kapit._proekt

4

: . : 2720819 2008 .

I. : .22 : VI, - 15%; II, - 30%; I, - 4%. , , : x = 1 (-) , .22 /./ 1 15% 18 000 2 15% 18 000 3 15% 18 000 4 15% 18 000 5 6 7 15% 15% 10% 18 000 18 000 12 000 15% 6.67 120 000 102 000 84 000 66 000 48 000

30 00012 000 0.00

2 , .22 /./ 1 30% 72 000 2 30% 72 000 3 30% 72 000 4 10% 24 000 5 30% 3.33 240 000 168 000 96 000 24 000 0.00

0.00

2

3 - , .22 /./ 1 15% 15 000 2 15% 15 000 3 15% 15 000 4 15% 15 000 5 6 7 15% 15% 10% 15 000 15 000 10 000 15% 6.67 100 000 85 000 70 000 55 000 40 000

25 00010 000 0.00

4 , .22 /./ 1 4% 10 400 2 4% 10 400 3 4% 10 400 4 4% 10 400 10 400 5 4% 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 10 400 4% 25 260 000 249 600 239 200 228 800 218 400

208 000197 600 187 200 176 800 166 400 156 000 145 600 135 200 124 800 114 400 104 000 93 600 83 200 72 800 62 400 52 000 41 600 31 200 20 800 10 400 0.00

5

3

, .22 /./ 1 30% 84 000 2 30% 84 000 3 30% 84 000 4 10% 28 000 5

30% 3.33 280 000 196 000 112 000 28 000 0.00

0.00

, , :

: -

(%) (1) /. -/ -

(2) 120 000 240 000

1.

2.

3.

4.

5.

(1) (2) 18000 72000 18000 72000 15000 10400 84000 0 199400 18000 72000 15000 10400 84000 0 199400 18000 24000 15000 10400 28000 0 95400 18000 0 25000 15000 15000 10400 0 100 000 0 0 43400 363000 208000 0 84000 10400 30000 0

15 30 15 4 30 0

100 000 260 000 280 000 100 000

:

1 100 000

199400

II. , , , . 1. , :

4

= x = + 260 000. % 10% 3 12 / 3. 4 1./ % 2,5%. ( 10% / 4 = 2.5% ) 1 () = 260 000/12 = 21 667* (1) (2) (3) (4) (5) (6) : (6) -1 * 2,5% (2) (3) + (4) (2) (3) I 260000 21667 6500 28167 238333 II 238333 21667 5958 27625 216666 III 216666 21667 5417 27084 194999 IV 194999 21667 4875 26542 173332 V 173332 21667 4333 26000 151665 VI 151665 21667 3792 25459 129998 VII 129998 21667 3250 24917 108331 VIII 108331 21667 2708 24375 86664 IX 86664 21667 2167 23834 64997 X 64997 21667 1625 23292 43330 XI 43330 21667 1083 22750 21667 XII 21667 21667 542 22209 0 = : : 1. 2. 3. I 6500 21667 II 5958 21667 III 5417 21667 IV 4875 21667 V 4333 21667 VI 3792 21667 VII 3250 21667 VIII 2708 21667 IX 2167 21667 X 1625 21667 XI 1083 21667 XII 542 21667 : 2. 22750 86668 14083 86668 5417 86668

5

, : A = . AF (r %;N ) = x = 240 000 % 10% 3 , 12 / 3. 4 1. / % 2,5% ( 10% / 4 = 2.5% ) 1 1 1 1 n (1 + r ) = (1 + 0.025) 12 = 10.258 r 0.025

