3

:
) :(17

:
.
08 :
: .
:
 .
 .

.1
.2
.3
.4
.5
.6

.1
) (

) (Emprunts Indivis .

: " "

.
:

= +
.

.2
.1.2

.
: V0 : ) ( .
: a n , ..., a 3 , a 2 , a1
.
: An , ..., A3 , A2 , A1 .....
).(n
:V n , ...,V 3 ,V 2 ,V 1 ....
).(n
: i .

: n ) (.

.2.2

a1 = V 0 i + A1
A1
V 0i
V0
1
a 2 = V 1 i + A2
A2
V 1i
V1
2
a 3 = V 2 i + A3
A3
V 2i
V2
3

V 1 = V 0 A1
V 2 = V 1 A2
V 3 = V 2 A3

p-1

V p 2

V p 2i

Ap 1

a p 1 = V p 2 i + Ap 1

V p 1 = V p 2 Ap 1

V p 1

V p 1i

Ap

a p = V p 1 i + Ap

V p = V p 1 Ap

P+1

Vp

Vpi

Ap + 1

a p + 1 = V p i + Ap +1

V p + 1 = V p Ap + 1

Vn 2

V n 2i

An 1

an 1 = V n 2 i + An 1

V n 1 = V n 2 An 1

V n 1

V n 1i

An

an = V n 1 i + An

V n = V n 1 An = 0

n-1
n

:
.1 V n :

V n 1 = An
.2

an = ... = a 3 = a 2 = a1

.3 :

V 0 = A 1 + A 2 + A 3 + ... + A n
n

Ap

p =1

= V0

.4 :
n

p =1

p =1

p =1

a p = Ap + I p
.3
.1.3

) i + A n 1

n 2

i A n 1
:

i + A n ) (V
n 2

n 1

i + An V

a n a n 1 = (V

n 1

a n a n 1 = V

V n 1 = V n 2 An 1

a n a n 1 = (V n 2 A n 1 )i + A n V n 2 i A n 1
a n a n 1 = V n 2 i A n 1 i + A n V n 2 i A n 1
a n a n 1 = An 1 i + An An 1

a n a n 1 = 0 :
:

A n 1i + A n A n 1 = 0
A n = A n 1i + A n 1
) A n = A n 1 (1 + i

) A n = A n 1 (1 + i

) :(1 5 %6

DA

50.000

A5 , A4 , A3

A3 + A4 = 50.000

) A4 = A3 (1 + i
: A3

A 3 + A 3 (1 + i ) = 5 0.0 00
A 3 (1 + 1 + 0, 06 ) = 50 .00 0
2, 06 A 3 = 5 0.0 00
50 .00 0
= 2 4.2 71 ,85 D A
2, 0 6

= A3

A 3 = 2 4.2 71 ,85 D A
: A4

A4 = 24.271,85 1,06
A4 = 25.728,15DA

: A5

) A5 = A4 (1 + i
A5 = 25.728,15 1, 06
A5 = 27.271,84DA

) A 2 = A1 (1 + i

A 3 = A 2 (1 + i ) = A1 (1 + i ) 2
A4 = A 3 (1 + i ) = A1 (1 + i ) 3
..............................................
An = An 1 (1 + i ) = A1 (1 + i )n 1

An = A1 (1 + i )n 1
) :(2 . A1

A 5 = A 1 (1 + i ) 4
A5
(1 + i ) 4

= A1

A 1 = A 5 (1 + i ) 4
A 1 = 27.271, 84(1, 06) 4
A 1 = 27.271, 84 0,792093
A 1 = 21.601,85 DA

)An = A1 (1 + i )n 1 ........(1
Ap = A1 (1 + i ) p 1
)A1 = Ap (1 + i ) ( p 1) .....(2
) (2 ) (1

An = Ap (1 + i ) ( p 1) (1 + i )n 1
An = Ap (1 + i ) p + 1 (1 + i )n 1
An = Ap (1 + i ) p + 1+ n 1

