яю 7 48AF8?;V=8 "$V=0=A>289 A?>40@AB2V" 289 A?>40@AB2V". (?>25@=CB8AO 4> @5B8G=0 G0AB8=0 @0:B8G=5 70=OBBO !3-5. @0:B8G=0 G0AB8=0 @0:B8G=5 70=OBBO !6-7. "5>@5B8G=0 G0AB8=0 @0:B8G=5 70=OBBO !6-7. @0:B8G=0 G0AB8=0 @0:B8G=5 70=OBBO !1-2. "5>@5B8G=0 G0AB8=0. (25@=CBLAO) A=>2=89 72>3> @4V;>@8AB0==O28E @5AC@AV2 AC1 T:BV2 3>A?>40@N20==O B0 >?B81>@>BC WE 3@>H>28E :>HBV2. 0B5@V0;L=>N >A=>2>N DV=0=A>2>3> 289 >1>@>B ?V4?@8T2>46CTBLAO ?>B>:07@0EC=:V2. D5:B82=> C?@02;OB8 3@>H>281>@>B>7=0G0T: " ?5@5410G0B8 9>3> 6;8289 AB0= =0 1;87L:C V 40;5:C ?5@A?5:B820; " C1AO38 B0 V=B5=A82=VABL =04E>465==O V 28B@0B 3@>H>28E :>HBV2 O: 2 ?>B>G=>23>AB@>:>2>40E. # H8@>:>7C289 3> 70157?5G5==O ?V4?@8TW 4VO;L=>ABV, I> 40T 73C 5D5:B82=> C?@02;OB8 @CE>H>28E :>HBV2 V 7=0E>48B8 >?B82V @VH5==O. >=OBBO «DV=0=A>289 G0A=> @>73;O40B8 2 B@L>E 0A?5:B0E: " O: A8AB5=0;L=>3> C?@02;V==O DV=0=A0@ABV. /: A8AB5N 4V2 V 2065;V2 DV=0=A>2>3> 2828E ?V4A8AB5W A8AB5N 4VO;L=VABN 70157?5GCTBLAO @50;V70FVTN =0ABC?=8E ?@8=F8?V2: " ?;0=>2VABL B0 A8AB528E @5AC@AV2 7 N 70157?5G5==O WE 710;0=A>20=>ABV, A8AB57@>1FV AB@0B53VW V B0:B8:8 DV=0=AC20==O, 2 @50;V70FVW 70?;0=>20=8E 70E>4V2; " FV;L>20 A?@O20=VABL >@VT=B0FVO =0 FV;V 9 70240==O, O:V =0 F59 1>N ?V4?@8T (?V428I5==O @5=B015;L=>ABV, 7@>AB0==O ?@>4C:B82=>ABV ?@0FV, AB2>@5==O ?>78B82=>3> V20465==O V==>20FV9, 7=:C@5=B=8E ?>78FV9 =0 @8=:C, 70;CG5==O 28E @5AC@AV2 V B. 4.); " 4825@A8DV:>20=VABL :0?VB0;>2:;045=L C 42>E 0A?5:B0E: ?>-?5@H5, V=25ABC20==O 3@>H>28E :>HBV2 C @V7=V FV==V ?0?5@8, V=25AB8FV9=V ?@>5:B8; ?>-4@C35, AB2>@5==O 1030B>?@>DV;L=8E ?V4?@8T 7093=>7C20==O @V7=>728B:C DV=0=A>2>W A8AB51‘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Ч 100% / 400 = 75% =0G8BL, 70?0A =0?V2D01@8:0BV2 A:>@>B82AO =0 25% 87=0G0T B5=45=FVN @>728B:C =57025@H5=>3> 28@>1=8FB20 50 100% 100 E% % = 100 Ч 100% / 50 = 200% ">1B>, =57025@H5=5 28@>1=8FB2> 71V;LH8;>AL =0 100% P align=left>"5=45=FVO @>728B:C 3>B>2>W ?