AF(12; 2,5%)=

A = / AF = 240 000/10,258=23396.91*

: (1) : (2) (3) : (6)-1 * 240 000.00 23 396.91 222 603.09 23 396.91 204 771.26 23 396.91 186 493.63 23 396.91 167 759.06 23 396.91 148 556.13 23 396.91 128 873.12 23 396.91 108 698.04 23 396.91 88 018.58 23 396.91 66 822.13 23 396.91 45 095.78 23 396.91 22 826.26 23 396.92 (4) : 2,5% (2) 6 000.00 5 565.08 5 119.28 4 662.34 4 193.98 3 713.90 3 221.83 2 717.45 2 200.46 1 670.55 1 127.39 570.66 (5) : (3) (4) 17 396.91 17 831.83 18 277.63 18 734.57 19 202.93 19 683.01 20 175.08 20 679.46 21 196.45 21 726.36 22 269.52 22 826.26 (6) : (2) (5) 222 603.09 204 771.26 186 493.63 167 759.06 148 556.13 128 873.12 108 698.04 88 018.58 66 822.13 45 095.78 22 826.26 0.00

I II III IV V VI VII VIII IX X XI XII

:

6

: I II III IV V VI VII VIII IX X XI XII : 6 000.00 5 565.08 5 119.28 4 662.34

1 17 396.91 17 831.83 18 277.63 18 734.57

2

3

4 193.98 3 713.90 3 221.83 2 717.45

19 202.93 19 683.01 20 175.08 20 679.46 2 200.46 1 670.55 1 127.39 570.66 21 196.45 21 726.36 22 269.52 22 826.26 88018.59

21346.70

72240.94

13847.16

79740.48

5569.08

III. 1. : = PxQ VxQ F A ( PxQ VxQ F A) xT + A = ( PxQ VxQ F ) x(1 T ) (1 T ) xA + A = ( PxQ VxQ F ) x(1 T ) + AxT : ; Q ; V ; F ; ; . : /20%/ / / 1. 2. 3. 4. 5.

. . . 1.

500000 500000 500000 500000 500000 0.2 9 0.2 9 0.2 9 0.2 9 0.2 9

900000 900000 900000 900000 900000 7

2.2.1 2.2

2.1 + 2.2 VC Q Q . + + . 123

450000 450000 450000 450000 450000 250000 250000 250000 250000 250000 200000 200000 200000 200000 200000 62500 62500 62500 62500 62500

3.4.

5. 6.

7. 8.

9.

/ / / / / / / / / () 5

387500 387500 387500 387500 387500

15% 4

58125

58125

58125

58125

58125

4-5

329375 329375 329375 329375 329375

199400 199400 199400 15% 7 29910 29910 29910

95400 14310

43400 6510

6 +8

359285 359285 359285 343685 335885 1 757 425

=1

5

2. , , , : = ( PxQ VxQ F A I ) Tx( PxQ VxQ F A I ) + A + I I S 8

= ( PxQ VxQ F ) x(1 T ) (1 T ) xA (1 T ) xI + A + I I S = ( PxQ VxQ F ) x(1 T ) + TxA + TxI I S : ; Q ; V ; F ; ; I ; S- ; . : /20%/ / /

1.

2.

3.

4.

5. 500000 0.2 9 900000 450000 250000 200000 62500

. . . 1. 2.2.1 2.2

500000 500000 0.2 9 2.1 + 2.2 VC Q 0.2 9

500000 500000 0.2 9 0.2 9

900000 900000 450000 450000 250000 250000 200000 200000 62500 62500

900000 900000 450000 450000 250000 250000 200000 200000 62500 62500

3. 4.

5. 6.

Q . - + - + . / 123 / / 15% 4 / / 4 -5 /

387500 387500

387500 387500

387500

58125

58125

58125

58125

58125

329375 329375

329375 329375

329375

9

7. 8.

9. 10.

11. 12. 13.

15% 7 / - 15% 9 / . - . . 6 + 8 +10 -11 () - 12 5

199400 199400 29910 29910

199400 29910

95400 14310

43400 6510

44098

27934

10952

0

0

6615

4190

1643

0

0

44098

27934

10952

0

0

158868 166405

174721

0

0

162934 169136

175255 343685 1 186 895

335885

=1

5

IV. ,, (): = r + r + +

r () r . r = 10% , ,, , , .

