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Инвестиции в недвижимость

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I I N

N A O I N

Eaoaae?a : “Iaiaaeaeiaio ia o?ainii?oa”

EO?NIAIE I?IAEO

“Eiaanoeoeee a iaaeaeaeeiinoue”

Auiieieea : no. a?. AA-512

Aeaenaaaa I,A.

I?iaa?ee: i?. No?eeia N.A.

Iiaineae?ne

1997

Aiiioaoeey.

A aeaiiie ?aaioa ia i?eia?a eiie?aoiie eaa?oe?u
?anniao?eaaaony aiciiaeiinoue ioeaiee aa noieiinoe ?acee/iuie iaoiaeaie:
cao?aoiui iaoiaeii, iaoiaeii n?aaiaiey ?uii/iuo aiaeiaia, aeioiaeiui
iaoiaeii. Aeaaony caeeth/aiea i niiinoaaeiinoe iieo/aiiuo ?acoeueoaoia.
Oaeaea ?anniao?eaaaony eiaanoeoeeiiiue i?iaeo ii aeiaeaieth n?aaenoa a
eaa?oe?o n oeaeueth iieo/aiey aeioiaea e ii?aaeaeyaony aai
yooaeoeaiinoue i?e caaeaiiuo oneiaeyo.

16 oaae., 3 ?en., no?. 22

Niaea?aeaiea

Aaaaeaiea
4

Aeaaa 1. Nouanoaothuay ii?iaoeaii-i?aaiaay aaca
5

Aeaaa 2. Iienaiea iauaeoa
8

2.1. E?aoeia iienaiea iauaeoa

2.2. Aiaeec ianoi?aniieiaeaiey. Ia?aie/aiey e aeiiouaiey 11

Aeaaa 3. Iaoiaeu ioeaiee
12

3.1. Cao?aoiue iaoiae
12

3.2. Iaoiae n?aaiaiey ?uii/iuo aiaeiaia
14

3.3. Aeioiaeiue iaoiae
17

3.4. Niaeaniaaiea ?acoeueoaoia

Aeaaa 4. N?aaieoaeueiue eiaanoeoeeiiiue aiaeec
19

4.1. Ii?aaeaeaiea iniiaiuo eiaanoeoeeiiiuo iieacaoaeae
19

4.2. ?aiaee?iaaiea iieacaoaeae
21

Caeeth/aiea.
22

Aaaaeaiea

A ?uii/iie yeiiiieea oe?iei ?ani?ino?aiaiu iia?aoeee n
iaaeaeaeeiinoueth. Ioeaiea iaaeaeaeeiinoe iaiaoiaeeia aeey
inouanoaeaiey neaaeothueo iia?aoeee:

– i?e i?iaeaaea eee naea/a a a?aiaeo;

– i?e aeoeeiie?iaaiee i?aaei?eyoey e ia?a?ani?aaeaeaiee eiouanoaaiiuo
i?aa;

– i?e i?eaea/aiee iiauo iaeueeia e yiennee aeoeee;

– i?e iaeiaiiaeiaeaiee ne no?aoiaaiee eiouanoaa;

– i?e e?aaeeoiaaiee iiae caeia iaaeaeaeeiinoe;

– i?e eniieiaiee i?aa ianeaaeiaaiey;

– aeey eniieiaiey noaeaaiiai i?eaiai?a.

Ioeaiea iaaeaeaeeiiai eiouanoaa anoue ia/aei eiaanoeoeeiiiiai
i?ioeanna. Oi anoue ieeaeia aeiaeaiea n?aaenoa a iiaoth iaaeaeaeeiinoue
ia inouanoaeyaony aac i?aaeeueiie ioeaiee eiathuaeny iaaeaeaeeiinoe.
Aeey oi?aaeaiey iaaeaeaeeiinoueth iaiaoiaeeia iaoiaeeea ioeaiee
iauaeoia iaaeaeaeeiiai eiouanoaa. A aeaiiie eo?niaie ?aaioa
?anniao?eaathony iniiaiua iaoiaeu ioeaiee ia i?eia?a eiie?aoiie
eaa?oe?u.

Aeaaa 1. Nouanoaothuay ii?iaoeaii-i?aaiaay aaca

1. 1 Iaaeaeaeeiinoue:

E iaaeaeaeeiui aauai (iaaeaeaeeiia eiouanoai,
iaaeaeaeeiinoue) ioiinyony caiaeueiua o/anoee, o/anoee iaae?,
iainiaeaiiua aiaeiua iauaeou e ana, /oi i?i/ii naycaii n
caieae, o.a. iauaeou, ia?aiauaiea eioi?uo aac iani?acia?iiai
oua?aa eo iacia/aieth iaaiciiaeii, a oii /enea eana,
iiiaieaoiea ianaaeaeaiey, caeaiey, nii?oaeaiey. Caeiiii e iaaeaeaeeiui
aauai iiaeao auoue ioianaii e eiia eiouanoai (no. 130 AE ?O).

1.2 Eaa?oe?a eae iauaeo i?aaa:

Nianoaaiieeo eaa?oe?u a iiiaieaa?oe?iii aeiia ia?yaeo
n i?eiaaeeaaeauei aio iiiauaieai, caieiaaiui iiae eaa?oe?o,
i?eiaaeeaaeeo oaeaea aeiey a i?aaa nianoaaiiinoe ia iauaa eiouanoai
aeiia (no. 289 AE ?O).

1.3 AEeeay eaa?oe?a:

Eiino?oeoeaii iainiaeaiiay neiaeiay ooieoeeiiaeueiay /anoue
aeeeiai no?iaiey eee iaaeeeiai no?iaiey n aeeeuie
iiiauaieyie, i?aaeiacia/aiiay e a aaeieieno?aoeaiii ii?yaeea
i?eciaiiay i?eaiaeiie aeey iinoiyiiiai i?iaeeaaiey a?aaeaeai,
eiathuay iainiaeaiiue aoiae n oeeoeu eee n ieiuaaeee iauaai
iieueciaaiey, eiathuay oioy au aeaa ooieoeeiiaeueiuo iauaia
(eiiiaou) e ia eiathuay a naieo i?aaeaeao ooieoeeiiaeueiuo /anoae
(ieiuaaeae, iauaiia) ae?oaeo eaa?oe? (iano iauaai iieueciaaiey).