An = Ap (1 + i )n p
):(3

12 %5

A12 , A8 , A5

DA

A3

:
: A12

An = Ap (1 + i )n p
A12 = A3 (1 + i )12 3
A12 = A3 (1 + i )9

A12 = 20.000(1,05)9 = 31.026,56DA

: A8

A8 = A3 (1 + i )8 3
A8 = A3 (1 + i )5
A12 = 20.000(1,05)5 = 25.525,63DA

20.000

: A5

A5 = A3 (1 + i )5 3
A5 = A3 (1 + i )2
A5 = 20.000 (1, 06)2 = 22.472 DA

:

V0 = A1 + A2 + A3 + ... + An
V0 = A1 + A1 (1 + i ) + A2 (1 + i )2 + A3 (1 + i )3 + ... + A1 (1 + i )n 1
:

(1 + i )n 1
V 0 = A1
i
).(n
) :(4 )(2

(1, 06)5 1
V 0 = 21.601,85
0, 06
V 0 = 21.601,85 5,637093=121.771,63 DA

.2.3

V n :

V n 1 = An
:

a =V n -1i + An
:

a = An i + An
) a = An (1 + i

) a = An (1 + i
.
):(5

)(1

) a = A5 (1 + i

a = 27.271,84 1,06 = 28.908,15DA

:

)a = An (1 + i ).............(1
)An = A1 (1 + i )n 1 ......(2

) (2 ) (1:

) a = A1 (1 + i )n 1 (1 + i
a = A 1 (1 + i ) n

) (n.

): (6

)(2
5

) a = A 1 (1 + i

a = 2 1 .6 0 1, 8 5 (1, 0 6 ) 5
a = 2 1 .6 0 1, 8 5 1 ,3 3 8 2 2 5 = 2 8 .9 0 8 ,1 5 D A

:

) a = A n (1 + i )..................(1
) A n = A p (1 + i ) n p ..........( 2

) (2 ) (1:

) (1 + i

np

) a = A p (1 + i

a = A p (1 + i ) n p + 1

) (p

)(n p + 1

):(7

10 %7

DA

30.000

 3
:

a = Ap (1 + i )n p +1
a = A7 (1 + i )10 7+1
a = A7 (1 + i )4
a = 30.000 (1,07)4 = 39.323,88DA
.3.3
:
:

(1 + i )n 1
V 0 = A1
)...........(1
i
n

) a = A1 (1 + i

)A1 = a (1 + i ) n ..................(2
) (2 ) (1:

(1 + i ) 1
).......................(3
i
(1 + i ) n (1 + i )n (1 + i ) n
V0 = a
i
n

V 0 = a (1 + i ) n

1 (1 + i ) n
V0 = a
i

:
i
a =V 0
1 (1 + i ) n
.

) (3
(1 + i )n 1
i
.

V 0 (1 + i ) n = a

):(8

). (7
:

1 (1 + i ) n
i
1 (1, 0 7 ) 1 0
= 3 9 .3 2 3 , 8 8
0, 07
= 3 9 .3 2 3 , 8 8 7 ,0 2 3 5 8 1

V0 = a
V0
V0

V 0 = 2 7 6 .1 9 4 ,4 5 D A

.4.3

) I n 1 I n = (an 1 An 1 ) (an An
I n 1 I n = an 1 An 1 an + An 1

I n 1 I n = An 1 + An
I n 1 I n = An An 1
I n 1 I n = A n 1 (1 + i ) A n 1
I n 1 I n = A n 1 + A n 1i A n 1

I n 1 I n = A n 1i

I 9 I 10 = A9i I 1 I 2 = A1i :
.5.3 :
) :(P
) (p ) ( R p .

R p = A1 + A2 + 3 +... + Ap
) (1 + i

R p = A1 + A1 (1 + i ) + A1 (1 + i )2 + ... + A1 (1 + i ) p 1
:

(1 + i ) p 1
i

= A1

i
(1 + i ) n 1

A1 =V
(1 + i ) p 1
i

i
(1 + i ) n 1

=V

):(P

) (V p
:

V p =V 0 R p

) (R p

) (R p

i
(1 + i ) p 1
V p =V 0 V 0

(1 + i )n 1
i

i
(1 + i ) p 1
V p =V 0 1

n
+

(1
i
)
1
i

(1 + i ) p 1
V p =V 0 1

n
(1 + i ) 1
(1 + i )n 1 (1 + i ) p 1
V p =V 0

(1 + i )n 1

(1 + i )n (1 + i ) p
V p =V 0
(1 + i )n 1

) (n p

) 1 (1 + i ) ( n p
Vp = a
i
):(9

" "
.

