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3
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* 1050 = 1.05
= 1000 = 1.05 / 1050
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-1 :
= / = 2.5
2.5 2.5
-2 :
= + /
= ) ( /
)(360
:
= 6944.44 = 360 / 2500000 /
= 75 = 6944.44 / 520000
75 .
-3 :
= / = 2.5
.
2.5
- 4 :
= /
9
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= + + / + +
= -1) /(
1000 %50
10
2000 1000
-3 :
= + + / +
+
= + +
11
) (:
-1 :
= /
= % 60 = 0.60 = 250000 / 150000
%50
-2 :
) + ( /
% 40 = 0.40 = 250000 / 100000
%50
-3 :
/ =
% 66 = 0.66 = 150000 / 100000
%100
12
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13
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15
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= ) ( /
X 100
16
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: = , 100000 =
, 10000 = , 50000 = 200
-1 :
/
10 = 10000 / 100000 /
-2 :
/
2 = 50000 / 100000
17
-3 :
/
5% = 200 / 10
-4 :
/
= 20 = 10 / 200 )(
-5 :
/
5 = 10000 / 50000
18
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% 2.5 = 200 / 5
-7 ) (:
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20
=
21
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23
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25
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= 50000 = %10 = 50
=
= 3162 = 50 * 0.10 / ( 50000 * 500) 2
) * (2
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27
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= ) X(
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28
= + = +
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15 .
15000
3000.
= 5 = 3000 / 15000
72 = 5 / 360 ) 72 (
= 41.66 = 72 / 3000
.
15 625 ) (41.66*15
.
29
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1. .
2.
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.
1.
30
625
:
= 3000
= + =
3625 = 625 + 3000
= 41.66 = 15 / 3000
= +
= 1250 = 625+ 625
625
15 .
31
) 1(:
:
= 500000
1.
= 100000
2.
= 50
3.
%20
4.
700
5.
= 20000
6.
= 20
7.
:
1.
2.
3.
4.
32
:
= 8366.6
= 60 = 59.76 = 8366.6 / 500000
= 6
= 1394.4
= ) 47888.6 = 20000 + (20 * 1394.4
= 242000 = 42000 + 200000
33
) 2(:
:
= 200000
1.
= 1414
2.
= 100
3.
%20
4.
400
5.
= 40000
6.
= 10
7.
:
1.
2.
3.
4.
34
:
= 2828.4
= 71 = 70.7 = 2828.4 / 200000
= 5
= 565.7
= ) 45657 = 40000 + (10 * 565.7
= 56680 = 28400 + 28280
35
:
= 2828.4
= 71 = 70.7 = 2828.4 / 200000
= 5
= 565.7
= ) 45657 = 40000 + (10 * 565.7
= 56680 = 28400 + 28280
36
1.
2.
3.
37
38
1.
2.
3.
39
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-1
) )
40
-2
)
, ,
.
, ...(
41
=
*
= 365 /
42
:
219000 .
20
-1 =
) 600 = ( 365 / 219000
-2 =
12000 = 20 * 600
43
:
-1
-2
44
:
:
= 396000
1.
= 220
2.
= % 40
3.
= 160
4.
:
1.
30 45
2.
:
% 20
1.
% 5
2.
) ( % 12
3.
45
:
) (%20
)(%12
46
:
1.
2.
3.
4.
1.
2.
3.
4.
5.
6.
7.
8.
= 396000
= 220
= % 40
= 160
% 20
% 5
) ( % 12
30
45
) (
=
7488 = ( 1152 + 23040) 31680
47
1.
2.
3.
4.
5.
6.
7.
1.
2.
1.
2.
3.
3.
4.
4.
5.
5.
6.
= 396000
= 220
= % 40
= 160
% 20
% 5
) ( % 12
= 31680
=
144
= 23040
= 1152
= 7488
) ( 1249.84 < 7488
48
:
:
= 270,000
1.
= 150
2.
= % 60
3.
= 130
4.
:
1.
20 40
2.
:
% 35
1.
%10
2.
) ( % 20
3.
49
:
: :
1.
2.
3.
4.
=
2646 = ( 4,914 + 49,140) 56,700
1.
= 270,000
2.
= 150
3.
= % 60
4.
= 130
5.
% 35
6.
% 10
7.
) ( % 20
8.
20
40
50
: :
1.
2.
3.
4.
5.
6.
1.
2.
3.
4.
5.
6.
7.
8.
= 270,000
= 150
= % 60
= 130
% 35
% 10
) ( % 20
20
40
1.
