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105

.\

- - = )1

,

X .. X 100 X

,

.( KAHHTAjI

= ()

- -

+

()

()

(),

():

-1 -

X ( - ) X

-1 -

X X .

:

- ,

(%) (%)

- +

.\

/

/

- . 636

- =

,

-

, ,

- 1 X - ( )

. .

1 - 1

- -

,

= -

-

=

-

X 100.

!

1 +-X



-

-

( -)

1 -

-

= ()

1 -

"~S"SiSr ,» .

= , />, , () i , - , ,- ,

= £ (, - ) 2 X />,.

= /". :

-

= (, FV) (, PV)

- : =

(1+ )"

:

( ) =

NPV = X

=

+

,

CFt - t-ro ,

- .

NPV :

NPV =

1= 1

[R, Yla+ir) - , \{(1+\{\-T)+D,T

(1+)

-/,

Rt - /- , - , .. , - ,

/- ,

- , ,

, , ,

/- .

ir /

D, -

(IRR) :

1 CF,

= 0.

(K2-Ki)xl00 2-100 () ~ (Ki+K2).:2 " (1+2):2 Ki - 1- 2- ; Ui 2 - .

= iVd l(Rd -) + -)\ + WpRp + WsRs,

(, WACC)

1 - ;



Rp - ; Rs - ! ; - ;

X - ;

Ws - .

,

100% -

X 100 =

, %

-

-

- -

-

-

100% -

360

- , - -, ,

X 100 =

, % " 100% -f , %

, %

-

X 100 .

- . ,>, ,

() ( )

,

, = .

-

, , .

, X .

X , %

100% X 360

),!.

= X

, ,

-f

( - =-

)

X 100.

,

--<- -

-

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