AEeeay eiiiaoa:

Eiino?oeoeaii iainiaeaiiay iaaeaeeiay ooieoeeiiaeueiay
/anoue eaa?oe?u, ieiuaaeue eioi?ie a niioaaonoaee n
i?aaeeaie ainoaea?noaaiiiai o/aoa o/eouaaaony a ninoaaa aeeeie
ieiuaaee eaa?oe?u. Ieiuaaeue aeeeie eiiiaou eee aeeeuo
eiiiao eaa?oe?u yaeyaony ieiuaaeueth iniiaiiai (aeaaiiai)
iacia/aiey.

Aniiiiaaoaeueiua iiiauaiey eaa?oe?u (i?eiaaeeaaeiinoe aeeeuo
eiiiao):

Eiino?oeoeaii iainiaeaiiua iaaeaeeiua ooieoeeiiaeueiua
/anoe eaa?oe?u (i?eiaaeeaaeiinoe ieiuaaee iniiaiiai iacia/aiey),
ieiuaaeue eioi?uo a niioaaonoaee n i?aaeeaie ainoaea?noaaiiiai
o/aoa o/eouaaaony a ninoaaa iauae ieiuaaee eaa?oe?u. Iacia/aiea
aniiiiaaoaeueiuo iiiauaiee i?aaeoniao?eaaaony i?iaeoii e
i?eciaaony a aaeieieno?aoeaiii ii?yaeea. Aniiiiaaoaeueiua
iiiauaiey, iacia/aiea eioi?uo ia oeacaii a i?iaeoa e/eee ia
i?eciaii a aaeieieno?aoeaiii ii?yaeea, iauaeoaie ioeaiee ia
yaeythony.

1.4 Oeaia:

Eniieiaiea aeiaiai?a iiea/eaaaony ii oeaia,
onoaiiaeaiiie niaeaoaieai noi?ii. A i?aaeoniio?aiiuo caeiiii
neo/ayo i?eiaiythony oeaiu (oa?eou, ?anoeaiee, noaaee e o.i.),
onoaiaaeeaaaiua eee ?aaoee?oaiua oiieiiii/aiiui ia oi
ainoaea?noaaiiui i?aaiii. A neo/ayo, eiaaea a aiciacaeiii
aeiaiai?a oeaia ia i?aaeoniio?aia e ia iiaeao auoue ii?aaeaeaia
enoiaey ec oneiaey aeiaiai?a, eniieiaiea aeiaiai?a aeieaeii auoue
iiea/aii ii oeaia, eioi?ay i?e n?aaieiuo ianoiyoaeuenoaao iau/ii
aceiaaony ca aiaeiae/iua oiaa?u, ?aaiou eee oneoae (no. 424 AE ?O)

1.5. Ioaaonoaaiiinoue i?e ainoaea?noaaiiie ?aaeno?aoeee i?aa ia
iaaeaeaeeiia eiouanoai e naeaeie n iei

O/?aaeaeaiea thnoeoeee ii ?aaeno?aoeee i?aa a niioaaonoaee n
ianoiyuei Oaaea?aeueiui caeiiii ianao ioaaonoaaiiinoue ca
naiaa?aiaiiinoue e oi/iinoue caienae i i?aaa ia iaaeaeaeeiia eiouanoai
e naeaeeao n iei a Aaeeiii ainoaea?noaaiiii ?aano?a i?aa, ca iieiioo
e iiaeeeiiinoue auaeaaaaiie eioi?iaoeee i i?aaao ia iaaeaeaeeiia
eiouanoai e naeaeeao n iei. Ioaaonoaaiiinoue ca oi/iinoue aeaiiuo,
naiaa?aiaiiinoue eo i?aaeinoaaeaiey ia iauaeoao iaaeaeaeeiiai
eiouanoaa ianoo i?aaiecaoeee ii o/aoo niioaaonoaothueo iauaeoia. Eeoea
aeiiaiua a oiuoeaiiii eee iainoi?iaeiii eneaaeaiee eeai oo?aoa
eioi?iaoeee i i?aaao ia iaaeaeaeeiia eiouanoai e naeaeeao n iei,
ca?aaeno?e?iaaiiuo a onoaiiaeaiiii ii?yaeea, ianoo
ioaaonoaaiiinoue ca iaoa?eaeueiue oua?a, iaianaiiue a nayce n yoei
eaeie-eeai ec noi?ii, a niioaaonoaee n caeiiiaeaoaeuenoaii
?inneeneie Oaaea?aoeee.

I?e ioeaiea iauaeoa iaaeaeaeeiinoe ioeaiuee
aeieaeai i?eaea?aeeaaoueny neaaeothueo iniiaiuo o?aaiaaiee:

i?aaeeueii eaeaioeoeoee?iaaoue iaaeaeaeeiia eiouanoai, naycaiiua n iei
eiouanoaaiiua i?aaa; o/anoue oeaeue e i?aaeiieaaaaiia
eniieueciaaiea ?acoeueoaoia ioeaiee; ii?aaeaeeoue ianooaau iienea e
nai?a aeaiiuo; auyaeoue ethaua ia?aie/eaathuea oneiaey, anee oaeiaua
eiathony; e ii?aaeaeeoue yooaeoeaioth aeaoo ioeaiee;

– ii?aaeaeeoue ioeaieaaaiue oei noieiinoe;

– ?anniio?aoue anaaiciiaeiua th?eaee/aneea ia?aie/aiey i?aa
nianoaaiiinoe ia iauaeo iaaeaeaeeiinoe, anee oaeiaua eiathony;

Auyaeoue e o/anoue aeeyiea ia noieiinoue ioeaieaaaiiai
iauaeoa iaaeaeaeeiinoe ethaiai naycaiiiai n yoei iauaeoii
aeaeaeeiiai eiouanoaa, iai?oaeiaaiey eee iaiaoa?eaeueiuo aeoeaia, ia
yaeythueony /anoueth iaaeaeaeeiinoe.

