1.
- :
--11270 ..,
() - 4073 ..,
- , 48%, 18%
:
.., ., .. 35%
г:
1. = ; = + ,
= 4073+3831,8= 7904,8..
2. = 11270 * (100-48-18)= 11270*0,34=3831,8 ..
3. ..= / = 7904,8/3831,8= 2,06;
4. = 7904,8*0,35= 2766,7;
5. .,= -/ = 7904,8-2766,7/3831,8 = 1,34.
2.
() 5746 . ., () 12917 .., 7:1.
. () - 0,75.
: () ()?
г:
=/;
= /;
/: / = 7: 1
= += 12917
= (*1)/7= 12917/7= 1845,3
/= 0,75;
= 0,75*5746= 4309,5;
=-= 12917-4309,5= 8607,5 ..
3.
-, :
7146,6 ..
6011,7 ..
= 13500..
.. : ..= 5:3
. : ..= 3:1
г:
....=/
. . = / / = 5/3; = -;
/(-) = 5/3; 3 = 5 (-)
.= /
. . = (-)/ / (-) = 3/1; =3(-); = 3573,3
3 = 5 (3573,3-); = 2233,3 ..
- ++ = 135000+6011,7+2233,3= 21745 ..
4.
:
- 18780 ..
12354 ..
` 5450 ..
. . 5:3
.
г:
1. /:/ = 5:3 → : =5:3 → 3=5;
2. = - -;
3. = - → 3= 5-5 → 8 = 5 → =5/8*12354=7721,25 ..
4. = 18780-5450-7721,25= 5608,75 ..
5.
:
7680 ..
3275 ..
4310 ..
... 3:1
.
г:
1. /:/ = 3 → /=3 → =7680/3=2560 ..
2. (+)/ = 1,6 → 4310+=1,6 → 0,6 =4310
=7183 ..
3. -= ++ =2560+5275+7183= 13018 ..
6.
2000 .. 16% . 5 ?
|
|
г:
. . Sn = P* FM3 (ic,n) = 2000* (4%,20.)= 2000*29,778= 59556 ..
7.
5 12000 .. 9% . . .
г:
An = P* FM4(9%,5.);
2000= P* 3,890 → P=12000/3,890=3085 → 3085*5 = 15425 .
15425-12000 = 3425 .
8.
325 880 . 94.. г 30%. . , ` 55% . 1 2340 . ?
г.
1. : 94*1,3=122 .
2. ʳ : 325880/122 = 2671 ..
3. ʳ : 2671 ..* 2 = 5342 . .
4. : 94* 0,55= 51,7 . .
5. ӳ: Q= 2*S*Z = 2*5342*2340 = 695 . .
H 51,7
S- ;
Z- ;
H- .
5. ʳ : 5342/ Q = 5342/695 = 7,7
6. ? 360/7,7= 47 . 47 .
9.
1800 . .. 20 .. г 25%. . , ` 50% . , 30 , ?
г.
1. : 20 ..
2. 20*1,25 = 25 ..
3. ʳ : 1800000/25 = 72 000 ..
4. ʳ : 72 000 ..* 4 = 288 000 . .
4. : 20* 0,5= 10 .. .
5. ʳ : 288000/30= 9600.
6. ӳ: Q= 2*S*Z = 2*288000*; 57600= 96002=92160000
H 10 = 1600..
S- ;
Z- ;
H- .
1600 ..
10
350 . . . 20 .. 6,5 .. 15% . , .
г.
1. г : 350*12 = 4200 ..
2. : 2*0,15 = 0,3 . .
3. ӳ: Q= 2*S*Z = 2*4200*6,5; Q = 427 .
H 10,3
S- ;
Z- ;
H- .
4. ʳ : 4200/427= 10
|
|
5. : 427*2= 854 ..
6. , :
(854+6,5) *10= 8605 ..
11
ϳ 18 . . 34 . . 84 , 16% . 300.
. , , 950 .?
г
1. ӳ: Q= 2*S*Z = 2*34*300*84 = 1713600; Q = 772.