10

, () . 500000 = r (1-) + r = 8.5 + 21,5 + + 500000 + 600000 600000 = 15,58% 500000 + 600000 - ,

V. ( ) 2 : . 0.4545 (500 000/1 100 000). : r = r 0.52 + r 0.48, : - r ; - r . . 1. : PV =

(1 + rn =1

12

An

)

n

=

A3 A1 A2 A12 , 1 + 2 + 3 + ......+ (1 + r ) (1 + r ) (1 + r ) (1 + r )12

n , . : (1) (2) (3) (4) I II III IV V VI VII VIII IX X XI XII 28167 27625 27084 26542 26000 25459 24917 24375 23834 23292 22750 22209 6500 5958 5417 4875 4333 3792 3250 2708 2167 1625 1083 542 (3) 15% 975 894 813 731 650 569 488 406 325 244 162 81 (5) (2) (4) 27192 26731 26271 25811 25350 24890 24429 23969 23509 23048 22588 22128

11

27192 26731 26271 25811 25350 24890 + 1 + 2 + 3 + 4 + 5 + (1 + ) (1 + ) (1 + ) (1 + ) (1 + ) (1 + ) 6 24429 23969 23509 23048 22588 22128 , = r. 7 + 8 + 9 + 10 + 11 + + (1 + ) (1 + ) (1 + ) (1 + ) (1 + ) (1 + ) 12 x = 2,1252% ( (.36). r 4 : r = (1+ ) -1 = 1.0212524-1 = 0,0878 (8,78%) 100 NPV = -260 000 + 2. : PV =

(1 + rn =1

12

Bn

)

n

=

B3 B1 B2 B12 , 1 + 2 + 3 + ......+ (1 + r ) (1 + r ) (1 + r ) (1 + r )12

Bn , . : (1) (2) (3) (4) (5) (3) 15% (2) (4) I 23397 6000 900 22497 II 23397 5565 835 22562 III 23397 5120 768 22629 IV 23397 4663 700 22697 V 23397 4195 630 22767 VI 23397 3715 557 22840 VII 23397 3223 483 22914 VIII 23397 2718 408 22989 IX 23397 2201 330 23067 X 23397 1671 250 23147 XI 23397 1128 169 23228 XII 23397 535 80 23317

240 000 =

22497 22562 22629 22697 22767 22840 22914 + 1 + 2 + 3 + 4 + 5 + 6 + (1 + y ) (1 + y ) (1 + y ) (1 + y ) (1 + y ) (1 + y ) (1 + y ) 7 22989 23067 23147 23228 23317 , y = r. 8 + 9 + 10 + 11 + + (1 + y ) (1 + y ) (1 + y ) (1 + y ) (1 + y ) 12

y = 2,1253% . ( (.36)

12

r 4 : r = (1+ ) -1 = 1.0212534-1 = 0,0877 (8,77%) 100 :

r = r 0.52+ r 0.48 = 0.52 8,78 + 0,48 8,77 = 8,7752% (2) = r 500000 + r = 8,7752 + 21,5 + + 500000 + 600000

600000 = 3,98873 + 11,73 = 15,72% 500000 + 600000

VI. . . : (.) 30 000 0 25 000 208 000 0 100 000 363 000

VII. 1. = 1 100 00. F = 212 0425 / 5= 424 085. 359285 359285 359285 343685 698885 359285 718570 1077855 1421540 2120425

: 1. 2. 3. 4. 5. ..=

1100000 1077855 12 = 0.6. 0.6 30 = 18 424085

13

= 3. 18

2. = 424085 F = = 0.3855 38.55% K 1100000

38.55% 3. =

Fn =1

N

n

=

K

2120425 = 1.93 1100000

1. 1.93. 4. I- : =

n =1

N

n

=

K II- : =

2120425 1100000 = 0.93 1100000

204085 = = 0.1855 18.55% 1100000 K

18.55%

5. = 1100000 = = 220 000., . 5 = 10000+40000+12500 = 62 500. , 220 000 + 62 500 = 282 500.,

= =

282500 = = 0.565, 500000

0.57. 6.

14

=

1100000 = = 220 000 . 5

= 500 000 0.1 = 50 000. = 62500 + 50000 + 220000 = 332500. = 900000. = 900000 332500 = 567500.

