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F I

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KA A =K J=KN @A >=IA
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,= I = JH EIE A?

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1

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HA ?A @AI H IK J=JI =FH I !& EI

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R=
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= ?EAH AIJ ?=H=?J HEI F=H K A IKEJA @A KN @A JH I HAHEA = @=JA t0 HA > KHI=> A IKH n = KEJ I AIJ K A IKEJA @A

2 E J @A LKA @A A FHK JAKH


A FHK J @K ?=FEJ= V0 n + 1 KN @A JH I HAHEA

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NAI

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& % '& +- @K 2=H A A J -KH F A


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K = KEJ @A H= C k HAFH IA JA K A

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A B

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+ 4A?AJJAI                                              , , FA IAI   

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6E A EI

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A J=KN @ >EJAKH AIJ ?= ?K BH=EI

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AN? KIE

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A =L= ? A F=H A FH JAKH

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EI AJ = @AH E HA

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n1 k=0

KI >JA

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KI ?

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)=

KEJ I ?

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=KC A J @AI BH=EI FH F HJE


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= @=JA t0
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F xk (1 + tef f )k = 0 HALEA J

A ?A GKE KIJE A A F E @A = B H K A @K 641 F KH A 6)-/


6E A EI AO & ?J >HA ' F=CA #

4A > KHIA A J
KI ? IE@ H

HJEIIA A J ?

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= @=JA t0 =K J=KN A A?JEB A IKA AJ = HJE V0 IKH n HA > KHIA A JI @K J= J E@A JEGKA Amort = n ) = @=JA tk = t0 + k E J H J F=O = F KH L= AKH (V0 (k 1) Amort) ?A GKE @ A K A = KEJ @A 1 + (n + 1 k ) Ak = V0 n FAKJ HA =HGKAH GKA AI = KEJ I B H A J K A FH CHAIIE =HEJD JEGKA @ ?H EII= JA @A H=EI V0 n
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  %#  #  #    %#  #  #    %#  #  #    %#  #  #    %#  #  #  # ! 

 GKEL= A J 

A ?= ?K @K 6-/ JHA GKA A HA > KHIA A J = HJEIIA A J ? IJ= J AIJ F KI B=L H=> A =K FH JAKH GKA A HA > KHIA A J = KEJ I ? IJ= JAI

C HA A J

4A =HGKAI

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5 K EC I A ? HA K A B EI E F HJ= ?A @A = ? F IEJE @AI E 7 =KJHA ?= ?K H=FE@A A A?JK IKH AI @AH E HAI IE K =JE I @= KEJ I ? IJ= JAI A FHK JAKH C >= A A J @ > KHI $ A I KI?HEFJAKH @A A FHK J = HJEIIA A J ? IJ= J = F=O F KH @EIF IAH @A = AI A E EJE= A @A '' &#
6E A EI

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@K A HA JA FAHF JKA A

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? LEA J @A FHA @HA ? A HECE A @AI JA FI = @=JA t0 @K FHA EAH = LEAH FH ? @A J A I EN= JA ?E GKE A = ELAHI=EHA @A IEAKH 5?DK J A AJ =@ AJ GKA A J=KN = KA @A H K H=JE AIJ = 4 % 1 2 KH IE F E AH AI ?= ?K I K A ? LA JE ? KH= JA AIJ @A F IAH u = 1 + AJ v = u KI ? IE@ H I A LAHIA A J A A?JK = @=JA tn = t0 + n = L= AKH =?JKA A @A ?A LAHIA A J = @=JA t0 AIJ

VA (n) = v n mR =
) =

1 1+

mR
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A @=JA t0 = L= AKH =?JKA A @A = HA JA @K ? EA J AIJ @


+

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A= ELAHI=EHA @A IEAKH 5?DK J A

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=K FHA EAH = LEAH FH ? @A J A I EN= JA ?E GKE

IJEJKJE

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k [0, .., 29]

I A LAHIA A J A A?JK

= L= AKH BKJKHA @A ?A LAHIA A J

VF (k ) = uk mR = (1 + )k mC
) = A @=JA t0 = L= AKH BKJKHA @K F = @ F=HC A AIJ @
29

? F=H E

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k=0

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uk

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(1 + )30 1
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mC = C0

(1 + )30 1 891.5049567
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6 KJ HAJH=EJ AIJ @ ?

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,= I K + @ALE E K J=KN ?H @EJAKH AI E J H JI I

1 ia 24 O = F=I @A @ ? KLAHJ =KJ HEI A IAK J=KN @E J H J ? iq =


@= A

IE@ H AIJ @

J LAHI I K ?=FEJ= EI I A

+ JH=EHA A J = CAIJE @K + FJA + KH= J AJ @E J H JI A ?= ?K @A  L KJE @K + @ALE FAKJ IA B=EHA @A @AKN B= I I EJ IA = JD @A D= > KHCA EIA @ LKA A A A?JK= J A ?= ?K C >= @AI E J H JI ?D=GKA KLA A J @A JH I HAHEA I EJ A ?= ?K = J AI E J H JI F IEJEBI K C=JEBI IKH ?D=GKA KLA A J @A JH I HEA AJ A B=EI= J A >E = = ,= I A FHA EAH ?=I A ?= ?K @E J H JI A F HJA GKA IKH = F HE @A GKE I F=HA J @AKN KLA A JI ? I ?KJEBI @= I A @AKNE A ?=I A ?= ?K F HJA IKH = F HE @A I F=H= J = @=JA @A L= AKH @K KLA A J @A = @A = A ? KH= JA - H=EI

GKE

L=HEA A ? KHI @= A 5E K ?D= CA A J @A J=KN E JAHLEA J E


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6E A EI AO & ?J >HA ' F=CA '

' +

? KIE
I FH = => AI

'  3KAIJE

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A HA > KHIA A J @K FH J IA B=EJ E = KEJ I ? IJ= J JAH A ?DK K A @ >KJ @A F HE @A AI E J H JI I J E I FH ? FJ I K F IJ? FJ I

HJEIIA A J

A 6-/ = ?D F HJA J E A A?JELA A J IKH J KJA = @KH A @K FH J

$ 2 KH K ? FJA ? KH= J K K ? FJA IKH ELHAJ IE J HAIIA F=HJE?K E HA A J =KN @=JAI @A L= AKHI AJ IE O = EAK =KN F = EJ I @A @ ? KLAHJ % + A KI =L I @ALE IKH A + @ALE K A CAIJE =IJK?EAKIA @A = F HE @A @A ?=FEJ= EI=JE A C = A AJ @A = F HE @A @A ?= ?K @AI E J H JI A C = GKE =E A AIJ KJE A F KH HA J=>E EIAH =K EAKN AI @=JAI @A LAHIA A J

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7 ANA F A @A AJ @A ALEAH

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6 J= 641

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1 @AN
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1 IJ= J= J=KN  1 J H J =?GKEI $ 144  ! $ ALEAH A AJ @A A IK= EJ 

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