6.1.1.

úoHq;a Odrdj

úoHq;a Odrdjla .e,Su hkq wdfrdamK .uka lsrSuls. wdfrdamK f.k hkq ,nkafka bf,lafgzdak
u.sks. iuyr ¯jH ;=< ;dmfha n,mEfuka mrudKq j, ne|Sï j,ska ksoyia jQ bf,lafgzdak mj;S.
fïjd ksoyia bf,lafgzdak kï fõ. úoHq;a Odrdjka f.k hkafka fuu ksoyia bf,lafgzdak u.sks.
úÿ,sh ikakhkg bvfok wdldrh wkqj ¯jH m%Odk fldgia 3ls.
1. úoHq;a ikakdhl
2. úoHq;a w¾O ikakdhl
3. úoHq;a mrsjdrl

úoHq;a ikakdhl
úÿ,sh .uka lsrSug fyd|ska bv fok ¯jH úoHq;a ikakdhl fõ. ish¨u f,day wï,, ,jK yd
tajdfha c,Sh ¯djK úoHq;a ikakdhl fõ.

úoHq;a mrsjdrl
úÿ,sh ikakhkhg fldfy;au bv fkdfok ¯jH úoHq;a mrsjdrl fõ. ùÿre, ma,diaála,
msrsisÿ P,h , mer*ska bá

w¾O ikakdhl
úÿ,sh ikakhkhg u| jYfhka bv fok ¯jH w¾O ikakdhl kï fõ.

ish¨u ¯jH j, WIaK;ajh jeäjk úg ksoyia bf,lafgzdak idka¯Kh jeä fõ.

úoHq;a Odrdjla .e,Sfï hdka;%Kh

ikakdhlhl fofl,jr w;rg úNj wka;rhla fhÿ úg úoHq;a fÌa;%hla we;s fõ. fÌa;%fha
osYdj jeä úNjfha isg wvq úNjh olajdh. tuksid ish¨u ksoyia bf,lafgzdak fÌa;%hg úreoaO
osYdjg fyj;a wvq úNjfha isg jeä úNjh osYdjg úoHq;a fÌa;%h ksid n, we;sfõ. tuksid
ish¨ ksoyia bf,lafgzdak wvq úNjfha isg jeä úNjhg ma,jkh fõ.
úNj wka;rh ÿka jydu ieu ,ÌHhlgu tlúg Odrdj ,efí. bf,lafgzdak .uka lrk
osYdjg iDK wdfrdamKhla f.k hhs. wdfrdamK .uka lrk foig m%;súreoaO foig iïu;hla
f,i Ok wdfrdamK .,;ehso Ok wdfrdamK .uka lrk osYdjg iïu; úoHq;a Odrdjla
.,;ehso lshhs.
fï wkqj ikakdhlh yryd wdfrdamK .,dhEfï iS>%;djh úoHq;a Odrdj kï fõ.

ܳ
‫=ܫ‬
‫ݐ‬

ܳ = ‫ݐܫ‬

ksoyia bf,lafgzdak uOHkH ma,dú; m%fõ.h

Odrdjla .e,SfïoS bf,lafgzdak .uka lrk ksid tajdg m%fõ.hla ;sìh hq;=h. kuq;a ish¨u
bf,lafgzdak tlu m%fõ.fhka .uka fkdlrk ksid fuysoS olajk m%fõ.h ksoyia bf,lafgzdak
uOHkH ma,dú; m%fõ.h kï fõ.

ksoyia bf,lafgzdakhl uOHkH ma,dú; m%fõ.h =V

tall mrsudjl ksoyia bf,lafgzdak .Kk =n
ikakdhlfha yrialv j¾.M,h =A
bf,lafgzdakhl wdfrdamKh =e

t ld,hloS bf,lafgzdak .uka lrk ¥r = Vt

t ld,hloS A yrialv yryd msgú hk bf,lafgzdak .Kk = VtAn
t ld,hloS A yrialv yryd msgú hk wdfrdamKh = VtAne
ܳ
‫=ܫ‬
‫ݐ‬
ܸ‫݁݊ܣݐ‬
‫=ܫ‬
‫ݐ‬

