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t I = P x i x --- , (5.1) Y 345  - AC<<0 :@548B0; i - 3>4>20O ?@>F5=B=0O AB02:0 2 >B=>A8B5;L=KE 548=8F0E; t - A@>: :@548B0 2 4=OE; Y - @0AG5B=>5 :>;8G5AB2> 4=59 2 3>4C (360, 365 8;8 366). @8<5@ 5.2 @548B 100 BKA. @C1. 27OB =0 40 4=59 ?> 20% 3>4>2KE !C<<0 ?@>F5=B>2 ?> D>@<C;5 (5.1) ?@8 Y = 360 A>AB028B: 40 I = 100000 x 0.2 x ----- = 2222 @C1. 360 A;8 :@548B ?>30H05BAO ?> G0ABO< 8;8 ?@>F5=B=0O AB02:0 2 B5G5=85 53> A@>:0 <5=O5BAO, @0AAG8BK205BAO >1I0O AC<<0 ?@>F5=B>2 A 8A?>;L7>20=85< D>@<C;K (5.1), ?>A;5 G53> >?@545;O5BAO @50;L=0O ?@>F5=B=0O AB02:0 ?> D>@<C;5 I Y i = --- x ---. (5.2) P t @8<5@ 5.3. > CA;>28O< :@548B=>3> 4>3>2>@0 AB02:0 ?@>F5=B>2 2 ?5@2>< <5AOF5 ?>;L7>20=8O :@548B>< @02=0 20% 3>4>2KE, 2 :064>< ?>A;54CNI5< <5AOF5 C25;8G8205BAO =0 2 ?@>F5=B=KE ?C=:B0. !C<<0 ?@>F5=B>2 70 :@548B 2 @07<5@5 100 BKA. @C1., 27OBK9 =0 4 <5AOF0, 1C45B @02=0: I = 100 000 x (0,2 + 0,22 + 0,24 + 0,26) x (1/12) = 7667 @C1. 50;L=0O ?@>F5=B=0O AB02:0 ?> D>@<C;5 (5.2) A>AB028B: 7667 12 i@ = ---------- x --- = 0,23 = 23% 3>4>2KE. 100000 4 A;8 >A=>2=0O AC<<0 :@548B0 1C45B ?>30H0BLAO @02=K<8 G0ABO<8 G5@57 @02=K5 A@>:8 (=0?@8<5@, 2 :>=F5 :064>3> <5AOF0), AC<<0 ?@>F5=B>2 1C45B @02=0: P x i n x p + 1 I = ------- x ----------- , (5.3) p 2 345 n - A@>: :@548B0 2 3>40E; p - :>;8G5AB2> 2K?;0B 2 3>4C. @8<5@ 5.4. @548B 100000 BKA. @C1. 2K40= =0 4 <5AOF0 ?> 3>4>2>9 AB02:5 20% 3>4>2KE A 565<5AOG=K< ?>30H5=85< >A=>2=>3> 4>;30 @02=K<8 AC<<0<8. !C<<0 ?@>F5=B>2 ?> D>@<C;5 (5.3) A>AB028B: 100000 x 0,2 (4/12) x 12 + 1 I = ---------------- x ------------------- = 4166 @C1. 12 2 50;L=0O AB02:0 ?@>F5=B>2 1C45B @02=0: 4166 12 i@ = ---------- x --- = 0.125 = 12.5% 3>4>2KE. 100000 4 A;8 10=: ?@8 ?@54>AB02;5=88 :@548B0 B@51C5B =0;8G85 :><?5=A0F8>==>3> >AB0B:0 =0 AG5B5, @50;L=0O ?@>F5=B=0O AB02:0 1C45B 1>;LH5 4>3>2>@=>9. @8<5@ 5.5. 0=: ?@54>AB028; :@548B 100000 @C1. =0 4 <5AOF0 ?> AB02:5 20% 3>4>2KE A A>E@0=5=85< :><?5=A0F8>==>3> >AB0B:0 =0 AG5B5 2 @07<5@5 10% >B AC<<K :@548B0. 50;L=0O ?@>F5=B=0O AB02:0 A>AB028B: 100000 x 0,2 x (4/12) 12 i@ = ------------------------- x ---- = 0,222 = 22,2% 3>4>2KE. 100000 x (1 - 0,1) 4 @548BK 4;O ?>?>;=5=8O >1>@>B=KE A@54AB2 <>3CB B0:65 ?@54>AB02;OBLAO ?>4 70;>3 4518B>@A:>9 704>;65==>AB8. @8 70;>35 4518B>@A:>9 704>;65==>AB8 >=0 A;C68B >15A?5G5=85< 8 >4=>2@5<5==> O2;O5BAO 8AB>G=8:>< ?>30H5=8O :@548B0. @548B>20=85 ?>4 70;>3 B>20@=>-<0B5@80;L=KE 70?0A>2 >1KG=> 8<55B <5AB>, :>340 :><?0=8O ?>;=>ABLN 8A?