = = ( 1 + ) - [ ( 1 + ) ], B C 2. 2002 :, 63 ( )

,, 3. 2002 : : E 2001 ( : ) : 1 000 100 40 60 1 000 (200, 1 ) 1 000 2 000 : : ( 1) ( 2) 2002 10 %,,, ( 3) 2002 15 %,?,, ( 4), 200 :,,, 6. 5 %,2001 5 % ;, 10 / 20%, ( ) 2001 125 /, 2001, () ( 1) : ( ) = 1001 000100% = 10 % ( ) = 100( 1000-60 )100% = 10.64% = 60/ 100100% = 60% () = 10 % 60 % 1-10 % 60% = 6.38% () = 10.64 % 60 % = 6.38 % ( 2) :, 10 %,200,100, 100,, : = 15.15% 1 100(1-40% ) = 200-100 = 100 ( ), 10 %,200,66 [1 100 10 % ( 1-40 % ) = 66 ( ) ], 134,1 134,1 066,= 1 134(1 134 + 1 066 ) = 51.55% ( 3) 2002 15 %,: 15%, 300, 150, 69, 1 15010% ( 1-40% ) = 69, 300-150 - 69 = 81 ( ) 64

2001 100, 20 %, : = 100( 1-20 % ) = 125( ) 125, : = 1000-125 - 125-50 = 700( ) = 7001 000100 % = 70 % = 1-70% = 30 % { [ 30 % - 125 - ( 1 0005 % + 2006.5% ) ] (1-20% )}200 = { [ 30 % - 125-1 0005 % ] (1-20% )}(200 + 20) : = 1 060( ),1 060 1 272, ; 1 272, 4. 2001 : : A 2000 ( : ) : 10 000 750 125 625 ( 20 % ) 125 500 ( 50% ) 250 250 (1 000 ) 1 250 1 250 2 500 : ( 1) A 2000,,, : 2001?? A 2000 30,? A 2000, ( )?? ( 2) A 2001 35 %, :, 2000, 2000,? ( 1) ( ) : 5% 2 50% 4 65

: = ( ) ( 1 - ) = ( 5% 4250 % ) (1-5 % 4250% ) = 25% = = [500( 1 250-250) ]50% = 25 %,,25 % = + = [ ( 2501 000) 1.25] 30 + 25% = 26.04 % = + / = ( 1251 250) (1-20% ) ( 12) + 26.04 % (12 ) = 17.02% ( 2) :r, : 35 % = ( r0.524) (1 - r0.524) : r = 6.48% : = ( 1 + ) = 10 000(1 + 35% ) = 13 500 ( ) = = 13 5004 = 3 375( ) = = 3 37550 % = 1 687.5 ( ) = 1 250 ( ) = = 13 5005 % 0.5 = 337.5 ( ) = - - = 1 687.5-1 250-337.5 = 100 ( ) 4., ;,,, ; ( ) () 1. (1 ) ;, ; 66 ; ; (2 ) ( ) ()

, ) ( ) ( ) () (3 ) : ; ; ; 2. (1 ) ( ) ; ; ; ; = = = = + (2 ) ( ) ( ) ; ; ;( ) = ( ) = + = - 1. 2003 :, ( ) A. B. C. D. B,,, A D ; C,;,,B 2. 2001 :, ( ) = + - (3 ) ( ) ( ) ; ; ; ; ; ; = = = + - = = = = + 67

( ) (5 ) (6 ) ( ) ( ) + ( + ) ( ) - ( + ) ( ) ( - - ) ( ) () ( - ) [ + ( ), ] [ - ( ), ] ( ),, 2003 : A 11 : ( 1) 11 1 ( ) 13 700 40 400 ( 2) 8 / 9 20 000, 10 30 000, 11 40 000, 12 25 000, 60 %, 30 %, 8 %, 2 % ( 3) 5 /, 15 10 % 1 000 10 4 000, 77 500 ( 4) 11 85 000,12 000, ( 5) 11, 150 000, ( 6) 11 20 000 ( 7), 10 000, 5 000 : 11 (2 11, ) 68

9 10 11 12 13 700 + 40 400 = 54 100 : 160 0008% + 240 00030% + 320 00060% = 276 800 276 800 + 54 100 = 330 900 : ( 12 500 + 200 000-20 000) 2 + 77 500 = 176 250 85 000-12 000 = 73 000 150 000 20 000 419 250-88 350 100 000 11 650 11 1 = 4 0005 = 20 000 () 11 30 = (25 00010% + 1 000 )5 = 17 500( ) = 40 0005 = 200 000 () ( ( ) 1., ( ) A., B., C., D., 2., ) A. C. B. D. 3.,120 ; 1 500 1 600 ; 10 %, ( ) A. 1 540 B. 1 360 C. 1 560 D. 1 460 4. ( ) 69

A B. C. D. 5. ( ) A. = B. = C. = D. = 6.,,( ) A. C. 7. ( ) B. D. A. B. C. D. 8. ( ) A. C. B. D. 9., ( ) A. B. C. D. 10., 456, 2 120, 350,10, 50%, 50%,, ( 70 ) A. 11 130 B. 14 630 C. 10 070 D. 13 560 11.,( ) A. C. B. D. 12., ( ) A. B. C. D. 13. 10%, 10 %,( ) A. 21 % B. 11 % C. 10 % D. 15.5% ( ) 1., ( ) A. B. C. D. 2. ( ) A. B. C. D. 3. ( ) A. - = B. = + C. D. 4. ( ) A., B.,

C, D.,; 5. ( ) A. B. C. D. 6., ( ) A. B. C. D. 7., ( ) A. B. C. D. 8. ( ) A. 9. ( ) B. C. D. A. B. C. D. 10., ( ) A. B. C. D. ( ) 1., ( ) 2. ; ( ) 3., ( ) 4.,, ( ) 5.,, ( ) 6., ( ) 7., ( ) 8., ( ) 9. ( ) 10. ( ) 11.,,, ( ) 12. ( ) 13., ( ) 14. ( ) 1. : ( ) : 5 6 7 8 9 10 7 000 8 000 9 000 : ( 20% ) 5 000 71

) 5 6 7 8 9 10 ( 70% ) 6 000 10 000 ( 10% ) ( 70% ) ( 1 ) ( 1) ( 2) 8 000 ( 3) ( 4) ( 5) 750 100 1 250 ( 6) 100 200 700 ( 7) 8 000 2 000 ( 8) ( 9) (1 000 ) ( 10 ) (1 000 ) ( 11 ) (,12% ) ( 12 ) ( 6 000 ) 2. 2004 ( ),,, 2004 4 000, 50% :, : 1 000 2 500 31 000 33 500 E 36 500 30 000 C 37 000 40 000 A 1 000 3 000 G : - 500-500 1 000 1 000 F I B D 2 500 H 72

) 1. B,,,, 2. C, 3. A = 10 % = 1 60010 % = 160( ), = + - = 1 500 + 160-120 = 1 540 () 4. C, 5. D,,, ;,,,, = = 6. B,,, 7. D,, ;, ;, 8. C, = ( + ) -,, 9. C, 10.C = 2 120 + 350-456 = 2 014 ( ) ; = 2 0141050 % = 10 070 () 11.B B, A CD, 12.D A B C, D 13.A 73

: (1 + 10 % ) (1 + 10% ) - 1 = 21 % ( ) 1. A B C = + - 2. B C D 3. B C D - =, 4. A B C D,, 5. B C D A B C D, 6. A B C D, ;,, A B C D 7. A B C D ;,, 8. A B D,,, 9. A B C,, 10.A B C D : A B C D ( ) 1., 2.,, ( ) 3., 74 4.,,

., = (1 + )( + 1) - 1, 0,, 0, 6.,, 7., 8., 9.,, 10., 11.,,, 12. 13. : : + - = 14.,,,, ( ) 1. 5 6 7 8 9 10 7 000 8 000 9 000 : (20 % ) 5 000 1 400 1 600 1 800 (70 % ) 6 000 4 200 4 900 5 600 10 000 (10 % ) 500 600 700 6 100 7 100 8 100 (70 % ) 5 600 6 300 7 000 ( 1 ) 4 900 5 600 6 300 75