‫݁݊ܣܸ =ܫ‬
 m%;sfrdaOh yd m%;sfrdaOl;dj

m%;sfrdaOh
ikakdhlhla ;=< wdfrdamK .uka lsrSfïoS Odrdjla we;sfõ. fuu Odrdjg ikakdhlfha ksYap,
mrudKq olajk ndOdj m%;sfrdaOh kï fõ.

ikakdhlhl úoHq;a m%;sfrdaOh ikakdhlfha os.g wkqf,dauj;a yrialv j¾.M,hg m%;sf,dauj;a

iudkqmd;slh.

ܴ∝݈

1
ܴ∝
‫ܣ‬
݈
ܴ∝
‫ܣ‬
݈
ܴ=ߩ
‫ܣ‬

ߩ hkq ¯jHfha m%;sfrdaOl;djhhs.

m%;sfrdaO;dj w¾: oelaùu

¯jHfhka idok ,o tall os.la we;s tall yrialv j¾.M,hla we;s oKavl fofl,jr w;r
úoHq;a m%;sfrdaOh fõ.
m%;sfrdaOl;dj úÿ,sh ikakhkhg bvfok m%udKfha ñkqula fkdjk w;r bv fkdfok
m%udKfha ñkquls. fï ksid m%;sfrdaOl;djfha mriamrh ikakdhl;dj kï fõ.
1
ikakdhl;dj =
m%;sfrdaOl;dj
1
ߪ=
ߩ
úoHq;a m%;sfrdaOh fyda m%;sfrdaOl;djh

úoHq;a m%;sfrdaOh fyda m%;sfrdaOl;djh WIaK;ajh, mSvkh hk ndysr idOl u; r|dmj;S.

WIaK;ajh jeäjk úg ikakdhlhl úoHq;a m%;sfrdaOh jeäjk w;r w¾O ikakdhlh úoHq;a
m%;sfrdaOh wvqfõ. mrsjdrlj, úoHq;a m%;sfrdaOh iq¿ jYfhka wvqfõ.

ikakdhlhla u; mSvkh jeä l, úgo tys m%;sfrdaOh jeä fõ.

ikakdhlhl úoHq;a m%;sfrdaOh WIaK;ajh iu. fjkia ùu taaldldrhhs i<ld my; iólrKh
Ndú;d l< yel.

0 0C ysoSs ikakdhlfha m%;sfrdaOh = ܴ଴

ߠ 0C ysoSs ikakdhlfha m%;f
s rdaOh = ܴఏ
WIaK;ajh = ߠ
m%;sfrdaOfha WIaK;ajh ix.=Klh =ߙ
ܴఏ = ܴ଴(1 + ߙߠ)

ܴఏ − ܴ଴
ߙ=
ܴ଴ߠ

m%;sfrdaOfha WIaK;aj ix.=Klh w¾: oelaùu.

ܴఏ − ܴ଴
ߙ=
ܴ଴ߠ

0 0C ysoSs 1Ω jk m%;sfrdaOhl WIaK;ajh 1 0C lska jeäl, úg m%;sfrdaOh jeä ùu fõ.

m%;sfrdaO moaO;s
m%;sfrdaO 2la fyda lSmhla m%;sfrdaO moaO;shla kï fõ.
mrsm:hl m%;sfrdaOhla my; mrsos ixfla; lrhs.

m%;sfrdaO moaO;s j¾. folls.

fYa%Ks.; m%;sfrdaO moaO;s

fïjdfha my; ,ÌK fol ;sfí.
i. tla m%;sfrdaOhl fl<jf¾ wfkla m%;sfrdaOh wrUd ;sfí.
ii. tajd ;=<ska tlu Odrdjla .uka lrhs.