H 18*0,16 2,88
S- ;
Z- ;
H- .
950= 171360 10710000 = 902500; = 12 .
*0,16
: 18-12=6 . 6/18= 0,33 33%
12
2419,7 .. . .= 0,16; . .: . = 12:1
67%.
.
г:
. = /; → 0,16= 2419,7/ → = 2419,7/0,16 = 151123,1 . .
. =0,16 *12=1,92
. =/; → 1,92= /15123,1; → = 1,92*15123,1= 29036,4 . .
= -= 29036,4-15123,1= 13913,3 . .
0,67= 13913,3/; = 13913,3/0,67= 20766,1 . .
13
=1150 ..
. ..: . = 5:2
..
г:
. ..: . = 5:2
__: _ = __: _ = __ = 5_ = = 5
- 2 1150 2 2=5750
() =2875
= -; 1150=-2875 = 2875+1150=4025
..=4025/2875=1,4
14
,
= 4946 ..., . =0,6; . =0,41
г:
. = /=0,6
. = = = 0,41
-
=0,41 ;
0,41 = 0,6 = -; → = -; → = 4946-
0,41
4946- = 0,6; 0,41 =0,6(4946- ) = 2967,6-0,6
0,41 + 0,6 =2967,6;
1,01 = 2967,6
= 2938,1
15
= 75777 ..
26913 ..
. = 1,6; : ..= 2:1
/ .
г.
= 75777-26913 = 48864 ..
= 48864/16= 30540 ..
() = 48864-30540= 18324 ..
: - = 2
1
= 2:1
-
2(-)=
2-2=
=2
= /2= 48864/2
= 24432
16
.
. , ... | |||
, ... | |||
., ... | |||
, ... | |||
ʳ | |||
ʳ - | |||
ʳ - | 1079,7 |
2/3 | 0,39 | 0,40 | |
4/3 | 0,94 | 0,91 | |
1 . | 6/5 | 10,38 | 18,00 |
4/5 | 19,85 | 23,64 | |
- | 7/6 | 0,24 | 0,14 |
. | 1/7 | 20,35 | 23,47 |
= 0,39*0,94*10,38*0,24*20,35/19,85 = 0,94
= 0,40*0,91*18*0,14*23,47/23,64=0,89
|
|
- = -0,05
= 0,39*0,94*10,38*0,24*20,35/19,85 = 0,94
∆1= 0,40*0,94*10,38*0,24*20,35 = 0,97
19,85
∆2= 0,40*0,91*10,38*0,24*20,35 = 0,94
19,85
∆3= 0,40*0,91*18*0,24*20,35 = 1,62
19,85
∆4= 0,40*0,91*18*0,24*20,35 = 1,36
23,64
∆5= 0,40*0,91*18*0,14*20,35 = 0,77
23,64
= 0,40*0,91*18*0,14*23,47/23,64=0,89
∆1=0,97-0,94=0,03
∆2=0,94-0,97=-0,03
∆3=1,62-0,94=0,68
∆4=1,36-1,62=-0,26
∆5=0,77-1,36=-0,59
∆6=0,89-0,77= 0,11
∑ = -0,5
17
- .
2000. | ||||
141,8 | ||||
4 | . | 0,54 | 0,65 | 120,3 |
5 | . | 2,9 | 3,2 | 110,3 |
6 | 18,4 | 20,0 | 108,7 |
г.
= 3/ 1;
= 2/ 1;
= 3/ 2;
- 2001. . 20,3%.
. . ʳ . (☺).
.
18
- . . , , .
1. 2. .. 3. 4. 5. |
г.
1. .. :
..= / = (+) /
. .= (25124+52360)/52360 =1,5
.. = (48230+63450)/63450 =1,76
2. :
= (90*)/Vp
= (90*39440)/115250= 30
= (90*73964)/106720= 62
3.
= (*)/
= (90*43820)/89540= 44
= (90*58970)/84380= 63
4. ∆1= 44-30=14 ; ∆2= 63-62=1 .
5. () .
∆ ()= (89540/90)*14=13928 .
