0

20853 :
1.1

1.3

1.2

3.1

3.3

3.2

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2.3

.
:

3.1

"

. 1
1 . 00,000.
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:
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100 10
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().

?

M 3
0
?
3
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20

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M0

050555

05
t 20

20

1.44

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05
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?

53,240 : M t
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t
4

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100
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4 :

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300,000

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: ' 326,201
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t
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Mt

300,000

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= Mt

200,000

320,000

M t M 0 q t

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3 q5

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q 1.2139

100
100
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24.57%

100
100
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21.39%

3q
q 1.2457

: 0 - 24.57% 6 21.39%
0

:
0 - 24.57% 6 21.39%
0

3.1

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. 0
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?3.3.2020
().
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:
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100 1.2
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() ?1.1.3535

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20

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02020505
?

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M0

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?

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t 10
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t
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02020555
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3.1

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300,000.
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() . 0? .
: : : .t = 3
100 2.5
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100
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q
t
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0050555 M0
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1

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q
t
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10
0
t 10

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Mt 0'
?
139,739 : M t
:
() 171,112 171,000 ( M t ) 150,766 151,000 M t

M t 139,739

() 139,739 140,000 M t
3.1

"

. 7
300'.
15 .35.62% -
?
:
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100 20.63
q
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100
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055

t
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50

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50 100 0.7937 t

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ln 0.5
t
ln 0.7937
t 3

05

15 .t = 1
:
10 t = 1
1 ( 30)
1 : ( 30)

:
1 ( 30)

3.1

"

. 8
.
. 6:00 00.
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:
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6:55 00 :.

q
t
= M0
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M 0055
0
05
40
50
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3
t 1
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0055
05

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50

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?
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0020
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:
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. : 6:00 30:00

0.512 0.8
ln 0.512
t
ln 0.8
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':
0055
M
0
05
q 0.8

t
?

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0.8

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50

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32

64%

50

100%

?
Mt
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30
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t
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32
2 .t = 1
:
ln 0.8
100
6 t = 2
6 : 6:00 t 2 32:00
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3.1

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..
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40

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().

Mt

q
t

0055
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05
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10
05
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50

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?

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M t 23.76

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3.1

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15

30

,
. 3,0.1.
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.
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().

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'
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1
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100
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1507

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().

'
M0
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t
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30.05
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:
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:
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3.1

30

"


11

33

2.0%.
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100 2.4
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589,587 589,600 : M t
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3.1

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33

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13

32

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31

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00
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3.1

31

"

30

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3.1

30

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().

30

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3.1

30

"

36

. 14
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.
:
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100
100
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3555

3000

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M0

0055

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t
2

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().

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5

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t
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3.1

36

"

31

. 10
,
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M0
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5

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0
15

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Mt

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t
= M0
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0.9311

300

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().

15 ?
t

10

q
0.9311

M0
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3.1

31

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0

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0

3.1

30

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3.

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100
q
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05
15

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2.48% :
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0..100

10

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t
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0

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0

3.1

() M t 19.94 c
0

3.

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17

20

, .2000
2000 . 300,000
2000 . 320,000 -
2000 ?2006
().
,
().
2000 ? 321,000 -
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2000 . 300,000
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M0
100,000

3
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100
t 3
q
100
1.0626 100 100
000550
Mt
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6.26%
6.26% :
().

Mt
120,000

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q 1.0626

,
3550 ? 137,045 -

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t
?

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:

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:
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20

"

23

. 18
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30,000 .
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M0
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t
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100
q
100
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1.1025 q 2
1.1025 q
q 1.05
2

5% :

() . 7,555.
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M t M 0 q t
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3.01

7,000

100 7
q
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100

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?

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ln 1.3107
t
ln 1.07
t4

q
3.01

M0
7,000

Mt
9,175.57

: 0
3.1

23

"


().

22

15 ?
.

15

M t M 0 q t
M t 10000 1.0510
M t 16,289

10

1.05

M0

Mt
?

10,000

15

M t M 0 q t
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t
30

q
3.01

M0

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?

7,000

M t 13,770

: , 30 , 16,289 M t
13,770 M t

:
() 5% () ( 8014.3 )3 )2( M t 0

() , 30 , 16,289 M t
13,770 M t

3.1

22

"

21

. 1.
' . 300,000
' . 330,000
' ,30% - ' .0% -
:
().

().
().
().