tla tla m%;sfrdaO yryd Odrdj hk úg flfrk ld¾hh m%udKh m%;sfrdaOh fofl<jr úNj
wka;rh kï fõ.
ish¿u m%;sfrdaO yryd we;s uq¿ úNj wka;rh tla tla úNj wka;rj, tl;=jg iudk fõ.
ܸ ൌ ܸଵ ൅ ܸଶ ൅ ܸଷ

iudka;r.; m%;sfrdaO moaO;s

fïjdfha my; ,ÌK fol we;.
we;
i. tajdfha fofl<jrj,a tlg mdiaid we;.
we;
ii. tajdfha fofl<jr tlu úNj fjkila we;.
we;

iudka;r.; m%;sfrdaO yryd hk Odrdjkaf.a tl;=j ikaêhg meñKs uq¿ Odrdjg iudk fõ
fõ.
‫ܫ‬ൌ ‫ܫ‬ଵ ൅ ‫ܫ‬ଶ ൅ ‫ܫ‬ଷ
iul m%;sfrdaOh
hï m%;sfrdaO moaO;shla mrsm:hlg lrk n,mEu tf,iu lrkq ,nk ;ks m%;sfrdaOh m<uq
m%;sfrdaO moaO;sfha iul m%;f
s rdaOh kï fõ.

fY%aKs.; m%;sfrdaO moaO;shl iul m%;sfrdaOh

ܴ = ܴଵ + ܴଶ + ܴଷ

fYa%Ks.;j ;j ;j;a m%;sfrdaO tl;= lrk úg iul m%;sfrdaOh jeä fõ. tuksid moaO;shg
we;=¿ jk Odrdj wvqfõ.

iudka;r.; m%;sfrdaO moaO;shl iul m%;sfrdaOh

1 1 1 1
= + +
ܴ ܴଵ ܴଶ ܴଷ
iudka;r.; m%;sfrdaO moaO;sj, iul w.h moaO;sfha we;s wvqu m%;sfrdaOhg;a jvd wvq w.hla
.kS.
iudka;r.;j we;s m%;sfrdaO moaO;shl jeäu Odrdjla hkafka wvqu m%;sfrdaOh yrydh.

iqmsrs ikakdhl
wvq WIaK;aj j,oS ikakdhlhl úoHq;a m%;sfrdaOh hk .=Kh fkdue;s ùu iqmsrs ikakdhl;dj
kï fõ.
WIaK;ajh bosrsfhka iqmsrs ikakdhlh m%;sfrdaOh m%ia:dr.; l, úg ,efnk m%ia:drh fufiah.

WIaK;ajh wvqùfïoS
m%;sfrdaOh l%ufhka wvqù
tla;rd WIaK;ajhloS m%;sfrdaOh tljru Y=kH m%;sfrdaOh kï .=Kh fkdue;s ùu iqmsrs
ikakdhl;djh fõ. kuq;a ish¨u f,dayj, ixl%uK WIaK;ajh 10K g jvd wvqfõ. fï ksid
m%dfhda.sl Ndú;h wmyiqh. oekg ldur WIaK;ajfhaoS iqmsrs ikakdhl;djh f.dv ke.Sug
mrSÌK lrñka mj;S. tjeks ;;ajhla f.dvk.d .;fyd;a tu.ska fkdfhla m%fhdaPk wh;a
lr.; yel.
 ´ï kshuh

WIaK;ajh mSvkh jeks ndysr idOl ksh; úg ikakdhlhl fofl,jr w;r úNj wka;rh th
;=<ska .,dhk Odrdjg wkqf,dauj iudkqmd;sl fõ.
fõ
ܸ‫ܫן‬

ܸ ൌ ‫ܴܫ‬

R hkq ikakdhlfha úoHq;a m%;sfrdaOhhs.

f¾Åh ikakdhl
´ï kshuh ms<smossk ikakdhl f¾Åh ikakdhl kï fõ.
fõ fïjdfha úNj wka;rh wkqj m%;sfrdaOh
fjkia fkdfõ. kuq;a ´ï kshuh ish¨ ¯jH ish¨ ;;aj hgf;a ms<sm|sk kshuhla fkdfõ.
f,dayjqjo tla;rd ;;ajhka hgf;a ´ï kshuh ms,sfkdmos.

