100% 100%
30000 8 3 6000 = ( )
30000 1% 3% 10000 = 40000 = 4 10000 [ = ( 3% + 1%) 100; = 1 + 30000 ] 10000 = 100000 1000 100 = 10000( )
90 IRR 24 26 24 25.8 90 ( 10)
1000 / 10
300000 200000 b 10 / 20000 10000 100 0 10 NCF0 100 NCF1 15 10 25 NCF2 15 10 25 Λ Λ Λ NCF10 15 10 25
100 PP = = 4 25 T 0 1 2 3 4 NCFt -100 25 25 25 25 NCFt -100-75 -50-25 0 n PP 4 5 2
10 50% 100 10 + 30 + 10 10 + 30 50% 100 50 10 + 30 + 10
10 + 30 + 10 50% 100 90 10 + 30 + 10 56000 50320 47360 500 + 200 500 500 + 92 500 500 + 92 500 400004250040000 122500 56000 50320 500 + 200 200 500 + 92 92 47360 92 500 + 92 1 2 3 4 5 6 7 8 9 10
1 200 100 +100 33 33 2 200 100 +100 33 33 3 200 100 +100 33 33 4 200 100 +100 17 31 5 200 100 +100 17 17 6 0 100-100 33 17 7 0 100-100 33 17 8 0 100-100 33 17 9 0 100-100 17 17 10 0 100-100 17 17
1 = 80000 +150000 +10000 +150000 = 2.6 40000 + 110000 80000 +150000 +10000 2 = = 1.6 40000 + 110000 2100000 3 21 2100 50000 + + 150000 2 1400000 4 8.75 875 170000 + 150000 2
100000 70000 600 2000 100000 50000 40000 200 1000 50000 90000 2750 12 11 20 6
100 = 40% P = 250( ) P 10000 100 10000 = 250( ) 40% 60( ) = 1+ = 1.67 90( ) 10000( 250 100) = = 167. 10000( 250 100) 600000 40 1 1.8 90 40
1200000 20% ( 1 30%)
( 2 + 36 + 60 + 2) 4000000 60 1000000 300 4000000 ( 30 + 20 + 5 ) 500000 780000 300 4000000 3000000 ( 2 + 36 + 60 + 2) 300 4000000 300000 ( 30 + 20 + 5 ) 300 3000000 1996 3 1000000
A. = B. C. = D. = =
A 81.6 1326 80 200 5 100 3 +
200 5 A 1326 80 81600 200 5+ 100 3 100 3 A 1326 80 24480 200 5+ 100 3 6048 1 1.2 5040 2600 60483120 5040 1100 60481320 5040 1340 60481608 5040
30 + 100 2 1 4800 + 2200 30 + 100 = 1 1800 200 + 5400
5 1+ 2 + 3 + 4 + 5 100% 5 = 100% = 33% 15 4 100% = 27 15 4 100% 27% 1+ 2 + 3+ 4 + 5 = 3 100% = 22% 15 3 100% 20% 1+ 2 + 3+ 4 + 5 = 2 100% = 13% 15 2 100% = 13% 1+ 2 + 3+ 45 1 100% = 7% 15 1 100% 7% 1+ 2 + 3+ 4 + 5 =
1 = + = 12600 4000 2300 2
1
1 = 495000 + 16 = 115 5000 495000 + 120000 40000 [ : = 115( )] 5000
18000 4700 383. ( )
372 1 + 432 2 + 510 3 2766 = 461 1 + 2 + 3 6
12
1996 220.00 4 30 25 400.00 30 77 200.00 30 78 150.00 30 400.00 350.00 270.00 30 3450.00 3430.00 270.00
C 3 1 1000 20.00 20000.00 4 500 21.50 1075.00 1500 20.50 22550.00 9 10 20 400 20.50 8200 1100 20.50 22550.00 17 100 22.00 2200.00 1200 20.625 2475.00 18 30 35 300 20.625 6187.50 900 20.625 18562.50 31 600 12950.0 0 700 14387.50 900 20.625 18562.50 20000 + 10750 = 1000 + 500 = 20.50 22550 + 2200 = 1100 + 100 = 20.625 1200 0.6168 06. 168 + 05. 176 + 0. 4 144 = 490.91 490.896 1200 0.5176 06. 168 + 05. 176 + 0. 4 144 = 428.57 428.56 1200 0.4 144 06. 168 + 05. 176 + 0. 4 144 = 280.52 280.51
1200 = 0. 6 168+ 05. 176 + 0. 4 144 = 487. ( 4. 87012987) 1200 = 4. 87 100. 8 + 88 + 57. 6