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1 2 3 4 5 6 7 8 9 10 11 12? 1 2 500 f 0.35 150 000 5 5 0 10 000 0.90 2 400 100 5 500 000 20 2 400 000 10 10 50 000 300 000 165 000 10 40 14 1

1





2 3 4 5 6 3 54 200 5 20 600 5 3 200 15 1 2 3 4 5 4 80 000 6 20 000 10 1 2 3 4 5 ا 5 1 40 000 10 5 0 10 10 000 24 000 6 000 5 000 2 55 000 6 000 5 0 5 0

2





10 000 2 500 4O 18 1 2 3 4 5 ا 6 M A B 0 50 000 50 000 1 16 000 0 2 16 000 0 3 16 000 0 4 16 000 0 5 16 000 100 000 10 1 2 3 4 5 7 I 40 000 5 5 20 000 20 000 50 000 30 000 60 000 5 10 000 80 000 40 000 10 40 I 8 M A B 0 160 000 210 000 1 80 000 64 000 2 80 000 64 000 3 80 000 64 000 4 64 000 5 64 000 6 64 000 A 3 3 B 6 6 16

3





1 2 3 4 5 9 ۦ 300 1.30 200 1.35 100 1.28 100 1.45 300 500 10 1 000 0.2 2 000 0.2 3 000 0.3 4 000 0.2 5 000 0.1 11 10 000 5 1 5 l 5 A 4 000 5 000 6 000 0.15 0.75 0.10 2 000 6 000 10 000 B 0.15 0.75 0.10

B 15 A 12 1 2 3 1 I0 = 150 000 500 000kg10 000kg50 2 40050 120 000 0.902 50020.3510 00050 50 000 150 000/5 30 000 40 000
4





120 00050 00070 000 40 00030 00070 000
5 70 000 NPV150 000 i i =1 1 20%

150 00070 0002.9906 59 342 2 4001 0001 400
5 1 400n NPV150 000 0 i i =1 1 20%

150 0001 400n2.99060 n36 36 2 1400 0001040 000 2 300 000 165 000 40 000 95 000 38 000 57 000 3 400 000 57 00040 00097 000 50 000140%30 000 4400 00097 0004.12 557 000400 00014.25%
10 1 97 000 6NPV400 000 30 000 10 i 14% 1 i =1 1 14%

400 00097 0005.216130 0000.2697 114 053 i20% NPV400 00097 0004.192530 0000.1615 11 518 i24% NPV400 00097 0003.681930 0000.1164 39 364 IRR20%24%20%11 518/11 51839 364 20.91%

5





3 154 20020 6002.63
5 3 200 20 600 2NPV54 200 i 1 15 5 i =1 1 15% %

54 20020 6003.35223 2000.4972 54 20070 64616 446 3PI70 64654 2001.3 4 i24% NPV54 20020 6002.74543 2000.3411 3 447 i28% NPV54 20020 6002.5323 2000.291 1 110 IRR24%28%24%3 447/3 4471 110 27% 5 MIRR
5 54 200[ 20 600 115%i 3 200] /1MIRR5 i =1 5

1/1MIRR554 200142 0930.3814 ` 0.4019 0.3411 20% 24% MIRR20%24%20%0.40190.3814/0.40190.3411 21.35% 4 180 00020 0004 NCF 10% NCF 0 80 000 0 80 000 1 20 000 0.9091 18 182 2 20 000 0.8264 16 528 3 20 000 0.7513 15 026 4 20 000 0.6830 13 660 5 20 000 0.6209 12 418 6 20 000 0.5645 11 290 54 186/11 2905.37
6 20 000 2NPV80 000 i i =1 1 10%

NCF 80 000 61 818 45 290 30 264 16 604 4 186 7 104

80 00020 0004.3553 7 106

6





3PI20 0004.355380 0001.09 480 00020 0004 4.1114 3.8887 12% 14% IRR12%14%12%4.11144/4.11143.8887 13%
6 580 000 20 000 110%i /1MIRR6 i =1 6

1/1MIRR680 000154 3120.5184 ` 0.5645 0.5066 10% 12% MIRR10%12%10%0.56450.5184/0.56450.5066 11.6% 5 1 A 55 000 6 000 61 000 10 000 20 00010 00040% 4 000 47 000 B 61 000512 200 0 24 000 10 0006 000 4 000 2 5005 000 2 500 12 2004 000 8 200 14 300 14 300 40% 5 720 8 580 8 200 16 780 C0 247 00016 780 2.8
5 16 780 3NPV47 000 i i =1 1 18%

47 00016 7803.1272

7





5 474 4PI52 47447 0001.12 547 00016 7802.8010 2.9906 2.7454 20% 24% IRR20%24%20%2.99062.8010/2.99062.7454 23% 6 1A50 00016 0003.125 B 450 000100 0004.5
5 16 000 2NPVA50 000 i i =1 1 10%

50 00016 0003.7908 10 653 1 NPVB50 000100 000 5 10% 1 50,000100,0000.6209 12 090 3A50 00016 0003.125 18% 3.1272 A IRR 18% B50 000100 0000.5 ` 15% 0.4972 B IRR 15% 4 NPV IRR M 5 B 7 60 00020 00040 000 60 00010 000510 000 80 00050 000 30 000 40 00030 000 10 000 10 0004 000 6 000 14 000 40% 5 600 8 400 6 000 14 400 10 000010 000
5 1 14 400 NPV40 000 10 000 i 5 10% 1 i =1 1 10%

8





40 00014 4003.790810 0000.6209 20 797 I 8 1A160 00080 0002 B210 00064 0003.3
3 80 000 2NPVA160 000 i i =1 1 16%

160 00080 0002.2459 19 672
6 64 000 NPVB210 000 i i =1 1 16%

210 00064 0003.6847 25 821 3A160 00080 0002 24% 1.9813 A IRR 24% B210 00064 0003.2813 20% 3.3255 B IRR 20% 4 5A 19 672/PVIFA16%3 19 6722.2459 8 759 B 25 821/PVIFA16%6 25 8213.6847 7 008 A B A 9 100 200 300 100 1.45 1.35 1.30 1.28 45 70 90 28

300 M 115 4570 300 500 M 163 459028 500 160

9





10 1 E1 0000.22 0000.23 0000.34 0000.25 0000.1 2 800 2

2 2 2 2 2 000 2 800 0.2 + 2 000 2 800 0.2 + 3 000 2 800 0.3 + 4 000 2 800 0.2 + 5 000 2 800 0.1 1

1 249 3 V/E1 2492 800 0.446 11 1 EA4 0000.155 0000.756 0000.10 4 950 EB2 0000.156 0000.7510 0000.10 5 800
5 4 950 2NPVA10 000 i i =1 1 12%

10 0004 9503.6048 7 844
5 5 800 NPVB10 000 i i =1 1 15%

10 0005 8003.3522 9 443 3 B

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