, . () - , (, , , , . .). () - .
. , , . (, ), , .
(). . . ( , ), ( , ..). , . . , , , ,
. . (MRP) (MRC), .
. . , , . , , . . . ,- ,- . , , , [26].
() , . , . ( ) .
|
|
.
-t:
t=Inet/ π (8.3)
Inet ;
π -
, , (). .
, . , .
R =1/ t,* 100% (8.4)
R -
1.
. .
..
9 000 | 9 000 | 9 000 | 9 000 | |
3 000 | 6 000 | 9 000 | ||
9 000 | 6 000 | 3 000 | ||
3 000 | 2 000 | 1 000 |
?
. :
I = (9000+6000+3000)/4 = 4 500
:
π = (3000+2000+1000)/3 = 2000
:
R = π /I = 2 000/4 5000 = 0.44
, 44%.
. , .
. , , , . , , , .
PV (present value), FV (future value), r, t,
FV = PV (1 + r)t (8.5)
(1 + r)t .
: , ( ) t , . ( ) (disconting).
|
|
PV = FV (1 + r)-t (8.6)
(1 + r)-t ( ).
, - ( " " " ").
- NPV (net present value) IRR (rate of return). . , .
(8.7)
I ;
FVt t;
r ;
t - , .
, , - .
NPV ( ) , .
(8.8)
IRR .
2. :
-1000 |
1000 . . ( ). , 10%?
(8.7):
NPV = 500/1.1 + 400/(1.1)2 + 300/(1.1)3 + 100/(1.1)4 - 1000 = 78.82
, .
:
PI = (NPV+1000)/1000 = 1.079
( ) , .
, .
(8.8.). NPV ( ) , .
NPV = 500/(1+IRR) +400/(1+IRR)2 + 300/(1+IRR)3 + 100/(1+IRR)4 = 0
IRR:IRR = 14.5%
. 10%. , .