k , , (3.4).
r . , (3.4) k. Excel , . k (3.4) . 3.1.
Excel IRR .
.3.1
r . . , r =12% 4,2
. , . U.
. (3.6)
, . U, .
3.1 r=12%
- .
m
3.2.1 - 3.2.7 , k .
( ) m .
n=mk, r/m. .
1)
. (3.7)
2) ,
. (3.8)
3) (), ,
. (3.9)
(3.3) NPV . r/m, mk.
4) IRR
. (3.10)
IRR/m (3.5) . , ; r/m.
5) n=k´m (3.10) r.
6)
,
NPV (3.9).
3.2
100 . . 4 .
. - . 3.2
|
|
.
3.2
B | C | D | ||
. . | . . | |||
-100 | -100 | |||
0,5 | ||||
1,5 | ||||
2,5 | ||||
3,5 | ||||
IRR= | 22,72% | 20,02% |
11 . 10 . , , .
12 . , IRR . , , .
, 12 = 2*(3:11), D12 - = (D3:D6).
, , , , .
. . r ( 3.3 3.2).
G3 = (F3/2;$B$3:$B$10), G4:G19. 3 = (F3;$D$3:$D$6) 4:19.
3.3
F | G | H | |
1 | |||
. . | . . | ||
0% | 150,00 | 160,00 | |
2,5% | 142,62 | 149,78 | |
5% | 135,82 | 140,54 | |
7,5% | 129,54 | 132,16 | |
10% | 123,73 | 124,53 | |
12,5% | 118,34 | 117,58 | |
15% | 113,34 | 111,22 | |
17,5% | 108,70 | 105,39 | |
20% | 104,37 | 100,04 | |
22,5% | 100,34 | 95,11 | |
25% | 96,57 | 90,56 | |
27,5% | 93,05 | 86,35 | |
30% | 89,75 | 82,46 | |
32,5% | 86,65 | 78,84 | |
35% | 83,75 | 75,48 | |
37,5% | 81,02 | 72,35 | |
40% | 78,44 | 69,43 |
, r < 11,24% , . r>11,24% . r=11,24%, NPV = NPV . .
, , J3 5%, K3 = (J3/2;B2:B10), K4 =(J3;B2:B6), .
K5 :=3 4.
: . :
: $K$5 : 0,
: J3.
.
J3 IRR=11,24%, NPV .
3.4 3.5 3.3 3.4 .
|
|
3.4
. . | IRR | |
-100 | ||
0,5 | ||
1,5 | ||
-10,29% | ||
2,5 | 1,83% | |
7,26% | ||
3,5 | 7,26% | |
11,36% | ||
2,7 , 3,3 . 3,3 , 3,8 . NPV.
3.5
. . | IRR | |
-100 | ||
-20,00% | ||
4,70% | ||
20,02% |
, , . , ().