Ps22Pdf

( ) 158,,,,,, ( CIP) /. :, 1996. 12 ISBN 7 302 02353 0... :. F275 CIP ( 96) 20860 : ( :, 100084) : : : 850 1168 1/ 32 : 13. 25 : 344 : 1996 12 1 1996 12 1 : ISBN 7 302 02353 0/ F 130 : 0001 5000 : 16. 00

,,,,,,, ;,,,,, 1996. 6

1 3 1. 1 3 1. 2 9 1. 3 12 1. 4 18 1. 5 25 2 29 2. 1 29 2. 2 48 3 70 3. 1 70 3. 2 92 3. 3 99 3. 4 107 4 115 4. 1 115 4. 2 131

4. 3 146 5 169 5. 1 169 5. 2 173 5. 3 199 5. 4 210 5. 5 217 6 228 6. 1 229 6. 2 237 7 263 7. 1 263 7. 2 278 7. 3 284 7. 4 300 7. 5 310 8 327 8. 1 327 8. 2 332 8. 3 348 8. 4 360 9 369 9. 1 369 9. 2 379 9. 3 382

9. 4 387 ( S/ P,, ) 404 ( P / S,, ) 407 ( S/ A,, ) 410 ( P / A,, ) 413 417

1,,,,,,,,,,, 1. 1,,,,,,,, : 3

( ),,,,,,,,,,,,,,, ( ),,,,,,,, ( ),, 4

,,,,,,, ( ),,,,,,,,,,,,,,,,,,,,,, 5

( ), 1., 100, 500, 400,,, 2.,, 100,,,,, 100 100 3., 500, 100,,,,, 4.,,,,,, 1, 2 3 4 ( ), 6

, V= P 1 ( 1+ 1) - 1 + P 2 ( 1+ 2) - 2 + + P ( 1+ ) - +, V, P,,, P P,,, V = P ( 1 + ) - = P / = 1 : V P,,,,,,,,,,,,,,,,,, ( ),, 7

,,,,,,,,,, ( ),,,, ( ),,,,,,,,,, ( ), 8

,,,,,,,,,,,, 1. 2,,,,, ( ), 9

,,,,,,,,,, ( ),,,,,,,,, ( 10

),,,,,,,,, ;,,,,,,,,,,,,,,,,,, ( ) 11

,,,,,,,,,, 1. 3,,,,,,,, ( ), : 1. :,,,,, 2. :,,,, 12

, 3. :,,,,, 4. ;,,,,, ( ) : 1. :,, ;,, 2. :,, 3. :,,, 4. :,,, 13

, 5. :, ( ),,,,, ;,,,,,,,,,,,,,,,,,,, ( ), 1. 14

,,,,,,,,,,,,,,,,, 2.,,, 3.,,,,,,, 15

, :,, ( ),,,, ( ),,,,,,,,, ( ),,,,,, 16

,,,, ( ),,,,,,,, ( ),,,,,,,, ( ),,,,,,,, ( ),, 17

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

,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 19

,,,,,,,,,,,,,,,,,,,,,,,,,, ;,,,,,,, ;,, 20

,,,,,,,,,, ;, ;,,,,,, ;,,,, ;,,,,,,,,,,,, 21

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 22

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 23

,,,,,,,,,, ; ;,, ;,,, ;,,,,,,,,,,,,,,,,, 24

1. 5,,,,,, : ( ), 1992 11, 1994 7 1,, ;, : 1. 2. 25

3.,, 4.,,,, ( ),,,,,, ( ),,,,,,, 26

,,,,,,,,,,,,,,,,,,,,, 1 1 1 1 27

, : 1. :, 2. : 3. : 4. : 5. :,,,,,, 28

2,,,, 2. 1,, 1, 1,, 20 ;, 22 12%,? 20,, 20 1+ 12 12% = 22. 4, 12, 20 22. 4, 22. 4-22= 0. 4 20, 29

,,,,,,,,,,,,,,,,,,,,,,,,,,, 30

,,, ;,, ;,,,, ;,,,,, ;,,,,,, 12%, 1, 1 200, 100, 3. 3, 1 390, 23 1,,,,, 1, 23, ( ),, 1. 31

, I ; : I = P t P, ;,, ; t,, 1 1 000, 6, 12% : I = 1 000 12% 6 = 60( ) 12,,, 12 360, ;, : 2.,, S = P + I = P + P t = P ( 1+ t) 1, : 3. S = 1 000 1+ 12% 6 12 = 1 060( ),, 32

,, : P = S- I = S- S t = S( 1- t), P, ; S, ;, ; t, 1, 4, 15% : ( ) P = 1 060 1-15% 4 12 = 1 007( ), 1.,,,,, P, S = P + P = P ( 1+ ),, 33

S = P ( 1+ ) + P ( 1+ ) = P ( 1+ ) ( 1+ ) = P ( 1+ ) 2, P S = P ( 1+ ) = P ( S/ P,, ), S, ; P, ;, ;, ( 1+ ) 1, ( S/ P,, ), x y,, P, S, 2 1,, :, ;, 2 1 34

2 1 000, 10%, S = 1 000 ( 1+ 10% ) 3 = 1 000 1. 331 = 1 331( ) ( 1+ 10% ) 3 = ( S/ P, 10%, 3) = 1. 331, 3, 8%, : ( 1+ 8% ) = 2 ln 1. 08= ln 2 ln2 = ln 1. 08 = 0. 6931 9( ) 7. 696 10-2, = 8% 2 1. 999, = 9 4, 18 4, : ( 1 + ) 18 = 4, ( 1 + ) = 4 1 1 8 1. 08 = 8% 4 1 1 8 x y, = 18 4 3. 996, = 8% 2.,,, : S = P ( 1 + P = ) S ( 1 + ) = S ( 1 + ) - = S ( P / S,, ) 35

( 1+ ) -,, 1, ( P / S,, ) x y, 5 4 4 000, 10%, : P = 4 000 ( 1+ 10% ) - 4 = 4 000 0. 6830 = 2 732( ) ( 1+ 10% ) - 4 = ( P / S, 10%, 4) = 0. 6830, ( ), : ; ; ; 1.,, 2 2, ( 1) 2 2, 36

, 2 3 2 3 A,,, : S= A+ A( 1+ ) + A( 1+ ) 2 + + A( 1+ ) - 1 ( 1+ ), ( 1+ ) S= A( 1+ ) + A ( 1+ ) 2 + A( 1+ ) 3 + + A ( 1+ ), ( 1+ ) S- S= A( 1+ ) - A, S = A ( 1+ ) - 1 = A( S / A,, ) ( S/ A,, ) = ( 1+ ) - 1, 1,,, 6 5 1000, 9%, 5? S = 1 000 ( 1+ 9% ) 5-1 9% = 1 000 5. 985 = 5 985( ) 37

, ( S / A, 9%, 5) = 5. 985, S = 1 000 5. 985 = 5 985( ) ( S/ A, 9%, 5) = 5. 985> 5 : ( S / A,, ) >, x > 0 : ( 1+ x ) = 1+ x + ( - 1) 2! ( 1+ x ) > 1+ x, x 1 : ( 1+ x ) 1+ x x 2 + + x - 1 + x,, 1,, ( S/ A,, ) = ( 1+ ) - 1 1+ - 1 =. 6, ( S/ A, 9%, 5) = 5. 985 = 5, ( S/ A,, ), ( 2) 38

( A/ S,, ) = S= A ( 1+ ) - 1 A = S ( 1+ ) - 1 = S( A / S,, ), ( 1+ ) - 1 ( A/ S,, ) = 1 ( S / A,, ),, 7, 10, 10, 10%,, A = 100 000 ( A/ S, 10%, 10) 1 = 100 000 ( S / A, 10%, 10) = 100 000 1 15. 937 = 6 275( ) 10 = 1 / 10, 8 3 300 000, 39

?, 8%, A = 300 000 ( A / S, 8%, 3) 1 = 300 000 ( S/ A, 8%, 3) = 300 000 1 3. 2464 = 92 410( ) 300 000 3= 100 000( ) ( 3),, 2 4 2 4, P = A( 1+ ) - 1 + A ( 1+ ) - 2 + + A ( 1+ ) - ( - 1) + A( 1+ ) -, ( 1+ ), P ( 1+ ) = A+ A( 1+ ) - 1 + + A( 1+ ) - ( - 2 ) + A ( 1+ ) - ( - 1)., 40 P ( 1+ ) - P = A - A ( 1+ ) -,

P = A 1- ( 1+ ) - = A( P / A,, ) - 1- ( 1+ ) ( P / A,, ) =,,, x > 0 ( 1+ x ) - > 1- x x 1 ( 1+ x ) - 1- x, 1,,,, : ( P / A,, ) = 1- ( 1+ ) - 1- ( 1- ) =. ( P / A,, ) ( P / A,, ), 9 5 1 000, 6%,? ( P / A, 6%, 5) = 1- ( 1+ 6% ) - 5 = 4. 2124 6% = 5 P = 1 000 ( P / A, 6%, 5) = 1 000 4. 2124= 4 212( ) 10 10 1 000, 20%,? ( P / A, 20%, 10) = 1- ( 1+ 20% ) - 10 = 4. 1925 20% 41

P = 1 000 ( P / A, 20%, 10) = 1 000 4. 1925= 4 193( ), 9, 4. 2124 5 ; 10, 4. 1925 10, ( 4), P = A ( P / A,, ) = A A= P, 1- ( 1+ ) - 1- ( 1+ ) - = P ( A/ P,, ) ( A/ P,, ) = 1- ( 1+ ) - ( P / A,, ) = 1- ( 1+ ) - 11 10% 150 000 15,? 42 ( A / P, 10%, 15) = 1 = 0. 13147 7. 6061 A = 150 000 ( A/ P, 10%, 15) = 150 000 0. 13147= 19 721( )

2., 2 5 2 5 ( 1), 2 6 2 6 A,,, : S = A( 1+ ) + A( 1+ ) 2 + + A ( 1+ ) S = A+ A( 1+ ) + + A ( 1+ ) - 1, ( 1+ ), ( 1+ ) : 43

S= A ( S/ A,, ) ( 1+ ) = A ( 1+ ) - 1 ( 1+ ) 2 6 2 3, 2 3 2 6, ( 1+ ) 12 1 000, 10%, 8? S = 1 000 ( S / A, 10%, 8) ( 1+ 10% ) = 1 000 11. 436 1. 1 = 12 580( ) ( 2),, 2 7 2 7, P = A+ A( 1+ ) - 1 + + A( 1+ ) - ( - 1 ) = [ A ( 1+ ) - 1 + A ( 1+ ) - 2 + + A ( 1+ ) - ] ( 1+ ) = A( P / A,, ) ( 1+ ) = A 1- ( 1+ ) - ( 1+ ), ( 1+ 44

),, 2 7 2 4, 2 4 2 7, ( 1+ ) 13 3, 100 000, 10%,? P = 100 000 ( P / A, 10%, 3) ( 1+ 10% ) = 100 000 2. 487 1. 1 = 273 570( ) 3. m, 2 8 m= 3, = 4 2 8 m, : S= A( S / A,, ) m, 1,, P = A( P / A,, ) ( 1+ ) -, ( m+ ) m m 45

P = A ( P / A,, m+ ) - A( P / A,, m) = A 1- ( 1+ ) - m - - A 1- ( 1+ ) - m = A 1- ( 1+ ) - ( 1+ ) - m = A ( P / A,, ) ( 1+ ) - m 14 100, 7 12%,? 4. P = 100 ( P / A, 12%, 7) ( 1+ 12% ) - 2 = 100 4. 5638 0. 79719 = 364( ),,,,,, ( 1+ ) - 0, P = A 1- ( 1+ ) - P = A 15, 10 000 10%,? P = 10 000 = 100 000( ) 10% 16 6 000, 1 200 8%, 46

? P = 1 200 = 15 000( ) 8% ( ),,,, 1 M, r, r M, 1 1 1+ = 1+ r M r 17 12%,?, M= 2 = 1+ 12% 2 M 2-1= 12. 36%,, M= 4, = 1+ 12% 4 4-1= 12. 55%, M= 12 = 1+ 12% 12, M, 12-1= 12. 68% M,, 47

, = lim 1+ r M M - 1 17 r= 12%, = lim 1+ r M = e r - 1 M r r - 1 = e 0. 12-1= 12. 75%,,,,, 2. 2,,,,,,,, ( ),,,, 48

,,,,, ( ), 1.,,,, : ( 1) 100 15%, 15% 100% ( 2), 100, 20% 10% 5%, 30% 40% 30% ( 3), 100,,, 100, 100% 60% 20%,,,,, 49

,, 2.,, ( 1),,,,,,, ( 2),,, 3.,,, ( 1),,, :,,,, 50

,,,,,,,, ( 2),,,,,,,,,,,,, : ( 3), : ; : ; :, ;,, ;,, 51

,,,, ( ),,,, 1 100%, 0,, ;,,,, 1 000, 1 000, 100%,, 1 000,, 1 000, 1 00%, 80%, 1 000 20%, 40%, 60%, 1 000, 1 000 100%, 80% 20%, 200 200 30% 50% 20% 52

( ),,,,,,,,,,,,,,, 1, : P = 1( :, P ) = 1 0 P dk = 1 ( : K, P ) ( ),,,, 53

, : K =,, P K = 1 = P K = 1 P = 1 K ; P ; 18 A B 2 1, 2-1 A B ( P ) A ( K ) B 0. 30 30% 90% 0. 50 26% 26% 0. 20 20% - 70%, 2 9,, 2 10 P,, 0. 3, A 30%, A 30% 0. 3 A 54

2 9 A B 2 10 K A = 0. 30 30% + 0. 50 26% + 0. 20 20% = 26% B K B= 0. 30 90% + 0. 50 26% + 0. 20 ( - 70% ) = 26%, 26%, A, 20% 30%, B, - 70% 90%, 55

, 1, P d K = 1, 0,,, ( ),, = ( K - K ) 2 P = 1,,, 18 A B A B: A = ( 30% - 26% ) 2 0. 30 + ( 26% - 26% ) 2 0. 50 + ( 20% - 26% ) 2 0. 10 = 15. 49% B = ( 90% - 26% ) 2 0. 30 + ( 26% - 26% ) 2 0. 50 + ( - 70% - 26% ) 2 0. 20 = 55. 43% B A, ( ),,, 56

, :, V= E 100% V, ; ; E 18, A VA = B V B= 15. 49% 26% 55. 43% 26% = 59. 58% = 213. 19%,,,,, 19 A 13%, 15. 49% ; B 52%, 55. 43% A B 18, A, B VA = VB = 15. 49% 13% = 119. 15% 55. 43% 52% = 106. 60% 18, A B 57

( ), :,, :, ;, : :, K ; K F K R ; K = K F + K R, : K F K 0 ; K F = K 0+ I P,, ; I P,, 58

,,, ( ), : K R b V K R = bv V b, : 1. 20%, 10%, 100%, K = K F + K R b= K - K F V K R = bv = 20% - 10% 100% = 0. 1 2.,,, ;,, 3.,,, 20 19, A V A = 119. 15%, B 59

V B = 106. 60% 10%, A B ba = 0. 05 bb = 0. 08. A B K A = K F + ba V A = 10% + 0. 05 119. 15% = 15. 96% K B = K F + bbvb = 10% + 0. 08 106. 60% = 18. 53%, ba = bb, VA > V B, K A > K B ba < bb, K A < K B b,, b,, K, K, K > K, 19, K A = 13%, K B = 52%, K A = 13% < K A = 15. 96% K B = 52% > K B= 18. 53% A, B 21 18, A B K A = K B = 26%, A B 15. 49% 55. 43%, ba bb 0. 05 0. 08, K F 10% 60

V A= A = K A V B= B = K B 15. 49% 26% 55. 43% 26%, K A K B = 15. 49% 26% = 213. 19% = K F + ba V A = 59. 58% = 10% + 0. 05 59. 58% = 12. 98% = K F + bbvb = 10% + 0. 08 213. 19% = 27. 06% K A = 26% > K A = 12. 98%, A ; K B= 26% < K B = 27. 06%, B ( ), K = K F + K R K = K F + bv C, K C= K F C+ bvc P P F P R P = P F + P R 61

, : P R = K RC= bvc K P C, : P R K = P / C P = K R K = P K R K K R bv = P = P K F + K R K F + bv 22 21, A B 1000 P R A = ba V AC = 5% 59. 58% 1000 = 29. 79( ) P R B = bbv BC = 8% 213. 19% 1000 = 170. 55( ) B 23 1 000 A, 129. 8 ; B, 270. 6 A 2. 98% 12. 98%, B 17. 06% 27. 06% P R A = P A P R B = P B K R A K A K R B K B 2. 98% = 129. 8 = 29. 8( ) 12. 98% 17. 06% = 270. 6 = 170. 6( ) 27. 06% 62

,,,,,,,,,, ( ), 1.,,,,,,, r = - 1, 2 2,, 2 11 2., 63

2 2 A B 1991 30% - 6% 12% 1992-6% 30% 12% 1993 40% - 16% 12% 1994-16% 40% 12% 1995 12% 12% 12% 12% 12% 12% 21. 1% 21. 1% 0 2 11,,,,,, r = 1, 2 3,, 2 11 A 64

2 3 A B 1991 30% 30% 30% 1992-6% - 6% - 6% 1993 40% 40% 40% 1994-16% - 16% - 16% 1995 12% 12% 12% 12% 12% 12% 21. 1% 21. 1% 21. 1%,,, 0. 5 0. 7,,,,,,, ( ) 1.,,,, K R = K = R = K R = K R 65

K R ; = K R, K R, : = K R : K R = K R + K R = K R + K = R K R,, 2 12 K R= + K = R 2 12,, K R, : K R=, : 66 + K = R + = ( + ) + K = R K R = +

, :, K F, K = K F + K R= K F + + + K = R, 2.,, :, K = K ; X K = 1 X ; K ;, K R = +, K = X K = = 1 = X K F + = 1 = 1 = K F + ( X ) = K R = 1 X ( K F + + + = K R ) = 1 X ( + ) + = 1 X K = R, K = R, : = X = 1, : 67

K R = K = R K R K = R : K = K F + K R = K F + K = R, = 1, : = K = K F + = K R : K = K F + K = R = K F + ( = K - K F ) 24 A B C, 1. 5 1. 0 0. 5, 50% 30% 20%, 15%, 10%, 3 = = 1 X = 50% 1. 5 + 30% 1. 0 + 20% 0. 5 = 1. 15 K R = ( = K - K F ) = 1. 15 ( 15% - 10% ) = 5. 75% K = K F + K R = 10% + 5. 75% = 15. 75% 25 24 A B C 20% 68

30% 50%, 3 = K R= = 1 X = 20% 1. 5 + 30% 1. 0 + 50% 0. 5 = 0. 85 ( = K - K F ) = 0. 85 ( 15% - 10% ) = 4. 25% K = K F + K R = 10% + 4. 25% = 14. 25% 3. = K R = = K R = K R = K R = = 1, < 1, > 1,,, : K = K F + + + K = R ( ) K = K F + K = R ( ),,, 69

3,,,,, :, 3. 1,,,,,,,,,,,, 70

,,,,,,,, 3 1 3 2 3 1 : C 19 12 31 : : : 50 100 90 120 24 12 8 10 22 16 218 200 400 800 8 20 : 2 4 24 14 398 796 2 4 8 44 32 24 44 24 16 14 652 238 20 56 14 64 2 14 8 16 10 18 0 90 0 100 1220 1400 10 6 : 90 60 440 600 : 3234 4000 490 900 : 1324 1524 520 480 1910 2476 120 100 24 0 30 40 50 20 1160 1520 20 16 : 2004 2512 1400 1400 : 140 150 71

16 12 120 160 30 10 100 170 : 0 6 1760 1880 3360 4000 3360 4000 3 2 : C 19 : 5700 6000 : 5006 5288 40 44 56 56 598 612 : 72 40 : 80 92 192 220 398 340 : 48 80 34 20 : 10 40 470 400 : 150 128 320 272 72

( ),, 1., 3 1, C = : 1 220 = 2. 77 440 : 1 400 = 2. 33 600, 2. 77, 2. 33,,,, : = -,,,,,, 2, 73

,,,,, 2,,,, 2.,, = = - - -,,,, 3 1, C = 546 = 1. 24 440 = 1 054 = 1. 76 600, 1. 24, 1. 76,,, 74

,, 1, ;,,, 1,,,,, 1,,, 1,,,,, 3.,,,, + + = 3 1, C = 96 = 0. 218 440 = 218 = 0. 363 600, 75

, ( ), ;,,,,,,,, 1.,, = 3 1, C = 1 600 = 0. 476 3 360 = 2 120 = 0. 530 4 000 : ( 1),,,, 1,, ( 2), 76

,, ( 3),,, ;, 2.,,,,, = 3 1, C = 1 760 = 0. 524 3 360 = 1 880 = 0. 470 4 000, 1, : + =,,,,,,,,, 3 1, C = 3 360 1 760 = 1. 909 77

= 4 000 = 2. 128 1 880 3.,,,,,, = 3 1, C = 1 600 = 0. 909 1 760 = 2 120 = 1. 128 1 880 : =, - = 1, - = 1 4.,,,,,, + = 3 2, C = 662 = 3. 45 192 78

= 620 = 2. 82 220,,,,,,,,,,,,, : ( ) 1.,,, = + = 2,, 79

,,,,,,,,,,,,,,,,,,,,,,,, = = =,,,, 360 = = 360 80

,, 3 1 3 2, C = 5 288 = 11. 9( ) 445 = 445 360 = 30. 3( ) 5 288 2., = = - - - - = + 2,,,,,,,,,,,,, = 360 81

360 =,, : = +,,,,,, 3 1 3 2,, C = 6 000 = 10. 1( ) 597 = 597 360 = 35. 8( ) 6 000 = 30. 3+ 35. 8 = 66. 1( ) 3., = = ( + ) 2, = 82 360

360 =,,,,,,,, 3 1 3 2, C = 6 000 = 4. 58( ) 1 310 = 1 310 360 = 78. 6( ) 6 000, ( ),, = = + 2,,,,,,, 83

,,, ;, 3 1 3 2, C = 6 000 = 2. 74( ) 2 193 = 6 000 = 2. 42( ) 2 476 ( ), =,,,,, 3 1 3 2, C = 6 000 = 1. 63( ) 3 680 = 6 000 = 1. 50( ) 4 000 84

,,,,, ( ), 1., = 100%,, 3 2, C = 470 100% = 8. 25% 5 700 = 400 100% = 6. 67% 6 000,, : 85

= 100% = -,,, 3 2, C = 594 100% = 10. 42% 5 700 = 712 100% = 11. 87% 6 000, = 100%, 3 2, C = 320 100% = 5. 61% 5 700 = 272 100% = 4. 53% 6 000 2., = 100% = + + + + 86

= - +,,,,, 3 2, C = 470 = 8. 75% 5 374 = 400 = 7. 02% 5 700 3.,,, = 100% = ( + ) 2,,,, 3 1 3 2, C = 400 100% = 10. 87% 3 680 = 400 100% = 10% 4 000,,,,,,, = 100% 87

