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ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 2
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ȼɵɛɢɪɚɟɬɫɹ ɩɪɨɟɤɬ ɫ |
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ɜɨɡɦɨɠɧɨɫɬɢ |
ɪɟɢɧ- |
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ɧɚɢɛɨɥɶɲɟɣ ɫɪɟɞɧɟɣ |
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ɜɟɫɬɢɪɨɜɚɧɢɹ |
ɩɨɥɭ- |
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ɛɭɯɝɚɥɬɟɪɫɤɨɣ |
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ɱɚɟɦɵɯ |
ɞɨɯɨɞɨɜ |
ɢ |
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ɧɨɪɦɨɣ ɩɪɢɛɵɥɢ |
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ɜɪɟɦɟɧɧɚɹ |
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ɫɬɨɢɦɨɫɬɶ |
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ɞɟɧɟɝ. Ɇɟɬɨɞ ɧɟ ɞɚɟɬ |
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ɜɨɡɦɨɠɧɨɫɬɢ |
ɫɭɞɢɬɶ |
ɨ |
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ɩɪɟɞɩɨɱɬɢɬɟɥɶɧɨɫɬɢ |
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ɨɞɧɨɝɨ |
ɢɡ |
ɩɪɨɟɤɬɨɜ, |
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ɢɦɟɸɳɢɯ |
ɨɞɢɧɚɤɨɜɭɸ |
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ɩɪɨɫɬɭɸ |
ɛɭɯɝɚɥɬɟɪɫ- |
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ɤɭɸ ɧɨɪɦɭ ɩɪɢɛɵɥɢ, ɧɨ |
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ɪɚɡɧɵɟ |
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ɜɟɥɢɱɢɧɵ |
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ɫɪɟɞɧɢɯ ɢɧɜɟɫɬɢɰɢɣ. |
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ɉɪɢɦɟɪ Ⱥ |
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ȼɵɱɢɫɥɟɧɢɟ ɩɪɨɫɬɨɣ (ɛɭɯɝɚɥɬɟɪɫɤɨɣ) |
ȼɵɱɢɫɥɟɧɢɟ ɩɪɨɫɬɨɣ ɧɨɪɦɵ ɩɪɢɛɵɥɢ ɧɚ |
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ɧɨɪɦɵ ɩɪɢɛɵɥɢ |
ɨɫɧɨɜɟ ɚɧɚɥɢɡɚ ɞɟɧɟɠɧɵɯ ɩɨɬɨɤɨɜ |
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Ⱦɨɯɨɞɵ ɨɬ ɩɪɨɟɤɬɚ |
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1000000 ɪ. |
Ⱦɨɯɨɞɵ ɨɬ ɩɪɨɟɤɬɚ |
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1000000 ɪ. |
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ɋɪɟɞɧɢɟ |
ɡɚɬɪɚɬɵ |
ɧɚ |
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ɋɪɟɞɧɢɟ |
ɡɚɬɪɚɬɵ |
ɧɚ |
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ɩɪɨɟɤɬ |
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ɩɪɨɟɤɬ |
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587000 ɪ. |
ȼɫɟɝɨ |
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750000 ɪ. |
ȼɫɟɝɨ |
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ȼ ɬɨɦ ɱɢɫɥɟ: |
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ȼ ɬɨɦ ɱɢɫɥɟ: |
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Ⱦɟɧɟɠɧɵɟ ɡɚɬɪɚɬɵ |
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500000ɪ. |
Ⱦɟɧɟɠɧɵɟ ɡɚɬɪɚɬɵ |
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500000 ɪ. |
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ɇɟɞɟɧɟɠɧɵɟ ɡɚɬɪɚɬɵ |
250000 ɪ. |
ɇɚɥɨɝ ɧɚ ɩɪɢɛɵɥɶ |
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87500 ɪ. |
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(ɚɦɨɪɬɢɡɚɰɢɹ) |
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ɋɪɟɞɧɹɹ ɩɪɢɛɵɥɶ ɨɬ |
250000 ɪ. |
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ɩɪɨɟɤɬɚ |
ɞɨ ɭɩɥɚɬɵ |
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ɧɚɥɨɝɚ |
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ɋɪɟɞɧɢɣ |
ɧɚɥɨɝ |
ɧɚ |
87500 ɪ. |
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ɩɪɢɛɵɥɶ |
(ɫɬɚɜɤɚ |
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35%) |
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ɋɪɟɞɧɹɹ |
ɱɢɫɬɚɹ |
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ɋɪɟɞɧɢɣ |
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ɱɢɫɬɵɣ |
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ɛɭɯɝɚɥɬɟɪɫɤɚɹ |
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162500 ɪ. |
ɞɟɧɟɠɧɵɣ |
ɩɨɬɨɤ |
ɨɬ |
412500 ɪ. |
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ɩɪɢɛɵɥɶ ɨɬ ɩɪɨɟɤɬɚ |
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ɩɪɨɟɤɬɚ (ɱɢɫɬɚɹ ɩɪɢ- |
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ɛɵɥɶ |
ɩɥɸɫ |
ɚɦɨɪɬɢɡɚ- |
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ɰɢɨɧɧɵɟ ɨɬɱɢɫɥɟɧɢɹ) |
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ɋɪɟɞɧɹɹ |
ɧɨɪɦɚ |
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ɋɪɟɞɧɹɹ |
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ɧɨɪɦɚ |
70,2% |
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ɩɪɢɛɵɥɢ (ɪɟɧɬɚɛɟɥɶ- |
21,7% |
ɩɪɢɛɵɥɢ |
(ɪɟɧɬɚɛɟɥɶ- |
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ɧɨɫɬɶ) ɩɪɨɟɤɬɚ |
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ɧɨɫɬɶ) ɩɪɨɟɤɬɚ |
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2.1ɉɪɨɫɬɨɣ (ɛɟɡ- Ɇɟɬɨɞɵ 2.1 ɢ 2.2 Ɉɛɚ ɦɟɬɨɞɚ ɢɝɧɨɪɢ- Ɇɟɬɨɞɵ 2.1 ɢ 2.2
