Стр. 3
Страницы: | Стр.1 | Стр.2 | Стр.3
+------------------------------------+-------+------+------+------+------+
¦Итого денежных расходов ¦ 649357¦299343¦299343¦299343¦299343¦
+------------------------------------+-------+------+------+------+------+
¦Прирост денежной наличности ¦ ¦ ¦ ¦ ¦ ¦
¦(Cash flow) ¦3449023¦606336¦606336¦606336¦606336¦
¦------------------------------------+-------+------+------+------+-------
-------------------------------
<1> НДС определяется следующим образом: [4098380 - 179124 - - 479713 - (6576 + 3288 + 67872 + 14544 + 14544 + 24346 + 20287 + + 40371)] x 0,2 = 327111
Таблица 7
Расчет дисконтированной стоимости (NPV), долл. США
------------------------+-----------------------+------------------------¬
¦ ¦ Коэффициент ¦ ¦
¦ Поток платежей ¦ дисконтирования ¦Чистая дисконтированная ¦
¦ ¦ при r=0,1 ¦ стоимость ¦
¦ ¦ (см. прил.1) ¦ ¦
+-----------------------+-----------------------+------------------------+
¦ -5734740 ¦ 1 ¦ -5734740 ¦
+-----------------------+-----------------------+------------------------+
¦ 3449023 ¦ 0,909 ¦ 3135162 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,826 ¦ 500833 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,751 ¦ 455358 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,683 ¦ 414127 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,621 ¦ 376535 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,564 ¦ 341973 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,513 ¦ 311050 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,467 ¦ 283159 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,424 ¦ 257086 ¦
+-----------------------+-----------------------+------------------------+
¦ 606336 ¦ 0,386 ¦ 234047 ¦
¦-----------------------+-----------------------+-------------------------
Отсюда NPV = +574590, что говорит об эффективности рассматриваемого проекта.
Таблица 8
Расчет внутренней нормы рентабельности
------------+----------------+----------+----------------+-----------¬
¦ Поток ¦Коэффициент ¦ЧТС (0,14)¦Коэффициент ¦ЧТС (0,15) ¦
¦ платежей ¦дисконтирования ¦ ¦дисконтирования ¦ ¦
¦ ¦при r=0,14 ¦ ¦при r= 0,13 ¦ ¦
+-----------+----------------+----------+----------------+-----------+
¦-5734740 ¦ 1,0 ¦-5734740 ¦ 1,0 ¦-5734740 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 3449023 ¦ 0,877 ¦ 3024793 ¦ 0,885 ¦ 3052385 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,769 ¦ 466272 ¦ 0,783 ¦ 474761 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,675 ¦ 409277 ¦ 0,693 ¦ 420191 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,592 ¦ 358951 ¦ 0,613 ¦ 371684 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,519 ¦ 314688 ¦ 0,543 ¦ 329240 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,456 ¦ 276489 ¦ 0,480 ¦ 291041 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,4 ¦ 242534 ¦ 0,425 ¦ 257692 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,351 ¦ 212824 ¦ 0,376 ¦ 227982 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,308 ¦ 186751 ¦ 0,333 ¦ 201910 ¦
+-----------+----------------+----------+----------------+-----------+
¦ 606336 ¦ 0,207 ¦ 125511 ¦ 0,295 ¦ 178869 ¦
+-----------+----------------+----------+----------------+-----------+
¦ ¦ ¦ -116650 ¦ ¦ +70943 ¦
¦-----------+----------------+----------+----------------+------------
Как показали вышеприведенные расчеты, внутренняя норма рентабельности находится на уровне 14,4%. Отсюда можно сделать вывод, что при ожидаемой доходности на уровне 10% рассчитанная внутренняя норма рентабельности свидетельствует о высокой рентабельности данного проекта.
Для расчета периода окупаемости воспользуемся данными таблицы 9.
