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FEIKRNC CGCHS]FYK
FE]RKMSHHFKE
Cd sfjufcetc mkhuncetk cec hknk ieodfmom mor ue oeïdfsfs hknporovk cetrc dks mfcrcetcs
pks mc fetcræs (sfnpdc y hknpucstk), nkstroemk c fmceihoemk dks cdcncetks echcsorfks
por
poroo do tkno
tkno mc mchfsf
mchfsfkec
kecs,
s, o por
porr
r mcd usk hkehcp
hkehcptuo
tuodd y prohhk
prohhk mc dos notcn
notcnïhïhos
os
ieoehfcros, opdfhïemkdks ce homo uek mc dks cgcrhfhfks prkpucstks ce cd mcsorrkddk mcd prcscetc
fekrnc, poro osî tknor do ncgkr mchfsføe ieoehfcro, y quc cd dchtkr pucmo cvfmcehfor mc do
ncgkr noecro cd kbgcvk mc cstc fekrnc.
CGCRHFHFKX \RK\SCX]KX
?. »Huïe
»Huïetk
tk mfecrk
mfecrk ohunudo
ohunudorï
rï Guoe mcetr
mcetrk
k mc 3 oÿks, sf fevfcr
fevfcrtc
tc `ky $3=.<<<.
$3=.<<<.<<<
<<< o ueo
toso mc fetcræs hknpucstk mcd 8% ncesuod hknpucstk;
Fetcræs Xfnpdc
Y\ 3=.<<<.<<<
YI >Y\ ( ? + f . e )
YI >3=.<<< .<<<( ?
3=.<<<
YI >?3?.2<<.<<<
Fetcræs Hknpucstk
\oro sobcr huïetk mfecrk ohunudorï Guoe mcetrk mc 3 oÿks hke fetcræs hknpucstk ce
cstc cgcrhfhfk mcbcnks udfzor do sfjufcetc krnudo7
e
YI >Y\ ( ? + f )
9<
YI >3=.<<< .<<<( ? + <,<8 )
3=.<<<
YI >8?0.?=9
8?0.?=9 .39:,92
Hkehdusføe
Fetcræs Xfnpdc
YI 8.=3<.<<<
f > 2% ncesuod <,<2
e > 8 scnc
scncst
strc
rcs
s > ?0
?0 n
ncs
cscs
cs ?0
\oro so
\oro sobc
bcrr huoe
huoetk
tk mfec
mfecrk
rk fevf
fevfr
rk
k Ornoe
Ornoemk
mk hke ue
ueo
o toso
toso mc fe
fetc
tcrc
rcss sfnp
sfnpdc
dc,,
rcnpdozonks ce do sfjufcetc krnudo7
YI
Y\>
? +(f . e)
8.=
8.=3<
3< .<<
Y\>
? +( <,<2.?
Y\>2.38
2.389
9 .:9=,:?
.:9=,:?
Fetcræs Hknpucstk
\oro sobcr huïetk mfecrk fevfrø Ornoemk hke fetcræs hknpucstk ce cstc cgcrhfhfk
mcbcnks udfzor do sfjufcetc krnudo7
YI
Y\ >
( ? + f )e
8.=3
8.=3<
< .<<
Y\ >
( ? + <,<2)?
Y\>2.=?
2.=?3
3 .3=6,0=
.3=6,0=
Hkehdusføe
8. \otrfhfo rchfbfø ue præstonk mc $8.<<<.<<< quc mcbc pojor ce ?0 ncscs1 sf od ieod mcd
pdozk mcbc hoehcdor $8.03<.<<<. Hodhudor do toso mc fetcræs mcd præstonk
Fetcræs Xfnpdc
Y\ 8.<<<.<<<
YI 8.03<.<<<
e > ?0 ncscs ?0
Rcnpdozonks ce do sfjufcetc krnudo7
YI −Y\
f>
Y\.e
8.03<.<<<
f>
8.<<<.
f ><,<?3:=<:
f >?,3:= %
Fetcræs Hknpucstk
\oro sobcr huïd cs do toso mc fetcræs mcd præstonk, `ohcnks usk mc do sfjufcetc
chuohføe.
∗
e YI
f> −?
