9
Oeiainiaue iaiaaeaeiaio a?oiia CA-51O Andrei V. Karasev
Eeanneoeeaoeey eiaanoeoeee,
oaeoi?u aeeythuea ia eiaanoeoeeth
AEeciaaeayoaeueiinoue i?aaei?eyoey i?aaenoaaeyao niaith neiaeioth
eioa?oa?aioeeth aeieai- e e?aoein?i/iuo oaiiiaiia. Oi?ioea ?acoeueoaou
(nieeaeiue iai?io, aeinoieiay aeiey ?uiea, aunieea ieaoaaeaniiniaiinoue,
eeeaeaeiinoue e ?aioaaaeueiinoue) iiaooiieo/eoueny oieueei i?e auai?a e
?aaeecaoeee ?aoaiee, aaeaeaaoiuo o?aaiaaieyi n?aaeu e niioaaonoaothueo
“iaaeno?aeueiie eeiee” ?acaeoey i?aaei?eyoey.
N naiuo iaueo iiceoeee, o?iaaiue ?enea, naycaiiue n oe?iie,
i?aaeii?aaeaeyaony aa aaeaioaoeeiiiie niiniaiinoueth yooaeoeaii
?aaae?iaaoue ia oa eee eiua aiaoiea e aioo?aiiea eiioeuenu.
Aunieie aaeaioaoeeiiiie niiniaiinoe iaeaaei aeinoe/ue i?aaei?eyoeyi
iaeiai aeciana, o.e. eo nicaeaiea e oniaoiia ooieoeeiie?iaaiea iau/ii
iieiinoueth caaeneo io iaeiiai eee iaaieueoie a?oiiu eeoe, aiieia
eiiiaoaioiuo aeey oiai, /oiau iieiaoue eiiuetheoo?ioth oaea/o, ii ia
anaaaea iiaoueo aia?aiy aeeaaiinoe?iaaoue aeiaaeueiua no?oeoo?iua
eciaiaiey a yeiiiieea e i?eiyoue iaiaoiaeeiinoue e?ooiai iiai?ioa a
aeayoaeueiinoe i?aaei?eyoey, a oaeaea e inouanoaeoue yoio iiai?io.
I?aaei?eyoey naiaeiiai oeia ca/anooth ?aniieaaatho aanueia
cia/eoaeueiuie oaoiieiae/aneeie, eiiia?/aneeie e oeiainiauie
aiciiaeiinoyie. Ii naiaia?aciue “eoeueo ee/iinoe”, a oaeaea, eae
i?aaeei, oceii?ioanneiiaeueiia ia?aciaaiea ia?niiaea nieaeatho
aiciiaeiinoe iiaeiaiuo oe?i.
Iaaeaeo iaeuie e n?aaeieie i?aaei?eyoeyie i?ienoiaeeo /oi-oi a?iaea
“anoanoaaiiiai ioai?a”, a ?acoeueoaoa auaeeaatho oa, eoi niiaeao eo/oa
i?eniiniaeoueny e aeecie, ?acaeaaoueny e aeaaea i?ioeaaoaoue a
iaaeaaii?eyoiuo oneiaeyo iaueo e io?aneaauo niaaeia e noaeathueony
?uieia.
Ia i?aeoeea eiaiii n iiiiuueth eiaanoeoeeiiiie iieeoeee i?aaei?eyoea
?aaeecoao naie aiciiaeiinoe e i?aaeainoeuaieth aeieain?i/iuo oaiaeaioeee
yeiiiie/aneiai ?acaeoey e aaeaioaoeee e iei. Ii i?ienoiaeeo ana yoi a
?aaeueiii a?aiaiiii ecia?aiee, aeaiue eaeao ca aeiai, canoaaeyy
iiae/eiyoueny eiiuthieoo?iui eieaaaieyie i?eniinaaeeaaoueny e iei.
O/ao oeeeee/aneeo eieaaaiee eiiuthieoo?u ?uiea — aeaei aanueia oiieia.
I?eoiaeeony niaiauaoue o?e eioi?iaoeeiiiuo ieanoa:
• iauayeiiiie/aneea aeaiiua;
• io?aneaaoth noaoenoeeo;
• aeaiiua ii eiie?aoiiio i?aaei?eyoeth.
I?aaenoaaei naaa o?e i?aaei?eyoey ?acee/iuo io?aneae, i?aoa?iaaathuea
ia?aeeaeueiua e niiinoaaeiua ii ianooaaai eieaaaiey aeayoaeueiinoe ca
iaeeiaeiaua ii a?aiaie ia?eiaeu oeeeea.
I?aaei?eyoea I aeaenoaoao a io?anee ni noaaeeueiui ?uieii, i?aaei?eyoea
II iia?e?oao ia ?uiea n iiauoathuaeny, a i?aaei?eyoee III — ia ?uiea n
iiieaeathuaeny eiiuthieoo?ie.