ɞɢɫɤɨɧɬɧɵɣ) |
ɦɟɬɨɞ |
ɩɨɡɜɨɥɹɸɬ ɫɭɞɢɬɶ ɨ |
ɪɭɸɬ |
ɞɟɧɟɠɧɵɟ |
ɩɨ- |
ɭɫɩɟɲɧɨ |
ɩɪɢɦɟ- |
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ɨɤɭɩɚɟɦɨɫɬɢ |
ɢɧɜɟɫ- |
ɥɢɤɜɢɞɧɨɫɬɢ |
ɢ |
ɫɬɭɩɥɟɧɢɹ ɩɨɫɥɟ |
ɢɫɬɟ- |
ɧɹɸɬɫɹ |
ɞɥɹ ɛɵɫɬ- |
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ɬɢɰɢɣ (payback me- |
ɪɢɫɤɨɜɚɧɧɨɫɬɢ |
ɩɪɨ- |
ɱɟɧɢɹ |
ɫɪɨɤɚ ɨɤɭɩɚɟ- |
ɪɨɣ |
ɨɬɛɪɚɤɨɜɤɢ |
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thod). |
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ɟɤɬɚ, ɬ.ɤ. ɞɥɢɬɟɥɶɧɚɹ |
ɦɨɫɬɢ ɩɪɨɟɤɬɚ. |
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ɩɪɨɟɤɬɨɜ, ɚ ɬɚɤɠɟ ɜ |
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ȼɵɱɢɫɥɹɟɬɫɹ |
ɤɨɥɢ- |
ɨɤɭɩɚɟɦɨɫɬɶ |
ɨɡɧɚ- |
Ʉɪɨɦɟ ɬɨɝɨ, ɦɟɬɨɞ 2.1 |
ɭɫɥɨɜɢɹɯ |
ɫɢɥɶɧɨɣ |
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ɱɟɫɬɜɨ ɥɟɬ, ɧɟɨɛɯɨ- |
ɱɚɟɬ: |
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ɢɝɧɨɪɢɪɭɟɬ ɜɨɡɦɨɠɧɨɫ- |
ɢɧɮɥɹɰɢɢ, |
ɩɨɥɢɬɢ- |
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ɞɢɦɵɯ ɞɥɹ |
ɩɨɥɧɨɝɨ |
ɚ) ɞɥɢɬɟɥɶɧɭɸ ɢɦɦɨ- |
ɬɢ |
ɪɟɢɧɜɟɫɬɢɪɨɜɚɧɢɹ |
ɱɟɫɤɨɣ |
ɧɟɫɬɚɛɢɥɶ- |
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ɜɨɡɦɟɳɟɧɢɹ ɩɟɪɜɨ- |
ɛɢɥɢɡɚɰɢɸ ɫɪɟɞɫɬɜ |
ɞɨɯɨɞɨɜ ɢ ɜɪɟɦɟɧɧɭɸ |
ɧɨɫɬɢ ɢɥɢ ɩɪɢ ɞɟ- |
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21
ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 2
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ɧɚɱɚɥɶɧɵɯ |
ɡɚɬɪɚɬ, |
(ɩɨɧɢɠɟɧɧɭɸ |
ɥɢɤ- |
ɫɬɨɢɦɨɫɬɶ ɞɟɧɟɝ. ɉɨɷ- |
ɮɢɰɢɬɟ |
ɥɢɤɜɢɞɧɵɯ |
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ɬ.ɟ. ɨɩɪɟɞɟɥɹɟɬɫɹ ɦɨ- |
ɜɢɞɧɨɫɬɶ ɩɪɨɟɤɬɚ), |
ɬɨɦɭ ɩɪɨɟɤɬɵ ɫ ɪɚɜɧɵ- |
ɫɪɟɞɫɬɜ ɷɬɢ ɨɛɫɬɨɹ- |
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ɦɟɧɬ, ɤɨɝɞɚ ɞɟɧɟɠ- |
ɛ) ɩɨɜɵɲɟɧɧɭɸ ɪɢɫ- |
ɦɢ |
ɫɪɨɤɚɦɢ |
ɨɤɭɩɚ- |
ɬɟɥɶɫɬɜɚ |
ɨɪɢɟɧɬɢ- |
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ɧɵɣ |
ɩɨɬɨɤ ɞɨɯɨɞɨɜ |
ɤɨɜɚɧɧɨɫɬɶ ɩɪɨɟɤɬɚ). |
ɟɦɨɫɬɢ, |
ɧɨ ɪɚɡɥɢɱɧɨɣ |
ɪɭɸɬ ɩɪɟɞɩɪɢɹɬɢɟ |
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ɫɪɚɜɧɹɟɬɫɹ ɫ ɫɭɦɦɨɣ |
Ɉɛɚ ɦɟɬɨɞɚ ɩɪɨɫɬɵ. |
ɜɪɟɦɟɧɧɨɣ |
ɫɬɪɭɤɬɭɪɨɣ |
ɧɚ ɩɨɥɭɱɟɧɢɟ |
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ɞɟɧɟɠɧɵɯ |
ɩɨɬɨɤɨɜ |
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ɞɨɯɨɞɨɜ |
ɩɪɢɡɧɚɸɬɫɹ |
ɦɚɤɫɢɦɚɥɶɧɵɯ |
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ɡɚɬɪɚɬ. |
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ɪɚɜɧɨɰɟɧɧɵɦɢ. |
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ɞɨɯɨɞɨɜ |
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ɜ |
ɤɪɚɬ- |
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Ɉɬɛɢɪɚɸɬɫɹ ɩɪɨɟɤɬɵ |
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ɱɚɣɲɢɟ ɫɪɨɤɢ. |
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ɫ ɧɚɢɦɟɧɶɲɢɦɢ ɫɪɨ- |
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Ɍɚɤɢɦ |
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ɨɛɪɚɡɨɦ, |
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ɤɚɦɢ ɨɤɭɩɚɟɦɨɫɬɢ. |
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ɞɥɢɬɟɥɶɧɨɫɬɶ ɫɪɨɤɚ |
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ɨɤɭɩɚɟɦɨɫɬɢ ɩɨɡɜɨ- |
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ɥɹɟɬ ɛɨɥɶɲɟ ɫɭɞɢɬɶ |
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ɨ ɥɢɤɜɢɞɧɨɫɬɢ, ɱɟɦ |
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ɨ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ |
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2.2 Ⱦɢɫɤɨɧɬɧɵɣ |
ɦɟ- |
ɂɫɩɨɥɶɡɭɟɬɫɹ |
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ɩɪɨɟɤɬɚ. |
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ɬɨɞ |
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ɨɤɭɩɚɟɦɨɫɬɢ |
ɤɨɧɰɟɩɰɢɹ |
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ɩɪɨɟɤɬɚ |
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(discounted |
ɞɟɧɟɠɧɵɯ |
ɩɨɬɨɤɨɜ. |
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payback method). |
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ɍɱɢɬɵɜɚɟɬɫɹ |
ɜɨɡ- |
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Ɉɩɪɟɞɟɥɹɟɬɫɹ |
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ɦɨɠɧɨɫɬɶ |
ɪɟɢɧɜɟɫ- |
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ɦɨɦɟɧɬ, ɤɨɝɞɚ ɞɢɫ- |
ɬɢɪɨɜɚɧɢɹ ɞɨɯɨɞɨɜ ɢ |
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ɤɨɧɬɢɪɨɜɚɧɵɟ |
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ɜɪɟɦɟɧɧɚɹ ɫɬɨɢɦɨɫɬɶ |
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ɞɟɧɟɠɧɵɟ |
ɩɨɬɨɤɢ |
ɞɟɧɟɝ. |
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ɞɨɯɨɞɨɜ |
ɫɪɚɜɧɹɸɬɫɹ |
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ɫ |
ɞɢɫɤɨɧɬɢɪɨɜɚɧ- |
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ɧɵɦɢ |
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ɞɟɧɟɠɧɵɦɢ |
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ɩɨɬɨɤɚɦɢ ɡɚɬɪɚɬ. |
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Mɟɬɨɞ ɨɪɢɟɧɬɢɪɨɜɚɧ |
