1
100 000 . 10% . 5 ?
F1:
F1 = (1+r)n
r ;
n .
.
P = 100 000, r = 0,1, n = 5
S = 100 000 (1+0,1)5 = 161 051 .
2
, () ?
F2:
, , .
3
, ?
, , , , . .
, . , . , , .
( ) (. .2).
2
1. | < 7% | |
2. | 8 16 % | |
3. | 17 20 % | |
4. | > 21% |
-, ( , ).
3 , , 1.
() :
.
4
, () ? , .
, -. , . , ( ).
|
|
F4 = 1 (1+r)-n
r
:
PV = a ´ F4
, , . .
. - 5 100 , = 10%. :
PV = 100 ´ 1-(1+0,1)-5 = 100 ´ 3,7908 = 379,08 . .
0,1
5
:
1. , () ?
2. (, ) ?
, , ,
() F5
FV = IC ´ F5
IC .
. 500 . . , 5 10% , :
FV = 500 ´ 0,1 = 500 ´ 0,264 = 132 . .
1-(1+0,1)-5
-.
. 7717500 ., 20% , 6 . .
FV = IC* F5
IC ,
FV , ,
FV = 7717500*0,30070574586 = 2320696,59 .
PR = IC*r
PR
F = FV PR
F ,
1) PR1 = 7717500*0,2 = 1543500 .
F1 = 2320696,59 1543500 = 777196,59 .
IC1 = 7717500 777196,59 = 6940303,41 .
2) PR2 = 6940303,41*0,2 = 1388060,68 .
F2 = 2320696,59 1388060,68 = 932635,91 .
IC2 = 6940303,41 932635,91 = 6007667,50 .
3) PR3 = 6007667,50 *0,2 = 1201533,50 .
F3 = 2320696,59 1201533,50 = 1119163,09 .
IC3 = 6007667,50 1119163,09 = 4888504,41 .
4) PR4 = 4888504,4124 *0,2 = 977700,88 .
F4 = 2320696,59 977700,88 = 1342995,71 .
IC4 =4888504,41 1342995,71 = 3545508,70 .
5) PR5 = 3545508,70 *0,2 = 709101,74 .
F5 = 2320696,59 709101,74 = 1611594,85 .
|
|
IC5 = 3545508,70 1611594,85 = 1933913,85 .
6) PR6 = 1933913,85 *0,2 = 386782,74 .
F6 = 2320696,59 386782,74 = 1933913,85 .
IC6 = 1933913,85 1933913,85 = 0 .
9
, .
2320696,59 | 777196,59 | ||
2320696,59 | 1388060,68 | 932635,91 | |
2320696,59 | 1201533,50 | 1119163,09 | |
2320696,59 | 977700,88 | 1342995,71 | |
2320696,59 | 709101,74 | 1611594,85 | |
2320696,59 | 386782,74 | 1933913,85 | |
13924179,54 | 6206679,54 |
6
, ?
, , .
FV = A ´ F6,
A .
, , . , .
, ( ) , . , .
. - , 20 . . 4 . 25% . , , . ( ) : 4900 . , 4%. 24%. 15%. : 14300 . ., 18000 . ., 12700 . ., 15100 . .
6
, . .
NPV | ||||
1. | ||||
2. | ||||
3. | ||||
4. (.1 .2 .3) | ||||
5. (.4 ´ 0,24) | ||||
6. (.4+.5) | ||||
7. (.3+.6) |
= 4918 . . > 0, ,
PI (Profitableness Index)
-
PI = 8344 + 1107 + 6824 + 8487 / 20000 = 1,25
(1+0,15)1 (1+0,15)2 (1+0,15)3 (1+0,15)4
PI = åPV = 4988 = 71,3
IC 70
PI :
- PI < 1 , ;
- PI > 1 , ;
- PI = 1 , .
IRR (International Rate Return)
IRR , NPV(r) = 0. , , :
|
|
, . r1,r2 , r1 < r2
IRR = r1 + NPV(r1) ´ (r2 r1)
NPV(r1) - NPV(r2)
r1 r2 , NPV(r1)>0; NPV(r2)<0, NPV(r) (r1; r2) .
7
r1 = 0,1r2 = 0,15
, . | 1 ( 1+r1)i | PV1 | 1 (1+r2)i | PV2 | |
- 2000 000 | 1,000 | - 2000 000 | 1,000 | - 2000 000 | |
300 000 | 0,909 | 272 700 | 0,869 | 280 700 | |
450 000 | 0,826 | 371 700 | 0,756 | 340 200 | |
720 000 | 0,751 | 540 720 | 0,658 | 473 760 | |
780 000 | 0,683 | 532 740 | 0,572 | 446 160 | |
700 000 | 0,621 | 434 700 | 0,497 | 347 900 | |
NPV | 152 560 | - 131 280 |
r1 = 0,1 NPV(r1) = 152 560 .
r2 = 0,15NPV(r2) = - 131 280 .
IRR = 0,1 + 152 560 ´ (0,15 0,1) = 0,121 12,1%
152 560 + 131 280
(r1; r2), IRR.
. IRR >C, . IRR <C, .
: - 18%, , , - , . 20% . ,
(Payback Period)
P ;
.
r = 0,1
= 272 700 + 371 700 + 540 720 + 532 740 + 434 700 = 430 512
P = 2000 000 = 4,64 .
430 512