Y\
∗
?0 8.03<.<<
f>
8.<<<.<<
f ><,<?8633=
f >?,863 %
Hkehdusføe
Xc kbscrvo quc od eod mcd pdozk, sf \otrfhfo hoehcdo dks 8.03<.<<< ncmfoetc fetcræs
sfnpdc
sfnpdc,, cstc
cstc uso ueo toso
toso mcd ?,3:=%
?,3:=%,, nfcetr
nfcetros
os sf dk hoehcd
hoehcdo
o ncmfoe
ncmfoetc
tc fetcræ
fetcræss
hknpucstk cs mcd ?,863%
Fetcræs Xfnpdc
Y\ :.<<<.<<<
YI ?<.3<<.<<<
f > 2 % ncesuod <,<2
Mcspcgonks e mc do sfjufcetc krnudo7
YI >Y\ ( ? + f . e )
Moemk hknk rcsudtomk7
YI
−?
Y\
e> f
?<.3
?<.3<<
<< .<<<
−?
:.<<<
:.<< < .<<<
e>
<,<2
e >23 ncscs
Fetcræs Hknpucstk
\oro sobcr huïd uc cd pdozk mcd præstonk, `ohcnks usk mc do sfjufcetc chuohføe, y
mcspcgonks cd vodkr mc e.
YI >Y\ ( ? + f )
Mcspcgoemk e, kbtcecnks7
YI
dkj
Y\
e>
dkj ( ? + f )
K pkr dcy mc dkjorftnks,
dkj orftnks, pkmcnks cxprcsordk mc do sfjufcetc noecro7
dkj YI − d
e>
dkj ( ? +
dkj?<.3<<
e>
dk
e >2<,=:3 nc
Hkehdusføe
Kbscrvonks quc cd pdozk mcd præstonk cs noykr hke ueo toso mc fetcræs sfnpdc, cstk
qufcrc mchfr quc Ornoemk cec =,38 ncscs nïs poro hoehcdor cd præstonk quc sf do
toso mc fetcræs iucro hknpucstk.
3. Xko rchfbfø ue præstonk mcd Boehk BBYO quc mcbc pojor mc do sfjufcetc noecro7
$8.<<<.<<< mcetrk mc 9 ncscs1 $=.<<<.<<< mcetrk mc ue oÿk y $3.<<<.<<< ce ue oÿk y
ncmfk1 sf do toso mc fetcræs cs mc 2% ncesuod. Mctcrnfec huïetk mfecrk dc prcstorke.
Fetcræs Xfnpdc
YI
Y\>
? +(f . e)
Oeodfzoemk homo pojk femcpcemfcetcnce
femcpcemfcetcncetc
tc sc kbcec7
\rcstonk
\rcstonk]]ktod >
\rcstonk
\rcstonk]]ktod >
Y\ t >6.30< .0=0,=:
Fetcræs Hknpucstk
YI
Y\ >
( ? + f )e
8
\ojk ?>Y\ ?> Y\?>2.99
2.998
8 .6?=,?
.6?=,?
(
\ojk 2>Y\ 2> Y\2>8.?38 .6:2,:
(
3
\ojk 8> Y\ 8> Y\8>8.3<
8.3<<
< .:69,0
.:69,0
(
\rcstonk
\rcstonk]]ktod >
\rcstonk
\rcstonk]]ktod >
Y\ t >6.8?0 .908,:2
.908,:2
Hkehdusføe
Xko mcbc rchfbfr cd præstonk o ueo toso mc fetcræs sfnpdc, yo quc, hke cstc kbcec
292.?9=,:3 nïs quc ncmfoetc ueo toso mc fetcræs hknpucstk.
9. Eotodf
Eotodfo
o mcsco
mcsco rcodfzor
rcodfzor ue vfogc
vfogc mcetrk
mcetrk mc ue oÿk y sc prkpkec
prkpkec cd sfjufce
sfjufcetc
tc pdoe
pdoe mc
o`k
o`krrk
rrk77 @ky
@ky,, o`krro
o`krro $?.<<<.
$?.<<<.<<<1
<<<1 mcetrk
mcetrk mc trcs
trcs ncscs
ncscs $?.<<<
$?.<<<.<<
.<<<1
<1 mce
mcetrk
trk mc ue
sc
scncs
ncstrc
trc $?.3<<.
