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2010795
=
10
)(1 12%

1455156

NPV

 NPV 1799736
NPV
2010795

.



.
1000
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1050
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.

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100000
12000
20000

300000
50000
200000

400000
24000
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 100000 = 20000 ) NPV = (12000 %10

300000 = 200000 ) NPV = (50000 %10
) 400000 = (160000 ) NPV = (24000 %10

NPV 20000
NPV 200000 .
NPV
220000
NPV 160000

.


.

 :3
.
100000

.

50000
40000
50000
60000

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10000
20000
5000


100000
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90000
100000
90000
100000

50000
60000
30000
15000

60000
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. ) ( PI
:

NPV
PI
I
I .

50000
40000
50000
60000

40000
10000
20000
5000

90%
25%
40%
8%

 :4 :

1000000
1500000
2000000
1800000
500000
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100000
180000
160000
198000
100000
216000

8000000

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500000
1200000
1500000
1800000
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216000
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8000000

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496000 . ) (
514000
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1 40000
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:

1
2
3
4

10000
20000
10000
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5000
15000
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15000

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20000 20000 15000 15000

40000

i 28.88%
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3
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20000
20000
15000
15000

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2
3
4
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NPV

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40000
2
20000
2 .

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7500
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40000 0
2

 -2
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:
A B
300000 200000
160000 35000 10

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%12 %15

A : )2243( = 200000 )200000 = (350006502/5 )P/A35000(%1012
B : 39012 = 300000 )300000 = (600006502/5 )P/A60000(%1012
%12 B .
)200000 = (24345 )200000 = (350000187/5 )P/A35000(%1015
300000 = 1122 )300000 = (600000187/5 )P/A60000(%1015
%15 B .

(
. %12.
A : )P/A35000(i 10
7/11% = i 0= 200000
B :
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0 = 300000
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B
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 -3 . 4
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:

7000000 5000000

4500000 3000000
600000 700000

600000 500000

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7000000 5000000
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1300000
800000
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910000
560000
600000
500000

1510000 1060000
P/A 1060000= NPV 10)18% 10) = (1060000 4941/4 = (4763731

10
P/A 1510000= NPV)18%) = ( 1510000 18% = (8388888

8388888
NPV 4763731
4000000 2366550
10
)(1 18%

 -4 .
130 3 .

1
2
3

90
60
20

20
70
110

40
30
100

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40 8
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B 4 10 .
C 7 6 .
A .

(
20 15 10 5 0 30
NPV
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)

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0%
5%
10%
15%
20%
30%

NPV NPV A NPV B C

40
70
50
22
48
36
6
29
24
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13
13
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4
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4/22%A
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700000
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200000

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. 15
1 5 :

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700000 = 45008 )P/F 150000 + )15% 5( P/A (5 %15
200000

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5/17

 -3
5/3 = )(700000 200000

 -4
119000

119000
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700000 150000
2

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45008 700000 = 4/6%

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( 1200000 .
4
800000
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.

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160000
300000

460000
1200000 = 87163 )P/A 460000 (4 %16

 -7

160000
26.7%
1200000 0
2

 -8 6

87163 1200000 = 3/7%


85 1384

 1 12
.
200
70

( 5880000 ( 2000000
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F

F
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12000000
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45 120
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( 25/11 ( 60
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45000000
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60000000
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30000000
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20000

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20000 (1 17%) 14610

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7
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50000
00
20000
00
10000
00

70000
00
20000
00
10000
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70%
20%
10%

20%
12%
10%

100%

20%
12%
6%

14%
4/2%
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17%

 -6
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2/1 8
15

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( 3214

450
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3629
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 -8 ) (D1 3000 .
10
5
15
( 22571
( 31304
( 34650
( 57505

D2 3000(1 10%) 3300

D3 3300(1 5%) 3465

3465
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34650
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3000
3300 34650
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31304
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 -9 4000
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2 .
5/1 15
9
( 20339
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( 26550
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1D = 4000) 4000*10% = (3600
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kj =9% + 5/1) * 15% - 9% = (18%

D2
3672
P1

22950
k g 18% 2%
D1 P1
3600 22950

22500
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P0

 -10 2
1000000

(
(
(
(

 -11

(
(
(
(

 -12

:
(
(
(
(

 -13

:
(
(
(
(

 -14

(
(
(
(

 -15 554400
138600
50 20
. 160

( 5040
( 990
( 6160
( 7700
F = 554400 + 138600 = 693000
V = 50 + 20 = 70

693000
Q0
7700
160 70

 - 16 %4 6/1
( 10
( 8
( 14
( 12

%4)
(1 + ) 12 10 8 14
6/1 .
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 17 2 5
17 .

( 10962 ( 9369
( 6845
( 8008

5000 (1 17%) 10962

5

 - 18

(
(
(
(

 19 100
25 .
54

( %18
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(
( %54
= 100 = %25
= 400
:
= 400 100 = 300 =
= 54 300 = 18%

 20

(

.
(

.
(

.
( .


4 15
200000
300000
80000 130000 .
21 25
:

- 21
( 54485
( 28398
( 68610
( 24694

P/A 80000 + 200000 - = NPV (4 15%)

NPV - = 200000 + 80000 85498/2 = 28398
P/A 130000 + 300000 - = NPV (4 15%)
NPV - = 300000 + 130000 85498/2= 71147

 -22

( 110278
( 71147
( 125786
( 61867

 -23 )(
( %20
( %18
( %26
( %24

 -24
( 2
( 2
(
( 3

 -25
( %12
( %10
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( %14
28398 200000 = 14%

 5/2 ) 1(
1383 48000
. 6000
%25 . 1383 :

24000

50000

16000

80000
60000
70000
200000

140000
100000

60000
400000

400000

)(
.

 = 50000 + 80000 + 70000) (24000 + 16000) = 5

= 50000 + 80000) (24000 + 16000) = 25/3

= 48000 300000 = 16%
= (48000 + 16000 + 6000) 300000 = 67/11%

 5/2 ) 2(
.

8
3
1
. 5
5
. 25
10
.

 5/2 :3

3000000

)(1000000
)(1600000

400000
)(100000
)(%25
300000
1600000 + 300000 = 1900000
n=5 = ( 7908/3 i A / P(% = 10
797480 = 8000000 )( 1900000 * 7908/3

13
1
60
2
35
3
53
4
43
5
69
6
32

305