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2. λ . , 10 %. 12 ., 1 1,5 .
λ 13,5 . (12+1,5)? (PV) , 10 %:
PV =12,27 . (13.5/110%).
, λ 12,27 . ( 12 .) (1.5 . ). λ 12 . ( 12,27), - :
-, ;
-, 0,27 . (NPV) .
, , , , - , , .
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2.1.1. . ( ), , . WACC (. weighed average cost of capital) , , , , ( 3).
3. . : 12 ., 1 1,5 .
, (0.25 %) , (0.75 %) . 8 %. 12 %. : , .
.. 9 . 3 . . , ?
(9,0 0,08) + (3,0 0,12) ≈ 1,08
WACC :
8 % *75 % + 12 % * 25 % = 0,09. (1.08/12 .).
, 9 %.
2.1.2. . , : () .
, , , ( 4).
4. 12 ., . : 75 % 25 % . : 10 %, 14 %, , .
, :
WACC=75 % * 10 % +25 % * 14 %≈11 %.
, 11 % 9 % . 2 .
2.1.3. . , , , .
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5. . 40 % (0.40), . , , , 1500 ., 1300 . .
, [(1500 - 1300)/1500 * 100] = 13 % (0.13), , 45,9 %:
=0,40 100 / (1-0,13) = 45,9.
, , ( ), .
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3.
3.1.
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7
10. , , : 5- . 4- . 3- . 2- . 1- . . , - 2. 2 , .
1. , _________
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54. , ______________
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(. 8).
8
1, 12, 23, 34, 45 | ||
2, 13, 24, 35, 46 | ||
3, 14, 25, 36, 47 | ||
4, 15, 26, 37, 48 | ||
5, 16, 27, 38. 49 | ||
6, 17, 28, 39, 50 | ||
7, 18, 29, 40, 51 | ||
8, 19, 30, 41, 52 | ||
9, 20, 31, 42, 53 | ||
10, 21, 32, 43. 54 | ||
11, 22, 33. 44. 55 |
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9
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24 25 | 17-18 | |
22 23 | 17-18 | |
20 21 | 17-18 |
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