, 3 1 3 2, C = 272 100% = 7. 39% 3 680 = 272 100% = 6. 8% 4 000 4.,,, : = 100%,, 3 1 3 2, C = 470 100% = 33. 6% 1 400 = 400 100% = 28. 6% 1 400,,, = 100% 3 1 3 2, C = 470 100% = 26. 7% 1 760 88

= 400 100% = 21. 3% 1 880,,,, = 100% 3 1 3 2, C = 320 100% = 22. 9% 1 400 = 272 100% = 19. 4% 1 400,,, = 100% 3 1 3 2, C = 320 100% = 18. 2% 1 760 = 272 100% = 14. 5% 1 880 ( ), 1.,,, 89

- = ;, 3 200, 200, 2 000, : 3 200-200 = = 1. 50( ) 2 000,,, 2.,,, =,,,, ;, 600, 2 000, : = 600 = 0. 30( ) 2 000 3.,, = 90 -

,,, ;,, 6 100, 60, 2 000, : 6 100-60 = = 3. 02( ) 2 000 4.,,, = 100% 1. 50, 0. 30, : 0. 30 = 100% = 20% 1. 50 5., = 100% 0. 30, 7. 50, : = 6. 0. 30 100% = 4% 7. 50,, 91

, =,, 3. 2 1. 50, 7. 50, = 7. 50 1. 50 = 5,,,,,,,, :,,,,,,, 5, 10, 92

3 3 4, 3 4 3 3 D : 1992 1993 1994 1995 5 700 6 270 6 646 6 778 : 2 850 3 162 3 370 3 932 2 850 3 108 3 276 2 846 : 800 860 1 200 1 040 2 050 2 248 2 076 1 806 : 150 130 234 134 2 200 2 378 2 310 1 940 : 726 784 762 640 1 474 1 594 1 548 1 300 : 526 1 114 1 750 2 370 2 000 2 708 3 298 3 670 : 148 160 154 130 738 798 774 650 1 114 1 750 2 370 2 890 3 4 1993 1994 1995 % % % 570 10 376 6 132 2 312 11 208 7 562 17 258 9 168 5-430 - 13 60 8 340 40-160 - 13 198 10-172 - 8-270 - 13-20 - 13 104 80-100 - 43 178 8-68 - 3-370 - 16 58 8-22 - 3-122 - 16 120 8-46 - 3-248 - 16 93

: = - = 3 4, : ( 1) ; ( 2), 1995 17% ; ( 3) ; ( 4), 1995 ; ( 5), ; ( 6), 1995,,,,,,, : = 100%,,, 3 5 D, 3 6 3 6, 94

, 70% ;, 10% 20%,,,, 1994 D 3 5 : 1993 1994 1995 1. 1 594 1 548 1 300 2. 220 354 402 3. 82 44 126 4. 160 154 130 2 056 2 100 1 958 1. 160 154 130 2. 798 774 650 3. 800 1 800 600 4. 1 758 2 728 1 380 298-628 578 1993 1994 1995 1. 200-100 - 100 2. 100 100 100 300 0 0 2 628-578 298-628 578 95

D 3 6 : 1993 1994 1995 1. 77 74 66 2. 11 17 21 3. 4 2 6 4. 8 7 7 100 100 100 1. 8 7 7 2. 39 37 33 3. 39 86 30 4. 86 130 70 14-30 30 1993 1994 1995 1. 10-5 - 5 2. 5 5 5 15 0 0 0 30-30 15-30 30,,,,, 96

, 100,,, : = 100 3 7 D, 3 8 D 3 7 : 1992 1993 1994 1995 600 800 700 600 600 700 800 900 1 800 2 600 4 400 5 000 : 200 420 774 1 176 2 800 3 680 5 126 5 324 300 302 930 352 238 320 364 490 1 000 1 000 1 000 1 000 148 308 462 592 1 114 1 950 2 390 2 890 2 800 3 680 5 126 5 324 97

3 8 D : 1992 1993 1994 1995 100 ( 600) 133 117 100 100 ( 600) 116 133 150 100 ( 1600) 136 227 239 100 ( 2800) 131 183 190 100 ( 300) 100 310 117 100 ( 238) 134 153 206 100 ( 1000) 100 100 100 100 ( 148) 208 312 400 100 ( 1114) 157 213 259 100 ( 2800) 131 183 190 3 8 : ( 1) ; ( 2), ; ( 3), ; ( 4),, ; ; 3 8 : ( 1) ; ( 2), ( 3),, ; 98

( 4) 1994,, 1995,,,,,,,,,,,,, 3. 3 3. 1, 3. 2,,,,,,,,,,,,, 99

,,,,,,,,,,,,,,, 3 9 67 3 9 0. 58 0. 73 0. 60 0. 80 0. 57 0. 25 0. 10 0. 008 0. 32 0. 17 2. 93 5. 16 288 4. 93 1. 6 1. 34 4. 52 169 4. 77 1. 36 0. 42 0. 27 0. 40 0. 20 0. 43 6. 62 116 117 35 39. 6 0. 64 1. 11 0. 07 0. 45 0. 29 0. 61 0. 73 0. 60 0. 80 0. 57 ( % ) 96. 7 43. 3 59. 8 53. 1 52. 2 2. 44 3. 86 2. 18 2. 03 4. 26 : 1992 = = 100

,,,,,,,,,,, : ( ),,, 1. 3 10 60% 30% 30% 3 10 40% 30% 10% 40% 60% 20% 30% 10% 100% 100% 101

, : ( 1) 100%,,,, 40%, 60% 40%,,, 60% 40%,, 0. 4, 0. 6 ( 2),, ;, 2/ 3, 1/ 3 ( 1), 60% 60% 2/ 3= 40%, 40%, 60% ( 3) 2, ( 2), 60%, 30% ( 1), 40%, 10% ( 4), 1 2,, 3, 1/ 3, 60% 1/ 3= 20% 40%,, 30% 10% ( 5) 1 102

,, 30%, ( 3) 60%,, 30% 2.,, 3 11 3. 1 C,, 3 11 C : ( 60% ) 2400 1400-1000 ( 40% ) 1600 2120 520 : ( 30% ) 1200 924-276 : 1200 600-600 ( 30% ) 1200 476-724 400 1520 1120 ( 40% ) 1600 2600 1000 ( 60% ) 2400 1880-520 : ( 20% ) 800 1400 600 ( 30% ) 1200 310-890 ( 10% ) 400 170-230 4000 4000 4000 4000 3., : ( 1) :,,,,,,,,,,, 103

( 2) :,,,,, ;,,,,,, ( 3) :,,,, ( 4) :,,, ( ),,,, 1. 3 12, : ( 1) 100%,, C 25%, 25%, 75% ( 2),, C, 13%, 12% ( 3),,, 104

1% ( 4) 33%,, 6%, 5% 3 12 100% 75% 25% 13% 12% 1% 11% 6% 5% 2., 3. 1C, 3 13, +, - 3. 3 13, 28 888, 468, ( ) 120, 40, ( 888-468- 120-40) = 260, 232, ( 260-232) = 28, 105

3 13 ( 100% ) 6 000 6 000 0 ( 75% ) 4 500 5 388-888 ( 25% ) 1 500 612-888 ( 13% ) 780 312 + 468 40 + 40 ( 12% ) 720 340-380 (, 1% ) 60-60 + 120 ( 11% ) 660 400-260 ( 6% ) 360 128 + 232 ( 5% ) 300 272-28 ( ),,,, C 2, 100%, 200%, C 4 000, 8 000, 3 14 106

3 14 ( ) ( 200% ) 8 000 6 000-2 000 ( 150% ) 6 000 5 388 + 612 ( 50% ) 2 000 612-1 388 ( 26% ) 1 040 312 + 728 0 40 + 40 ( 24% ) 960 340-620 (, 2% ) 80-60 + 140 ( 22% ) 880 400-480 ( 12% ) 480 128 + 352 ( 10% ) 400 272-128 3 14,, 2 000,,,, C,,, 3. 4,, 107

,, C, 3 15 3 15 1 2 3 4 5= 4 3 6= 2 5 0. 15 2. 00 2. 33 1. 165 0. 1748 0. 10 1. 00 1. 73 1. 730 0. 1730 0. 10 0. 40 0. 53 1. 325 0. 1325 0. 05 10. 00 10. 05 1. 005 0. 0503 0. 10 12. 00 11. 88 0. 940 0. 0940 0. 15 2. 00 1. 63 0. 8150 0. 1223 0. 10 11. 00% 6. 67% 0. 6064 0. 0606 0. 15 12. 50% 7. 02% 0. 5616 0. 0842 0. 10 35. 00% 21. 28% 0. 6080 0. 0608 1. 00 0. 9525 : 1.,, 2.,, 1, 108

3., 4. 3 15 3. 1 C 5., 6.,, 1, ; 1,, 3 15, 0. 9525, C,,,, 3 1, : 1. = 109

3 1 C = 2. = 110

= 3. =, : 1.,,,,, 2.,, 3.,,,,,,,,, 4.,,,,,, ;,, 5. 111

,,,,,,,, 112

4,,, 4. 1,,,, ( ), : 1., 115

,,,,,,, 2.,,,,, ;, 3.,,,,,,,,,,, ( ),,,,,, 116

( ) : 1., ; 2.,,, ; 3.,, ; 4., : 4 1 4 1,, 4 1 117

4 1 : 1 ( ) 2 ( 1) 3 600 4 600 5 1 200 6 ( 2) 7 100 8 80 9 50 10 70 11 300 12 ( 3) ( 3) = ( 1) + ( 2) 1 500 13 ( ) 14 ( 4) 15 500 16 250 17 250 18 100 19 80 20 80 21 40 22 800 23 ( 5) 24 200 25 50 26 50 27 60 28 100 29 40 118

30 500 31 ( 6) ( 6) = ( 4) + ( 5) 1 300 32 ( ) 33 ( 7) ( 7) = ( 3) - ( 6) 200 34 ( ) 35 ( 8) 100 36 ( 9) 200 37 ( 10) ( 10) = ( 8) + ( 9) = ( 8) + ( 3) - ( 6) 300 38 ( 11) 160 39 ( 12) ( 12) = ( 10) - ( 11) 140 : ( ) 1.,,,, : ( 1), ; ( 2), 2., 119

( ) 1., : ( 1),,, ( 2), ( 3), ( 4),,,,,,,,,, 2., 120

( ) : = - = + - + ( ) ( ),, ;,, : = = - + = + - - -, ( ),, 121

1.,,,,,, 2.,, 2/ 10, / 30, 10, 10, 30,,, ;,,,, 1 2 3 4 5 5 20% 40% 20% 10% 5% 5%,, 3.,,,,,, : ( 1) ; ( 2) ; ( 3) ; ( 4) 122

; ( 5) ; ( 6) ; ( 7) ; ( 8) ( ), 1.,, ; ; 2.,,, : ( 1),, ( 2),,,,,, ( 3 ) 123

, : ( 1), ( 2),,, ( 3), 3.,,,,,,,,, 4.,,,, ;,,,, ( ),,,,,,,, : ( 1) ; ( 2) ; ( 3), 124

1.,,, : ( 1),, ( 2) ( 3), : ( 1),,,, ( 2),, : ( 1),,, ( 2),,, 1 1000,,, 8, 100, 9%,, 100 125

9% = 9, 8 1, 2., : ( 1) ; ( 2) ; ( 3),,,,,,,, ;, 3.,,,,,, 126

,,,,,, ( ), : = / 360 = / 360 = / 360,, 4 2 4 2, 127

4 2, : = + -, : = 360, 2 100, 50, 30, 900, = 100+ 50-30= 120( ) = 900 120= 300( ) 360,, ( ), :,,,, 4 3, 4 3, N, 0- t1,, t 1 N t 1- t2 t 2,, N,, N, 128