%10

: .

DA

100.000 5

.1 :

I 1 =V 0 .i

I 1 = 100.000 0,1 = 10.000DA

.2

) ( A1
(1 + i )n 1
i
i
A1 =V 0
(1 + i )n 1
0,1
A1 = 100.000
(1,1)5 1

V 0 = A1

A1 = 100.000 0,1637975=16.379,75DA
.3

) (a
a=I +A

a = 10.000 + 16.379,75 = 26.379,75DA

i
a =V 0
1 (1 + i ) n
0,1
a = 1 0 0 .0 0 0
1 (1, 1 ) 5
a = 1 0 0 .0 0 0 0 ,2 6 3 7 9 7 5 = 2 6 .3 7 9 ,7 5 D A
.4 :

100.000

83.620,25 26.379,75 16.379,75 10.000,00

83.620,25

8.362,03

65.602,53 26.379,75 18.017,72

65.602,53

6.560,25

45.783,03 26.379,75 19.819,50

45.783,03

4.578,30

23.981,59 26.379,75 21.801,44

23.981,59

2.398,16

0,00 26.379,75 23.981,59

) (
%10 ).(1,1

):(10

15 . :
:
:
:

DA

403.924,66

DA

378.580,23

DA

350.701,36

.1 .
.2 .

.3 .

.4 .

.5 .

.1
:

I n 1 I n = An 1i

I 6 I 7 = A 6i
I 7 I 8 = A 7i

A 6 i = 4 0 3 .9 2 4 , 6 6 3 7 8 .5 8 0 , 2 3
A 7 i = 3 7 8 .5 8 0 , 2 3 3 5 0 .7 0 1, 3 6
) A 6 i = 2 5 .3 4 4 ,4 3 .....................(1
) A 7 i = 2 7 .8 7 8 ,8 7 .....................(2
) (2 ) (1 :
A7i
27.878,87
=
A6i
25.344,43
A7
= 1,099999
A6
) A 6 (1 + i
= 1, 099999
A6
(1 + i ) = 1, 099999
i  0,1
i = 10%

.2

) (1 :

A 6 i = 25.344,43
A 1 (1 + i ) 5 i = 25.344, 43
A 1 (1,1) 5 0,1 = 25.344, 43
A1 0,161051 = 25.344, 43

25.344, 43
=157.368,97 DA
0,161051

= A1

.3

(1 + i ) 1
i
(1,1)15 1
V 0 = 157.368, 97
0,1
V 0 = 157.368, 97 31,772481
n

V 0 = A1

V 0  5.000.000 D A
.4

(1 + i ) p 1
R p = A1
i
(1,1)8 1
R 8 = 157.368,97
0,1
R 8 = 157.368,97 11,4358881
R 8 =1.799.653,93 DA
.5

5.000.000,00

500.000

157.368,9

657.368,9

4.842.631,12

15

597.608,1

59.760,81

597.608,1

657.368,9

0,00

:15
:

A15 = A1 (1 + i )14
A15 = 157.368,9(1,1)14 = 597.608,13DA

: 15

V 14 = A15
I 15 =V 14i

I 15 = 597.608,13 0,1=59.760,81DA
.4
.1 )( . Excel
:
.

.2 :

DA

500.000

%8 :
5 :

.1 .

.2 .

.3 .

:D5

=))B2*($B$3/((1+$B$3)^($D$2)-1

: $ ) ($B$3 Excel
.

.5 :
):(1

DA

1.000.000 15 . %7

.1 .

.2 .

.3 .

.4 .

.5 .

):(2

8 :
:
:

DA

DA

182.511

163.273

DA

142.111,20

:
.1 .

.2 .

.3 .

):(3

10 %8 :
4.370DA

.1

.2

.3

) (.

.4 .

-5 :
):(1

.1 .