f¾Åh fkdjk ikakdhl

mj;. fïjd f¾Åh fkdjk ikakdhl kï fõ
´ï kshuh ms<sfkdmosk ikakdhl mj;S fõ. fïjdfha
úNjka;rh wkqj m%;sfrdaOh fjkia fõ.
fõ
 Odrdfõ ;dmk M,h

m%;sfrdaOhla yryd Odrdjla .e,Sfïos m%;sfrdaOh r;afõ. fuh úoHq;a ;dmkh kï fõ. Odrdjl
.e,Su hkq bf,lafgzdak .uka lsrSuls. .uka lrk bf,lafgzdak ksrka;rfhkau mrudKq iu.
.efÜ. .eàfï§ tys Yla;sfhka fldgila mrudKqj,g ,ndfoa. fuys§ mrudKqj, wyUq lïmk
fõ.j;a ù WIaK;ajh by<hhs.
fï wkqj m%;sfrdaOhla yryd Odrdjla .e,Sfï§ ;dmh W;ai¾ckh jk iS>%;djh úoHq;a
laIu;dj kï fõ.

úoHq;a ;dmkh ms<sn| cQ,a kshuh

m%;sfrdaOhla yryd Odrdjla .e,Sfï§ ;dmh W;ai¾ckh jk iS>%;djh Odrdfõ j¾.hg;a
m%;sfrdaOhg;a iudkqmd;sl fõ.
ܲ ∝ ‫ܫ‬ଶ

ܲ∝ܴ

ܲ = ‫ܫ‬ଶܴ

ܸ = ‫ܴܫ‬

ܲ = ܸ‫ܫ‬
 úoHq;a .dul n,h

úoHq;a .dul n, m%Nj

ikakdhlhl fofl,jr w;r úNj wka;rhla mj;ajd.; yels m%Njhlg úoHq;a .dul n,
m%Njhla hhs lshhs.
Wod # ridhksl fldaI
iQ¾h fldaI
úÿ,s Pkl
P, úÿ,sh
;kql i,a*shqrsla wñ, ¯djKhla ;=< we;s iskala yd fldmra bf,lafg%dak 2la wi, l%shdj i,luq.

iskala bf,lafg%davh Èhfjñka tys wu;r bf,lafg%dak r|jd iskala whk ¯djKhg .uka lrhs.
ܼ݊ ⟶ ܼ݊ା + ݁
fuys§ iskala bf,lafg%davfha bf,lafg%dak idka¯Kh Ok wdfrdamKhla we;sõ iDK úNjhla we;s fõ.
fldmra bf,lafg%davh wi, ‫ ܪ‬ା bf,lafg%dak ,ndf.k yhsvzcka jdhqj idohs.
2‫ ܪ‬ା + 2݁ ⟶ ‫ܪ‬ଶ
fuys§ fldmra bf,lafg%davfha Ok úNjhla yg.kS. bf,lafg%dav fol ikakdhl lïìhlska iïnkaO
l,úg olajd we;s f,ig bf,lafg%dak .,k w;r th iïu; Odrdjla .,kafka hhs i,lhs.
ridhksl m%;sl%shd isÿfjñka bf,lafg%dav úNjhka ksh;j ;nd.kS. ridhksl ¯jH wvqjQ miq
bf,lafg%dav m%Njhka l%ufhka wvqfõ. túg bf,lafg%dav m%Njhka laIh fjhs. fï wkqj úoHq;a .dul
n, m%Njhl Yla;s mßj¾;khla isÿfõ.

úoHq;a .dul n,h w¾: oelaùu

bf,lafg%dav fol;a úoHq;a úÉfþoHh;a we;=,;a iïmQ¾K mßm:h Tiafia 1C wdfrdamKhla
f.khdug ckkh lrk Yla;sh úoHq;a .dul n,h kïfõ.

fldaIhl wNHka;r m%;sfrdaOh

bf,lafg%dav 2;a úoHq;a úÉfþoHh;a yryd Odrdj .e,Sug olajk m%;sfrdaOh wNHka;r m%;sfrdaOh
fõ.

