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, .
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, ...... ...,, 1.1. 1.1.2.. (...).
-
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1. ........................................................................... 8
2. ...................................................................................................... 11
2.1. ............................................................................................................ 11
2.2. ........................................................................................... 12
2.3. ........................................................................ 17
2.3.1. .................................................................................. 18
2.3.2. . ............................................................................................ 192.3.3. ........................................................................... 19
2.3.4. ..................................................................................... 19
2.4. .................................................................................. 21
2.5. ................................................................................ 25
2.6. ............................................................. 27
3. ................................................................................................. 33
3.1. ............................................................................................................ 33
3.2. .............................................................................................. 34
3.3. ............................................................... 373.4. ....................................................... 42
4. ................................................................................................................. 45
4.1. ............................................................................................................ 45
4.2. ........................................................................................................................... 46
4.3. ................................................................................................. 47
4.4. .............................................................................................. 54
4.5. ............................................................................................................ 59
5. .................................................................................................................................. 63
5.1. ............................................................................................................ 635.2. .............................................................................................................. 64
5.3. ............................................................................................ 66
5.4. ...................................................................................................... 67
5.4.1. () ..................................................... 67
5.4.2. ....................................................... 69
5.4.3. ............................. 71
5.4.4.
( ).............................................................................................. 73
5.4.5. ...... 76
5.4.6. ........................................................................... 77
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5.5. ..................................................................................................... 78
5.5.1. ....................................................... 79
5.6. ....................................................................................................... 80
6. ................................................................................................................... 87
6.1. / ............................................................................................ 87
6.2 ...........................................................................................88
6.3. ........................................................................................ 89
6.4 .. ...................................................... 91
6.5 ............................................................................. 92
6.6 ......................................................................................................................... 92
6.6.1 ....................................................................................................... 92
6.6.2 ....................................................................................................... 93
6.6.3 ................................................................. 93
6.7 ....................................................................................................... 94
6.7.1 ....................................................................................... 95
6.8 . ...................................................................... 95
6.9 .............................................................................................. 96
6.10 .. ......................................... 97
6.11 ..................................................................................... 98
6.11.1 ................................................................. 100
6.12 ......................................................................................... 101
6.12.1 ..................................................................................... 1036.13 .................................................................................................................... 104
................................................................................ 111
-
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8
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13
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14
4
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15
7
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16
1. () .
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;
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17
2.3.
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= = .
:
1.500 0,0144 5 9
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(!!!)
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18
2.3.1.
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20
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21
2.4.
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22
10
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-
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23
1.400 0,12 3 42
12 12
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_________________________________________________________
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24%.
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24
1. () () ().
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25
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26
__________________________________________________________
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27
2.6.
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1.000 0,980 989,9
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.
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-
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28
17
1 -
().
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1
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=
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29
19
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0 1.006 1.486,5= + 2492,5= .
-
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30
1. 45
2.500 60 . -
10% .
;
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3 . 14%
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;
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.
;
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31
() ,
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,
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, 1998. , , 1968
. , , 1992
. - ., , 1994
. - . , , 2003
Adekunle, J.O., The demand for Money: Evidence from Developed and less devel-
oped Economies, IMF Staff Press, Vol. 15, 1968
Davidson, P.Money and the Real World, London, 2ed., 1978
. , , , 1993.
. -
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32
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3
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34
3.2.
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1
.
1
1% 2% 10% 15%
1 1,01 1,05 1,1 1,15
5 1,05 1,25 1,5 1,75
10 1,1 1,5 2 2,5
15 1,15 1,75 2,5 3,25
20 1,2 2 3 4
25 1,25 2,25 3,5 4,75
50 1,5 3,5 6 8,5
100 2 6 11 16
1
1% 2% 10% 15%
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5 1,051 1,28 1,61 2,01
10 1,104 1,63 2,59 4,05
15 1,16 2,08 4,18 8,14
20 1,22 2,65 6,73 16,37
25 1,282 3,39 10,83 32,92
50 1,645 11,47 117,39 1.083,65
100 2,705 131,5 13.780,61 1.174.313,4
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35
,
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2.000= = .
51,1 1, 6105= 5 . (
-
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-
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36
1. () ()
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;
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-
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37
3.3.
.
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-
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8.000 .
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12 12
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-
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38
5
30.000 2 -
6%. ;
( )
1 = +
( )2
30.000 1 0,06= = +
30.000 1,1236= =
30.000
1,1236= 26.700 .
26.700 , 30.000 26.700 3.300 = .
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( ) 1 = + . -
2
. 2
2.
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2 2
1 1 1 1 = + = + + = +
2 21 1 1 1+ = + = + .
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6 12 3, 4, 62.
:
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2 3 4 6 121 1 1 1 1 1 + = + = + = + = + = +
6 10%, -
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2 21 1,1 1,1 1 0,0488 4,88%+ = = .
:
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4 41 1 1,1 1 0,0241 2,41%+ = + =
( )12 1212 121 1 1,1 1 0,00797 0,797%+ = + = .
-
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39
-
-
. 4 2
4,88 2 9,76% = 12 0,797 12 9,564% = . -
, -
.
7
6%.
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1 0,03 1 1,0609 1 0,0609 6,09%= + = =
, .
-
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40
1. 4.000 5%.
6 ;
2. 4%. 3,5
8.040 , ;
3. 2.500 3%.
2.816 ;
4. 1.000 3 1.194 .;
5. 4.500 4%.
17 ;
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16.033 .
;
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8%. -
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8. 2
10% 13.605 . ;
9.
40.000 8% 34.192 ;
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.
-
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41
13. 8% , -
.
14. 4,1%
4% .
;
-
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42
3.4.
-
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.
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.
1, 2, , 1, 2, ,
.
,
:
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...
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8
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2 . 4%. -
;
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2 1
1 1 =
+ + ( )2
50.0001 0,041 0,04
= ++
50.000
1,0816 1,04= 52.000= .
9
10.000 30.000 -
3 1 2 .
6%.;
( ) ( )1 2
2 3
1 1 1 = +
++ +
( ) ( )2 3
10.000 30.000
1 0,061 0,06 1 0,06= +
++ +
8.396 28.302
1,1236= +
36.698
1,1236
= 41.234 .
-
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43
1. 50.000 6
8 . 8%
;
2. 10.000 7
5 . 7%
;
3. 20.000 40.000 -
1 4 2 . - 6%, ;
4. 50.000 , 60.000 30.000
1, 3 5 2 .
6%, ;
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2 .
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.
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-
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