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5
















1 2 3 3 4 5 6 7










1: 2





1_ 1 2 3 2 1 2





1 2







1

2
3 4













1
NCF




2












---





=+ =





= +
1 1





3
1 2 3





4




0

1

2.....................m m+1 m+2...............................n-1

n






1 NCF 2 NCF 3 4




5
1 NCF 2pNCF
NCF 1 1




1 1 1 100 10 10M 6NCF


6

100
0 1 2 3 4 5 6 7 8 9 10



NCF

100



10 10

10 10

10 10

10 10

10 10

10 10

10 10

10 10

10 10

10 10

100

20

20

20

20

20

20

20

20

20

20





NCF0 = 100 NCF1---10 =10+10=20

11




0 1 2 3 4 5 6 7 8 9 10



NCF

100

0 0

10 10

10 10

10 10

10 10

10 10

10 10

10 10

10 10 10 10

10 10

100

0

20

20

20

20

20

20

20

20 20

20








NCF 0 100 1 2 3 4 5 6 7 8 9 10

0

10

10

10

10

10

10

10

10

10



9

9

9



9

9

9

9

9
10

100

19 19 19 19 2

=/



150

0 50 1 50 2 3 4 5 6 7 8 9 10


NCF 50

10 10

10 10

10 10

10 10

10 10

10 10

10 10

10 10 10 10

10 10

50

20

20

20

20

20

20

20

20 20

20






100 110





NCF 100

0 100

0

1

2

3

4

5

6

7

8

9

10

10

10

10

10

10

10

10

10

10

10

11

11

11

11

11

11

11 11 11

11

0

21

21

21

21

21

21

21

21 21

21

/ 0



10


NCF 0 100 1 2 3 4 5 6 7 8 9 10

10

10

10

10

10

10

10

10 10

10

10

10

10

10

10

10

10

10 10

10

100



20

20

20 20

20

20

20

20 20 30



/ 10

2





125100 5201 10 10 10 1 6




55
0 1 20 5 5 10 10 10 15 10 20 10 25 10 30 10 35 10 40 45 50 10 10 10 20 10 20 20 25 30 35 40 45 50 55 90 2 3 4 5 6 7 8 9 10 11





100




5

NCF

-20 105





30%




0 1 2 3 4 5 6 7 8 9 10 11





10 0 20 5 10X 1 130 30 % %
5X







30 20X 25X X 15X 1 1- 1 130 30% 30 % 30 % %

35X 40X 1 1 45X - 130 30 30% % %

50X 1 30 %



10
5

10

10

10

10

10

10

10

10

10
20 10

NCF

10 5

-20 18.5

17

20.5 24

27. 34. 31 38 5 5

41.5 75



40 1530%
40 430% 401630% 104 0.8/






7


10003 200 1000 700









1
200

2
200

3
200

4
200 1000

5
200 1000

6

7

8


1000

1000

1000

1000

5000



700

700

700

700

700

3500 1000 500

200 100

200 100

200 100

200 100

200 100




1 2 3 4 5 6 7


8


700 700 700 700 700 3500

300
250

200

150
150

100

1000



0

50

100 300

100

500 1500






300
300

300

300

200 200 200 200 100 100 300 300

200 500

0 500



500 4





1,
(1) (2)




(3)

(4)





2
1 : =P1+in P /Pin P in P =1+i-n = /in = in











X M X M X M





2


r i




, X M i = I/P = 124 / 1000 =12.4%













: 100012% =12.55% m=l m1




3 ] A








PA:FA PA=A(PA i n) FA=A(FA i n)





PA=A(PA i n)




FA=A(FA i n)








FA[F/Ain11]




=1+i







PA[P/Ain11




=1+i




1. +1-1 2. -1+1 3. 1+i 4. 1+i 34






F=AF/Ain





1





A

P=AP/Aim+n-AP/Aim =A[P/Aim+n-P/Aim]





2





m m


P=AP/AinP/Fim





3

m+n
P=AF/AinX ( P/F, i, m+n





n P=A/i





3 1 2 3





.








1 2 3 4 1 2

1.



2.



3.
4.














2 1 =




: ; .




2 3

=






3400 15%4802% 40% 40015%(140%)[ 480(12%) ] 7.65%




100 1503%12% 1.8% 10012%[ 150(13%) ]1.8% 10. 05%




1 1 10 100012% 3%40% 1 211.1 3 4





21.1

/






30.9 4




2 5200 11% 0.5%33%





=20011%133% 20010.5% =7.41% =11%133%10.5% =7.41%





3
4000 4803000 15%5006 0.32% 14000





A:4000 16%1.5% 0.53% 4 B5008/ 0.6 4% 33%






=4000/10000=40% =5006/10000=30% =3000/10000=30% 0 =12%1-33%/1-0 =8.04% =15%/1-0=15% =0.3/6+2%=7% =40%8.04%+30%15%+30%7%=9.81 6%



2A =4000/1.4=28.57% =4000/1.4=28.57 =3000/1.4=21.43% =5006/1.4=21.43% 8.04% 16%1-33%/1-1.5% =10.88% 15% 0.5/4+3%=15.5% =28.57%8.04%+28.57%10.88%+21.43% 15.5%=11.94%



3B =4000/1.4=28.57% =3000/1.4=21.43% =7000/1.4=50% 8.04% 15% 0.6/8+4%=11.51% =28.57%8.04%+21.44%15%+5.% 11.51%=11.26%

B





4 F

8000
0


8000



16000




0 0 8 0 0 .