2.
= 56,700
=
378
= 49140
= 4914
= 2646
3.
4.
5.
) 2646 ( 3018
51
2:30
-1
-2
-3
-4 :
52
53
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1.
)
(
2.
54
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1.
2.
4.
:
) ( .
.
) (
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3.
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)
(
55
:
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:
1.
2.
3.
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56
.
= .
= ) (
=
=
= =
) *(2
57
6,000,000
) ( 300
.% 12
:
:
=
= 0.12 / 3,600,000,000
= 173,205
58
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:
1.
2.
,
)(
) )(( .
)(
)(.
59
:
= =
= = 3 2
= ) 4 ( 3 /
:
=
()2 = ) ( =
* = 365
=
2
60
-:
25
) (%11
7,000 .
110,000.
:
61
:
= = + 110,000X 25 X (7000)2] / 4 X (0.11/365)] 3]3
=3
62
) (
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:
1.
2.
3.
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) (
1.
) (
2.
) (
3.
63
64
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1.
2.
3.
65
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1.
) (
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2.
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66
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-1 :
-2 :
67
:
) ( ) X (
:
) X X (2
:
]) ( ) X ([ ]) X X (2[
) (
:
= ) (
= ) (
=
= 2
= %
=
68
1.
2.
:
%60
%40
2,000,000
3.
3,000,000
4.
%70
5.
%25
6.
69
1.
2.
-1 =
X ( 0.60 -0.40) = 200,000 1,000,000
-2 =
(X 3,000,000) X 0.70 = 525,000 0.25
-3 =
325,000 - = 525,000 200,000
3.
4.
5.
6.
%60
%40
2,000,000
3,000,000
%70
%25
=
) ( ) X (
=
) X X (2
=
]) ( ) X ([ ]) X
X (2[
) (
70
:
: :
)(
)( .
) (
) (
71
:
=+
:
= ) ,(
= . )(
)(
=
=
= ) , (...
)( .
=] ) X( ) X( [ )] / ) (2([2
)( :
= ) /( ] ) X /([
72
:
) ( ) (
:
)(
)(
1999
3,000
1,500
4,500,000
9,000,000
2000
4,500
2,100
9,450,000
20,250,000
2001
5,800
2,900
16,820,000
33,640,000
2002
6,000
3,000
18,000,000
36,000,000
2003
8,100
3,800
30,780,000
65,610,000
2004
9,700
4,300
41,710,000
94,090,000
37,100
17,600
121,260,000
258,590,000
2005
13,000
: 2005
73
:
-1 )(
=+
=] ) X( ) X( [ /
]) ) (2([2
= 175,130,000 / 74,600,000
= ) /( ] ) X /([
= 0.43
-2 )(.
= )[(6 /37100) 0.43] (6 /17,600
= 2633.91 2933.33
= 299.42
-3 = 2005 = )+ (13,000 * 0.43
299.42
= 299.42 + 5,590
= 5,889.42
)(
)(
1999
3,000
1,500
4,500,000
9,000,000
2000
4,500
2,100
9,450,000
20,250,000
2001
5,800
2,900
16,820,000
33,640,000
2002
6,000
3,000
18,000,000
36,000,000
2003
8,100
3,800
30,780,000
65,610,000
2004
9,700
4,300
41,710,000
94,090,000
37,100
17,600
121,260,000
258,590,000
2005
13,000
74
75
.
:
1.
2.
:
:
1.
2.
) (
.
:
1.
2.
3.
76
:
.
.
:
1. ) (
) (
2.
77
.
.
78
:
:
1,000,000
17%
1,000,000
22%
1,000,000
19%
1,000,000
15%
1,000,000
10%
%14
. 3,000,000
79
:
:
1.
.
2.
.
3.
:
1,000,000
17%
1,000,000
22%
1,000,000
19%
80
:
:
) (
1.
) (
2.
:
.
81
:
683 4
. %10
:
:
:
= 751 = 1.10 * 683
1.
= 826 = 1.10 * 751
2.
= 909 = 1.10 * 826
3.
= 1000 = 1.10 * 909
4.
82
: :
= + 1) * 0(
:
= )(
= 0 ) (
=
=
:
= 1000 = 1.46 * 683 = 4(0.10+1) * 683
83
:
1,000
.%10 ,
.
:
4
=1000(1.10) * 0
683 = 1.46 / 1000 = 4(1.10) / 1000 = 0
84
: :
-1 :
. :
) (
) (
-
:
= /
85
:
)(
200000
50000
:
= 4 = 50000 / 200000
4
.
