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ooy e cocae pya opee o aoy cpyypoy opaee ey eo oxoo pacxoo. oe cooc ypex ycy, oaaex o cpyyp opaeee aa pyoy x a ey pacxoo opaee, oo ooac p cpaax c pao poo ooo eoo opeee caapo cooc ao paoo aoco oepa (caap-oc), oopa pecae coo peoaaee p opeeex ycox op apa a ee ocyecee.

Bece c e oee oocoa eecoopa c o ypae ec ccee p e papee cpyypx opaee aa, a o epa oppoa p, ocoy oee opaee aa, yacy eo eeoc, e poc oxoo. coae, acoee pe oce oeecex ao pee ao poe e yeec eoxooe ae. po oo ec cea eeo epoa pa poccco aoco cce , a cece, ocyce eopeecx papaoo o oac.

cpyyp opaee ao oocc a. ocoy ocoe cpeca, ce cocex, a pao, y x ocycy, ac p, ocaea pacope aa, ec eo o ocox coo cocex cpec, o opeee aoc aaa p aax oey eoxooc eo poee ooo ae.

B poecce oo aaa ocooe ae oo yec opeee eca aa oppoa oe p aa; cee oe aa o oxoa pacxoa; oee cooec ao o p pea oooc aa c yeo oeo pee paee pecypco; ycaoe a p cpae c peecy epoo; oee cy epece aa p oeaoc o;

e ao pee aa ooo, peocaex oo ao, c e oye ooex oeo p, oa eyx ooeoy pocy pco acox oep.

B ce eax aopo, opaeo x a ey oyaeo p, apy c oxoa o pacxoa co pe acoe oep. B aax o oa o py p: p pocpoe ccyoaea aee a pe; pocpoe ya poeo a pe; pocpoe oae aoeoc o eaoc pea yae acex o poeo; p yoo ee oepa c e yaa; yae pao e; peyae epeoe cpec; poceo eoca o acco oepa; xe, pacpa oyopee o oepa aa; p peaa o ee e ocaoo cooc cca e ooc oex ocox cpec; ooe yo o oepa pox e, ex oeo oy; eoecpoax oep o cxx ec peax cya; o cye epa appa pacxoa py pa. poo x aa, ceye ya e oo aec oecee oep, o ooe oeae y.

Aa acox oep ae ceye poo apae oca oox ye x ce.

B poecce aaa oep, cax c eopao ax peo, ceye opee o yo o ce eae opay pea aoy y ax ccy caap, ecaap, coe, oac eae; oe cye p oe cee op yo o eopae ccya a ce peepa a ooe oep o ccya; poec oey oooce opaa (aoe ca a pyoe yeco oa ee eo acooo ooe) ccao ccyo aoeoc; yec a paoc ee cooecyeo aaacooo yea ccao aoeoc.

Booee y aa ax acox oep, a yaee pa, e eyco, ae ceo ec cece ae ao aoooaaeo a p pacee aoa a p, ecoepeeoo coe aex oyeo eo p. B poecce aaa ceye oe ey oecex ao oep, opee x e a p, ycao ox , ae peoe o peopae x oep.

B acoee pe paec o oepeco ae, ae yopye ooceo cao, a pao, coyc aeo e ce eec peep oye acao oooo paepa acooo oepecoo peyaa. coae, opoc aaa yyeo oepec cpyypa o ocac eopeec ao cceoa. B paeco eeoc ao a paoa o e pooc oce, o oec ecoepeeo, oa epy yyeoe eooo.

B poecce aaa yyeo o eoxoo c: acoo oo ae coyc cyecye oooc yeee poca pecypco a; pee ox, epcex eo, ex cyecee oca cpec a cox pacex, eyx ceax (acpa pae oace, aaec, aoox opao, aoe, pyx poex pep pyx cpyyp ypae eca); pac ee ep o ce e epaoax ao, pa ox o aoco eeoc acox oa, yceo ocaaex aa-oypea. Ceye c oe oep o ecooax oooce ac pa pacpe oepa a eyapox acox pax oe cpec oye oxoo o yac aa eeoc eo yopyx oepecx cpyyp, poee oepa c paoe eaa a p. He oe ocaac e o pe oooo aa aa ypo opaa peoa aa pao, o pepae poee oepa epe oppecoece cea pyx aax ( acoc, o poae copo py). poeee yaax oepa epe ooo a cococoao pocy ocye e ocao ax cpec a ceax oooo aa.

Oo ayax aa aaa p ec yee apae eoc ee cooa. p o oee oe e oo a ac p, oopa oyea oeo epoe, o a, o aoea a peecye o.

Oco apae cooa p ao c: yaa aoo; aa eo aoepa (aa) o yac ycao aae aoepoo aa; oce peep o, o ceaoo aae, a aoopee y pye e.

Aau pemaeocmu. oaae peaeoc poc, pecae coo peya coooe p (coo oxoa) cpec ee oye, oe epe xapaepy eoc pao aa pooeoc oay eo acox pecypco, oo aa acox oecex e pacpa x aeceoe coepae. ooec cc oca oocex oaaee aaec o, o o xapaepy p, oyaey c aoo py cpec (cocex aex), oex a.

xapaepc aaa peaeoc aa eo cpaax c pao poo ooo ae ceo coy a aae eooo oxo, eo p o (aa o e oa, papaoae epe pee eo), cy oopoo coco opeee ocox aopo, x a ey p, pxoec a ey coceoo aaa.