Aeeyiea ?uii/iuo eieaaaiee ni?ina iaeeiaeiaiai ianooaaa ia iieiaeaiea
o?ao i?aaei?eyoee ieacuaaaony ?acee/iui. O?iaie A1, A2 e A3
niioaaonoaotho iaeneiaeueiie aeoeaiinoe e iaeneiaeueiie au?o/ea, o?iaie
A1, A2 e B3 – ieieiaeueiie, /oi e io?aaeaii a ieaeaneaaeothuae oaaeeoea
(enoiaeiay au?o/ea i?eiyoa ca 100%):
O?iaaiue aeoeaiinoeOaiaeaioeey
?acaeoeyNoaaeeueiinoue?inoNiaaeIaeneiaeueiueIeieiaeueiueA1 = 120%A1 =
80%a2 = 128%B2 = 105%A3 = 112%B3 = 55%Aiieeooaea eciaiaieeo?iaiy
aeoeaiinoe (au?o/ee io ?aaeecaoeee)A1 – A1 = 40 %A2-B2=23%A3-B3 = 57%
Aiaeec oaaeeoeu iieacuaaao, /oi iaeiaiueoaa nieaeaiea au?o/ee io
?aaeecaoeee (23%) iaaethaeaaony o i?aaei?eyoey II, i?eiaaeeaaeauaai e
io?anee ia iiaeuaia. *oiau i?ioeainoiyoue iauaio nieaeaieth ni?ina a
yeiiiieea a oeaeii, oaeiio i?aaei?eyoeth aeinoaoi/ii aanueia iaaieueoie
ei??aeoeee iauaia naieo i?iecaiaenoaaiiuo iiuiinoae:
• caaea?aeaoue caione eiaanoeoeeiiiie i?ia?aiiu, ?ann/eoaiiie ia
?anoe?aiea ?uieia nauoa a aeieain?i/iie ia?niaeoeaa;
• a?aiaiii aicaea?aeaoueny io ?anoe?aiey ooaoa ?aaioieeia e ia caiaiyoue
oaieueiythueony e auoiaeyueo ia iaineth ?aaioieeia iiauie e o. ae…
Ii anoue ithain: i?eaeaony i?eniinaaeeaaoueny ia oieueei, e
oeeeee/aneiio caoooaieth aeaeiaie aeoeaiinoe, ii e e aai iiaiio
aicai?aieth. Iiaeuai ii?iaeaeaao naie o?oaeiinoe. I?aaei?eyoea II aoaeao
eniuouaaoue oaaee/aiea oeiainiai-yenieoaoaoeeiiiuo iio?aaiinoae,
i?eaeaony ouaoaeueii eiio?iee?iaaoue cao?aou iai?ioiuo n?aaenoa,
aieiaoaeueii neaaeeoue ca aeaaeoi?neie caaeieaeaiiinoueth, iaiaoiaeeii
aoaeao iaania/eaaoue aeinoaoi/ioth ?aioaaaeueiinoue nianoaaiiuo n?aaenoa
e o?iaaiue aeeaeaeaiaea — eia/a ia oaeanony nio?aieoue e oaaee/eoue
aeinoaoi/iue o?iaaiue oeiaine?iaaiey aeieain?i/iuo, a oaeaea oaeoueo
iio?aaiinoae i?aaei?eyoey.
Aanueia cia/eoaeueiia, ii aua ia eaoano?ioe/aneia nieaeaiea au?o/ee
iaaethaeaaony o i?aaei?eyoey I. Yoi na?ueaciay ano?ynea, ?a/ue eaeao i
aeecie eee nia?oe i?aaei?eyoey. I?eoiaeeony ?acei nie?auaoue
iaeniieuecoaiua iniiaiua n?aaenoaa, oaieueiyoue ?aaioieeia, aeanoei
eiio?iee?iaaoue ana e any/aneea ?anoiaeu.
Iieiaeaiea aea i?aaei?eyoey III eia/a eae eaoano?ioe/aneei iacaaoue
iaaiciiaeii.
A eeoa?aoo?a ii oeiainiaiio iaiaaeaeiaioo e ooiaeaiaioaeueiiio aiaeeco
ea/anoaa oeaiiuo aoiaa i?eiyoa eeanneoeeaoeey io?aneae yeiiiieee ia o?e
iniiaiuo oeia: onoie/eaua, oeeeee/aneea e ?anoouea. Niaiauaiea yoie
eeanneoeeaoeee n oieueei /oi naeaeaiiuie iaie auaiaeaie iiaeao aeaoue
oeiainenoo na?ueacioth ieuo aeey ?aciuoeaiee i auai?a noa?u
aeayoaeueiinoe i?aaei?eyoey, eee, anee yoa noa?a oaea ii?aaeaeaia, i
ei??aeoeee oeiainiaie iieeoeee oe?iu. Aaaeia yoa eeanneoeeaoeey e aeey
eiaanoi?a, noa?athuaainy ?acoiii noi?ie?iaaoue naie ii?ooaeue oeaiiuo
aoiaa e yooaeoeaii oi?aaeyoue ei.
E?eoa?eai eeanneoeeaoeee io?aneae yaeyaony noaiaiue aicaeaenoaey
iae?iyeiiiie/aneiai oeeeea ia iieiaeaiea oie eee eiie io?anee. Oae,
ni?in a noaaeeueiuo io?aneyo, naycaiiuo, eae i?aaeei, n i?iecaiaenoaii
aeeciaiii aaaeiuo oiaa?ia e oneoa, i?aeoe/anee ia caaeneo io
iae?iyeiiiie/aneie neooaoeee; oeeeee/aneea io?anee neaaeotho aeeiaieeie
ni?ina ia naith i?iaeoeoeeth ca oacaie oeeeea. Yoi, a iniiaiii, io?anee,
i?iecaiaeyuea n?aaenoaa i?iecaiaenoaa e oiaa?u aeeeoaeueiiai
iieueciaaiey; aeeiaieea ni?ina a ?anooueo io?aneyo “aaaeeo aia?aaee
ia?iaica” iae?iyeiiiie/aneiai oeeeea — ooo ?a/ue eaeao ia io?aneyo ia
ia/aeueiuo yoaiao naiaai noaiiaeaiey, a oaeaea i oaoie/anee e
oaoiieiae/anee aic?iaeaeathueony o?aaeeoeeiiiuo io?aneyo.
Eiaiii n iiiiuueth eiaanoeoeeiiiie iieeoeee i?aaei?eyoea ?aaeecoao naie
aiciiaeiinoe e i?aaeainoeuaieth aeieain?i/iuo oaiaeaioeee yeiiiie/aneiai
?acaeoey e aaeaioaoeee e iei.
Aeeaaeuaaoue n?aaenoaa a i?iecaiaenoai, a oeaiiua aoiaae e o.
i.oeaeaniia?acii, anee:
1) /enoay i?eaueue io aeaiiiai aeiaeaiey i?aauoaao /enooth i?eaueue io
iiiauaiey n?aaenoa ia aaieianeee aeaiiceo;
2) ?aioaaaeueiinoue eiaanoeoeee auoa o?iaiy eioeyoeee;
3) ?aioaaaeueiinoue aeaiiiai i?iaeoa n o/aoii oaeoi?a a?aiaie (a?aiaiiie
noieiinoe aeaiaa) auoa ?aioaaaeueiinoe aeueoa?iaoeaiuo i?iaeoia;
4) ?aioaaaeueiinoue aeoeaia i?aaei?eyoey iinea inouanoaeaiey i?iaeoa
oaaee/eony (eee, ii e?aeiae ia?a, ia oiaiueoeony), e a ethaii neo/aa
i?aauneo n?aaeithth ?an/aoioth noaaeo ii caaiiui n?aaenoaai (o. a.
aeeooa?aioeeae oeiainiaiai ?u/aaa aoaeao iieiaee-oaeueiui);
5) ?anniao?eaaaiue i?iaeo niioaaonoaoao aaia?aeueiie no?aoaae/aneie
eeiee i?aaei?eyoey n oi/ee c?aiey oi?ie?iaaiey ?aoeeiiaeueiie
anni?oeiaioiie no?oeoo?u i?iecaiaenoaa, n?ieia ieoiaaiinoe cao?ao,
iaee/ey oeiainiauo enoi/ieeia iie?uoey ecaea?aeae, iaania/aiey
noaaeeueiuo, ii ne?iiiuo, eeai, iaiai?io, eiioeaio?e?iaaiiuo, ii
iooyioouo ai a?aiaie iinooieaiee e o. ae.