4 3 N, N / 2, N, N^ : ( 1),, ( 2),, : T C ; T C= N 2 + T N b N, ; ; T ; b, N, N N,, 4 4 129

4 4 N^, : T C N,, T C = 2 - T b = 0, N 2 N 2 = 2T b, N^ = 2T b 3 2 0%, 1 0 0, 1 0 00, N^ = 2 10 000 000 100 = 100 000( ) 20% 10, : 130 T / N^ = 1 000 = 100( ) 10

TC ^ = 100 000 2 20% + 10 000 000 100= 20 000( ) 100 000 ( ), : = - 1 4 1 000, 30, 20%, ( 1 000-30) ( 1+ 20% ) = 1 164( ),,,,,, 4. 2,,,,,, 131

,,, ( ) : 1.,,,,, 2.,, ( 1),, ( 2), ( 3) : ; ; ; ( 4),, ( ) 132

,,, ( ) : 1., ; 2.,, ; 3. 4 5 4 5,,,, ( ),,,, 133

,, ;,,,, 6%, 15% ( ),,, 2/ 10, / 30, : 10, 2% ;, 30, 30, 10, 2%,,, ( ),,,,,, ;,,,,, :, ;, ;, 134

,,,,, ( ),,, : 1.,, ;, 2., : ( 1),, ( 2), :,,, ;, 135

; :, AAA AA A BBB BB B CCC CC C, AAA, C ;, AAA AA A ( 3),,,,, ( 4), ( ),,,, 5C 1. 5C 5C, C, 5C ( 1),,,, ( 2),,,, 136

( 3), ( 4),,, ( 5),,, 2.,,, :, 1) ; Y = a1x 1 + a 2x 2 + + a x = a x = 1 Y ; a ( a = = 1 x 4 2 4 2 ( 1), ( 2), ( 3) ( 2), ( 4) 84. 50, 137

4 2 ( x ) ( a ) ( 1) ( 2) 0 100 ( 3) ( a x ) ( 4) = ( 1) ( 3) 0. 20 1. 9 90 18. 00 ( % ) 0. 10 60 75 7. 50 ( % ) 0. 05 15 90 4. 50 0. 25 AA 85 21. 25 0. 30 85 25. 50 0. 05 75 3. 75 0. 05 80 4. 00 1. 00 84. 50,, 80, 60 80, 60 ( ),,, 1.,,,,,, : ; ; ;, ;, ;, ;, 138

2.,, :,,,, : ( 1),,,,,, ( 2),,, ( 3),,,,, ( 4),,, ( 5),, ( 6),,, : ( 1),,, ( 2), 139

, 3.,,,,,, 4 3 19 12 31 4 3 ( ) ( % ) 127 118 51. 53 1 30 61 50 21. 83 31 180 34 29 12. 66 181 360 26 22 9. 61 360 15 10 4. 37 263 229 100. 00,,,,,,,,,,, 140

( ), ;,, :, = - = + :, ; P = S K - + + C SR0- S B- SDR D - S M 360 P, ; S ( ) ; K ( ) ; C, ; R 0, ; C S, ; 360 B, ; D, R D, ; M, 141

,,,,, ( ) 5 5, 4 4 4 4 ( % ) ( ) ( ) 5. 7 40 90 000 8. 7 90 10 000 12 75 15 000 10%, A B A B 6% 15% 4 5 20%, 15%,,, A B, P = 100 000 20% - 45 100 000 15% - 100 000 6% 360 = 100 000 20% - 12 500 15% - 100 000 6% = 12 125( ), 12500 P A = 90 000 20% - 142 40 90 000 15% - 90 000 5. 7% 360

= 90 000 20% - 10 000 15% - 90 000 5. 7% = 11 370( ) P B = 115 000 20% - - 115 000 6. 78% 49 115 000 15% 360 = 115 000 20% - 15 653 15% - 115 000 6. 78% = 12 855( ) 4 5 A ( ) ( ) 90 000 5. 7% 100 000 + 10 000 8 7% = 6% 100 000 5. 7% 90 000 100 000 40 + 40 10 000 90= 45 100 000 100 000 90 000 B 100 000 115 000 6% 100 000 115 000 45 115 000 + 15 000 12% = 6. 78% 115 000 + 15 000 75= 49 115 000, B, 12 855-12 125= 730 A, 12 125-11 370= 755 B ( ) 6 6, A B, 4 6 143

4 6 A B 30, 45, 2/ 10, / 30 S ( ) 100 000 120 000 130 000 C ( ) 45 60 30 B 6% 8% 4% D 0 0 50% R D 0 0 2% P 20% 20% 20% R 0 15% 15% 15%, A B, P = 100 000 20% - = 12 125( ) P A = 120 000 20% - = 11 400( ) 45 100 000 15% - 100 000 6% 360 60 120 000 15% - 120 000 8% 360 30 P B = 130 000 20% - 130 000 15% - 130 000 4% 360-130 000 50% 2% = 17 875( ), B, 17 875-12 125= 5 750, A, 12 125-11 400= 725 B 144

( ), 7 7 1 200 000, 20%, 10%, 4 7, 4 7 ( ) 10 000 15 000 ( ) 60 30 ( % ) 4 2, 60 P 1 = 1 200 000 20% - 1 200 000 10% 360-1 200 000 4% - 10 000 = 162 000( ) 30 P 2 = 1 20 0000 20% - 1 20 0000 10% 360-1 20 0000 2% - 1 5000 = 191 000( ), 191 000-162 000= 29 000, ( ),,, 145

,,,,,, 4. 3,, 50%,,,,, ( ) 1., ( 1),,,,,,,, 146

( 2),,,,, ( 3),,,, 2.,,,, : ( 1),, D, U, D U ( 2),,,, F 1,, K, Q, D Q K + F 1,, T Ca : 147

T Ca = F 1+ D Q K + DU ( 3),,,, K c, Q 2 K c F 2, T Cc : T Cc = F 2+ Q 2 K c ( 4),,, K u, S, TCs T Cs= K us D Q ( ),,,, 148

( ) : 1. ; 2. ; 3. 4 6 4 6, ( ),,,, : = : 1. 149

: = =,, 360, 90, 30 2. 3.,, : = + + + + : ( 1), ( 2), ( 3) ( 4) : =,, 150

,,, 50%,,, : =, ( 5) 8, 1kg, 360000, 6 /, 5, 1, 30, 50%, 2, 3? 360 000 1 6 ( 5+ 1+ 2+ 30 50% + 3) = 156 000( ) 360 ( ),, : =, : 1. 151

2. 3. 4. 9 4 8, 4 8 ( ) ( ) ( ) ( % ) 5 12 000 50 5 5 12 000 100 2 5 17 000 60 8 5 17 000 100 2 5 20 000 80 3 20 = 5 12 000 50% 5+ 5 12 000 100% 2 + 5 17 000 60% 8+ 5 17 000 100% 2+ 5 20 000 80% 3= 1 088 000( ),,, ( ), : 152

= : 1.,,, 2. 3.,, ( 1) ( 2) ( 3) 10 5, 30 000, 6, 2, 3 5 30 000 ( 6+ 2+ 3) = 1 650 000( ) ( ),, ;,, 153

, 4 9 19 4 9 : 80 000 65 000 6 000 5 000 4 000 50 000 28 000 20 000 2 000 30 000 25 000 5 000 160 000,,,,,,, : = 154-1 %

1- %,,, : = - 1-, =,,,, : ( 1) ; ( 2), ; ( 3), ; ( 4), 155

, ( ),, : 1.,,,,,,, 2.,,,,,, 3.,,,,, 4., 156

5., ( ),, 1., 2., 3., 4. 5. ( ),,,,,,,,, 157

A BC, ABC, : 1. ( ) ; 2.,, : 3., A, B, C, ; 4. A, B, C 11 40, 1 600 000, ABC 4 10, 4 7, 4 11 4 10 ( ) ( ) ( ) ( ) ( % ) ( ABC) 1 3 000 60 180 000 11. 25 A 2 2 000 22 44 000 2. 75 C 3 15 000 18 270 000 16. 88 A 4 11 000 20 220 000 13. 75 A 5 10 000 17 170 000 10. 62 A 6 30 000 3 90 000 5. 62 B 7 2 000 10 20 000 1. 25 C 8 8 000 15 120 000 7. 5 A 9 5 000 12 60 000 3. 75 B 10 45 000 2 90 000 5. 62 B 11 60 000 1 60 000 3. 75 B 158

( ) ( ) ( ) ( ) ( % ) ( ABC) 12 18 000 2 36 000 2. 25 C 13 20 000 3 60 000 3. 75 B 14 24 000 1 24 000 1. 50 C 15 6 000 8 48 000 3. 00 C 16 5 000 4 20 000 1. 25 C 17 4 500 2 9 000 0. 56 C 18 7 200 3 21 600 1. 35 C 19 8 000 1 8 000 0. 50 C 20 6 000 2 12 000 0. 75 C 21-40 37 400 2. 34 C 1600 000 100 4 7, A 60%, 12. 5%, B 82. 5%, 25% 4 7 ABC 4 11 159

4 11 ( ) ( ) ( % ) ( ) ( % ) ( ) ( % ) 1 180 000 11. 25 A 3 270 000 16. 88 A 4 220 000 13. 75 A 5 12. 5 960 000 60. 0 5 170 000 10. 62 A 8 120 000 7. 50 A 6 90 000 5. 62 B 9 60 000 3. 75 B 10 90 000 5. 62 B 5 12. 5 360 000 22. 5 11 60 000 3. 75 B 13 60 000 3. 75 B 2 44 000 2. 75 C 7 20 000 1. 25 C 12 36 000 2. 25 C 14 24 000 1. 50 C 15 48 000 3. 00 C 16 20 000 1. 25 C 30 75 280 000 17. 5 17 9 000 0. 56 C 18 21 600 1. 35 C 19 8 000 0. 50 C 20 12 000 0. 75 C 21 40 37 400 2. 34 C 1 600 000 100 40 100 1 600 000 100,,,,, 160

,,, ( ),,, T C= TCa + T Cc + TCs = F 1 + D Q K + D U + F 2 + K c : ( 1), ; ( 2) ; ( 3), ; ( 4) D U K K c F 1 F 2, T C= F 1+ F 2+ DU + D Q K + K c Q 2 + K us D Q T C Q T C, T C Q : T C = - D Q 2 K + K c 2 = 0, Q 2 ^ Q = 2K D K c, Q^, 161

N^ = D Q^ = D 2K D / K c = D K c/ 2K T C ^ Q = + 360 T^ = = 360 2K / DK c N^ DK 2K D/ K c + K c 2 2K D / K c = + 2K D / K c, F 1+ F 2+ D U, Q, 4 8 4 8 4 8,, : : Q^ Q= 2 = K D 2K c 162

^ I = Q^2 U = K D U 2K c 12 8 100, 36, 2, 12 Q^ = N^ = 8 100 540 2 8 100 36 2 = 15( ) = 540( ) T C ^ Q = 2 36 8 100 2 = 1 080( ) T^ = 360 2 36/ 8 100 2 = 24( ) ^ I = 36 8 100 12 = 3 240( ) 2 2 ( ),,,, ;,, 13, 675, 2%,? Q 1= 540 Q 2= 675 T C1 = 8 100 540 36 + 540 2 2 + 8 100 12 163

= 98 280( ) T C2= 8 100 675 36 + 2 + 8 100 12 ( 1-2% ) 675 2 = 96 363( ) T C2 < T C1 675 ( ),,, 4 9, 4 9 P, d, Q/ P, Q d, E = Q - P E = 1 2 Q- Q P d, T C= D Q K + 1 2 Q - Q P d K c Q P d, 164