@>4C:FVW 350 100% 200 E% % = 57, 14% A0B>2>W ?@>4C:FVW 7=878;8AL =0 42, 8% V4?>2V4L: B5=45=FVO @>728B:C 25%; 100%; 42,8%. /:VABL C?@02;V==O =87L:0. 040G0 2 VG=89 >1>@>B ?@>406C DV@20=8E B>20@V2 1170 B8A. 3@=. /:89 AB0= DV@4> DV@=:C@5=BV2, :>;8 ?>:07=8: 20;>2>W ?@81CB:>2>ABV ?@>406C ?> 40=V9 30;C7V AB0=>28BL 24,5%? VH5==O 87=0G0T ?@81CB>: = 1480 1170 = 310 (B8A. 3@=.) =0E>48 ?>:07=8: 20;>2>W ?@81CB:>2>ABV 4;O 40=>W DV@20 ?@81CB:>2VABL = 310 Ч 100% / 1480 = 20, 94% V4?>2V4L: AB0= DV@=5@=5 B>20@8AB2> 73> 2E>48BL 40 ?@82V;59>20=8E 0:FV9 =>N 20@BVABN 500 3@=., @5HB0 728G09=V 0:FVW 70 BVTN 6 FV=>N. 0 ?@8410=V 0:FVW 0:FV>=5@0 2=5A5=>: " 3@>H>2V :>HB8 600 B8A. 3@=.; >A=>2=V 70A>18 150 B8A. 3@=.; " ?0B5=B8 80 B8A. 3@=. 87=0G8B8: 1.'0AB:C AD>@20=>3> AB0BCB=>3> :0?VB0;C B0 ?@>0=0;V7C20B8 9>3> AB@C:BC@C. 2. >7@0EC20B8 AC2>3> @575@2C 70 =>@73> :0?8B0;C. VH5==O 1. !C 2=5A5=> 0:FV>=5@07@0E>2CT G0AB:C AD>@20=>3> AB0BCB=>3> :0?VB0;C 900 100% 830 ? '0AB:0 AD>@20=>3> AB0BCB=>3> :0?VB0;C = 830 Ч 100% / 900 = 92, 2 % @>0=0;V7CT AB@C:BC@C AB0BCB=>3> :0?VB0;C @82V;59>20=V 0:FVW = 40 HB. Ч 500 3@=. = 20 000 3@=. = 20 B8A. 3@=. 87=0G0T :V;L:VABL ?@82V;59>20=8E 0:FV9 C 2V4A>B:>2>H5==V: 900 100% 20 ? @82V;59>20=V 0:FVW = 2, 2% 28G09=V 0:FVW = 900 20 = 880 (B8A. 3@=.) 900 100% 880 ? 28G09=V 0:FVW = 97, 8% 2 !C2>3> @575@2C = 25% Ч900 / 100% = 225 (B8A. 3@=.) V4?>2V4L: '0AB:0 AD>@20=>3> AB0BCB=>3> :0HB0;C 92,2%; 9>3> AB@C:BC@0: 2,2%; 97,8%; AC2>3> @575@2C 225 B8A. 3@=. 040G0 4 V4?@8T 28@>1;OT >48= 284 ?@>4C:FVW, 2V4?CA:=0 FV=0 >48=8FV 28@>1C 100 3@=. 1AO3 @50;V70FVW ?@>4C:FVW =0 @V: 56 B8A. >4. 28@>1V2. GV:CTBLAO, I> >1AO3 @50;V70FVW ?@>4C:FVW 2 ?;0=>2>4V 71V;LH8BLAO =0 20%. !>1V20@BVABL >48=8FV ?@>4C:FVW 85 3@=., 2 B>1EV4=> 287=0G8B8 4>40B:>289 ?@81CB>:, (5:>=>40B:>2>W ?@>4C:FVW, I> 1C45 >B@8: = V4?CA:=0 FV=0 - !/0@ @81CB>: = 5600000 4760000 = 840000(3@=) 2. /:I> >1AO3 @50;V70FVW 71V;LH8BLAO =0 20%: V4?CA:=0 FV=0 = (56000Ч0,2+56000) Ч100 = 6720000(3@=) !