Ii?aaeaeaiea aeaaiuo aeey oiai eee eiiai i?aaei?eyoey e?eoa?eaa aanueia
noauaeoeaii e caaeneo io i?aneaaeoaiuo ia aeaiiii yoaia no?aoaae/aneeo
oeiainiauo oeaeae.
Eiaanoeoeee — i?ioyaeaiiue ai a?aiaie i?ioeann.
Yoi aeeeooao oeiainiaiio iaiaaeaea?o iaiaoiaeeiinoue i?e aiaeeca
eiaanoeoeeiiiuo i?iaeoia o/eouaaoue:
1) ?eneiaaiiinoue i?iaeoia, oae eae /ai aeeeoaeueiaa n?ie ieoiaaiinoe,
oai ?eneiaaiiaa i?iaeo;
2) a?aiaiioth noieiinoue aeaiaa, oae eae n oa/aieai a?aiaie aeieae
eciaiytho naith oeaiiinoue;
3) i?eaeaeaoaeueiinoue i?iaeoia ii n?aaiaieth n aeueoa?iaoeaiuie
aiciiaeiinoyie aeiaeaiey n?aaenoa n oi/ee c?aiey iaeneiecaoeee aeioiaeia
e eiouanoaa aeoeeiia?ia i?aaei?eyoey i?e i?eaieaiie noaiaie ?enea, oae
eae eiaiii yoa oeaeue aeey oeiainiaiai iaiaaeaea?a a eiia/iii n/aoa
yaeyaony aeaaiie.
Aiaeec ?eneiaaiiinoe i?iaeoia iiaeao eiaoue e naiinoiyoaeueiia cia/aiea,
ii a i?eioeeia ia?aua aeaa o?aaiaaiey eae au neioace?othony, ?aaeecoynue
a iniiaiuo iaoiaeao auai?a iaeaieaa i?eaeaeaoaeueiuo i?iaeoia.
Eiaanoeoeeiiiue aiaeec
Eiaanoeoeeiiiiio aiaeeco i?aaeoanoaoao ?an/ao n?aaeiaacaaoaiiie
noieiinoe eaieoaea (NNE). NNE i?aaenoaaeyao niaie n?aaeiaacaaoaiioth
iineaiaeiaiaoth “oeaio”, a eioi?oth i?aaei?eyoeth iaoiaeyony nianoaaiiua
e caaiiua enoi/ieee oeiaine?iaaiey. NNE eniieuecoaony a eiaanoeoeeiiiii
aiaeeca:
a) aeey aeeneiioe?iaaiey aeaiaaeiuo iioieia i?e en/eneaiee /enoie
ianoiyuae noieiinoe (N?V) i?iaeoia. Anee N?V ?aaia eee aieueoa ioey,
i?iaeo iiaeao auoue aeiiouai e aeaeueiaeoaio ?anniio?aieth;
6) aeey niiinoaaeaiey n aioo?aiiae noaaeie ?aioaaaeueiinoe (IRR)
i?iaeoia. Anee IRR i?aauoaao NNE, i?iaeo iiaeao auoue iaeia?ai eae
iaania/eaathuee oaeiaeaoai?aiea eioa?ania eiaanoi?ia e e?aaeeoi?ia.
Aeey en/eneaiey NNE iaiaoiaeeii:
• ?acaeaeeoue noiio aeeaeaeaiaeia ii i?eaeeaae?iaaiiui aeoeeyi ia noiio,
iiaeeeciaaiioth i?iaeaaeae yoeo aeoeee;
• ?acaeaeeoue noiio aeeaeaeaiaeia ii iaueiiaaiiui aeoeeyi ia noiio
n?aaenoa, iiaeeeciaaiiuo i?iaeaaeae yoeo aeoeee, e ia?ani?aaeaeaiiie
i?eauee;
• au/eneeoue n?aaeithth ?an/aoioth noaaeo i?ioeaioa ii caaiiui
n?aaenoaai (N?NI), aeeth/athuei e e?aaeeoi?neoth caaeieaeaiiinoue. I?e
yoii iaiaoiaeeii o/eouaaoue, /oi i?ioeaiou ii e?aoein?i/iui e?aaeeoai
aaieia ioiinyony ia naaanoieiinoue a i?aaeaeao ii?iaoeaa,
onoaiaaeeaaaiiai OeA ?O, iethn o?e i?ioeaioiuo ioieoa. Oaeei ia?acii,
noiia i?ioeaioia a aeaiiuo i?aaeaeao aeieaeia auoue iaeaa/aia
oiiiaeaieai ia (1 —- Noaaea iaeiaiiaeiaeaiey i?eauee), a inoaeueiua
i?ioeaiou aieaeoo a ?an/ao n?aaeiaacaaoaiiie noieiinoe eaieoaea aac
oaeie ei??aeoeee (eai, ii ii?aaeaeaieth, NNE oaea i?aaenoaaeyao niaie
iineaiaeiaiaoth noieiinoue ?acee/iuo enoi/ieeian?aaenoa i?aaei?eyoey);
• ii?aaeaeeoue oaeaeueiua aana eaaeaeiai ec iaicia/aiiuo a i?aaeuaeoueo
o?ao ioieoao enoi/ieeia n?aaenoa a ianneaao i?aaei?eyoey;
• ia?aiiiaeeoue noieiinoue n?aaenoa ii eaaeaeiio ec ia?auo o?ao ioieoia
ia niioaaonoaothuea oaeaeueiua aana;
• noiie?iaaoue iieo/aiiua a i?aaeuaeouai ioieoa ?acoeueoaou.
NNE i?aaenoaaeyao niaie ieieiaeueioth ii?io i?eauee, iaeeaeaaioth
eiaanoi?aie e e?aaeeoi?aie io naieo aeiaeaiee. Eca?aiiua aeey
?aaeecaoeee i?iaeou aeieaeiu iaania/eaaoue oioy au ia iaiueooth
?aioaaaeueiinoue.