5 6 7 8 9 10 ) (1 ) (2 ) 8 000 6 350 6 530 (3 ) 6 100 7 100 8 100 (4 ) 4 900 5 600 6 300 (5 ) 750 100 1 250 (6 ) 100 200 700 (7 ) 8 000 2 000 (8 ) 350 7 550 4 380 (9 ) (1 000 ) 6 000 2 000 (10) ( 1 000 ) 1 000 (11) (, 12% ) 20 (12) 6 450 6 350 6 380 8 = 12% ( 212 ) = 1 00012%(212) = 20() 2. A = 1 000 + 31 000-30 000 = 2 000 ( ) B = A + ( - 500 ) = 2 000-500 = 1 500( ) C = B + 33 500-1 000 = 1 500 + 33 500-1 000 = 34 000 ( ) D = 1 000 + 1 000 = 2 000( ) E = 37 000 + 3 000 - D = 37 000 + 3 000-2 000 = 38 000 ( ) F = 2 500-3 000 = - 500 ( ) G = 2 500 + 36 500-40 000 = - 1 000( ) H = 4 00050% = 2 000 ( ) I = H - G = 2 000 - ( - 1 000 ) = 3 000 ( ) 76

,, 1. ; ; ; ; ; ; 2. 2003 1 1 1 2 1 1.5 2 12 5 16.5 2002 2 2 1 2 1 1 3/ 5 5 4.6 10 2001 3 3 2 2 5 5 2000 2 2 2 4 1 1 1 12 6 19 77

) () () 1. ; 2. 1. (,) ; 2. ( ),,, 1. ; 2., ; 3. () 1. (1 ) :, : ; ; ; (2 ) :,, (3 ) :,,,,, (4 ) :,, ;, 78 2. (1 ) =, : (1 + i) n s= p(1 + i) n, ( s/ p, i, n) (2 ) =, :

p s (1 + i) - n (1 + i) - n, ( p/ s, i, n), i ; 360 ; 3. : ; (1 ) =, : s= A (1 + i) n - 1 i, ( 1 + i) n - 1, ( s/ A, i, n), A, i i, n : s= A( s/ A, i, n) 1, ;, 2,, (2 ),,, = =, : A = s/ ( s/ A, i, n) = s( A/ s, i, n), ( A/ s, i, n), (3 ), ;, : = / ( 1 + i) n, :, 1 - (1 + i) - n i p = s/ (1 + i) n = A (1 + i) n - 1 i(1 + i) n = A 1 - ( 1 + i) - n i, : ( p/ A, i, n) : =, : p = A( p/ A, i, n) (4 ), = = : A = p( A/ p, i, n) = p/ ( p/ A, i, n) 79

) ( A/ p, i, n), 1 : ( s/ A, i, n) = [ ( s/ p, i, n) - 1]/ i = 1/ ( A/ s, i, n) ( p/ A, i, n) = [ 1 - ( p/ s, i, n) ]/ i = 1/ ( A/ p, i, n) ( s/ p, i, n) ( p/ s, i, n) = 1 2, 4. ( S = p(1 + i) n = p( s/ p, i, n) P = s(1 + i) - n = s( p/ s, i, n) S = A (1 + i) n i = A( S/ A, i, n) P = A 1 - ( 1 + i) - n i = A( P/ A, i, n) A = S 1 ( S/ A, i, n) A = P/ ( P/ A, i, n) 5.,, ( 1 + i), (1 ) = = (1 + i) : s = A (1 + i) n - 1 (1 + i) = A (1 + i) n + 1-1 i i = A[ ( S/ A, i, n + 1) - 1] = A( S/ A, i, n) (1 + i) (1 + i) 1, 1 (2 ) = = ( 1 + i) : p = A(1 + i) 1 - ( 1 + i) - n i - ( n - 1) 1 - (1 + i) = A i + 1 = A( P/ A, i, n)(1 + i) = A[ ( P/ A, i, n - 1) + 1 ] (1 + i) 1, 1 80 6.

: m :n 0 m n + m,,,, 2, 3 () : :, m Pm = A( P/ A, i, n) P = P m(1 + i) - m= A( P/ A, i, n)( p/ s, i, m) : ( m + n), ( m) P = P( m + n) - P m = A[ ( P/ A, i, m + n) - ( P/ A, i, m) ] :, : S = A( S/ A, i, n) P = S( 1 + i) - ( n + m) = A( S/ A, i, n) ( p/ s, i, m + n) ; ( m) ;, n : S = A( S/ A, i, n) 7., (1 ) : = / : P = A[ 1 - ( 1 + i) - n/ i] ( n ) = A/ i (2 ) : 8. (1 ) ( )( S P, A, n, i) : :, ; :, n, i ; :, n, 1, 2, ; : : ( 1-2 )/ ( 1 - ) = ( i 1 - i 2 )/ ( i 1 - i) ( :i 2 - i 1 5 % ) : I = i 1 + [ ( 1 - )/ ( 1-2 ) ] ( i 2 - i 1 ) (2 ) 81

, i, ; : n = n1 + [ ( 1 - )( 1-2 ) ] ( n2 - n1 ) (3 ) ( r) :, : = ( m) ( i) :, :, i = (1 + rm) m - 1 :, = rm = nm 1,,,, ;,,, 2,,, 2001 : 10,, 2 000, ( ) A. 2% B. 8% C. 8.24% D. 10.04 % C 2% ( 2 000100 000 ), 8. 24% [ ( 1 + 2 % ) 4-1] () 1. (1 ) :,,, (2 ) : : : : 2. (1 ) = + 82 V = I 1 (1 + i) 1 + I 2 (1 + i) 2 + + I n (1 + i) n + M(1 + i) n

V; I ; M ; n ; i, (2 ),,, = > < = < > 1 (), 2 3,,, (3 ) = > <,, (4 ) P V = M/ (1 + i) n ( ) P V = m n I/ m t = 1 1 + i m t + M 1 + i m m n, P V = / (5 ) :,, ;, ( ),, 3. 83

:,, ( ) (2 ) : ( ) () (3 ) :,,,,, 1. 2002 :( ) A. B. C. D. A,,,, 2. 2002 : C 2001 1 1 5, 1 000, 10 %, 12 31,? : ( 1) 2001 1 1 9%, ( 2) 1 049.06, 2002 1 1? ( 3) 4, 2005 1 1 1 018.52 900 ( )? : 50%, 50% 8 %,0.15,,? 84 ( 1) = 1 00010 % ( P/ A,9 %,5) + 1 000( P/ S,9 %,5) = 1003.8897 + 1 0000.6499 = 1 038.87 () ( 2) 1 049.06 = 100( P/ A, i,4) + 1 000( P/ S, i,4) i = 8% :100( P/ A,8%, 4) + 1 000( P/ S,8%, 4) = 1 066.21( ) i = 9% :100( P/ A,9%, 4) + 1 000( P/ S,9%, 4) = 1 032.37( ) R = 8 % + ( 3) 900 = 1 100(1 + R) R = 22.22 % E = 1 1000.5 + 00.5 = 550( ) 1 066.21-1 049.06 1 % = 8. 50% 1 066.21-1 032.37 D= (1 100-550) 20.5 + (0-550 )20.5 = 550 ()

Q D/ E = 550 550 = 1 K = i + bq = 8 % + 0.151 = 23% V = 550( 1 + 23 % ) = 447.15( ) (: 2003 ) () 1., (1 ) : D0 ( ) ; D1 (1 ) ; g ; Rs ; Pn ; P0 :, : V = = D1/ ( 1 + Rs ) 1 + D2/ ( 1 + Rs ) 2 + D3/ ( 1 + Rs ) 3 + + Dn/ ( 1 + Rs ) n = Dt t = 1 (1 + Rs ) t : P 0 = + = D 1 / ( 1 + R s ) 1 + D 2 / ( 1 + R s ) 2 + D 3 / ( 1 + R s ) 3 + + D n / (1 + R s ) n + P n / (1 + R s ) n D t = t = 1 (1 + R s ) t, Dt,,, : P0 = D/ RS : RS = D/ P0 g, P0 P = D 0 (1 + g)/ ( R S - g) = D 1 / ( RS - g) : R S = D 1 / P + g : a. : RS, g ; b., D0 ; P ; D1, :, ; 85