VIII. r = 15.72%1. - NPV NPV =

Fn =1

5

n

1 - K0 = (1 + r ) n

( F DF ) - Kn =1 n n

5

0,

:Fn . n Ko r = 15.72%

: 1 2 3 4 5 6

: K0 (Fn) DFn Fn x DFn 1100000

1. 359285 0.86415 310476 1 339 155 239 155

2. 359285 0.74677 268303

3. 359285 0.64532 231854

4. 343685 0.55766 191659

5. 698885* 0.482 336863

( F DF )n =1 n n

5

NPV = 5 1

* 5 , . 100000 + 263000 = 363000. NPV > 0 ,, 239 155 . 2. - NFV NFV= Fn (1 + r )n =1 N N n

-

Kn =0

N

n

(1 + r ) N n

15

FV : FV1 = 1.79322 * 359 285 FV2 = 1.54962 * 359 285 FV3 = 1.33911 * 359 285 FV4 = 1.1572 * 343 685 FV5 = 1 * 698 885 I = 1 100 000 * 2.07512 = 2 282 632 NFV = 644 277 + 556 755 + 481 122 + 397 712 + 698 885 2 282 632 = 496 119. NFV > 0 ,, 496 119 . 3. - IRR = = = = = 644 277 556 755 481 122 397 712 698 885

Fn =1

N

1 (1 + IRR)

K =0

N

n

1 =0, (1 + IRR)

NPV 1 IRR = r + ( r2 r ) 1 1 NPV 1 NPV 2

. =

K 1100000 = =3.13 351485 F

AF(17%;5) = 3.199 AF(18%;5) = 3.127 r = 0.17, NPV1 = 3.199 * 351 485 1 100 000 = 24 400.515 1 r2 = 0.18, NPV2 = 3.127 * 351 485 1 100 000 = -906.405 IRR = 0.17 + ( 0.18 - 0.17 ) 24400 .515 = 0.1796 17.96% (24400 .515 + 906.405)

IRR = 17.96% > r = 15.72% 4. MIRR MIRR , , , . , , (r) ,, . :

16

1. r. 1100000. 2. : 1100000. 3. . (). r: Fn(1+r)5-n 4. :

F (1 + r )n =1 n

5

5 n

= 359285(1+0.1572)5-1 + 359285(1+0.1572)5-2 + 359285(1+0.1572)5-3 +

343685(1+0.1572)5-4 + 698885(1+0.1572)5-5 = 2 778 751 . 5. : 1 K n (1 + r ) n = n =05

F (1 + r )n =1 n

5

5 n

1100000 =

(1 + MIRR) 5

2778751 (1 + MIRR) 5

(1+MIRR)5 =

2778751 ; 1100000

MIRR = 1.20362 1 = 0.20361 20.36%

MIRR = 20.36% > r =15.72% 5. PI 1 (1 + r ) n 1339155 n =1 PI = 5 = =1.2174 1 1100000 K n (1 + r ) n n =0

F

5

n

PI = 1.2174 > 1 6. -

. / =n =1

5

n

1 (1 + r ) n

nn =1

5

5 1 1 + Kn n (1 + r ) (1 + r ) n n =0

: 1 2 3 4

: 1100000

1. 450000 62500 28215

2. 450000 62500 28215

3. 450000 62500 28215

4. 450000 62500 43815

5. 450000 62500 51615

17

/4.1 4.2/4.1 4.2 / / / 58215 29910 58215 29910 58125 29910 58125 14310 58125 6510

5 6 7 8 9 10 11 12

1+2+3+4 1/(1+r)n 5 5 1 1 n (1 + r ) n + K n (1 + r ) n n =1 n=0 8+9 1/(1+r)n 5 1 n (1 + r ) n n =1 . / =

1100000

540625

540625

540625

556315

564115 0.482

1.0000 0.86415 0.74677 0.64532 0.55766 2901919 0 0 900000 900000 900000 900000 900000 900000 900000 900000

