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-

2012
1


- ,

- . ,
, . ,
, , ,
. , , ,
,

,
.

(NSB) :
NSB = B C
:
NSB =
B =
C =
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1986

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( 25
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$12
8

= $14

= $500,000

6.

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(NPV)
PV(B)
PV(C) :
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(
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:
PV(B)

PV(C)

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:
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500,000. 10.5
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13

FV = X (1 + i)
i .
.
, 1000 4
, 1000 (1+0.04) = 1,040 .


(PV)
, .
11
5%- ,
:
PV(1+0.05) = 11,000,000
FV = 11,000,00, X = PV i = 0.05. :

,
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476,190 , .
, i-,
:

14

,
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(NPV).


:
NPV = 10,476,190 10,000,000 = 476,190
,
PV(B)
PV(C) :
NPV = PV(B) PV(C)

, .
NPV , , - .
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NPV-.

15


. ,
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10

, 5%- .
10,000,000

1.05 = 10,500,000. ,

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( 10 - 0.5
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10.5 .
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1.05 =

11.025 . , ,
0.525 , , 0.500 .
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2 ,
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16

7%-

40
. 35
.
2. 10
,
7%

(
(
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1
10.000
0.700
10.700
2
10.700
0.749
11.449
3
11.449
0.801
12.250
4
12.250
0.858
13.108
5
13.108
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14.026

, X n ,
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, 100,000
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17

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100,000 .
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10,500 , -
5,500 5,400 .
8%-. ?

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. 100,000
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.
325,000 , 20,000 .
20,000
. 7%.
19

3.

0
325,000
325,000
1
100,000
93,458
20,000
18,691
2
100,000
87,344
20,000
17,469
3
100,000
81,630
20,000
16,326
4
100,000
76,290
20,000
15,258
5
100,000+20,000
85,558
20,000
14,260

520,000
424,280
425,000
407,004

3
. 424,280 ,
- 407,004 . ,
17,276 . NPV , ,
.

.

t (t = 0, 1, 2, , n). ,

:

20

4.

0
1
2
3
4
5

0
100,000
100,000
100,000
100,000
120,000

325,000
20,000
20,000
20,000
20,000
20,000

-325,000
80,000
80,000
80,000
80,000
100,000

424,280

407,004

17,276

4
, .
,
17,276 , .
:
(t = 0),
(t = 1, 2, , n). :

21

;
.
,


- (HED), 75
(CGP), 15
. 8
75-

30

15-

- 24 .
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; 30 45 60

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22

75-
.
(5CGP)
:
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(EANB) .
EANB ,
, ,
:

:
(

EANB , NPV, ,

23

EANB :
EANB(HED) = 30/12.461 = 2.407
EANB(CGP) = 24/8.559 = 2.804
EANB 2.804 , ,
2.804 15
.
2.407 75 .
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2.804

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2.407 . ,
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24
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(q)

(o)

(w)
(L)

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$9/

$120,000
12 /

$3,000,000
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35

:
Boardman, Anthony E. et al. Cost Benefit Analysis: Concepts and Practice. 2011. New Jersey: Pearson
Education.

36

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