.

....

. .
( ) .
) .
(
.
( ) .
.

.
.
. .

.
 :

: a0
.

. : at

. : et

. : Rn

:
( ) o
: o
 :

. <
:
:

Co > 0

Co = üt ( 1+i)-t + Rn ( 1+i)-n ao

üt
:

Co
: r i i

Co = 0 = üt ( 1+r)-t + Rn ( 1+e)-n ao
r=i r>i
.

.
 :

%
. %
:
.

Co = üt ( 1+i)-t + Rn ( 1+i)-n ao
: üt
n n -n
Co = üt (( 1+i) -1)/(i(1+i) ) + Rn ( 1+i) ao

i H/S =(45.000.000 * 0,05 + 45.000.000 * 0,08)/ 90.000.000 = 0,065 = 6,5 %

Co = 8.000.000 (1,06510 1 )/(0,065*1,06510) + 90.000.000*1,065-10 90.000.000= 15.453.400

.
Co = 0=
8.000.000/(1+r)+8.000.000/(1+r)2+8.000.000/(1+r)3+8.000.000/(1+r)4+8.000.000/(1+r)5+8.000.000/
(1+r)6+8.000.000/(1+r)7+8.000.000/(1+r)8+8.000.000/(1+r)9+8.000.000/(1+r)10+90.000.000/(1+r)10
-90.000.000 = 8,889 % > 6,5 %
.

. <

.
.
.
t0 t1 t2 t3 t4 t5 t6 t7 t8 t9 t10
Direkt Payment
ao -90,00
üt 8,00 8,00 8,00 8,00 8,00 8,00 8,00 8,00 8,00 8,00
Rn 90,00
Indirekt Payment
FK 45,00
EK 45,00
Interest 8% -3,60 -3,60 -3,60 -3,60 -3,60 -3,60 -3,60 -3,60 -3,60 -3,60
payment back -45,00

Reinvestment t1 0,00 -4,40

credit interest 5% 0,22
Repayment 4,40
Reinvestment t2 -9,02
credit interest 5% 0,45
Repayment 9,02
Reinvestment t3 -13,87
credit interest 5% 0,69
Repayment 13,87
Reinvestment t4 -18,96
credit interest 5% 0,95
Repayment 18,96
Reinvestment t5 -24,31
credit interest 5% 1,22
Repayment 24,31
Reinvestment t6 -29,93
credit interest 5% 1,50
Repayment 29,93
Reinvestment t7 -35,83
credit interest 5% 1,79
Repayment 35,83
Reinvestment t8 -42,02
credit interest 5% 2,10
Repayment 42,02
Reinvestment t9 -48,52
credit interest 5% 2,43
Repayment 48,52

Final earning 100,35

.%
.
r = n ( FE/ EK) -1
r = 10 (100,35/ 45) -1 = 0,084 = 8,4 %