∆ ()= (84380/90)*1=937,5 .
6. :
()=77484-13928=63556 .
()=111680-937,5=110742,5 .
7. .:
. = 63556/52360= 1,2
. = 110742,5/63450= 1,74
` !
19
` .
VP | 7013,4 | 6571,2 |
, .. M | 1988,5 | |
3011,7 | 2689,5 | |
F | 46,34 | |
, .. E |
R = / VP___________________________= 1- 1 . = 1 - (M/ VP + / VP + / VP)
(E+ F)/ VP E/ VP + F/ VP E/ VP + (/ VP) / (/F)
|
|
1- (0.3+0.41+0.06) = 0,23 = 0,24
R1= 0,26 + 0,705 0,905
1- (0,26 +0.43+0.11) = 0,2 = 0,19
R2= 0,29 + 0,77 1,06
, . ().
!!!
, , .
- , . , , - , - .
ʳ - , , . , , , , .
- -, , -, . .
- , -, .. , .
, , , () , -, , .
20
, .
., .() ʳ , .. () ֳ 1. , ... () , ... | 0,057 719,9 3,9 160,034 | 0,045 873,4 4,7 184,724 | -0,012 +153,5 +0,8 +24,69 |
:
= * ʳ * ֳ 1.
∆ 0,057*873,4*3,9 =194,16
∆ 0,045*873,4*3,9 = 153,28
∆ 4,7*873,4*0,045= 184,72
∆1 194,16-160,034 = 34,126
∆2153,28-194,16 = - 40,88
∆3 184,72-153,28 = 31,44
24,686
:
: ∆1 = -0,012* 719,9* 3,9 = -33,694 ( )
∆2 = 0,045*153,5*3,9 = 26,94
∆3 = 0,045*873,4*0,8 = 31,44
∆= 24,69
: .- ..= 184,724-160,034=24,69
21
-, ( ) .
-, . .. | ||
ʳ , | ||
г:
- :
- ,
- .
- .
= ./ - -
. =27000/9900=2,7
. =28800/10240=2,8
- .
= - - * / .
= / - ;
. = 9900*90/27000 = 33
. = 10240*90/28800 = 32
- .
= .. / .* ∆
= 28800/90*(32-33) = - 320 ..
22.
ϳ . - 695 ... 18 % , . - 55 % 35.
:
- 쳿
г:
1. ( ) .
- 695 - 82%
100%; = 695*100/ 82 = 846,7
= 35 - 155 %
|
|
100%; = 35*100/155 = 22,6
2. ..
= ./ - -
- - = /
- - = 847,6/22,6= 37,5
- -. = 695/ 35 = 19,9
∆ . - - = 19,9-37,5 = - 17,6
= - - * / .
= / - ;
. = 937,5*360/847, 6 = 15,9
. = 19,9*360/695 = 10,3
∆ = 10,3-15,9= -5,6
- .
= .. / .* ∆
= 695/360*(-5,6) = -10,8
23
г - 8640 ..
90 . 25%.
- 5/6 net 30, 1,2 . .
г.
5/6 net 30 , 1 6 , 5%.
1. . .= 360/90 = 4
2. . =4 *1,2 = 4,8 .
3. =360/4,8 = 75
4. =8640/4= 2160 ..
5. =8640/4,8 = 1800 ..
6. ∆= 1800-2160= -360 ..()
7. = *
= 360 * 0,25 = 90 ..
8. : 6/30* 8640 * 0,05 = 86,4 ..
9. = 90 ..- 86,4 ..= 3,,6 ..
24.
- , 125 . . г - 560 .. 34%.
г:
- = ,
125 = 560000 + 125* 0,34
82,5 = 560 000
= 6788
6788 . * 125 = 848 500 .
!!!
25.
18 , 720 .. 5 , 13 98 750 .. 12%, ?
г.
NPV= ∑ ___ PK___ _ = 98750
(1+ic)n-IC (1+0,12)13 - 720 000 = 98750 * FM4 (12%, 13 .) 720 000 =
98750 *6,4235 720000 = - 85679 .