N oi/ee c?aiey ?enea, NNE ii?aaeaeyaony eae aac?eneiaay /anoue ii?iu
i?eauee ia aeiaeaiiue eaieoae (eioi?oth iau/ii i?eieiatho ?aaiie
n?aaeiae ?aaeueiie, o. a. aaceioeyoeeiiiie aeioiaeiinoe ii
ainoaea?noaaiiui oeaiiui aoiaaai) iethn i?aiey ca oeiainiaue e
i?aaei?eieiaoaeueneee ?enee, naienoaaiiua aeaiiiio i?aaei?eyoeth, iethn
eioeyoeeiiiay i?aiey. Eiioeaioeey n?aaeiaacaaoaiiie noieiinoe eaieoaea
iaeioi?ui eaaeaony aeiaieueii neiaeiie e naycaiiie n a?iiicaeeeie
au/eneaieyie. Iiyoiio a iianaaeiaaiie i?aeoeea aeey auno?ie ioa?aeiaee
i?iaeoia /anoi eniieuecoaony yeni?ann-iaoiae, a eioi?ii ca
n?aaeiaacaaoaiioth noieiinoue eaieoaea i?eieiaaony n?aaeiyy aaieianeay
noaaea i?ioeaioa, o/eouaay, /oi i?e auai?a ethaiai aa?eaioa aeiaeaiee
oece/aneeie ee, th?eaee/aneeie ee eeoeaie “ia/eiea noieo auaeaeee”
oieueei eiaaea iaeeaeaaiay ii?ia i?eauee (?aioaaaeueiinoue) aeiaeaiey
auoa n?aaeiaai aaieianeiai i?ioeaioa, — eiaiii ii, oaeei ia?acii, e
i?aaenoaaeyao niaith oo ieieiaeueii iaeeaeaaioth i?eaueueiinoue, i
eioi?ie eaeao ?a/ue a iniiaiii ii?aaeaeaiee n?aaeiaacaaoaiiie noieiinoe
eaieoaea, n eioi?iai iu ia/eiaee yoo ?aia?eo.
Yeni?ann-iaoiae i?ino, ii aanueia iaoi/ai. E?iia oiai, ii oioneaao ec
aeaeo aeeaeaeaiaeioth iieeoeeo i?aaei?eyoey.
Ii?aaeaeea n?aaeiaacaaoaiioth noieiinoue eaieoaea, iiaeii ia?aoiaeeoue
iaiin?aaenoaaiii e aiaeeco eiaanoeoeeiiiuo i?iaeoia.
Iniiaiua iaoiaeu eiaanoeoeeiiiiai aiaeeca i?aaenoaaeaiu a oaaeeoea.
Iniiaiua iaoiaeu auai?a eiaanoeoeeiiiuo i?iaeoia
Iacaaiea iaoiaea e e?aoeia aai iienaieaI?aeiouanoaa iaoiaeaIaaeinoaoee
iaoiaeaNoa?ai?eiaiaiey iaoiaea1. Iaoiae i?inoie (aooaaeoa?neie)ii?iu
i?eauee.
N?aaeiyy ca ia?eiaeaeecie i?iaeoa /enoay aooaaeoa?neay I?eaueue
niiinoaaeyaony ni n?aaeieie Eiaanoeoeeyie (cao?aoaie iniiaiuo e
iai?ioiuo n?aaenoa) a i?iaeo.
Auae?aaony i?iaeo n iaeaieueoae aooaaeoa?neie ii?iie i?eaueeIaoiae
i?inoaeey iiieiaiey e aeeth/aao ianeiaeiuaau/eneaieyEaii?e?othony:
iaaeaiaaeiue (ne?uoue) oa?aeoa? iaeioi?uo aeaeia cao?ao (oeia
aii?oecaoeeiiiuo io/eneaiee) e naycaiiay n yoei iaeiaiaay yeiiiiey
Aeioiaeu io eeeaeaeaoeee noa?uo aeoeaia, caiaiyaiuo iiauie;
Aiciiaeiinoe ?aeiaanoe?iaaiey iieo/aaiuo aeioiaeia e a?aiaiiay
noieiinoue aeaiaa
Iaoiae ia aeaao aiciiaeiinoe noaeeoue i i?aaeii/oeoaeueiinoe iaeiiai ec
i?iaeoia, eiathueo iaeeiaeiaoth i?inooth aooaaeoa?neoth ii?io i?eauee,
ii ?aciua aaee/eiu n?aaeieo eiaanoeoeeeEniieuecoaonyaeey
auno?ieioa?aeiaeei?iaeoiaIacaaiea iaoiaea e e?aoeia aai
iienaieaI?aeiouanoaa iaoiaeaIaaeinoaoee iaoiaeaNoa?ai?eiaiaiey
iaoiaea2.1. I?inoie (aac-aeeneiioiue) iaoiaeieoiaaiinoe
eiaanoeoeee.Au/eneyaony eiee/anoai eao, iaiaoiaeeiuo aeey iieiiai
aiciauaiey ia?aiia/aeueiuo cao?ao, o.a. ii?aaeaeyaony iiiaio, eiaaea
aeaiaaeiueiioie aeioiaeia n?aaiyaony n noiiie aeaiaaeiuo iioieia cao?ao.
Ioae?athony i?iaeou n iaeiaiueoeie n?ieaie ieoiaaiinoeIaoiaeu 2.1 e2.2
iicaieytho noaeeoue i eeeaeaeiinoe e?eneiaaiiinoe i?iaeoa,o. e.
aeeeoaeueiay ieoiaaiinoue icia/aao :
a) aeeeoaeueioth eiiiaeeecaoeeth n?aaenoa (iiieaeaiioth eeeaeaeiinoue
i?iaeoa);
a) iiauoaiioth ?eneiaaiiinoue i?iaeoa.Iaa iaoiaea i?inou
Iaa iaoiaea eaii?e?otho aeaiaaeiua iinooieaiey iineaenoa/aiey
n?ieaieoiaaiinoe i?iaeoa.E?iia oiai, iaoiae 2.1 eaii?e?oao aiciiaeiinoe
?aeiaanoe?iaaiey aeioiaeia e a?aiaiioth noieiinoue aeaiaa. Iiyoiio
i?iaeou n ?aaiuie n?ieaie ieoiaaiinoe, ia ?acee/iie a?aiaiiie no?oeoo?ie
aeioiaeia i?eciathony ?aaiioeaiiuie
Iaoiaeu 2.1 e2.2 oniaoiii?eiaiythonyaeey auno?ieioa?aeiaeei?iaeoia,
aoaeaea a oneiaeyo neeueiie eioeyoeee, iieeoe/aneie ianoaaeeueiinoe eee
i?e aeaoeoeeoa eeeaeaeiuo n?aaenoa yoe ianoiyoaeuenoaa i?eaioe?otho
i?aaei?eyoea ia iieo/aiea iaeneiaeueiuo aeioiaeia a e?ao/aeoea n?iee.