Ioeaiueee ianoo ioaaonoaaiiinoue ca i?iaaaeaiioth ioeaieo ia?aae
eeeaioii ii aeiaiai?o e a niioaaonoaee n aeaenoaothuei
a?aaeaeaineei caeiiiaeaoaeuenoaii. E?iia oiai, iaaeia?iniaanoiinoue i?e
i?iaaaeaiee ioeaiee iiaeao iiaea/ue ca niaie eeoaiea
ioeaiueea eeoeaicee, /oi iaoiaeeony a eiiiaoaioeee OEOeA ?innee.

Onoaiiaeoue, /oi iaycaoaeuenoaa ii e?aaeeoiiio aeiaiai?o
(aeiaiai?o caeia) eee eiua iaycaoaeuenoaa, a oii /enea iniiaaiiua ia
aeiaiai?a eoiee-i?iaeaaee, a?aiaeu, iiae?yaea, ae?oaii aeiaiai?a, iiaoo
auoue iaania/aiu caeiaii caiaeueiuo o/anoeia, i?aaei?eyoee, caeaiee,
nii?oaeaiee, iaaeeeuo iiiauaiee, eaa?oe? e eiiai iaaeaeaeeiiai eiouanoaa
aeaeaa eiaioaony – eiioaea

(Oeac I?aceaeaioa ?O io 28 oaa?aey 1996 a. N 293 “I aeiiieieoaeueiuo
ia?ao ii ?acaeoeth eiioa/iiai e?aaeeoiaaiey”)

Aeaaa 2. Iienaiea iauaeoa.

2.1. E?aoeia iienaiea iauaeoa

AEO INIIO?A

Iauaeo iiaeeaaeauee ioeaiea EIAe ?

AAe?AN: a.Iiaineae?ne oe. Oaao?aeueiay 9 ea.2
:O E I aeaaeaeueoeaAeaenaaaa I.A.? ni?aaee AOE6574Aeii.
AeaiiuaAinoaea?noaaiiay

EIOI?IAOeEss II ?AEIIO ?ANIIEIAEAIEss

?ANIIEIAEAIEssAiaeec ie?anoiinoaeioeoi?OaeiaieOeAIO???uiie ?aai/ae
neeu?3??I?EAE. E OeAIO?O?aeec. e ianoo ?aaiou?3??II EEIEE
IAO?I(I?AA)?aeecinoue e iaaaceiai??3?II EEIEE IAO?I(EAA) ?aeec. e
o/aa. caaaae.??3?N?AAeIAE OAeAE?IIINOE?iauanoa.
O?ainii?o??3?(i?aaiaa?aaeuea)aeecinoue e ianoai ia-N?AAeIAE
OAeAE?IIINOE?uanoaaiiiai ioaeuoa??3?(eaaiaa?aaeuea)eiiioiaeueiua
one.?3??IOAeAE?IIUA (I?AA)3niaianoeiinoue c/i????IOAeAE?IIUA(EAA)?caueoa
io iai.aicae.???3I?ANOEAEIUA?io?.iauanoa.
ii?-ea?3??I?EAI?IAeIUAicaeaiaiea?3??IAEANOUe?ioiioaiea
?uiea??3?i?eaeaeaoaeueiinoue??3?AeIIIEIEOAEUeIUAAeAIIUA:?yaeii
?aniieiaeaiu: AeE *eaeiaa, iieeeeeieea N 3, nii?oeaiue noaaeeii ,
noiiaoieiae/aneay iieeeeeieea

OA?AEOA?ENOEEE AeIIA

IAOA?EAEYOAAEIINOUeIOAeAEEAI?EAIOAOeEssAIAeIAUEE
AEAeNOAIeie-aiAunioaIINO?.o?Oaeieee?ie/5
2,8oooeaoo?ea1969??ueAeIIIEIEOAEUeIUAAeAIIUA

EIOI?IAOeEss I EAA?OE?A

YOAAEEIE-AIIEIUAAeUeEIIIAOIAUAssAEEEAss1 2345EOOIssN.O.13
905419181795.5OEI NAIOCEAAAEEIIEIAeAEEssOAEAOIII?EAIOAOeEssIAUEE
AEAeNIAAE?ACAeIEIIo?Oaeie?ue??uenaaa?,
thaUAiaeiniaaaeaieaIoiieaieaAaioeeyoeeyYia?ainiaaaeaieaOeAIO?.
(AN).OeAIO?. (AN).ANO.OeAIO?. (AN).IOAeAEEANoaiaea?oiay: iioieee
iiaaeaiu, noaiu – iaie, iie – eeiieaoiAeIIIEIEO.AEaeaciua aeaa?e,
?aoaoee ia ieiaoAeAIIUA

IEAIE?IAEA EAA?OE?U

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0001e0009000000fa02000001000000000080002200040000002d010f000500000009020
0008000040000002e01010010000000fb026500000000000000000000000001040201004
17269616c000100040000002d011000040000002701ffff040000002e010100030000000
0000000000000ffffff000000000000000000000000

?ANIIEIAEAIEA A IIAeUeACAeA

A A I A ? A E Ue I U E I E A I O*ANOEA

AAe?ANA, ?AEAECEOU E IIAeIENE NOI?II

Caeac/ee(O E I ) Oiieia THeey IeeieaaaiaIoeaiuee : Nieieianeee Aeeoi?
TH?ueaae/Aeaoa :15. 09. 97

2.2. Aiaeec ianoi?aniieiaeaiey. Ia?aie/aiey e aeiiouaiey

Eaa?oe?a ?aniieiaeaia a Aeca?aeeineii ?aeiia, ia oeeoea
Oaao?aeueiay, eioi?ay ia?anaeaaony n oeeoeae Aaeano?ieoaeae. Yoio
i?aaiaa?aaeiue ?aeii ioiineoaeueii oaeaeai io oeaio?a e eeiee iao?i, ii
?yaeii eiathony ianoa iauanoaaiiiai ioaeuoa, nii?oa, neoaeau auoa,
i?iaeiaieuenoaaiiua e i?iioiaa?iua iaaaceiu, iieeeeeieee, aieueieoeu,
aeaaea iaaieueoie ?uiie .