900000 363000 1263000 0.482

1.0000 0.86415 0.74677 0.64532 0.55766

3141276

3141276 = 1.0825 > 1 2901919 7. : 1 (1 + r ) n n =1 2. ( F), 5 1 Fn (1 + r ) n AF(r;n): F = n =1 AF( r ;n ) 3. (Fmin), a r. M 5 1 K n (1 + r ) n AF(r;n): Fmin = n =0 AF( r ;n ) 4. F. F. , - 0: F - Fmin >0. 1. :5

F

n

: 1 2

: n (Fn)

1. 359285 0.86415

2. 359285 0.74677

3. 359285 0.64532

4. 343685 0.55766

5. 698885* 0.482

18

3 4 5

1/(1+r)n 12 5 1 Fn (1 + r ) n n =1 1 1 AF(15,72% ; 5 )= (1.1572 ) 5 0.326208 1 Fn (1 + r ) n F = n =1 AF( r ;n ) /45/ 1 K n (1 + r ) n5

310476

268303

231854 1 339 155 3.295796

191659

336863

6

406322

7 8

1100000

AF(15,72% ; 5 ) = 95

1

(1.1572 ) 5

1

3.295796

0.326208 1 K n (1 + r ) n Fmin = n =0 AF( r ;n )

333758

F Fmin = 406 322 333 758 = 72 564 > 0 8. : 1. ; 2. ; 3. ; 4. : 1. 2. 3. 4. 5. 359285 359285 359285 343685 698885 1/(1+r)n 0.86415 0.74677 0.64532 0.55766 0.482 PV / . -/

310476 268303 231854 191659 336863

310476 578779 810633 1002292 1366155

1 100 000. . : 336863 - 12 : = 28072 ./. 12 19

-

, 4 . : 1 100 000 1 002 292 = 97708. 97708 : 28072 =3.48. 0.48. : 0.48 30 = 14.4

c 4 . 3 15 .

IX. : : 1. , : NPV 2. , 3. : -10%; - 65%; - 25%; 4. 1. NPV = :

Fnn =1

5

1 - K0 = (1 + r ) n

( F DF ) - Kn =1 n n

5

0,r

= 5%

/20%/ / /

1. 600000 0.25 11

2. 600000 0.25 11

3. 600000 0.25 11

4. 600000 0.25 11

5. 600000 0.25 11

. . . 1. 2.2.1 2.2

2.1 + 2.2 VC Q Q

1650000 1650000 1650000 1650000 1650000 380000 200000 180000 380000 200000 180000 380000 200000 180000 380000 200000 180000 380000 200000 180000

20

3.

4.

5.

6.

7. 8.

9.

. 62500 62500 62500 62500 62500 + + . / / / 123 1207500 1207500 1207500 1207500 1207500 / / 15% 4 181125 181125 181125 181125 181125 / / 4-5 1026375 1026375 1026375 1026375 1026375 / 199400 199400 199400 95400 43400 15% 7 29910 29910 29910 14310 6510 / 6 +8 1056285 1056285 1056285 1040685 1032885 () 5

=1

5

5 242 425

: 1 2 3 4

: K0 (Fn) DFn Fn x DFn 1 100 000

1. 1056285 0.9521005583

2. 1056285 0.907958050.5

3. 1056285 0.864912630.2

4. 1056285 0.823869322.6

5. 1395885 0.7841094374

21

5

( F DF )n =1 n n

5

4 839 960

6

NPV 1 = 5 1

3 739 960

* 5 , . 100000 + 263000 = 363000. 2. NPV = Fnn =1 5

:

1 - K0 = (1 + r ) n

( F DF ) - Kn =1 n n

5

0,r

= 5%

1.

2.

3.

4.

5.

. . . 1. 2.2.1 2.2

/20%/ / /

500000 500000 500000 500000 500000 0.2 9 2.1 + 2.2 VC Q Q . + + . 123 0.2 9 0.2 9 0.2 9 0.2 9

900000 900000 900000 900000 900000 450000 450000 450000 450000 450000 250000 250000 250000 250000 250000 200000 200000 200000 200000 200000 62500 62500 62500 62500 62500

3.4.

5. 6.

/ / / / / / /

387500 387500 387500 387500 387500

15% 4

58125

58125

58125

58125

58125

4-5

329375 329375 329375 329375 329375

22

/

7. 8.