ȼɟɥɢɱɢɧɚ |
ɱɢɫɬɨɣ |
ɧɚɫ- |
ɉɪɢ ɨɞɨɛɪɟɧɢɢ ɢɥɢ |
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3 |
Ɇɟɬɨɞ |
ɱɢɫɬɨɣ |
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ɧɚɫɬɨɹɳɟɣ (ɬɟɤɭɳɟɣ) |
ɧɚ ɞɨɫɬɢɠɟɧɢɟ ɝɥɚɜ- |
ɬɨɹɳɟɣ |
ɫɬɨɢɦɨɫɬɢ |
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ɧɟ |
ɨɬɤɚɡɟ |
ɨɬ |
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ɟɞɢɧɫɬ- |
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ɫɬɨɢɦɨɫɬɢ |
ɩɪɨɟɤɬɚ |
ɧɨɣ |
ɰɟɥɢ |
ɮɢɧɚɧ- |
ɹɜɥɹɟɬɫɹ |
ɚɛɫɨɥɸɬɧɨ |
ɜɟɧɧɨɝɨ |
ɩɪɨɟɤɬɚ, ɚ |
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(net |
present |
value |
ɫɨɜɨɝɨ ɦɟɧɟɞɠɦɟɧɬɚ |
ɜɟɪ-ɧɵɦ |
ɤɪɢɬɟɪɢɟɦ |
ɬɚɤɠɟ ɩɪɢ |
ɜɵɛɨɪɟ |
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method). ɑɢɫɬɚɹ ɧɚɫ- |
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ɭɜɟɥɢɱɟɧɢɟ |
ɞɨɫ- |
ɩɪɢ: ɚ) ɜɵɛɨɪɟ ɦɟɠɞɭ |
ɦɟɠɞɭ ɧɟɡɚɜɢɫɢɦɵ- |
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ɬɨɹɳɚɹ |
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ɫɬɨɢɦɨɫɬɶ |
ɬɨɹɧɢɹ ɚɤɰɢɨɧɟɪɨɜ. |
ɩɪɨɟɤɬɨɦ |
ɫ ɛɨɥɶɲɢɦɢ |
ɦɢ ɩɪɨɟɤɬɚɦɢ ɩɪɢ- |
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ɩɪɨɟɤɬɚ |
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ɨɩɪɟɞɟ- |
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ɩɟɪɜɨɧɚɱɚɥɶɧɵɦɢ |
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ɦɟɧɹɟɬɫɹ ɤɚɤ ɦɟɬɨɞ, |
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ɥɹɟɬɫɹ |
ɤɚɤ |
ɪɚɡɧɢɰɚ |
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ɢɡɞɟɪɠɤɚɦɢ ɢ ɩɪɨɟɤɬɨɦ |
ɪɚɜɧɨ ɰɟɧɧɵɣ ɦɟ- |
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ɦɟɠɞɭ |
ɫɭɦɦɨɣ |
ɧɚɫ- |
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ɫ ɦɟɧɶɲɢɦɢ |
ɩɟɪɜɨɧɚ- |
ɬɨɞɭ |
ɜɧɭɬɪɟɧɧɟɣ |
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ɬɨɹɳɢɯ |
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ɫɬɨɢɦɨɫɬɟɣ |
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ɱɚɥɶɧɵɦɢ |
ɢɡɞɟɪɠɤɚɦɢ |
ɫɬɚɜɤɢ |
ɪɟɧɬɚɛɟɥɶ- |
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ɜɫɟɯ |
ɞɟɧɟɠɧɵɯ |
ɩɨ- |
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ɩɪɢ |
ɨɞɢɧɚɤɨɜɨɣ |
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ɜɟ- |
ɧɨɫɬɢ. |
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ɬɨɤɨɜ |
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ɞɨɯɨɞɨɜ |
ɢ |
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ɥɢɱɢɧɟ |
ɱɢɫɬɵɯ |
ɧɚɫ- |
ɉɪɢ ɜɵɛɨɪɟ ɦɟɠɞɭ |
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ɫɭɦɦɨɣ |
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ɧɚɫɬɨɹɳɢɯ |
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ɬɨɹɳɢɯ ɫɬɨɢɦɨɫɬɟɣ (ɫɦ. |
ɜɡɚɢɦɨɢɫɤɥɸɱɚɸ- |
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ɫɬɨɢɦɨɫɬɟɣ |
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ɜɫɟɯ |
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ɩɪɢɦɟɪ Ȼ); ɛ) ɜɵɛɨɪɟ |
ɳɢɦɢ ɩɪɨɟɤɬɚɦɢ ɚ |
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ɞɟɧɟɠɧɵɯ |
ɩɨɬɨɤɨɜ |
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ɦɟɠɞɭ ɩɪɨɟɤɬɨɦ ɫ ɛɨɥɶ- |
ɬɚɤɠɟ ɩɪɢ ɩɨɞɛɨɪɟ |
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ɡɚɬɪɚɬ, ɬ.ɟ., ɩɨ ɫɭ- |
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ɲɟɣ ɱɢɫɬɨɣ ɧɚɫɬɨɹɳɟɣ |
ɢɧɜɟɫɬɢɰɢɨɧɧɨɝɨ |
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ɳɟɫɬɜɭ, |
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ɤɚɤ |
ɱɢɫɬɵɣ |
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ɫɬɨɢɦɨɫɬɶɸ ɢ ɞɥɢɬɟɥɶ- |
ɩɨɪɬɮɟɥɹ |
ɞɟɥɢɦɵɯ |
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ɞɟɧɟɠɧɵɣ ɩɨɬɨɤ ɨɬ |
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ɧɵɦ ɩɟɪɢɨɞɨɦ ɨɤɭɩɚɟ- |
ɩɪɨɟɤɬɨɜ (ɩɪɢ ɨɝ- |
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ɩɪɨɟɤɬɚ, |
ɩɪɢɜɟɞɟɧ- |
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ɦɨɫɬɢ |
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ɢ |
ɩɪɨɟɤɬɨɦ |
ɫ |
ɪɚɧɢɱɟɧɧɨɦ ɮɢɧɚɧ- |
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ɧɵɣ |
ɤ |
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ɧɚɫɫɬɨɹɳɟɣ |
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ɦɟɧɶɲɟɣ |
ɱɢɫɬɨɣ |
ɧɚɫ- |
ɫɢɪɨɜɚɧɢɢ) |
ɩɪɢɦɟ- |
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ɫɬɨɢɦɨɫɬɢ. |
ɉɪɨɟɤɬ |
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ɬɨɹɳɟɣ |
ɫɬɨɢɦɨɫɬɶɸ |
ɢ |
ɧɹɟɬɫɹ |
ɤɚɤ |
ɦɟɬɨɞ, |
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ɨɞɨɛɪɹɟɬɫɹ ɟɫɥɢ |
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ɤɨɪɨɬɤɢɦ ɩɟɪɢɨɞɨɦ |
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ɨɬɜɟɱɚɸɳɢɣ ɨɫɧɨɜ- |
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22
ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 2
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1 |
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ɱɢɫɬɚɹ |
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ɧɚɫɬɨɹɳɚɹ |
ɨɤɭɩɚɟɦɨɫɬɢ. |
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ɧɨɣ ɰɟɥɢ ɮɢɧɚɧɫɨ- |
