, , , . rc, , . , , , .
.
$1000 12%. 1 , $120 . , $60 . $30 .
m , , (2.13)
(2.15)
(2.15) , (2.7) :
(2.16)
, , . ( ) , () . . . , , .
.
1000 . . . - 10%; 8% .
. ,
= 0.11000/4 = 25 .
r
(1+ r)4 = 1+ 0.08, r = 0.0194 1.94%
( , ). (2.16):
PV = 25[1-(1+0.0194)-8]/0.0194 + 1000/(1+0.0194)8. = 1041 . 13 .
, : , .
, , , .
|
|
(2.11):
(2.11')
, r .
.
10 ., 15% . - 20% .
. , 0.15*10/2 = 0.75 ., 75 . , r : (1+ r)2 = 1+ 0.20, r =0.0954. (2.11)
PV = 0.75/0.0954 = 7 . 86 .
( ) , . , . , , , . , 7, , , , (2.13). Divi, (2.13) :
(2.17)
r ( ) .
, () , , . (2.17) . (2.17): , ( ) . (2.17) , , , - . , , . , , 8 ( , ). , , . , (2.17) 1 .
|
|
, . g , Div1 :
(2.17)
(2.18)
i→∞ ( (2.12)). :
(2.19)
(2.19) . , . , , .. . , , , . , .
, , : ( (2.19)).
.
, 80 ., 5% . . - 15% .
. , (2.8). 5% (2.19). , "". :
PV = 0.8[1-(1+0.15)-5]/0.15 + 0.8(1+0.05)/[(0.15-0.05)(1+0.15)5] =
= 2.68+4.18 = 6.86.
, , 6 . 86 .
: , ; ; , .
, , , , . . , , / - , .