Ianoa iauanoaaiiiai ioaeuoa: AeE *eaeiaa, AeE Eaeeieia,
ioiineoaeueii iaaeaeaei ?aniieiaeaiu AeE Ai?ueeiai, eeoa “Ioaeuo”.

Nii?oeaiua o/?aaeaeaiey: NE caaiaea ei. *eaeiaa, NE “Neae?ue”,
NE “Naaa?”, ieaaaoaeueiue aannaei “Iaiooi”.

Neoaeau auoa: aoaeuea, ia?eeiaoa?neay, oeeeae IAeI.

Oi?ioi ?acaeoa o?ainii?oiay naoue: 3 e 29 ia?o?oou aaoiaonia,
11,14,23 ia?o?oou o?aiaaaa, 13,33 – ia?o?ooiua oaene, 22 o?ieeaeaon,
eiathony eiiia?/aneea ?aeniaua aaoiaonu a ?aciua ?aeiiu ai?iaea.

A aeeaeaeoai aoaeouai ieaie?oaony eaieoaeueiue ?aiiio ,
i?aaeeaaaaiiai e i?iaeaaea aeiia, /oi iiauneo aai noieiinoue. E iiya?th
1998 aiaea aoaeao i?iaaaeaia iiaay oaeaoiiiay eeiee, eioi?ay cao?iiao e
oe. Oaao?aeueioth.

Aeaaa 3. Iaoiaeu ioeaiee

3.1.Cao?aoiue iaoiae

Iniiaiua iiiyoey:

enoiaeiay ainnoaiiaeoaeueiay noieiinoue – noieiinoue
no?ieoaeuenoaa iaeiiai ea. iao?a ia iiiaio naea/e aeiia. ( Ni. oao.
ianii?o nii?oaeaiey.).

ainnoaiiaeoaeueiay noieiinoue – noieiinoue no?ieoaeuenoaa iaeiiai
ea. iao?a ia iiiaio ioeaiee.

eiyooeoeeaio oaei?iaeaiey – ai neieueei ?ac au?inea enoiaeiay
ainnoaiiaeoaeueiay noieiinoue ia iiiaio ioeaiee. (I?aaenoaaeythony
aaeaiany/ii.).

inoaoi/iay noieiinoue – ainnoaiiaeoaeueiay noieiinoue n o/aoii
eciina.

Iaoiaeeea ?an/aoa oeaiu i?iaeaaee aeeeuey.

1.Naae = Neno * Eoae,

aaea Naae – ainnoaiiaeoaeueiay noieiinoue;

Neno – enoiaeiay ainnoaiiaeoaeueiay noieiinoue;

Eoae – eiyooeoeeaio oaei?iaeaiey;

Oei aeiiaNoieiinoue no?ieoaeuenoaa 1 i ia 01.05.97a.(iei.
?oa.)Iaiaeueiue 9 yo.2,0Iaiaeueiue 5 yo.1,6Iaiaeueiue 3 yo.1,4Eeie/iue 5
yo.2,2Ee?ie/iue 9-12 yo.3,1

Naae=2,2*1=2,2 iei. ?oa.

2. Ni = Naae * ( 1 – Eo/100 ),

aaea Ni – inoaoi/iay noieiinoue

Eo – oece/aneee eciin aeiia ia aiae iineaaeiaai ianeaaeiaaiey AOE.
(Aeaiiua AOE n ei??aeoe?iaeie aaee/eiu eciina ii oaae. 1 a %.).

Oaaeeoea 1.

A?oiia eaieoaeueiinoe no?iaieeN?aaeiaaiaeiaie i?e?ino oece/aneiai
eciina (%) a caeaieyo iino?iaiiuo : aei 1917 a. aei 1941 a.
iinea 1941 a.1 ee?ie/ eaiai.0,20,40,72 iaiaeuei. ee?ie/. (eaio.ooiae)
iiiieeo0,30,50,83 Eaiai iaeaa/ai

0,40,61,04aea?aayi. a?on/aoua0,60,91,55 aea?aayi. Ueoiaua—1,52,0
*Aeey anao na?ee iyoeyoaaeiuo no?iaiee – 1.

Ni = 2,2*(1-0,7*28/100) =1,7

3. Noi = Ni * Eniae * Eae * Eyo * Eec * Eeeo * Eaun * Eion * Eo * Ei ,

aaea Eniae – o/eouaaao niioiioaiea iauae ieiuaaee eaa?oe?u e aeeeie
aa ieiuaaee:

0.95 – iaiaa 1.50

1.00 – io 1.50 aei 1.66

1.05 – io 1.66 aei 2.00

1.10 – nauoa 2.00;

Eae – i?e iaee/ee aaeeiia aeaiiue eiyooeoeeaio ?aaai 1.00;

i?e iaee/ee eiaeaeee – 1.05; i?e eo ionoonoaee
– 0.95;

i?e iaee/ee aeaoo e aieaa aaeeiiia eee eiaeaeee
– 1.10;

Eyo- a oii neo/aa, anee eaa?oe?a iaoiaeeony ia ia?aii eee ia
iineaaeiai yoaaea

caeaiey, ?aaai 0,90 Ai anao inoaeueiuo neo/ayo – 1,00.