1C f.khdug wjYH Yla;sh =E

QC f.khdug wjYH Yla;sh (W) = EQ
ܳ = ‫ݐܫ‬

ܹ = ‫ݐܫܧ‬

fldaIfhka úoHq;a Yla;sh ckkh lrk iS>%;djh

fldaIhlska m;kh lrk úoHq;a Yla;sfhka fldgila fldaIh ;=,§u wNHka;r m%;sfrdaOh ksid
;dmh f,i W;a>¾Pkh fõ. b;sß fldgi ndysr m%;sfrdaOh u.ska W;a>¾IKh lrhs.
fldaIfhka úoHq;a Yla;sh ckkh lrk iS>%;djh =
ndysr m%;sfrdaOh yryd ;dmh W;ai¾Pk iS>%;djh +
wNHka;r m%;sfrdaOh yryd ;dm W;ai¾Pk iS>%;djh
‫ܫ =ܫܧ‬ଶܴ + ‫ܫ‬ଶ‫ݎ‬

‫ ܴܫ = ܧ‬+ ‫ݎܫ‬

‫ ܴ(ܫ = ܧ‬+ ‫)ݎ‬

ܸ = ‫ܴܫ‬

‫ ܸ = ܧ‬− ‫ݎܫ‬

ܸ = ‫ ܧ‬− ‫ݎܫ‬

fldaIhlska ndysrg .; yels Wmßu úNjka;rh úoHq;a .dul n,hhs. tu wjia:dj ,efnkafka
ndysr m%;sfrdaOh wkka;hla jk úg fldaIh újD; mßm:hl we;s úg§h. fldaIhlska Odrdjla weo
fkd.kakd úg tys w.% w;r úNjka;rh úoHq;a .dul n,hg iudk ksid úoHq;a .dul n,hg
újD; mßm: fjda,aàh;djh hhs lshhs.
ܸ=0

ܸ = ‫ ܧ‬− ‫ݎܫ‬

‫ ܧ‬− ‫ = ݎܫ‬0

‫ܧ‬
‫=ܫ‬
‫ݎ‬
‫ܧ‬
‫ܫ‬௠ ௔௫ =
‫ݎ‬

fldaIhlska weo.; yels Wmßu Odrdj ,efnkafka ndysr m%;sfrdaOh Y=kH fyj;a w.% fol ¨yqj;a
jQ úghs.

ndysrg ,ndfok laIu;dj

‫ܧ‬ଶ
ܲ=
‫ݎ‬
fï wkqj fldaIhlska ndysrg ,ndfok laIu;djh ndysr m%;sfrdaOh jeä jk úg tla;rd w.hlg
miq kej; wvqq fõ.

fldaI iïnkaO lsÍu

mßm:hl fldaI lsysmhla iïnkaO ù mej;sh yel. tu fldaI lSmhlu u.ska ndysrg ,ndfok
Odrdj yd fjda,à
a h;djh ,efnk mßÈ ;ks tla fldaIhla iïnkaO l< úg thg iul fldaIhhs
lshhs.

fYa%Ks.; iïnkaOh
fldaI lSmhla yryd tlu Odrdj .,dhk mßÈ fldaI iïnkaOj we;s úg tajd fY%aKs.;j mj;S.
fuys§ fldaI lSmfha úoHq;a .dul n, j, ùP ftlHhg iudk úoHq;a .dul n,hlao wNHka;r
m%;sfrdaO j, tl;=jg iudk m%;sfrdaOhlao mßm:hg tla lrhs.

iudka;r.; iïnkaOh
fuys§ iul fldaIh myiqfjka fiúh yelafla fldaIfha úoHq;a .dul n,h iudk kï muKs. fuys§
tla fldaIhl úoHq;a .dul n,hg iudk úoHq;a .dul n,hlao wNHka;r m%;sfrdaOj,
iudka;r.; iïnkaOfha iulhg iudk jQ m%;sfrdaOhlao mßm:hg tlalrhs.