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( )3 ( )2
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:
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100 10
0.9
100

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100 8
0.92
100
() . :

'
'

300,000
330,000
00,000

1
310,000
303,200
11,000

3
323,000
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20,1.6

() , ?
( ):
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2
30.,100
00,600
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85,655 0.92 78,803

() ? .8,410
109,350 0.9 98,415
4 :
:
()

300,000

310,000

323,000

30.,100

330,000

303,200

.1,300

00,600.60

00,000

11,000

20,1.6

21,6.0.12

()

() ( 10,001 -) 0

3.1

21

"

20

. 35
3.3.2000 - . 200,000
0 .
3.3.2000 - . 1.0,062
?
().
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().
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().
:
.t = 1
: :
. 1.0,062 3.3.2000 -
. 200,000 3.3.2000 -
q ? :
().

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0050555 M0
0
t 8

t
8

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000550
398,462

Mt

M0

250,000

398,462

M t M 0 q t

100
q
100
1.06 100 100
6%

398'462 250,000 q 8
1.5938 q 8
1.5938 q
q 1.06

6% :
().

Mt

?1.1.3550 -

t
5

1.06

M0

Mt

250,000

Mt M0 q

M t 250,000 1.06 5

M t 334,556

334,556 : M t
().

? 3.7,704

q
t
= M
M

1.06

250,000

297,754 250,000 1.06

1.1910 1.06 t
ln 1.1910
t
ln 1.06
t 3

297,754

:
1

M t M 0 q t

.t = 1
t=1

: 1 3.3.2000
:
() 6% () 334,556 ( M t ) 1 3.3.2000

3.1

20

"


31

20

. 200,000
30% - .
() . ?
() . 30 ?
() .- , 00,000 .
? .
:
: : 15 .t = 1
100 10
0.9
q 355,555
: 30%
100
() . ?

0..

M0

Mt
?

200,000

() . 15 ?

30

M t 200,000 0.9 2
M t 162,000

162,000 : M t

M t M 0 q t

0..

M0

200,000

Mt
?

M t M 0 q t
M t 200,000 0.910
M t 69,736

69,736 : M t

() .- , 05,555 .
?

32

q
0..

M0
200,000

M t M 0 q t

Mt

M t 200,000 0.912

M t 56,486

56,486 : M t
00,000
:
() ( 362,000) 6.,110.6.

3.1

() , 06,000..3

20

"

26

.33
.

3.00 .3.01
() .
3.00 ?3.01
() . ?
() . ,

?3.00
() . , ?3.10
:
() . 1.85 ? 1.82
: 3.00 10,000
3.01 60,.30
() . ?
:
: : .t = 1
?q
60,.30 3.3.01.-.
10,000 3.3.00.-.

000.05
M0
350555
3
t 3

t
1

?q

M0
30,000

65,910

M t M 0 q t

100
q
100
1.3 100 100
30%

000.03
65,910

Mt

Mt

65,910 30,000 q 3
2.197 q 3
2.197 q
q 1.3

30% :

() . , ?1.80

t
5

1.3

M0
30,000

M t M 0 q t

Mt

M t 30,000 1.3
M t 111,388

111,388 : M t

3.1

26

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21

() . , ?1.78

000.10
M0
?
0
t2
Mt

t
2

1.3

M0

Mt

q 1.3

30,000

M t M 0 q t
30,000 M 0 1.3 2
M 0 17,751

000.05
350555

17,751 : M 0

:
() 3.00 10,000 , 3.01 60,.30

() 30% () 111,388 ( M t ) 17,751 M 0

3.1

21

"

20

. 32
.
6 .
() )3(. ?
( )2 0?
() . ?
() 6 . .
?
( ).
:
() )1(. ? 120,000

0 78,732

( )3 4 ?

() . ?
: : t = 1
320,000"

0050555 M0
0
t4

?q

M0
320,000

Mt
78,732

M t M 0 q t

100
q
100
0.9 100 100
10%

0
100130

Mt

:
?q
0 10,112"

78,732 120,000 q 4
0.6561 q 4
0.6561 q
q 0.9
4

10% :

() 6 . . ?
( ).

t
6

q
0..

M0
320,000

M t M 0 q t

Mt
6

M t 120,000 0.9
M t 63,773

63,773 : M t
:
() ( 120,000 )3 ( 78,732 )2 () 10% () 63,773 M t

3.1

20

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2.

. 34
.
1.

:
() )3(. ?
( )2 ?
() . ?
() . .A ?
() .B ?
() .
, , ?
:
() )1(. ?
( )3 ?

640 -
327,68 -

() . ?
: : .t = 1 :
600 ? . 121.60 -.
-


M0
005
3
t 3

?q

Mt
301200

t
3

M0
640

Mt
327.68

M t M 0 q t

100
q
100
0.8 100 100
20%

327.68 640 q 3
0.512 q 3
0.512 q
q 0. 8

20% :

3.1

?q

2.

"

10

() . .A ?

M0
?
0
t2

M0

0.8

?q

Mt
640

Mt M0 q

640 M 0 0.8 2

Mt
005

M 0 1000

A(0,1000) : : 1000 M 0
() . .B ?