Eec – eciee?iaaiiinoue eiiiao;

1,04 -ana eiiiaou eciee?iaaiu;

096-niaaeiua eiiiaou a aeaooeiiiaoiuo eaa?oe?ao eeai aieaa /ai
iaeia i?ioiaeiay eiiiaoa a 3-6 eiiiaoiuo eaa?oe?ao,

1,00 – ai anao inoaeueiuo neo/ayo;

Eeeo -iaee/ea eeooa;

1,03 – anoue a aeiiao,eiathueo,5 e iaiaa

yoaaeae;;

1,00 -anoue a aeiiao eiathueo aieaa 5yoaaeae,eeai iao a
aeiiao, eiathueo 5 e

iaiaa yoaaeae;

0,97 – a aeiiao , eiathueo , aieaa 5

yoaaeae;

E aun- aunioa iiiauaiee; 0,98 -iaiaa

2,5 i ;

1,00 – io 2,50 i aei 280i

1,02 – io 2,80 i aei 300 i ;

1,04 – io 3,00 aei 340 i;

1,06 – nauoa 3,40 i;

E ion – iaee/ea ioni?ii?iaiaea;

1,02 – anoue a aeiiao, eiathueo iaiaa 4

yoaaeae;

097 – iao a aeiiao, eiathueo aieaa 4

yoaaeae ;

Eo -eiyooeoeeaio, o/eouaathuee ieiuaaeue eooie;

0,95 -i?e ieiuaaee eooie aei 6 ea. i;

1, 00 i?e ieiuaaee io 6 ea. i aei 9 ea. i

1,05 i?e ieiuaaee io 9 ea. i aei 12 ea. i;

1,10—–nauoa 12 ea. i.

Ei – eiyooeoeeaio,| o/eouaathuee iaoa?eae noai

a oii neo/aa anee ee?ie/ – 1 ,10

a oii neo/aa anee iiiieeo – 1,05

a oii neo/aa anee nai?iue aeaeaciaaoii -1,0

Noi = 1,77+1,05+0,95+0,90+1,04+1,0+1,02+0,97+1,05+1,10=10,85

4. Noieiinoue aeeeuey n o/aoii ianoi?aniieiaeaiey aeiia (Nii):

Nii = Noi*Ecii

Ianoi?aniieiaeaieaEciiOeaio?1,3I?eaeeaeaiiua e oeaio?o1,2Ii eeiee iao?i
(800 i io noaioeee)1,1N?aaeiae oaeaeaiiinoe1,0Oaeaeaiiua0,9I?anoeaeiue
i?eai?iae1,2I?eai?iae0,75

Nii = 10,85*0,9=9,765

3.2.Aeioiaeiue iaoiae.

Caaea/ae ioeaiee yaeyaony ii?aaeaeaiea oeaiu ni?ina e/eee

oeaiu i?aaeeiaeaiey, e/eee oeaiu naeaeee ia eiie?aoioth eaa?oe?o,
ia

eiie?aoioth aeaoo eee eiie?aoiue ia?eiae “T”, enoiaey ec
aa

?aaiioeaiiinoe n eaa?oe?aie aeaiiiai oeia.

Aeaiiay Iaoiaeeea i?aaeoniao?eaaao, /oi ioeaieaaaiay
eaa?oe?a

caaeaao ana ia?aiao?u iaeii?iaeiinoe aoaeouae auai?ee, ii naia
ia

iaycaoaeueii aoiaeeo a yoo auai?eo.

Oeaia iiaeao ii?aaeaeyoueny eae ia eaa?oe?o a oeaeii, oae e
a

?an/aoa ia 1 ea. i iauae ieiuaaee eaa?oe?u.

3.3. A i?aaeaeao aeaiiie Iaoiaeeee aeaa eaa?oe?u i?eciathony

?aaiuie ii oeaia, anee niaiaaeatho eiino?oeoeaiua iiaeaee aeiiia,
a

eioi?uo ?aniieiaeaiu eaa?oe?u e ooieoeeiiaeueiua iiaeaee eaa?oe?
ii

ia?aui 10 naienoaai, oii?yaei/aiiui ia eiie?aoioth aeaoo.

E i?eia?o, ana oeiiaua iaeiieiiiaoiua eaa?oe?u a aeeeii aeiia,

iino?iaiiii ii oeiiaiio i?iaeoo, e ?aniieiaeaiiua ia ia?aii yoaaea,

i?eciathony ?aaiuie ii oeaia, anee ooieoeeiiaeueiay
iiaeaeue

“iaeiieiiiaoiay eaa?oe?a” ia niaea?aeeo naienoaa,
i?aa?auathuaai

aeaiiua eaa?oe?u a iaiaeii?iaeiua (ia?aaiioeaiiua).

Aeaiiay Iaoiaeeea a ea/anoaa i?eia?a i?aaeoniao?eaaao
neaaeothuee

ia?a/aiue e oii?yaei/aiea naienoa a ooieoeeiiaeueiie
iiaeaee

“m-eiiiaoiay eaa?oe?a”:

3.3.1. Ianoi?aniieiaeaiea no?iaiey.

3.3.2. Eaieoaeueiinoue no?iaiey.

3.3.3. Iauay ieiuaaeue.

3.3.4. AEeeay ieiuaaeue.

3.3.5. Ieiuaaeue eooie.

3.3.6. Yoaaeiia ?aniieiaeaiea eaa?oe?u.

3.3.7. Eiee/anoai i?ioiaeiuo eiiiao.

3.3.8. Aunioa iiiauaiee (yoaaea).

3.3.9. Eiee/anoai aaeeiiia, eiaeaeee.

3.3.10. Iaee/ea oaeaoiia.

I?aaeiieaaaaony, /oi eaa?oe?a iai?oaeiaaia ae?oaeie iau/iuie aeey

aeaiiie ianoiinoe oaeianoaaie, aaaeiinoue eioi?uo o/eouaaaony

eiiieaenii, aac oii?yaei/aiey.

Iauay aeeeay ieiuaaeue e ieiuaaeue eooie a auai?i/iuo

eaa?oe?ao n/eoathony ?aaiuie, anee ioee/athony ia aaee/eio ia aieaa

1 ea. i io niioaaonoaothueo ieiuaaeae ioeaieaaaiie eaa?oe?u.

3.4.4. Yoaaeiia ?aniieiaeaiea eaa?oe?u o/eouaaaony a neaaeothueo

o?ao eioa?aaeao: ia?aue yoaae, yoaae e?iia ia?aiai e iineaaeiaai,

iineaaeiee yoaae. Eaa?oe?u a i?aaeaeao aeaiiuo eioa?aaeia i?e i?i/eo

?aaiuo iieacaoaeyo i?eciathony ?aaiuie ii oeaia.