T C = - DK + K c Q 2 2 1 - d P = 0 Q^ = 2K D K c P P - d, N^ = DK c 2K 1 - d P T C ^ Q = 2K D K c 1 - d P T^ = 360 2K D K c P P - d ^ I = K D 2K c P P - d U ( ),,, Q^ N^, B, B^, Q^ + B^, T C( S B) : K u T C( S B) = K us N^ + BK c S, ^ N 165

B K c,,,,,,, L, d, L, R R= Ld B, R R= Ld + B,,, 14 D 3600, K c 2, K u 4, L 10, 10 Q^ 300, N^ 12 4 12 4 12 ( 10d ) 70 80 90 100 110 120 130 ( P ) 0. 01 0. 04 0. 20 0. 50 0. 20 0. 04 0. 01 ( 1) B= 0, R= Ld + B= 10 10+ 0= 100( ) 166

4 13 4 13 70 80 90 100 110 120 130 0 10 20 30 0. 75 0. 20 0. 04 0. 01 S = 10 0. 2+ 20 0. 04+ 30 0. 01= 3. 1( ), T C( S, B) = 4 3. 1 12+ 0= 148. 8( ) 10 B= 10, R= 10 10+ 10= 110( ) 4 14 70 80 90 100 110 120 130 0 10 20 0. 95 0. 04 0. 01 S = 10 0. 04+ 20 0. 01= 0. 6( ), T C( S, B) = 4 0. 6 12+ 10 2= 48. 8( ) 20 B= 20, R= 10 10+ 20= 120( ) 4 15 70 80 90 100 110 120 130 0 10 0. 99 0. 01 S = 10 0. 01= 0. 1, T C( S, B) = 4 0. 1 12+ 20 2= 44. 8( ) 167

30 B= 30 R= 10 10+ 30= 130( ), S = 0 T C( S, B) = 0+ 30 2= 60( ) ( 2), B= 20, T C( S, B) = 44. 8, 20, 120, 300+ 20= 320 168

5,,,,,,,, 5. 1,, ( ), : 1. 2., 169

3., 4., ( ), : 1., 2. 3. ( ), : 1. 2. 3. 4. 5. 6. 170

( ) 1., :, 2.,,,,,,,, ( 1) ( 2), ( 3) ( 4) 171

( 5) ( 6),,, ( 7), ; ( ),,,,,, ( ),,,,,, ( ),,,,, 172

,,, : ( ), ( ), 5. 2,,,, ( ), 173

, : 1., ( 1) ( 2), ( 3) ( 4) 2.,, : = - = - ( + + ) = - 3. = - ( + ) = +, 174

( 1) ; ( 2) ; ( 3),,,, 1, 27 000, 5,, 5 2 000, 18 000, 5 000, 5 000 10 000, 5,, 5 2 000, 11 400, 3 000, 3 000, 400 40%, 5 1, 5 2 5 1 : 1 2 3 4 5 ( 1) 18 000 18 000 18 000 18 000 18 000 ( 2) 5 000 5 000 5 000 5 000 5 000 ( 3) 5 000 5 000 5 000 5 000 5 000 ( 4) 8 000 8 000 8 000 8 000 8 000 ( 4) = ( 1) - ( 2) - ( 3) ( 5) 3 200 3 200 3 200 3 200 3 200 ( 5) = ( 4) 40% ( 6) 4 800 4 800 4 800 4 800 4 800 ( 6) = ( 4) - ( 5) ( 7) 9 800 9 800 9 800 9 800 9 800 ( 7) = ( 6) + ( 3) 175

1 2 3 4 5 ( 1) 11 400 11 400 11 400 11 400 11 400 ( 2) 3 000 3 400 3 800 4 200 4 600 ( 3) 1 600 1 600 1 600 1 600 1 600 ( 4) 6 800 6 400 6 000 5 600 5 200 ( 4) = ( 1) - ( 2) - ( 3) ( 5) 2 720 2 560 2 400 2 240 2 080 ( 5) = ( 4) 40% ( 6) 4 080 3 840 3 600 3 360 3 120 ( 6) = ( 4) - ( 5) ( 7) 5 680 5 440 5 200 4 960 4 720 ( 7) = ( 6) + ( 3) 5 2 : 0 1 2 3 4 5-27 000-5 000 9 800 9 800 9 800 9 800 9 800 2 000 5 000-32 000 9 800 9 800 9 800 9 800 16 800-10 000-3 000 5 680 5 440 5 200 4 960 4 720 2 000 3 000-13 000 5 680 5 440 5 200 4 960 9 720 176

,, 1, 0,,,,,,, 5 2, 5 1 5 2 5 1 5 2, 177

: ( 1), ;, ( 2),, ( 3),,,,,, ( ),,,,,,,,,,,, :, N P V= N CF 0 + = t = 0 N CF t ( 1 + ) t N P V 178 N CF 1 ( 1 + ) + N CF 2 ( 1 + ) 2 + + N CF ( 1 + )

N CF t t 2 1 5 2,, 10%,,,,,,,,,,, 3 1 5 2,,, = 0 10% 20% 30% 40%, 5 3,, :, 9. 1%, 10 560 ;, 20. 2%, ;, 34. 9%, ( ), 179

1., : : 3, 6 3, 25%, N P V ( 25% ) < 0, 25%, N P V ( 25% ) > 0, 2.,, : 5 3, 10%,, 8%, N P V > N P V N P V > N P V 4,, 40%, 10%, 5 4,,, : ( 1) = - 180 = - ( + ) = + = ( - - ) ( 1- ) +

= ( 1- ) - ( 1- ) +, :, ( 1- ) ;, 5 4 : 60 000 50 000 ( 10% ) 6 000 5 000 ( ) 6 4 3 0 4 4 8 600 5 000 28 000 7 000 10 000 10 000 1 9 000 18 000 2 9 000 13 500 3 9 000 9 000 4 9 000 4 500 ( 2),,,,, ( 3) 181

,,,,, : 0 : - 10 000+ [ 10 000- ( 60 000-9 000 3) ] 40% = - 19 200( ) 1 : - 8 600 ( 1-40% ) + 9 000 40% = - 1 560( ) 2 : - 8 600 ( 1-40% ) + 9 000 40% - 28 000 ( 1-40% ) = - 18 360( ) 3 : - 8 600 ( 1-40% ) + 9 000 40% = - 1 560( ) 4 : - 8 600 ( 1-40% ) + 7 000- ( 7 000-6 000) 40% = 1 440( ) 5 4 5 4 : 0 : - 50 000( ) 1 : - 5 000 ( 1-40% ) + 18 000 40% = 4 200( ) 2 : - 5 000 ( 1-40% ) + 13 500 40% = 2 400( ) 3 : - 5 000 ( 1-40% ) + 9 000 40% = 600( ) 182

4 : - 5 000 ( 1-40% ) + 4 500 40% + 10 000 - ( 1 000-5 000) 40% = 6 800( ) 5 5 5 5, N P V = - 19 200-1 560 ( P / S, 10%, 1) - 18 360 ( P / S, 10%, 2) - 1 560 ( P / S, 10%, 3) + 1 440 ( P / S, 10%, 4) = - 19 200-1 560 0. 909-18 360 0. 826-1 560 0. 751+ 1 440 0. 683 = - 35 971( ) N P V = - 50 000+ 4 200 ( P / S, 10%, 1) + 2 400 ( P / S, 10%, 2) + 600 ( P / S, 10%, 3) + 6 800 ( P / S, 10%, 4) = - 50 000+ 4 200 0. 909+ 2 400 0. 826 + 600 0. 751+ 6 800 0. 683 = - 39 105( ) N P V > N P V,, 35 971 183

, 39 105, 3.,, : 5 5 A 1 B 1 B2 C1 C2, B 1 B2 C1 C2, 800 000 5 5 5 5 : A 1 245 000 135 000 B1 300 000 160 000 B2 595 000 220 000 C1 250 000 42 000 C 2 205 000 36 000,, 5 6 5 6,, A 1B 1C1, 337 000 4.,, : 184

5 6 : A1B1C1 795 000 337 000 A1B1C2 750 000 331 000 A1 B1 545 000 295 000 A 1C1 495 000 177 000 A 1C2 450 000 171 000 B1 C1 550 000 202 000 B 2 C 2 800 000 256 000 6, 5 7, 15%,?, 5 7 : 2 200 10 4 200 600 700 2 400 10 0 300 2 400 400 5 6 5 6 5 7 185

5 7 : N P V - 600-700 ( P / A, 15%, 6) + 200 ( P / S, 15%, 6) = ( P / A, 15%, 6) - 600-700 3. 784+ 200 0. 432 = 3. 784 = - 836( ) : N P V - 2 400-400 ( P / A, 15%, 10) + 300 ( P / S, 15%, 10) = ( P / A, 15%, 10) - 2 400-400 5. 019+ 300 0. 247 = 5. 019 = - 863( ),,,, ( ),, 186

,,, 1.,,,,,,,,,,, 2.,,,,,,,,,,,,,,,,,, : 187

, P I = P I ; t = 0 I t t ; Q t t ; ; I t ( 1 + ) t ( 1 + ) t t = 0, : 1,,,,,,,,,, 7 A B, 5 8 14%, Q t 5 8 : A B 0 110 000 10 000 1 50 000 5 050 2 50 000 5 050 3 50 000 5 050 A B 5 8 5 9, 188

5 8 A 5 9 B 50 000 ( P / A, 14%, 3) 50 000 2. 322 P I A = = = 1. 06 110 000 110 000 5 050 ( P / A, 14%, 3) 5 050 2. 322 P I B = = = 1. 17 10 000 10 000, A B 1,,, B A, B, N P V A = 50 000 ( P / A, 14%, 3) - 110 000 N P V B = 50 000 2. 322-110 000= 6 100( ) = 5 050 ( P / A, 14%, 3) - 10 000 = 5 050 2. 322-10 000= 1 726( ) N P V A> N P VB, A 189

,,,, ( ) :, t = 0 I RR ; N CF t t ; N CF t = 0 ( 1 + I RR) t ( ),,,, ;,,,, 8 5 1 5 2 1, 5 3, : 190

5 3, N P V ( 20% ) = 125 N P V ( 30% ) = - 6242, I RR 20% 30% 20%, 21% N P V ( 21% ) = - 627,, 20% 21% : I RR = 20% + : 125 ( 21% - 20% ) = 20. 2% 125- ( - 627) 5 3, N P V ( 30% ) = 1 310 N P V ( 40% ) = - 1174, I RR 30% 40% 35% N P V ( 35% ) = - 33, 35% ; 34% N P V ( 34% ) = 218,, : IRR = 34% + 218 ( 35% - 34% ) = 34. 9% 218- ( - 33), 5 3 ( ),,, 5 3,,,, 9 5 9,,, 191

6,,,,,,,,,,,,,,,,,,,,,, 192

,,,,,, 6 1,,,,,,,, ( ),,,,,,,,,,,,,, ( ),,,,,,,, 193

,,, ( ),,,,,,,,, ( ) : 1. 2.,, 194

3.,,,,,, ( ),, : 1., 2.,, 3.,,, ;,, ( ),, 195

,,,,, 1,, 1. 12 500, 50%, 5, 5 2 500, 3 500,, 5 2. 8 200, 1 3 000, 400 20%, 80% 5 2 000 3. 1 060, 200, 600, 300, 100 4. 10%, 8% 6% 30%, 30% 196