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ɫɬɨɢɦɨɫɬɶ |
ɩɪɨɟɤɬɚ |
Ɍɚɤɢɦ |
ɨɛɪɚɡɨɦ, |
ɦɟɬɨɞ |
ɜɨɝɨ ɦɟɧɟɞɠɦɟɧɬɚ |
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ɛɨɥɶɲɟ |
ɧɭɥɹ. |
ɗɬɨ |
ɱɢɫɬɨɣ ɧɚɫɬɨɹɳɟɣ ɫɬɨɢ- |
— ɩɪɢɭɦɧɨɠɟɧɢɸ |
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ɨɡɧɚɱɚɟɬ, |
ɱɬɨ ɩɪɨɟɤɬ |
ɦɨɫɬɢ ɧɟ ɩɨɡɜɨɥɹɟɬ ɫɭ- |
ɫɬɨɢɦɨɫɬɢ |
ɢɦɭ- |
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ɝɟɧɟɪɢɪɭɟɬ |
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ɛɨɥɶ- |
ɞɢɬɶ ɨ ɩɨɪɨɝɟ ɪɟɧɬɚ- |
ɳɟɫɬɜɚ ɚɤɰɢɨɧɟɪɨɜ |
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ɲɭɸ, ɱɟɦ ɫɪɟɞɧɟɜɡ- |
ɛɟɥɶɧɨɫɬɢ ɢ ɡɚɩɚɫɟ ɮɢ- |
(ɫɦ. ɩɪɢɦɟɪ ȼ). |
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ɜɟɲɟɧɧɚɹ |
ɫɬɨɢɦɨɫɬɶ |
ɧɚɧɫɨɜɨɣ |
ɩɪɨɱɧɨɫɬɢ |
ɉɪɢɦɟɧɹɟɬɫɹ |
ɩɪɢ |
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ɤɚɩɢɬɚɥɚ, |
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ɞɨɯɨɞ- |
ɩɪɨɟɤɬɚ. |
Ɇɟɬɨɞ ɧɟ |
ɚɧɚɥɢɡɟ ɩɪɨɟɤɬɨɜ ɫ |
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ɧɨɫɬɶ |
— ɢɧɜɟɫɬɨɪɵ |
ɨɛɴɟɤɬɢɜɢɡɢɪɭɟɬ |
ɜɥɢ- |
ɧɟɪɚɜɧɨɦɟɪɧɵɦɢ |
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ɢ |
ɤɪɟɞɢɬɨɪɵ ɛɭɞɭɬ |
ɹɧɢɟ ɢɡɦɟɧɟɧɢɢ |
ɫɬɨɢ- |
ɞɟɧɟɠɧɵɦɢ ɩɨɬɨɤɚ- |
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ɭɞɨɜɥɟɬɜɨɪɟɧɵ, |
ɱɬɨ |
ɦɨɫɬɢ ɧɟɞɜɢɠɢɦɨɫɬɢ ɢ |
ɦɢ. |
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ɢ |
ɞɨɥɠɧɨ ɩɨɞɬɜɟɪ- |
ɫɵɪɶɹ ɧɚ ɱɢɫɬɭɸ ɧɚɫ- |
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ɞɢɬɶɫɹ ɪɨɫɬɨɦ ɤɭɪɫɚ |
ɬɨɹɳɭɸ ɫɬɨɢɦɨɫɬɶ ɩɪɨ- |
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ɚɤɰɢɢ ɩɪɟɞɩɪɢɹɬɢɹ. |
ɟɤɬɚ. |
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ȿɫɥɢ ɱɢɫɬɚɹ ɧɚɫɬɨɹ- |
ɂɫɩɨɥɶɡɨɜɚɧɢɟ |
ɦɟɬɨɞɚ |
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ɳɚɹ ɫɬɨɢɦɨɫɬɶ |
ɩɪɨ- |
ɨɫɥɨɠɧɹɟɬɫɹ ɬɪɭɞɧɨɫ- |
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ɟɤɬɚ |
ɪɚɜɧɚ |
ɧɭɥɸ, |
ɬɶɸ |
ɩɪɨɝɧɨɡɢɪɨɜɚɧɢɹ |
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ɩɪɟɞɩɪɢɹɬɢɟ |
ɢɧɞɢɮ- |
ɫɬɚɜɤɢ |
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ɞɢɫɤɨɧɬɢɪɨɜɚ- |
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ɮɟɪɟɧɬɧɨ ɤ ɞɚɧɧɨɦɭ |
ɧɢɹ |
(ɫɪɟɞɧɟɜɡɜɟɲɟɧ- |
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ɩɪɨɟɤɬɭ. |
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ɧɨɣ ɫɬɨɢɦɨɫɬɢ ɤɚɩɢɬɚ- |
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ɥɚ) ɢ/ɢɥɢ ɫɬɚɜɤɢ ɛɚɧ- |
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ɤɨɜɫɤɨɝɨ ɩɪɨɰɟɧɬɚ. |
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ɉɪɢɦɟɪ Ȼ |
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«Ɋɚɫɫɦɨɬɪɢɦ ɞɜɚ ɩɪɨɟɤɬɚ: ɦɚɥɵɣ (Ɇ) ɬɪɟɛɭɟɬ 10000 ɪ., ɩɟɪɜɨɧɚɱɚɥɶɧɵɯ ɢɧɜɟɫɬɢɰɢɢ ɢ ɞɚɫɬ ɧɚ ɤɨɧɟɰ ɩɟɪɜɨɝɨ ɝɨɞɚ ɞɨɯɨɞ ɜ 16500 ɪ.; ɛɨɥɶɲɨɣ (Ȼ) ɨɰɟɧɢɜɚɟɬɫɹ ɜ 100000 ɪ., ɨɠɢɞɚɟɦɵɣ ɞɨɯɨɞ ɧɚ ɤɨɧɟɰ ɝɨɞɚ — 115000 ɪ.. ɉɪɢ ɫɪɟɞɧɟɜɡɜɟɲɟɧɧɨɣ ɫɬɨɢɦɨɫɬɢ ɤɚɩɢɬɚɥɚ 10% ɱɢɫɬɚɹ ɧɚɫɬɨɹɳɚɹ ɫɬɨɢɦɨɫɬɶ ɤɚɠɞɨɝɨ ɢɡ ɩɪɨɟɤɬɨɜ ɪɚɜɧɚ 5000 ɪ., ɩɨɷɬɨɦɭ ɫ ɩɨɦɨɳɶɸ ɦɟɬɨɞɚ ɱɢɫɬɨɣ ɧɚɫɬɨɹɳɟɣ ɫɬɨɢɦɨɫɬɢ ɫɞɟɥɚɬɶ ɩɪɚɜɢɥɶɧɵɣ ɜɵɛɨɪ ɧɟɜɨɡɦɨɠɧɨ. ȼ ɞɟɣɫɬɜɢɬɟɥɶɧɨɫɬɢ ɩɪɨɟɤɬ Ɇ ɛɟɡɨɩɚɫɧɟɟ (ɩɪɟɞɭɫɦɚɬɪɢɜɚɟɬ ɛɨɥɟɟ ɧɢɡɤɢɣ ɩɨɪɨɝ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ ɢ ɛɨɥɟɟ ɡɧɚɱɢɬɟɥɶɧɵɣ ɩɪɨɰɟɧɬ «ɡɚɩɚɫɚ ɮɢɧɚɧɫɨɜɨɣ ɩɪɨɱɧɨɫɬɢ»). Ⱦɚɠɟ ɟɫɥɢ ɞɟɧɟɠɧɵɣ ɩɨɬɨɤ ɞɨɯɨɞɨɜ ɨɬ ɷɬɨɝɨ ɩɪɨɟɤɬɚ ɨɤɚɠɟɬɫɹ ɧɚ 40% ɧɢɠɟ ɩɪɟɞɩɨɥɚɝɚɟɦɨɣ ɜɟɥɢɱɢɧɵ — 16500 ɪ., ɮɢɪɦɚ ɫɭɦɟɟɬ ɜɟɪɧɭɬɶ ɫɜɨɢ 10000 ɪ. ɢɧɜɟɫɬɢɰɢɣ. ɋ ɞɪɭɝɨɣ ɫɬɨɪɨɧɵ ɟɫɥɢ ɞɟɧɟɠɧɵɣ ɩɨɬɨɤ ɞɨɯɨɞɨɜ ɩɨ ɩɪɨɟɤɬɭ Ȼ ɛɭɞɟɬ ɜɫɟɝɨ ɧɚ 14% ɦɟɧɶɲɟ ɨɠɢɞɚɟɦɨɝɨ (115500 ɪ.), ɬɨ ɮɢɪɦɚ ɧɟ ɫɦɨɠɟɬ ɨɤɭɩɢɬɶ ɫɜɨɢ ɢɧɜɟɫɬɢɰɢɢ. ɂɬɚɤ ɟɫɥɢ ɩɪɢɬɨɤɚ ɫɪɟɞɫɬɜ ɧɟ ɛɭɞɟɬ ɜɨɨɛɳɟ ɩɪɟɞɩɪɢɹɬɢɟ ɩɨɬɟɪɹɟɬ ɜɫɟɝɨ 10000 ɪ., ɧɚ ɩɪɨɟɤɬɟ Ɇ, ɧɨ ɰɟɥɵɯ 100000 ɪ. ɧɚ ɩɪɨɟɤɬɟ Ȼ.
ɆȿɌɈȾ ɱɢɫɬɨɣ ɧɚɫɬɨɹɳɟɣ ɫɬɨɢɦɨɫɬɢ ɧɟ ɩɨɡɜɨɥɹɟɬ ɨɰɟɧɢɬɶ ɩɪɟɞɟɥɵ ɛɟɡɨɩɚɫɧɨɫɬɢ ɩɪɢ ɩɪɨɝɧɨɡɢɪɨɜɚɧɢɢ ɞɜɢɠɟɧɢɹ ɞɟɧɟɠɧɵɯ ɫɪɟɞɫɬɜ ɩɨ ɩɪɨɟɤɬɭ ɢɥɢ ɨɩɪɟɞɟɥɢɬɶ ɪɚɡɦɟɪ ɤɚɩɢɬɚɥɚ, ɤɨɬɨɪɵɦ ɪɢɫɤɭɟɬ ɩɪɟɞɩɪɢɹɬɢɟ, ɜ ɬɨ ɜɪɟɦɹ ɤɚɤ ɦɟɬɨɞ ɜɧɭɬɪɟɧɧɟɣ ɫɬɚɜɤɢ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ ɞɚɟɬ ɬɚɤɭɸ ɜɨɡɦɨɠɧɨɫɬɶ: ɜɧɭɬɪɟɧɧɹɹ ɫɬɚɜɤɚ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ ɩɪɨɟɤɬɚ Ɇ ɫɨɫɬɚɜɥɹɟɬ 65%, ɚ ɩɪɨɟɤɬɚ Ȼ - ɜɫɟɝɨ 15% ɢ ɩɨ ɪɚɡɧɢɰɟ ɜ ɫɬɚɜɤɟ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ ɦɵ ɜɢɞɢɦ ɱɬɨ ɫɧɢɠɟɧɢɟ ɞɟɧɟɠɧɵɯ ɞɨɯɨɞɨɜ ɩɨ ɩɪɨɟɤɬɭ Ɇ ɨɬɧɨɫɢɬɟɥɶɧɨ ɦɟɧɶɲɟ ɭɝɪɨɠɚɟɬ ɛɥɚɝɨɩɨɥɭɱɢɸ ɩpɟɞɩɪɢɹɬɢɹ».
23
ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 2
ɉɪɢɦɟɪ ȼ 
ɇɚ ɩɪɚɤɬɢɤɟ ɢɧɜɟɫɬɢɰɢɨɧɧɵɣ ɛɸɞɠɟɬ ɩɪɟɞɩɪɢɹɬɢɹ ɨɝɪɚɧɢɱɟɧ, ɩɨɷɬɨɦɭ ɱɚɳɟ ɜɫɟɝɨ ɩɟɪɟɞ ɮɢɧɚɧɫɨɜɵɦ ɦɟɧɟɞɠɟɪɨɦ ɫɬɨɢɬ ɡɚɞɚɱɚ ɨɩɪɟɞɟɥɢɬɶ ɬɚɤɭɸ ɤɨɦɛɢɧɚɰɢɸ ɩɪɨɟɤɬɨɜ, ɤɨɬɨɪɚɹ ɜ ɪɚɦɤɚɯ ɚɫɫɢɝɧɭɟɦɵɯ ɫɪɟɞɫɬɜ ɞɚɟɬ ɧɚɢɛɨɥɶɲɟɟ ɩɪɢɪɚɳɟɧɢɟ ɞɨɫɬɨɹɧɢɹ ɚɤɰɢɨɧɟɪɨɜ. ɗɬɚ ɡɚɞɚɱɚ ɫɜɨɞɢɬɫɹ ɤ ɩɨɞɛɨɪɭ ɤɨɦɛɢɧɚɰɢɢ ɦɚɤɫɢɦɢɡɢɪɭɸɳɟɣ ɫɭɦɦɚɪɧɭɸ ɱɢɫɬɭɸ ɧɚɫɬɨɹɳɭɸ ɫɬɨɢɦɨɫɬɶ ɩɪɨɟɤɬɨɜ. ɋɧɚɱɚɥɚ ɪɚɧɠɢɪɭɸɬɫɹ ɩɪɨɟɤɬɵ ɩɨ ɭɪɨɜɧɸ ɜɧɭɬɪɟɧɧɟɣ ɫɬɚɜɤɢ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ (ɦɟɬɨɞ 4 ɢɥɢ 5).
