1

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(1
(2
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2
2
2

(4
(5
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8
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(9
9,10
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11,12
(11 )"(.
13
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13,14
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15
(14 .. ..
17
(15
17
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18
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18
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22
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23

(1:
( .
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4
5
6
7

.
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.
.

: 10% 100
3
:

1
2
3
100 100*1.1=110 110*1.1=121 121*1.1=133.1
10% 110
.

:
.1 .
.2
.

v t = v 0 (1 + r ) t

).. vt = v0 (tr

:
.1
.
(1 + r ) t 1
v t = a
r

) . . . v t = a ( tr

:
.1 .
.2 " .
vt
(1 + r ) t

= v 0

t
v
=
v

(
0
t
).. r

:
.1
.
t

1
) (1 + r
r

) . . . v 0 = a ( tr

1
= a

-V0 .
-Vt .
-t .
-r .
-a ) ... ...(

,
,
,
.
t

) v t = v 0 (1 + r

).. vt = v0 (tr

-Vt .
-V0 )(
-r.
-t .
:
Vt=100*(1-0.1)3=133.1
:
500 6%
9 .
:
9
Vt=500*(1-0.06) =844.7
V0=500
.r=0.06
.t=9
vt=844.7
..:
Vt=500*1.689=845

:
10000 8%
15 .
:
:
15
Vt=10000*(1+0.08) =31721
:
Vt=10000*3.172=31720
10000 15 31720
:
31720 =3.1720
10000
3.1730 15 .8%
)
(


.
= V0(1+r1) (1+r2) (1+rn):
:
100 3 6%
4% 8% 3 .

:
1000*1.06*1.04*1.08=1190
:
.1+
:
*+1 *+1 ...... .

,
:
(1 + r ) t 1
v t = a
r

) . . . V t = a ( tr

-a .
-Vt .
-r .
t .
:
2500
.1%
:
:
30
Vt= 2500*(1+0.01) -1 =86962.5
0.01
:
Vt=2500*34.785 =86962.5
...

.
.
:
vt
(1 + r ) t

= v 0

t
v
=
v

(
0 )..(
t
).. r

: 400000 10
7% ?
:
:
V0=400000 =203339.17
(1+0.7)10
:

V0= 400000*( 0.0508)=203200

) (
.
:

(1 + r ) t
= a
r

) . . . v 0 = a ( tr

v 0

)...(

:
.1 8000 25 ,
0.6% ) (
:
V0=8000*1-(1/(1+0.006) =1111746
0.006
8000 =a
25*12=300 =T
0.006 =R
300

.2 1000000

0.6%.
):(2

.1,111,746 0.6%
, 8,000 25
. 1,111,746
.3 1111746
0.6% 0.8% ?
):(3
0.8%
.
300
V0=1-(1/(1+0.008) =908411

"

(1 10,000 8%.
15.
) . (31,721
(2 ) ( , 5
, 20,000 ) . 7%
(14259.72
(3 15,000
8%.
" ," .
) 9 (

(4 , 45,000 66,105
5.
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5% :.
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) (
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10?) .(197711.9 :
50,000 8% .
. 336,800
) 5.6 : " ," .(.5<t< 6
100,000 .
, ) .0.6% (3052.29
10,000 , , 304,220
. ) ..(2% :

10

(10 100,000 ,
12% ) .(79719.38 :
(11 50,000 6 ,
) .20%(16744 :
(12 30,000 35,170 - ,
) " .(8.27 :

) (
(13 , .
40 - . 2500

0.8 . ) .(85289.3
(14

200,000 . . 5%
7 - . .
) (34,563.96

(15 6,000 4 ,
. 7,000

8% . ) . (36,914

11

. ) (
)n.p.v(net present value

.. . .
..
.

, ,

) ( ,

) ( . ) :
( . .. .
:
+ = -...
) ( , .. . ,
,
.
.. . / .
.. ... ... .
) : (
6
200k

5
200k

3
200k

4
200k

= 383400
6
200k
100k

5
200k

4
200k

6
6%

6
6%

3
200k

= -600K+..
1
200k

2
200k

0
)(600k

'

= 600 K + 200 K

= 453 . 9 K
3
4
5
6
200k
200k
200k
200k
)(50k
100k

:1

2
200k

200K

0
1
)(600k
200k
'

6
6%

+ 100 K
1
2
200k
200k
)(50k

0
)(600k
'

12

5
50k
100k

6
50k
100k
50k

150k

4
50k
100k

3
100k
100k

2
100k
100k

1
100k
100k

0
)A (500k
)B (300k

150k

150k
)(50k
100k
)(50k

150k

150k

)C (500k

100k

100k

)D (850k

150k
)(50k
100k
100k
100k
)(50k
6%
:
.1
.2 .
:

= 500K + 50K (4.91732) 50K (2.67301) + 100K (2.67301) = 120483

B = 300K + 100K (4.91732) + 50K (0.70496) = 226980

C = 500K + 150K (4.91732) 50K (0.83962) 50K (0.74726) = 158254

D = 850K + 100K (4.91732) 50K (0.83962) 50K (0.74726) = 437612

B , A D - .

2
" " )A-
.(E .
.10%
8

200K 200K 200K

)A (300K
100K

100K

)B (300K

)(50K

500K
90K

)(100K

100K 100K 200K 200K 200K 200K

100K

500K
90K

90K

90K

200K 200K

200K

)(50K

)(50K
80K

500K 500K 500K 500K

80K

200K
80K

)C (500K
)D (500K

)E (200K) (200K) (200K

. . .
. B 4) ? 400K - (656,818
. E 80K - ) ? 4 : (867,770

A=-35421
B=465604
C=573991
D-106196.6
E=762752

13

.
:

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.