, ;, 2., Rs = + = D1/ P0 + g ( g), () 1. (1 ) ; (2 ) :,, ;,,,,, (3 ) :, (4 ),, 2. (1 ) : 0Pi 1 P i = 1 :, ; :, ; : (2 ), (),, = N ( p i k i ) i = 1 (3 ), ;, = ( K i - E)2/ N = ( K i - E)2/ ( N - 1) 86

= n ( k i i = 1 - k) 2 p i (4 ) ( ), = / = / E (5 ) ( )( ) E = Ki P i, = [ ( K i - E) 2 P i ] 1/ 2, Q = / E,, (6 ) :,, ( z );, ( ),, () () ( ) 1 2 3 68.26% 95.44% 99.72% 1 2 3 a.,, :,, E ;, Z = E - / ;,, Z b.,, :, A ()95%? : P = 95 % 2 = 0.475, Z = 1.96 : ( 15 % 1.9658.09% ) 87

:,, ( ) A. B. C. D. B,,,B 2. 2001 :, ( ),,X,,,, 3. :,,, (1 ) : r p = rjaj, ;, ;, (2 ) : P = m m j = 1 k = 1 Aj Ak jk : a. jk = rjk j k ; b. rj k i k : a., b.,, c. 1,,, d. 1, 88

= - 1 = 1 = 0-1 < < 1,,,,,, (3 ) : :, ; : ; :, (4 ),, ;, ;,, (5 ) ; ;, (6 ) ;,,, ;, ;, ; :,,, (7 ) ( ) 89

), ( ),,, (8 ) :, ;, ; ; ;,,, ; 1. 2003 :A B, 12 % 8 %, 1, 10% ; - 1, 2% ( ) = 1, p = [250% 50 % 112% 8% + 50 %50% 1(12% ) 2 + 50 % 50% 1( 8% ) 2 ] 1/ 2 = 10% ;= - 1, p = [ 50 % 50 % 1 (12 % ) 2 + 50% 50 % 1(8 % ) 2 + 250 %50% ( - 1 )12 % 8 % ] 1/ 2 = 2 % 2. 2003 : A B ( % ) : : A ( % ) B ( % ) 1 26 13 2 11 21 3 15 27 4 27 41 5 21 22 6 32 32 ( 1) A B ( 2) A B ( 3), A 40 %, B 60 %,?, 4 90

: ( % ) X Y ( X - X) ( Y - Y ) ( X - X) 2 ( Y - Y ) 2 ( X - X) ( Y - Y ) 1 26 13 4-13 0.161 1.69-0.52 2 11 21-11 - 5 1.21 0.25 0.55 3 15 27-7 1 0.49 0.01-0.07 4 27 41 5 15 0.25 2.25 0.75 5 21 22-1 - 4 0.01 0.16 0.04 6 32 32 10 6 1 0.36 0.60 132 156 0 0 3.12 4.72 1.35 ( 1) A = (26% + 11 % + 15 % + 27% + 21 % + 32% ) 6 = 22 % B = (13% + 21 % + 27 % + 41% + 22 % + 32% ) 6 = 26 % A = ( X - X) 2 n = 3.12 % 6 = 0.07 B = ( 2) AB = ( Y - Y) 2 n = 4.72% 6 = 0.09 ( X - X) ( Y - Y) ( X - X) 2 ( Y - B = 40% 22 % + 60 %26% = 24.4 % = 1.35 % Y) 2 3.12% 4.72% = 0.35 P = [ ( 40 % ) 2 10.07 2 + ( 60 % ) 2 10.09 2 + 240 %60% 0.350.070.09] 1/ 2 = 0.07 4. : (1 ) ( ) : j = cov( K J, K M ) 2 M J M = r JM 2 M = rjm J M : b, ; : ; :, 1 1 (2) 1 (0.5), 1 %, 1 % 2, 1 %, 2 %, 1%, 0.5 % (2 ) : 91

p n Xi i = 1 i, (3 ) K i = R f + ( K m - R f ) ( Km - Rf ), ;,,, ;, (4 ), ; ;,, ;, ; ;, ; ( CML ) ( S ML ) :, : ( ) ( ) = + ( ) K i = R f + ( K m + R f ) ( ) ( ), 92 1. 2002 :, ( ) A. B.,

C, D. 1, D = 1,, D 2. 2003 :, ( ) A., B., C., D., B D ( ),, ( ), A ;, C 3. 2002 :,,, ( ),, 4. 2001 :, ( ), 5. 2003 :,? ( 9, )????? 0.1?? A 0.22? 0.65 1.3 B 0.16 0.15? 0.9 C 0.31? 0.2? 0.025 0 0 0 0.175 0.1 1 1 A 0.22 0.2 0.65 1.3 B 0.16 0.15 0.6 0.9 C 0.31 0.95 0.2 1.9 93

A = 1.30.10.65 = 0.2 B = 0.90.10.15 = 0.6 0.22 = R f + 1.3( K m - R f ) 0.16 = R f + 0.9( K m - R f ) Km = 17.5 % ; R f = 2.5 % C = ( 0.31-2.5% ) ( 17.5 % - 2.5 % ) = 1.9 C = 1.90.1/ 0.2 = 0.95, ( ( ) 1., ( ) A., B. C. D., 2., ( ) A. C. 3., ( ) A. 1, B. 1, C. 1, D., B. D. 4.,, ) A. B. C. D. 5. A A 2,16% A 13, ( ) A. 16 % B. 16 % C. 16 % D. 6., 3 %, 4 13 %, 18 %, 1.2,( ) A. 25 B. 40 C. 26.67 D. 30 7.,( ) A. B. C. D. 8. 1.5, 4 %, 8 %, ( ) A. 4% B. 12% C. 8% D. 10% 9.,5%,6, 11%, 16 %, 1.2,,( 94 )

A B. 33 C. 45 D. 30 10., ( ) A. B. C. D. 11., ( ) A. B. C. D. 12., 20%, 2, 10%, ( ) A. 20 B. 24 C. 22 D. 18 13. 50 000, 10, 12%, ( P/ A, 12 %, 10) = 5.6502, ( ) A. 8 849 B. 5 000 C. 6 000 D. 28 251 14.,1,1, ( ) A. B. C. 15. ( S/ P, 10 %,10 ) = 2.5937, ( S/ A,10 %,10 )( ) A. 0.3855 B. 6.1446 C. 12.276 D. 15.937 D. 16. 5 2 000, 5 2 000,, ( A. C. ) B. D. 17. 5,12 %,5,, ( ) A. 24 % B. 12.36 % C. 6% D. 12.25% 18. 6, 500, 10%, ( ) A. 2 395.50 B. 1 895.50 C. 1 934.50 D. 2 177.50 19., 5,, 12.22 %,,, ( ) A. 9% B. 11% C. 10 % D. 12% 20. ( ) A. B. C. D. 21.,3, 5 500, 10%, ( ) A. 1 994.59 B. 1 565.68 C. 1 813.48 D. 1 423.21 22. A, 3 2 200, 3 200, 10 % ( ) A. 2 150.24 B. 3 078.57 C. 2 552.84 D. 3 257.68 23. A, 2, 20,,, 10%, ( ) A. 11 % 21 % B. 10% 20% C. 14 % 21% D. 12% 20 % 24.,5, 20 %, 10%,,, 95

A. 4.23 % B. 5.23% % C. 4.57% % D. 4.69 % 25., ( ) A. C. B. D. 26. 15 % 20 %, 8 %,,20 %,,( A. 16.4 %24% B. 13.6% 16 % C. 16.4% 16% D. 13.6 % 24 % 27. A B 0.4, 12 % 16%, 20% 30 %, A B 60% 40 %, A B ( ) A. 13.6 %20% B. 13.6% 24 % C. 14.4% 30% D. 14.6 % 25 % 28. 18 %, 12 %,, 95. 44 %,( ) A. - 6%,42% B. - 18%, 30% C. - 18 %, 54 % D. 6 %,30 % ( ) 1., ( ) A. B. C. D. E. 2., ( ) A. B. C. D., 3., ( ) A. B. C. D. 4. ( ) A. B. C. D. 5. A 0.22, 5 %, 6%, 8%, 1.5, ( 96 A. 5.775 B. 4.4 6. ( ) A. ) B., C. D. 7.,( ) A. C. ) C. 8 % D. 9% B. D. 8.,2, A, 5,

