- -

̲Ͳ ²

ί ²

__________________

______________

_________________

________________

2011

̲

1.

2. Բ ˲ֲ

3. NPV, PP, PI

4. ϲ ʲ Ҳ ֲ EXEL

5.

1.

.

-

- Excel

.

1. . , , - , t. = N1.

I t, . .

n 1,

i 1,

%

l 1

m 1

D t, . .

n 2,

i 2,%

l 2

m 2

15 15 1 4 20 5 13 2

2. .

3. . , , .

3.1. NPV ( ).

3.2. NPV Excel , NPV (), NPV () NPV ().

3.3. PP ( ).

3.4. . , NPV () .3.2, .

3.5. Excel (), .

3.6. IRR ( ) Exel .

3.8. IRR, .3.6 , .

3.9. PI ( ).

3.10. . Excel () ,, .2. Բ ˲ֲ

г

( )

( )

1 15 000 . -

2 15 000 . -

3 15 000 . -

4 15 000 . -

5 15 000 . -

6 (1 ) - 20 000 .

6 (2 ) - 20 000 .

7 (1 ) - 20 000 .

7 (2 ) - 20 000 .

8 (1 ) - 20 000 .

8 (2 ) - 20 000 .

9 (1 ) - 20 000 .

9 (2 ) - 20 000 .

10 (1 ) - 20 000 .

10 (2 ) - 20 000 .

3. NPV, PP, PI

NPV.

- ;

- .

PP.

- ;

- , .

PI.

- ;

- .

4. ϲ ʲ Ҳ ֲ EXEL

5.

i2 NPV

3% +108064,3316

4% +96937,32973

5% +86615,70095

6% +77038,64831

7% +68150,13744

8% +59898,51128

9% +52236,13683

10% +45119,08121

11% 38506,8146

12% +32361,93768

13% +26649,93155

14% +21338,92826

15% +16399,50009

16% +11804,46617

17% 7528,714818

18% 3549,040432

18,95% 0

19% -156,006434

20% -3606,25678

21% -6820,04976

22% -9814,34903

IRR = 21,67%

D NPV

10000 -13191,993

11000 -9207,8007

12000 -5223,6083

13000 -1239,4158

14000 2744,7767

15000 6728,9692

16000 10713,162

17000 14697,354

18000 18681,547

19000 22665,739

20000 26649,932

21000 30634,124

22000 34618,317

23000 38602,509

24000 42586,701

25000 46570,894

26000 50555,086

27000 54539,279

28000 58523,471

29000 62507,664

I NPV

5000 62005,877

6000 58470,282

7000 54934,688

8000 51399,093

9000 47863,499

10000 44327,904

11000 40792,31

12000 37256,715

13000 33721,121

14000 30185,526

15000 26649,932

16000 23114,337

17000 19578,742

18000 16043,148

19000 12507,553

20000 8971,9589

21000 5436,3644

22000 1900,7698

23000 -1634,8247

24000 -5170,4192

n2 NPV

1 -32734,906

2 -14897,971

2,94 0

3 775,5149

4 14547,956

5 26649,932

6 37284,053

7 46628,357

8 54839,286

9 62054,307

10 68394,216

11 73965,154

12 78860,39

13 83161,881

14 86941,642

15 90262,954

16 93181,423

17 95745,909

18 97999,347

19 99979,465

20 101719,41

PP = 2,94

i2 PI

3% 3,037645636

4% 2,827836475

5% 2,633213314

6% 2,452629774

7% 2,28502928

8% 2,129437793

9% 1,984957152

10% 1,850758966

11% 1,726079009

12% 1,610212085

13% 1,502507312

14% 1,40236379

15% 1,309226637

16% 1,222583332

17% 1,141960374

18% 1,066920201

19% 0,997058365

20% 0,932000936

21% 0,871402114

22% 0,814942033

D PI

10000 0,751253656

11000 0,826379021

12000 0,901504387

13000 0,976629753

14000 1,051755118

15000 1,126880484

16000 1,202005849

17000 1,277131215

18000 1,35225658

19000 1,427381946

20000 1,502507312

21000 1,577632677

22000 1,652758043

23000 1,727883408

24000 1,803008774

25000 1,87813414

26000 1,953259505

27000 2,028384871

28000 2,103510236

29000 2,178635602

I PI

5000 4,507521935

6000 3,756268279

7000 3,219658525

8000 2,817201209

9000 2,504178853

10000 2,253760967

11000 2,048873607

12000 1,87813414

13000 1,733662283

14000 1,609829262

15000 1,502507312

16000 1,408600605

17000 1,325741746

18000 1,252089426

19000 1,186189983

20000 1,126880484

21000 1,073219508

22000 1,024436803

23000 0,979896073

24000 0,93906707

n2 PI

1 0,382755277

2 0,719085991

3 1,014622998

4 1,274314187

5 1,502507312

6 1,703022788

7 1,87921765

8 2,034041756

9 2,170087176

10 2,289631584

11 2,394676396

12 2,486980275

13 2,568088574

14 2,63935921

15 2,701985398

16 2,757015627

17 2,805371214

18 2,84786173

19 2,885198552

20 2,918006773

i2 PP

3% 2,867682916

4% 2,903073211

5% 2,939761956

6% 2,977832198

7% 3,017374786

8% 3,058489339

9% 3,101285399

10% 3,145883751

11% 3,192417984

12% 3,241036321

13% 3,291903789

14% 3,345204793

15% 3,401146207

16% 3,459961094

17% 3,521913214

18% 3,587302545

19% 3,656472081

20% 3,729816283

21% 3,807791695

22% 3,89093041

D PP

10000 9,140704846

11000 7,695243007

12000 6,667915899

13000 5,89395204

14000 5,287111753

15000 4,797141445

16000 4,392488891

17000 4,052218863

18000 3,761834254

19000 3,510947389

20000 3,291903789

21000 3,098929362

22000 2,927580887

23000 2,774380096

24000 2,636563094

25000 2,511904547

26000 2,398591696

27000 2,295132362

28000 2,200286665

29000 2,113015563

I PP

5000 0,949647211

6000 1,154416747

7000 1,364755738

8000 1,580975638

9000 1,80341478

10000 2,03244156

11000 2,268458111

12000 2,511904547

13000 2,763263907

14000 3,023067922

15000 3,291903789

16000 3,570422163

17000 3,859346646

18000 4,159485113

19000 4,471743332

20000 4,797141445

21000 5,136834076

22000 5,492135058

23000 5,864548122

24000 6,255805352

, : , , , , .

.

MS Excel.

1. . . Գ : ϳ. - .: , 2004. - 400 .

1

:

It - (t = 1, 2, ... n1);

Dt - (t = n1 + 1, n1 + 2 ..., n1 + n2);

n1 - ;

n2 - ;

i1 - ;

i2 - ;

- ( );

- ( );

- ;

l1, l2- ;

m1, m2- .

© 8ref.com -
8ref.com