13 13.1, 13.3....13.4..
11.1 : 1) 100 . , 4 3 . 2) , 22 % .
, .
:
1) 4 3 , : 100*3 =300 .
2) FV = P(1+r)n
FV = 100 *(1+0,22)4= 222 .
³: 1 .
11.3 . 16100 . . , 500 . . , 3 , , 5900 . . , , 6200 . .
NPV, , 25%.
:
1) :
NPV= 
NPV= 
2) :
PI = PV/ K=10859/16100 = 0,7 , , < 1.
11.4 , . ? ³ NPV , 20 %, 21%.
| . 1 . | . 1 . | . 2 . | . 3 . | |
| 1. , .. | - | |||
| 2. , % | - | |||
| 3. , % | - | |||
| 4. , .. | - | - | - |
( ):
(CF = * + + );
NPV= 
+ 
=-10300-4940,9+6117,84+6092,5=17569,44
IC ;
;
n ;
;
;
.
=(* )/ =(10300*3)/ 27869,44=1,1
³: , 1,1 .
11.5 . , :
| , .. | |||
| , . . | 5,8 | 5,5 | 5,2 |
| , . | |||
| 0,25 | 0,25 | 0,25 |
Z=C1+E * 1 -->min
|
|
|
Z1=5,8*14+0,25*3200=881,2
Z2=5,5*12+0,25*3030=823.5
Z3=5,2*11+0,25*2950=794,7
() - ;
² - .( , ..)
11.6 ϳ , 20%. , . .:
| г | 0- | 1- | 2- | 3- | 4- | 5- |
| - 100 |
: 15%, 10%. : 10% 10 . . ; ( ) 15% 15 . . ; ( ) 5% 5 . . .
, ² ײ!!!!!!!!!!!!!!!!!!!!!!!!!
( )=-100+20/1,2+30/1,44+40/1,728+50/2,07+40/2,5=
= -100+16,7+20,8+23,14+24,15+16=0,79
( )=10 *5=5
( )= 15 *5=75 .,
,
NPV=10/(1+0.15)+10 
+10/1,153 +10/1,154+10/1,155=
15 , =1 !!!!!
11.7 : , , . :
| , . . | ||||
| 0- | 1- | 2- | 3- | |
| -100 | ||||
| -200 | ||||
| -300 |
, . 20%, 12%.
:
,
IC ;
CFi 1- n- ;
r .
NPV()= 
=-100+33,3+34,72+40,51=8,53( )
NPV()= 
= -200+62,5+71,74+64,061= -1,699(.)
NPV()= 
= -300+100+83,3+115,74= -0,96.
NPV > 0, ; NPV < 0, ; NPV = 0, ( ).
³: .
14
14.1 90 . ., , , , 1100 250 . .
200 . . ?
`:
:1100*250=275000.
|
|
|
:200*250=50000.
:50000+90000=140000.
:275000-140000=135000.
