46800 40000 6800 8 [450 1000 50 330 2000 180000 750 450 750 800

50000 ( 2200 200) 2 9600 5 2 2 2 50 000 50 000 12 000 5 5 4 50 000 20 000 120007 200 2000 2 4400 4 2 50 000 2 000 12800 15 2 4 50000 2 000 6400 15

= 6024 + [( 1692000 1592000) + ( 646400 686800)] 350000 + 1592000 + 68600 + 50000 100 2

119900 6000 4900 + 11 /

l = 3000 100 = + 1500 17% 1+17% = 43844.74 3000 100 95% A = + 1500 17 = 41665.26 1 + 17%

= 3360 42% = 8000 3360 + 7140 = = 25000 42% = 8000 50 = 4000 = 25000 20 = 5000 8000 30% = = 160 15

= 2 +10 = 12 = 500 + 0 = 500 500-40 = = 46 10 = 650-500 -100 = 50 = 50 10 = 5 145 5 A = (P / A14%,12) = 145 5.66029 = 25.62 A 140 B = (P / A14%,10) = 140 5.21612 = 26.84 A

A. 100 B. 100 C.1 D.1

n A. 1 i n B. 1 i n C. 1i 1 / i n D. 1 1i / i

A. B. C. D.

1+ 3 1 3 5 15 2 0 2 0 2 0 10 2 0 100 5 0 4 20 10 0 10 1+ 4 100% 1 1 25 4% 2 1+ 2 20% 1 1 4 5%

x 5000 + 10000 1875 n 18 10 x 5000 + ( 10000 1000) 1000 n 24 10 ( 5000+ 4200) + 10000 (x n) 3200 16 10

100 2 PP 3+ 3.5 200

60 60% 100 120000 3000 100 60 2000 100 40 5000 9000 1996 1000 18000 5000 108000 1997 100021600 5000

I I 2 1 1 I600 600 600 1200 30 = = 195. 600 1995 2400 = 1+ = 3 1200 120 ( 1 40%) 72 7.2 1020 ( 1 196%). 1000. 08

200 15 + 220 10 20 208 4160 15 + 10

100 + B. 100 + C. 100 + D. = 100 +

20 50% 1 1 100 20 20 + 30 20 + 30 50% 2 100 70 20 + 30

2300 3 5 300 + 160 45000 100 9 500000 500 100 0.1 500000 3000 100 0.6 500000

3000 500000 100 0.6 3000 500000 100 0.6

2 2 ( TC) 600 F = 180 2TK 2 10000 10% 2 2FT 2 180 100000 M = 60000 K 10%

EBIT DFL 1.5 EBIT = 300 1 300 2000 50% 10% 2 [ 300 ( 1+ 20%) 2000 50% 10%] ( 1 50%) EPS 2.6 50 EPS 1 300 2000 50 10 1 50 / 50 1 1.5 20 1 1 1.5 20 2.6

630 360 0.9 300 700 0.5 1400 1 2 1 0. 5 840 0.6 ( 1400 + 1400) 2 117. 6 100 14 840 117. 6 100 16.8 700

2.2 3.08 1.68 0.8 14 16 0.5 2.22.2 14 0.60.52.23.08 140.6 2 2.2 1.68 2.2 3.08 1.68 0.8