( ) 1. 6 1 6 1 : 1 2 3 4 5 ( 1) 8 200 8 200 8 200 8 200 8 200 ( 2) 3 000 3 400 3 800 4 200 4 600 ( 3) 2 000 2 000 2 000 2 000 2 000 ( 4) = ( 1) - ( 2) + ( 3) 3 200 2 800 2 400 2 000 1 600 ( 5) = ( 4) 30% 960 840 720 600 480 ( 6) = ( 4) - ( 5) 2 240 1 960 1 680 1 400 1 120 ( 7) = ( 1) - ( 2) - ( 5) = ( 3) + ( 6) 4 240 3 960 3 680 3 400 3 120 2. 6 2 6 2 : 0 1 2 3 4 5-12 500-3 500 4 240 3 960 3 680 3 400 3 120 2 500 2 000 3 500-16 000 4 240 3 960 3 680 3 400 11 120 197

3. N P V = - 16 000+ 4 240 ( P / S, 10%, 1) + 3 960 ( P / S, 10%, 2) + 3 680 ( P / S, 10%, 3) + 3 400 ( P / S, 10%, 4) + 11 120 ( P / S, 10%, 5) = - 16 000+ 4 240 0. 909+ 3 960 0. 826 + 3 680 0. 751+ 3 400 0. 683+ 11 120 0. 621 = 3 117( ) 3 117, ( ) 1.,, 6 3 6 3 : 1 2 3 4 5 1 060 1 060 1 060 1 060 1 060 200 200 200 200 200 860 860 860 860 860 258 258 258 258 258 602 602 602 602 602 2. 6 4,, 20%, 2 3. N P V = - 6 250+ 1 498 ( P / S, 8%, 1) + 1 386 198 ( P / S, 8%, 2) + 1 274 ( P / S, 8%, 3) + 1 162 ( P / S, 8%, 4) + 3 360 ( P / S, 8%, 5)

= - 6 250+ 1 498 0. 926+ 1 386 0. 857+ 1 174 0. 794+ 1 162 0. 735+ 3 300 0. 681 = 438( ) 438, 6 4 : 0 1 2 3 4 5-6 250 602 602 602 602 602 896 784 672 560 448 1 250 1 000-6 250 1 498 1 386 1 274 1 162 3 300 ( ) 1. 6 5 6 5 : 1 2 3 4 5 600 600 600 600 600 200 200 200 200 200 800 800 800 800 800 240 240 240 240 240 560 560 560 560 560 2. 6 6 199

6 6 : 0 1 2 3 4 5-6 250 560 560 560 560 560 896 784 672 560 448 1 250 1 000-6 250 1 456 1 344 1 232 1 120 3 258 3. N P V = - 6 250+ 1 456 ( P / S, 6%, 1) + 1 344 ( P / S, 6%, 2) + 1 232 ( P / S, 6%, 3) + 1 120 ( P / S, 6%, 4) + 3 258 ( P / S, 6%, 5) = - 6 250+ 1 456 0. 943+ 1 344 0. 890+ 1 232 0. 840+ 1 120 0. 792+ 3 258 0. 747 = 675( ) 675,,, : ( ), 200

,,,, ( ),,,,,, ( ),,,,,,,, 6 2,, 201

( ), 1.,,,,,,,, ;, 2.,,,,,,, ;, 3.,,,,, ; 202

,,,,,,, 4.,,,,,, ( ), 1.,, ;,,,,,,,,,,,, 2. :,,, 203

,,,,,,,,,,, ( ), 1.,, ( 1),, :,,,,,,,, ( 2),, 204

:,,,, : 2.,, ( 1),,,,,,,,,,,, : ( 2),,,,,,, 205

( ), : = ( 1 + ) + t = 1 ( 1 + ) t,,,, t,, t 2 1 000, 8%, 5,, 10%,? 1 000 ( 1 + 10% ) 5 + 5 t = 1 1 000 8% ( 1 + 10% ) t = 1 000 ( P / S, 10%, 5) + 1 000 8% ( P / A, 10%, 5) = 1 000 0. 621 + 1 000 8% 3. 791 = 924( ) 3,, 4%, 5%, 10, t 206

1 000 ( 1 + 5% ) 10 + 10 t = 1 1 000 4% ( 1 + 5% ) t = 1 000 ( P / S, 5%, 10) + 1 000 4% ( P / A, 5%, 10) = 1 000 0. 614 + 1 000 4% 7. 722 = 923( ),,, = ( 1+ ) 4 1 000, 5,, 10%,? 1 000 ( 1+ 10% ) 5 = 1 000 ( P / S, 10%, 5) ( ) = 1 000 0. 621= 621( ),,,,,, : P = D 1 1 + K + D 2 ( 1 + K ) 2 + + = t = 1 D t ( 1 + K ) t, P ; D t ( 1 + K ) t + 207

D t t ; K, : 1.,,,, : P = t = 1 D t ( 1 + K ) t + P ( 1 + K ),, P 5 3 3 10 000, 3 100 000 12%,? 3 P = t = 1 10 000 + ( 1 + 12% ) t 100 000 ( 1 + 12% ) 3 = 10 000 ( P / A, 12%, 3) + 100 000 ( P / S, 12%, 3) = 10 000 2. 402 + 100 000 0. 712 = 95 220( ) 2., D,, : 1 1 + K P = : P = 208 t = 1 D = ( 1 + K ) t t = 1 D ( 1 + K ) t D 1 + K D 1 + K 1 -, 1 = D 1 K 1 + K

, 1 1+ K 6,,? P = 10 000 12% = 83 333( ) 3.,, t, G, D 1 G K D t= D 1( 1+ G) t - 1, : P = = t = 1 D 1 D t ( 1 + K ) t = t = 1 1 + G 1 + K 1 + K t = 1 1, D 1( 1 + G) t - 1 ( 1 + K ) t t- 1 1 + G D 1, G 1 + K 1 + K < K 1 + G 1,, 1 + K P = t = 1 D t ( 1 + K ) t = D 1 1 + G 1 + K 1 + K t = 1 D 1 1 D 1 = = 1 + K 1 + G K - G 1-1 + K 7, 3, 5% 12%,? P = 3 ( 1 + 5% ) 12% - 5% = 45( ) 45 t- 1 209

,,,, ( ),,,,,,, 6 1 6 1,, - P 0 + P 1 + ( 1 + R) D t t = 1 1 = 0 ( 1 + R) t, 210

P 0 ; P ; D t t ; ; R R,, D t = D, : - P 0+ P + D ( 1+ R) R 1-1 = 0 ( 1+ R),,, R,, P P 0 : ( 1+ R) - 1- R - P 0+ P - P R+ D 0 D + ( P - P 0) / R P, D + ( P - P 0) / R ( P + P 0) / 2 :, 8 95 220, 3, 3 10 000, 3 100 000, - 95 220+ 100 000 ( 1+ R) 3 + 10 000 R 1-1 ( 1+ R) 3 = 0, 211

, 5, R= 12%, 10 000+ ( 100 000-95 220) / 3 R = 11. 9% ( 100 000+ 95 220) / 2 9 924 5, 1 000, 8%, 950, 6 2, 1 000 8% = 80( ) N P V= - 924+ 80 ( 950+ 80) + 1+ ( 1+ ) 2 = 9%, N P V( 9% ) = 16. 32( ) = 11%, N P V( 11% ) = - 15. 96( ),, = R= 9% + 6 2 16. 32 ( 11% - 9% ) = 10. 0% 16. 32_ ( - 15. 96) 2, 80+ ( 950-924) / 2 R = 9. 9% ( 950+ 924) / 2 10, 1 000,? 212

, 80+ ( 1 000-924) / 2 R = 12. 3% ( 1 000+ 924) / 2,, N P V( 12. 3% ) = - 924+, = 3. 61( ) N P V( 13% ) = - 924+, : R= 12. 3% + = - 7. 41( ) 80 ( 80+ 1 000) + 1+ 12. 3% ( 1+ 12. 3% ) 2 80 ( 80+ 1 000) + 1+ 13% ( 1+ 13% ) 2 3. 61 ( 13% - 12. 3% ) = 12. 5% 3. 61- ( - 7. 41) 11, 1 000, 3? 3 6 3 6 3, 80+ ( 1 000-1 000) / 3 R = 8% ( 1 000+ 1 000) / 2 213

N P V( 8% ) = - 1 000+ 8%, 80 1+ 8% + 80 + ( 1+ 8% ) 2 ( 80+ 1 000) ( 1+ 8% ) 3 = 0 ( ),,, 1.,,,,,,, 2.,,,,,,,, 3.,,,, ;,,,,, 214

4.,,,, : ( 1) ; ( 2), ; ( 3) ; ( 4), ; ( 5), 5.,,,,, 12 3 100 1 100, 14%,, : ( 1) 1 20% ; ( 2) 1 10%, : ( 1) 1 20% 1 : 100 ( 1+ 14% ) = 114( ) 3 100 ( 1+ 14% 3) - 100 2 20% = 102( ) 3 : 114-102= 12( ),, 215

: ( 2) 1 10% 1 : 100 ( 1+ 14% ) = 114( ) 3 1 100 ( 1+ 14% 3) - 100 2 10% = 122( ) : 122-114= 8( ),, ( ), 1., : ( 1) ; ( 2) ; ( 3) AAA AA A BBB BB B CCC CC C9,, 4,,, 5,, 2. : ( 1) ; ( 2) ; ( 3) 216

3., 1, A B C D 4 A, A 1 2 3 B, C D 4.,,, 4 8, : A + ; A ; A - ; B + ; B - ; B ; C ; D 217

( ) 1., ( 1) ( ), ;, ( 2), :,,,,,,,,,,,,, ( 3),,,,, ;,,, ;,,,,, 218

, ;,,,,, 2 ( 1), 4,,, ( 2), 4,,,,,,,,,,,,, ( 3),, : ; ; ; ; 219

; ; ; ; ;,, ( ),, 1,,,, : =, : =,, ;, ;,, 13 3, 15, 10,? = 15 3= 45( ) = 10 3= 30( ),, 220

2,,, 1,,,, 20,,,, 1, 5,, 10 11, 5 20,,,, ( ),,,,,,, : 1,,,, ;, ;, ;,, 221

,,,,,,,, 40,, 12, 10, 1/ 3, 1/ 3, 1/ 3, 1/ 3,,,,,,,,, 2,,,,,,,, 3,,,,, 222

,,,,, ( ),,,,,, ( ),,, : 1,,, 2,,, 223

, 3,,,,, 224

7,,,,, 7 1,, 1, 1 1992 1995 20%, 1995 1 000, 1996, 1996 20%, 1996 227

: 1 000 ( 1+ 20% ) = 1 200( ), ;, 2,,,,,,,,,,,,,,, ( ),, 10%, 10% 10%, 10%, 10%, 228

, 10%, 10%,, 10%, 10%,,, ;, : = - - ( ) = - = + + : = - - : ; ( ),, 229

: 1, ; 2,, ; 3, 2 1995 7 1 1996 19 000 000, 50%, 1996 7 1 1995 : ( % ) 17 000 000 100. 0 : 11 730 000 69. 0 85 000 0. 5 1 360 000 8. 0 3 825 000 22. 5 : 3 111 000 18. 3 34 000 0. 2 680 000 4. 0 : 272 000 1. 6 408 000 2. 4 1995, 1996, 7 2 7 2, 456 000, 456 000 50% = 228 000( ) 230

7 2 1996 1995 ( % ) 1996 17 000 000 100. 0 19 000 000 : 11 730 000 69. 0 13 110 000 85 000 0. 5 95 000 1 360 000 8. 0 1 520 000 3 825 000 22. 5 4 275 000 : 3 111 000 18. 3 3 477 000 34 000 0. 2 38 000 680 000 4. 0 760 000 : 272 000 1. 6 304 000 408 000 2. 4 456 000 ( ), : 1, 2, 3 3, 1995, 7 3, 1996 231