3.4.5. Eaa?oe?u, ioee/athueany ii aunioa iiiauaiee a i?aaeaeao

iethn – ieion 10 ni, i?e i?i/eo ?aaiuo oneiaeyo i?eciathony ?aaiuie

ii oeaia.

3.4.6. I?e aiciiaeiinoe onoaiiaee oaeaoiia oeaia eaa?oe?u n

oaeaoiiii i?eieiaaony auoa oeaiu aiaeiae/iie eaa?oe?u aac oaeaoiia

ia aaee/eio, ?aaioth cao?aoai ia onoaiiaeo oaeaoiia.

No?iei auai?eo ec aiaeiae/iuo iauaeoia ii neaaeothuei ia?aiao?ai:

· Eiee/anoai eiiiao

·
picscalex100010009000003540000000000120000000000050000000902000000000400
000002010100050000000102ffffff00040000002e011800050000003102010000000500
00000b0200000000050000000c02200220011200000026060f001a00ffffffff00001000
0000c0ffffffacffffffe0000000cc0100000b00000026060f000c004d61746854797065
000050000a00000026060f000a00ffffffff010000000000030000000000000000000005
5e160000000000000000000000000000000000000000Oei eaa?oe?u
(IA,OI,EII,IA,IN,E)

· Oei aeiia (Ee?ie/, Iaiaeueiua)

· ?aeii

N i/i?aeiiOeeoeaOeiyo/yo/iIeiuaaeueA/eN/oOaeaoiiNoieiinoue
iei.?1Aeca?aeO?eeioaaeiayecie5/5/e90/60/7a?-1802Aeca?aeEioo?ieeiaani-ec1
/9/i65/41/7e?-1203Aeca?aeOaenie?aec8/10/e67/48/7,5e?+1804Aeca?aeAiaieyni
-ec3/9/i64/44/7a,e?-1355Aeca?aeOieaooeiaec2/5/i57/38/7a?+1156Aeca?ae25
eao
Ieoya?yni-ec2/9/e54/38/7-?+1257Aeca?aeO/eoaeueneayni-ec9/9/i60/43/7a,e?+
1308Aeca?aeAe.Aeaauaeiaaec2/5/e74,3/51,4/9a,e?+2309Aeca?aeAaeano?ieoaeae
ec i/a5/6/e80/50/12e?+18010Aeca?aeAaeano?ieoaeaeec ia2/3/e82/57/10-?-145

Eaa?oe?a

no-oue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.no-oue.Ioeaiea
aaiay eaa?oe?a.

O

0,9

1,0

0,9

1,05

0,95Eaa?oe?a M32,68711,100,91,050,92,5138Eaa?oe?a
M62,31511,100,91,0512,4064Eaa?oe?a M12,00011,0511,050,952,0948Eaa?oe?a
M52,01811,050,91,050,951,9022Eaa?oe?a
M42,10911,100,91,050,861,8854Eaa?oe?a I21,84611,0511,050,91,8317Eaa?oe?a
I92,25011,000,910,91,8225Eaa?oe?a I101,76811,100,9111,7503Eaa?oe?a
M83,09611,100,910,481,4712Eaa?oe?a M72,16711,1011,050,481,2014

Iaoaiaoe/aneia iaeeaeaiea i?aaeeiaeaiey:

I(o)i?aaee=(2,5138+2,4064+2,0948+1,9022+1,8854+1,8317+1,8225+1,7503+1,47
12+ +1,2014) / 10 =1,8880

Iaoaiaoe/aneia iaeeaeaiea ni?ina:

I(o)ni?in=( 1,8317+1,8225+1,7503+1,4712+1,2014 ) / 5 = 1,6154

Iaaeeaia i?aaeeiaeaiey:

Iai?aaee = (1,8854+1,8317) / 2 = 1,8586

Iaaeeaia ni?ina:

Iani?in = ( 1,7503+1,4712 ) / 2 = 1,6108

Oeaia naeaeee:

? = ( I(o)i?aaee + I(o)ni?in) / 2 * E oe

Eoe ii?aaeaeyaony a oii neo/aa, eiaaea iaaeeaia ioee/aaony io
iaoaiaoe/aneiai iaeeaeaiey aieaa /ai ia 10 %

Eoe = (Iani?in + Iai?aaee) / ( I(o)ni?in + I(o)i?aaee )

? = ( 1,8880 + 1,6154 ) / 2 = 1,7517

Oeaia eaa?oe?u

?ea = ? * Iau. ieiuaaeue

?ea = 1,7517 * 90 = 160,653 iei.?oa

3.3. Niaeaniaaiea ?acoeueoaoia (?an/ao noieiinoe iaoiaeii eaieoaeecaoeee
?aiou)

Oeaeue: Ii?aaeaeeoue noieiinoue eaa?oe?u a caaeneiinoe

n io aeioiaea, eioi?ue iia aoaeao i?eiineoue

n io n?iea ?aaeecaoeee aeaiiiai i?iaeoa

n io i?eiaiyaiie aeey eiaanoi?a noaaee eaieoaeecaoeee

N?AAeIEA OeAIU IA A?AIAeO EAA?OE? (a ianyoe)

Ianoi?aniieiaeaieyOei eaa?oe?uEiii.