B poecce oo aaa pooc oaoe paoee aox oaaee peaeoc aa a ee cocae; ocyecec eaoe yee x a ao ca aoo paoe; cpaac e oyex oaaee c ypoe x ae, xapaep poo aoco pa; opeec ooe c p, oope oaa eocpeceoe e a peyaoc eeoc oepecoo aa. Oao pocccx ycox p poee aaa oaaee peaeoc c cooae aoo eoa oa eoope pyoc, oycoee pee ceo e, o oeecea ccea yxaepcoo yea oeoc e peycapae eee yxaepcx aacax cae oa cocex cpec aa ooy pace aex oaaee peaeoc, o ce oaae poc aaa, e ec ocaoo o. poe oo, apyeo opeeee oaae eoc ax oepa, p pacee oopoo ceye oeppoa eo cpeeooo cy ao, a e x aee a opeeey ay.

Opaaoe pyoc poee aaa oaaee peaeoc a ceo e ca c ocyce eoecoo eoopa paceax ox ex e cocax peaeoc pa oepec aa , a cece oo, ocyce a eaocx ax cpae.

py ec eoo opeee peaeoc aa ec a aaea oe opoa. Coaco ao oe peaeoc opeeec a caa oxooc pyex ao ex ya a oe oa eye epoe. Cxeaec oa cey opao:

Oa peaeoc = D1/P0 + (P1 P0)/ P0, e D1 e a oe oa; P0 ea oy ex ya; P1 ea poa a.

Ta opao, oa peaeoc aa e oxooc eo ex ya coco peaeoc eo a ppoca oxoa, oaeo p x poae.

Tpe cocoo pacea peaeoc, coye apyeo aoco pae, ec oe apa:

E(R)= Rr + (E(Rm) Rp)b, e E(R) oaea caa oxooc (pacea ea); Rr epcoa poea caa (apep, o ocyapce e yaa); Rm poa caa oxooc, caaac epcoo ca pcoo pe; (E(R) Rr) pc-pe; E(Rm) oaea poa caa; b opao oe pooo pca.

C oo aoo eoa paccaec peaeoc aa a oaea caa oxooc eo ex ya a aao oeoo epoa.

Caec, o ea a ypoe aaex ao eo (eae ocoe pacea peaeoc oe opoa) c aoee oe po oaae oe eoc eeoc aa.

Oao e e ya o a, o ea eo, , ceoaeo, ea a aa opeec a ypoe poc caoo peoo ypee, a aeo epe oece a ae oaae pee, paex eo aoepa.

Xo aacoe oee ae oac eoopo cee o x peax (pox) ae, e e eee oaae peaeoc aaa pye oe, paccae a ocoe x ax (oe p o), po eocpeceo oea eoc eeoc aa.

Ec oop o oe apa, o oaae peaeoc aa opeeec e pooo cao oxooc eo ex ya. aee ee pacca c yeo oox apyex pco, opaa oopx ocyecec epea o poeo ca (epcoa caa, pcoa pe), a ae opaoo oee, xapaepye po pc. a oe oocc cy a aaex ooecx, oe o peyx, yxaepcx.

Ta opao, cyecye e coco opeee peaeoc eeoc ao oo aapoa oea ee ypoe c pax o.

B pae pocccx oepecx ao peee oe pacea peaeoc ee aaa (a cee oe , oex eeo oe o) coyc, coae, pae peo. Ocoo po oo, apy c pc cocoe oeeceo aoco cce, ec eocaoa popaoa opoco opaooo ocoeo eoecoo oecee aaa peaeoc.

Mey e oaae peaeoc peca coo ocoy oe oe acooo coco aa, poee aaa oopoo eoxoo oxo c ccex o.

Ccea oe p o peycapae ccee oey pa ex oaaee: oxooc aaa, poc ao, oxooc ao, cooa ao, yaopa aaa.

oe oxooc aaa (), oy poo pae aae ROE, ccec a ooee co oceaooo p aa () eo coceoy aay () oaeoy ycaoy oy, cyae, oa aa aa ooc pae epae a, opeeec o opye:

1 = / , (oa aa pae ycaoy oy) a ooee coo oxoa, pxoeoc a oy a, aacoo cooc oo a (c oxo a oy a pae ooe co p oecy a opae).

O oaae eoc pao aa c o epeco eo aoepo, xapaepy pooeoc oex cpec.

Heocao yaaoo oaae ec o, o aee p o aacy a paccapae epo opao oe opaca a ce coa e oaaxc aoo peepo aoo p, oope yea cyy aoo c ocaec ac p, ceoaeo, yea paep cao co p, o peaoo ppoca ee p o e pocxo. poe oo, coa oxooc coceoo aaa oe opao poopoaa eo ocaooc, .e. a oe oe e cooe aee c c ypoe coceoo aaa.

py a oaaee peaeoc ec oe poc ao (2), xapaepy oe p, oyeo a a py aocx ao. O peaae a poee aaa eoc oex ax oepa aa ypae ao eo, a cpaeoo aaa c py aa. Eo oo opee cey opao 2 = /A, e A cpe ea ao.

Poc oo oea oe oeac ooeo, a a o ceecye o oe eoc cooa ao exc ao, o p o ceye e y, o co cooe aee aoo oaae oe capoa o oeo cee pco, copex c paeee ao cox ao.

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