A. A( P/ A, i,5 )( P/ S, i, 3) B. A( P/ A, i, 5) ( P/ S, i,2) C. A( P/ A, i, 7) - A( P/ A, i,2) D. A( P/ A, i, 7) - A( P/ A, i,3) 9. ( ) A., B., C., D., 10., ;, 10, 10, 100, 10 %,( ( A. 10 [ ( P/ A,10%, 15) - ( P/ A,10%,5 ) ] B. 10( P/ A, 10%, 10) ( P/ S,10 %,5) ) C. 10[ ( P/ A,10 %,16 ) - ( P/ A, 10 %, 6) ] D. 10[ ( P/ A,10 %,15 ) - ( P/ A, 10 %, 6) ] 11. ( ) A. B. C. D. 12. ( ) A., B., C., D.,, 13. ( ) A. B. C. 1 D. 14. ( ) A. C. E. B. 15., ( ) A. C. E. D. B. D. 16. 1996 10 11.83%, ) A. B. C. D. E. 17., ( ) A. C. E. ( ) B. ( ) D. 18., ( ) A. 97

B C., D. 1 ( ) 1. 10 %,16 %, 1.5, 19 % ( ) 2., 15%, 3.87%, ( ) 3. ( ) 4.,,, ( ) 5., ( ) 6.,,, ( ) 7., ( ) 8.,, ( ) 9., ( ) 10. ( ) 11., ( ) 12. (, ), ;, ;, ( ) 13., ( ) 14., ( ) 15., 4 100, 10, 600,, 10%, ( ) 16., 15%, 3.87 %, ( ) 17., ( ) 18., 2 000, 6 000 12%, 4, ( ) 19., 50 000 8%, 625 000 ( ) 20., ( ) 21., ( ) 22. ( ) 23., ( ) ( ) 24. 10,10 % ; 5, 10 %,, ( ) 25., ( ) 26.,,, 98 ( )

,, ( ) 28.,, ( ) 29.,, ;,, ( ) 30. :,;, ( ) 31., 1, ( ) ( ) 1.,12 %, 4 18%,, 10%, 4 /? : ( 1) ; ( 2) 4,,, 2. 2003 1 1, 1 000, 10%, 5, 12 31, : ( 1) 2003 1 1? ( 2) 2007 1 1 8 %,? ( 3) 2007 1 1 900,? ( 4) 2005 1 1 12 %,950,? 3.,, A B C, A B C 0.3 40 % 50% 60 % 0.5 20 % 20% 20 % 0.2 0-15% - 30 % : ( 1),? (, ) ( 2) 30 % ( 3),, 4. 1 000,8% 3, 10 % : ( 1) ( ) ( 2), 3 %,? ( 33 % ) ( 3), 120,? 5. A 1999 1 5 1 020 B 99

:,3, 10%, 8 % ( 1) A? ( 2) A 2000 1 5 1 130, 6. A B C, 2.1 1.0 0.5, 50 % 40% 10%, 14 %,10% : ( 1), 30,? ( 2) 7. 12, 2.5, : ( 1) > 13.5 ( 2) > 11.2 ( 3) 10.5 14 ( ) 1. D :, ;,,,,,,,, 2. A, 3. D,,, D 4. A,,, ( ), 5. B : V = d/ K,, K = d/ V = 2/ 13 = 15.38 %, 16 %,,, 6. A () = 13 % + 1.2( 18 % - 13 % ) = 19 %, = 7. C 4 19 % - 3 % = 25,, ( ), ; ( ), A B D,, 100

C, 8. D R i = R F + ( R M - R F ) = 4 % + 1.5( 8% - 4% ) = 10% 9. A = 50( ) = 11 % + 1.2(16 % - 11 % ) = 17 % ; = 6( 17 % - 5% ) 10.A,, 11.A,, ( ),, A 12.C = 2( 1 + 10 % )(20% - 10 % ) = 22 () 13.A,A: P = A( P/ A,12 %,10 ), : A = P/ ( P/ A,12%, 10) = 50 0005.6502 = 8 849.24 () 14.D 1, 1 ; 1, 1 15.D ( S/ P,10%,10 ) = 2.5937, ( 1 + 10% ) 10 = 2.5937, 16.B = ( 1 + i),,,, 17.B ( r)( i) i = (1 + r/ m) m 18.A - 1 = ( 1, 1) = ( 1 + i) 19.C,,, : = M, i, : i = 10 % 20.B M = M( 1 + 512.22% ) ( P/ S, i,5) ( P/ S, i,5 ) = 1( 1 + 512.22% ) = 0.6207 101

21.B,,,,,, 2 :,, P = 500( P/ A,10%,5 )( P/ S,10 %,2) = 1 565.68 ( ), P( n) = P( m + n) - P( m) = 500( P/ A,10%,2 + 5) - 500( P/ A,10 %,2) = 1 565.68 ( ) 22.A = 200( P/ A,10%,3 ) + 2 200( P/ S,10 %,3) = 2 150.24( ) 23.A,, ( ), 10 % = 2( 1 + 10 % ) 20 = 11% ; = 11 % + 10 % = 21% 24.C,, (1 + 20% ), := M, i, : i = 4%, ( P/ S,4 %,5) = 0.8219 : i = 4% + i = 5 %, ( P/ S,4 %,5) = 0.7835 25.D M( 1 + 20 % ) = M( 1 + 510% ) ( P/ S, i,5) ( P/ S, i,5) = 1.2(1 + 510 % ) = 0.8 0. 8-0. 8219 (5 % - 4 % ) = 4. 57 % 0. 7835-0. 8219,: ( 1) ; ( 2) ; ( 3),,, 26.A = X 2 2 + 2 X X + X 2 2, 0,, = X ; = X K + X K, X X, X + X = 1 ; K K ; P127, Q 1 - Q X X 102

= 120% 15 % + (1-120 % ) 8% = 16.4 % ; = 120 % 20% = 24 % 27. A : rp = 2 rj A j = 12% 60 % + 16 % 40 % j = 1 = 13. 6% ; p = A 2 1 2 1 + A 2 2 2 2 + 2 A1 A2 12 = A 2 1 2 1 + A 2 2 2 2 + 2 A1 A2 r12 1 0. 6 2 0. 2 2 + 0. 4 2 0. 3 2 + 20. 60. 40. 40. 20. 3 = 20% 28.A 95.44%, X = 2,18% 212% ( ) 1. A B C D,,,,, A B C D,E 2. A C D,,, 3. A B C D 4. C D V = D1/ ( Rs, R s, 5. A D 2 = - g), g, D1,, R S = 6% + 1.5(8 % - 6% ) = 9 % ; V = 0.22( 1 + 5% ) ( 9% - 5 % ) = 5.775 () 6. A B C D ;, ; ; 7. A B C : R i = R F + ( R M - R F ),, : 8. B C = A( P/ A, i, n - s)( P/ s, i, s) = A[ ( P/ A, i, n) - ( P/ A, i, s) ] 9. A C,,,, 10.A B : = A( P/ A, i, n - s) ( P/ S, i, s) = A[ ( P/ A, i, n) - ( P/ A, i, s) ], s, n,,, s= 5, n = 15 11.A B C D 103

. A B C D,,, A ;,,, B ;,,,, C ;, D 13.B C ( r)( i) i = (1 + r/ m) m 14.A D - 1, (1 ) P 0 = A( P/ A, i, n)/ (1 + i) m ; ( 2) P 0 = P m+ n - P m = A( P/ A, i, m+ n) - A( P/ A, i, m) ;,, : ( 1) 2 : ( 2) 3 : = A + A( 1 + i) + A(1 + i) 2 + A(1 + i) 3, 15.B C D E = A + A( 1 + i) + A(1 + i) 2 + A(1 + i) 3 A,,,,,,, A B C,,, D E 16.A B E, 17.B C D E ( ),, 18.A B C D 104 : Ki = R f + ( Km - R f ), K i

: J = r JM J, J, ; M J = M, 1, 1, ( ) 1. = 10% + 1.5 (16 % - 10 % ) = 19 % 2. : ( 015% ) : X = 15% 3.87 % = 3.88,,0.5,P( 0 - ) = 0.5 + 0.5 = 1, 3., 4.,, 5., = ( 1 + r/ m) m 6. - 1,, 7. 8. :,,,,,,,,, 9.,,,, 10.,, 11., 12. (, ), ( ),,,,, (), 1, 13. 105