M0
0555
1
t 7

t
1

M0
3000

0.8

Mt
?

M t M 0 q t

q 0.8

M t 1000 0.8 7
M t 209.71

Mt
?

B(209.71,0) :
: 1 209.71 M t
. , ,
?
1555 055

M t M 0 q t
M t 1 1000 0.8 800
M t 2 800 0.8 640
M t 3 640 0.8 512
M t 4 512 0.8 409.6
: 0 000
:
() ( 600 )3 ( 121.60 )2 () 20% -
() ) . A(0,1000 : 3,000'
() ) . B(7,209.72 : 1 2.0.12'.
() 0

3.1

10

"

13

. 30
"" " 2006-2000
.6%
3.3.2000 "" . 300,000

() . " ?3.3.2000 -
() . ,
. :
. 3.3.2006 - . ?
()
3.3.2000 - ( 300,000 )
().
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16% 6 .
( ) 6? .
:
:

: .t = 1 300,000 : 1.1.3555"
100 6
q
1.06
: 6%
100

() . " ? 1.1.3554 -

1.3555. M
0
0550555
0
t4
Mt

t
0

q
3.06

M0
300,000

Mt
?

M t M 0 q t

q 1.06

M t 100,000 1.06 4
M t 126,248

1.3554
?

126,248 : M t

3.1

13

"

12

() . ,
. :

M t M 0 q t
M 0 100,000

1 / 1 / 2000

M t 1 100,000 1.06 106,000

1 / 1 / 2001

M t 2 106,000 1.06 112,360

1 / 1 / 2002

M t 3 112,360 1.06 119,102

1 / 1 / 2003

119,102

M t 4 119,102 1.06 126,248

1 / 1 / 2004

106,000

M t 5 126,248 1.06 133,823

1 / 1 / 2005

M t 6 133,823 1.06 141,852

1 / 1 / 2006

133,823

1 / 1 / 2001 1 / 1 / 2003 1 / 1 / 2005

()

. 1.1.3556 - . ?

: .303,002
().

1.1.3555 - ( 155,555 )
" ".
26% 6 .
( ) 6? .

136%

300,000

100%

136 100,000
136,000
100

:
.303,002 316,000 .

:
() 326,200 -
() 303,002
() , 6 ,
, 316,000
. 303,002

()

3.1

12

"

11

. 36
- 2030-2000 .
.
3.3.2000 . 100,000
3.3.2000 . 600,000
0.

() - ( )3 ( )2 . .
() .- , , .
() .- , , .
( )3 " ?3.3.00
().
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( )1 ? ( ):
/ / .
:
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.
:
( )3 ' 3.3.2000 . 100,000 ,y -
( )2 ' 3.3.2000 . 600,000 .y -
.
().

- , , .

000550
M0
1550555
0
t 5
Mt

?q

000505
936,758

t
30

100,000

100
100
1.06 100 100
6%
q

6% :

3.1

M0

Mt

11

.16,100
t

Mt M0 q

936,758 700,000 q
1.338 q 5
1.338 q
q 1.06

"


().

10

- , , .

000550
0050555 M0
0
t 5

7% :
().

30

600,000

?q

000505
911,659

Mt

M0

Mt
.33,60.

M t M 0 q t

100
100
1.07 100 100
7%

911,658 650,000 q 5

1.4025 q 5
1.4025 q
q 1.07

( )1 " ?1.1.50

700,000 650,000 50,000

( )3 " ?1.1.58
3.3.00 1.
'

M t M 0 qt
M t 650,000 1.07 3
M t 796,278

'

M t M 0 qt
M t 700,000 1.06 3
M t 833,711

833,711 796,278 37,433 :

( )2 ? ( ):
/ / .
: 2000 00,000 2000 11,011 .
:
() ( )3 , ( )2 .
.
() ( 6%) ( 1%) ( )2( 00,000 )3 )1( 11,011 -

3.1

10

"


37

10

.

.3...-3..0
, :
() . ?
() .
( ).
() .
" 3..0 ?3...
:
() . ?

0..0
M0
055
3
t 3

?q

M0
000

100
100
1.06 100 100
6%
q

0..0
0.0200

Mt

Mt
0.0.03

M t M 0 q t
3

6% :

595.51 500 q
1.19102 q 3
1.19102 q
q 1.06

() . ( ).
:
t

().

Mt M0 q
M 0 500

1995

M t 1 500 1.06 530

1996

M t 2 530 1.06 561.8

1997

M t 3 561.8 1.06 595.51

1998

M t 4 595.51 1.06 631.24

1999

" 1..0 ?1...

500 530 561.8 595.51 631.24

563.71
5
x 563.71 :
:
() 6% -

() ( )

3.1

() 061.13

10

"