Iei ?.1 eii

iei ?.2 eiii

iei ?.3 eii

iei ?.Oeaio?0,511,32I?eaeeaeaiiua e oeaio?o0,30,60,81,3Ii eeiee iao?i
(800 i io noaioeee)0,30,611,1N?aaeiae
oaeaeaiiinoe0,20,50,60,8Oaeaeaiiua0,20,40,50,6I?anoeaeiue
i?eai?iae0,350,7511,4I?eai?iae0,10,250,350,5

N?aaeiyy ?uii/iay a?aiaeiay noaaea 0,6Iaaaeue0,3Oaeaoii0,2Noiia
ia?eiaee/aneie ?aiou (Aeo)1,1

*Iii?aaee aa?oony ec cao?aoiiai iaoiaea

Noaaee ii iaeiaai eniieuecoaiua a ?an/aoao

IAeNIaeia ia iieueciaaoaeae aaoiiiaeeueiuo aei?iaIaeia ia niaea?aeaiea
aeeeeuiiai oiiaea e iauaeoia nioe-ii eoeueoo?iie noa?u Iaeia ia i?eaueue
Iaeia ia eiouanoai20%2,6%1,5%35%2%

?AN*AOIAss OAAEEOeA

Oaeoueo ecaea?aeee ca ia?eiae (Co)0,28Noiia iaeiaiauo io/eneaiee ca
ia?eiae (I)0,098Noiia /enoiai aeioiaea ca ia?eiae (iinea oieaou iaeiaia)
(*Aeo)0,7216Aac?eneiaay noaaea ia ?aeiaanoe?iaaiiua n?aaenoaa
(Na)0,14Noiia?iue /enoue aeioiae ca aanue n?ie aeaaeaiey (*Ae)9,1896

187,3944Noaaea eaieoaeecaoeee (Ne)0,5Noaaea i?e?inoa aoaeouae noieiinoe
(Ni)/a?ac 1 aiae – 0,1

/a?ac 10 eao – 0,2Aeaiaaeiue yeaeaaeaio (Y)-Noiia ecaea?aeae ia niaio
i?aa nianoaaiiinoe (Ce)0,05Noieiinoue ii iaoiaeo eaieoaeecaoeee
(?)19,145

39,702

*Ae = R * ([ (1+j/m)mn – 1 ] / j/m) , aaea

R – noiia /enoiai aeioiaea ca ia?eiae (*Aeo)

j = 0.14

m = 12

aeey n = 1

*Ae = 8,6572 * ([ ( 1+0,14/12)12 – 1] / 0,14/12 ) = 9,1896

aeey n = 10

*Ae = 8,6572 * ([( 1+0,14/12)120 – 1] / 0,14/12) = 187,3944

? = (*Ae / n*Ne) +( ?*Nn + ?*(1+Nn)*0,05 ) / (1+ni) , aaea

N1 = 10% = 0,1

N10=0,2

i = 0,15

?1 = 19,145

?10 = 39,702

4. N?aaieoaeueiue eiaanoeoeeiiiue aiaeec.

4.1.Ii?aaeaeaiea iniiaiuo eiaanoeoeeiiiuo iieacaoaeae.

Aiaeu aeecie i?iaeoa*AeAeio. io a?aiae. n o/. ?aeiaano.Eiyo.
aeeneiioe?iaaieyAeeneiioe?iaaiea auaiaeuIooie
iaee/iinoeAeeneiioe?iaaiiua ecae-ee*eno. aeai. iioieeEoioe. /eno. aeai.
iioiee*IOeEoioe. *IOeEia. a iaaea.Oaeou.
?ano.IaeiaeAnaai01,000160,653160,653160,653-160,653-160,653-160,653-160,
65319,1909,1900,8707,9950,0000,0000,0000,0000,0009,190-151,4637,995-152,
658219,86110,6720,7568,0680,0000,0000,0000,0000,00010,672-140,7928,068-1
44,590332,07512,2140,6588,0370,0000,0000,0000,0000,00012,214-128,5788,03
7-136,553446,11914,0440,5728,0330,0000,0000,0000,0000,00014,044-114,5348
,033-128,521562,26616,1470,4978,0250,0000,0000,0000,0000,00016,147-98,38
78,025-120,495680,83218,5660,4328,0200,0000,0000,0000,0000,00018,566-79,
8218,020-112,4757102,17921,3470,3768,0270,0000,0000,0000,0000,00021,347-
58,4748,027-104,4488126,72424,5450,3278,0260,0000,0000,0000,0000,00024,5
45-33,9298,026-96,4229154,94528,2210,2848,0150,0000,0000,0000,0000,00028
,221-5,7088,015-88,40710187,39432,4490,2478,0150,0000,0000,0000,0000,000
32,44926,7418,015-80,393Anaai187,39480,260160,6530,0000,000160,653160,65
326,741-80,393eeeaeaeaoeey11213,630192,7840,21541,448-0,00023,13423,1344
,974169,650196,39136,475-43,918Eoiai213,630380,178121,709160,6530,00023,
134183,787165,627196,391-43,918

1.*enoay i?eaaaeaiiay oeaiiinoue (*IOe):

*IOe =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,

aaea At – aeioiae a ia?eiae t;

Nt – ecaea?aeee a ia?eiae t;

i – noaaea aeeneiioe?iaaiey ii aac?eneiaiio aeiaeaieth.

n – eiee/anoai ia?eiaeia.

*IOe = – 43,918

2. Aioo?aiiyy noaaea aeioiaea (ANAe) i?eaeeaeaiiay oi?ioea:

*IOe(r1)

ANAe =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——————–
—,

*IOe(r1)-*IOe(r2)

aaea r1 = i = 0,15

r2 – oaeia cia/aiea, i?e eioi?ii *IOe(r2) iaiyao ciae ia
i?ioeaiiieiaeiue

Aicueiai r2 = 0,08, oiaaea eciaiyony eiyooeoeeaiou aeeneiioe?iaaiey, a
neaaeiaaoaeueii e ana iieacaoaee, caaenyuea io ieo.