(1+ i) n -1
V = A
0
1
i
i
A 1 = V0
) ............................(1
(1+ i) n -1
) A 1 0 = A 1 (1+ i) 9 ..............................(2
) (1 ) (2:

i
(1 + i )9
15
(1 + i ) 1

A10 =V 0

i (1 + i )9
A10 =V 0
(1 + i )15 1
0,07 (1,07)9
A10 = 1.000.000
(1,07)15 1
A10 = 1.000.000 0,07316079
A10 = 73.160,79DA
.2

(1 + i ) p 1
i
A1 = A10 (1 + i )9

R p = A1

(1 + i )10 1
) = A10 (1 + i
i
(1 + i ) (1 + i )9
= A10
i
(1,07) (1,07)9
= 73.160,79
0,07
= 73.160,79 7,515232
9

R 10
R 10
R 10
R 10

R 10 = 549.820,31DA
.3 .

a = Ap (1 + i )n p +1
a = A10 (1 + i )1510+1
a = 73.160,79 (1,07)6 = 109.794,61DA
) 1 (1 + i ) ( n p
Vp = a
i
)1 (1 + i ) (1512
V 12 = a
i
1 (1,07)3
V 12 = 109.794,61
0,07
V 12 = 109.794,61 2,624316
V 12 = 288.135,75DA
.4
1

) 1 (1 + i
i

V 14 = a

1 (1,07)1
V 14 = 109.794,61
0,07
V 14 = 102.611,73DA
:

I 15 =V 14i
I 15 = 102.611,73 0.07
I 15 = 7.182,82DA

.5 .
):(14

A14 = A10 (1 + i )4
A14 = 73.160,73 (1,07)4 = 95.898,79DA

):(14

I 14 = a A14

I 14 = 109.794,61 95.898,79 = 13.895,82

):(13

I 14 = V 13 i
I 14
i
13.895, 82
=
= 198.511,71 DA
0, 07

= V 13

13
14
15

198.511,71

13.895,82

95.898,79

V 13

109.794,61

102.611,73

):(2

.1
:

(V 1 ) :
163.273
= (V 2 ) :
142.111,20 DA = (V 3 ) :
=

DA

182.511

DA

V 1 =V 0 A1
V 2 = V 1 A2
V 3 = V 2 A3

V 1 V 2
) V 1 V 2 =V 1 (V 1 A2
V 1 V 2 = A2
)V 1 V 2 = A1 (1 + i ).....................................(1

V 2 V 3
) V 2 V 3 =V 2 (V 2 A3
V 2 V 3 = A3
)V 2 V 3 = A1 (1 + i )2 .....................................(2

) (2 ) (1 :

) V 2 V 3 A1 (1 + i
=
V 1 V 2
) A1 (1 + i

V 2 V 3
) = (1 + i
V 1 V 2
:

163.273 142.111,20
) == (1 + i
182.511 163.273
21.161,8
) = (1 + i
19.238
(1 + i ) = 1,1
i = 0,1
i = 10%
.2
) (1 :

) V 1 V 2 = A1 (1 + i
V 1 V 2
) (1 + i
19.238
= A1
= 17.489DA
1,1
= A1

V 1 =V 0 A1
182.511 =V 0 192.380
V 0 = 182.511 + 17.489 = 200.000DA
.3

)(:

) A8 = A1 (1 + i

A8 = 17.489(1,1)7 = 34.081,11DA

:
8

) a = A1 (1 + i

a = 17.489(1,1)8 = 37.489,22DA
:

I 8 = a A8
I 8 = 37.489,22 34.081,11 = 3.804,11DA

34.081,11

34.081,11

3.408,11

37.489,22

):(3

.1
:

A10 + A1 = 4.370

An = A1 (1 + i )n 1
A1 (1 + 0,08)9 + A1 = 4.370
A1 (1,08)9 + 1 = 4.370
4.370
(1,08)9 + 1
4.370,11
= A1
= 1457,15DA
2,999
A10 = 1.457,15(1,08)9 = 2.912,85DA
= A1

.2

) a = An (1 + i
a = 2.912.85 1.08 = 3.145,878DA
.3 ) (

1 (1 + i ) n
i
1-(1,08)-10
V 0 = 3.145,878
0,08
V 0 = 3.145,878 6,7100814
V0 = a

V0 = 21.109,09DA
.4

(1 + i )n (1 + i ) p
(1 + i )n 1

V p =V 0

(1 + i )10 (1 + i )6
(1 + i )10 1

V 6 =V 0

(1,08)10 (1,08)6
V 6 = 21109,09
(1,08)10 1
0,57205
= 10.419,53DA
1,158925

V 6 = 21109,09