86
- ) ( :
.
:
: :
= /
=
/
87
) (:
:
)(19000
4000
6000
5000
5000
:
= 20000 = 5000 + 5000 + 6000 + 4000
= 5000 = 4 / 20000
88
= 3.8 = 5000 / 19000
:
.
.
) (:
:
)(19000
4000
6000
5000
5000
89
)(19000
4000
4000
6000
10000
5000
15000
5000
20000
.
:
= 3 ) + /
( * 360
= 3 360 * (4000/5000) + = 3 288
90
:
:
)(24000
)(12000
6000
4000
6000
4000
6000
4000
6000
4000
6000
4000
:
= 4 = 6000 / 24000
= 3 = 4000 / 12000
91
.
-2 :
. :
= )*( / )*(
* = + 1 + 2...... 3 / )(
* = ) )( +
( 2 /
* = ) 2 / (0 +
* = 2 /
92
:
:
)(
1 2 3
50000
50000
50000
30000
)(
90000
14000
)(
93
)*( = 2/
25000
25000
25000
)(
50000
50000
50000
)*( = /
6000
12857
2000
)(
30000
90000
14000
)*/*(
24%
51%
8%
)(
94
: :
-1 :
) (= )
( )(
95
:
:%10
100000
50000
30000
20000
80000
60000
40000
70000
60000
50000
96
:
.
-1 = ]/80000
)/ 40000] + [2(1.10)/ 60000] + [1(1.10
)= 30040 + 49560 + 72720 = [3(1.10
152320
= = 100000 152320
52320
-2 = ]/ 70000
)/ 50000] + [4(1.10)/ 60000] + [3(1.10
)= 31050 + 40980 + 52570 = [5(1.10
124600
= + 50000
]= [2(1.10)/ 20000] + [1(1.10)/ 30000
93790 = 16520 + 27270 + 50000
= = 93790 124600
30810
) (=
) (
)(
100000
50000
30000
20000
80000
60000
40000
70000
60000
50000
97
-2 :
.
:
= ) ( /
)(
1
)(
. 1
)( .
98
:
:
= 1.5 = 100000 / 152320
= 1.3 = 93790 / 124600
.
99
-3 :
) (IRR
) .
= (
100
:
:
)(1200
)(1600
1000
500
800
600
600
800
300
600
100
1000
101
10%
28%
50%
60%
1000
909
781
667
625
800
661
488
355
313
600
451
286
178
146
300
205
112
59
46
100
62
29
13
10
2288
1696
1272
1140
496
72
)(60
%50 ) %60
(
102
10%
28%
32%
36%
500
455
391
379
367
600
496
366
344
325
800
601
382
348
318
900
615
336
296
263
1000
621
291
250
215
2788
1766
1617
1488
166
17
)(111
%32 ) %36
103
(
:
= )] } + 1 2 * (1 ) /[1 1
{(2
:
= 1
= 2
= 1
= 2
: :
)(23000
1000
7000
8000
9500
10400
:
-1 ) ( )
4(
-2 ) 20000
(%12
-3 ) (1.4
-4 ) (%20
105
-1 :
- :
= 7180 = 5 / 35900
= 3.20 = 7180 / 23000
) (
- :
= ) 3( 360 * (9500 / 7000)] +[ = 3 265
) (
-2 :
)= 23000 24106.12 =23000 (5901.2+ 6037.4 + 5694.2+ 5580.3 + 892.8
1106.12
) (
-3 1.04 = 23000 / 24106.12 :
) (
106
-4
12%
15%
1000
893
870
7000
5580
5293
8000
5694
5260
9500
6037
5432
10400
5901
5171
24106
22025
)(23000
)(23000
1106
)(975
108
. .
:
1. =
=
2.
3. =
109
:
.
:
=
=
:
=
:
= ) / (
:
=
=
=
=
110
:
)( 18000 5
2 .
= ) / (
= 6000 = 3 / 18000 = (2 5) / 18000
:
30000 = 5 *6000
) 12000 = (2 * 6000
= 18000 = 12000 30000
= =
= = 18000 18000
111
:
:
= /
= /
:
= )0.60 = 5/ (2-5
= 30000 = 0.60 / 18000
112
:
:
= ) / (
. %10
%10
/ 18000 = %10
)(0.10 0.60
36000 = %10
113
:
1.
2.
3.
: )
(
:
1426-4-3 2005-5-11
114
:
:
1.
:
2.
:
3.
:
4.
:
5.
: ) (
6.
:
14
26
115