Таблица 9
Расчет периода окупаемости
-----------------------------------+--------------------------------¬
¦ Чистая ¦ Чистая ¦
¦ дисконтированная ¦ дисконтированная стоимость ¦
¦ стоимость ¦ нарастающим итогом ¦
+----------------------------------+--------------------------------+
¦ -5734740 ¦ ¦
+----------------------------------+--------------------------------+
¦ 3135162 ¦ -2599578 ¦
+----------------------------------+--------------------------------+
¦ 500833 ¦ -2098745 ¦
+----------------------------------+--------------------------------+
¦ 455358 ¦ -1643387 ¦
+----------------------------------+--------------------------------+
¦ 414127 ¦ -1229260 ¦
+----------------------------------+--------------------------------+
¦ 376535 ¦ -852725 ¦
+----------------------------------+--------------------------------+
¦ 341973 ¦ -510752 ¦
+----------------------------------+--------------------------------+
¦ 311050 ¦ -199702 ¦
+----------------------------------+--------------------------------+
¦ 283159 ¦ +83457 ¦
¦----------------------------------+---------------------------------
Период окупаемости данных инвестиций составил чуть больше 7 лет.
Как показали расчеты, инвестиции в создание АТС-273, АТС-274 и МСС-15 являются эффективными по всем показателям, характеризующим эффективность инвестиционных проектов.
Приложение 1
Текущая стоимость 1 рубля, полученного спустя различное
число периодов и при различных уровнях доходности
инвестирования
n
[1/(1 + k) , k - как коэффициент]
------+------------------------------------------------------------------------------------------------------------------------¬
¦Число¦ Коэффициенты дисконтирования, k ¦
¦пери-¦ ¦
¦одов,+-----+-----T-----+-----T-----+-----T-----+-----T------+-----T-----+-----T-----+-----T-----+-----T-----+-----T-----+-----+
¦ n ¦ 1 ¦ 2 ¦ 3 ¦ 4 ¦ 5 ¦ 6 ¦ 7 ¦ 8 ¦ 9 ¦ 10 ¦ 11 ¦ 12 ¦ 13 ¦ 14 ¦ 15 ¦ 16 ¦ 17 ¦ 18 ¦ 19 ¦ 20 ¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 1 ¦0,990¦0,980¦0,971¦0,962¦0,952¦0,943¦0,935¦0,926¦ 0,917¦0,909¦0,901¦0,893¦0,885¦0,877¦0,870¦0,862¦0,855¦0,847¦0,840¦0,833¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 2 ¦0,980¦0,961¦0,943¦0,925¦0,907¦0,890¦0,873¦0,857¦ 0,842¦0,826¦0,812¦0,797¦0,783¦0,769¦0,756¦0,743¦0,731¦0,718¦0,706¦0,694¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 3 ¦0,971¦0,942¦0,915¦0,889¦0,864¦0,840¦0,816¦0,794¦ 0,772¦0,751¦0,731¦0,712¦0,693¦0,675¦0,658¦0,641¦0,624¦0,609¦0,593¦0,579¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 4 ¦0,961¦0,924¦0,888¦0,855¦0,823¦0,792¦0,763¦0,735¦ 0,708¦0,683¦0,659¦0,636¦0,613¦0,592¦0,572¦0,552¦0,534¦0,516¦0,499¦0,482¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 5 ¦0,951¦0,906¦0,863¦0,822¦0,784¦0,747¦0,713¦0,681¦ 0,650¦0,621¦0,593¦0,567¦0,543¦0,519¦0,497¦0,476¦0,456¦0,437¦0,419¦0,402¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 6 ¦0,942¦0,888¦0,837¦0,790¦0,746¦0,705¦0,666¦0,630¦ 