9.

/ () 5

199400 199400 199400 15% 7 29910 29910 29910

95400 14310

43400 6510

6 +8

359285 359285 359285 343685 335885 1 757 425

=1

5

: 1 2 3 4 5 6

: K0 (Fn) DFn Fn x DFn 1 100 000

1. 359285 0.952 342039 1 809 112 709 112

2. 359285 0.907 325872

3. 359285 0.864 310422

4. 343685 0.823 282853

5. 698885* 0.784 547926

( F DF )n =1 n n

5

NPV2 = 5 1

* 5 , . 100000 + 263000 = 363000.

3. NPV = :

Fn =1

5

n

1 - K0 = (1 + r ) n

( F DF ) - Kn =1 n n

5

0,r

= 5%

1.

2.

3.

4.

5.

.

450000 450000 450000 450000 450000

23

. . 1. 2.2.1 2.2

/20%/ / /

0.17 8 2.1 + 2.2 VC Q Q . + + . 123

0.17 8

0.17

0.17 8

0.17 8

8 612000 612000 612000

61200 612000 0 510000 51000 510000 510000 510000 0 270000 270000 270000 270000 270000 240000 240000 240000 240000 240000 62500 62500 62500 62500 62500

3.4.

5. 6.

7. 8.

9.

/ / / / / / / / / () 5

39500

39500

39500

39500

39500

15% 4

5925

5925

5925

5925

5925

4-5

33575

33575

33575

33575

33575

199400 199400 199400 15% 7 29910 29910 29910

95400 14310

43400 6510

6 +8

63485

63485

63485641 425

47885

40085

=1

5

:

1.

2.

3.

4.

5. 24

: 1 2 3 4 5

K0 (Fn) DFn Fn x DFn

1 100 000 63485 0.95260437.72 528 297.7

63485 0.90757580.9

63485 0.86454851.04

47885 0.82339409.36

403085 0.784316018.6

( F DF )n =1 n n

5

6

NPV3 = 5 1

-571 702.3

* 5 , . 100000 + 263000 = 363000. , , : NPV = NPV. . + NPV. . + NPV. .

NPV = 3 739 960 0.1 + 709 112 0.65 - 571 702.3 0.25 = 373 996 + 460 922.8 142 925.6 = 691 993.2 : NPVi - NPV : 2 =

( NPVi =1

3

i

NPV ) 2 xPi ;

: = 2 : =

: NPV

25

:

NPVi

Pi

NPVi x Pi

NPVi - NPV 3047966.8

( NPVi - NPV ) xPi 929010161390

2

2 = ( NPVi NPV ) xPi ; 2 i =1

3

= 2

= NPV

3739960 709 112 - 571 702.3

0.1 0.65 0.25

373 996 460 922.8

190484654 17118.8 3992315792 -126369.55

933192961836

966 019

1.396

142 925.6

=

= 1.396 > 0,5 ,, . NPV

: , : 1. ; 2. ; 3. , ;

:

() (y):27192 26731 1.021252 1.042956 26626.1412 25630.04 -0.1274275 :X= 0.021252 26271 1.065121 24664.81 25811 1.087756 23728.66 25350 1.110873 22819.88 24890 1.134482 21939.53 24429 1.158592 21085.08 23969 1.183214 20257.53 23509 1.20836 19455.3 23048 1.23404 18676.87

1

22497 1.021253 22028.8215 -0.2780526 :Y=

22562 1.042958 21632.71 0.021253

22629 1.065124 21245.42

22697 1.087761 20865.8

22767 1.110879 20494.58

22840 1.134488 20132.42

22914 1.1586 19777.32

22989 1.183223 19429.13

23067 1.20837 19089.34

23147 1.234052 18756.91

1 1

: I- : : 2.70. 2.00.

1. NPV . : NPV = :5 1 - K0 = ( Fn DFn ) - K0 , r = 5% (1 + r ) n n =1 n =1 1. 2.

F

5

n

3.

4.

5.

. . . 1.

