,

'

/ :

12

(1+ rmonth) =1+ r

(1+rhalfyear)2 =1+ r
C : n r:
FV=C*(1+r)n
( ) PV C t:
PV=C/(1+r)n

PV FV- FV=PV*(1+r) :
PV FV- FV=PV*(1+r)n :

) :( Annuity .
, n ,PMT
, :r
PMT
PMT
PMT
(1 + r ) n

+ ... +

(1 + r ) 2

1
1
n
(1 + r )

1+ r
PMT
r

= PV
= PV

 , n ,PMT
, , r :
PMT
n
(1 + r ) 1

= FV

:
PM T
n
) 1 + r ) 1 (1 + r
(

= FV

, C . :
PV=C/r

gr .
<1g<r- )PV=C/( r-g
C .PMT

 )(
" " "
".

, ...
IRR

)"( ,IRR ,
).(Internal Rate of Return

"
, F - , C - C/F
" / ,
/ ) .(premium
.
" / ,
/ ) .(discount
.
" / ,
/ . ,

" :

F
t

) (1 + r

F
+
t
) (1 + r

" "":

= PV

1
1
(1 + r ) t

C
r

= PV

) (1 + rTotal ) = (1 + r1 ) (1 + r2 ) (1 + rt ) = (1 + rt
t =1

)"
):((YTM
1
t

(1+ rt ) = (1+ rTotal ) = [(1+ r1) (1+ r2 ) (1+ rt )] = (1+ rt )

t =1

1
t

1
t


- r ,
:
.
no min al

rreal

- ,

,
, " ":

(1 + rno min al )t = (1 + rreal )t (1 + )t

)NPV = I0 + PV( future payments

- NPV -
NPV>0

NPV<0

NPV=0

'
:

Pi * R i

= ) E ( Ri

[ R1 E ( R )] 2 + ... + [ R n E ( R )] 2
= ) VAR ( R A
-
)( n 1
-
n

]) [ R n , A E ( R A )] [ R n , B E ( R B

n =1

)( n 1

= ) COV ( R A , R B

) COV(RA, RB

(
R
,
R
)
=
A
B
-11 ,
:
RA RB
-:
)VAR(A+B)=VAR(A)+VAR(B)+2COV(A,B

:
i

- X i,

= 1 :

,

-

2
2
2
2

=
X

+
X

+ 2 X A X B COV(r~ A , ~
r B)
A
A
B
B
p

p = X A2 A2 + X B2 B2 + 2 X A X B A B
:

X B A ( A AB B )
=
X A B ( B AB A )
XA + XB =1
-

E ( R p ) = X A E ( R A ) + (1 X A ) E ( RB )
CML

E(R%P) = rf +E(R%M ) rf P
M

CML-

) (
.
~
ER R

X
X

B
A

A ( E R~ BA R FF A AB B )
=
~
ERB RF
B ( B E R~ A R F AB A )

XA +XB =1 -

CAPM
j =

C O V ( r%j , r%m )

2
m

E (~
rj ) = rf + j (E (~
rm ) rf )

: SML

 p = X i i

,
:
2
2

, :

i2 = 2 m2 + 2

V=A = D+E

: WACC

E
D
= )WACC = E(RA
E(RE ) +
) E(RD
E+D
E+D

D
)) ( E( RA ) E(RD
E

E( RE ) = E( RA ) +

E
D
E +
D
E+D
E+D

= Assets

D
) ( RU R D
E

R L = RU +