7 3 1995 : ( % ) : 221 000 1. 3 3 060 000 18. 0 2 720 000 16. 0 10 000 500 000 289 000 1. 7 6 800 000 37. 0 : 1 010 000 2 618 000 15. 4 153 000 0. 9 269 000 4 050 000 16. 3 800 000 1 950 000 2 750 000 6 800 000, 1996 7 4 7 4 1996 : 1995 1995 ( % ) 1996 : 221 000 1. 3 247 000 3 060 000 18 3 420 000 2 720 000 16 3 040 000 232

1995 1995 ( % ) 1996 10 000 10 000 500 000 500 000 289 000 1. 7 323 000 6 800 000 37. 0 7 540 000 1 010 000 1 010 000 2 618 000 15. 4 2 926 000 153 000 0. 9 171 000 269 000 269 000 4 050 000 16. 3 4 376 000 800 000 800 000 1 950 000 2 178 000 2 750 000 2 978 000 186 000 6 800 000 7 540 000 7 4, = - + = 7 540 000- ( 4 376 000+ 2 978 000) = 186 000( ) 1996 1995 1996, : 1 950 000+ 228 000= 2 178 000( ) ( ) : 233

, = = + = + = - + - = - - - -,, + - - - = - -, : ( 221000+ 3060000+ 2720000+ 289000) - ( 2618000+ 153000) = 17000000 ( 19 000 000-17 000 000) - 228 000 = 3 519 000 2 000 000-228 000 17 000 000 234

= 414 000-228 000 = 186 000( ) 4 1996 4 500 000, 40% 20%, 1996 530 000 = ( 40% - 20% ) 4 500 000-530 000= 370 000( ), :, y a y= a + bx b x,,,,,,, y= a + bx, a b, x y 235

( ) a b,,, y 1= a + bx 1,, y 2= a + bx 2 b= y 2- y 1 x 2- x 1 a = y 1- bx 1 = y 2- bx 2, x 1 y 1 x 2 y 2 :,, 7 1 x P 1 x P 6 L, L L 1 P 2 P 3, L 2 P 3 P 4,,, : y y, x x, 236

7 1 5 7 5 1996 79 000, 7 5 ( x ) ( ) ( y ) ( ) 1991 6. 0 495 1992 5. 5 480 1993 5. 0 450 1994 6. 5 520 1995 7. 0 550 1993, x 1= 5. 0, y 1 = 450, 1995, x 2 = 7. 0, y 2= 550 : b= 550-450 7. 0-5. 0 = 50 a = 450-50 5. 0= 200 237

y = 200+ 50x 1996 : y= 200+ 50 7. 9= 595( ) ( ), a, b, 7 2 5, 7 2 y a 210 ; ( 5, 450), : : b= 1996 : 238 450-210 = 48( / ) 5. 0 y = 210+ 48x

y = 210+ 48 7. 9= 589. 2( ) 595,,,, ( ),,,,,,,,, 7 3, : 7 3 D = 1, D, 239

D = cos = 2 cos, y, x, D = 1 Q = 2 = 1,, y = a+ bx Q= 2 = [ y - ( a + bx ) ] 2 = ( y 2 + a 2 + b 2 x 2 + 2a bx - 2a y - 2bx y ) Q, Q a b, Q a = ( 2a + 2bx - 2y) = 2( a + b x - y) = 0 Q b = ( 2bx 2 + 2ax - 2x y) = 2( b x 2 + a x - x y) = 0 y = a + b x x y = a x + b x 2, y = a + bx a b a b,, 240

6 5, 1996 7 5 7 6 7 6 x( ) y ( ) xy x 2 1991 6. 0 495 2 970 36 1992 5. 5 480 2 640 30. 25 1993 5. 0 450 2 250 25 1994 6. 5 520 3 380 42. 25 1995 7. 0 550 3 850 49 = 5 x = 30 y = 2495 xy = 15090 x 2 = 182. 5 7 8, y = 211+ 48x 2 495 = 5a + 30b 15 090 = 30a + 182. 5b a = 211 b= 48 1996 79 000 7. 9, 1996 : y = 211+ 48 7. 9 = 590. 2( ),,,,,,, 241

7 2,, 6, 7,, 6 ( ), : 1, 2,, 3 4, 242

, ( ),, : 1 2 3 4 ( ),, 6,, 4,,, 243

, ( ) : 1,,, 2,,,,,, : 1,,, 2,,, ( ),,,,,, 244

, 1. 5/ 10, / 30, 10, 1. 5% ; 10 30, ;, 30, 30, 10, : 1,, 2,,,,,, : = - 360 - = 1-360 - 3,,,,, 245

7 1. 5/ 10, / 30, 1, 10, 0 2 : = 1. 5% 360 = 27. 1% 1-1. 5% 30-10, 30, 10, 20 3 55, : 1. 5% 360 = 12. 1% 1-1. 5% 55-10, 55, 10, 20, 25 ( ),, 246

( ) 1,,,,,,,,,,,,,,, 2 1,,,, 247

1989 100 3 000, 3 6 9 3, 1,,,,,,,, 7 3, ( ),,,,,, 1. 248

,, 2.,,,,,,, : K ; D ; P ; f ; F K = ( ) K = D P - f D P ( 1- F ), 1. 249

( 1), ( 2), ( 3),, 2.,,,,,,,, 3., ;,,, ;, ( ),, : 250

- = ( 1- ) 1. : :, K l ; D l ; I l ; T ; D l= I l ( 1- T ) K l = I l ( 1- T ) L( 1- F l ) L, ; F l : K l=, R l Rl ( 1- T ) 1- F l,,,, K l = Rl ( 1- T ) 8 3 300, 12%,, 0. 2%, 33%,? 12% ( 1-33% ) 1-0. 2% = 8. 06% 251

, 2. 12% ( 1-33% ) = 8. 04%,,,,, : K b ; I b ; T ; K b= I b( 1- T ) B( 1- F b) B, ; F b, 3, 9 500, 14%, 560, 5%, 33%, : 500 14% ( 1-33% ) 560 ( 1-5% ), : 252 500 14% ( 1-33% ) 500 ( 1-5% ) = 8. 82% = 9. 87%

( ) 450, : 500 14% ( 1-33% ) 450 ( 1-5% ) = 10. 97%,,, 1. K p D p P p F p ; ; ; K p = D p P p ( 1- F p ), 10 100, 130, 15%, 6? : ; 100 15% 130-6 = 12. 10%, ( 1), ( 2), 253

, 2.,,, G, G K c : D 1 D 2, D, P c =, D 1 ( 1 + K c) + D 2 ( 1 + K c) 2 + + = t = 1 D t ( 1 + K c) t D t= D 1( 1+ G) t - 1 1,, P c= = t = 1 D 1( 1 + G) t - 1 = ( 1 + K c) t 1 + G D 1 1 + G 1 + K c = 1 + G 1-1 + K c K c= D 1 + G P c D 1 1 + G D 1 K c - t = 1 G D ( 1 + K c) 1 + G 1 + K c, : t, 254 K c= D 1 P c( 1- F c) + G

K c ; D 1 1 ; P c ; F c ; G 11 500, 600, 5%, 1 12%, 6% 3. 500 12% + 6% = 16. 53% 600 ( 1-5% ),,, :, K r P r D 1 ; ; 1 ; K r= D 1 + P G r G,,,,,, 255

, ;,,, :, : K w ; K ; K w = K W = 1 W,, W = 1; = 1, W 3 1.,, 2.,, 3.,,, 256

12 1000, 100 250 100 350 200, 5. 65% 7. 00% 10. 63% 15. 80% 15. 15% :, : Wl = 100 = 0. 10 1 000 : Wb= 250 = 0. 25 1 000 : Wp = 100 = 0. 10 1 000 : Wc= 350 = 0. 35 1 000 : Wr = 200 = 0. 20 1 000, K W = 5. 65% 0. 10+ 7. 00% 0. 25+ 10. 63 0. 10 + 15. 80% 0. 35+ 15. 15% 0. 20 = 0. 57% + 1. 75% + 1. 06% + 5. 53% + 3. 03% = 11. 94% 7 7 7 7 ( ) ( % ) ( % ) 100 5. 65 0. 10 0. 57 250 7. 00 0. 25 1. 75 100 10. 63 0. 10 1. 06 350 15. 80 0. 35 5. 53 200 15. 15 0. 20 3. 03 1 000-1. 00 11. 94 257

13, 100 300 125 525 300, 7 8 7 8 ( ) ( % ) ( % ) 100 5. 65 0. 074 0. 42 300 7. 00 0. 222 1. 55 125 10. 63 0. 093 0. 99 525 15. 80 0. 389 6. 15 300 15. 15 0. 222 3. 36 13 50-1. 000 12. 47 14, 5 100 320 130 560 320, 7 9 7 9 ( ) ( % ) ( % ) 100 5. 65 0. 070 0. 40 320 7. 00 0. 224 1. 57 130 10. 63 0. 091 0. 97 560 15. 80 0. 392 6. 19 320 15. 15 0. 224 3. 39 1430-1. 000 12. 52 258

,,,,, ( ), K w ; K w = K W K ; W, W = 1; = 1 15 600, 15% 25% 60%, 5% 11% 14%, K w = 5% 15% + 11% 25% + 14% 60% = 11. 9%, 7 10 259

7 10 ( % ) ( % ) 0. 15 90 5 0. 75 0. 25 150 11 2. 75 0. 60 360 14 8. 40 1. 00 600-11. 90 ( ),,,,, 16 10000, : 0. 15 0. 25 0. 60, : 1.,,,,, : 0. 15 0. 25 0. 60 2.,,,,, 7 11 260

7 11 0. 15 45 5% 45-105 6% 105 7% 0. 25 250 11% 250-500 12% 500 13% 0. 60 330 14% 330-900 15% 900 16% 3. 7 11,,,,,,,, : BP = T F W, BP ; T F ; W, 7 12,,, 3 2, 6 261

7 12 0. 15 45 45-105 105 0. 25 250 250-500 500 0. 60 330 330-900 900 5% 6% 7% 11% 12% 13% 14% 15% 16% 45 = 300 0. 15 105 = 700 0. 15 250 = 1000 0. 25 500 = 2000 0. 25 330 = 550 0. 60 900 = 1500 0. 60 4.,,,, 6 7 7 13, 7 4 7 13 1 300 0. 15 5% 0. 75% 0. 25 11% 2. 75% 0. 60 14% 8. 40% 11. 90% 2 300-550 0. 15 6% 0. 90% 262 0. 25 11% 2. 75% 0. 60 14% 8. 40% 12. 05%

3 550-700 0. 15 6% 0. 90% 0. 25 11% 2. 75% 0. 60 15% 9. 00% 12. 65% 4 700-1000 0. 15 7% 1. 05% 0. 25 11% 2. 75% 0. 60 15% 9. 00% 12. 80% 5 1000-1500 0. 15 7% 1. 05% 0. 25 12% 3. 00% 0. 60 15% 9. 00% 13. 05% 6 1500-2000 0. 15 7% 1. 05% 0. 25 12% 3. 00% 0. 60 16% 9. 60% 13. 65% 7 2000 0. 15 7% 1. 05% 0. 25 13% 3. 25% 0. 60 16% 9. 60% 13. 90% ( ),,, 1 600, 1 600 1 500 100, 100 263

7 4 0. 6,,, 1 500, 13. 05%,, 1 600,,,,, 2 000, 7 4,,, 264

,,,,,,, ( ),,, :,,,, :,,,,,, 7 14 7 14 : ( 1) ( 2) ( 3) ( 4) = ( 1) - [ ( 2) + ( 3) ] 10 6 3 1 15 9 3 3 20 12 3 5 265