$?.3<<.<<<
<<< y mcetrk
mcetrk mc ?< ncscs
ncscs $?.:<<
$?.:<<.<<
.<<<
< »hu
»huïet
ïetkk mfe
mfecrk
crk tce
tcemrï
mrï
cxohtoncetc mcetrk mc ue oÿk sf do toso mc fetcræs quc dc pojo cd boehk cs mcd ?%
ncesuod hknpucstk;
Fetcræs Xfnpdc
\oro sobcr huoetk mfecrk tcemro Eotodfo mctrk mc ? oÿk, `ohcnks usk mc do sfjufcetc
krnudo7
YI >Y\ ( ? + f . e )
Oeodfzoemk homo o`krrk mc noecro femcpcemfcetc sc kbcec7
O`krrk ?>YI ?>
O`krrk Y I ?>?.?2<.<<<
O`krrk
O`krrk = >YI = YI =>?. :8
:8=
= .<<<
.<<<
\kr dk toetk, cd vodkr mcd O`krrk tktod scrfo7
O`krrk
O`krrk]]ktod >Y
O`krrk
O`krrk]]ktod >Y
YI t >3.38
3.38=
= .<<<
Fetcræs Hknpucstk
O`krrk ?>YI ?>
O`krrk YI ? >?.?29.023,<
O`krrk
O`krrk]]ktod >Y
YI t >3.3=9 .69<,38
Hkehdusføe
Eotodfo mcbc usor ce su pdoe mc o`krrk, ueo toso mc fetcræs hknpucsto yo quc hke
csto kbtcemrï ?2.69<,38 nïs, quc sf do noecgo hke ueo toso mc fetcræs sfnpdc.
:. Seo pcrskeo ohkrmø fefhfodncetc cd pojk mc ueo kbdfjohføe ncmfoetc trcs pojks osî7
$3<<.<<< mcetrk mc 8 ncscs, $=<<.<<< mcetrk mc 0 ncscs y $:<<.<<< mcetrk mc ?2
ncscs1 oetc do fnpksfbfdfmom mc hunpdfr hke dk pohtomk, prkpusk cd rccnpdozk mc dks
hftomks pojks pkr ueo skdo hukto cqufvodcetc ce cd ncs : »Huïd scrï cd vodkr mc csto
hukto; Sdfhc ueo toso mc ?.3% ncesuod hknpucstk
Vo quc do pcrskeo prkpusk `ohcr cd pojk mc ueo skdo hukto ce cd ncs :, sunonks cd
vodkr mc dks trcs pojks quc ohkrmø fefhfodncetc rcsudtomk ?.9<<.<<<.
Fetcræs Xfnpdc
Y\ ?.9<<.<<<
f > ?,3% ncesuod <,<?3
e > : ncscs :
Rcnpdozonks ce do sfjufcetc krnudo7
YI >Y\ ( ? + f . e )
YI >?.9 <<.<<<
<<.<<< ( ?
YI > ?.:90 .<<<
?.:90 .<<<
Fetcræs Hknpucstk
e
YI >Y\ ( ? + f )
:
YI >? . 9<<.<<< ( ?+ <,<?3)
YI >?.::3 .:3?,09
Hkehdusføe
Do pcrskeo mcbc udfzor ueo toso mc fetcræs sfnpdc poro cd pojk mc su kbdfjohføe
eoehfcro o ueo skdo hukto, pucstk quc sc o`krrorîo :.:3?,09.
HKEHDSXFKE
Hke oyumo
oyumo mc dos notcn
notcnïho
ïhoss ieoehf
ieoehfcro
cros,
s, eksktr
eksktrks
ks pkmcnk
pkmcnkss tknor
tknor mchfsf
mchfsfkec
kecss
oscrvos y cchvos, mc nkmk quc pkmcnks sohor cd noykr prkvch`k mc eucstrk
mfecrk ce cd cnpk, hknk sc cvfmcehfk ce cd prcscetc fekrnc, ce mkemc hke cd sfnpdc
`ch`k mc sobcr quæ pk mc toso mc fetcræs noecgor ce homo sftuohføe, pkmcnks
kbtcecr ue o`krrk ce ue præstonk, k noykr mfecrk ce ueo fevcrsføe.