26
() - .
ֳ, .. | 2,5 | 4,5 | - |
: - - | |||
: - - | 60% 80% | 40% 20% | 100 100 |
. . | 507 | 338 | 845 |
. . - - | 1267,5 1020 | 1521 1224 | 2788,5 2244 |
1690 | 760,5 | 2450 |
г
1. :
408/680 *100% = 60%()
272/680 *100% = 40%()
.676/845 *100% = 80%()
.169/845 *100% = 20%()
2. (- )
845*0,6= 507 ()
845*0,4=338 ()
507+338= 845
3. . (. )
507*2,5=1267,5 ()
338*4,5=1521 ()
1267,5+1521=2788,5
4.
408*2,5=1020 ()
272*4,5=1224 ()
1020+1224= 2244
5. .
676*2,5=1690 ()
169*4,5=760,5 ()
760,5+1690=2450,5
7. ()
./ . .
2450,5/2244 = 1,09
8. .
. . . -./ . .
2788,5/2244=1,24
³:
- 24,3% .
!!!
. 2001.
1. :
ֳ | ||
` |
IRR , :
= - 12500 3000 5000 4000 4000
2.
60 000 . 6 :
IC IRR NPV
25 000 12,5 2623
5 000 18,4 2422
45 000 11,0 3213
5 000 20,2 2517
15 000 15,0 890
35 000 15,4 4500
8%
NPV, IRR, PI, , .
3.
NPV, IRR, , 15%
120 60 80 -
120 40 50 70
4.
NPV, IRR, , 20%
12200 6000 5000 5000 4000 3000
19000 7000 6000 7000 9000 4000
5.
4 :
12000 7000 7000 3000
15000 9000 9000 2000
12000 6000 6000 6000
6000 3000 3000 3000
, 14%, :
NPV.
NPV
IRR
IRR , , .
6.
, NPV, IRR, .
ֳ 12%
7000 3000 3000 4000 2 600
7000 2000 4000 5000 3 000
7.
, :
ֳ | ||
` ` | 80 20 30 | 16,0 9,5 13 |
1.
NPV - ;
NV - ;
в ;
IRR ;
- ;
DPP - ;
ARR .
IC - ;
CF - , ;
n - ;
R - ;
- ;
WACC ;
PN .
RV .
1. NPV -
NPV > 0 ;
2. NPV < 0 ;
3. NPV = 0 , .
PV -
2. NV -
NV > 0 ;
4. NV < 0 ;
NV = 0 , .
3. в , , .. , , .
в > 0 ;
5. в < 0 ;
в = 0 ,
4. IRR (. , . ) .
(WACC .)- .
IRR > ;
6. IRR < ;
IRR = ,
5. -
6. DPP - ;
7. ARR ( )
1. 11.5.
18 7 25000$ . , 14% .
S= p * FM 3 (ic, n) (1+ ic)
25000 = p * FM 3 (14%,11) (1+0,14)
25000= * FM 3 (14%,11) * 1,14
= 25000.
FM 3 (14%,11) * 1,14
2. 1.5
5 . 2800 .. . 16 % . .
S= p * FM 3 (ic, n) (1+ ic)
S = 2800 * FM 3 (8%,10) (1+0,16)
S = 2800 * FM 3 (8%,10) * 1,16=,,,,,,,..
3. 22, 4.
7 15 000 . ϳ 9% , . .
.
г.
S= p * FM 4 (ic, n)
15000= p * FM 4 (9%, 7)
15000= p * 5.033
p = 2980.3
p = 2980.3 *7=20862.1
20862.1-15000= 5862.1 .
4 26, 6.
5 20000 .., 12% , . .
, 2 .
г.
20000= p * FM 4 (12%,5)
20000 = * 3,605
= 20000/ 3,605= 5547,85
5547,85 * 2 =11095,70 .. 2 .
%
1 : 20000*0,12%=2400
2 : (20000+2400-5547,85) *0.12= 2022,26
2400+2022,26= 4422,26
11095,7 4422,26 = 6673,44