/20%/ / /

500000 500000 500000 500000 500000 0.2 9 0.2 9 0.2 9 0.2 9 0.2 9

900000 900000 900000 900000 900000

27

2.2.1 2.2

2.1 + 2.2 VC Q Q . + + . 123

400000 400000 400000 400000 400000 200000 200000 200000 200000 200000 200000 200000 200000 200000 200000 62500 62500 62500 62500 62500

3.4.

5. 6.

7. 8.

9.

/ / / / / / / / / () 5

437500 437500 437500 437500 437500

15% 4

65625

65625

65625

65625

65625

4-5

371875 371875 371875 371875 371875

199400 199400 199400 15% 7 29910 29910 29910

95400 14310

43400 6510

6 +8

401785 401785 401785 386185 378385 1 969 925

=1

5

: 1 2 3

: K0 (Fn) 1 100 000

1. 401785 0.952

2. 401785 0.907

3. 401785 0.864

4. 386185 0.823

5. 741385 0.784

28

4 5

DFn Fn x DFn

382499.3 1 993 137

364419

347142.2

317830.3

581245.8

( F DF )n =1 n n

5

6

NPV1 = 5 1

833 137

2. NPV 2.50. : NPV = Fn :5 1 - K0 = ( Fn DFn ) - K0 , r = 5% (1 + r ) n n =1 n =1 1. 2. 5

3.

4.

5.

. . . 1. 2.2.1 2.2

/20%/ / /

500000 500000 500000 500000 500000 0.2 9 2.1 + 2.2 VC Q Q . + + . 123 0.2 9 0.2 9 0.2 9 0.2 9

900000 900000 900000 900000 900000 450000 450000 450000 450000 450000 250000 250000 250000 250000 250000 200000 200000 200000 200000 200000 62500 62500 62500 62500 62500

3.4.

5. 6.

/ / / / / / /

387500 387500 387500 387500 387500

15% 4

58125

58125

58125

58125

58125

4-5

329375 329375 329375 329375 329375

29

/

7. 8.

9.

/ () 5

199400 199400 199400 15% 7 29910 29910 29910

95400 14310

43400 6510

6 +8

359285 359285 359285 343685 335885 1 757 425

=1

5

: 1 2 3 4 5 6

: K0 (Fn) DFn Fn x DFn 1 100 000

1. 359285 0.952 342039 1 809 112

2. 359285 0.907 325872

3. 359285 0.864 310422

4. 343685 0.823 282853

5. 698885* 0.784 547926

( F DF )n =1 n n

5

NPV2 = 5 1

709 112

3. NPV 2.70. : : /20%/ / / 1. 2. 3. 4. 5.

. . . 1. 2.

500000 500000 500000 500000 500000 0.2 9 2.1 + 2.2 0.2 9 0.2 9 0.2 9 0.2 9

900000 900000 900000 900000 900000 470000 470000 470000 470000 470000

30

2.1 2.2

3.4.

5. 6.

7. 8.

9.

/ / / / / / / / / () 5

VC Q Q . + + . 123

270000 270000 270000 270000 270000 200000 200000 200000 200000 200000 62500 62500 62500 62500 62500

367500 367500 367500 367500 367500

15% 4

55125

55125

55125

55125

55125

4-5

312375 312375 312375 312375 312375

199400 199400 199400 15% 7 29910 29910 29910

95400 14310

43400 6510

6 +8

342285 342285 342285 326685 318885 1 672 425

=1

5

: 1 2 3 4

: K0 (Fn) DFn Fn x DFn 1 100 000

1. 342285 0.952325855.3

2. 342285 0.907310452.5

3. 342285 0.864295734.2

4. 326685 0.823268861.8

5. 681885 0.784534597.8

31

5

( F DF )n =1 n n

5

1 735 502

6

NPV3 = 5 1

635 502

5 , . 100000 + 263000 = 363000.

: .

NPVi NPV1 = 833 137 NPV2 = 709 112 NPV3 = 635 502

2.00 2.50 2.70

NPV : 833 137 635 502 = 197 635. %: 27.87% II- : = 10% : . . .