>;L7>20;0 2>7<>6=>AB8 D8=0=A8@>20=8O 70 AG5B A2>59 4518B>@A:>9 704>;65==>AB8, B>20@K 55 ?>;L7CNBAO A?@>A>< =0 @K=:5, O2;ONBAO AB0=40@B878@>20==K<8 8 <>3CB 4>AB0B>G=> 4>;3> E@0=8BLAO, B> 5ABL A B>G:8 7@5=8O 70;>30 ;53:> @50;87C5<K. @>F5=B=0O AB02:0 ?> B0:8< :@548B0< 2KH5, G5< ?> >1KG=K<. @8 ?@54>AB02;5=88 :@548B=>9 ;8=88 10=: 3>B>2 4020BL 45=56=K5 A@54AB20 2709<K 4> >?@545;5==>9 AC<<K 2:;NG8B5;L=> =0 ?>2B>@ONI59AO >A=>25. 0 D0:B8G5A:89 A@>: ?>;L7>20=8O :@548B>< =0G8A;ONBAO ?@>F5=BK ?> 4>3>2>@=>9 AB02:5, 70 =58A?>;L7>20==K5 A@54AB20 10=: 15@5B :><8AA8>==K5. @58<CI5AB20<8 :@548B=>9 ;8=88 O2;ONBAO: 4>AB0B>G=> ;53:89 8 =570<54;8B5;L=K9 4>ABC? : D8=0=A8@>20=8N 2 A;CG05 =5>1E>48<>AB8; 2>7<>6=>ABL ?>;CG8BL 705<=K5 A@54AB20 8<5==> 2 B@51C5<>< @07<5@5; =5<54;5==>5 2>72@0I5=85 4>;30 ?@8 ?>ABC?;5=88 >68405<KE 45=56=KE A@54AB2. 54>AB0B>: B0:>3> A?>A>10 D8=0=A8@>20=8O - 1>;55 65AB:85 B@51>20=8O 10=:0 : :@548B>A?>A>1=>AB8 705<I8:0. >=B>:>@@5=B=K9 :@548B ?@54CA<0B@8205B 2545=85 10=:>< B5:CI53> AG5B0 :;85=B0 A >?;0B>9 ?>ABC?82H8E @0AG5B=KE 4>:C<5=B>2 8 70G8A;5=85< 2K@CG:8. A;8 A@54AB2 :;85=B0 >:07K205BAO =54>AB0B>G=> 4;O ?>30H5=8O >1O70B5;LAB2, 10=: :@548BC5B 53> 2 ?@545;0E CAB0=>2;5==>9 AC<<K. 0AG5BK ?> :>=B>:>@@5=BC ?@>2>4OBAO A CAB0=>2;5==>9 ?5@8>48G=>ABLN ?CB5< A0;L48@>20=8O ?;0B5659 8 ?>ABC?;5=89 8 >?@545;5=8O @50;L=>9 AC<<K ?@54>AB02;5==>3> :@548B0. #G5B=K9 :@548B >7=0G05B ?>:C?:C (10=:>2A:89 CG5B) 25:A5;59 ?>:C?0B5;59, 8<5NI8EAO C :><?0=88, 4> =0ABC?;5=8O A@>:0 ?;0B560 ?> =8<. @54JO28B5;L 25:A5;O ?>;CG05B >B 10=:0 C:070==CN 2 25:A5;5 AC<<C 70 2KG5B>< CG5B=>3> ?@>F5=B0 8, 2>7<>6=>, :><8AA8>==KE 70 >1A;C6820=85. #G5B=K9 ?@>F5=B >1KG=> @0AAG8BK205BAO =0 >A=>25 CG5B=>9 AB02:8 A;54CNI8< >1@07><: t D = S x d x --- , (5.4) Y 345 S - AC<<0 ?> 25:A5;N; d - CG5B=0O AB02:0 2 >B=>A8B5;L=KE 548=8F0E. @8<5@ 5.6. 5:A5;L =0 500000 @C1. ?@54JO2;5= 2 10=: 70 ?>;3>40 4> A@>:0 53> ?>30H5=8O. 0=: ?@8 CG5B5 25:A5;O 8A?>;L7C5B CG5B=CN AB02:C 20%, 0 B0:65 15@5B :><8AA8>==K5 2 @07<5@5 0,5% >B AC<<K 25:A5;O. #G5B=K9 ?@>F5=B ?> D>@<C;5 (5.4) 1C45B @025=: D = 500000 x 0,2 x (1/2) = 50000 @C1. 07<5@ :><8AA8>==KE A>AB028B: G = 0,005 x 500000 = 2500 @C1. !C<<0, 2K40==0O 10=:>< ?> 25:A5;N, 1C45B @02=0: P = S - D - G = 500000 - 50000 - 2500 = 447500 @C1. $0:B>@8=3 >7=0G05B ?@O<CN ?@>406C 4518B>@A:>9 704>;65==>AB8 10=:C 8;8 D0:B>@A:>9 :><?0=88, :>340 ?>:C?0B5;L 4518B>@A:>9 704>;65==>AB8 15@5B =0 A51O 2A5 :@548B=K5 @8A:8. !B>8<>ABL D0:B>@8=30 2:;NG05B :><8AA8>==K5, ?