,, 14.,, 15. 10, P = 600[ ( P/ A, 10 %, 10-1 ) + 1] = 4 055.4 (),,, 16. :(015% ) : x = 15 % 3.87% = 3.88,,0.5,P( 0 ) = 0.5 + 0.5 = 1 17.,,,, 18. = + 6 000, 2 000,, 2 000 12 %, :6 000 = 2 000( P/ A,12%, n), ( P/ A,12 %, n) = 3, : n = 3, ( P/ A,12 %,3) = 2.4018; n = 4, ( P/ A, 12 %, 4) = 3.0373 ; n = 3.94 (),, 4, 19., 50 000, 50 000 ; = = 50 0008 % = 625 000 () 20.,, = 21. 1 (1 + i) n, ( 1 + i) n,, 22., : ( 0 ), - 1 + 1, 23. : P = D 0 (1 + g) = Rs - g Rs D 1 - g,,,, 24.,,, ( ), 106

., 107 4 26. : Ki = R f + ( Km - R f ),,, ( ) ( ),, ( ),,, ( Km 27. - Rf ), : n n 2 p = A j = 1 k = 1 j A k jk = n j = 1 A2 j 2 j + n n j = 1 A k = 1 j A k jk ( Jk), N, N 2 N N ( N - 1) N 1/ N, V, jk, 2 p = 1 N 2 N V + 1 N 1 N( N - 1 ) jk = V N N + 1 -,, 28. 1 N jk, N, 2 P jk,,,,,, 29.,,,,,, ;,,,,, 30. 31., rp = 2 rj A j,, j = 1 p = r 12 = 1,, 12 = 1 2, p =, ( ) 1. ( 1) 4 : A 2 1 2 1 + A 2 2 2 2 + 2 A 1 A 2 12, 12 = r12 1 2, A 2 1 2 1 + A 2 2 2 2 + 2 A 1 A 2 12 = A 2 1 2 1 + A 2 2 2 2 + 2 A 1 A 2 1 2 = A 1 1 + A 2 2, ( P/ S,12 %, n) 1 4( 1 + 18 % ) = 4.72 0.8929 4.21 2 4( 1 + 18 % ) 2 = 5.57 0.7972 4.44 3 4( 1 + 18 % ) 3 = 6.57 0.7118 4.68 4 4( 1 + 18 % ) 4 = 7.75 0.6355 4.92 18.25 107

: ( 2) V 3 = 7.75 12 % V 4 : = 64.58 () = 7.75(1 + 10 % ) (12 % - 10 % ) = 426. 25( ) V0 = 18.25 + 426.25(1 + 12 % ) 4 = 289. 14 () V 0 = 4.21 + 4.44 + 4.68 + 64.58( P/ S,12%,3 ) = 59.3 () 2. ( 1),, 10 % ( 2) = ( 1 000 + 100 )( P/ S,8 %, 1) = 1 1000.9259 = 1 018.49( ) ( 3) = 900 = 100(1 + i) + 1 000(1 + i) : 900 < 1 000, i = 22 %, V = 100(1 + 22% ) + 1 000(1 + 22 % ) = 901.64 > 900, i = 23 %, V = 100(1 + 23% ) + 1 000(1 + 23 % ) = 894.31 < 900 : ( R) = 22% + 900-901.64 (23% - 22 % ) = 22.22 % 894.31-901.64 ( 4) V = 100( P/ A,12%,3 ) + 1 000( P/ S, 12 %,3) = 951.98 () ( 950 ), 3. ( 1) K ( B) = K( C) = 22 % K( A) = 0.340 % + 0.520 % + 0.20 = 22 % ( A) = [ (40 % - 22% ) 2 0.3 + (20% - 22 % ) 2 0.5 + (0-22% ) 2 0.2 ] 1 2 = 14 % ( B) = 22.6 % ( C) = 31.24 %, A : 0-22 % X = 2214 = 1.57, = 0.4418 = 44.18 % P( A ) = 50% + 44.18% = 94.18 %, P( B ) = 50 % + 35.77 % = 85.77 % P( C ) = 50% + 25.8 % = 75.8 % ( 2) 30% A : X = (30-22 )14 = 0.57, = 21.75% P( A, 30% ) = 50% - 21.75% = 28.25 %, P( B,30% ) = 50 % - 13.68 % = 36.32 % P( C,30% ) = 50% - 10.26 % = 39.74 % ( 3) :,A,, C,,, A 4. ( 1) = 1 0008 %( P/ A, 10 %,3) + 1 000( P/ S,10 %,3 ) = 950( ) ( 2) = 1 0008 % [ 950(1-3 % )(1-33 % ) ] = 5.82 % ( 3) = 1 00020 = 50 () 108

. ( 1) P = (1 000 + 1 00010% 3)/ ( 1 + 8% ) 3 = 1 031.98 () (1 031.98 ) (1 020 ), ( 2) K = (1 130-1 020) 1 020100 % = 10.78 % 6. ( 1) = 50 % 2.1 + 40 % 1.0 + 10% 0.5 = 1.5 = 1.5(14 % - 10 % ) = 6% = 306 % = 1.8 ( ) ( 2) = 10 % + 1.5 (14 % - 10 % ) = 16 % 7. ( 1) 12 13.5 ( X) = 0.6( ) ; 0.6 0.2257 ; 13.5 = 0.5-0.2257 = 0.2743 ( 2) 11.2 12 ( X) = 0.32 () ; 0.32 0.1255; 11.2 = 0.5 + 0.1255 = 0.6255; ( 3) 10.5 12 ( X) = 0.6 ; 12 14 ( X) = 0.8; 0.6 0.2257 ; 0.8 0.2881 ; 10.5 14 = 0.2257 + 0.2881 = 0.5138 109

, 1. ;, ; ; ; 2.,, 2003 1 2 1 1. 5 1 13 3 16.5 2002 1 1 1.2 9.5 2.2 10.5 2001 1 12 1 12 2000 1 1 1 1 1 10 3 12 110

) () 1. (1 ), (2 ), (3 ), (4 ) : ; : ; :, ; : ; : 2. (1 ) :, ;, (2 ) : = (1 - ) +,, ; ;, 2002 :, ( ) :, ;, 3. (1 ) ( N P V) : N P V = - : 10%, A B 0 (10) ( 10) 1 0.5 2.5 2 5 111

) A B 2 1 3 2 5 3 1.5 3.5 1 5 4 2 4 5 2.5 4.5 7.5 7.5 5 5 A : N P V = 2.5( P/ S,10%,1 ) + 3( P/ S,10%, 2) + 3.5( P/ S,10%,3 ) + 4 ( P/ S, 10%, 4) + 4.5( P/ S,10%,5 ) - 10 = 2.9075 ( ) B : N P V = 5( P/ A, 10 %,3) - 10 = 2.4345( ), ;, ;,,,, ;,, 2003 : : ( 1) A,, B,B B 750, 5 ( ) 40, 180, 5, 50 40 000 B 250 / 250 ( 2) A B, A 0.8, 50% ;B 1.1, 30% ( 3) A 8% ( 4) 4.3 %,9.3% ( 5), : ) ; ( 1) ; ( 2) ( 14, ( 3) + - 10%, ( 15, )? ( 4) ( 1) A = 50 % (1-50% ) = 1 ;B = 30% (1-30 % ) = 0.43 112

( 1 + 0.43 ) = 0.77 A = 0.77(1 + 1) = 1.54 A = 4.3 % + 1.54( 9.3 % - 4.3 % ) = 12 % = 12 % 50% + 8 %50% = 10 % ( 2) = ( 750-50) 5 = 140( ) : : 1 2 3 4 5 1 000 1 000 1 000 1 000 1 000 720 720 720 720 720 ( ) 40 40 40 40 40 140 140 140 140 140 0 0 0 0 0 100 100 100 100 100 : 140 140 140 140 140 240 240 240 240 240 50 250 240 240 240 240 540 : = 40 00025010 000 = 1 000( ) = 18040 00010 000 = 720 ( ) = 240( P/ A,10 %,5) + 300( P/ S,10 %,5) - 750-250 = 2403.7908 + 3000.6209-1 000 = 96.06( ) ( 3) : : 1 2 3 4 5 (1-10% ) 900 900 900 900 900 (1 + 10% ) 792 792 792 792 792 ( ) ( 1 + 10 % ) 44 44 44 44 44 140 140 140 140 140 0 0 0 0 0-76 - 76-76 - 76-76 113