3ɚɬɟɦ ɩɨɞɛɢɪɚɸɬ ɧɭɠɧɭɸ ɤɨɦɛɢɧɚɰɢɸ ɫ ɭɱɟɬɨɦ ɞɟɥɢɦɨɫɬɢ (ɬ.ɟ. ɜɨɡɦɨɠɧɨɫɬɢ ɱɚɫɬɢɱɧɨɝɨ ɨɫɭɳɟɫɬɜɥɟɧɢɹ) ɢɥɢ ɧɚɨɛɨɪɨɬ ɧɟɞɟɥɢɦɨɫɬɢ (ɬ.ɟ. ɜɨɡɦɨɠɧɨɫɬɢ ɬɨɥɶɤɨ ɩɨɥɧɨɝɨ ɨɫɭɳɟɫɬɜɥɟɧɢɹ) ɩɪɨɟɤɬɨɜ. Ɍɨɤ ɞɥɹ ɞɟɥɢɦɵɯ ɩɪɨɟɤɬɨɜ: Ⱥ (I ɪɚɧɝɚ), Ȼ (II ɪɚɧɝɚ), ȼ (III ɪɚɧɝɚ) ɢ Ƚ (IV ɪɚɧɝɚ) ɩɪɢ ɢɧɜɟɫɬɢɰɢɨɧɧɨɦ ɛɸɞɠɟɬɟ 700000 ɬɵɫ. ɪ. ɦɚɤɫɢɦɢɡɢɪɭɸɳɢɣ ɱɢɫɬɭɸ ɧɚɫɬɨɹɳɭɸ ɫɬɨɢɦɨɫɬɶ ɩɪɨɟɤɬɨɜ ɢɧɜɟɫɬɢɰɢɨɧɧɵɣ ɩɨɪɬɮɟɥɶ ɛɭɞɟɬ ɫɨɫɬɨɹɬɶ ɢɡ ɩɨɥɧɨɝɨ ɨɫɭɳɟɫɬɜɥɟɧɢɹ ɩɪɨɟɤɬɚ Ⱥ ɢ ɱɚɫɬɢɱɧɨɝɨ ɨɫɭɳɟɫɬɜɥɟɧɢɹ ɩɪɨɟɤɬɚ Ȼ (450 000 ɬɵɫ. ɪ. ɢɡ
600 000 |
ɬɵɫ. ɪ.) |
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ɉɪɨɟɤɬ, ɪɚɧɝ |
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ɇɚɱɚɥɶɧɵɟ ɡɚɬɪɚɬɵ, |
ȼɧɭɬɪɟɧɧɹɹ ɫɬɚɜɤɚ |
ɑɢɫɬɚɹ ɧɚɫɬɨɹɳɚɹ |
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ɬɵɫ. ɪ. |
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ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ, % |
ɫɬɨɢɦɨɫɬɶ, ɬɵɫ. ɪ. |
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Ⱥ – I |
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250000 |
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60 |
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150000 |
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Ȼ – II |
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600000 |
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30 |
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180000 |
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ȼ – III |
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200000 |
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25 |
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50000 |
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Ƚ – IV |
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300000 |
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20 |
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60000 |
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1 |
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2 |
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3 |
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4 |
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4. |
Ɇɟɬɨɞ |
ɜɧɭɬɪɟɧ- |
Ɇɟɬɨɞ |
ɜ ɰɟɥɨɦ |
ɧɟ |
Ɇɟɬɨɞ |
ɩɪɟɞɩɨɥɚɝɚɟɬ |
ɋɦ. |
ɩɟɪɜɵɟ ɞɜɟ |
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ɧɟɣ |
ɫɬɚɜɤɢ |
ɪɟɧɬɚ- |
ɨɱɟɧɶ |
ɫɥɨɠɟɧ |
ɞɥɹ |
ɦɚɥɨɪɟɚɥɢɫɬɢɱɧɭɸ |
ɫɮɟɪɵ |
ɩɪɢɦɟɧɟɧɢɹ |
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ɛɟɥɶɧɨɫɬɢ |
(ɦɚɪɠɢ- |
ɩɨɧɢɦɚɧɢɹ ɢ ɯɨɪɨɲɨ |
ɫɢɬɭɚɰɢɸ |
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ɩɪɟɞɵɞɭɳɟɝɨ ɦɟɬɨ- |
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ɤɚɥɶɧɨɣ |
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ɷɮɮɟɤɬɨɜ- |
ɫɨɝɥɚɫɭɟɬɫɹ |
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ɫ |
ɪɟɢɧɜɟɫɬɢɪɨɜɚɧɢɹ ɜɫɟɯ |
ɞɚ. |
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ɧɨɫɬɢ ɤɚɩɢɬɚɥɚ). ȼɫɟ |
ɝɥɚɜɧɨɣ |
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ɰɟɥɶɸ |
ɩɪɨɦɟɠɭɬɨɱɧɵɯ |
ɞɟ- |
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ɩɨɫɬɭɩɥɟɧɢɹ |
ɢ |
ɜce |
ɮɢɧɚɧɫɨɜɨɝɨ |
ɦɟɧɟɞ- |
ɧɟɠɧɵɯ ɩɨɫɬɭɩɥɟɧɢɣ ɨɬ |
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ɡɚɬɪɚɬɵ ɩɨ |
ɩɪɨɟɤɬɭ |
ɠɦɟɧɬɚ |
— |
ɩɪɢɭɦ- |
ɩɪɨɟɤɬɚ |
ɩɨ |
ɫɬɚɜɤɟ |
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ɩɪɢɜɨɞɹɬɫɹ |
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ɤ |
ɧɨɠɟɧɢɟɦ ɞɨɫɬɨɹɧɢɹ |
ɜɧɭɬɪɟɧɧɟɣ ɞɨɯɨɞɧɨɫɬɢ |
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ɧɚɫɬɨɹɳɟɣ |
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ɫɬɨɢ- |
ɚɤɰɢɨɧɟɪɨɜ. |
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ȼ ɠɢɡɧɢ ɱɚɫɬɶ ɫɪɟɞɫɬɜ |
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ɦɨɫɬɢ ɧɟ |
ɧɚ |
ɨɫɧɨɜɟ |
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ɦɨɠɟɬ ɛɵɬɶ ɜɵɩɥɚɱɟɧɚ |
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ɡɚɞɚɜɚɟɦɨɣ |
ɢɡɜɧɟ |
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ɜ |
ɜɢɞɟ |
ɞɢɜɢɞɟɧɞɨɜ, |
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ɫɪɟɞɧɟɜɡɜɟɲɟɧɧɨɣ |
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ɱɚɫɬɶ — ɢɧɜɟɫɬɢɪɨɜɚɧɚ |
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ɫɬɨɢɦɨɫɬɢ |
ɤɚɩɢɬɚɥɚ, |
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ɜ ɧɢɡɤɨɞɨɯɨɞɧɵɟ, ɧɨ ɧɚ |
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ɚ ɧɚ ɨɫɧɨɜɟ ɜɧɭ- |
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ɞɟɧɟɠɧɵɟ ɚɤɬɢɜɵ, ɬɚ- |
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ɬɪɟɧɧɟɣ |
ɫɬɚɜɤɢ |
ɪɟɧ- |
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ɤɢɟ |
ɤɚɤ |
ɤɪɚɬɤɨ ɫɪɨɱ- |
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ɬɚɛɟɥɶɧɨɫɬɢ |
ɫɚɦɨɝɨ |
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ɧɵɟ |
ɝɨɫɭɞɚɪɫɬɜɟɧɧɵɟ |
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ɩɪɨɟɤɬɚ, ɤɨɬɨɪɚɹ |
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ɨɛɥɢɝɚɰɢɢ ɢ ɬ.ɞ. |
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ɨɩɪɟɞɟɥɹɟɬɫɹ |
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ɤɚɤ |
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Ɇɟɬɨɞ |
ɧɟ |
ɪɟɲɚɟɬ |
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ɫɬɚɜɤɚ |
ɞɨɯɨɞɧɨɫɬɢ |
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ɩɪɨɛɥɟɦɭ |
ɦɧɨɠɟɫɬɜɟɧ- |
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ɩɪɢ |
ɤɨɬɨɪɨɣ |
ɧɚɫɬɨ- |
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ɧɨɫɬɢ ɜɧɭɬɪɟɧɧɟɣ ɫɬɚɜ- |
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ɹɳɚɹ ɫɬɨɢɦɨɫɬɶ |
ɩɨ- |
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ɤɢ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ ɩɪɢ |
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ɫɬɭɩɥɟɧɢɣ ɪɚɜɧɚ ɧɚ- |
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ɧɟɤɨɧɜɟɧɰɢɨɧɚɥɶɧɵɯ |
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ɫɬɨɹɳɟɣ |
ɫɬɨɢɦɨɫɬɢ |
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ɞɟɧɟɠɧɵɯ |
ɩɨɬɨɤɚɯ, |
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ɡɚɬɪɚɬ, ɬ.ɟ. ɱɢɫɬɚɹ |
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ɢɧɨɝɞɚ ɜ ɬɚɤɢɯ ɫɥɭɱɚɹɯ |
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ɧɚɫɬɨɹɳɚɹ ɫɬɨɢɦɨɫɬɶ |
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ɜɧɭɬɪɟɧɧɹɹ ɫɬɚɜɤɚ ɪɟɧ- |
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ɩɪɨɟɤɬɚ |
ɪɚɜɧɚ ɧɭɥɸ |
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ɬɚɛɟɥɶɧɨɫɬɢ ɜɨɨɛɳɟ ɧɟ |
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— |
ɜɫɟ |
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ɡɚɬɪɚɬɵ |
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ɩɨɞɞɚɟɬɫɹ |
ɨɩɪɟɞɟɥɟ- |
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ɨɤɭɩɚɸɬɫɹ. |
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ɧɢɸ, ɜɫɬɭɩɚɹ ɜ ɩɪɨɬɢ- |
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24
ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 2
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1 |
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2 |
3 |
4 |
ɉɨɥɭɱɟɧɧɚɹ |
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ɬɚɤɢɦ |
ɜɨɪɟɱɢɟ ɫ |
ɤɚɧɨɧɚɦɢ |
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ɨɛɪɚɡɨɦ |
ɱɢɫɬɚɹ |
ɧɚɫ- |
ɦɚɬɟɦɚɬɢɤɢ. |
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ɬɨɹɳɚɹ |
ɫɬɨɢɦɨɫɬɶ |
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ɩɪɨɟɤɬɚ ɫɨɩɨɫɬɚɜɥɹɟɬɫɹ |
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ɫ |
ɱɢɫɬɨɣ |
ɧɚɫɬɨɹɳɟɣ |
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ɫɬɨɢɦɨɫɬɶɸ ɡɚɬɪɚɬ. |
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Ɉɞɨɛɪɹɸɬɫɹ ɩɪɨɟɤɬɵ ɫ |
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ɜɧɭɬɪɟɧɧɟɣ |
ɫɬɚɜɤɨɣ |
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ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ, |
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ɩɪɟɜɵɲɚɸɳɟɣ |
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ɫɪɟɞɧɟɜɡɜɟɲɟɧɧɭɸ |
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ɫɬɨɢɦɨɫɬɶ |
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ɤɚɩɢɬɚɥɚ |
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(ɩɪɢɧɢɦɚɟɦɭɸ |
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ɡɚ |
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ɦɢɧɢɦɚɥɶ- |
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ɧɨ |
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ɞɨɩɭɫɬɢɦɵɣ |
ɭɪɨɜɟɧɶ |
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ɞɨɯɨɞɧɨɫɬɢ), |
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ɢɡ |
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ɨɬɨɛɪɚɧɧɵɯ |
ɩɪɨɟɤɬɨɜ |
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ɩɪɟɞɩɨɱɬɟɧɢɟ |
ɨɬɞɚɸɬ |
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ɧɚɢɛɨɥɟɟ |
ɩɪɢɛɵɥɶɧɵɦ |
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ɢ |
ɮɨɪɦɢɪɭɸɬ |
ɢɧɜɟɫ- |
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ɬɢɰɢɨɧɧɵɣ ɩɨɪɬɮɟɥɶ ɫ |
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ɧɚɢɜɵɫɲɟɣ ɫɭɦ-ɦɚɪɧɨɣ |
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ɱɢɫɬɨɣ ɧɚɫɬɨɹɳɟɣ ɫɬɨɢ- |
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ɦɨɫɬɶɸ, ɟɫɥɢ ɢɧɜɟɫ- |
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ɬɢɰɢɨɧɧɵɣ |
ɛɸɞɠɟɬ |
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ɨɝɪɚɧɢɱɟɧ (ɫɦ. ɩɪɢɦɟɪ ȼ)
5. Ɇɨɞɢɮɢɰɢɪɨɜɚɧɧɵɣ ɦɟɬɨɞ ɜɧɭɬɪɟɧɧɟɣ ɫɬɚɜɤɢ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ
(modified internal rate of return metod).
