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1





:



:
:
.
.
3

:
.
* 1050 = 1.05
= 1000 = 1.05 / 1050
:
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:
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4

2.

:

1.


3.

:

1.

2.


6

: :
:


:
/
:
- /
:
+ /
7

:
) .
(
.
.

.
-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

:
.


-1 :
= /
-2 :

.
= + + / + +

= -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

-1

= /
-2
.
= ) ( /
-3
= /
13

:

-1

= /
-2 ) (
= /
-3
= ) ( /

.

14

-1

= /
-2 ) (
= /
15

) (:

= ) ( /
X 100

16

:
.
: = , 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

-6 :
/
% 2.5 = 200 / 5
-7 ) (:
/

19

20

=

21

:

1.
2.
3.

22

23


24


. :
1.
2.
3.


.
)
, (
25


-1 :
,
, .
.
-2 :
)

.

26

)(

=
=
=
=
=
: = 500
= 50000 = %10 = 50
=
= 3162 = 50 * 0.10 / ( 50000 * 500) 2
) * (2
*

27

: :

. :

= X X*
: :
.
.

.

= ) X(
:
28
= + = +

:
15 .
15000
3000.
= 5 = 3000 / 15000
72 = 5 / 360 ) 72 (
= 41.66 = 72 / 3000
.

15 625 ) (41.66*15
.
29

:
:
1. .

2.
.
.

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

:
-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.

= ) 31680 = 0.4 * (0.2 * 396000

2.

= 144 = 220 / 31680

3.

= 23040 = 160 * 144

4.

= 1152 = 0.05 * 23040

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.

= 158400 = 0.4 * 396000

2.

= ) 13019.17 = 30 * ( 365 / 158400

1.
2.

3.

= ) 190080 = 0.4 * ( 1.2 * 396000

3.

4.

= ) 23434.52 = 45 * ( 365 / 190080

4.
5.

5.

= 10415.35 = 13019.17 23434.52

6.

= 1249.84 = 0.12 * 10415.35

= 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.

= ) 56,700 = 0.60 * (0.35 * 270,000

2.

= 378 = 150 / 56,700

3.

= 49,140 = 130 * 378

4.

= 4,914 = 0.10 * 49,140


) (

=
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.

= 162,000 = 0.60 * 270,000

2.

= ) 8,876 = 20 * ( 365 / 162,000

3.

= ) 218,700 = 0.6 * ( 1.35 * 270,000

4.

= ) 23,967 = 40 * ( 365 / 218,700

5.

= 15,091 = 8,876 23,967

6.

= 3,018 = 0.20 * 15,091

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





:
1.

)
(

2.
54

:
1.

2.

4.

:

) ( .
.
) (
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.
3.
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)
(
55

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: :
:
1.
2.
3.


.
56



.
= .
= ) (
=
=

= =
) *(2

57


6,000,000
) ( 300
.% 12
:
:
=

] = 0.12 / [( 6,000,000 * 300) 2

= 0.12 / 3,600,000,000

= 173,205

58

: :
.
:
1.
2.
,
)(

) )(( .
)(
)(.
59

:
= =

X 3]3 X ()2] / 4 X*[

= = 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

) + 110,000 = 124,500X 0.0012) 4 /3,675,000,000

= = ) 153,500 = ( 110000) 2 ( 124500 * 3

= ] 129,333 = 3 / [110000 (124500) 4

62

) (
.
:

1.

2.

3.

:
:
) (
1.
) (
2.
) (
3.

63

64


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.
:
1.

2.

3.



65

) ( :

.

:
1.

) (

.
2.

.
66

:
: :


.
-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 )(

=+

= ])* 6)] / [(17,600 * 37,100) - (121,260,000 * 6


[2(37,100) (258,590,000

=] ) 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

)(1200) (1200) (1200) (1200


1088

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

)(1600) (1600) (1600) (1600


1188

166

17

)(111

%32 ) %36
103
(

:
= )] } + 1 2 * (1 ) /[1 1
{(2
:
= 1
= 2
= 1
= 2

= 72 / [72 * (%50 - %60)]} + %50


)%55.4 = (132 / 7.2 ) + % 50 = {(60-
= -) 17 / [17 * (%32 - %36)]} + %32
%32.5 = (128 /0.68 ) + %32 = {(111
104

: :

)(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

= 1106 / [1106 * (%12 - %15)]} + %12


)%13.6 = (2081 / 33.18 ) + % 12 = {(975
107
) (

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

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