) 1 2 3 4 5 : 140 140 140 140 140 64 64 64 64 64 (1-10% ) 45 (1 + 10% ) 275 64 64 64 64 384 : = 40 000250( 1-10 % )10 000 = 900( ) = 18040 000( 1 + 10 % )10 000 = 792( ) = 64( P/ A, 10 %, 5) + 320( P/ S,10%,5 ) - 750-275 = 643.7908 + 3200.6209-1025 = - 583.70 ( ) ( 4) Q Q Q (250-180 )Q - 40-140 = 0 Q= 2.57( ) ( 250-180 )Q - 40 = 0 Q= 0.57( ) [ ( 250-180 ) Q - 40 ]( P/ A, 10 %, 5) + 300( P/ S,10%,5 ) - 1 000 = 0 Q= 3.64( ) : (2 ) ( P I) : : PI = A : PI = 12.907510 = 1.29 B: PI = 12.434510 = 1.24 1, ; 1, ;, :, ;, (3 ) ( I R R) :, 114 :,,,

,, ;, B : NP V = 5( P/ A, IR R,3 ) - 10 = 0 : ( P/ A, IR R,3 ) = 2 : 20 % 2.1065 IR R 2 24 % 1.9813 IR R = 20 % + ( 2.1065-2) (2.1065-1.9813 )(24% - 20 % ) = 23.49 % :, ( ), ( N > 15 ),,,,,,,,,, A : i1 = 18 %, N P V1 = 0.4336( ) i2 = 20 %, N P V2 = 2.5 ( P/ S, 20%, 1) + 3( P/ S, 20%, 2 ) + 3.5 ( P/ S, 20%, 3) + 4 ( P/ S, 20%, 4) + 4.5( P/ S, 20%, 5 ) - 10 = - 0.0704( ) 18% 0.4336 IR R 0 20% - 0.0704 ( IR R - 18 % )(20% - 18 % ) = (0-0.4336 )( - 0.0704-0.4336) I RR = 19.72 %, ;, 1,, ;,, N P V > 0, > ; N P V < 0, < ; N P V = 0, = 2 :,,,,, 115

;,,,,,, 3 :,,,, (4 ) ( ) 0 1 0 1 (5 ) ( P P) : ) :, : =, ( M : B : P P = 105 = 2( ) = M + M / ( M + 1 ) A : P P = 3 + (10-9) 4 = 3.25( ) P P, ;, = + = S + P P (6 ) ( IOR) :,, 116 : = A := = 7.5510 = 15 % B : = = 5310 = 16.67 % IOR, ;,

,, () 1. (1 ) :, :,, ; ;,, (),, 1 1, 7 1, 1 7 1 2 7 1 1 (2 ) : a. :,, b., (3 ) :, 0 ( 0 ) ( ) = - = + ( ) = - :, : ; ; ( ) ; ( ; ) ; ; : ; ; 2. :, 117

: (1 ),, (2 ),,,, (3 ),, (4 ) (5 ) ( ), (6 ) ( ),,, ( ) 3., (1 ),,,,,,,, :, (2 ), ;,,, 118 : = : : a. = b. = + - c. = ( - ) + +

,,,, N,,,,,, 2, ;, (3 ) :, : : = + : U AC = C - S n (1 + i) n + C n ( 1 + i) n ( P/ A, i, n) : U AC 2002 :D 10, 8 000,2 000, 11, 5 000, 2 000 2 500 3 000 3, 500 / 10% ; 30% ( ), 3, 10 % ;,,, :, : 80 000 0 1 80 000 20 000( 1-30 % ) = 14 000 14 3.1699 44 378.6 80 000( 1-10 % )330% = 7 200 13 2.4869 (17 905.68 ) ( 0-8 000 )30 % = (2 400 ) 4 0.6830 ( 1 639.20 ) 104 833.72 3.1699 33 071.62 119

) 55 000 0 1 55 000 : 1 22 000( 1-30 % ) = 15 400 1 0.9091 14 000.14 2 27 500( 1-30 % ) = 19 250 2 0.8264 15 908.2 3 33 000( 1-30 % ) = 23 100 3 0.7513 17 355.03 55 000( 1-10 % )330% = 4 950 13 2.4869 (12 310.16 ) 5 500 3 0.7513 ( 4 132.15 ) ( 5 500-5 500) 30% = 0 3 0.7513 0 85 821.06 2.4869 34 509.25, : 2002,,,,,,,,, 3, 4.,,,,,,, 100, 100, 40 ( 40% ), 100 60 : (1 ) = (1 - ) : = (1 - ), 120 (2 ),

(3 ) : : : = - - = + = - + = ( 1 - ) - (1 - ) + :? :,,, :? :,,,,,,,,,,,,,,, :? : 10 000, 9 500,, 1 200, 700,,, 33%, = 700 33 % = 231( ), 700,, 300, 200,,,,,, ( 1. 2002 :, ) A. B. C. D. 121

D : = - = - ( - ) = +, : = - 2. 2003 : ABC :30%, 700, 350,210, 410 ( ) : 700-350 - ( 1-30% ) = 210 ( ), = 200 ( ), = 210 + 200 = 410( ) 3. 2001 : : 12, 7 ; 5, 5 ; 5, 48, 5, 1.2, 4, 1/ 12, 14 30 %, 30% : 10%, :,, ( ) - 70 000 0 1-70 000 (70 000-120 000 )30 % - 15 000 0 1-15 000 24 00030 % 7 200 15 3.7907 27 293.04-57 706.96-480 000 0 1-480 000 140 000(1-30 % ) 9 800 15 3.7907 371 488.60 1 240 00030 % 72 000 1 0.9091 65 455.20 2 120 00030 % 36 000 2 0.8264 29 750.40 3 40 00030 % 12 000 3 0.7513 9 015.60 4 40 00030 % 12 000 4 0.6830 8 196.00 12 000 5 0.6209 7 450.80 (40 000-12 000) 30% 8 400 5 0.6209 5 215.56 16 572.16 = - 74 279.12 122

) - 70 000 0 1-70 000 (70 000-120 000 )30 % - 15 000 0 1-15 000 24 00030 % 7 200 15 3.7907 27 293.04-57 706.96-480 000 0 1-480 000 140 000(1-30 % ) 9 800 15 3.7907 371 488.60 1 240 00030 % 72 000 1 0.9091 65 455.20 2 120 00030 % 36 000 2 0.8264 29 750.40 3 40 00030 % 12 000 3 0.7513 9 015.60 4 40 00030 % 12 000 4 0.6830 8 196.00 12 000 5 0.6209 7 450.80 (40 000-12 000) 30% 8 400 5 0.6209 5 215.56 16 572.16 = - 74 279.12 :, () 0 1 2 3 4 5-480 000 70 000 120 000 50 000 15 000 140 000 14 000 14 000 14 000 14 000 ( ) 240 000 120 000 40 000 40 000 ( ) 24 000 24 000 24 000 24 000 24 000 216 000 96 000 16 000 16 000-24 000-76 000 44 000 124 000 124 000 164 000 (30 % ) - 22 800 13 200 37 200 37 200 49 200-53 200 30 800 86 800 86 800 114 800 162 800 126 800 102 800 102 800 90 800 40 000 123

) 0 1 2 3 4 5 12 000 28 000 8 400-395 000 162 800 126 800 102 800 102 800 111 200 (10% ) 1 0.9091 0.8264 0.7513 0.6830 0.6209-395 000 148 001.48 104 787.52 77 233.64 70 212.40 69 044.08 74 279.12-70 000 0 1-70 000 (70 000-120 000 )30 % - 15 000 0 1-15 000 140 000(1-30 % ) 98 000 15 3.7907-371 488.60 24 00030 % 7 200 15 3.7907 27 293.04-429 195.56 1 240 00030 % 72 000 1 0.9091 65 455.20 2 120 00030 % 36 000 2 0.8264 29 750.40 3 40 00030 % 12 000 3 0.7513 9 015.60-480 000 0 1-480 000 4 40 00030 % 12 000 4 0.6830 8 196 12 000 5 0.6209 7 450.80 (40 000-12 000) 30% 8 400 5 0.6209 5 215.56-354 916.44 = - 74 279.12 :,, : () 1. (1 ) :, (2 ) : 124 = = n t t = 0 (1 + ) t

