4.2. ()

, . . a(0), a(1), a(2), a(3), . , a(t), a(k) , , - . a(0) = ( - ) a(1) = a(2) = a(3) = . = a(t) = = .

, , ( , , - - net present value, NPV), .. , :

NPV = a(0) + a(1)(1) + a(2)(2) + a(3)(3) + . + a(t)(t) + .(6),

(t) - -, (2) (3). , - (1) = 1 / (1+ q), q - , :

NPV = NPV(q) = a(0) + a(1)/ (1+ q) + a(2)/ (1+ q)^2 + a(3)/ (1+ q)^3 + .+ a(t)/ (1+ q)^t + (7)

, , a(0) = - 10, a(1) = 3, a(2) = 4, a(3) = 5. q = 0,12, , .3.3, (2) - : (1) = 0,89, (2) = 0.80, (3) = 0,71. (6)

NPV(0,12) = - 10 + 3 0,89 + 4 0.80 + 5 0,71 = - 10 + 2,67 + 3,20 + 3,55 = - 0,58.

, , NPV(0,12) , ( = 1, q = 0) : NPV(0) = - 10 + 3 + 4 + 5 = 2.

, -. , , , (3) - , (2).

, . , , . , (. .4.1 ).

NPV . NPV - (, , ).

NPV = NPV (a(0), a(1), (1), a(2), (2), a(3), (3)) =

= a(0) + a(1)(1) + a(2)(2) + a(3)(3).

, () a(0) = - 10, a(1) = 3, a(2) = 4, a(3) = 5 , (1) = 0,89, (2) = 0.80, (3) = 0,71. , (1), (2), (3) + 0,05. , , NPV

NPVmax = - 10 + 3 0,94 + 4 0.85 + 5 0,76 = - 10 + 2,82 + 3,40 + 3,80 = 0,02,

NPV

NPVmin = - 10 + 3 0,84 + 4 0.75 + 5 0,66 = - 10 + 2,52 + 3,00 + 3,30 = - 1,18.

, NPV ( - 1,18) (+ 0,02). . - , . - . , (. [5]). , , , a(0), a(1), a(2), a(3) . - , .

- ? [5] , , , 1 2 . , , - , , -, .

, , . , , ( , ). , - . = 0 ( ) =1 ( ) .

4.3.

() , - . , , = - , = / - 1. , - , , 1 . .

- . . , , . , . , - . , , , , , .

, - , , .

4.4.

, , , . ( , - Internal Rate of Return, IRR), .. -, 0. , - , - . , , 0 -, (. , , [3,4]). , , . .