ɉɪɟɞɫɬɚɜɥɹɟɬ ɫɨɛɨɣ ɛɨɥɟɟ ɫɨɜɟɪɲɟɧɧɭɸ ɦɨɞɢɮɢɤɚɰɢɸ ɦɟɬɨ-ɞɚ ɜɧɭɬɪɟɧɧɟɣ ɫɬɚɜ-ɤɢ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ ɪɚɫɲɢɪɹɸɳɭɸ ɜɨɡ- ɦɨɠɧɨɫɬɢ ɩɨɫɥɟɞ-ɧɟɝɨ. ȼɫɟ ɞɟɧɟɠɧɵɟ ɩɨɬɨɤɢ ɞɨɯɨɞɨɜ ɩɪɢ-ɜɨɞɹɬɫɹ ɤ ɛɭɞɭɳɟɣ (ɤɨɧɟɱɧɨɣ) ɫɬɨɢɦɨɫ-ɬɢ ɩɨ ɫɪɟɞɧɟɜɡɜɟ-ɲɟɧɧɨɣ ɫɬɨɢɦɨɫɬɢ ɤɚɩɢɬɚɥɚ ɫɤɥɚɞɵɜɚ-
25
ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 2
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1 |
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2 |
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3 |
4 |
ɸɬɫɹ, |
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ɫɭɦɦɚ |
Ɇɟɬɨɞ |
ɞɚɟɬ |
ɛɨɥɟɟ ɋɦ. ɩɪɟɞɵɞɭɳɢɣ ɦɟɬɨɞ |
ɋɦ. ɩɪɟɞɵɞɭɳɢɣ |
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ɩɪɢɜɨɞɢɬɫɹ |
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ɤ |
ɩɪɚɜɢɥɶɧɭɸ |
ɨɰɟɧɤɭ |
ɦɟɬɨɞ |
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ɧɚɫɬɨɹɳɟɣ |
ɫɬɨɢɦɨɫ- |
ɫɬɚɜɤɢ |
ɪɟɢɧɜɟɫɬɢɪɨ- |
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ɬɢ ɩɨ ɫɬɚɜɤɟ ɜɧɭɬ- |
ɜɚɧɢɹ |
ɢ |
ɫɧɢɦɚɟɬ |
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ɪɟɧɧɟɣ |
ɪɟɧɬɚɛɟɥɶ- |
ɩɪɨɛɥɟɦɭ |
ɦɧɨɠɟɫɬ- |
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ɧɨɫɬɢ; ɢɡ ɧɚɫɬɨɹɳɟɣ |
ɜɟɧɧɨɫɬɢ |
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ɫɬɚɜɤɢ |
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ɫɬɨɢɦɨɫɬɢ |
ɞɨɯɨɞɨɜ |
ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ. |
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ɜɵɱɢɬɚɟɬɫɹ |
ɧɚɫɬɨɹ- |
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ɳɚɹ ɫɬɨɢɦɨɫɬɶ |
ɞɟ- |
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ɧɟɠɧɵɯ |
ɡɚ |
ɬɪɚɬ |
ɢ |
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ɢɫɱɢɫɥɹɟɬɫɹ |
ɱɢɫɬɚɹ |
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ɧɚɫɬɨɹɳɚɹ ɫɬɨɢɦɨɫɬɶ |
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ɩɪɨɟɤɬɚ, |
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ɫɨɩɨɫɬɚɜɥɹɟɬɫɹ |
ɫ |
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ɧɚɫɬɨɹɳɟɣ |
ɫɬɨɢ- |
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ɦɨɫɬɶɸ ɡɚɬɪɚɬ. |
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26
6 ȼɪɟɦɟɧɧɚɹ ɰɟɧɧɨɫɬɶ ɮɢɧɚɧɫɨɜɵɯ ɪɟɫɭɪɫɨɜ
Ɍɚɛɥɢɰɚ 3 – Ⱥɥɝɨɪɢɬɦ ɭɱɟɬɚ ɮɚɤɬɨɪɚ ɜɪɟɦɟɧɢ ɜ ɮɢɧɚɧɫɨɜɵɯ ɪɚɫɱɟɬɚɯ
Ɏɢɧɚɧɫɨɜɨ- |
ɍɫɥɨɜɧ. |
Ɏɨɪɦɭɥɚ |
Ʉɨɦɦɟɧɬɚɪɢɣ |
ɷɤɨɧɨɦɢɱɟɫɤɢɣ |
ɨɛɨɡɧɚɱ. |
ɪɚɫɱɟɬɚ |
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ɩɨɤɚɡɚɬɟɥɶ |
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ɉɪɢ ɪɚɫɱɟɬɚɯ ɩɪɨɫɬɵɯ ɫɬɚɜɨɤ ɫɫɭɞɧɨɝɨ ɩɪɨɰɟɧɬɚ
1. ɉɟɪɜɨɧɚɱɚɥɶɧɚɹ |
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ɞɟɧɟɠɧɚɹ ɫɭɦɦɚ |
P |
2. ɇɚɪɚɳɟɧɧɚɹ ɫɭɦɦɚ |
S |
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ɉɪɨɞɨɥɠɢɬɟɥɶɧɨɫɬɶ |
ɞ |
ɩɟɪɢɨɞɚ ɧɚɱɢɫɥɟɧɢɹ ɜ |
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ɞɧɹɯ (28, 30, 31) |
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ȼɪɟɦɟɧɧɚɹ ɛɚɡɚ |
Ʉ |
ɪɚɫɱɟɬɚ ɩɪɨɰɟɧɬɨɜ |
3. |
Ʉɨɷɮɮɢɰɢɟɧɬ |
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ɧɚɪɚɳɟɧɢɹ |
Ʉɧ |
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ɉɟɪɜɨɧɚɱɚɥɶɧɚɹ |
Ɋ |
ɞɟɧɟɠɧɚɹ ɫɭɦɦɚ |
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(ɪɚɫɱɟɬ) |
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ɉɟɪɢɨɞ ɧɚɱɢɫɥɟɧɢɹ |
n |
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ɉɪɨɰɟɧɬɧɚɹ ɫɬɚɜɤɚ |
i |
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Ʉɨɷɮɮɢɰɢɟɧɬ |
Kn |
ɧɚɱɢɫɥɟɧɢɹ ɩɪɨɫɬɵɯ |
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ɩɪɨɰɟɧɬɨɜ |
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S= P(1+ɩ x i)
S=P(1+ Ʉɞ x i)
ɩɄɞ
S
Ʉɧ P
P = S/(1+ni)
nS P P ui
i (S P) P un
Kn=(1+n x i)
ȼɟɥɢɱɢɧɚ ɩɟɪɜɨɧɚɱɚɥɶɧɨ ɜɤɥɚɞɵɜɚɟɦɨɣ ɫɭɦɦɵ Ɉɩɟɪɚɰɢɹ ɤɨɦɩɚɭɞɢɧɝɚ – ɨɩɪɟɞɟɥɟɧɢɟ ɧɚɪɚɳɟɧɧɨɣ ɫɭɦɦɵ S K (360, 365)
Ȼɚɡɚ ɢɡɦɟɧɟɧɢɹ ɜɪɟɦɟɧɢ ɭɱɢɬɵɜɚɟɬɫɹ ɬɪɟɦɹ ɫɩɨɫɨɛɚɦɢ:
1.ȼ ɝɨɞɭ 360 ɞɧɟɣ, ɚ ɜ ɦɟɫɹ- ɰɟ 30 ɞɧɟɣ (Ƚɟɪɦɚɧɢɹ, Ⱦɚɧɢɹ, ɒɜɟɰɢɹ)
2.ȼ ɝɨɞɭ 360 ɞɧɟɣ, ɞɧɢ – ɩɨ ɤɚɥɟɧɞɚɪɸ (Ɏɪɚɧɰɢɹ, Ȼɟɥɶ- ɝɢɹ, ɂɫɩɚɧɢɹ, ɒɜɟɣɰɚɪɢɹ, ɘɝɨɫɥɚɜɢɹ)
3.ȼ ɝɨɞɭ 365 ɞɧɟɣ (ɋɒȺ, Ⱥɧɝɥɢɹ, ɉɨɪɬɭɝɚɥɢɹ)
Ⱦɥɹ ɩɪɨɫɬɵɯ ɫɬɚɜɨɤ ɫɫɭɞɧɨɝɨ ɤɚɩɢɬɚɥɚ
Ɉɩɟɪɚɰɢɹ ɞɢɫɤɨɧɬɢɪɨɜɚɧɢɹ – ɨɩɪɟɞɟɥɟɧɢɟ ɜɟɥɢɱɢɧɵ P ɧɚɪɚɳɟɧɧɨɣ ɫɭɦɦɵ S
27
ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 3
1 |
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ɉɪɢ ɪɚɫɱɟɬɚɯ ɩɪɨɫɬɵɯ ɭɱɟɬɧɵɯ ɫɬɚɜɨɤ
8.Ɉɬɧɨɫɢɬɟɥɶɧɚɹ d ɜɟɥɢɱɢɧɚ ɩɪɨɫɬɨɣ ɭɱɟɬɧɨɣ ɫɬɚɜɤɢ
9.ɋɭɦɦɚ, ɜɵɩɥɚɱɢɜɚ-