ANAe = 15 + ( 15 – 8 ) * (-43,918 / (-43,918-26,521)) = 19,361

Aiaeu aeecie i?iaeoa*AeAeio. io a?aiae. n o/. ?aeiaano.Eiyo.
aeeneiioe?iaaieyAeeneiioe?iaaiea auaiaeuIooie
iaee/iinoeAeeneiioe?iaaiiua ecae-ee*eno. aeai. iioieeEoioe. /eno. aeai.
iioiee*IOeEoioe. *IOeEia. a iaaea.Oaeou.
?ano.IaeiaeAnaai01,000160,653160,653160,653-160,653-160,653-160,653-160,
65319,1909,1900,9268,5100,0000,0000,0000,0000,0009,190-151,4638,510-152,
143219,86110,6720,8579,1460,0000,0000,0000,0000,00010,672-140,7929,146-1
42,998332,07512,2140,7949,6980,0000,0000,0000,0000,00012,214-128,5789,69
8-133,300446,11914,0440,73510,3220,0000,0000,0000,0000,00014,044-114,534
10,322-122,978562,26616,1470,63110,1890,0000,0000,0000,0000,00016,147-98
,38710,189-112,789680,83218,5660,63011,6970,0000,0000,0000,0000,00018,56
6-79,82111,697-101,0927102,17921,3470,58312,4450,0000,0000,0000,0000,000
21,347-58,47412,445-88,6478126,72424,5450,54013,2540,0000,0000,0000,0000
,00024,545-33,92913,254-75,3939154,94528,2210,50014,1110,0000,0000,0000,
0000,00028,221-5,70814,111-61,28210187,39432,4490,46315,0240,0000,0000,0
000,0000,00032,44926,74115,024-46,258Anaai187,394114,395160,6530,0000,00
0160,653160,65326,741-46,258eeeaeaeaoeey11213,630192,7840,42982,704
-0,00023,13423,1349,924169,650196,39172,78026,521Eoiai213,630380,178197
,099160,6530,00023,134183,787170,577196,39126,521

3. Eiyooeoeeaio ?aioaaaeueiinoe (Ea/e)

Ea/e =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.

Ea/e = 121,709 / 165,627 = 0,735

4. Oi/ea ieoiaaiinoe i?iaeoa (Oie)

Oie – iiiaio eiaaea aeioiae noaiiaeoueny aieueoa eeai ?aaai ia/aeueiui
eaieoaeueiui aeiaeaieyi.

Oae eae ciae eoioeyoeaiuo aeaiaiaeiuo iioieia aac o/aoa aeeneiioe?iaaiey
iaiyaony ia 10 aiaeo , oi oi/ea ieoiaaiinoe aac o/aoa aeeneiioe?iaaiey =
10.

N o/aoii aeeneiioe?iaaiey i?iaeo ia aoaeao ieoiaoueny.

5. ?an/ao ieieiaeueiie a?aiaeiie noaaee, eioi?ay aoaeao oaeiaeaoai?youe
?aaeueiui iieacaoaeyi.

? =?ea = 160,653

*Ae ?an/eouaaai enoiaey ec iiaiai cia/aiey ?,

*Ae = 705,48

*Aeo = 32,58

*Aeo ca 1 ian = 2,715

Aeo = *Aeo – Co – I

Aeo = 2,715 – 0,28 – 0,098 = 2,337

Aeo – noiia a?aiaeiie ieaou a ianyoe, eioi?ay iicaieeo ieoieoue i?iaeo
e aoaeao oaeiaeaoai?youe ?aaeueiui iieacaoaeyi.

4.2.?aiaee?iaaiea iieacaoaeae

?aiaee?iaaiea iieacaoaeae aeaeaaony n oeaeueth ii?aaeaeaiey
?aeoeiaa i?iaeaaaaiie eaa?oe?u e n?aaiaiea aai n aiaeiae/iui iieacaoaeai
ae?oaeo iiaeiaiuo eaa?oe?.

?aeoeia eaa?oe?u ii?aaeaeyaony i?e iiiiue oaeeo iieacaoaeae:

*IOe = 0,0001

ANAe = 19,361

Eiyo. ?aioaa. = 0,735

Oieoi = 10

O.i. ?aeoeia = 0,82625

?aeoeia eaa?oe?u noieiinoueth 250iei.?oa., ninoaaeyao 0,82322, a
noieiinoueth 199,7 iei.?oa. – 0,89790.

O.i. iiaeii neacaoue /oi ?anniao?eaaaiay eaa?oe?a noieiinoueth
160,653 iei.?oa. caieiaao n?aaeiee ?aeoeia n?aaee aiaeiae/iuo
o?aoeiiiaoiuo eaa?oe?.

Caeeth/aiea

Aac ioeaiee noieiinoe ia iaoiaeeony ia iaeia iia?aoeey n
iaaeaeaeeiinoueth. Noieiinoue iaaeaeaeeiinoe ioeaieaaaony i?e iia?aoeeyo
ii eoiea-i?iaeaaea, e?aaeeoiaaiee iiae caeia, no?aoiaaiee,
ianeaaeiaaiee, eiouanoaaiiuo nii?ao, iaeiaiiaeiaeaiee e o.ae.

Ana naeaeee n iaaeaeaeeiinoueth caeeth/athony ia ?uiea. ?uiie –
i?ino?ainoai , eioi?ia iiaeao i?aaenoaaeyoue niaie eiie?aoiia ianoi,
aaea caeeth/athony naeaeee ii aeciano, eeai aai iiaeii niioianoe n
aeayoaeueiinoueth ii aaaeaieth ia?aaiai?ia, iai?aaeaiiuo ia
aeinoeaeaiea niaeaoaiee iaaeaeo noi?iiaie. Ioeaiuee aeieaeai aeinoe/ue
iieiiai iiieiaiey ?uiea iaaeaeaeeiinoe i?aaeaea, /ai ii iiaeao
i?aaeeueii ii?aaeaeeoue ?uii/ioth noieiinoue ethaiai iauaeoa
i?aaenoaaeaiiiai ia yoii ?uiea.

A niaaoneee ia?eiae ?uiie iaaeaeaeeiinoe a ?innee ii/oe
iieiinoueth ionoonoaiaae, a eiaaoea ianoi naeaeee n eaa?oe?aie, aea/iuie
aeiieeaie, eae i?aaeei iineee iacaeiiiue oa?aeoa?. Anoanoaaiii, a yoeo
oneiaeyo ie i eaeie ?uii/iie ioeaiea iaaeaeaeeiinoe ia iiaei auoue e
?a/e. N ?acaeoeai ?uii/iie yeiiiieee a ?innee iai i?eoiaeeony
aeiaiiyoue i?iiuoeaiii ?acaeoua no?aiu, eco/ay e aiaae?yy iaoaieciu
ooieoeeiie?iaaiey oeeaeeeciaaiiiai ?uiea iaaeaeaeeiinoe. Iaeiei ec ieo e
yaeyaony ioeaiea iaaeaeaeeiinoe.

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