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.1 12000 2500 8 .
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' 10% :.
' 13% :.
' 20%:.
?
:

= 0 = 12000+ 2500 R

= 12000 2500 R

= 4.8

(
8
R

14

4.8 " 8 .13%

' ' ' '
' ' " ' ' ".

:
:
2
3
4
150K
150K
150K
140K
140K
140K

1
150K
140K

0
)(500k
)(400K

A
B

2
200K
140K

1
200K
140K

0
)(600K
)(500K

A
B

4
200K
140K
.1
.2
.3
.4

3
200K
140K

" .
" ".
" .3%
" ".

" D,A,B,C :
" " D,A,C,B :

A
B
C
D

"
7.7%
14.95%
12.59%
4.69%

..
57565
120394
143420
20394

15

" " :
) r( " r-
".
.
:
" .
6
2000

5
1000

4
1000

3
1000

2
1000

0
)(6000

1
1000

:
:
7000
= 1.16
6000

.16%

":

+ 2000 r = 6000 + 1000 5r

:
r=8%

= 6000 + 1000 (3.993) + 2000(0.630) = 747

:
r=4%

= 6000 + 1000 (4 . 452 ) + 2000 (0 . 79 ) = 32

0 .5%
r=5%

= 6000 + 1000 (4 .329 ) + 2000 (0 .746 ) = 179

" .4% . 4%
: ?
:
.

5%

2%

4%

8%

16

:
.1 " .
.2 " ".
.3 , .
.20% .
.10% .
.5% .
.3% .
6
50k
5k
30k
200k
)(10k

5
100k
10k
30k
100k
)(20k

4
100k
10k
30k
200k
)(50k

3
100k
10k
200k
150k

2
120k
13k
200k
150k

1
120k
13k
200k
150k

0
)(500k
)(50k
)(600k
)(700k

A
B
C
D

.4 3%
" .
.5 "
.

17

.
:
$100000
.5% $20000
2000 .
:
0- .t
) : (

=0

100 K
= 5 .55
18 K

t
5%

100 K + 18 K

t
5%

5% .
7<t>6
7.

.
: .
:
:
a
r

= .
-a .
-t .
:
/ $500
0.4%.
.
:
500
= 125000
0.004

18

"
.
: .
:

a
r

= -

:
$100000
. 0.4% $500 .
.1 .
.2
.
.3 .
:
500
= 25K .1
0.004

= 100 K +..

.2 ,
.
.3 .

) (
.
" .
:

=

1 .
-1 .
-1.
:
, $100k $30k ,
8 , 6%
.
:

= 1.86
100k

8
6%

30k

1.86 86
.

19

"
. "
" .

.
:
.1 :

.


.


+
.

.2 " " .
:
1200000 320000
50% , .8%
.1 " 10 ) "(.
.2 " " 200,000 10.
.3 20% ) "( " .
:
.1 :
1.2m
= 120k
10

320k

120k
-
200k
100k
100k
+

20

120k
220k -
0
1
2
3
4
5
6
7
8
9
10
(1.2m) 220k 220k 220k 220k 220k 220k 220k 220k 220k 220k
" 6.710= t=10 , r=8% :
= -1.2m+220k(6.710)=276200
:
8%
. 276200
.2 :

1.2m 200k
= 100k
10

320k

100k
220k
110k
110k
100k
210k

0
1
2
3
4
5
6
7
8
9
10
(1.2m) 210k 210k 210k 210k 210k 210k 210k 210k 210k 210k
200k
" 6.710= t=10 , r=8% :
=-1.2m+210k(6.710)+200k(0.463)=301700
:
209100 1.2m
.8%
.3 :
k

= 240

1 .2 m
5

21

5
320k
240k
80k
40k
40k
+
240k
280k

5
320k
0
320k
160k
160k
+
0
160k

0
1
2
3
4
5
6
7
8
9
10
(1.2m) 280k 280k 280k 280k 280k 160K 160K 160K 160K 160K
" 6.710= t=10 , r=8% :
" 3.993= t=5 , r=8% :
=-1.2m+280k(3.993)+160k(6.710)-160k(3.993)=352760
:"
(1 . 260,000 4,
. 75,000 .
,10% , 100,000 60% ,
?) . : ( 20,520

(2 300k 150k
10 . . 50k
6 , . 150k
10 .
. 200k - 7% .
.40% ..
) . (260,583
(3 400k 150k
10 . . 60k
5 , . 150k
10 .
. 150k - 8% .
.40% ..
) . (111,675

22

.
:
.1
.
.2 )"(
:
100,000 3
175000 6.
. 38000
. 36000
4% .
:
0
1
2
(100k) 38k 38k

3
4
5
6
38k 38k 38k 38k
)(100k
(175k) 36k 36k
36k 36k 36k 36k
100k 3
38k 4 . 6
" .5.242 =t=6 ,r=4% :
" .0.889=t=3 ,r=4% :
" :
-100k+38k(5.242)-100k(0.889)=10296
" :
-175k+36k(5.242)=13712
.
"
.. =
1

23

-100,000+38,000*2.775=5450

1
= 0.3604
2.775

5450 0.3604 = 1964

13,712

1
= 0.1908
5.242

13,712 0.1907 = 2615.7

) (

.1 , 6% :
:A 85k 50k 2
.
:B 70k 35k 3
.
: :
( .. ) () . ,17888 : (43333 :
( .. ) . 3,638 :

, ( 8,812 :

.2 , 6% :
:A 100k 50k
3.
:B 70k 35k 4
.
: :
( .. ) () . ,105,544 : :
(124,069

( .. ) . 12,589 :

, ( 14,799 :