Oaeei ia?acii, aeeeoaeueiinouen?iea ieoiaaiinoe iicaieyao aieueoa
noaeeoue i eeeaeaeiinoe,/ai i ?aioaaaeueiinoe i?iaeoa
Iacaaiea iaoiaea e e?aoeia aai iienaieaI?aeiouanoaa iaoiaeaIaaeinoaoee
iaoiaeaNoa?ai?eiaiaiey iaoiaea2.2. Aeeneiioiue iaoiae ieoiaaiinoe
i?iaeoa.
Ii?aaeaeyaony iiiaio, eiaaea aeeneiioe?iaaiiua aeaiaaeiua iioiee
aeioiaeia n?aaiythony n aeeneiioe?iaaiiuie aeaiaaeiuie iioieaie
cao?aoEniieuecoaony eiioeaioeey aeaiaaeiuo iioieia. O/eouaaaony
aiciiaeiinoue ?aeiaanoe?iaaiey aeioiaeia e a?aiaiiay noieiinoue
aeaiaaIacaaiea iaoiaea e e?aoeia aai iienaieaI?aeiouanoaa
iaoiaeaIaaeinoaoee iaoiaeaNoa?ai?eiaiaiey iaoiaea3. Iaoiae /enoie
ianoiyuae (oaeouae) noieiinoe i?iaeoa.*enoay ianoiyuay noieiinoue
i?iaeoa ii?aaeaeyaony eae ?acieoea iaaeaeo noiiie ianoiyueo noieiinoae
anao
aeaiaaeiuo iioieia aeioiaeia e noiiie ianoiyueo noieiinoae anao
aeaiaaeiuo iioieia cao?ao, o.a., ii nouanoao, eae /enoue aeaiaaeiue
iioie io i?iaeoa, i?eaaaeaiiue e ianoiyuae noieiinoe. I?iaeo
iaeia?yaony, anee /enoay ianoiyuay noieiinoue i?iaeoa aieueoa ioey.
Yoi icia/aao, /oi i?iaeo aaia?e?oao aieueooth, /ai n?aaeiaacaaoaiiay
noieiinoue eaieoaea, aeioiaeiinoue — eiaanoi?u e e?aaeeoi?u
aoaeoo oaeiaeaoai?aiu, /oi e aeieaeii iiaeoaa?aeeoueny ?inoii eo?na
aeoeee i?aaei?eyoey. Anee
/enoay ianoiyuay noieiinoue i?iaeoa ?aaia ioeth, i?aaei?eyoea
eiaeeooa?aioii e aeaiiiio
i?iaeooIaoiae i?eaioe?iaai ia aeinoeaeaiea aeaaiie oeaee
oeiainiaiaiiaiaaeaeiaioa – oaaee/aiea aeinoiyiey aeoeeiia?ia
Aaee/eia /enoie ianoiyuae noieiinoe ia yaeyaony aaniethoii
aa?iuie?eoa?eai i?e:
a) auai?a iaaeaeo i?iaeoii n aieueoeie ia?aiia/aeueiuie ecaea?aeeaiee
i?iaeoii n iaiueoeie ia?aiia/aeueiuie ecaea?aeeaie i?e iaeeiaeiaie
aaee/eia /enouo ianoiyueo noieiinoae
a) auai?a iaaeaeo i?iaeoii n aieue- oae /enoie ianoiy- uae noieiinoueth
e aeeeoaeueiui ia?eiaeii ieoiaaiinoe e i?iaeoii n iaiueoae /enoie
ianoiyuae noieiinoueth e ei?ioeei ia?eiaeii ieoiaaiinoe. Oaeei ia?acii,
iaoiae /enoie ianoiyuae noieiinoe ia iicaieyao noaeeoue i ii?iaa
?aioaaaeueiinoe e caiana oeiainiaie i?i/iinoe i?iaeoa.
Iaoiae ia iauaeoeaece?oao aeeyiea eciaiaiee noieiinoe iaaeaeaeeiinoe e
nu?uey, ia /enooth ianoiyuoth
Noieiinoue i?iaeoa.
Eniieueciaaiea iaoiaea ineiaeiyaony o?oaeiinoueth
I?iaiice?iaaiey noaaee aeeneiioe?iaaiey (n?aaeiaacaaoaiiie noieiinoe
eaieoaea)
e/eee noaaee aaieianeiai i?ioeaioaI?e iaeia?aiee eee ioeaca io
aaeeinoaaiiiai i?iaeoa, a oaeaeai?e auai?a iaaeaeo iacaaeneiuie
i?iaeoaie i?eiaiyaony eaeiaoiae, ?aaiioeaiiue iaoiaeo aioo?aiiae noaaee
?aioaaaeueiinoe.
I?e auai?a iaaeaeo acaeiieneeth/athueie i?iaeoaie, a oaeaea i?e auai?a
eiaanoeoeeiiiiai ii?ooaey aeaeeiuo i?iaeoia (i?e ia?aie/aiiii
oeiaine?iaaiee) i?eiaiyaony eae iaoiae, ioaa/athuee iniiaiie oeaee
oeiainiaiai iaiaaeaeiaioa – i?eoiiiaeaieth noieiinoe eiouanoaa
aeoeeiia?ia.
I?eiaiyaony i?e aiaeeca i?iaeoia n ia?aaiiia?iuie aeaiaaeiuie
iioieaie.Iacaaiea iaoiaea e e?aoeia aai iienaieaI?aeiouanoaa
iaoiaeaIaaeinoaoee iaoiaeaNoa?ai?eiaiaiey iaoiaea4. Iaoiae aioo?aiiae
noaaee ?aioaaaeueiinoe (ia?aeeiaeueiie yooaeoeaiinoe eaieoaea).
Ana iinooieaiey e ana cao?aou ii
i?iaeoo i?eaiaeyony e ianoiyuae noieiinoe ia ia iniiaa
caaeaaaaiie ecaia n?aaeiaacaaoaiiie noieiinoe eaieoaea, a ia iniiaa
aioo?aiiae noaaee ?aioaaaeueiinoe naiiai
i?iaeoa.
Aioo?aiiyy noaaea?aioaaaeueiinoe ii?aaeaeyaony eae
noaaea aeioiaeiinoe, i?e eioi?ie ianoiyuay noieiinoue
iinooieaiee ?aaia ianoiyuae noieiinoe cao?ao, o. a. /enoay ianoiyuay
noieiinoue i?iaeoa ?aaia ioeth — ana cao?aou
ieoiathony.
Iaoiae a oeaeii ia i/aiue neiaeai aeey iiieiaiey e oi?ioi niaeanoaony n
aeaaiie oeaeueth oeiainiaiai iaiaaeaeiaioa – i?eoiiiaeaieai aeinoiyiey
aeoeeiia?ia.Iaoiae i?aaeiieaaaao neiaeiua au/eneaiey.
Ia anaaaea auaeaeyaony naiue i?eaueueiue i?iaeo.
Iaoiae i?aaeiieaaaao iaei?aaeenoe/ioth neooaoeeth ?aeiaanoe?iaaiey anao
i?iiaaeooi/iuo aeaiaaeiuo iinooieaiee io i?iaeoa iinoaaea aioo?aiiae
aeioiaeiinoe. A aeecie /anoue n?aaenoa iiaeao auoue auiea/aia a aeaea
aeeaeaeaiaeia, /anoue — eiaanoe?iaaia a ieceiaeioiaeiua, ii iaaeaaeiua
aeoeau, oaeea, eae e?aoein?i/iua ainoaea?noaaiiua iaeeaaoeee
e o.ae.
Iieo/aiiay oaeei ia?acii /enoay ianoiyuay noieiinoue
i?iaeoa niiinoaaeyaony n /enoie ianoiyuae noieiinoueth
cao?ao.
Iaeia?ythony i?iaeou n aioo?aiiae noaaeie ?aioaaaeueiinoe, i?aauoathuae
n?aaeiaacaaoaiioth noieiinoue
eaieoaea (i?eieiaaioth ca ieieiaeueii aeiionoeiue o?iaaiue
aeioiaeiinoe);
ec ioia?aiiuo i?iaeoia i?aaeii/oaiea ioaeatho iaeaieaa i?eaueueiui e
oi?ie?otho eiaanoeoeeiiiue ii?ooaeue n iaeaunoae noiia?iie /enoie
ianoiyuae noieiinoueth, anee eiaanoeoeeiiiue athaeaeao ia?aie/ai.Iaoiae
ia ?aoaao i?iaeaio iiiaeanoaaiiinoe aioo?aiiae noaaee ?aioaaaeueiinoe
i?e iaeiiaaioeeiiaeueiuo aeaiaaeiuo iioieao; eiiaaea a oaeeo neo/ayo
aioo?aiiyy noaaea ?aioaaaeueiinoe aiiaua ia iiaeaeaaony ii?aaeaeaieth,
anooiay a
i?ioeai?a/ea n eaiiiaie iaoaiaoeee.Iacaaiea iaoiaea e e?aoeia aai
iienaieaI?aeiouanoaa iaoiaeaIaaeinoaoee iaoiaeaNoa?ai?eiaiaiey iaoiaea5.
Iiaeeoeoee?iaaiiue iaoiae aioo?aiiae noaaee ?aioaaaeueiinoe.
I?aaenoaaeyao niaie aieaa niaa?oaiioth iiaeeoeeaoeeth iaoiaea
aioo?aiiae noaaee ?aioaaaeueiinoe, ?anoe?ythuoth aiciiaeiinoe
iineaaeiaai. Ana aeaiaaeiua iioiee aeioiaeia i?eaiaeyony e aoaeouae
(eiia/iie ) noieiinoe ii n?aaeiaacaaoaiiie noieiinoe eaieoaea,
neeaaeuaathony, noiia i?eaiaeeony e ianoiyuae noieiinoe ii noaaea
aioo?aiiae ?aioaaaeueiinoe; ec ianoiyuae noieiinoe aeioiaeia au/eoaaony
ianoiyuay noieiinoue aeaiaaeiuo cao?ao e en/eneyaony /enoay ianoiyuay
noieiinoue i?iaeoa, eioi?ay niiinoaaeyaony n ianoiyuae noieiinoueth
cao?ao.Iaoiae aeaao aieaa i?aaeeueioth ioeaieo noaaee ?aeiaanoe?iaaiey e
nieiaao i?iaeaio iiiaeanoaaiiinoe noaaee ?aioaaaeueiinoe.
Eaaeaeue ec iaoiaeia aiaeeca eiaanoeoeeiiiuo i?iaeoia aeaao oeiainiaiio
iaiaaeaea?o aiciiaeiinoue ?anniio?aoue eaeea-oi naie oa?aeoa?enoeee
i?iaeoa, aunaaoeoue aaaeiua ithainu e iiae?iaiinoe. Iiyoiio iaiaoiaeeii
eiiieaenii i?eiaiyoue ana iniiaiua iaoiaeu e aiaeeco eaaeaeiai ec
i?iaeoia. Eiiiuethoa?iay oaoieea iaeaa/aao yoo caaea/o.
I?e auai?a eiaanoeoeeiiiuo i?iaeoia iaiaoiaeeii o/eouaaoue eioeyoeeiiiua
i?ioeannu. Eioeyoeey eciaiyao ?aaeueioth noieiinoue iinooieaiee e
cao?ao, i?e/ai aeaeaei ia anaaaea a ?aaiie i?iii?oeee. E i?e
iaeeiaeiaii, e i?e ?acee/iii eioeyoeeiiiii eneaaeaiee iieiaeeoaeueiuo e
io?eoeaoaeueiuo aeaiaaeiuo iioieia i?eoiaeeony i?aaeaa?eoaeueii
ioaeaeueii ei??aeoe?iaaoue yoe iioiee ii o?iaith eioeyoeee, a caoai oaea
i/euaoue /enoue iiieiaeueiue aeaiaaeiue iioie io aeeyiey eioeyoeeiiiiai
oaeoi?a e iieo/aoue /enoue ?aaeueiue aeaiaaeiue iioie. A yoie nayce aua
ia noaaeee ia?ae/iiai ?anniio?aiey i?iaeoia caaaaeiii iaaiaeiuie iau/ii
i?eciathony i?iaeou, ?aioaaaeueiinoue (ii?ia i?eauee) eioi?uo ieaea
o?iaiy eioeyoeee. Oaeea i?iaeou ia iaania/eaatho i?aaei?eyoeth
i?ioeaieioeyoeeiiiie caueou. Eiaaea eniieuecothony aeeneiioiua iaoiaeu,
i?eaaaeaiea anao o/anoaothueo a ?an/aoao noii e ianoiyuae noieiinoe
i?iecaiaeeony ii NNE, oaea aeeth/athuae oae iacuaaaioth eioeyoeeiiioth
i?aieth (eioeyoeeiiioth aeiaaaeo e o?iaith aeioiaeiinoe) e o/eouaathuae,
neaaeiaaoaeueii, eioeyoeeiiiua iaeeaeaiey eiaanoi?ia.
N?ie aeecie i?iaeoa — yoi ia?eiae (eiee/anoai eao), a oa/aiea eioi?iai
eiaanoeoeee aaia?e?otho i?eoie aeaiaaeiuo n?aaenoa. N?ie yenieoaoaoeee
eiaanoeoeee a iai?oaeiaaiea, eae i?aaeei, ei?i/a oece/aneiai n?iea
neoaeau yoiai iai?oaeiaaiey.
A auai?a oiai eee eiiai i?iaeoa ia i?aeoeea ia anaaaea ?oeiaiaenoaothony
e?eoa?eai “aioo?aiiyy noaaea ?aioaaaeueiinoe aeieaeia auoue auoa
n?aaeiaacaaoaiiie noieiinoe eaieoaea”. Nouanoaoao oeaeue ?yae i?iaeoia,
inouanoaeaiea eioi?uo aeeeooaony yeieiae/aneie iaiaoiaeeiinoueth eee
iioeae?iaaii iiauoaieai aaciianiinoe o?oaea. Io iiaeiaiuo i?iaeoia
o?oaeii, aea e ia neaaeoao iaeeaeaoue cia/eoaeueiuo /enouo aeaiaaeiuo
iioieia. Ii oiaaea aeioiaeu io inoaeueiuo i?iaeoia i?aaei?eyoey aeieaeiu
iaania/eoue oaeoth IRR, /oiau eiiiaine?iaaoue iiieaeaiiua aeaiaaeiua
iioiee eee aeaaea oauoee io ia?aioaaaeueiuo i?iaeoia. E i?eia?o,
i?aaei?eyoea eiaanoe?oao 10 ie?ae. ?oa., ec ieo 2 ie?ae. ?oa. – a
iaiaoiaeeiua, ii ia?aioaaaeueiua i?iaeou. Anee n?aaeiaacaaoaiiay
noieiinoue eaieoaea ?aaia 15%, oi 8 ie?ae. ?oa. eiaanoeoeee aeieaeiu
iaania/eoue ia iaiaa 1,5 ie?ae. ?oa. /enouo aeaiaaeiuo iioieia a aiae
(15% ia ana 10 ie?ae. ?oa. eiaanoeoeee), o. a. eniieueciaaoueny n
?aioaaaeueiinoueth ia iaiaa 18,75%.
O/ao eioeyoeeiiiiai iaanoeaiaiey aeaiaaa i?eiyoee oeiainiauo ?aoaiee
Eioeyoeey oa?aeoa?ecoaony iaanoeaiaieai iaoeeiiaeueiie aaeth-ou (o.a.
nieaeaieai aa iieoiaoaeueiie niiniaiinoe) e iauei iiauoaieai oeai a
no?aia. I/aaeaeii, /oi a ?acee/iuo neo/ayo aeeyiea eioeyoeeiiiiai
i?ioeanna neacuaaaony iaiaeeiaeiai. Oae, anee e?aaeeoi? (eiaanoi?)
oa?yao /anoue aeioiaea ca n/ao iaanoeaiaieyaeaiaaeiuo n?aaenoa, oi
caaiuee iiaeao iieo/eoue aiciiaeiinoue iiaaneoue caaeieaeaiiinoue
aeaiueaaie nieaeaiiie iieoiaoaeueiie niiniaiinoe.
Ai ecaaaeaiea ioeaie e iioa?ue a oneiaeyo nieaeaiey iieoiaoaeueiie
niiniaiinoe aeaiaa ?anniio?ei iaoaieci aeeyiey eioeyoeee ia ?acoeueoao
oeiainiauo iia?aoeee.
Ionoue S – noiia, iieoiaoaeueiay niiniaiinoue eioi?ie n o/aoiieioeyoeee
?aaia iieoiaoaeueiie niiniaiinoe noiiu i?e ionoonoaee eioeyoeee, /a?ac S
iaicia/ei ?acieoeo iaaeaeo yoeie noiiaie.
Ioiioaiea S/S, au?aaeaiiia a i?ioeaioao, iacuaaaony o?iaiaieioeyoeee.
I?e ?an/aoao eniieuecotho ioiineoaeueioth aaee/eio o?iaiy eioeyoeee –
oaii eioeyoeee .
=S/S
Oiaaea aeey ii?aaeaeaiey S iieo/aai neaaeothuaa au?aaeaiea:
S=S+S=S+S=S(1+)
Aaee/eio (1+), iieacuaathuoth, ai neieueei ?ac S aieueoa S (o.a. ai
neieueei ?ac a n?aaeiai aic?inee oeaiu), iacuaatho eiaeaenii eioeyoeee
Ie.
Ie=1+
Aeeiaieea eiaeaena eioeyoeee ca ianeieueei eao io?aaeaao eciaiaiey,
i?ienoiaeyuea a eioeyoeeiiiuo i?ioeannao. Iiiyoii, /oi iiauoaiea
eiaeaena eioeyoeee ca ii?aaeaeaiiue ia?eiae ii n?aaiaieth n i?aaeuaeouei
oaeei aea ia?eiaeii oeacuaaao ia onei?aieaeioeyoeee, nieaeaiea — ia
oiaiueoaiea aa oaiiia.
Ionoue – aiaeiaie o?iaaiue eioeyoeee. Yoi cia/eo, /oi /a?ac aiae noiia
S’ aoaeao aieueoa noiiu S a (1+) ?ac. Ii i?ioanoaee aua iaeiiai aiaea
noiia S” aoaeao aieueoa noiiu S’ (1+) ?ac, o.a. aieueoa noiiu S a (1+)2
?ac. *a?ac n eao noiia Sn au?anoao ii ioiioaieth e noiia S a (1+)n ?ac.