@>F5=B =0 =5>?;0G5==K9 >AB0B>: 45=56=KE A@54AB2 8 A:84:C A =><8=0;L=>9 AC<<K 4518B>@A:>9 704>;65==>AB8 A CG5B>< :@548B=>3> @8A:0. @58<CI5AB2>< D0:B>@8=30 O2;ONBAO 1KAB@>5 ?>;CG5=85 45=56=KE A@54AB2 8 A=865=85 =0:;04=KE @0AE>4>2, A2O70==KE A C?@02;5=85< 4518B>@A:>9 704>;65==>ABLN. 54>AB0B>: - 2KA>:0O AB>8<>ABL 8 =530B82=>5 2?5G0B;5=85, A:;04K20NI55AO C ?>:C?0B5;59 2 @57C;LB0B5 A<5=K 45@60B5;O 8E 704>;65==>AB8. @8<5@ 5.7. 0=: ?>:C?05B 4518B>@A:CN 704>;65==>ABL =0 AC<<C 120000 @C1. 2 <5AOF >1I8< A@>:>< 1 3>4, >?;0G820O 80% 55 @07<5@0 A CG5B>< ?@>F5=B0 70 :@548B ?> AB02:5 14 % 3>4>2KE 8 :><8AA8>==K5 2 @07<5@5 1,5% >B @07<5@0 ?@8>1@5B05<>9 4518B>@A:>9 704>;65==>AB8. 0AE>4K :><?0=88 ?> 4>3>2>@C D0:B>@8=30 A>AB02OB: :><8AA8>==K5 70 3>4: 0,015 x 120000 x 12 = 21600 @C1.; @0AE>4K ?> :@548BC: 0,14 x 120 000 x 0,8 = 13340 @C1.; >1I85 @0AE>4K: 21600 + 13340 = 35040 @C1. ><<5@G5A:85 1C<038 O2;ONBAO :@0B:>A@>G=K<8 4>;3>2K<8 >1O70B5;LAB20<8 A> A@>:>< ?>30H5=8O >B 2 4> 270 4=59, 2K?CA:05<K<8 :><?0=8O<8, 8<5NI8<8 2KA>:89 @59B8=3 :@548B>A?>A>1=>AB8. @8<5@ 5.8. ><?0=88 2 1C4CI5< 3>4C ?>B@51C5BAO 2=5H=55 D8=0=A8@>20=85 2 @07<5@5 300000 4>;;. A@>:>< =0 1 <5AOF. 0AA<0B@820NBAO A;54CNI85 20@80=BK: 0) ?>;CG5=85 2 10=:5 :@548B=>9 ;8=88 =0 AC<<C 300 000 4>;;. A@>:>< =0 1 3>4 ?> AB02:5 12% =0 8A?>;L7C5<K5 A@54AB20 8 A :><8AA8>==K<8 0,5% >B =58A?>;L7C5<KE A@54AB2; 1) 2K?CA: 42CE<5AOG=KE :><<5@G5A:8E 1C<03 =0 AC<<C 300 000 4>;;0@>2 ?> AB02:5 10% 3>4>2KE A @07<5I5=85< 871KB:0 45=56=KE A@54AB2 2 B5G5=85 2B>@>3> <5AOF0 2 8-?@>F5=B=K5 @K=>G=K5 F5==K5 1C<038 A C?;0B>9 :><8AA8>==KE 1@>:5@C 2 @07<5@5 0,3%. 0B@0BK ?> :@548B=>9 ;8=88 A>AB02OB: ?@>F5=BK 70 1 <5AOF I = 0.12 E 300 000 E (1/12) = 3 000 4>;;.; :><8AA8>==K5 70 8A?>;L7>20=85 A@54AB2: G = 0,005 x 300000 x (11/12) = 1375 4>;;.; >1I85 70B@0BK: S = 3000 + 1375 = 4375 4>;;. 0B@0BK ?> :><<5@G5A:8< 1C<030< A>AB02OB: - ?@>F5=B=K5 2K?;0BK I = 0,1 x 300000 x (2/12) = 5000 4>;;.; - :><8AA8>==K5 1@>:5@C: G = 0,003 E 300 000 = 900 4>;;.; - <8=CA 4>E>4 >B @K=>G=KE F5==KE 1C<03: E = 0,08 x 300000 x (1/12) = 2000 4>;;.; - >1I85 70B@0BK: S = 5000 +900 - 2000 = 3900 4>;;. > 70B@0B0< 1>;55 ?@54?>GB8B5;L=K< O2;O5BAO 20@80=B A 2K?CA:>< :><<5@G5A:8E 1C<03. >=B@>;L=K5 2>?@>AK 'B> ?@54AB02;ONB A>1>9 >1>@>B=K9 8 G8ABK9 >1>@>B=K9 :0?8B0;? 0:>2K 7040G8 8 F5;8 C?@02;5=8O >1>@>B=K< :0?8B0;><? 0: <>65B 1KBL >?@545;5=> A>>B=>H5=85 <564C >1I8<8 @07<5@0<8 B5:CI8E 0:B82>2 8 B5:CI8E >1O70B5;LAB2? 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