fjda,aáóg¾ iy weógr Ndú;h

hï ,laIH folla w;r Odrdj uekSug tu ,laIH fol w;rg fY%aKs.;j wógrhla iïnkaO
lrhs. túg weógrfha m%;sfrdaOh mßm:hg tl;= ù mßm:fha m%;sfrdaOh jeäù Odrdj wvqù
fodaYhla we;s fõ. fuu fodaIh wju lsÍug weógr ksIamdokfha§ tys m%;sfrdaOh b;d l=vd jk fia
ksmojhs. weógrhl m%;sfrdaOh fkdks.sksh yels fyda weógrh mßmQ¾K hhs § we;súg weógrh
yryd úNj wka;rhla ke;ehs i,ld .Kkh l, hq;=h.
,laIH folla w;r úNj wka;rh uekSug fjda,aÜógrhla iudka;r.;j iïnkaO l, hq;=h. tys§
fjda,aÜ ógrh yryd;a Odrdjla .e,Su ksid wod, ,laIH fol w;r Odrdj wvqfõ. fuu fodaIh
wju lsÍug fjda,aÜ óg¾ ksmoùfïoS tajd wêl m%;sfrdaO we;sfia ksmojhs. fjda,aÜ ógrhlg wêl
m%;sfrdaOhla we;ehs fyda fjd,aÜ ógrhla mßmQ¾K hhs § we;s úg fjda,aÜógrh yryd Odrdjla
ke;ehs i,ld .Kkh lsÍï lrhs.

fï wkqj fok ,o m%;sfrdaOhla yryd Odrdj iy úNjka;r uekSug my; i|yka mßm: wdldr
fol Ndú;d l< yel.
m%;sfrdaOh yryd Odrdj iy úNjka;rh uekSug WmlrK iïnkaO lsÍfï§ m%;sfrdaOh .ek
ie,lSfï§ fjd,aÜ ógrfha m%;sfrdaOh wêl jk úg a mßm:fha wdldrhg WmlrK iïnkaO lrhs.
kuq;a fuys§ fjd,aÜógrfha m%;sfrdaOh wêl fkdfõ kï weógrh yryd Odrdfjka fldgila fjd,aÜ
ógrh yryd o hhs.
weógrfha mdGdxlh m%;sfrdaOh yryd Odrdjg jvd jeä w.hls. fï ys§ fjda,aÜ ógrh u.ska
m%;sfrdaOh yryd ksjerÈ úNjka;rh ,ndfohs.
fojk mßm:fha wldrhg WmlrK iïnkaO lrkafka m%;sfrdaOh .ek ie,l+ úg m%;sfrdaOh b;d
úYd, fkdjk úgh. fuys§ weógrfhka m%;sfrdaOh yryd Odrdj ,ndfoa. kuq;a fjda,aÜ ógrfha
mdGdxlh m%;sfrdaOh yryd úNjka;rfha;a weógrh yryd úNjka;rfha;a tl;=jg iudk fõ.
 l¾fjd*a kshuh

m<uq kshuh
ixjD;a; mßm: Pd,hl ikaêhloS yuqjk Odrdjkaf.a úP ftlHh Y=KH fõ.

Odrdj hkq wdfrdamK .,dhEfï iS>%;djhhs. tkï Odrd kshuh wkqj ikaêhg wdfrdamK .,d
tafï iS>%;dj ikaêfhka wdfrdamK bj;a ùfï iS>%;djhg iudk fõ. fï wkqj m<uq kshufhka
olajkafka wdfrdamK ixia:s;sl nj fõ.

fojk kshuh
´kEu ixjD;a; mßm:hl f;dard.;a ÈYdjlg .;a úoHq;a .dul n,hkaf.a ùP ftlHh tu
ÈYdjgu .;a Odrd iy m%;sfrdaOj, .=Ks;j, ùP ftlHg iudk fõ.