3 , . , .( ) , .






1

2




NPV () ()PVI ()IRR ( PP ROI



NPV



NPVR PVI IRR



PP ROI




()NPV
1NCF 2NPV=




17518 .
















.

. .. . .




17519 .
1 80000 2 70000 3 60000 4 50000 5 30000

§



1 2 3 4 5 139000 0.877 129000 0.77 119000 0.675 109000 0.592 94000 0.519 121903 99330 80325 64528 48786 414872 300000 114872

§




125100 5201 10 10 10 1 404 30% 10%



0 1 2 3 4 5 6 7 8 9 10 11




NCF


100 20 5

29. 7

28. 2

28.2

28. 2

28. 2

28. 2

28. 2

28. 2

28. 2

28. 2
20 10

NCF

29. -20 105 7

28. 2

28.2

28. 2

28. 2

28. 2

28. 2

28. 2

28. 2

58. 2





. . . .





.











()








A 30000 31500 B 3000 4200



1500

1200






ANPVR=1500 30000=5% BNPVR=12003000=40% BAB





()PVI







NPV=





()IRR
. IRR IRR












1585004 12% 50000 § =158500 50000=3.17 10%12%




A60000 1015000 A
=60000 15000=4 444.193 3.68220%24% 20% X% 24% 4.193 4.000 3.682 4.193-4.000=0.193 4.193-3.682=0.511 X%=20%+0.193 0.511 24%-20% =21.51% A21.51%













1200004 30000400005000035000





1 2 30000 40000 0.926 0.857 27780 34280 0.893 0.797 26790 31880 0.909 0.826 27270 33040

3
4

50000
35000

0.735
0.735

39700
25725

0.712
0.636

35600
22260

0.751
0.683

37550
23905 116530 120000 3470

121765 120000 1765

127485 120000 7485





ʦ 8% X% 12% 7485 0 3470 7845-0=7485 7485-3470=10955 X%=8%+74851095512%-8% =10.73%




(

=




=



PP
1. PP<1/2




2. 1NCF





35000 700036000 8000.






PP=35000 7000=5
PP=36000 8000=4.5







150000 5
1 30000 30000 2 3500 0 6500 0 3 60000 4 50000 5 40000 21500 0

125000 175000





4 PP=3+150000125000 50000 =3.5 PP=3.54




ROI





A 500004 60007000 6500750070000 5 8500820078006000 8000






13.5%11%




10000 A5000A 64 5000 10% 12%




NCF=50006-4 10000 4 5000 +10000 4=5000 NPV=5000 (P/A,10%,4) 10000 =5000 3.17 10000 =15850-10000=5850 PVI=15850 10000=1.585 1




=10000 5000=2 32% X% 36% 2.096 2 1.966

IRR=X%=34.96%




PP=100005000=2 ROI=500010000=50%








1






2





3 () // ()/




I 15% 2200 2400 10 10 4 0 200 300 600 2400 700 400


1[ 600200(P 15% 6) ](PA 15% 6) 700836 [ 2400300(P 15% 10) ](PA 15% 10) 400863 2600/(PA 15% 6)200/(FA 15% 6) 700836 2400/(PA 15% 10)300/(FA 15% 10) 400863 3(600200)(PA 15% 6)20015% 700836 (2400300)(PA 15% 10)30015% 400863




4৵ 1 2 ʦ NCF() NCF()




5 1 2 a. b. () c. ( )




6
: 12,2. 22,2,2 30%






0 : : 1 2 3 4 -2130% -2 130% 130%





1 I40% 10% 84000 76500 4000 4500 8 6 3 0 6 6 10000 11000




18000(2) 9000(4 ) () 10000 12000 13000 7000 40000 76500 5500 6000



8400010000354000
: 13000(140%)(7800) 1-6 4. 355 (33969) : 1000040% 1-5 3.791 15164 : 18000(140%)(10800) 2 0.826 (8920.8) : 5500 6 0.565 31075 :(55004000)40%(600) 6 0.565 (339) : 10000 6 0.565 5650 40000 0 1 40000 400005400040%=5600 0 1 5600 (64907)


1 1 4. 355 4. 355 0. 683 0.565 0.565 0.565

: (76500) 0 : 1100010000(1000) 0 : 7000(140%)(4200) 1-6 : 1200040% 1-6 : 9000(140%)(5400) 4 : 6000 6 : (60004500)40%(600) 6 : 11000 6

(76500) (1000) (18291) 20904 (3688. 2) 3390 (339) 6215 (69317)



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