60

[ ]
−60 −120 −60
( 1+i1 ) −1 1−( 1+ i2 ) 1−( 1+i 3 ) 1−( 1+ i 4 )
R
[ i1 ] 60 60
( 1+i 1 ) ( 1+ i2 ) =3.000.000 i2 ][
+
i3 ] ( 1+ i2 )
−60
+
[ i4 ] ( 1+ i3 )
−120
( 1+i2)
−60

VP=12.000 .000 [ ( 1+i 1 )−3 ( 1+i2 )−1 ] +9.000 .000 [ ( 1+i 1)−3 ( 1+i 2 )−3 ( 1+i 3 )−3 ] +10.000 .000 [ ( 1+i 1 )−3 ( 1+ i2 )−3 ( 1+i 3 )−3 ( 1+i 4 )−3 ( 1+i 5 )−3 ( 1+i 6 )−2 ]

[[ ]
−5 −5 −5 −5
1−( 1+i 1 ) 1−( 1+i 2 ) 1−( 1+i 3 ) 1−( 1+i 4 )
VP=1.600 .00
i1 ][
+
i2 ] −5
( 1+i 1) + [ i3 ] −5
( 1+i 1 ) ( 1+i2 ) +
−5
i4 [ ] −5 −5
( 1+i1 ) ( 1+i 2 ) ( 1+ i3 )
−5

48
( 1+i1 ) −1 1−( 1+i 2)−144 1−( 1+i 3 )−8
R [ i1 ] 12
( 1+i1 ) =1.200 .000 [i2 ]
+1.800 .000
i3
( [ −144
]−8
1+ i2 ) +20.000 .000 ( 1+i 3 ) ( 1+i 2)
−144

1−( 1+i 1 )−60

180.000 .000=R
i1 [ ]
( 1+ i1 ) +18.000 .000 ( 1+i 1)
−60

1−( 1+i 1 )−36 1−( 1+i 2 )−24

180.000 .000=R
i1 [ ( 1+ i1 ) + R ] i2 [(
−36
] −36
1+i 2) ( 1+i 1 ) +18.000 .000 ( 1+ i1 ) ( 1+i 2 )
−24
 i1
A=70.000.000
[ 1−( 1+i 1 )
−28
]
1−( 1+i1 )−19
S9 =A [ i1 ]
1− ( 1+ i2 )−24 1−( 1+i 3 )−24 −12
−24 1− ( 1+ i 4 )
S9 =R [ i2
+
i3
( 1+ i2 ) +
i4
(
−24
1+i 3 ) ( 1+i 2)
−24
]
1−( 1+i 3 )−22 1− ( 1+ i 4 )−12
SC 26=R [
i3
+
i4
( 1+i3 )
−22
]
(S C 26−2.000 .000)
R 1=
1−( 1+i 3 )−22 1−( 1+ i 4 )−12
[ i3
+
i4
( 1+i3 )
−22
]