/0@ = (47Ч0,2+47+38) Ч56000 = 5286400(3@=) @81CB>: = 6720000 5286400 = 1433600(3@=) 3. >40B:>289 ?@81CB>: = 1433600 840000 = 593600(3@=) V4?>2V4L: 593600 3@= 040G0 5 !B0@B>20 20@BVABL >1 T:BC ;V78=3C 19920 B8A. 3@=. #3>40 ?5@5410G0T ?>2=C 0@B870FVN (?5@V>4 2 @>:8), @V2=> ?> 402FO 15% @VG=8E. V78=3>2V ?;0B56V 74V9A=NNBLAO I>:20@B0;L=>. !:;04VBL I>:20@B0;L=89 3@0DV: ;V78=3>28E ?;0B56V2 ?V4?@8T ?5@H>402FO 3,75%. V78=3>2V ?;0B56V = !/0@(@/AB + :>2V ?;0B56V = 19920(11,25+3,75)/100 = 2988(3@=) 2 :2. 2988 3@= 3 :2. 2988 3@= 4 :2. 2988 3@= 030;L=0 AC28E ?;0B56V2 = 31872 3@= V4?>2V4L: 31872 3@= @0:B8G=5 70=OBBO !3-5. "5>@5B8G=0 G0AB8=0. (?>25@=CB8AO) "5ABV 3@>H59 C G0AV B0 WW 28:>@8AB0==O C DV=0=A>28E @>7@0EC=:0E» @8 ?;0=C20==V 3@>H>28E =04E>465=L C @>7@0EC=:0E 70 >?5@0FVO2>1EV4=> 2@0E>2C20B8 D0:B>@ G0AC. V= 2V4V3@0T =5 ;L, =V6 >1AO38 3@>H>28E :>HBV2. &5 7C2;5=> =5@V2=>FV==VABN 3@>H59, O:V 2V4=>AOBL 4> @V7=8E 1B> 20@BVABL 3@82=V AL>3>4=V 1V;LH0, =V6 20@BVABL 3@82=V, >B@8W 702B@0 01> G5@57 ?52=89 G0A. V7=8FO C 20@B>ABV 3@>H59 7C2;5=0 4VTN 45:V;L:>E D0:B>@V2, 4> O:8E 2V4=>AOBL V=D;OFVN 01> 7=5FV=5==O 3@>H59. :@V3>, B5>@5B8G=> 1C4L-O:0 ACH59 65 1CB8 V=25AB>20=0 V ?@8=>A8B8EV4. ">B@83>4=V 3@>HV A;V4 2@0E>2C20B8 O: =528:>@8AB0=V 6;82>ABV 2 >B@8E>4C 2 28E C20E =5>1EV4=> 2@0E>2C20B8 D0:B>@ @878:C, 0465 =5287=0G5=VABL 3> 7H59, O:V 6CBL 1CB8 >B@8H59 2?;820T AE8;L=VABL 4> ;V:2V4=>ABV 7 1>:C V=25AB>@V2. &5 ?@>O2;OTBLAO 2 B> ?5@52030 702648 =040TBLAO 3@>H0B@83>4=V 9 704>2>;L=8B8 A2>W ?>B@518. "> V=25AB>@8 2:;040NBL A2>W :>HB8 2 ?@>5:B8, B> G5:0NBL =0 28=03>@>4C, B>1B> 28A>:V 4>E>48 C ABV. ?>3;O4C :V;L:VA=>3> DV=0=A>2>3> 0=0;V7C 3@>H>2V :>HB8, O:V 2V4=>AOBL 4> @V7=8E ?5@V>4V2 G0AC, =5 6=0 AC@0 G0AC C DV=0=A>28E @>7@0EC=:0E 74V9A=NTBLAO H;OE>7@0EC=:V2 W 20@B>ABV 4>E>4C (:0?VB0;C) 01> B5?5@VH=L>W 20@B>ABV E>4V2. &V=0 3@>H59 7HV, O:V T AL>3>4=V, 0=V6 BV, I> 6=0 7@>18B8 =0ABC?