1 2

.\

1. 1. 2. 2. 3. 4. 1.5. 2. 3. 4.

2.3.

1?

2\.:,.

20%,,2.5;5%,,10.?,,;,,,.\\.20%,2.5;5%,10.()

3,\\,:

1.

2. :

= 0,; 0,.

, . ,,; ,,.1.

\\:1.15,13.4%,:

10.58,-2,.:

:

13.4%,

2. ,:1.8/,5%,11%,:

40,-8.5,:

:40,9.72%,11%,8.5

3.,:1/,10%,12%,40%,:

:,, 40%,,1,

, ,, , ,,, ,.

4. ::15%,10%,1.5/,0.5/,:

: > ,: ,,

> , < 0,,,,0,.

< , >0,,,,100%,. ,.,;.

5. : :1+ : .

:106,2,0.2,0.18,4%,:

:,.:,,,

,,

6.,T

:0.5,0.8,1.6,5%,8%,:

Mg,(M+1)MM+1

:0.9/,10%,5%,,(),:

():tA, :tA+1B, :t B,0 A Bt

: t=A, = t=B, = , , ,A,B,V:

.: =1, =6%, =3%, =8%, A=2 , B=6 , :

,:

// 1 6% 1.0001.06=1.06 2 6%1.0601.06=1.124 3 5.25%1.1241.0525=1.183 4 4.5%1.1831.045=1.236 5 3.75%1.2361.0375=1.282 6 3%1.2821.03=1.32

:

20,

, ,t=H,0t

: =1, =6%, =3%, =2, =6, =8%, =(2+6) 2=4, : , :,,

, ,:,t=H,H,22.76.

, , ., : ( ).

7.:0.3/,2%,1,6%.:t=1:

1.:

;

:\,;;

,.2.,,,.

.1.:()

2.

100010%4%312P/A4%6=5.2421P/F4%6=0.7903P/A4%4=3.6299P/F4%4=0.8548

11000*10%/2=5050*P/A4%6+1000*P/F4%6=50*5.2421+1000*0.7903=1052.4 250*P/A4%4+1000*P/F4%4=50*3.6299+1000*0.8548=1036.3

3.:=NPV)

0 0

:1000,900,60,,9%.NPV=24.060,9%11%NPVNPV=-22190

:\\\\\,,.

1. : ,.,.,.

,,,;,;,;; ;,()

V(6%,100) % 4% 6% 8% 6% 4% 6% 8%1 102 100 98 +2 -210 116 100 86 +16 -1420 127 100 80 +27 -2030 135 100 70 +35 -23

2. . , . ,,,,.

,;,,;;20,100,iV

% 7% 8% 5%7% 8%7% 5%4% 68 60 87 -11.3 +28.75% 78 70 100 -10.5 +27.16% 89 80 112 -10 +25.87% 100 90 125 -9.8 +25.18% 110 100 137 -9.5 +14.4

3.,.,,.,.

4. , : ..

5.,,,;.

6. , :,,.

1.Pr,1000,80,8%.,.

:,;,.,,;,

2., ,,,,,,.

1000,60,883.31,9%,;,,902.81 : ,,116.6997.19.

3.,,,

,,,

4.,0

5..,,;,,;,,.

5,1000,8%==1000, =8%; 1100, 5.76%, ; 900, 10.98%,

6.,,,10%8%

:,,,,,

,, : ,,\,,

,,.

1.%..,.

2.%,.,..,,,,

3.%,.,,.

4.%,..

1.?,,.

:

,2.\\...

:,;\\ , ;,.

3.1000,10%,,,,10%.

(t) (c) 1 100 90.91 90.911= 90.91 2 100 82.64 82.652= 165.28 3 100+1000 826.44826.453= 2479.32 1000 2735.5

4..

,;,,,;

,,;

,:,,1.

5.:0

,,:

:,,

P+PP-0I-II+

,,,.:, ,

1.\;\,

0

2. ,:,,:

,,,.,:

3.1000,10%,,,10%,?10%11%,. ,.

8.7562

10%11%:

:

1.

2.;.;,

,,,,

3.:,,,,,,,;

,.BA

.:\,.

\,\\.

\,. .

;;.rq Tt(T)

tTS100050000S100050000110055000110055000

: : : : : : : :

r-q ,

FFS SF,S,,,

: ,:r-qS,T-t .F, T-t .T,F,F, ,

,,S,,r-q,Tt F ,, Tt T ,F,, , ,,,

, ?, : A , B .

A: + B:S . T ,, A K ,,

BSStTA100045500K100050000

, A B : ,.,: :. 0 , F , =0 , :

:3.3%,6%,400,:403.01,.,: