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Курс лекций по финансовому менеджменту

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Oaia: I?aaeiao, caaea/e, aaciaua iiiyoey oeiainiaiai iaiaaeaeiaioa.

Nouiinoue, oeaeue e caaea/e oeiainiaiai iaiaaeaeiaioa.

Ooieoeee oeiainiaiai iaiaaeaeiaioa.

Oa?ieiieiaey e aaciaua iiiyoey oeiainiaiai iaiaaeaeiaioa. Aaciaua
eiioeaioeee oeiainiaiai iaiaaeaeiaioa.

Iniiaiua yoaiu ?acaeoey oeiainiaiai iaiaaeaeiaioa.

Nouiinoue, oeaeue e caaea/e oeiainiaiai iaiaaeaeiaioa.

Oeiainiaue iaiaaeaeiaio i?aaenoaaeyao niaie aaaeioth /anoue
iaiaaeaeiaioa, eee oi?io oi?aaeaiey i?ioeannaie oeiaine?iaaiey
i?aaei?eieiaoaeueneie aeayoaeueiinoe.

Oeiainiaue iaiaaeaeiaio, eee oi?aaeaiea oeiainaie i?aaei?eyoey, icia/aao
oi?aaeaiea aeaiaaeiuie n?aaenoaaie, oeiainiauie ?ano?naie a i?ioeanna eo
oi?ie?iaaiey, ?ani?aaeaeaiey e eniieueciaaiey n oeaeueth iieo/aiey
iioeiaeueiiai eiia/iiai ?acoeueoaoa.

Oeiainiaue iaiaaeaeiaio i?aaenoaaeyao niaie oi?aaeaiea oeiainaie
i?aaei?eyoey, iai?aaeaiiia ia iioeiecaoeeth i?eauee, iaeneiecaoeeth
eo?na aeoeee, iaeneiecaoeeth noieiinoe aeciana, /enoie i?eauee ia
aeoeeth, o?iaiy aeeaeaeaiaeia, /enouo aeoeaia a ?an/aoa ia iaeio
aeoeeth, a oaeaea ia iiaeaea?aeaiea eiieo?aioiniiniaiinoe e oeiainiaie
onoie/eainoe oicyenoaothuaai noauaeoa.

Oeiainiaue iaiaaeaeiaio eae iaoea oi?aaeaiey oeiainaie iai?aaeaia ia
aeinoeaeaiea no?aoaae/aneeo e oaeoe/aneeo oeaeae oicyenoaothuaai
noauaeoa.

Oeiainiaue iaiaaeaeiaio eae nenoaia oi?aaeaiey ninoieo ec aeaoo
iiaenenoai:

1) oi?aaeyaiay iiaenenoaia (iauaeo oi?aaeaiey)

2) oi?aaeythuay iiaenenoaia (noauaeo oi?aaeaiey).

Oeiainiaue iaiaaeaeiaio ?aaeecoao neiaeioth nenoaio oi?aaeaiey
niaieoiii-noieiinoiie aaee/eiie anao n?aaenoa, o/anoaothueo a
aini?iecaiaenoaaiiii i?ioeanna, e eaieoaeii, iaania/eaathuei
oeiaine?iaaiea i?aaei?eieiaoaeueneie aeayoaeueiinoe.

Iauaeoii oi?aaeaiey yaeyaony niaieoiiinoue oneiaee inouanoaeaiey
aeaiaaeiiai iai?ioa e aeaeaeaiey aeaiaaeiuo iioieia, e?oaiiai?ioa
noieiinoe, aeaeaeaiey oeiainiauo ?ano?nia e oeiainiauo ioiioaiee,
aicieeathueo ai aioo?aiiae e aiaoiae n?aaea i?aaei?eyoey. Iiyoiio a
iauaeo oi?aaeaiey aeeth/athony neaaeothuea yeaiaiou:

1) Aeaiaaeiue iai?io;

2) Oeiainiaua ?ano?nu;

3) E?oaiiai?io eaieoaea;

4) Oeiainiaua ioiioaiey.

Noauaeo oi?aaeaiey – niaieoiiinoue oeiainiauo eino?oiaioia, iaoiaeia,
oaoie/aneeo n?aaenoa, a oaeaea niaoeeaeenoia, i?aaieciaaiiuo a
ii?aaeaeaiioth oeiainiaoth no?oeoo?o, eioi?ua inouanoaeytho
oeaeaiai?aaeaiiia ooieoeeiie?iaaiea iauaeoa oi?aaeaiey. Yeaiaioaie
noauaeoa oi?aaeaiey yaeythony:

1) Eaae?u (iiaeaioiaeaiiue ia?niiae);

2) Oeiainiaua eino?oiaiou e iaoiaeu;

3) Oaoie/aneea n?aaenoaa oi?aaeaiey;

4) Eioi?iaoeeiiiia iaania/aiea.

Oeaeueth oeiainiaiai iaiaaeaeiaioa yaeyaony au?aaioea ii?aaeaeaiiuo
?aoaiee aeey aeinoeaeaiey iioeiaeueiuo eiia/iuo ?acoeueoaoia e
iaoiaeaeaiey iioeiaeueiiai niioiioaiey iaaeaeo e?aoein?i/iuie e
aeieain?i/iuie oeaeyie ?acaeoey i?aaei?eyoey e i?eieiaaiuie ?aoaieyie a
oaeouai e ia?niaeoeaiii oeiainiaii oi?aaeaiee.

Aeaaiie oeaeueth oeiainiaiai iaiaaeaeiaioa yaeyaony iaania/aiea ?inoa
aeaaininoiyiey nianoaaiieeia i?aaei?eyoey a oaeouai e ia?niaeoeaiii
ia?eiaea. Yoa oeaeue iieo/aao eiie?aoiia au?aaeaiea a iaania/aiee
iaeneiecaoeee ?uii/iie noieiinoe aeciana (i?aaei?eyoey) e ?aaeecoao
eiia/iua oeiainiaua eioa?anu aai aeaaeaeueoea.

Iniiaiua caaea/e oeiainiaiai iaiaaeaeiaioa:

1). Iaania/aiea oi?ie?iaaiey aeinoaoi/iiai iauaia oeiainiauo ?ano?nia a
niioaaonoaee n iio?aaiinoyie i?aaei?eyoey e aai no?aoaaeae ?acaeoey.

2). Iaania/aiea yooaeoeaiiai eniieueciaaiey oeiainiauo ?ano?nia a
?ac?aca iniiaiuo iai?aaeaiee aeayoaeueiinoe i?aaei?eyoey.

3). Iioeiecaoeey aeaiaaeiiai iai?ioa e ?an/aoiie iieeoeee i?aaei?eyoey.

4). Iaeneiecaoeey i?eauee i?e aeiionoeiii o?iaia oeiainiaiai ?enea e

aeaaii?eyoiie iieeoeea iaeiaiiaeiaeaiey.

5). Iaania/aiea iinoiyiiiai oeiainiaiai ?aaiiaaney i?aaei?eyoey a
i?ioeanna aai ?acaeoey, o. a. iaania/aiea oeiainiaie onoie/eainoe e

ieaoaaeaniiniaiinoe.

Ooieoeee oeiainiaiai iaiaaeaeiaioa.

Nouanoaoao 2 iniiaiuo oeia ooieoeee oeiainiaiai iaiaaeaeiaioa:

1). Ooieoeee iauaeoa oi?aaeaiey

aini?iecaiaenoaaiiay, iaania/eaaao aini?iecaiaenoai aaaine?iaaiiiai
eaieoaea ia ?anoe?aiiie iniiaa;

i?iecaiaenoaaiiay – iaania/aiea iai?a?uaiiai ooieoeeiie?iaaiey
i?aaei?eyoey e e?oaiiai?ioa eaieoaea;

eiio?ieueiay (eiio?ieue oi?aaeaiey eaieoaeii, i?aaei?eyoeai).

2). Ooieoeee noauaeoa oi?aaeaiey

i?iaiice?iaaiea oeiainiauo neooaoeee e ninoiyiee;

ieaie?iaaiea oeiainiaie aeayoaeueiinoe;

?aaoee?iaaiea;

eii?aeeiaoeey aeayoaeueiinoe anao oeiainiauo iiae?acaeaeaiee n iniiaiui,
aniiiiaaoaeueiui e ianeoaeeaathuei iiae?acaeaeaieyie i?aaei?eyoey;

aiaeec e ioeaiea ninoiyiey i?aaei?eyoey;

ooieoeey noeioee?iaaiey;

ooieoeey eiio?iey ca aeaiaaeiui iai?ioii, oi?ie?iaaieai e
eniieueciaaieai oeiainiauo ?ano?nia.

Oa?ieiieiaey e aaciaua iiiyoey oeiainiaiai iaiaaeaeiaioa. Aaciaua
eiioeaioeee oeiainiaiai iaiaaeaeiaioa.

Oeiainiaue iaiaaeaeiaio aace?oaony ia neaaeothueo acaeiinaycaiiuo
iniiaiuo eiioeaioeeyo:

1). Eiioeaioeey aeaiaaeiiai iioiea.

2). Eiioeaioeey a?aiaiiie oeaiiinoe aeaiaaeiuo ?ano?nia.

3). Eiioeaioeey eiii?iienna iaaeaeo ?eneii e aeioiaeiinoueth.

4). Eiioeaioeey oeaiu eaieoaea.

5). Eiioeaioeey yooaeoeaiinoe ?uiea eaieoaea.

6). Eiioeaioeey aneiiao?e/iinoe eioi?iaoeee

7). Eiioeaioeey aaaioneeo ioiioaiee.

8). Eiioeaioeee aeueoa?iaoeaiuo cao?ao.

1). Eiioeaioeey aeaiaaeiiai iioiea i?aaeiieaaaao

eaeaioeoeeaoeeth aeaiaaeiiai iioiea, aai i?iaeieaeeoaeueiinoue e aeae
(e?aoein?i/iue, aeieain?i/iue, n i?ioeaioaie eee aac);

ioeaiea oaeoi?ia, ii?aaeaeythueo aaee/eio yeaiaioia aeaiaaeiiai iioiea;

auai? eiyooeoeeaioa aeeneiioe?iaaiey, iicaieythuaai niiinoaaeoue
yeaiaiou iioiea, aaia?e?oaiua a ?acee/iua iiiaiou a?aiaie;

ioeaiea ?enea, naycaiiiai n aeaiiui iioieii, e niiniau aai o/aoa

2). Eiioeaioeey a?aiaiiie oeaiiinoe aeaiaaeiuo ?ano?nia.

A?aiaiiay oeaiiinoue – iauaeoeaii nouanoaothuay oa?aeoa?enoeea
aeaiaaeiuo ?ano?nia. Iia ii?aaeaeyaony o?aiy iniiaiuie i?e/eiaie:

A) Eioeyoeeae

A) ?eneii iaaeiiieo/aiey, eee iaiieo/aieai iaeeaeaaiie noiiu

A) Iai?a/eaaaiinoueth

3). Eiioeaioeey eiii?iienna iaaeaeo ?eneii e aeioiaeiinoueth.

Niune eiioeaioeee: iieo/aiea ethaiai aeioiaea a aeciana i?aeoe/anee
anaaaea nii?yaeaii n ?eneii, e caaeneiinoue iaaeaeo ieie i?yii
i?iii?oeeiiaeueiay. A oi aea a?aiy aiciiaeiu neooaoeee, eiaaea
iaeneiecaoeey aeioiaea aeieaeia auoue nii?yaeaia n ieieiecaoeeae ?enea.

4). Eiioeaioeey oeaiu eaieoaea – ianeoaeeaaiea oiai eee eiiai enoi/ieea
oeiaine?iaaiey iaoiaeeony aeey oe?iu iaiaeeiaeiai, neaaeiaaoaeueii,
oeaia eaieoaea iieacuaaao ieieiaeueiue o?iaaiue aeioiaea, iaiaoiaeeiue
aeey iie?uoey cao?ao ii iiaeaea?aeaieth eaaeaeiai enoi/ieea e
iicaieythuee ia ieacaoueny a oauoea.

Eiee/anoaaiiay ioeaiea oeaiu eaieoaea eiaao eeth/aaia cia/aiea a aiaeeca
eiaanoeoeeiiiuo i?iaeoia e auai?a aeueoa?iaoeaiuo aa?eaioia
oeiaine?iaaiey i?aaei?eyoey.

5). Eiioeaioeey yooaeoeaiinoe ?uiea eaieoaea – iia?aoeee ia oeiainiaii
?uiea (n oeaiiuie aoiaaaie) e eo iauai caaeneo io oiai, ia neieueei
oaeouea oeaiu niioaaonoaotho aioo?aiiei noieiinoyi oeaiiuo aoiaa.
?uii/iay oeaia caaeneo io iiiaeo oaeoi?ia, e a oii /enea io eioi?iaoeee.
Eioi?iaoeey ?anniao?eaaaony eae iniiaiiieaaathuee oaeoi?, e ianeieueei
auno?i eioi?iaoeey io?aaeaaony ia oeaiao, ianoieueei iaiyaony o?iaaiue
yooaeoeaiinoe ?uiea.

Oa?iei «yooaeoeaiinoue» a aeaiiii neo/aa ?anniao?eaaaony ia a
yeiiiie/aneii, a a eioi?iaoeeiiiii ieaia, o. a. noaiaiue yooaeoeaiinoe
?uiea oa?aeoa?ecoaony o?iaiai aai eioi?iaoeeiiiie ianuuaiiinoe e
aeinooiiinoe eioi?iaoeee o/anoieeai ?uiea.

Aeinoeaeaiea eioi?iaoeeiiiie yooaeoeaiinoe ?uiea aace?oaony ia
auiieiaiee neaaeothueo oneiaee:

?uieo naienoaaiia iiiaeanoaaiiinoue iieoiaoaeae e i?iaeaaoeia;

eioi?iaoeey aeinooiia anai noauaeoai ?uiea iaeiia?aiaiii, e aa iieo/aiea
ia naycaii n cao?aoaie;

ionoonoaotho o?aicaeoeeiiiua cao?aou, iaeiae e ae?oaea oaeoi?u,
i?aiyonoaothuea niaa?oaieth naeaeie;

naeaeee, niaa?oaaiua ioaeaeueiui oece/aneei eee th?eaee/aneei eeoeii, ia
iiaoo iiaeeyoue ia iauee o?iaaiue oeai ia ?uiea;

ana noauaeou ?uiea aeaenoaotho ?aoeeiiaeueii, no?aiynue iaeneiece?iaaoue
iaeeaeaaioth auaiaeo;

naa?oaeioiaeu io naeaeee n oeaiiuie aoiaaaie iaaiciiaeiu eae
?aaiiaa?iyoiinoiia i?iaiice?oaiia niauoea aeey anao o/anoieeia ?uiea.

Nouanoaoao aeaa iniiaiuo oa?aeoa?enoeee yooaeoeaiiai ?uiea:

1). Eiaanoi? ia yoii ?uiea ia eiaao iainiiaaiiuo a?aoiaioia iaeeaeaoue

aieueoa, /ai a n?aaeiai aeioiae ia eiaanoeoeeiiiue eaieoae i?e
caaeaiiie

noaiaie ?enea.

2). O?iaaiue aeioiaea ia eiaanoe?oaiue eaieoae – yoi ooieoeey noaiaie
?enea.

Yoa eiioeaioeey yooaeoeaiinoe ?uiea ia i?aeoeea iiaeao auoue
?aaeeciaaia a o?ao oi?iao yooaeoeaiinoe:

neaaie

oia?aiiie

neeueiie

A oneiaeyo neaaie oi?iu oaeouea oeaiu ia aeoeee iieiinoueth io?aaeatho
aeeiaieeo oeai i?aaeoanoaothueo ia?eiaeia. I?e yoii iaaiciiaeai
iainiiaaiiue i?iaiic iiauoaiey eee iiieaeaiey eo?nia ia iniiaa
noaoenoeee aeeiaieee oeai.

A oneiaeyo oia?aiiie oi?iu yooaeoeaiinoe oaeouea oeaiu io?aaeatho ia
oieueei eiathueany a i?ioeii eciaiaiey oeai, ii e anth ?aaiiaeinooiioth
eioi?iaoeeth, eioi?ay, iinooiay ia ?uiie, iaiaaeeaiii io?aaeaaony ia
oeaiao.

A oneiaeyo neeueiie oi?iu oaeouea oeaiu io?aaeatho eae iauaaeinooiioth
eioi?iaoeeth, oae e ia?aie/aiioth eioi?iaoeeth, o. a. any eioi?iaoeey
yaeyaony aeinooiiie, neaaeiaaoaeueii, ieeoi ia iiaeao iieo/eoue
naa?oaeioiaeu ii oeaiiui aoiaaai.

6). Eiioeaioeey anneiao?e/iinoe eioi?iaoeee – iai?yioth naycaia n iyoie
eiioeaioeeae. Aa niune caeeth/aaony a neaaeothuai: ioaeaeueiua eaoaai?ee
eeoe iiaoo aeaaeaoue eioi?iaoeeae, ia aeinooiiie ae?oaei o/anoieeai
?uiea. Eniieueciaaiea yoie eioi?iaoeee iiaeao aeaoue

iieiaeeoaeueiue e io?eoeaoaeueiue yooaeo.

7). Eiioeaioeey aaaioneeo ioiioaiee aaaaeaia a oeiainiaue iaiaaeaeiaio
a nayce n oneiaeiaieai i?aaiecaoeeiiii – i?aaiauo oi?i aeciana. Nooue: a
neiaeiuo i?aaiecaoeeiiii-i?aaiauo oi?iao i?enoonoaoao ?ac?ua iaaeaeo
ooieoeeae aeaaeaiey e ooieoeeae oi?aaeaiey, oi anoue aeaaeaeueoeu
eiiiaiee oaeaeaiu io oi?aaeaiey, eioi?ui caieiathony iaiaaeaea?u. Aeey
oiai, /oiau ieaaee?iaaoue i?ioeai?a/ey iaaeaeo iaiaaeaea?aie e
aeaaeaeueoeaie, ia?aie/eoue aiciiaeiinoue iaaeaeaoaeueiuo aeaenoaee
iaiaaeaea?ia, aeaaeaeueoeu auioaeaeaiu ianoe aaaioneea ecaea?aeee
(o/anoea iaiaaeaea?a a i?eaueyo eeai niaeanea n eniieueciaaieai
i?eauee).

7). Eiioeaioeey aeueoa?iaoeaiuo cao?ao: ethaia aeiaeaiea anaaaea eiaao
aeueoa?iaoeao.

Iniiaiua yoaiu ?acaeoey oeiainiaiai iaiaaeaeiaioa.

A ianoiyuaa a?aiy caiaaeiuie niaoeeaeenoaie auaeaeythony iyoue
iiaeoiaeia a noaiiaeaiee e ?acaeoee oeiainiaiai iaiaaeaeiaioa .

Ia?aue iiaeoiae naycai n aeayoaeueiinoueth «oeieu yiie?e/aneeo
i?aaiaoeeia».(50a aiaea) Aa i?aaenoaaeoaee – i?ioanneiiaeueiua
aiaeeoeee, eioi?ua, ?aaioay a iaeanoe aiaeeca e?aaeeoiniiniaiinoe
eiiiaiee, iuoaeenue iainiiaaoue iaai? ioiineoaeueiuo iieacaoaeae,
i?eaiaeiuo aeey oaeiai aiaeeca. Iie aia?aua iiiuoaeenue iieacaoue
iiiaiia?acea aiaeeoe/aneeo eiyooeoeeaioia, eioi?ua iiaoo auoue
?ann/eoaiu ii aeaiiui aooaaeoa?neie io/aoiinoe e yaeythony iieaciuie
aeey i?eiyoey oi?aaeai/aneeo ?aoaiee.

Aoi?ie iiaeoiae iaoneiaeai aeayoaeueiinoueth oeieu «noaoenoe/aneiai
oeiainiaiai aiaeeca».(60a aiaea) Iniiaiay eaeay a oii, /oi aiaeeoe/aneea
eiyooeoeeaiou, ?ann/eoaiiua ii aeaiiui aooaaeoa?neie io/aoiinoe, iieaciu
eeoue a oii neo/aa, anee nouanoaotho e?eoa?ee, n ii?iaiauie cia/aieyie
eioi?uo yoe eiyooeoeeaiou iiaeii n?aaieaaoue.

O?aoee iiaeoiae annioeee?oaony n aeayoaeueiinoueth oeieu
«ioeueoeaa?eaioiuo aiaeeoeeia» (70a aiaea). I?aaenoaaeoaee yoie oeieu
enoiaeyo ec eaeae iino?iaiey eiioeaiooaeueiuo iniia, aace?othueony ia
nouanoaiaaiea ianiiiaiiie nayce /anoiuo eiyooeoeeaioia, oa?aeoa?ecothueo
oeiainiaia ninoiyiea e yooaeoeaiinoue oaeouae aeayoaeueiinoe.

*aoaa?oue iiaeoiae naycai n iiyaeaieai «oeieu aiaeeoeeia, caiyouo
i?iaiice?iaaieai aaie?ionoaa eiiiaiee».(30a aiaea) I?aaenoaaeoaee yoie
oeieu aeaeatho a aiaeeca oii? ia oeiainiaoth onoie/eainoue eiiiaiee,
i?aaeii/eoay ia?niaeoeaiue aiaeec ?ao?iniaeoeaiiio.

Iyoue iiaeoiae i?aaenoaaeyao niaie naiia iiaia iai?aaeaiea (?acaeaaaony
n60oaiaeia) – oeiea «o/anoieeia oiiaeiaiai ?uiea». Oeaiiinoue io/aoiinoe
ninoieo a aiciiaeiinoe aa eniieueciaaiey aeey i?iaiice?iaaiey o?iaiy
yooaeoeaiinoe eiaanoe?iaaiey a oeaiiua aoiaae. Eeth/aaia ioee/ea yoiai
iai?aaeaiey ninoieo a aai eceeoiae oai?eoa?eciaaiiinoe , ia neo/aeii
iii ?acaeaaaony aeaaiui ia?acii o/aiuie e iiea ia iieo/eei i?eciaiey a
i?aeoeea.

Oaia: Oeiainiaay aeayoaeueiinoue e oeiainiaue iaoaieci i?aaei?eyoey.

Iiiyoea oeiainiaie aeayoaeueiinoe e oeiainiaiai iaoaiecia i?aaei?eyoey.

Aiaoiyy i?aaiaay e iaeiaiaay n?aaea. Eioi?iaoeeiiiia iaania/aiea
oeiainiaiai iaoaiecia.

Noa?u oeiainiaiai iaiaaeaeiaioa.

Iiiyoea oeiainiaie aeayoaeueiinoe e oeiainiaiai iaoaiecia i?aaei?eyoey.

Oeiainiaay aeayoaeueiinoue i?aaei?eyoey naycaia n oi?ie?iaaieai,
?ani?aaeaeaieai e eniieueciaaieai oeiainiauo ?ano?nia, oeiainiauie e
aeaiaaeiuie ioiioaieyie, aicieeathueie ai aioo?aiiae e aiaoiae n?aaea
i?aaei?eyoey. Oeiainiaay aeayoaeueiinoue aeeth/aao neaaeothuea aeaeu:

ioiioaiey, naycaiiua n oi?ie?iaaieai onoaaiiai eaieoaea e aai
?ani?aaeaeaieai iaaeaeo nianoaaiieeaie;

ioiioaiey, naycaiiua n aaaine?iaaieai onoaaiiai eaieoaea ai aiaiai?ioiua
e iai?ioiua aeoeau;

aeayoaeueiinoue, naycaiiay n oi?ie?iaaieai aaeiauo aeioiaeia
i?aaei?eyoey e eo ?ani?aaeaeaieai a oeaeyo iie?uoey aini?iecaiaenoaaiiuo
cao?ao, oi anoue iaania/aieai oeiainiauie ?ano?naie
aini?iecaiaenoaaiiiai i?ioeanna;

aeayoaeueiinoue, naycaiiay n auiieiaieai iaycaoaeuenoa ia?aae
athaeaeaoiie nenoaiie;

aeayoaeueiinoue, naycaiiay n auiieiaieai iaycaoaeuenoa ia?aae
nianoaaiieeaie i?aaei?eyoey ii auieaoa ei aeioiaeia;

aeayoaeueiinoue, naycaiiay n ?aeiaanoe?iaaieai i?eauee a oeaeyo
i?e?auaiey aeoeaia;

aeayoaeueiinoue, naycaiiay n oi?ie?iaaieai ?acee/iuo ?aca?aiai
i?aaei?eyoey;

ioiioaiey, naycaiiua n oi?ie?iaaieai oiiaeia noeioee?iaaiey e
nioeeaeueiie caueou ?aaioieeia;

aeayoaeueiinoue, naycaiiay n ?aciauaieai naiaiaeiuo oeiainiauo ?ano?nia
i?aaei?eyoey e i?eaea/aieai aeiiieieoaeueiuo oeiainiauo ?ano?nia ia
oeiainiaii ?uiea;

aeayoaeueiinoue, naycaiiay n ia?a?ani?aaeaeaieai oeiainiauo ?ano?nia
aioo?eio?aneaaiai eee iaaeio?aneaaiai oa?aeoa?a a neo/aa aoiaeaeaiey
i?aaei?eyoey a ?acee/iua annioeeaoeee, eiioea?iu, neiaeeeaou, oieaeeiae,
oeiainiai-i?iiuoeaiiua a?oiiu;

aeayoaeueiinoue, naycaiiay n iieo/aieai noaneaeee e noaaaioeee ec
athaeaeaoia ?aciuo o?iaiae.

Oeiainiaue iaoaieci i?aaei?eyoey i?aaenoaaeyao niaie niaieoiiinoue
oeiainiauo iaoiaeia, ?u/aaia, eino?oiaioia, a oaeaea i?aaiaiai,
ii?iaoeaiiai e eioi?iaoeeiiiiai iaania/aiey, aicieeathueo ai aioo?aiiae
e aiaoiae n?aaea i?aaei?eyoey.

Oeiainiaay aeayoaeueiinoue i?aaei?eyoey ?aaeecoaony iin?aaenoaii
oeiainiaiai iaoaiecia.

Aiaoiyy i?aaiaay e iaeiaiaay n?aaea. Eioi?iaoeeiiiia iaania/aiea
oeiainiaiai iaoaiecia.

I?aaiaay n?aaea:

iniiaiua caeiiiaeaoaeueiua aeou, ?aaoee?othuea i?aaei?eieiaoaeueneoth
aeayoaeueiinoue: AE, caeiiu «Ia aeoeeiia?iuo iauanoaao», «I
eiiia?aoeaao», «I aaieao e aaieianeie aeayoaeueiinoe»;

caeiiiaeaoaeueiua aeou, naycaiiua n iaeiaiaui ?aaoee?iaaieai;

caeiiiaeaoaeueiua aeou ii io?aia ie?oaeathuae n?aaeu, aaciianiinoe
aeeciaaeayoaeueiinoe e io?aia o?oaea;

caeiiiaeaoaeueiua aeou, eanathueany nioeeaeueiiai no?aoiaaiey e
iaania/aiey;

caeiiiaeaoaeueiua aeou, naycaiiua n aiaoiayeiiiie/aneie
aeayoaeueiinoueth i?aaei?eyoee;

caeiiiaeaoaeueiua aeou, ?aaoee?othuea aaciaee/iua e iaee/iua ?an/aou
i?aaei?eyoey.

Iaeiaiaay n?aaea: aeaeu iniiaiuo iaeiaia, oiea/eaaaiuo i?aaei?eyoeai.

Eioi?iaoeeiiiay n?aaea aeeth/aao:

eioi?iaoeey aiaoiaai oa?aeoa?a:

eioi?iaoeey, oi?ie?oaiay ia oeiainiauo ?uieao;

eioi?iaoeey iaeiaiaiai oa?aeoa?a;

eioi?iaoeey i noieiinoe ?ano?nia ia ?acee/iuo ?uieao;

eioi?iaoeey i eiieo?aioao;

eioi?iaoeeiiiia iaania/aiea i aiaoiayeiiiie/aneie aeayoaeueiinoe
i?aaei?eyoey

eioi?iaoeey aioo?aiiaai oa?aeoa?a:

oeiainiaay io/aoiinoue;

noaoenoe/aneay io/aoiinoue;

aioo?aiiyy io/aoiinoue;

aeaiiua ia?ae/iiai aooaaeoa?neiai o/aoa.

Noa?u oeiainiaiai iaiaaeaeiaioa.

Noa?u oeiainiaiai iaiaaeaeiaioa:

Oeiainiaue aiaeec e ieaie?iaaiea, a oaeaea oeiainiaia i?iaiice?iaaiea:

ioeaiea e aiaeec aeoeaia e enoi/ieeia eo oi?ie?iaaiey;

ioeaiea aaee/eiu e ninoaaa ?ano?nia, iaiaoiaeeiuo aeey iiaeaea?aeaiey
yeiiiie/aneiai iioaioeeaea eiiiaiee e ?anoe?aiey aa aeayoaeueiinoe;

ioeaiea enoi/ieeia aeiiieieoaeueiiai oeiaine?iaaiey;

oi?ie?iaaiea nenoaiu eiio?iey ca ninoaaeaieai e yooaeoeaiui
eniieueciaaieai oeiainiauo ?ano?nia.

Iaania/aiea i?aaei?eyoey oeiainiauie ?ano?naie:

ioeaiea iauaia o?aaoaiuo oeiainiauo ?ano?nia;

auai? oi?i eo iieo/aiey;

ioeaiea noaiaie aeinooiiinoe e a?aiaie iieo/aiey yoeo ?ano?nia;

ioeaiea noieiinoe iaeaaeaiey aeaiiui aeaeii ?ano?nia (%, aeeneiio e
ae?.);

ioeaiea ?enea, annioeee?oaiiai n aeaiiui enoi/ieeii oeiaine?iaaiey.

?ani?aaeaeaiea e eniieueciaaiea oeiainiauo ?ano?nia:

aiaeec e ioeaiea aeieain?i/iuo e e?aoein?i/iuo ?aoaiee eiaanoeoeeiiiiai
oa?aeoa?a;

iioeiaeueiinoue a?aiaie o?ainoi?ie?iaaiey oeiainiauo ?ano?nia a ae?oaea
aeaeu ?ano?nia (iaoa?eaeueiua, o?oaeiaua, aeaiaaeiua);

oeaeaniia?aciinoue e yooaeoeaiinoue aeiaeaiee a IO, IIA e oi?ie?iaaiea
eo ?aoeeiiaeueiie no?oeoo?u;

iioeiaeueiia eniieueciaaiea iai?ioiuo n?aaenoa;

iaania/aiea yooaeoeaiinoe oeiainiauo aeiaeaiee.

Oaia: Iaoiaeieiae/aneea iniiau i?eiyoey oeiainiauo ?aoaiee

Iiiyoea eaaa?eaeaea e aai aeaeu.

Oeiainiaue eaaa?eaeae e eiioeaioeee aai ?an/aoa.

Iia?aoeeiiiue eaaa?eaeae e aai yooaeo.

Ioeaiea niaieoiiiai ?enea, naycaiiiai n i?aaei?eyoeai.

Noieiinoue eaieoaea e ?an/ao n?aaeiaacaaoaiiie noieiinoe eaieoaea.

Iiiyoea eaaa?eaeaea e aai aeaeu.

Eaaa?eaeae a i?eeiaeaiee e oeiainiaie noa?a o?aeooaony eae
ii?aaeaeaiiue oaeoi?, iaaieueoia eciaiaiea eioi?iai iiaeao i?eaanoe
nouanoaaiiiio eciaiaieth ?acoeueoe?othueo iieacaoaeae.

A oeiainiaii iaiaaeaeiaioa ?acee/atho neaaeothuea aeaeu eaaa?eaeaea:

oeiainiaue

i?iecaiaenoaaiiue (iia?aoeeiiiue)

i?iecaiaenoaaiii-oeiainiaue

Anyeia i?aaei?eyoea yaeyaony enoi/ieeii ?enea. I?e yoii ?ene aicieeaao
ia iniiaa oaeoi?ia i?iecaiaenoaaiiiai e oeiainiaiai oa?aeoa?a. Yoe
oaeoi?u oi?ie?otho ?anoiaeu i?aaei?eyoey. ?anoiaeu i?iecaiaenoaaiiiai e
oeiainiaiai oa?aeoa?a ia yaeythony acaeiicaiaiyaiuie, iaeiaei, aaee/eiie
e no?oeoo?ie cao?ao i?iecaiaenoaaiiiai e oeiainiaiai oa?aeoa?a iiaeii
oi?aaeyoue. Yoi oi?aaeaiea i?ienoiaeeo a oneiaeyo naiaiaeu auai?a
enoi/ieeia oeiaine?iaaiey e enoi/ieeia oi?ie?iaaiey cao?ao
i?iecaiaenoaaiiiai oa?aeoa?a. A ?acoeueoaoa eniieueciaaiey ?acee/iuo
enoi/ieeia oeiaine?iaaiey neeaaeuaaaony ii?aaeaeaiiia niioiioaiea
iaaeaeo nianoaaiiuie e caaiiui eaieoaeii, a, oae eae caaiiue eaieoae
yaeyaony ieaoiui, e ii iaio ia?acothony oeiainiaua ecaea?aeee, aicieeaao
iaiaoiaeeiinoue ecia?aiey aeeyiey yoeo ecaea?aeae ia eiia/iue ?acoeueoao
aeayoaeueiinoe i?aaei?eyoey. Iiyoiio oeiainiaue eaaa?eaeae oa?aeoa?ecoao
aeeyiea no?oeoo?u eaieoaea ia aaee/eio i?eauee i?aaei?eyoey, a ?aciua
niiniau aeeth/aiey e?aaeeoiuo ecaea?aeae a naaanoieiinoue ieacuaatho
aeeyiea ia o?iaaiue /enoie i?eauee e /enooth ?aioaaaeueiinoue
nianoaaiiiai eaieoaea.

Eoae, oeiainiaue eaaa?eaeae oa?aeoa?ecoao acaeiinaycue iaaeaeo
eciaiaieai /enoie i?eauee e eciaiaieai i?eauee aei auieaou % e iaeiaia.

I?iecaiaenoaaiiue eaaa?eaeae caaeneo io no?oeoo?u ecaea?aeae
i?iecaiaenoaa e, a /anoiinoe, io niioiioaiey oneiaii-iinoiyiiuo e
oneiaii-ia?aiaiiuo cao?ao a no?oeoo?a naaanoieiinoe. Iiyoiio
i?iecaiaenoaaiiue eaaa?eaeae oa?aeoa?ecoao acaeiinaycue no?oeoo?u
naaanoieiinoe, iauaia auionea e i?iaeaae e i?eauee. I?iecaiaenoaaiiue
eaaa?eaeae iieacuaaao eciaiaiea i?eauee a caaeneiinoe io eciaiaiey
iauaiia i?iaeaae.

I?iecaiaenoaaiii-oeiainiaue eaaa?eaeae ioeaieaaao niaieoiiia aeeyiea
i?iecaiaenoaaiiiai e oeiainiaiai eaaa?eaeaea. Caeanue i?ienoiaeeo
ioeueoeieeeaoeey ?eneia i?aaei?eyoey.

Oeiainiaue eaaa?eaeae e eiioeaioeee aai ?an/aoa.

A oeiainiaii iaiaaeaeiaioa nouanoaotho aeaa eiioeaioeee ?an/aoa e
ii?aaeaeaiey yooaeoa oeiainiaiai eaaa?eaeaea. Yoe eiioeaioeee aicieeee a
?aciuo oeieao oeiainiaiai iaiaaeaeiaioa.

Caiaaeiiaa?iiaeneay eiioeaioeey:

Yooaeo oeiainiaiai eaaa?eaeaea o?aeootho eae i?e?auaiea e
?aioaaaeueiinoe nianoaaiiiai eaieoaea, iieo/aaiia aeaaiaea?y
eniieueciaaieth caaiiiai eaieoaea. ?anniio?ei neaaeothuee i?eia?:

Iieacaoaee I?aaei?eyoea 1 I?aaei?eyoea 2 I?aaei?eyoea 3

Aeoeau, oun. ?oa.

Ianneau, oun. ?oa., a o /.

NE

CE

I?eaueue aei auieaou % e iaeiaia

Yeiiiie/aneay ?aioaaaeueiinoue aeoeaia Y?A= (AI+%)/An?.*100

Ecaea?aeee ii auieaoa % (25%)

*enoay i?eaueue, oun. ?oa.

*I=(AI-(%)*(1-i)

*enoay ?aioaaaeueiinoue NE

*?NE=*I/NEn?*100 1000

1000

1000

400

40%

400(1-0,3)=280

280/1000*100==28% 1000

1000

700

300

400

40%

75

(400-75)*(1-0,3)=227,5

227,5/700*100==32,5% 1000

1000

300

700

400

40%

175

(400-175)*(1-0,3)=157,5

157,5/300*100==52,5%

Auaiae: i?aaei?eyoea 2 e 3 eniieuecotho NE aieaa yooaeoeaii; ia yoii
naeaeaoaeuenoaoao iieacaoaeue *?NE, a CE eniieuecotho n aieueoae
ioaea/ae, /ai oeaia aai i?eaea/aiey. Oaeoth no?aoaaeth i?eaea/aiey CE
iacuaatho no?aoaaeae niaeoeyoeee eaieoaea.

Iieacaoaeue i?eauee aei auieaou % e iaeiaia yaeyaony aaciaui
iieacaoaeai oeiainiaiai iaiaaeaeiaioa, eioi?ue oa?aeoa?ecoao
nicaeaaaaiue i?aaei?eyoeai aeioiae ia i?eaea/aiiue eaieoae. Eia/a ii
iacuaaaony iaooi-?acoeueoao yenieoaoaoeee eiaanoeoeee (I?YE).

I?YE=AI-(%

?anniio?ei aeeyiea oeiainiaiai eaaa?eaeaea ia *?NE aeey i?aaei?eyoey,
eniieuecothuaai eae CE, oae e NE, e auaaaeai oi?ioeo, io?aaeathuoth
aeeyiea oeiainiaiai eaaa?eaeaea ia Y?A.

(I?YE – (%)*(1-i)

*?NE = ((((((((((

NEn?

Y?A = I?YE/(NE+CE),

I?YE = Y?A*(NEn?+CEn?),

Y?A*(NEn?+CEn?)-(e?. Y?A*NEn?+Y?A*CEn?- i
*CE

*?NE = ((((((((( o (1-i) = ((((((((((( o (1-i) =

NEn?
NEn?

= ( Y?A*1+Y?A*(CEn?/NEn?)-i(CEn?/NEn?)) (1-i) = Y?A*(1-i) + (CEn?/NEn?)
* *(Y?A-i)*(1-i)

Eoae, yooaeo oeiainiaiai eaaa?eaeaea ii 1 eiioeaioeee ?an/aoa
ii?aaeaeyaony:

YOE = (CEn?/NEn?)*(Y?A-i)*(1-i)

(Y?A-i) – aeeooa?aioeeae

(CEn?/NEn?) – iea/i ?u/aaa

2. Aia?eeaineay eiioeaioeey ?an/aoa oeiainiaiai eaaa?eaeaea

Yoa eiioeaioeey ?anniao?eaaao yooaeo a aeaea i?e?auaiey *I ia 1
iaueiiaaiioth aeoeeth ia i?e?auaiea I?YE, oi anoue yoio yooaeo au?aaeaao
i?e?ino *I, iieo/aiiue ca n/ao i?e?auaiey I?YE.

(*I *I

YOE = ( (( / (( ) / ( (I?YE / I?YE)

EIA EIA

*I = (I?YE – (%e?)*(1-i)

(*I = ((I?YE – (%e?)*(1-i) = (I?YE*(1-i)

(*I (I?YE (I?YE*(1-i)
I?YE

YOE = (( / (((( = (((((((((( = ((( = I?YE /

*I I?YE (I?YE- (%e?)*(1-i)
(I?YE

/ (I?YE – (%e?) = (AI + (%e?)/AI

YOE = I?YE/(I?YE – (%e?) = (AI + (%e?)/AI

Yoa oi?ioea iieacuaaao noaiaiue oeiainiaiai ?enea, aicieeathuaai a nayce
n eniieueciaaieai CE, iiyoiio /ai aieueoa neea aicaeaenoaey oeiainiaiai
eaaa?eaeaea, oai aieueoa oeiainiaue ?ene, naycaiiue n aeaiiui
i?aaei?eyoeai:

a) aeey aaiee?a – aic?anoaao ?ene iaaiciauaiey e?aaeeoa:

a) aeey eiaanoi?a – aic?anoaao ?ene iaaeaiey aeeaeaeaiaea e eo?na
aeoeee.

O.i. ia?aay eiioeaioeey ?an/aoa yooaeoa iicaieyao ii?aaeaeeoue
aaciianioth aaee/eio e oneiaey e?aaeeoa, aoi?ay eiioeaioeey iicaieyao
ii?aaeaeeoue noaiaiue oeiainiaiai ?enea, e eniieuecoaony aeey ?an/aoa
niaieoiiiai ?enea i?aaei?eyoey.

Iia?aoeeiiiue eaaa?eaeae e aai yooaeo.

Iiiyoea iia?aoeeiiiiai eaaa?eaeaea naycaii ni no?oeoo?ie

naaanoieiinoe e, a /anoiinoe, n niioiioaieai iaaeaeo oneiaii-iinoiyiiuie
e oneiaii-ia?aiaiiuie cao?aoaie. ?anniio?aiea a yoii aniaeoa no?oeoo?u
naaanoieiinoe iicaieyao, ai-ia?auo, ?aoaoue caaea/o iaeneiecaoeee
i?eauee ca n/ao ioiineoaeueiiai nie?auaiey oao eee eiuo ?anoiaeia i?e
i?e?inoa oece/aneiai iauaia i?iaeaae, a, ai-aoi?uo, aeaeaiea cao?ao ia
oneiaii-iinoiyiiua e oneiaii-ia?aiaiiua iicaieyao noaeeoue ia
ieoiaaiinoe cao?ao e i?aaeinoaaeyao aiciiaeiinoue ?ann/eoaoue caian
oeiainiaie i?i/iinoe i?aaei?eyoey ia neo/ae cao?oaeiaiee , ineiaeiaiee
ia ?uiea, a-o?aoueeo, aeaao aiciiaeiinoue ?ann/eoaoue e?eoe/aneee iauai
i?iaeaae, iie?uaathuee cao?aou e iaania/eaathuee aacoauoi/ioth
aeayoaeueiinoue i?aaei?eyoey.

?aoaiea yoeo caaea/ iicaieyao i?eeoe e neaaeothuaio auaiaeo: anee
i?aaei?eyoea nicaeaao ii?aaeaeaiiue iauai oneiaii-iinoiyiiuo ?anoiaeia,
oi ethaia eciaiaiea au?o/ee io i?iaeaae ii?iaeaeaao aua aieaa neeueiia
eciaiaiea i?eauee. Yoi yaeaiea iacuaaaony yooaeoii i?iecaiaenoaaiiiai
(iia?aoeeiiiiai) eaaa?eaeaea.

Iai?eia?: Aeiionoei a io/aoiii aiaeo au?o/ea io ?aaeecaoeee ninoaaeea
10iei.?. i?e niaieoiiuo ia?aiaiiuo cao?aoao 8,3iei.?. e iinoiyiiuo
cao?aoao 1,5iei.?. I?eaueue = 0,2iei.?.

I?aaeiieiaeei, /oi a ieaiiaii aiaeo ieaie?oaony oaaee/aiea au?o/ee ca
n/ao oece/aneiai iauaia i?iaeaae ia 10% (o.a.11iei.?.) Iinoiyiiua
?anoiaeu = 1,5iei.?. Ia?aiaiiua ?anoiaeu oaaee/eaathony ia 10%
(o.a.8,3*1,1=9,13iei.?.). I?eaueue io ?aaeecaoeee =0,37iei.?.
(o.a.11-9,13-1,5). Oaii ?inoa i?eauee (370/200)*100 = 185%. Oaii ?inoa
au?o/ee= =110%. Ia eaaeaeue i?e?ino au?o/ee iu eiaai i?e?ino i?eauee
8,5%, o.a. YIE = 85%/10%= 8,5%

O.i. neeo (yooaeo) i?iecaiaenoaaiiiai eaaa?eaeaea iiaeii ?anniao?eaaoue
eae oa?aeoa?enoeeo aeaeiaiai ?enea i?aaei?eyoey, aicieeathuaai a aeaiiie
noa?a aeciana eee a nayce n aai io?aneaaie i?eiaaeeaaeiinoueth. A
ecia?eoue yoio yooaeo iiaeii eae i?ioeaioiia eciaiaiea i?eauee io
?aaeecaoeee iinea aiciauaiey ia?aiaiiuo cao?ao (eee I?YE) i?e aeaiiii
i?ioeaioa eciaiaiey oece/aneiai iauaia i?iaeaae.

(I?YE (Q

YIE = (((( = (((

I?YE Q

Q – oece/aneee iauai i?iaeaae,

? – oeaia ,

?*Q – au?o/ea io ?aaeecaoeee,

Sic – noaaea ia?aiaiiuo cao?ao ia auione i?iaeoeoeee

Siino – iinoiyiiua cao?aou

I?YE = ?*Q – (Sic*Q + Siino ) = Q*(p-Sic ) – Siino

(I?YE = (Q*(p – Sic)

Q*(p-Sic) Q Q*(p-Sic)
I?YE+Siino

1)YIE = ((((((((( o (( = (((((((( = (((((

Q*(p-Sic)- Siino Q Q*(p-Sic)-S?ino
I?YE

YIE= 1+(Siino/I?YE)

2)YIE = IAe/(IAe-Siino) = IAe/I

Yoe oi?ioeu iicaieytho ioaaoeoue ia aii?in, ianeieueei /oanoaeoaeai
ia?aeeiaeueiue aeioiae (IAe) e eciaiaieth iauaia i?iecaiaenoaa e
i?iaeaae, e ianeieueei oaaoeei au IAe ia oieueei ia iie?uoea iinoiyiiuo
?anoiaeia, ii e oi?ie?iaaiea i?eauee.

A nayce n iiiyoeai yooaeoa i?iecaiaenoaaiiiai eaaa?eaeaea aicieeaao
iiiyoea caiana oeiainiaie i?i/iinoe (COI), eioi?ue iaania/eaaao
iieo/aiea i?eauee i?aaei?eyoey, e iiiyoea i?aaeaea aaciianiinoe
(aacoauoi/iue iauai i?iecaiaenoaa e i?iaeaae eee e?eoe/aneee iauai
i?iaeaae).

p*Q – (Q – Sic + Siino)=0

Qe(iaoo?.) = Siino/(p-Sic)

Siino
Siino Siino Siino

Qe(noiei.) = Qe(iaoo?.)* p = ((( o p = (((( = (((( = (((

? – Sic
(p-Sic)/p 1-(Sic/p) IAe/?

COI = A?o – Qe(noiei.)

A?o – au?o/ea io ?aaeecaoeee (oaeoe/aneay),

Qe(noiei) – e?eoe/aneee iauai a noieiinoiii au?aaeaiee,

COI – caian oeiainiaie i?i/iinoe

Ioeaiea niaieoiiiai ?enea, naycaiiiai n i?aaei?eyoeai.

Iiiyoea niaieoiiiai ?enea naycaii n aeaoiy aeaeaie ?eneia, eioi?ua
aaia?e?oao i?aeoe/anee ethaia i?aaei?eyoea, oi anoue n ?eneii
i?aaei?eieiaoaeueneei (aeaeiaui) e ?eneii oeiainiaui, naycaiiui ni
no?oeoo?ie enoi/ieeia oeiaine?iaaiey.

I?aaei?eieiaoaeueneee ?ene naycai n eiie?aoiui aecianii i?aaei?eyoey,
aeaeinoueth yeiiiie/aneie no?aoaaee, iicaieythuae ieaaee?iaaoue
io?eoeaoaeueiia aeeyiea aunieiai o?iaiy oneiaii-iinoiyiiuo cao?ao e
eniieueciaaoue aai eae ?u/aa aeey i?e?auaiey i?eauee io i?iaeaae.

Oeiainiaue ?ene iie?aaony ia no?oeoo?o eaieoaea e naycai n
iaonoie/eainoueth oeiainiauo oneiaee e?aaeeoiaaiey, eieaaaieyie
yeiiiie/aneie ?aioaaaeueiinoe, aicieeathueie aeaeaieyie aeaaeaeueoeaa
i?aaei?eyoey ia eniieueciaaiea (auieaoo) anae *I ia aeeaeaeaiaeu, a
oaeaea ca/anooth oeiainiaue ?ene iaoneiaeai oneiaeyie iaeiaiiaeiaeaiey
i?aaei?eyoey.

I?aaei?eieiaoaeueneee e oeiainiaue ?ene acaeiinaycaiu iaaeaeo niaie, e a
?acoeueoaoa eaaeaeue ec ieo aicaeaenoaoao ia i?eaueue i?aaei?eyoey, oi
anoue i?eaueue oi?ie?oaony eae iiae aicaeaenoaeai no?oeoo?u cao?ao
i?iecaiaenoaaiiiai oa?aeoa?a, oae e iiae aicaeaenoaeai no?oeoo?u cao?ao,
aicieeathueo a nayce n oeiaine?iaaieai aeayoaeueiinoe. Iiyoiio
i?iecaiaenoaaiiue e oeiainiaue ?enee ioeueoeieeoee?othony e oi?ie?otho
niaieoiiue ?ene i?aaei?eyoey.

Niaieoiiue ?ene – ?ene, naycaiiue n aiciiaeiui iaaeinoaoeii n?aaenoa,
iaiaoiaeeiuo aeey iie?uoey oaeoueo ?anoiaeia e ?anoiaeia ii
ianeoaeeaaieth aiaoieo enoi/ieeia oeiaine?iaaiey.

O?iaaiue niaieoiiiai ?enea iieacuaaao, ia neieueei % eciaieony *I
i?aaei?eyoey ia 1 aeoeeth i?e eciaiaiee iauaia i?iaeaae ia 1%.

Oi anoue o?iaaiue niaieoiiiai ?enea iiaeao auoue ii?aaeaeai eae
i?iecaaaeaiea yooaeoa oeiainiaiai eaaa?eaeaea, ?ann/eoaiiiai ii aoi?ie
eiioeaioeee, e yooaeoa iia?aoeeiiiiai eaaa?eaeaea.

ON? = YOE2eiioe * YIE

(*I/eie-ai aeoeee I?YE (I?YE Q (
*I/eie-ai aeoeee

ON? = (((((((( o ((( o ((( o (( = (((((((( /

*I/eie-ai aeoeee ( I?YE I?YE (Q
*I/eie-ai aeoeee

(Q

/ ((

Q

ON? = I?YE/(I?YE -( %e?) o (I?YE + Siino) = (I?YE + Siino) / I?YE – –
(%e?)

O?iaaiue niaieoiiiai ?enea io?aaeaao iaeiia?aiaiiia aeeyiea aeaeiaiai e
oeiainiaiai ?enea, e iiyoiio i?e ?ac?aaioea oeiainiaie no?aoaaee
iaiaoiaeeii o/eouaaoue neaaeothuea enoiaeiua iiiaiou:

ni/aoaiea aunieiai i?iecaiaenoaaiiiai ?enea n iiuiui oeiainiaui
eaaa?eaeaeai aoaeao aoaeoaeueii aeey i?aaei?eyoey, oae eae
ioeueoeieeoee?othony iaeiia?aiaiii iaaeaaii?eyoiua yooaeou,

caaea/a nieaeaiey noiia?iiai aicaeaenoaey yoeo aeaoo eaaa?eaeaeae eee
nieaeaiea niaieoiiiai ?enea naiaeeony e auai?o iaeiiai ec o?ao aa?eaioia
iiaaaeaiey:

aunieee o?iaaiue yooaeoa i?iecaiaenoaaiiiai eaaa?eaeaea iiaeao
ni/aoaoueny ni n?aaeiei e neaaui o?iaiai YOE:

ieceee o?iaaiue YIE iicaieyao i?iaiaeeoue aa?anneaioth iieeoeeo
caeinoaiaaiee e aaia?e?iaaoue aunieee o?iaaiue YOE;

oia?aiiue YIE e oia?aiiue YOE.

Iioeiecaoeey ?eneia iiaeao auoue aeinoeaiooa n iiiiuueth oaaee/aiey
aeaeiaie aeoeaiinoe i?aaei?eyoey, oi anoue oaaee/aiey nei?inoe iai?ioa
anao aeoeaia i?aaei?eyoey.

Y?A = ((AI + (%e?)/An?)*100*(A?/A?) = ((AI + (%e?) / A?)*(A?/An?)

*I A? An? *I
A? An?

*?NE = ((( o 100 o (( o (( = (( o 100 o (( o (((

NEn? A? An? A?
An? NEn?

Noieiinoue eaieoaea e ?an/ao n?aaeiaacaaoaiiie noieiinoe eaieoaea.

Eaieoae. eae ethaie oaeoi? i?iecaiaenoaa, eiaao ii?aaeaeaiioth
noieiinoue, iiae eioi?ie iiieiaaony aai aeioiaeiinoue. Aeey i?aaei?eyoey
i?eaea/aiea ?acee/iuo enoi/ieeia oeiaine?iaaiey (eae aioo?aiieo, oae e
aiaoieo) naycaii n cao?aoaie, iiyoiio i?eaeaeaaiue eaieoae anaaaea
aoaeao eiaoue ii?aaeaeaiioth noieiinoue, a oae eae yoio eaieoae
?aciiia?acai ii enoi/ieeai, oi o i?aaei?eyoey aicieeaao aiciiaeiinoue
aeueoa?iaoeaiiai auai?a yoeo enoi/ieeia eae ii iauaiai, oae e ii
noieiinoe eaaeaeiai aeaea eaieoaea. A ?acoeueoaoa i?eaea/aiey ?acee/iuo
aeaeia eaieoaea neeaaeuaaaony ii?aaeaeaiiay aai no?oeoo?a e aicieeaao
ii?aaeaeaiiay noiia oeiainiauo ?ano?nia, eioi?oth iaiaoiaeeii oieaoeoue
ca iieueciaaiea aeaiiuie enoi/ieeaie oeiaine?iaaiey.

Yeiiiie/aneia niaea?aeaiea iieacaoaey noieiinoe e oeaiu eaieoaea
caeeth/aaony a ii?aaeaeaiee cao?ao, naycaiiuo n i?eaea/aieai aaeeieoeu
eaieoaea ec eaaeaeiai enoi/ieea. ?aciiia?acea enoi/ieeia i?eaiaeeo e
iaiaoiaeeiinoe ?an/aoa n?aaeiaacaaoaiiie noieiinoe eaieoaea. Iia
?ann/eouaaaony a i?ioeaioao a n?aaeiaaiaeiaii en/eneaiee.

N?aaeiaacaaoaiiay noieiinoue eaieoaea – iaiauathuee iieacaoaeue,
oa?aeoa?ecothuee ioiineoaeueiue o?iaaiue cao?ao eee iauoth noiio anao
?anoiaeia, aicieeathueo a nayce n i?eaea/aieai e eniieueciaaieai
eaieoaea, e a oi aea a?aiy iiaeii neacaoue, /oi yoi ieieioi aica?aoa ia
aeiaeaiiue eaieoae.

Oi?ioea n?aaeiaacaaoaiiie noieiinoe eaieoaea iniiauaaaony ia
n?aaeiaacaaoaiiie a?eoiaoe/aneie aaee/eia, aaea aanaie aunooiatho aeiee
ioaeaeueiuo enoi/ieeia a iauae noiia, a nai iieacaoaeue
n?aaeiaacaaoaiiie aaee/eiu au?aaeaao n?aaeiaaiaeiaoth noieiinoue,
au?aaeaiioth a %.

NNE = ( di * ki , aaea

di – oaeaeueiue aan eaaeaeiai enoi/ieea a iauae noiia,

ki oeaia i-ai enoi/ieea, au?aaeaiiay a i?ioeaioao a n?aaeiaaiaeiaii
en/eneaiee

?anniio?ei iineaaeiaaoaeueii ii?aaeaeaiea oeaiu eaaeaeiai enoi/ieea.

Nianoaaiiue eaieoae

aeiaaai/iue eaieoae – ia eiaao noieiinoe e ia iiaeao auoue eniieueciaai
eae enoi/iee eiaanoeoeeiiiuo ?ano?nia, oae eae, a iniiaiii, yoio eaieoae
oi?ie?oaony eae ?acoeueoao ia?aioeaiee aeoeaia i?aaei?eyoey;

i?eaeeaae?iaaiiua aeoeee – ioeaieaathony ii o?iaith oeene?iaaiiiai
aeeaeaeaiaea, eioi?ue auiea/eaaaony aaeaaiaeii i?aeoe/anee i?e ethauo
ianoiyoaeuenoaao;

iaueiiaaiiua aeoeee – eo oeaia ecia?yaony ia iniiaa ?acee/iuo iaoiaeia,
ii iaeaieaa ?ani?ino?aiaiiui yaeyaony ?an/ao, iniiaaiiue ia ecia?aiee
i?iaiice?oaiiai o?iaiy aeeaeaeaiaea eee aeeaeaeaiaea, auiea/aiiiai a
io/aoiii ia?eiaea, nei??aeoe?iaaiiiai ia i?iaiice?oaiue i?e?ino
aeeaeaeaiaeia, oi anoue

Kia = (Aeio/./A?ui.ia.aeoe) + (Oia

Eia – noieiinoue iauei.aeoe.,

Aeio/. – aeeaeaeaiaeu, auiea/aiiua a io/aoiii ia?eiaea,

A?ui.ia.aeoe. – ?ui.noieiinoue iauei.aeoeee,

Oia – i?iaiice?oaiue i?e?ino aeeaeaeaiaeia ii iaueiiaaiiui aeoeeyi

ia?ani?aaeaeaiiay i?eaueue (ioeiaeaiiay e auieaoa), oi anoue oa
i?eaueue, eioi?ay nouanoaoao aeey eaieoaeecaoeee, ?aeiaanoe?iaaiey. Yoio
enoi/iee ia yaeyaony aanieaoiui, oae eae ia *I, inoaaoothny iinea
auieaou iaeiaia e aeeaeaeaiaeia ii i?eaeeaae?iaaiiui aeoeeyi,
i?aoaiaeotho iaueiiaaiiua aeoeeiia?u. Iaeaieaa ?ani?ino?aiaiiui niiniaii
ioeaiee noieiinoe ia?ani?aaeaeaiiie i?eauee yaeyaony aa ioeaiea ii
o?iaith aeeaeaeaiaeia, auiea/aiiuo ii iaueiiaaiiui aeoeeyi.

Caaiiue eaieoae

aaieianeea nnoaeu – iniiaiie yeaiaio. Oeaia aeaiiiai enoi/ieea aoaeao
caaenaoue io aaee/eiu n?iea, ia eioi?ue i?eaeaeaaony eaieoae, a oaeaea
io aaee/eiu % e oa?aeoa?a aeeth/aiey % a cao?aou i?aaei?eyoey.

A iauai aeaea oeaia CE = aaee/eia aaieianeiai %.

Anee ?anniao?eaaoue ca?oaaaeiue iiuo:

Ece = i

Ece = i* (1-i)

A ?innee:

Ece = i

Ece = i(o (1-i) + (i , i( – noaaea ?aoeiaine?iaaiey + 3% uo ioieoa

Ece = i(x (1-i)*(n/360) + i(x (n/360)

iaeeaaoeeiiiua caeiu. Oeaia iiaeao auoue ii?aaeaeaia ?acee/iuie
iaoiaeaie, ii iaeaieaa ?ani?ino?aiaiiui yaeyaony ioeaiea a i?ioeaioiii
ioiioaiee iaeiia?aiaiiiai aeeneiioiiai e i?ioeaioiiai aeioiaea.
Ca/anooth iaeeaaoeee ?aaeecothony ia ii iiieiaeo, a n aeeneiioii.

Eic = ( Aeaeene + i )

Eic – oeaia iaeeaaoeeiiiiai caeia,

Aeaeene – noieiinoue aeeneiioe?iaaiiiai aeioiaea,

i – i?ioeaioiue aeioiae

Anee ca n/ao cao?ao iiea/eaathony aeioiaeu, oi aicieeaao iaeiaiaay
yeiiiiey

Eic = ( Aeaeene +i)*(1-i)

Anee iaeei yeaiaio iiea/eaaaony:

Eic = Aeaeene + i*(1-i)

Oaia: Oi?aaeaiea eaieoaeii i?aaei?eyoey

Enoi/ieee e iaoiaeu oeiaine?iaaiey

Iiiyoea aeeaeaeaiaeiie iieeoeee e iniiaiua oai?ee

Oeiu aeeaeaeaiaeiie iieeoeee

Ii?yaeie auieaou aeeaeaeaiaeia

Enoi/ieee e iaoiaeu oeiaine?iaaiey

A iauai aeaea ana enoi/ieee oeiaine?iaaiey iiaeii ?acaeaeeoue ia aeaa
a?oiiu.

Aioo?aiiaa oeiaine?iaaiea – iiae?acoiaaaao eniieueciaaiea NE, eioi?ue ii
enoi/ieeai oi?ie?iaaiey eiaao neaaeothuoth no?oeoo?o:

NE

aciinu o/?aaee- aii?oecaoeey iiaea?oaiaaiey, ?aca?au

oaeae: aeaaioa. aciinu, e oiiaeu

oeaeaa. oei-iea

1.onoaaiue eaieoae 1.?aca?aiue

2.yienneiiiue aeioiae eaieoae 2.aeiaaai/iue
eaieoae 3.ia?ani?aae.

i?eaueue

Aiaoiaa oeiaine?iaaiea : aai enoi/iee – CE

CE

iaeeaaoeeiiiua aaieianeea eiiia?/aneea ainoaea?. «niiioaiiia

caeiu e?aaeeou e?aaeeou e?aaeeou oeiai-iea

eee e?aaee-

oi?neay ca-

aeieaeaiiinoue

Aiaoiaa oeiaine?iaaiea iiaeao auoue ia oieueei caaiiui, ii e
oi?ie?iaaoue NE i?aaei?eyoey a i?ioeanna aeiiieieoaeueiie (aoi?e/iie)
yiennee aeoeee.

?anniio?ei i?eioeeieaeueiua ?acee/ey iaaeaeo CE e NE.

I?eciae NE CE

1. I?aai ia o/anoea a oi?aaeaiee eaieoaeii aeaao iao

2. I?aai ia iieo/aiea /anoe i?eauee e eiouanoaa ii inoaoi/iiio i?eioeeio
i?aeoe/anee aeaao ia?aii/a?aaeiia i?aai

3. N?ie aica?aoa eaieoaea ia onoaiiaeai ii aeiaiai?o

4. Eueaiou i?e iaeiaiiaeiaeaiee iao anoue, a caaeneiinoe io aeaea CE

A i?ioeanna ooieoeeiie?iaaiey i?aaei?eyoey eniieuecoaony 4 iniiaiuo
niiniaa oeiaine?iaaiey. Iie, a iniiaiii, naycaiu n aiaoieie enoi/ieeaie.

Iaoiaeu oeiaine?iaaiey I?aeiouanoaa Iaaeinoaoee

1. cae?uoay iiaeienea ia aeoeee iaaeaeo i?aaeieie e iiauie aeoeeiia?aie
Eiio?ieue ca i?aaei?eyoeai ia oo?a/eaaaony; oeiainiaue ?ene aic?anoaao
iacia/eoaeueii Iauai oeiaine?iaaiey ia?aie/ai e iiaeao neiaeeoueny
aunieee o?iaaiue noieiinoe i?eaea/aiey n?aaenoa

2. ioe?uoay iiaeienea Aiciiaeia iiaeeecaoeey e?oiiuo aeaiaaeiuo n?aaenoa
ia aeinoaoi/ii aieueoea n?iee; oeiainiaue ?ene aic?anoaao iacia/eoaeueii
Aiciiaeia iioa?y eiio?iey iaae i?aaei?eyoeai

3. aeieaiaia oeiaine?iaaiea Aiciiaeii i?eaea/aiea nieeaeiiai iauaia
?ano?nia; eiio?ieue ca i?aaei?eyoeai ia oo?a/eaaaony; aic?anoaao
?aioaaaeueiinoue NE Oeiainiaue ?ene aic?anoaao; n?ie eniieueciaaiey e
aiciauaiey ia?aie/ai

4. eiiaeie?iaaiiue I?aiaeaaeaiea oao eee eiuo i?aeiouanoa (iaaeinoaoeia)
iaaethaeaaony a caaeneiinoe io eiee/anoaaiiuo ia?aiao?ia noi?ie?iaaiiie
no?oeoo?u n?aaenoa

Aioo?aiia oeiaine?iaaiea iniiaaii ia eniieueciaaiee nianoaaiiuo
oeiainiauo ?ano?nia (aii?oecaoeey e i?eaueue) e aeieaeii iaania/eoue
i?ioeannu naiiieoiaaiinoe e naiioeiaine?iaaiey.

Iiiyoea aeeaeaeaiaeiie iieeoeee e iniiaiua oai?ee

Oa?iei «aeeaeaeaiaeiay iieeoeea» a i?eioeeia naycai n ?ani?aaeaeaieai
i?eauee a aeoeeiia?iuo iauanoaao. Iaeiaei ?anniao?eaaaiua a aeaiiii
neo/aa i?eioeeiu e iaoiaeu ?ani?aaeaeaiey i?eauee i?eiaieiu ia oieueei e
AI, ii e e i?aaei?eyoeyi ethaie i?aaiecaoeeiiii- i?aaiaie oi?iu. A nayce
n yoei a oeiainiaii iaiaaeaeiaioa eniieuecoaony oe?ieay o?aeoiaea
oa?ieia «aeeaeaeaiaeiay iieeoeea», iiae eioi?ie iiieiatho iaoaieci
oi?ie?iaaiey aeiee i?eauee, auiea/eaaaiie nianoaaiieeo a niioaaonoaee n
aeieae aai aeeaaea a iauoth noiio nianoaaiiiai eaieoaea i?aaei?eyoey.

Iineieueeo iniiaiie oeaeueth aeeaeaeaiaeiie iieeoeee yaeyaony
onoaiiaeaiea iaiaoiaeeiie i?iii?oeeiiaeueiinoe iaaeaeo oaeouei
iio?aaeaieai i?eauee e aoaeouei aa ?inoii, eioi?ue iaania/eo
eiaanoeoeeiiiia oeiaine?iaaiea, oi n iiiiuueth aeeaeaeaiaeiie iieeoeee
iiaeii iaeneiece?iaaoue ?uii/ioth noieiinoue i?aaei?eyoey e iaania/eoue
no?aoaae/aneia ?acaeoea.

Enoiaey ec oeaee aeeaeaeaiaeiie iieeoeee, iiae aeeaeaeaiaeiie iieeoeeie
iiieiatho ninoaaioth /anoue iauae oeiainiaie iieeoeee i?aaei?eyoey,
caeeth/athuaeny a iioeiecaoeee i?iii?oeee iaaeaeo iio?aaeyaiie e
eaieoaeece?oaiie i?eaueueth n oeaeueth iaeneiecaoeee ?uii/iie noieiinoe
i?aaei?eyoey.

Iaeaieaa ?ani?ino?aiaiiuie e aino?aaiaaiiuie oai?eyie aeeaeaeaiaeiie
iieeoeee yaeythony:

Oai?ey iacaaeneiinoe aeeaeaeaiaeia (aaoi?u: Ieeea? e Iiaeaeueyiie).
Oai?ey ooaa?aeaeaao, /oi eca?aiiay aeeaeaeaiaeiay iieeoeea ia ieacuaaao
ieeaeiai aeeyiey ie ia ?uii/ioth noieiinoue i?aaei?eyoey, ie ia
aeaaininoiyiea nianoaaiieeia a oaeouai e ia?niaeoeaiii ia?eiaeao. Oae
eae yoe iieacaoaee caaenyo io noiiu oi?ie?oaiie i?eauee, a ia
?ani?aaeaeyaiie. Iiyoiio aeeaeaeaiaeiay iieeoeea aeieaeia
i?aaeoniao?eaaoue i?aaeaea anaai iai?aaeaiea iniiaiie iannu i?eauee ia
oeiaine?iaaiea iaeaieaa yooaeoeaiuo eiaanoeoeeiiiuo i?iaeoia, a
iaueiiaaiiui aeoeeiia?ai aeieaeiu auiea/eaaoueny ii inoaoi/iiio
i?eioeeio.

Oai?ey i?aaeii/oeoaeueiinoe aeeaeaeaiaeia (aaoi?u: Ai?aeii e Eeioia?).
Oai?ey ooaa?aeaeaao, /oi eaaeaeay aaeeieoea oaeouaai aeioiaea,
auiea/aiiiai a oi?ia aeeaeaeaiaeia a ianoiyuaa a?aiy, noieo anaaaea
aei?iaea , o.e. iia i/euaia io ?enea, /ai aeioiae, ioeiaeaiiue ia
aoaeouaa n i?enouai aio ?eneii. Enoiaey ec yoie oai?ee, iaeneiecaoeey
aeeaeaeaiaeia yaeyaony aieaa i?aaeii/oeoaeueiie, /ai eaieoaeecaoeey
i?eauee. I?ioeaieee yoie oai?ee ooaa?aeaeatho, /oi aeioiae, iieo/aiiue a
oi?ia aeeaeaeaiaeia a aieueoeinoaa neo/aaa ?aeiaanoe?oaony a aeoeee
naiae eee aiaeiae/iuo eiiiaiee, a yoi, a naith i/a?aaeue, ia iicaieyao
eniieueciaaoue oaeoi? ?enea eae a?aoiaio a iieueco oie eee eiie
aeeaeaeaiaeiie iieeoeee.

Oai?ey iaeneiecaoeee aeeaeaeaiaeia eee oai?ey iaeiaiauo i?aaeii/oaiee.
Ii yoie oai?ee yooaeoeaiinoue iieeoeee ii?aaeaeyaony e?eoa?eai
ieieiecaoeee iaeiaiauo auieao ia eaieoaeece?oaioth i?eaueue e iieo/aaiuo
eueaio, a oaeaea iaeiaiauo auieao ii oaeouei e i?aaenoiyuei aeioiaea
nianoaaiieea. Iaeiaiiaeiaeaiea oaeoueo aeioiaeia a aeaea aeeaeaeaiaeiuo
auieao aoaeao anaaaea auoa, /ai o i?aaenoiyueo ca n/ao a?aiaiiie
noieiinoe aeaiaa e iaeiaiauo eueaio ii eaieoaeece?oaiie i?eauee. Iiyoiio
neaaeoao iaania/eoue ieieioi aeeaeaeaiaeiuo auieao e iaeneiaeueii
eaieoaeece?iaaoue i?eaueue. Yoa oai?ey caaeneo io nenoaiu eueaio a
eiie?aoiie nenoaia iaeiaiiaeiaeaiey, eiie?aoiie no?aiu a eiie?aoiue
iiiaio a?aiaie.

Oai?ey neaiaeece?iaaiey iino?iaia ia oii, /oi iniiaiua iiaeaee ioeaiee
oaeouae ?aaeueiie ?uii/iie noieiinoe aeoeee, a ea/anoaa aaciaiai
yeaiaioa eniieuecotho ?acia? auiea/eaaaiuo ii aeoeeyi aeeaeaeaiaeia.
Iiyoiio ?ino o?iaiy aeeaeaeaiaeiuo auieao ii?aaeaeyao aic?anoaiea
?aaeueiie e eioe?oaiie ?uii/iie noieiinoe aeoeee. Yoi aic?anoaiea
aaoiiaoe/aneia;8 ?aaeecaoeey oaeeo aea aeoeee aoaeao i?eiineoue
aeoeeiia?ai aeiiieieoaeueiue aeioiae. Ia?yaeo n yoei auieaoa aunieeo
aeeaeaeaiaeia neaiaeece?oao i oii, /oi eiiiaiey iaoiaeeony ia iiaeuaia e
iaeeaeaao nouanoaaiiue ?ino i?eauee a i?aaenoiyuai ia?eiaea. Yoa oai?ey
ia?ac?uaii naycaia n aunieie i?ic?a/iinoueth oiiaeiaiai ?uiea, ia
eioi?ii iia?aoeaii iieo/aiiay eioi?iaoeey ieacuaaao nouanoaaiiia aeeyiea
ia eieaaaiea ?uii/iie noieiinoe aeoeee.

Oai?ey eeeaioo?u (eee oai?ey niioaaonoaey aeeaeaeaiaeiie iieeoeee
ninoaao aeoeeiia?ia). Ii yoie oai?ee eiiiaiey aeieaeia inouanoaeyoue
aeeaeaeaiaeioth iieeoeeo oaeei ia?acii, /oiau oaeiaeaoai?eoue iaeeaeaiey
aieueoeinoaa aeoeeiia?ia e eo iaioaeeoao. Anee aieueoeinoai aeoeeiia?ia
ioaeaao i?aaeii/oaiea oaeouaio aeeaeaeaiaeo, oi neaaeoao iai?aaeoue
i?eaueue i?aeiouanoaaiii ia oeaee oaeouaai iio?aaeaiey e, iaiai?io, anee
iniiaiie ninoaa oi/ao eaieoaeece?iaaoue i?eaueue, oi iaaei aa
eaieoaeece?iaaoue. Oa /anoue aeoeeiia?ia, eioi?ay aoaeao ia niaeania n
aeeaeaeaiaeiie iieeoeeie, ?aeiaanoe?oao naie eaieoae a aeoeee ae?oaeo
eiiiaiee. A ?acoeueoaoa ninoaa eeeaioo?u noaiao aieaa iaeii?iaeiui.

Oeiu aeeaeaeaiaeiie iieeoeee

I?aeoe/aneia eniieueciaaiea ?acee/iuo oai?ee i?eaaei e ?ac?aaioea 3o
iniiaiuo iiaeoiaeia e oi?ie?iaaieth aeeaeaeaiaeiie iieeoeee:

eiina?aaoeaiue,

oia?aiiue (eiii?iienniue),

aa?anneaiue.

Iie iicaieeee noi?ie?iaaoue 5 oeiia aeeaeaeaiaeiie iieeoeee.

Eca?aiiue oei oa?aeoa?ecoaony iieacaoaeai – eiyooeoeeaio aeeaeaeaiaeiuo
auieao: Eaea = div/ EPS, aaea

Div – aeeaeaeaiaeu, auiea/aiiua ia 1 aeoeeth,

EPS – *I a ?an/aoa ia 1 aeoeeth

Iniiaiua oeiu aeeaeaeaiaeiie iieeoeee

Iiaeoiae e oi?ie?iaaieth aeeaeaeaiaeiie iieeoeee Oeiu aeeaeaeaiaeiie
iieeoeee

1. eiina?aaoeaiue 1.1 inoaoi/iay iieeoeea auieaou aeeaeaeaiaeia,

1.2 iieeoeea noaaeeueiiai ?acia?a aeeaeaeaiaeiuo auieao

2. eiii?iienniue 2. iieeoeea ieieiaeueiiai noaaeeueiiai ?acia?a
aeeaeaeaiaeiuo auieao n iaaeaaaeie a ii?aaeaeaiiua ia?eiaeu – iieeoeea
«yeno?aaeeaeaeaiaeia»

3. aa?anneaiue 3.1 iieeoeea noaaeeueiiai o?iaiy aeeaeaeaiaeiuo auieao ii
ioiioaieth e i?eauee

?acia?

i?eauee

e aeeaeaeaiaeia i?eaueue

ia 1 iaue.

Aeoeeth

3.1

3.2

i?ea.

3.1

2

2 1.1

1.2

1.2

1.1

1 2 3 4 5 aiaeu

Caaa?oathuei yoaiii oi?ie?iaaiey aeeaeaeaiaeiie iieeoeee yaeyaony auai?
oi?i:

auieaou aeeaeaeaiaeia iaee/iuie aeaiueaaie,

auieaou aeoeeyie. Iia eioa?ania aeey aeoeeiia?ia, i?eaioe?iaaiiuo ia
?ino eaieoaea a i?aaenoiyuai ia?eiaea,

aaoiiaoe/aneia ?aeiaanoe?iaaiea, o.a. i?aai auai?a iieo/eoue iaee/iua
aeaiueae eee ?aeiaanoe?iaaoue a aeiiieieoaeueiua aeoeee,

aueoi aeoeee eiiiaiee, o.a. ia noiio aeeaeaeaiaeiiai oiiaea oe?ia
aueoiaao ia ?uiea naiaiaeii ia?auathueany aeoeee.

Ii?yaeie auieaou aeeaeaeaiaeia

Ii?yaeie auieaou aeeaeaeaiaeia onoaiaaeeaaaony iau/ii caeiiiaeaoaeueiuie
aeoaie, a /anoiinoe AE ?O, OC ia AI.

Auieaou i?iiaaeooi/iuo aeeaeaeaiaeia o/eouaathony i?e auieaoa eiia/iiai
aiaeiaiai aeeaeaeaiaea.

Ii ?inneeneiio caeiiiaeaoaeuenoao enoi/ieeaie n?aaenoa aeey auieaou
aeeaeaeaiaeayaeythony:1. i?eaueue ca oaeouee aiae ii iaueiiaaiiui
aeoeeyi, 2. i?eaueue ca io/aoiue aiae, niaoeeaeueii oi?ie?oaiua oiiaeu e
?aca?au ii i?eaeeaae?iaaiiui aeoeeyi.

A ca?oaaaeiii caeiiiaeaoaeuenoaa neaaeothuea enoi/ieee:
1.ia?ani?aaeaeaiiay i?eaueue i?ioeuo eao, 2.yienneiiiue aeioiae,
3.ia?ani?aaeaeaiiay i?eaueue oaeouaai aiaea.

?aoaiea i auieaoa i?iiaaeooi/iuo aeeaeaeaiaeia, ?acia?a aeeaeaeaiaeia e
?aoaiea i aiaeiaii aeeaeaeaiaea i?eieiaaony Niaaoii aee?aeoi?ia
iauanoaa. Yoi neoaeeo iniiaaieai aeey i?eiyoey ?aoaiey Iauaai nia?aiey.
I?e yoii ?acia? aiaeiauo aeeaeaeaiaeia ia iiaeao auoue aieueoa
?aeiiaiaeiaaiiuo Niaaoii aee?aeoi?ia e iaiueoa auiea/aiiuo
i?iiaaeooi/iuo aeeaeaeaiaeia.

Iauaa nia?aiea aeoeeiia?ia ai?aaa i?eiyoue ?aoaiea i auieaoa
aeeaeaeaiaeia ii aeoeeyi ii?aaeaeaiiuo eaoaai?ee, a oaeaea ii
i?eaeeaae?iaaiiui aeoeeyi a iaiieiii ?acia?a. Eae i?aaeei, aeeaeaeaiaeu
auiea/eaathony iaee/iuie ca au/aoii iiaeioiaeiiai iaeiaa.

A Aa?iia, NOA iaeaieueoaa ?ani?ino?aiaiea iieo/eea i?aeoeea auieaou
aeeaeaeaiaeia aeoeeyie.

Aeaoa auieaou aeeaeaeaiaeia ii?aaeaeyaony Onoaaii Iauanoaa e ?aoaieai
Iauaai nia?aiey. Auieaoa ia iiaeao ia/aoueny ?aiaa 1 ianyoea iinea
i?eiyoey ?aoaiey.

Aeey eaaeaeie auieaou ninoaaeyaony nienie eeoe. Ia?yaeo n eaeaiaea?iuie
n?ieaie auieaou aeeaeaeaiaeia e ia?aie/aieyie eaeaiaea?iuo n?ieia
nouanoaotho e iauea ia?aie/aiey ia auieaoo aeeaeaeaiaeia: 1) naycaiiua n
oeiainiaui ninoiyieai yieoaioia e 2) naycaiiua n a?oiiaie aeoeee.

Ia?aie/aiey, naycaiiua n oeiainiaui ninoiyieai yieoaioia. Iauanoai ia
ai?aaa auiea/eaaoue e i?eieiaoue ?aoaiea i auieaoa aeeaeaeaiaeia, anee

1. ia i?iecioea iieiay iieaoa anaai OE,

2. aei aueoia aeoeee, ii eioi?ui aeoeeiia?u eiatho i?aai o?aaiaaoue
auieaou,

3. ia iiiaio auieaou aeeaeaeaiaeia iauanoai ioaa/aao i?eciaeii
ianinoiyoaeueiinoe,

4. noieiinoue /enouo aeoeaia iauanoaa iaiueoa onoaaiiai eaieoaea e
?aca?aiiai eaieoaea.

Ia?aie/aiey, naycaiiua n a?oiiaie aeoeee.

Iauanoai ia ai?aaa i?eieiaoue ?aoaiea i auieaoa aeeaeaeaiaeia, anee

ia i?eiyoi ?aoaiea i auieaoa a iieiii ?acia?a aeeaeaeaiaeia ii
i?eaeeaae?iaaiiui aeoeeyi, ii eioi?ii ?acia? aeeaeaeaiaeia onoaiiaeai a
Onoaaa.

Oaia: Oi?aaeaiea iai?ioiuie aeoeaaie

Iieeoeea i?aaei?eyoey a iaeanoe iai?ioiiai eaieoaea

Oi?aaeaiea aeaiaaeiuie n?aaenoaaie e eo yeaeaaeaioaie

Oi?aaeaiea aeaaeoi?neie caaeieaeaiiinoueth

Oi?aaeaiea caianaie

Oi?aaeaiea enoi/ieeaie oeiaine?iaaiey iai?ioiuo aeoeaia e aeaeu
no?aoaaee oeiaine?iaaiey

Iieeoeea i?aaei?eyoey a iaeanoe iai?ioiiai eaieoaea

I?e oi?ie?iaaiee iieeoeee oi?aaeaiey i?aaei?eyoeai nouanoaoao
neaaeothuay eeanneoeeaoeey iai?ioiuo aeoeaia: 1) n oi/ee c?aiey eo
o/anoey a i?ioeanna i?iecaiaenoaa e a noa?a ia?auaiey, 2) n oi/ee
c?aiey eo eeeaeaeiinoe e io?aaeaiey a o/aoa, 3) n oi/ee c?aiey eo
ioiioaiey e eciaiaieyi iauaiia i?iecaiaenoaa e neo/aeiuo oaeoi?ia,
aicieeathueo a i?ioeanna aeayoaeueiinoe i?aaei?eyoey.

?anniio?ei eeanneoeeaoeeth ?3. Iai?ioiua aeoeau iiae?acaeaeythony ia:

iinoiyiiue eaieoae (nenoaiiay /anoue iai?ioiiai eaieoaea);

ia?aiaiiay /anoue iai?ioiuo aeoeaia (aa?uee?othuay /anoue).

A oai?ee oeiainiaiai iaiaaeaeiaioa nouanoaotho 2 o?aeoiaee iiiyoey
nenoaiiie /anoe iai?ioiiai eaieoaea. Niaeanii ia?aie o?aeoiaee
iinoiyiiue eaieoae – yoa oa /anoue aeaiaaeiuo n?aaenoa, aeaaeoi?neie
caaeieaeaiiinoe, i?iecaiaenoaaiiuo caiania, iio?aaiinoue a eioi?uo
ioiineoaeueii iinoiyiia a oa/aiee anaai iia?aoeeiiiiai oeeeea. Yoi
iiaeao auoue on?aaeiaiiay ii a?aiaiiiio ia?aiao?o aaee/eia iai?ioiuo
aeoeaia, iaoiaeyueony a naiaiaeiii aaaeaiee i?aaei?eyoey.

Niaeanii aoi?ie o?aeoiaee nenoaiiay /anoue iiaeao auoue ii?aaeaeaia eae
ieieioi iai?ioiuo aeoeaia, iaiaoiaeeiue aeey inouanoaeaiey oaeouae
aeayoaeueiinoe. Yoi icia/aao, /oi i?aaei?eyoeth iaiaoiaeei ieieioi
aeaiaaeiuo n?aaenoa ia ?an/aoiii n/aoa, eae iaeee aiaeia ?aca?aiiai
eaieoaea.

Aa?uee?othuay /anoue (ia?aiaiiay) aicieeaao a nayce n aeiiieieoaeueiuie
iio?aaiinoyie i?aaei?eyoey e oi?ie?oaiuie aeoeaaie.

Iai?eia?: A ieeiaua iiiaiou aeayoaeueiinoe, naycaiiua eeai n
oi?n-iaaei?iuie ianoiyoaeuenoaaie eeai ni no?aoiaaieai io oaeeo
ianoiyoaeuenoa eee aea n naciiiinoueth i?iecaiaenoaaiiie
aeayoaeueiinoueth.