=V 28A=>2:8 : 1. !L>3>4=V 3@>HV 4>@>6GV, =V6 702B@0. 2. @>HV 2B@0G0NBL A2>N 20@BVABL G5@57 V=D;OFVN, @878:, AE8;L=VABL 4> ;V:2V4=>ABV. 5@5EV4 4> @8=:>2>W 5:>=>2>46CTBLAO ?>O2>N =>28E 4;O ?V4?@8TABV. > =8E 6=0 2V4=5AB8 281V@ 20@V0=BV2 2:;040==O 3@>H>28E :>HBV2, >FV=:0 5D5:B82=>ABV V=25AB8FV9, B>I>. V4:@8B> =>2V 6;82>ABV 28:>@8AB0==O :0?VB0;C: CG0ABL 2 @V7=>28E ?@>5:B0E, ?@8410==O FV==8E ?0?5@V2, =5@CE>ABV; 2:;040==O 3@>H59 =0 45?>78B=V @0EC=:8 :>748= 7 >1@0=8E ?@>5:BV2, DV=0=A>289 25@=CB8 2:;045=V 3@>HV, 0 9 >B@8=> A?8A:C 70=OBBL">(?>25@=CB8AO) 040G0 1 V4?@8T78B C @>74. >4=>G0A=> =0 B@8 @>:8 ?V4 5% 01> ?>ABC?>2>, ?@>BO3>E @>:V2 @V2=8 ?> 100 3@. >4. I>@>:C. VH5==O 0@V0=B 1 FV3= 300 Ч (1 + 0,05)3 = 300 E 1,1576 = 347,28 3@. >4. @8@VAB 2:;04C AB0=>282: "V= 347,28 - 300 = 47,28 3@. >4. 0@V0=B 2 FVA3= 100Ч = 100Ч3,1525 = 315,25 3@. >4. 0,05 "Vn= 315,25 - 300 = 15,25 3@. >4 0G8, I> ?@8@VAB 2V4 2:;040==O >4=>G0A=> 2 3 @078 1V;LH89, =V6 G0AB:0@VN, I> 7V 7@>AB0==OAB0T :>@>40 70 @878:. 040G0 2 87=0G8B8 =>F5=B=0 AB02:0, I> 28:>@8AB>2CTBLAO 4;O ?@8@>I5==O 20@B>ABV 2:;04C (i) 20%, ?@>3=>7>20=89 @VG=89 B54 @>7:8. VH5==O ;O >FV=:8 W 20@B>ABV 3@>H59 7 C@0EC20==O@0 V=D;OFVW 28:>@8AB>2CTBLAO D>@3=>7>20=89 B5281> 28:>@8AB0B8 7=0G5=8O ?>:07=8:V2, =02545=V 725@EC, W 20@B>AV 3@>H59 7 C@0EC20==O@0 V=D;OFVW 28:>@8AB>2CTBLAO B0:0 D>@E 20@V0=BV2 V=25ABC20==O 100 3@. >4. ?V4 12 % @VG=8E: 7 =0@0EC20==O3> ?@>F5=B0 >48= @07 =0 @V:, >48= @07 =0 ?V2@>:C, >48= @07 C :20@B0; B0 >48= @07 =0 ;8 @VG=0 AB02:0 ?@>F5=B0 4>@V2=N5 12%, B> ?V2@VG=0 6%, :20@B0;L=0 3%, ?>3> ?@>F5=B0 4;O V=25AB8FV9, 70 O:8 ?@>F5=B0 70 ?V2@VGGO, 2V4HC-:05 2 B01;. 4.1 6%, 0;5 2V7L48 G0AC. V4?>2V4=>, O:I> A:;04=89 ?@>F5=B =0@0E>2C5BLAO I>:20@B0;L=>, 9>3> 6=0 ?V4@0EC20B8, 28:>@8AB>2CNG8 3 % B0 G>B8@8 G0A>2V ?5@V>48. /:I> ? -:V;L:VABL @07V2 =0@0E>2C5BLAO A:;04=89 ?@>F5=B ?@>BO3>4=>¬3> @>:C, B>4V 78BC PV 70 AB02:8 ?@>F5=B0 i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