, .
2 :
1. - ;
2. .
:
() - .
:
1. , ( = );
2. , ( );
3. , ( ). .
:
1. - ;
2. - ;
3. - .
. - .
- , .
- , .
1 - , .
t0, - , t1 , R0 max, - , R 1 max , t0 , t1- t, . r, (r1) , r (r0) ( ).
:
.: R0 = max, R1 = 0
R0max= t0+ PV(t1) = t0+ t1/(1+ r)
( )
. : R0 = 0, R1 = max
R1max= t1+ FV(t0) = t1+ t0*(1+ r)
( )
:
- .
tg = r0 (% , . r0=r1)
tg = r1
tg = tg
U1 useless ( )
Aopt
|
|
.
. :
1)
2)
. :
, . (.. )
, - .
: R0 => R1= t1+ (Ct0-R0)*(1+ r)
2. : ( )
:
1) Max , : , R0 = max, Rt = 0
R0max= t0 - I0+ PV(Ct1+ GI0t1) = t0 - I0+ (Ct1+ GI0t1)/(1+ r)
GI0t1 , (., )
2) Max R1 = max, R0 = 0,
R1max= Ct1+ GI0t1+ FV(t0- I0) = Ct1+ GI0t1+ (t0- I0)*(1+ r)
-> , -> ʑ
, .
, ʑ, , .
, .. t0.
3. . . .
Ct0 < I0
1) Max R0 = max, R1 = 0
R0max= t0 - I0+ PV (Ct1+ GI0t1) = t0 - I0+ (Ct1+ GI0t1)/(1+ r)
2) Max R1 = max, R0 = 0
R1max= Ct1+ GI0t1 FV (I0 -t0) = Ct1+ GI0t1 - (I0 -t0)*(1+ r)
I0 -t0 , ,
(I0 -t0)*(1+ r) %
r
1 ( , ):
t0 -
t1 - ( 1 )
R 0max - t0
R1max - t1
Ct0 - t = 100 . .
Gt1 - , . = 150 . .
r - = 10%
r - = 10 %
, ?
:
1.
R 0 = max
R 1 = 0
R 0max = Ct0 + PV (Gt1) = Ct0 = (Gt1 / 1 + r)
R 0max = 100 . + (150 . / 1 + 0,1) = 236364 .
, . .
2.
R 1 = max
R 0 = 0
R1max = Gt1 + FV (Ct0) = Gt1 + Ct0 (1 + r)
R1max = 150 . + 100 . (1+ 0,1) = 260 .
.. (100 . .) .
|
|
3.
R 0 = 50 . .
R1max = Gt1 + FV (Ct0 - R 0) = Gt1 + FV (I0) = Gt1 + I0 (1 + r)
R1max = 205 . .
R 0 = 120 . .
R1max = Gt1 - FV(R 0 - Ct0) = Gt1 - (R 0 - Ct0) (1 + r)
R1max = 150 . - (120 . -100 .) (1+0,1)
( )
K- ;
tg a- ,
;
U1- ;
R0max ,R1max -
;
A1 , A2 ..-
;
Aopt
U1
,
.
0R0- ,
0R1- )
2 ( , ) :
, 1.
1.
Rt0 = max
R1 = 0
Rt0 = Ct0
2.
Rt1 = max
R0 = 0
Rt1 = Ct1 + Ct0
3.
∆ R0 = R 0max - Rt0
∆ R1 = R 1max - Rt1
∆ R0 = 236364 - 100 . = 136364 .
∆ R1 = 260 . - 250 . = 10 . .