7 14, 3, 10 1. 5 2. 0 15 20, 1. 5 2. 0 6 9 12, 6+ 3= 9 9+ 3= 12 12+ 3 = 15, 12/ 9= 1. 33 15/ 9= 1. 66,, 10 15 1. 5, 1 3, 3 10 20 2. 0, 1 5, 5,, ( ) : V E BI T = Q( P - V) - F = S 1- P - F E BIT ; Q ; P ; V ; F ; S, S= QP,, : 266 EBIT = 1-1 - E BI T E BI T = S 1 - V P S V P S V P - F

= S S S 1 - V P S 1 - V P - F = S Q( P - V) S Q( P - V) - F = S D OL S, DOL,, : D OL = D OL = DOL = D OL = D OL = E BI T / E BI T S / S S 1 - V P S 1 - V P - F EBI T + F E BI T Q( P - V) Q( P - V) - F S - VC S - VC - F, VC= QV,,, DOL > 1 267

( ),,,,,,,,,,, : 1. F F,, DOL,, 2. Q Q,, DOL,, 3. P P,, DOL,, 4. V V,, D OL,,, F, V, Q P,,,,, F,,, 268

,,,, 17 80, 480, 300, D OL= 480-300 480-300 - 80 = 1. 8 : 1, 1. 8 ;, 1, 1. 8,,,,, ( ),,, :,,,, :,,,,, 269

,, 7 15 7 15 : ( 33% ) ( 1) ( 2) ( 3) = [ ( 1) - ( 2) ] 33% ( 4) = ( 1) - [ ( 2) + ( 3) ] 10 8 0. 66 1. 34 15 8 2. 31 4. 69 20 8 3. 96 8. 04 7 15, 8, 10 1. 5 2. 0 15 20, 8+ 0. 66= 8. 66 8+ 2. 31= 10. 31 8+ 3. 96 = 11. 96 10. 31/ 8. 66= 1. 19 11. 96/ 8. 66 = 1. 38, 1. 5 2. 0, 1. 5 2. 0, 4. 69/ 1. 34= 3. 5 8. 04/ 1. 34= 6 ( ) :, E P S = N P - P D N E P S ; N P ; 270 = ( E BI T - I ) ( 1 - T ) - P D N

P D N ; E BIT ; I ;, ; T, 33%,, : EP S= E P S E P S = ( 1 - T ) E BI T N E P S = ( 1- T ) EBI T N ( 1 - T ) E BI T ( E BI T - I ) ( 1 - T ) - P D = E BI T E BI T E BI T E BI T - I - P D / ( 1 - T ), : E P S E P S = EBI T E BIT E BI T E BI T - I EBI T,, 1 EBI T - I,, : D F L = : DF L = DF L = E P S / E P S E BI T / E BI T EBI T EBI T - I > 1 Q( P - V) - F Q( P - V) - F - I 271

D F L = S - VC - F S - VC - F - I ( ),,,,,,,,,,, : 1, I,, 2 E BI T, E BI T = Q( P - V) - F,,,,, 18 800, 350, 14%, 98, DF L= 98 98-350 14% = 2, 2 1, 2 ;, 272

1, 2,,,,,,,, : D CL DT L= DOL DF L = EBI T / EBI T E P S / E P S S/ S E BI T / E BI T = EP S / E P S S / S : D CL DT L= D OL= EBIT + F E BI T DF L= E BI T E BI T - I E BI T + F EBI T = E BI T + F E BI T - I E BI T EBI T - I 273

DCL DT L= Q( P - V) Q( P - V) - F - I S - VC DCL DT L= S - VC- F - I 19 300, 100, 1 000, 500, E BI T = 1 000-500 - 300 = 200( ) D OL = D F L = D CL = 200 + 300 200 = 2 5 200 200-100 = 2 200 + 300 200-100 = 5 7 5,, ;, ( ),, 10 000, 1 500 2 500 4 000 2 000, 0 15 0 25 0 40 0 20 274

,,, ( ), : 1,,,, 2,,,,,, ( ), 1, ;, 2,,,, 3 275

, ;, 4,, 5,,,,,, ( ),,,,,,,, 1,,,,,, S K S 276 SK S= ( EBI T - BK b) ( 1- T )

E BIT B K b T, S K S = EBIT ( 1- T ) - BK b( 1- T ), E BIT ( 1- T ) = SK S + BK b( 1- T ) V, VK v= SK S + BK b( 1- T ) K v= S V K S+ B K b( 1- T ) V V= S K s + B K b ( 1- T ) K v K v VK v= E BI T ( 1- T ) K v= V= EBI T ( 1- T ) V EBI T ( 1- T ) K v,,, MM 2,,,?,,,,, 277

,,,,,,, :,,,,,,,,,,,,,,, ( ), 1,, 278

20, 3, 1, 7 16 7 16 : ( % ) ( % ) ( % ) 35 12 45 12 5 75 13 100 13 150 14 110 13 5 65 17 105 17 55 17 300 20 200 20 260 20 500 500 500 3,, K w 1 = 35 100 65 12% + 13% + 500 500 500 17% + 300 500 20% = 17 65% K w 2 = 45 150 105 12 5% + 14% + 500 500 500 17% + 200 500 20% = 16 90% 279

K w 3 = 75 500 + 260 500 20% = 17 19% 13% + 110 55 13 5% + 500 500 17%,,, 2,,, 21, 7 17 7 17 : ( % ) ( % ) 50 12 5 60 13 5 20 18 20 18 30 21 20 21 100 100 280 K w 1 = 50 20 30 12 5% + 18% + 100 100 100 21% = 16 4%

K w 2 = 60 20 20 13 5% + 18% + 100 100 100 21% = 15 9%,,,, 20 : 500, 45 150 105 200, 12 5% 14% 17% 20% 7 18 7 18 : ( % ) ( % ) ( % ) ( % ) ( % ) 45 12 5 50 13 95 12 76 60 13 5 105 13 07 150 14 150 14 150 14 105 17 20 18 125 17 16 20 18 125 17 16 200 20 30 21 230 20 13 20 21 220 20 09 500 100 600 16 81 100 600 16 73, 45+ 50 + 50 13% K w 1 = 45 12 5% 600 45+ 50 105+ 20 + 20 18% + 105 17% + 600 105+ 20 200 20% + 30 21% 200+ 30 = 95 150 125 12 76% + 14% + 600 600 + 150 600 14% 200+ 30 600 600 17 16% 281

+ 230 600 20 13% = 16. 81% 45+ 60 + 60 13. 5% K w 2 = 45 12 5% 600 45+ 60 105+ 20 + 20 18% + 105 17% 600 105+ 20 200+ 20 + 20 21% + 200 20% 600 200+ 20 = 105 150 125 13 07% + 14% + 600 600 + 220 600 20 09% = 16. 73% + 150 600 14% 600 17 16%,,, ( ),, 1 ( 1), E P S= E P S E BIT I 282 ( EBI T - I ) ( 1- T ) - DP N

T D P N y = AX + B : EP S = 1- T N EBI T - A B : A = 1 - T N B = - > 0 1- T N I + 1 N D P 1 - T N I + 1 N DP < 0 7 5,, 7 5, 1 7 5, EP S P O OP, B, B E P S, EP S BP OP, 283

EP S EBIT > E P S E BI T E P S E BI T, DF L = E P S E BI T E BI T EP S > 1 E P S / EP S EBI T / EBI T > 1 ( 2) E P S 1- T N, I EP S A =, B = - 1 - T N I + 1 D P N, EP S, b I : 7 6 b= 1- T N I 7 6 7 7, DP E P S 284

:,, D P D P D P = 1 N D P 7 7 N, EP S A = 1 - T,, N, 7 8 7 8 E P S, EP S, N, : EP S= 0 EBI T = I + DP 1- T, N,, EP S ( 3),,,,,, 285

, ( 1- T ), EP S,, D P = 1 N D P b = 1 - T N I, E P S,,, 7 9 7 9, EP S 7 10, EP S EP S 7 10, EP S,,,,, 286

7 10, 7 10,, E P S,, ;, E P S,, 2,,, :, E P S = E P S, 1 - T N E BI T = E BI T - 1 - T N I / N - I / N 1/ N - 1/ N E BIT ; I = 1 - T N E BI T - 1 - T N I, 287

T ; N, ; I, ; N ; I, : 1 - T N EBI T - 1 - T N I + 1 N DP = 1 - T N E BI T - 1 - T N I + 1 N D P, E BI T = ( 1 - T ) ( I / N - I / N ) + ( 1/ N - 1/ N ) D P ( 1 - T ) ( 1/ N - 1/ N ), DP,, : E P S= EP S, E BI T = 1 - T N EBI T - 1 - T N I + 1 DP N = 1 - T N E BI T - 1 - T N I + 1 N D P, ( 1 - T ) I ( 1/ N - 1/ N ) + ( DP / N - DP / N ) ( 1 - T ) ( 1/ N - 1/ N ), D P, : E P S= E P S, 1 - T N E BI T = ( 1-288 E BI T - 1 - T N I + 1 N D P = 1 - T N E BI T - 1 - T N I + 1 N D P, T ) ( I I / N ) + ( DP D P / N ( 1 - T ) ( 1/ N - 1/ N )

22 850, : 100, 700, 50 150, : 10, 150 3 12%, 10%, 40%, E P S, EP S, E P S E P S : D P = 1 N DP = 1 10 150 12% = 1 8( ) b = 1- T N I 1-40% = 10 150 10% = 0 9( ) b< D P, E P S,,, 7 11 7 11 EP S, : E BI T = ( 1-40% ) ( 25/ 10-10/ 13) + ( 1/ 10-1/ 13) 6 ( 1-40% ) ( 1/ 10-1/ 13) = 85( ) 289

7 11, E BI T 85, E BI T 85 290

8,, 8 1,, ( ),,,,,,,,,,, 291

:, ;,,,,, ( ),, 1,,,,,,, 2,,, ;,,, 292

, ( ),,,,,, :,,, : ( 1) ; ( 2),,,, : ( 1),,,, ( 2), ( 3),, ( 4),,,, 293

( 5),, ( 6),,,, ( 7),,, ( ),,,,, 1,,,,,,,,,,,,,,,,,, 294

,, 2,, : ( 1),,, ( 2),,,,,,,,, ;,,,,, 2/ 10, / 30, 20 36 7% 2% 1-2% 360 20 = 36 7%,, 295

8 2,, ( ),, 1,, ( 1),,,, ( 2), ;, ;, ; ( 3),, 296

, ( 4), ( 5),,,,, 2,, ( 1) : ; ; ; ( 2) : ; ; ; ; ; ; ( 3),, : ( 1),, ; ( 2) ; ( 3), 297

3,, : ( 1), ( 2),,, ( 3), ( ),,,,,,,,,, 1, 5 000, 2 3 4 3, 12, 8 1, 8 1 : ( ) A B C D E F G H I J K L ( 0 2) 8 12 4 15 10 12 7 9 8 8 13 5 111 ( 0 6) 14 17 12 25 16 16 15 17 10 16 15 7 180 298

( ) A B C D E F G H I J K L ( 0 2) 25 25 14 30 20 26 20 22 12 20 18 10 242 = 111/ 12= 9 25( ) = 180/ 12= 15 00( ) = 242 12= 20 17 = 9 25 0 2+ 15 00 0 6+ 20 17 0 2 = 14 88( ) = 5 000 10 000 14 88= 744 000 000( ) ( ),,,,,, 1,, :, x ; x = x 1 + x 2 + + x = x j j = 1 299