NPVi NPV1 = 801 124 * NPV2 = 709 112 NPV3 = 617 099 *

2.25 2.50 2.75

NPV : 801 124 617 099 = 184 025. %: 25,95% *1. NPV1 : 2.25. :

32

NPV = Fn :

5 1 - K0 = ( Fn DFn ) - K0 , r = 5% (1 + r ) n n =1 n =1 1. 2.

5

3.

4.

5.

. . . 1. 2.2.1 2.2

/20%/ / /

500000 500000 500000 500000 500000 0.2 9 2.1 + 2.2 VC Q Q . + + . 123 0.2 9 0.2 9 0.2 9 0.2 9

900000 900000 900000 900000 900000 425000 425000 425000 425000 425000 225000 225000 225000 225000 225000 200000 200000 200000 200000 200000 62500 62500 62500 62500 62500

3.4.

5. 6.

7. 8.

/ / / / / / / / /

412500 412500 412500 412500 412500

15% 4

61875

61875

61875

61875

61875

4-5

350625 350625 350625 350625 350625

199400 199400 199400 15% 7 29910 29910 29910

95400 14310

43400 6510

33

9.

() 5 5

6 +8

380535 380535 380535 364935 357135 1 863 675

=1

: 1 2 3 4 5 6

: K0 (Fn) DFn Fn x DFn 1 100 000

1.

2.

3. 380535 0.864328782.2

4. 364935 0.823300341.5

5. 720135 0.784564585.8

380535 380535 0.952362269.3 1 901 124

0.907345145.2

( F DF )n =1 n n

5

NPV1 = 5 1

801 124

2. NPV3 : 2.75. : NPV = Fn :5 1 - K0 = ( Fn DFn ) - K0 , r = 5% (1 + r ) n n =1 n =1 1. 2. 5

3.

4.

5.

. . . 1. 2.2.1 2.2

/20%/ / /

500000 500000 500000 500000 500000 0.2 9 2.1 + 2.2 VC Q Q . + + . 0.2 9 0.2 9 0.2 9 0.2 9

900000 900000 900000 900000 900000 475000 475000 475000 475000 475000 275000 275000 275000 275000 275000 200000 200000 200000 200000 200000 62500 62500 62500 62500 62500

3.

/ /

34

4.

5. 6.

7. 8.

9.

/ / / / / / / () 5

123

362500 362500 362500 362500 362500

15% 4

54375 54375

54375

54375

54375

4-5

308125 308125 308125 308125 308125

199400 199400 199400 15% 7 29910 29910 29910

95400 14310

43400 6510

6 +8

338035 338035 338035 322435 3146351 651 175

=1

5

: 1 2 3 4 5 6

: K0 (Fn) DFn Fn x DFn 1 100 000

1.

2.

3. 338035 0.864292062.2

4. 322435 0.823265364

5. 677635 0.784531265.8

338035 338035 0.952321809.3 1 717 099

0.907306597.7

( F DF )n =1 n n

5

NPV3 = 5 1

617 099

III- : I- , : 35

73 610 (NPV2-NPV3) 10.38%. IV- : : .

Pi

NPVi

2.00 1 = 10% NPV1 = 833 137 2.50 2 = 65% NPV2 = 709 112 2.70 3 = 25% NPV3 = 635 502 NPV, , : NPV = NPV. . + NPV. . + NPV. . NPV = 833 137 0.1 + 709 112 0.65 + 635 502 0.25 = 83 313.7 + 460 922.8 + 158 875.5 = 703 112. : NPVi - NPV : 2 =

( NPVi =1

3

i

NPV ) 2 xPi ;

: = 2 : =

: NPV

: NPV = 703 112

2 = 2856828087.5 = 53 449

36

2=: NPVi Pi NPVi x Pi NPVi NPV ( NPVi NPV )2xPi 1690650062.5 833 137 709 112 635 502 0.1 0.6 5 0.2 5 83 313.7 460 922. 8 158 875.5 130 025 23400000 6 000 1142778025 -67 610 2856828087.5

( NPVi NPV ) 2 xPii =1

3

= 2

;

53 449

: 1. NPV = 703 112 2. 2 = 2856828087.5 3. = 53 449