Oeaeaaie onoaiiaeie iieeoeee oi?aaeaiey iai?ioiuie aeoeaaie yaeythony:

ii?aaeaeaiea iauaia e no?oeoo?u iai?ioiuo aeoeaia,

ii?aaeaeaiea enoi/ieeia eo iie?uoey,

ii?aaeaeaiea niioiioaiey iaaeaeo enoi/ieeaie iie?uoey, aeinoaoi/iiai
aeey iaania/aiey aeieain?i/iie i?iecaiaenoaaiiie e yooaeoeaiie
oeiainiaie aeayoaeueiinoe i?aaei?eyoey ,

iiaeaea?aeaiea iai?ioiuo n?aaenoa a ?acia?a, iioeiece?othuai oi?aaeaiea
oaeouae aeayoaeueiinoe e, a /anoiinoe, iiaeaea?aeaiea ii?aaeaeaiiiai
o?iaiy eeeaeaeiinoe iai?ioiuo aeoeaia,

caeeth/aaony a oii, /oi iai?ioiue eaieoae, n iaeiie noi?iiu aeieaeai
auoue aeinoaoi/ii aeioiaeiui, a n ae?oaie noi?iiu auno?iiai?a/eaaaiui.
Anee aeinoeaaaony aunieay ?aioaaaeueiinoue i?iecaiaenoaa aioiaie
i?iaeoeoeee, oi yoi icia/aao, /oi iu aeinoeaaai aunieie ?aioaaaeueiinoe
i?iaeaae.

Iniiaiie oeaeueth oi?aaeaiey iai?ioiui eaieoaeii yaeyaony aeinoeaeaiea
eiii?iienna iaaeaeo eeeaeaeiinoueth, aeioiaeiinoueth e
iai?a/eaaaiinoueth.

Oi?aaeaiea aeaiaaeiuie n?aaenoaaie e eo yeaeaaeaioaie

Oi?aaeaiea aeaiaaeiuie n?aaenoaaie aeeth/aao:

?an/ao a?aiaie ia?auaiey aeaiaaeiuo n?aaenoa (oeiainiaue oeeee),

aiaeec aeaiaaeiiai iioiea,

i?iaiice?iaaiea aeaiaaeiiai iioiea,

ii?aaeaeaiea iioeiaeueiiai o?iaiy aeaiaaeiuo n?aaenoa ia ?an/aoiii n/aoa
e a eanna.

A i?ioeanna oi?aaeaiey aeaiaaeiuie n?aaenoaaie o/eouaathony o?e
neaaeothueo oaeoi?a:

?ooeiiinoue (aeaiaaeiua n?aaenoaa eniieuecothony aeey auiieiaiey oaeoueo
iia?aoeee e, iineieueeo iaaeaeo aoiaeyueie e enoiaeyueie aeaiaaeiuie
iioieaie anaaaea eiaaony a?aiaiiie eaa, oi i?aaei?eyoeth iaiaoiaeeii ia
?an/aoiii n/aoa aea?aeaoue naiaiaeiue inoaoie aeaiaaeiuo n?aaenoa);

i?aaeinoi?iaeiinoue (iineieueeo i?aaei?eyoea iiaeaa?aeaii aeeyieth
iaii?aaeaeaiiinoe a naiae aeayoaeueiinoe, oi aio iaiaoiaeeiu aeaiaaeiua
n?aaenoaa aeey niaa?oaiey iai?aaeaeaeaiiuo ieaoaaeae);

niaeoeyoeaiinoue (aeaiaaeiua n?aaenoaa iaiaoiaeeiu i?aaei?eyoeth ii
niaeoeyoeaiui niia?aaeaieyi, iineieueeo nouanoaoao i?aeoe/anee iaioeaaay
aa?iyoiinoue oiai, /oi iiaeao i?aaenoaaeony aiciiaeiinoue auaiaeiiai
eiaanoe?iaaiey).

Oeiainiaue oeeee = iia?aoeeiiiue oeeee – a?aiy ia?auaiey e?aaeeoi?neie
caaeieaeaiiinoe

Iia?aoeeiiiue oeeee = a?aiy ia?auaiey caiania + a?aiy ia?auaiey
aeaaeoi?neie yaaeieaeaiiinoe

Aeey ?an/aoa iioeiaeueiiai ?an/aoa inoaoea aeaiaaeiuo n?aaenoa ia
?an/aoiii n/aoo eniieuecothony iiaeaee, iicaieythuea ioeaieoue iauee
iauai aeaiaaeiuo n?aaenoa e eo yeaeaaeaioia, aeieth, eioi?oth neaaeoao
aea?aeaoue ia ?an/aoiii n/aoa, aeieth, eioi?oth ioaeii aea?aeaoue a
aeaea auno?i?aaeecoaiuo oeaiiuo aoiaa, a oaeaea ioeaieoue iiiaiou
o?ainoi?iaoeee aeaiaaeiuo n?aaenoa e auno?i?aaeecoaiuo aeoeaia.

Iiaeaeue Aaiiey (Aaoiiea).

A iae i?aaeiieaaaaony, /oi i?aaei?eyoea ia/eiaao ?aaioaoue, eiay
iaeneiaeueiue e oeaeaniia?aciue aeey iaai o?iaaiue aeaiaaeiuo n?aaenoa,
a caoai iinoaiaiii ?anoiaeoao eo a oa/aiee iaeioi?iai ia?eiaea. Eae
oieueei caian aeaiaaeiuo n?aaenoa enoiuaaony, o.a. noaiiaeony ?aaiui
ioeth eee aeinoeaaao o?iaiy aaciianiinoe, oi i?aaei?eyoea i?iaeaao naie
e?aoein?i/iua oeaiiua aoiaae e iiiieiyao caian aeaiaaeiuo n?aaenoa aei
ia?aiia/aeueiie noiiu.

ino. aeai.

n?. ia ?/n

t

Q = ( (2*V*C) / r

aaea Q – noiia iiiieiaiey,

V – i?iaiice?oaiay iio?aaiinoue aeaiaaeiuo n?aaenoa a ia?eiaea ( ianyoe,
eaa?oae, aiae),

C – ?anoiaeu ia o?ainoi?iaoeeth aeaiaaeiuo n?aaenoa a oeaiiua aoiaae,

r – i?eaieaiue aeioiae aeey i?aaei?eyoey ii e?aoein?i/iui oeiainiaui
aeiaeaieyi.

CAeNn?. = Q / 2 ,

aaea CAeNn?. – n?aaeiee caian aeaiaaeiuo n?aaenoa

k = V/Q ,

aaea k – eiee/anoai naeaeie ii eiiaa?oaoeee

Iauea ?anoiaeu ii ?aaeecaoeee aeaiiie iiaeaee oi?aaeaiey aeaiaaeiuie
n?aaenoaaie ninoaaeytho aaee/eio

OP = ck + r*(Q/2),

aaea ck – i?yiua ?anoiaeu

r*(Q/2) – oiouaiiay auaiaea io o?aiaiey n?aaeiaai caiana
ia ?an/aoiii n/aoa

Yoa iiaeaeue i?eaieaia oieueei aeey i?aaei?eyoee, aeaiaaeiua aeioiaeu
eioi?uo noaaeeueiu e i?iaiice?oaiu.

Iiaeaeue Ieeea?a – I??a

Eiaeea iiaeaee neaaeothuay: inoaoie aeaiaaeiuo n?aaenoa ia ?an/aoiii
n/aoa iaiyaony oaioe/anee aei oao ii?, iiea ia aeinoeaaao iaeiaai
aa?oiaai i?aaeaea. Eae oieueei yoi i?ienoiaeeo, i?aaei?eyoea ia/eiaao
iieoiaoue oeaiiua aoiaae aeey oiai, /oiau aa?iooue caian aeaiaaeiuo
n?aaenoa e iaeioi?iio ii?iaeueiiio ninoiyieth, iacuaaaiiio oi/eie
aica?aoa.

Anee caian aeaiaaeiuo n?aaenoa aeinoeaaao ieaeiaai i?aaeaea, oi a yoii
neo/aa i?aaei?eyoea i?iaeaao naie oeaiiua aoiaae e iieo/aao aeaiaaeiua
n?aaenoaa, aeiaaaey eo caian aei ii?iaeueiiai i?aaeaea.

ino. aeai.

n?. ia ?/n

aa?oiee i?aaeae

oi/ea aica?aoa

ieaeiee i?aaeae

t

?aaeecaoeey yoie iiaeaee ia i?aeoeea aeeth/aao neaaeothuea yoaiu:

onoaiaaeeaaaony ieieiaeueiay aaee/eia aeaiaaeiuo n?aaenoa (Ii), eioi?oth
oeaeaniia?acii eiaoue ia ?an/aoiii n/aoa, enoiaey ec n?aaeiae
iio?aaiinoe aeaiaa aeey iieaou aaieianeeo n/aoia e ae?oaeo o?aaiaaiee;

ii noaoenoe/aneei aeaiiui ii?aaeaeyaony aa?eaoeey iinooieaiey aeaiaaeiuo
n?aaenoa ia ?an/aoiua n/aoa;

ii?aaeaeythony ?anoiaeu ii o?aiaieth n?aaenoa ia ?an/aoiii n/aoa (yoa
aaee/eia iiaeao auoue i?eiyoa ia o?iaia noaaee aaeaaeiaaiiai aeioiaea ii
e?aoein?i/iui oeaiiui aoiaaai, ia?auathueiny ia ?uiea);

?ann/eouaathony ?anoiaeu ii acaeiiie o?ainoi?iaoeee aeaiaaeiuo n?aaenoa
e oeaiiuo aoiaa;

?ann/eouaaaony ?aciao aa?eaoeee ia ?an/aoiii n/aoa ii neaaeothuae
oi?ioea: 3

S = 3* ( ( 3*Px*V) / (4*Pt)

S – ?aciao aa?eaoeee,

Px – ?anoiaeu ii o?aiaieth,

V – aaeaaeiaaiay aa?eaoeey,

Pt – ?anoiaeu ii o?ainoi?iaoeee

?ann/eouaaaony aa?oiyy a?aieoea aeaiaaeiuo n?aaenoa Ia, enoiaey ec oiai,
/oi i?e aeinoeaeaiee yoie a?aieoeu eee aa i?aauoaiee, /anoue
aeaiaaeiuo n?aaenoa iaiaoiaeeii aoaeao eiiaa?oe?iaaoue a oeaiiua aoiaae

Ia = Ii + S

ii?aaeaeaiea oi/ee aica?aoa, o.a. aaee/eiu inoaoea aeaiaaeiuo n?aaenoa
ia ?an/aoiii n/aoa, e eioi?ie iaiaoiaeeii aa?iooueny a neo/aa, anee
oaeoe/aneee inoaoie auoiaeeo ia a?aieoeu eee ca a?aieoeu aa?oiaai e
ieaeiaai i?aaeaea.

Oa = Ii +S/3

Yoe iiaeaee iicaieytho oi?ie?iaaoue iioeiaeueiue inoaoie aeaiaaeiuo
n?aaenoa ia ?an/aoiii n/aoa ( yoi eeth/aaie iieacaoaeue aeey ?an/aoa
aeaiaaeiiai iioiea).

Oi?aaeaiea aeaaeoi?neie caaeieaeaiiinoueth

Aeaaeoi?neay caaeieaeaiiinoue, eae ecaanoii, yaeyaony aanueia
iiiaiia?aciie e niaea?aeeo caaeieaeaiiinoue ca oiaa?u, ?aaiou, oneoae,
n?ie iieaou eioi?uo ia ianooiee eee ia iiea/aiiua a n?ie. (Aeaaeoi?neay
caaeieaeaiiinoue ii aaenaeyi, ii ?an/aoai n athaeaeaoii, ii ?an/aoai n
ia?niiaeii).

A iauae noiia aeaaeoi?neie caaeieaeaiiinoe 80-90% i?eoiaeyony ia ?an/aou
n iieoiaoaeyie. Iiyoiio iieeoeea oi?aaeaiey aeaaeoi?neie
caaeieaeaiiinoueth naycaia a ia?aoth i/a?aaeue n iioeiecaoeeae ?acia?a
caaeieaeaiiinoe e eieannaoeee caaeieaeaiiinoe ca ?aaeeciaaiioth
i?iaeoeoeeth.

Iiyoiio iieeoeeo oi?aaeaiey aeaaeoi?neie caaeieaeaiiinoueth iacuaatho
e?aaeeoiie iieeoeeie ii ioiioaieth e iieoiaoaeyi i?iaeoeoeee.

Iieeoeea oi?aaeaiey aeaaeoi?neie caaeieaeaiiinoueth i?aaenoaaeyao niaie
/anoue iauae iieeoeee oi?aaeaiey iai?ioiuie aeoeaaie e ia?eaoeiaiaie
iieeoeee i?aaei?eyoey, iai?aaeaiiie ia ?anoe?aiea iauaiia ?aaeecaoeee
i?iaeoeoeee e naycaiiie n iioeiecaoeeae ?acia?a aeaaeoi?neie
caaeieaeaiiinoe e iaania/aieai naiaa?aiaiiie aa eieannaoeee.

Iieeoeea oi?aaeaiey aeaaeoi?neie caaeieaeaiiinoueth aeeth/aao:

Aiaeec aeaaeoi?neie caaeieaeaiiinoe a i?aaeoanoaothuai ia?eiaea a oeaeyo
ioeaiee o?iaiy e ninoaaa aeaaeoi?neie caaeieaeaiiinoe i?aaei?eyoey, a
oaeaea yooaeoeaiinoe eiaanoe?iaaiey a iaa oeiainiauo n?aaenoa. Caeanue
aiaeece?othony n?iee iiaaoaiey aeaaeoi?neie caaeieaeaiiinoe, ia?eiaeu aa
eieannaoeee, ?acia? ioaea/aiey iai?ioiuo aeoeaia a aeaaeoi?neoth
caaeieaeaiiinoue, ninoaa AeC ii aa aic?anoiui a?oiiai, auyaeyaony
aaciaaeaaeiay e niiieoaeueiay AeC.

Oi?ie?othony ii?aaeaeaiiua i?eioeeiu e iiaeoiaeu e?aaeeoiie iieeoeee ii
ioiioaieth e iieoiaoaeyi i?iaeoeoeee . ?aoathony aeaa iniiaiuo aii?ina:
1. a eaeeo oi?iao inouanoaeyaony ?aaeecaoeey i?iaeoeoeee, 2. eaeie oei
e?aaeeoiie iieeoeee neaaeoao eca?aoue.

?acee/atho o?e iniiaiuo oeia e?aaeeoiie iieeoeee ii ioiioaieth e
iieoiaoaeyi:

Eiina?aaoeaiue. Iai?aaeai ia ieieiecaoeeth e?aaeeoiiai ?enea,

eioi?ay yaeyaony i?ei?eoaoiie, iiyoiio nouanoaaiii nie?auaao e?oa
iieoiaoaeae a e?aaeeo. A ia?aoth i/a?aaeue ca n/ao a?oii iieoiaoaeae n
iiauoaiiui ?eneii; ca n/ao ieieiecaoeee n?ieia i?aaeinoaaeaiey e?aaeeoa
e aai ?acia?a, oaeanoi/aiey oneiaee i?aaeinoaaeaiey e?aaeeoa e iiauoaiey
aai noieiinoe, ca n/ao aieaa aeanoeie i?ioeaaeo?u eieannaoeee
aeaaeoi?neie caaeieaeaiiinoe.