3 ) : :, 0, 1 : (4 ) :,, 2. (1 ) :,, (2 ) : (3 ) : = n t = 0 ( 1 + ) t : = + (- ) = + (- ) (4 ) :,, 3., : ; ; (1 ), (2 ),,,,, (3 ),, : :, :, ;,, 4. (: ), 125

,,, : (1 ) :,, ;,,, = ( 1 + ) = ;, ;,, (2 ) : ;, = ( 1 + ) ;,, = (1 + ) =,,, 2003 :, ( ) A. B. C. D., A B C D := + ( - ), = (1 - )+ A B C,D ( ) 1.,, 60 100,,( A. 60 B. 100 C. 40 D. 140 ) 2. 6 000,, 3, 2 300, ( ) A. 7.33 % B. 7.68 % C. 8.32 % D. 6.68% 126

( ),5, 10 % 0.75, A. 3 B. 5 C. 4 D. 6 4. 500, 380, 150, 33 %, ( ) A. 80.4 B. 230.4 C. 120 D. 234.5 5. ( ) A. B. C., D. 6., ( ) A. C. 7. ( ) B. D. A., B., C., D. 8., ( ) A. B. C. D. 9., ( ) A. B. C. D. 10. 100,, 25, 8, ( ) A. 8 B. 25 C. 33 D. 43 11.,1 000, 400,( ) A. 400 B. 600 C. 1 000 D. 1400 12.,,, ( ( A. C. ) B. D. 13., 10 %, 500, 15 %, - 480, ) A. 13.15 % B. 12.75% C. 12.55% D. 12.25 % 14. 10 %, 500, ( ) A. 10 % B. 10% C. 10% D. 15. 10, 1.5, 10%, 127

A. 3 B. 5 C. 4 D. 6 16.,( ) A. C. B. D. 17., ( ) A. B. C. D. 18. ABC, 8 40 000, 10,, 10 %, 28 800 ; 10 000, 30%, ( ) A. 360 B. 1 200 C. 9 640 D. 10 360 19.,,, ( A. C. ) B. D. 20. 14%, 16 %, ( ) A. 14 %, 16 % B. 14 % C. 15% D. 16 % ( ) 1., ( ) A., B., C., D., 2. ( ) A. B. C. D., 3.,( ) A. = - + B. = (1 - ) - ( 1 - ) + C. = + D. = - - 4. ( ) A. B. C. D. 5. ( ) A. 1, 128

B 1, C. 1, D. 1, 6. ( ) A. C. 7., ( ) A., B. B., C. D. E. D. 8., ( ) A. C. B. D. 9. 10,48 000, 13 000, 5,,, 33%, ( ( A. 2.86 C. 10.05% ( ) 10. ( ) A. C. ) B. 3.33 D. 35% ( ) B. D. 11. ( ) A. C. B. D. 12., : ) A. 80,, B., 200,, C. 100 ;, D., 50 E. 200 13. ( ) A. C. B. 14., ( ) A. C. D. B. D. 15.,,, ( A. ) B. 129

C D. 16., ( ) A. C. ( ) B. D. 1., ( ) 2.,, ( ) 3.,, ( ) 4., ( ) 5., ( ) 6.,, ( ) 7., ( ) 8.,,, ( ) 9., ( ) 10.,, ( ) 11.,, ( ) 12.,, ( ) 13., ( ) 14., : A 400, 10 % ; B 300, 15% A ( ) 15.,,, ( ) 16., ( ) 17.,, ( ) 18.,, A 100, 10% ; B 150,8%, A ( ) ( ) 1. 3 14 950, 5, 2 150, 1 750, 8 500 ; 13 750, 6, 850, 2 500 12%, 30%, 6, 10 % :, 2. 30 000, 5,,5, 5 15 000, 5 000 36 000,, 5, 5 6 000 5 17 000, 6 000,, 300, 3 000 40%, 10% : 130

( 2) ( 3) ( 4) ( 5) ( 6) 3. 15 500, 500, 3, ( ) 10 000 20 000 15 000, 4 000 12 000 5 000 40 %, 10 %, 20 000 : ( 1), 3 ( 2) 4., 3 000, 500 ( 5, 10 %, ),, 5 4, 5,6 33 %, 10%, 300 : ( 1) (,, )? ( 2) ( )?? 5. 2000, 100, 5, 5 ; 20, 5 % ; ( P/ A, 10 %,5 ) = 3.7908, ( P/ S,10%, 5) = 0.6209 : ( 1) ( 2) ( 3) ( 4) 10 %, 2. 609 ( ) 1. B, 2. A =, : 6 000 = 2 300 ( P/ A, i,3 ), ( P/ A, i, 3 ) = 2.609,2.624 2.577, 7% 8 %, 7. 33% 131

. C = 4. B = ( + ) = 50 000(7 500 + 50 00010 % ) = 4( ) = - = 380-150 = 230( ) 5. D = - - = 500-230 - 150 = 120( ) = = 12033% = 39.6( ) = - = 120-39.6 = 80.4( ) = - - = 500-230 - 39.6 = 230.4( ) : = + = 80.4 + 150 = 230.4 ( ) ;, 6. A,, N P V 7. A, ;, ;, ; 8. A, ( ) ( ),,,, 9. D 10.C = + = 25 + 8 = 33( ) 11.B = - = 1 000-400 = 600( ) 12.C,,, 13.C 14.A,10 %, 500, ( ),,, 10% 132

. C = 10(1.5 + 1010 % ) = 4( ) 16.B, ;,,, 17.D,,,,,,, 18.D, 40 000, 28 800, 11 200 (40 000-28 800), 10 000,, 10 000 ;, 1 200 ( 11 200-10 000),,, 360 (1 20030 % ), 360,,10 360 ( 10 000 + 3 600 ) 19.D,,,,,,, D 20.A ( ) 1. A C D,,, 2. B C D, :,,, 3. A B C D, 4. A B C,,, 5. A D 1,,,,, 6. A B C 7. B D E,,,, 133

. A B C : ; ;, 9. B C = - - 10.C D = 48 000-13 000 - (48 000-13 000-100 0005) 33% = 30 050( ) = (48 000-13 000-100 0005) ( 1-33 % ) = 10 050( ) = 100 00030 050 = 3.33 () = 10 050100 000100% = 10.05% ( ) N P V = CF A T t ( P/ S, i c, t) = 0,CF A T t t 11.B C,, B C,, 12.B C D,,, A E,, ; B C,, ; D,,,,,,,,, 13.A B C 14.C D C D 15.A D = - - 16.A B D : ; ; ;,, A B D ( ) 1.,, 2.,, 3.,,,,, 134

.,,,,,, 5.,,,, 6., 7.,,,,, 8., 9.,, 10.,,,, 11.,,,, 12. 13. 14.,,, ;,, 15.,, 16., 17.,,, 18. A B, 135

) 1., : = 2 150(1-30 % ) ( P/ A,12%,5 ) = 5 425.22( ) = (14 950-1 495) 6 = 2 242.50 () = 2 242.5030% ( P/ A,12%, 3) = 1 615.81( ) = [1 750 - (1 750-14 95010 % )30 % ]( P/ S,12 %,5) = 949.54( ) = 8 500 - [ 8 500 - ( 14 950-2 242.503) ] 30 % = 8 416.75( ) = 5 425.22 + 8 416.75-1 615.81-949.54 = 11 276.62( ) = 11 276.62( P/ A,12 %,5) = 3 128.22 () : = 13 750( ) = 850(1-30% ) ( P/ A,12 %,6) = 2 446.28( ) = (13 750-1 375) 6 = 2 062.50 () = 2 062.5030% ( P/ A,12%, 6) = 2 543.93( ) = [2 500 - (2 500-13 75010 % )30 % ]( P/ S,12 %,6) = 1 095.52 () = 13 750 + 2 446.28-2 543.93-1 095.52 = 12 556.83( ) = 12 556.83( P/ A,12 %,6 ) = 3 054.15 () ( 3 054.15 )(3 128.22 ), 2. ( 1) : 30 0005 = 6 000, 30 000 5 = ( 15 000-5 000-6 000) ( 1-40 % ) + 6 000 = 8 400( ) : (36 000-6 000) 5 = 6 000,5 ( :) 0 1 2 3 4 5-36 000-3 000 17 000 17 000 17 000 17 000 17 000 6 000 6 000 6 000 6 000 6 000 6 000 6 000 6 000 6 000 6 000 0 300 600 900 1 200 5 000 4 700 4 400 4 100 3 800 2 000 1 880 1 760 1 640 1 520 3 000 2 820 2 640 2 460 2 280 136