ɟɦɚɹ ɩɨ ɭɱɟɬɧɨɣ |
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ɫɬɚɜɤɟ ɡɚ ɝɨɞ ɜ ɜɢɞɟ |
Dr |
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ɩɪɨɰɟɧɬɧɵɯ ɞɟɧɟɝ |
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ɇɚɪɚɳɟɧɧɚɹ ɫɭɦɦɚ |
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(ɫɭɦɦɚ ɜɨɡɜɪɚɬɚ) |
S |
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ɉɟɪɢɨɞ ɧɚɱɢɫɥɟ- |
ɩ |
ɧɢɹ |
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ȼɟɥɢɱɢɧɚ |
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ɩɟɪɜɨɧɚɱɚɥɶɧɨɣ |
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(ɜɤɥɚɞɵɜɚɟɦɨɣ) |
P |
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ɞɟɧɟɠɧɨɣ ɫɭɦɦɵ |
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Ɂɧɚɱɟɧɢɟ ɭɱɟɬɧɨɣ |
d |
ɫɬɚɜɤɢ
d |
Dr |
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Dr=d x S D = ɩ x Dr = ɩ x d x S
P = S – D
S= P/(1-ɩd) = P/(1- Ʉɞ d)
ɉ=(S-P)/S x d
d – ɭɱɟɬɧɚɹ ɫɬɚɜɤɚ ɤɚɤ ɨɬɧɨɲɟɧɢɟ ɫɭɦɦɵ ɞɨɯɨɞɚ ɤ ɜɟɥɢɱɢɧɟ ɧɚɪɚɳɟɧɧɨɣ ɫɭɦɦɵ, ɩɪɢɦɟɧɹɟɬɫɹ ɩɪɢ ɭɱɟɬɟ ɜɟɤɫɟɥɟɣ ɢ ɞɪɭɝɢɯ ɞɟɧɟɠɧɵɯ ɨɛɹɡɚɬɟɥɶɫɬɜ
D – ɨɛɳɚɹ ɫɭɦɦɚ ɩɪɨɰɟɧɬɧɵɯ ɞɟɧɟɝ
ɞ – ɩɪɨɞɨɥɠɢɬɟɥɶɧɨɫɬɶ ɧɚɱɢɫɥɟɧɢɹ ɜ ɞɧɹɯ
ɇɚ ɩɪɚɤɬɢɤɟ ɭɱɟɬɧɵɟ ɫɬɚɜɤɢ
(d) ɩɪɢɦɟɧɹɸɬɫɹ ɩɪɢ ɩɨɤɭɩɤɟ ɜɟɤɫɟɥɟɣ ɢ ɞɪɭɝɢɯ ɞɟɧɟɠɧɵɯ ɨɛɹɡɚɬɟɥɶɫɬɜ
P = S/(1 + ɩd) |
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d = (S-P)/S x x |
Ɏɨɪɦɭɥɚ ɪɚɫɱɟɬɚ d ɩɨɥɭɱɟɧɚ |
ɩ =(S-P) x |
ɩɪɟɨɛɪɚɡɨɜɚɧɢɟɦ ɮɨɪɦɭɥ (10), |
x K/S x Ⱦ |
(11) |
ɉɪɢ ɪɚɫɱɟɬɚɯ ɫɥɨɠɧɵɯ ɫɬɚɜɨɤ ɫɫɭɞɧɨɝɨ ɩɪɨɰɟɧɬɚ
14. ɇɚɪɚɳɟɧɧɚɹ ɫɭɦɦɚ |
S |
S=P(1+ic)n |
ic – ɨɬɧɨɫɢɬɟɥɶɧɚɹ ɜɟɥɢɱɢɧɚ |
ɡɚ n ɥɟɬ |
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ɝɨɞɨɜɨɣ ɫɬɚɜɤɢ ɫɥɨɠɧɵɯ |
ɋɭɦɦɚ ɜɤɥɚɞɚ ɩɨ |
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ɫɫɭɞɧɵɯ ɩɪɨɰɟɧɬɨɜ |
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ɩɪɨɲɟɫɬɜɢɢ ɩɟɪɜɨɝɨ |
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ɝɨɞɚ |
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ɋɭɦɦɚ ɜɤɥɚɞɚ ɩɨ |
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S=P(1+ic)n |
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ɩɪɨɲɟɫɬɜɢɢ n ɥɟɬ |
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j ɩɪɢɦɟɧɹɟɬɫɹ ɩɪɢ ɧɚɱɢɫɥɟɧɢɢ |
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ɇɨɦɢɧɚɥɶɧɚɹ ɫɬɚɜ- |
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ɤɚ ɫɥɨɠɧɵɯ ɫɫɭɞɧɵɯ |
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ɩɪɨɰɟɧɬɨɜ ɧɟɫɤɨɥɶɤɨ ɪɚɡ ɜ |
ɩɪɨɰɟɧɬɨɜ |
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ɝɨɞ. |
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ɇɚɱɢɫɥɟɧɢɟ ɩɪɨɰɟɧɬɨɜ |
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m ɪɚɡ ɜ ɝɨɞɭ; |
28
ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 3
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15. ɇɚɪɚɳɟɧɧɚɹ ɫɭɦɦɚ |
Smn |
Ɋɚɜɧɵɟ ɢɧɬɟɪɜɚɥɵ |
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ɧɚɱɢɫɥɟɧɢɹ |
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ɋɪɨɤ ɫɫɭɞɚ ɜ ɝɨɞɚɯ |
n |
16. ɇɚɪɚɳɟɧɧɚɹ ɫɭɦɦɚ ɩɪɢ ɧɟɩɪɟɪɵɜɧɨɦ S ɧɚɱɢɫɥɟɧɢɢ ɩɪɨɰɟɧɬɨɜ
17.Ʉɨɷɮɮɢɰɢɟɧɬ Kɧ ɧɚɪɚɳɟɧɢɹ
18.Ʉɨɷɮɮɢɰɢɟɧɬ
(ɦɧɨɠɢɬɟɥɶ) ɧɚɪɚ-
ɳɟɧɢɹ ɞɥɹ ɫɥɨɠɧɵɯ Kɧɫ ɫɬɚɜɨɤ ɩɪɨɰɟɧɬɨɜ (ɞɢɫɤɪɟɬɧɵɣ ɪɚɫɱɟɬ)
19. ȼɟɥɢɱɢɧɚ ɩɟɪɜɨ- |
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ɧɚɱɚɥɶɧɨɣ ɫɭɦɦɵ |
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Ʉɨɷɮɮɢɰɢɟɧɬ ɞɢɫ- ɤɨɧɬɢɪɨɜɚɧɢɹ Kɞ
20. ɋɬɚɜɤɚ ɫɥɨɠɧɵɯ ɩɪɨɰɟɧɬɨɜ ic 21. ɇɨɦɢɧɚɥɶɧɚɹ
ɫɬɚɜɤɚ ɫɥɨɠɧɵɯ j ɫɫɭɞɧɵɯ ɩɪɨɰɟɧɬɨɜ
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mn – ɰɟɥɨɟ ɱɢɫɥɨ ɢɧɬɟɪɜɚɥɨɜ |
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ɡɧɚɱɟɧɢɹ; |
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l – ɱɚɫɬɶ ɢɧɬɟɪɜɚɥɚ ɡɧɚɱɟɧɢɹ; |
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jn – ɩɪɢ ɧɟɩɪɟɪɵɜɧɨɦ |
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ɧɚɱɢɫ-ɥɟɧɢɢ ɫɥɨɠɧɵɯ |
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Smn=P(1+ |
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mn – ɨɛɳɟɟ ɱɢɫɥɨ ɢɧɬɟɪɜɚɥɨɜ |
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ɧɚɱɢɫɥɟɧɢɹ ɡɚ ɜɟɫɶ ɫɪɨɤ ɫɫɭɞɵ |
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ȿɫɥɢ ɨɛɳɟɟ ɱɢɫɥɨ ɢɧɬɟɪɜɚɥɨɜ |
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ɧɚɱɢɫɥɟɧɢɹ ɧɟ ɹɜɥɹɟɬɫɹ ɰɟɥɵɦ |
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l – ɱɚɫɬɶ ɢɧɬɟɪɜɚɥɚ |
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ɇɚɪɚɳɟɧɢɟ ɩɪɢ ɧɟɩɪɟɪɵɜɧɨɦ |