Oia?aiiue oei i?eaioe?oaony ia n?aaeiee o?iaaiue e?aaeeoiiai

?enea e niioaaonoaaiii aieaa iyaeea oneiaey i?aaeinoaaeaiey
eiiia?/aneiai e?aaeeoa.

Aa?anneaiue (iyaeee) oei i?aaeoniao?eaaao iaeneiecaoeeth

aeiiieieoaeueiie i?eauee ca n/ao ?anoe?aiey iauaia ?aaeecaoeee
i?iaeoeoeee a e?aaeeo, ia n/eoaynue n aunieei o?iaiai e?aaeeoiiai ?enea.

Oi?ie?iaaiea nenoaiu e?aaeeoiuo oneiaee aeeth/aao:

a) n?ie i?aaeinoaaeaiey e?aaeeoa,

a) eeieo i?aaeinoaaeyaiiai e?aaeeoa,

a) noieiinoue i?aaeinoaaeaiey e?aaeeoa, o.a. nenoaia oeaiiauo neeaeie
i?e inouanoaeaiee ?an/aoia ca i?eia?aoaiioth i?iaeoeoeeth,

a) nenoaia oo?aoiuo naieoeee ca i?in?i/eo eniieiaiey iaycaoaeuenoa.

Iai?eia?: I?e 5% neeaeea, 7 -aeiaaiii n?iea iieaou e /enoii ia?eiaea 30
aeiae. I?aaei?eyoea oa?yao neeaeeo n 8 ii 30 aeaiue, anee ia i?iecaaaeao
iieaoo a oa/aiee 7 aeiae; ii enoa/aieth 30 aeiae aunooiaao nenoaia
oo?aoiuo naieoeee.

Oi?ie?iaaiea noaiaea?oia ioeaiee iieoiaoaeae e aeeooa?aioeeaoeey oneiaee
i?aaeinoaaeaiey e?aaeeoa. A iniiaa yoeo noaiaea?oia eaaeeo
e?aaeeoiniiniaiinoue i?aaei?eyoey.

Iino?iaiea yooaeoeaiuo nenoai eiio?iey ca aeaeaeaieai naiaa?aiaiiie
eieannaoeeae aeaaeoi?neie caaeieaeaiiinoe. Iaeiie ec yooaeoeaiuo oi?i
yaeyaony nenoaia AAN, aaea a eaoaai?eth A auaeaeytho iaeaieaa e?oiiua e
niiieoaeueiua aeaeu aeaaeoi?neie caaeieaeaiiinoe; a eaoaai?eth A –
e?aaeeou n?aaeieo ?acia?ia; a eaoaai?eth N – ana inoaeueiua aeaeu, ia
ieacuaathuea na?ueaciiai aeeyiey ia ?acoeueoaou aeayoaeueiinoe
i?aaei?eyoey.

Oi?aaeaiea caianaie

Iieeoeea oi?aaeaiey caianaie i?aaenoaaeyao niaie /anoue iauae iieeoeee
oi?aaeaiey iai?ioiuie aeoeaaie i?aaei?eyoey, caeeth/athuaeny a
iioeiecaoeee iauaai ?acia?a e no?oeoo?u caiania OIOe, ieieiecaoeee
cao?ao ii eo ianeoaeeaaieth e iaania/aieth yooaeoeaiiai eiio?iey ca eo
aeaeaeaieai.

?ac?aaioea iieeoeee oi?aaeaiey caianaie ioaaouaaao ?yae
iineaaeiaaoaeueii auiieiyaiuo yoaiia ?aaio, iniiaiuie ec eioi?uo
yaeythony:

Aiaeec caiania OIOe a i?aaeoanoaothuai ia?eiaea. Iniiaiie caaea/ae yoiai
aiaeeca yaeyaony auyaeaiea o?iaiy iaania/aiiinoe i?iecaiaenoaa e
?aaeecaoeee i?iaeoeoeee niioaaonoaothueie caianaie OIOe a
i?aaeoanoaothuai ia?eiaea e ioeaiea yooaeoeaiinoe eo eniieueciaaiey.
Aiaeec i?iaiaeeony a ?ac?aca iniiaiuo aeaeia caiania.

Ii?aaeaeaiea oeaeae oi?ie?iaaiey caiania. Oeaee iiaoo auoue:

iaania/aiea oaeouae i?iecaiaenoaaiiie aeayoaeueiinoe (oaeouea caianu
nu?uey e iaoa?eaeia);

iaania/aiea oaeouae nauoiaie aeayoaeueiinoe (oaeouea caianu aioiaie
i?iaeoeoeee);

iaeiieaiea naciiiuo caiania, iaania/eaathueo oicyenoaaiiue i?ioeann a
i?aaenoiyuai ia?eiaea

Iioeiecaoeey ?acia?a iniiaiuo a?oii oaeoueo caiania. N yoie oeaeueth
eniieuecoaony ?yae iiaeaeae. N?aaee eioi?uo iaeaieueoaa ?ani?ino?aiaiea
iieo/eea «Iiaeaeue yeiiiie/anee iainiiaaiiiai ?acia?a caeaca» . Iia
iiaeao auoue eniieueciaaia eae aeey iioeiecaoeee ?acia?a
i?iecaiaenoaaiiuo caiania, oae e caiania aioiaie i?iaeoeoeee. ?an/aoiue
iaoaieci yoie iiaeaee iniiaai ia iioeiecaoeee niaieoiiuo iia?aoeeiiiuo
cao?ao ii caeoiea e o?aiaieth caiania ia i?aaei?eyoee. Yoe iia?aoeeiiiua
cao?aou i?aaeaa?eoaeueii ?acaeaeythony ia aeaa a?oiiu:

a) noiia cao?ao ii ?aciauaieth caeacia ( aeeth/athueo ?anoiaeu ii
o?ainii?oe?iaaieth e i?eaiea oiaa?ia)

III

IC?c = ———– o N?c , aaea

?II

IC?c – noiia iia?aoeeiiiuo cao?ao ii ?aciauaieth caeacia;

N?c – n?aaeiyy noieiinoue ?aciauaiey iaeiiai caeaca;

III – iauai i?iecaiaenoaaiiiai iio?aaeaiey oiaa?ia a ?anniao?eaaaiii
ia?eiaea;

?II – n?aaeiee ?acia? iaeiie ia?oee iinoaaee oiaa?ia.

Ec i?eaaaeaiiie oi?ioeu aeaeii, /oi i?e iaeciaiiii iauaia
i?iecaiaenoaaiiiai iio?aaeaiey e n?aaeiae noieiinoe ?aciauaiey iaeiiai
caeaca iauay noiia iia?aoeeiiiuo cao?ao ii ?aciauaieth caeacia
ieieiece?oaony n ?inoii n?aaeiaai ?acia?a iaeiie ia?oee iinoaaee
oiaa?ia.

a) noiia cao?ao ii o?aiaieth oiaa?ia ia neeaaea.

?II

ICoo = ———– o No , aaea

2

ICoo – noiia iia?aoeeiiiuo cao?ao ii o?aiaieth oiaa?ia ia neeaaea;

No – noieiinoue o?aiaiey aaeeieoeu oiaa?a a ?anniao?eaaaiii ia?eiaea.

Ec i?eaaaeaiiie oi?ioeu aeaeii, /oi i?e iaeciaiiie noieiinoe o?aiaiey
aaeeieoeu oiaa?a a ?anniao?eaaaiii ia?eiaea iauay noiia iia?aoeeiiiuo
cao?ao ii o?aiaieth oiaa?iuo caiania ia neeaaea ieieiece?oaony i?e
nieaeaiee n?aaeiaai ?acia?a iaeiie ia?oee iinoaaee oiaa?ia.

O.i. n ?inoii n?aaeiaai ?acia?a iaeiie ia?oee iinoaaee oiaa?ia
nieaeathony IC?c e aic?anoatho ICoo. Aeaiiay iiaeaeue iicaieyao
iioeiece?iaaoue i?iii?oeee iaaeaeo yoeie aeaoiy a?oiiaie cao?ao oae,
/oiau eo niaieoiiay noiia auea ieieiaeueiie.

Ii?aaeaeaiea yeiiiie/iiai (iioeiaeueiiai) caiana

cao?aou

Noiia?iua cao?aou

Cao?aou ia o?aiaiea

Noieiinoue auiieiaiey caeaca

Iioei. caian ?acia? caiana

Iaoaiaoe/anee aeaiiay iiaeaeue au?aaeaaony oi?ioeie:

2*III*N?c

?IIi = ( (((((( , aaea

No

?IIi – iioeiaeueiue n?aaeiee ?acia? ia?oee iinoaaee oiaa?ia.

Niioaaonoaaiii iioeiaeueiue n?aaeiee ?acia? i?iecaiaenoaaiiiai caiana
ii?aaeaeyaony ii oi?ioea:

?IIi

ICi = (((((

2

Aeey caiania aioiaie i?iaeoeoeee ?an/ao iieacaoaeae aiaeiae/ai.

Iioeiecaoeey iauae noiiu caiania OIOe, aeeth/aaiuo a ninoaa iai?ioiuo
aeoeaia.

Iino?iaiea yooaeoeaiuo nenoai eiio?iey ca aeaeaeaieai caiania ia
i?aaei?eyoee. Caeanue iniiaiie caaea/ae yaeyaony naiaa?aiaiiia
?aciauaiea caeacia ia iiiieiaiea caiania e aiaea/aiea a oicyenoaaiiue
iai?io eceeoia noi?ie?iaaiiuo eo aeaeia.

Iioeiecaoeey iauae noiiu caiania OIOe, aeeth/aaiuo a ninoaa iai?ioiuo
aeoeaia

Oi?aaeaiea enoi/ieeaie oeiaine?iaaiey iai?ioiuo aeoeaia e aeaeu
no?aoaaee oeiaine?iaaiey

A oai?ee oeiainiaiai iaiaaeaeiaioa i?eiyoi auaeaeyoue ?acee/iua
no?aoaaee oeiaine?iaaiey oaeoueo aeoeaia a caaeneiinoe io ioiioaiey
iaiaaeaea?a e auai?o aaee/eiu /enoiai iai?ioiiai eaieoaea. Ecaanoiu
/aou?a iiaeaee iiaaaeaiey: eaeaaeueiay, aa?anneaiay, eiina?aaoeaiay,
eiii?iienniay. Auai? oie eee eiie iiaeaee no?aoaaee oeiaine?iaaiey
naiaeeony e onoaiiaeaieth aaee/eiu aeieain?i/iuo ianneaia e ?an/aoo ia
aa iniiaa aaee/eiu /enoiai iai?ioiiai eaieoaea eae ?acieoeu iaaeaeo
aeieain?i/iuie ianneaaie e aiaiai?ioiuie aeoeaaie (IE=AeI-AA).
Neaaeiaaoaeueii, eaaeaeie no?aoaaee iiaaaeaiee niioaaonoaoao naia
aaciaia o?aaiaiea.

Eaeaaeueiay iiaeaeue iniiaaia ia acaeiiii niioaaonoaee eaoaai?ee
«oaeouea aeoeau» e «oaeouea iaycaoaeuenoaa». Iiaeaeue icia/aao, /oi
oaeouea aeoeau ii aaee/eia niaiaaeatho n e?aoein?i/iuie
iaycaoaeuenoaaie, o.a. /enoue iai?ioiue eaieoae ?aaai ioeth. A ?aaeueiie
aeecie oaeay iiaeaeue i?aeoe/anee ia ano?a/aaony. E?iia oiai, n iiceoeee
eeeaeaeiinoe iia iaeaieaa ?eneiaaiia. Nooue yoie no?aoaaee ninoieo a
oii, /oi aeieain?i/iua ianneau onoaiaaeeaathony ia o?iaia aiaiai?ioiuo
aeoeaia, o.a. aaciaia aaeainiaia o?aaiaiea (iiaeaeue) aoaeao eiaoue
aeae: AeI=AA

Aa?anneaiay iiaeaeue icia/aao, /oi aeieain?i/iua ianneau neoaeao
enoi/ieeaie iie?uoey aiaiai?ioiuo aeoeaia, o.a. oiai eo ieieioia,
eioi?ue iaiaoiaeei aeey inouanoaeaiey oicyenoaaiiie aeayoaeueiinoe. A
yoii neo/aa iai?ioiue eaieoae a oi/iinoe ?aaai yoiio ieieioio (IE=N*).
Aaciaia aaeainiaia o?aaiaiea aoaeao eiaoue aeae: AeI=AA+N*.

Eiina?aaoeaiay iiaeaeue i?aaeiieaaaao, /oi aa?uee?othuay /anoue oaeoueo
aeoeaia oaeaea iie?uaaaony aeieain?i/iuie ianneaaie. A yoii neo/aa
e?aoein?i/iie e?aaeeoi?neie caaeieaeaiiinoe iao, ionoonoaoao ?ene iioa?e
eeeaeaeiinoe. *enoue iai?ioiue eaieoae ?aaai ii aaee/eia oaeouei aeoeaai
(IE=OA). Yoa no?aoaaey i?aaeiieaaaao onoaiiaeaiea aeieain?i/iuo ianneaia
ia o?iaia, caaeaaaaiii neaaeothuei aaciaui aaeainiaui o?aaiaieai:
AeI=AA+N*+A*.

Eiii?iienniay iiaeaeue iaeaieaa ?aaeueia. A yoii neo/aa aiaiai?ioiua
aeoeau, nenoaiiay /anoue oaeoueo aeoeaia e i?eaeeceoaeueii iieiaeia
aa?uee?othuae /anoe oaeoueo aeoeaia iie?uaaaony aeieain?i/iuie
ianneaaie. *enoue iai?ioiue eaieoae ?aaai ii aaee/eia noiia nenoaiiie
/anoe oaeoueo aeoeaia e iieiaeia eo aa?uee?othuae /anoe (IE=N*+0,5*A*).
No?aoaaey i?aaeiieaaaao onoaiiaeaiea aeieain?i/iuo ianneaia ia o?iaia,
caaeaaaaiii neaaeothuei aaciaui aaeainiaui o?aaiaieai: AeI=AA+N*+0,5*A*.

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