Ionthaea aeaeii, /oi eioeyoeeiiiue ?ino noiiu S i?e aiaeiaii o?iaia
eioeyoeee – oiaea naiia, /oi ia?auaiea noiiu S ii neiaeiie aiaeiaie
noaaea i?ioeaioia .
?anniio?ei oaia?ue ?acee/iua neo/ae caaeaiey o?iaiy eioeyoeee.
Anee ecaanoai aiaeiaie o?iaaiue eioeyoeee , oi ca ia?eiae a n eao
eiaeaen eioeyoeee ninoaaeo neaaeothuoth aaee/eio:
Ie= (1+)n(1+nb)
A iaeioi?uo neo/ayo iiaeao auoue caaeai o?iaaiue eioeyoeee mca ei?ioeee
(iaiueoa aiaea) eioa?aae. Oiaaea ca ia?eiae, ninoaaeythuee o oaeeo
eioa?aaeia, eiaeaen eioeyoeee aoaeao ?aaai:
Ie=(1+m)m
Anee a iau/iii neo/aa ia?aiia/aeueiay noiia P i?e caaeaiiie noaaea
i?ioeaioia i?aa?auaaony ca ii?aaeaeaiiue ia?eiae a noiio S, oi a
oneiaeyo eioeyoeee iia aeieaeia i?aa?aoeoueny a noiio S, /oi o?aaoao
oaea eiie i?ioeaioiie noaaee.
Iaciaai aa noaaeie i?ioeaioia, o/eouaathuae eioeyoeeth
Ionoue
i – noaaea nnoaeiiai i?ioeaioa, o/eouaathuay eioeyoeeth;
i – o/aoiay noaaea, o/eouaathuay eioeyoeeth;
j – iiieiaeueiay noaaea neiaeiiai i?ioeaioa, o/eouaathuay eioeyoeeth;
f – iiieiaeueiay neiaeiay o/aoiay noaaea, o/eouaathuay eioeyoeeth;
Caaeaaeei aiaeiaie o?iaaiue eioeyoeee e i?inooth aiaeiaoth noaaeo
nnoaeiiai i?ioeaioa i.. Oiaaea aeey ia?auaiiie noiiu S, i?aa?auathuaeny
a oneiaeyo eioeyoeee a noiio S, eniieuecoai oi?ioeo:
S=P(1+i).Aeey aeaiiie noiiu iiaeii caienaoue aua iaeii niioiioaiea:
S=P(1+i)(1+), a caoai ninoaaeoue o?aaiaiea yeaeaaeaioiinoe:
(1+i)=(1+I)(1+), ec eioi?iai neaaeoao, /oi
i=j++i
Yoa aaee/ei iacuaaaony eioeyoeeiiiie i?aieae.
?anniio?ei oaia?ue ?acee/iua neo/ae ia/eneaiey i?ioeaioia no/aoii
eioeyoeee. I?e yoii anaaaea oaeiaii iieueciaaoueny cia/aieai eiaeaena
eioeyoeee ca aanue ?anniao?eaaaiue ia?eiae.
Aeey i?inouo i?ioeaioiuo noaaie iieo/aai:
S=P(1+n i). A oi aea a?aiy aeieaeii auiieiyoueny ?aaainoai: S=P(1+n
i)Ie, ninoaaei o?aaiaiea yeaeaaeaioiinoe : 1+n i=(1+n i) Ie, ec eioi?iai
iieo/aai:i=((1+n i)Ie-1)/n.
Aeey i?inouo o/aoiuo noaaie aiaeiae/iia o?aaiaiea yeaeaaeaioiinoe aoaeao
eiaoue aeae:
1/(1-n d)=(1/(1-n d))Ie;
d=(1/n)-((1-n d)/Ie n)=(Ie-1+nd)/Ien
Aeey neo/ay neiaeiuo i?ioeaioia eniieuecoai oi?ioeo:
S=(1+ic)n; S=(1+ic)nIe, ionthaea ic=(1+ic)nIe-1
Anee ia/eneaiea i?ioeaioia i?ienoiaeeo ianeieueei (o) ?ac a aiaeo,
eniieuecoai oi?ioeo:
(1+j/m)mn=(1+j/m)mnIe, ionthaea j=m[(1+j/m)mnIe-1]
Oaeei aea ia?acii iieo/aai aeaa oi?ioeu aeey neo/ay neiaeiuo o/aoiuo
noaaie:
dc=1-((1-dc)/nIe); f=m(1-((1-f/m)/mnIe)
Eniieuecoy iieo/aiiua oi?ioeu, iiaeii iaoiaeeoue i?ioeaioioth noaaeo,
eiiiaine?othuoth iioa?e io eioeyoeee, eiaaea caaeaiu i?ioeaioiay noaaea,
iaania/eaathuay aeaeaaioth aeioiaeiinoue oeiainiaie iia?aoeee, e
o?iaaiue eioeyoeee a oa/aiee ?anniao?eaaaiiai ia?eiaea. Yoe oi?ioeu
iiaeii i?aia?aciaaoue e iieo/eoue caaeneiinoue i io i eee ethaoth
ae?oaoth.
Oi?ioea aeey neo/ay neiaeiuo i?ioeaioia, eiaaea caaeai o?iaaiue
eioeyoeee e i?inoay noaaea i?ioeaioia, o/eouaathuay eioeyoeeth:
i=(n i+1-Ie)/nIe
Aiaeiae/ii aeey neo/ay neiaeiuo i?ioeaioia:
ic=((1+ic)/nIe)-1
Iiaenoaaea a iineaaeithth oi?ioeo aianoi eiaeaena eioeyoeee au?aaeaiea
(1 + )n,, iieo/ei i?inooth oi?ioeo:
ic=((1+ic)/(1+))-1
io?aaeathuoth ianeieueei i/aaeaeiuo niia?aaeaiee:
anee Ic=0 (aeioiaeiinoue aeiaeaiee e o?iaaiue eioeyoeee ?aaiu), oi ic=0,
o. a. aanue aeioiae iiaeiuaaony eioeyoeeae;
anee Ic (aeioiaeiinoue aeiaeaiee auoa o?iaiy eioeyoeee), oi ic>0, o. a.
i?ienoiaeeo ?aaeueiue i?e?ino aeiaeaiiiai eaieoaea.
Нашли опечатку? Выделите и нажмите CTRL+Enter