) 0 1 2 3 4 5 9 000 8 820 8 640 8 460 8 280 6 000 3 000-39 000 9 000 8 820 8 640 8 460 17 280 1 0.90909 0.826 0.75131 0.68301 0.62092-39 000 8 181.82 7 289 6 491.36 5 778.29 10 729.5 ( 2) : N P V = 8 400( P/ A,10%,5 ) - 30 000 = 1 843( ) N P V = - 39 000 + 8 181.82 + 7 289 + 6 491.36 + 5 778.29 + 10 729.5 = - 529.75( ) ( 3) : = (1 843 + 30 000) 30 000 = 1.06 = ( - 529.75 + 36 000 )36 000 = 0.99 ( 4) : N P V = 8 400( P/ A, r,5) - 30 000 r = 12 %, N P V = 290.32 ; r = 14 %, N P V = - 1 162, : IR R = 12.40 %, IR R = 9.52 % ( 5) : = 3.57 () = 4.24 () ( 6) 3. ( 1) = ( 15 500-500) 3 = 5 000( ) = 20 000 + (10 000-4 000-5 000 )(1-40 % ) = 20 600 () = 20 000 + (20 000-12 000-5 000) ( 1-40 % ) = 21 800( ) = 20 000 + (15 000-5 000-5 000 )(1-40 % ) = 23 000 () ( 2) = (20 600-20 000 ) + 5 000 = 5 600( ) = (21 800-20 000) + 5 000 = 6 800 () = (23 000-20 000) + 5 000 + 500 = 8 500( ) = 5 600( P/ S,10%,1) + 6 800( P/ S,10%,2 ) + 8 500( P/ S,10 %,3) - 15 500 = 1 590.7( ),, 4. = 3 000( 1-10 % ) = 540( ) = + = 500( 1-33 % ) + 540 = 875( ) ( 1) NP V(4) = + + - = 875( P/ A,10%,4 ) + 300( P/ S,10 %,4 ) + 54033 % ( P/ S, 10 %, 4) - 3 000 = 100.36( ) 137

N P V 3) = n = 3 + + + - = 875( P/ A,10 %,3) + 300( P/ S, 10 %,3) + 540233 % ( P/ S,10%,3 ) - 3 000 = - 330.92( ) 330. 92 = 3.77( ) 330. 92 + 100. 36 ( 2), 3.77 : ( 1),,,, ( 2) :,,,,,,,, ( 3) :,,,,,,,,;, ( 4),,,,,,,,,, ( ) 5. ( 1) : CF A T(0 ) = - 100( ) CF A T(1-4 ) = 20 + (100-5 )5 = 39( ) CF A T(5 ) = 20 + (100-5) 5 + 5 = 44( ) ( 2) = 10039 = 2.56 () ( 3) = 20100100% = 20 % ( 4) = 393.7908 + 1005 % 0.6209-100 = 50.95 ( ) 138

1. 2. ( C) 3. 1. ; ; ; ; 2. ( ) ( ) () 2003 2 2 1 1.5 1 6 4 9.5 2002 1 1 1 8 2 9 2001 1 1 1 2 1 1 1 6 4 10 2000 1 1 1 1 1 6 3 8 139

) () 1., () (1 ) ; (2 ) 2., : (1 ) (2 ) (3 ) (4 ) (5 ) (6 ) (7 ), 3. : (1 ),, (2 ),, (3 ),, (4 ),, 140 4. (1 ) :, : ( )

,,,, :,, (2 ) : : (), (), C * ; T; F ; K C * = (2 TF)/ K ;, (3 ) : a. ; b.,, ; c.,,, ; d.,, : : : 141

R 3 3 b 2 4 i + L ( H): H = 3 R - 2 L b ; i; () ; L 2001 :, R ( ) A. B. C. D. B :, R, () 1. 1. ( ) ; 2., ;, 2. (1 ) :,, ;,,,, ( ) 142

> = < < = > :, ;, : (1 ) = = : = - = = : : ; : : = - (2 ) : (3 ) : :, ;, ;,, = -, : : = = + + - + = = Q/ 2( ) U () ; = ; = - 143

A. :, ( C. D B. ) D. :, D C,, 3. (1 ) : (2 ) :,,,,,,,,, (3 ) : 1. 2003 : ABC 40, 75%, 45 ( 360,, ) 1,50,, 20%, 90 %, 60 ( 70% ) 200,380 300, : 200 12 31 ( ) ( ) 200 100 450 600 560 1 500 1 000 10 2 210 2 210 : 8.9597%,? : = 36045 = 8 () ; = 4508 = 3 600 ( ) ; = 3 360560 = 6 () ; = 3 60075 % = 4 800( ) ; = 4 80070% = 3 360 ( ) 144

= 4 800(1 + 20% ) = 5 760( ) ; = 5 76070% = 4 032 ( ) ; = 5 76090 % = 5 184( ) ; = 4 0326 = 672( ) ;, (5 760-4 800 )(1-70 % ) = 288 ( ) ; = 5 184 3605070 % 8.9597 % - 3 600360 4070% 8. 9597 % = 20.07 ( ) ; = ( 672-560 )8.9597 % = 10.03( ) ; = ( 380-200) = 180 ( ) ; = 288-20.07-10.03-180 = 77.9( ) ; : 2. 2001 : A,,,, : ( / ) 2 400 2 600 2 700 ( / ) 40 20 10 2 3 4 2 % 2.5 % 3% A 20 %,15 % :,?,? 1( ) : 2 400 2 600 2 700 2 4000.2 = 480 2 6000.2 = 520 2 7000.2 = 540 4000.815 % = 48 6500.815 % = 78 9000.815 % = 108 2 4002 % = 48 2 6002.5 % = 65 2 7003 % = 81 40 20 10 344 357 341, 2( ) 145

2 400 2 600 2 700 200 300 ( 1) ( = 20% ) 40 60 ( ) 2 3 4 6 4 3 400 650 900 250 500 ( 2) (15% ) 30 40 2 % 2.5 % 3% 48 65 81 ( 3) 17 33 40 20 10 ( 4) 20 30 13-3, : () 1. :, 2. (), ( 1) :, TCa 146

T Ca F1 + D/ QK + DU,, F1, K ; D Q : = D/ QK + F1 D, U, : = DU ( 2) : TCc F2, Kc TCc = F2 + KcQ/ 2 : F2, Kc (3 ) :, TCs (4 ) TC, : TC = T C a T C c T C s 3. (1 ) :, ;, ;, ;,, ;, ;, ;, (2 ) : T C = F 1 + D/ QK + DU + F 2 + K c Q/ 2, Q,,, Q : - DK/ Q 2 + K c / 2 = 0 DK/ Q 2 = K c / 2 Q * = 2 K D K c D,, ; Kc,, Kc D 147

N = D/ Q * T C( Q * ) = 2 K D Kc t * = 1/ N * = 1 D K c 2 K I * = Q * / 2U = K D 2 K c U T C( Q * ;, ( TC) 4. ) :, (1 ),,,, ;,,, ( R) = ( L) ( d) d = D/ 360, (2 ),,,, Q, P, : Q/ P d, : Q/ Pd, : Q * = 2 K D P K c P - d : TC = D/ QK + Q/ 2(1 - d/ p) K c = 2 K D K c 1 - d p 1, : : = + T C = DC + [2 D K K c (1 - d/ p) ] 1/ 2 : = + : T C = DU + ( 2 D K Kc ) 1/ 2 : T C = DU( 1 - n% ) + D/ QK + Q/ 2Kc ( n% ) 2 ( ), (5 ) (3 ) :,,,,, 148