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Ⱦɥɹ ɫɥɨɠɧɵɯ ɫɬɚɜɨɤ ɫɫɭɞɧɵɯ |
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na - ɰɟɥɨɟ ɱɢɫɥɨ ɥɟɬ; |
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no – ɨɫɬɚɜɲɚɹɫɹ ɞɪɨɛɧɚɹ ɱɚɫɬɶ |
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ɪɨɜɚɧɢɹ, ɹɜɥɹɟɬɫɹ ɜɟɥɢɱɢɧɨɣ |
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ɨɛɪɚɬɧɨɣ ɤɨɷɮɮɢɰɢɟɧɬɭ |
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Ɍɟɤɭɳɢɣ ɮɢɧɚɧɫɨɜɵɣ ɷɤɜɢɜɚ- |
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ɥɟɧɬ ɛɭɞɭɳɟɣ ɞɟɧɟɠɧɨɣ |
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ɫɭɦɦɵ ɬɟɦ ɧɢɠɟ, ɱɟɦ |
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ɨɬɞɚɥɟɧɧɟɟ ɫɪɨɤ ɟɟ ɩɨɥɭɱɟɧɢɹ |
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ɢ ɱɟɦ ɜɵɲɟ ɧɨɪɦɚ ɞɨɯɨɞɚ |
ic = n |
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Ɏɨɪɦɭɥɚ ɩɨɥɭɱɟɧɚ ɩɪɟɨɛɪɚ- |
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ɡɨɜɚɧɢɟɦ ɮɨɪɦɭɥɵ (19) |
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mn – ɱɢɫɥɨ ɢɧɬɟɪɜɚɥɨɜ |
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¨mn |
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ɧɚɱɢɫɥɟɧɢɹ. |
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j=m¨ |
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29
ɉɪɨɞɨɥɠɟɧɢɟ ɬɚɛɥɢɰɵ 3 |
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22. ɉɟɪɢɨɞ ɧɚɱɢɫɥɟ- |
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ln S / P |
Ⱦɥɹ ɧɚɱɢɫɥɟɧɢɹ ɩɪɨɰɟɧɬɨɜ m |
ɧɢɹ |
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ɪɚɡ ɜ ɝɨɞɭ |
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ln(1 ic ) |
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ɩ = mln(1 j/m)
Ⱦɥɹ ɫɥɭɱɚɟɜ ɫɥɨɠɧɵɯ ɭɱɟɬɧɵɯ ɫɬɚɜɨɤ (ɚɧɬɢɫɢɩɚɬɢɜɧɵɣ ɫɩɨɫɨɛ)
23. ɇɚɪɚɳɟɧɧɚɹ ɫɭɦɦɚ |
S |
24. Ʉɨɷɮɮɢɰɢɟɧɬ |
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ɧɚɪɚɳɟɧɢɹ ɜ ɫɥɭɱɚɟ |
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ɫɥɨɠɧɵɯ ɭɱɟɬɧɵɯ |
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25. ɉɟɪɜɨɧɚɱɚɥɶɧɚɹ |
P |
ɞɟɧɟɠɧɚɹ ɫɭɦɦɚ |
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26. ɉɟɪɢɨɞ ɧɚɱɢɫɥɟ- |
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S=P/(1-dc)n
S=P/(1-f/m)mn
Ʉɧ.ɭ =1/(1-dc)n
Ʉɧ.ɭ=1/(1-dc)na x (1-nɜ x dc)
P = S/(1-dc)n
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ln(1 dc ) |
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ɩ = lnS/P mln(1 f /m)
ɇɚɪɚɳɟɧɢɟ ɱɟɪɟɡ n ɥɟɬ
Ⱦɥɹ ɧɚɱɢɫɥɟɧɢɹ ɩɪɨɰɟɧɬɨɜ m ɪɚɡ ɜ ɝɨɞɭ;
f – ɧɨɦɢɧɚɥɶɧɚɹ ɝɨɞɨɜɚɹ ɭɱɟɬɧɚɹ ɫɬɚɜɤɚ;
dc – ɨɬɧɨɫɢɬɟɥɶɧɚɹ ɜɟɥɢɱɢɧɚ ɫɥɨɠɧɨɣ ɭɱɟɬɧɨɣ ɫɬɚɜɤɢ Ʉɨɷɮɮɢɰɢɟɧɬ ɧɚɪɚɳɟɧɢɹ ɞɥɹ ɩɟɪɢɨɞɚ ɧɚɱɢɫɥɟɧɢɹ, ɧɟ ɹɜɥɹɸɳɟɝɨɫɹ ɰɟɥɵɦ ɱɢɫɥɨɦ ɋɪɚɜɧɢɦ ɮɨɪɦɭɥɵ (14), (23) ɢ (25);
ɉɪɢ ɪɚɜɟɧɫɬɜɟ ɫɫɭɞɧɨɝɨ ɩɪɨɰɟɧɬɚ ɢ ɭɱɟɬɧɨɣ ɫɬɚɜɤɢ ɧɚɪɚɳɟɧɢɟ ɢɞɟɬ ɛɵɫɬɪɟɟ ɜɨ ɜɬɨɪɨɦ ɫɥɭɱɚɟ.
Ɏɨɪɦɭɥɵ ɩɨɥɭɱɟɧɵ ɩɪɟɨɛɪɚ- ɡɨɜɚɧɢɟɦ ɮɨɪɦɭɥɵ (25)
27. ȼɟɥɢɱɢɧɚ ɫɥɨɠɧɨɣ |
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Ɏɨɪɦɭɥɵ ɩɨɥɭɱɟɧɵ ɩɪɟɨɛɪɚ- |
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dc = 1- n p |
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ɭɱɟɬɧɨɣ ɫɬɚɜɤɢ |
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ɡɨɜɚɧɢɟɦ ɮɨɪɦɭɥɵ (25) |
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28 ɇɨɦɢɧɚɥɶɧɚɹ |
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f=m(1- mn |
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Ɏɨɪɦɭɥɵ ɩɨɥɭɱɟɧɵ ɩɪɟɨɛɪɚ- |
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ɝɨɞɨɜɚɹ ɭɱɟɬɧɚɹ |
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ɡɨɜɚɧɢɟɦ ɮɨɪɦɭɥɵ (25) |
ɫɬɚɜɤɚ |
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ɍɪɚɜɧɟɧɢɹ ɷɤɜɢɜɚɥɟɧɬɧɨɫɬɢ ɩɪɨɰɟɧɬɧɵɯ ɫɬɚɜɨɤ (ɗɉɋ)
29. ɇɚɪɚɳɟɧɧɚɹ ɫɭɦɦɚ |
S |
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ɍɪɚɜɧɟɧɢɹ ɷɤɜɢɜɚɥɟɧɬɧɨɫɬɢ |
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ɫɫɭɞɧɨɝɨ ɩɪɨɰɟɧɬɚ |
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ɜɵɜɨɞɹɬɫɹ ɢɡ ɪɟɜɚɧɫɬɜ: |
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i = 1 ɩd |
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ɮ.2 = ɮ.10; |
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d = 1 ɩx i |
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i = [(1+ic)n-1]/n |
ɮ.2 = ɮ.14; |
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ic = n |
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