0,596¦0,564¦0,535¦0,507¦0,480¦0,456¦0,432¦0,410¦0,390¦0,370¦0,352¦0,335¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 7 ¦0,933¦0,871¦0,813¦0,760¦0,711¦0,665¦0,623¦0,583¦ 0,547¦0,513¦0,482¦0,452¦0,425¦0,400¦0,376¦0,354¦0,333¦0,314¦0,296¦0,279¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 8 ¦0,923¦0,853¦0,789¦0,731¦0,677¦0,627¦0,582¦0,540¦ 0,502¦0,467¦0,434¦0,404¦0,376¦0,351¦0,327¦0,305¦0,285¦0,266¦0,249¦0,233¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 9 ¦0,914¦0,837¦0,766¦0,703¦0,645¦0,592¦0,544¦0,500¦ 0,460¦0,424¦0,391¦0,361¦0,333¦0,308¦0,284¦0,263¦0,243¦0,225¦0,209¦0,194¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 10 ¦0,905¦0,820¦0,744¦0,676¦0,614¦0,558¦0,508¦0,463¦ 0,422¦0,386¦0,352¦0,322¦0,295¦0,270¦0,247¦0,227¦0,208¦0,191¦0,176¦0,162¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 11 ¦0,896¦0,804¦0,722¦0,650¦0,585¦0,527¦0,475¦0,429¦ 0,388¦0,350¦0,317¦0,287¦0,261¦0,237¦0,215¦0,195¦0,178¦0,162¦0,148¦0,135¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 12 ¦0,887¦0,788¦0,701¦0,625¦0,557¦0,497¦0,444¦0,397¦ 0,356¦0,319¦0,286¦0,257¦0,231¦0,208¦0,187¦0,168¦0,152¦0,137¦0,124¦0,112¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 13 ¦0,879¦0,773¦0,681¦0,601¦0,530¦0,469¦0,415¦0,368¦ 0,326¦0,290¦0,258¦0,229¦0,204¦0,182¦0,163¦0,145¦0,130¦0,116¦0,104¦0,093¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 14 ¦0,870¦0,758¦0,661¦0,577¦0,505¦0,442¦0,388¦0,340¦ 0,299¦0,263¦0,232¦0,205¦0,181¦0,160¦0,141¦0,125¦0,111¦0,099¦0,088¦0,078¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 15 ¦0,861¦0,743¦0,642¦0,555¦0,481¦0,417¦0,362¦0,315¦ 0,275¦0,239¦0,209¦0,183¦0,160¦0,140¦0,123¦0,108¦0,095¦0,084¦0,074¦0,065¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 16 ¦0,853¦0,728¦0,623¦0,534¦0,458¦0,394¦0,339¦0,292¦ 0,252¦0,218¦0,188¦0,163¦0,141¦0,123¦0,107¦0,093¦0,081¦0,071¦0,062¦0,054¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 17 ¦0,844¦0,714¦0,605¦0,513¦0,436¦0,371¦0,317¦0,270¦ 0,231¦0,198¦0,170¦0,146¦0,125¦0,108¦0,093¦0,080¦0,069¦0,060¦0,052¦0,045¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 18 ¦0,836¦0,700¦0,587¦0,494¦0,416¦0,350¦0,296¦0,250¦ 0,212¦0,180¦0,153¦0,130¦0,111¦0,095¦0,081¦0,069¦0,059¦0,051¦0,044¦0,038¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 19 ¦0,828¦0,686¦0,570¦0,475¦0,396¦0,331¦0,277¦0,232¦ 0,194¦0,164¦0,138¦0,116¦0,098¦0,083¦0,070¦0,060¦0,051¦0,043¦0,037¦0,031¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 20 ¦0,820¦0,673¦0,554¦0,456¦0,377¦0,312¦0,258¦0,215¦ 0,178¦0,149¦0,124¦0,104¦0,087¦0,073¦0,061¦0,051¦0,043¦0,037¦0,031¦0,026¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 21 ¦0,811¦0,660¦0,538¦0,439¦0,359¦0,294¦0,242¦0,199¦ 0,164¦0,135¦0,112¦0,093¦0,077¦0,064¦0,053¦0,044¦0,037¦0,031¦0,026¦0,022¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 22 ¦0,803¦0,647¦0,522¦0,422¦0,342¦0,278¦0,226¦0,184¦ 0,150¦0,123¦0,101¦0,083¦0,068¦0,056¦0,046¦0,038¦0,032¦0,026¦0,022¦0,018¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 23 ¦0,795¦0,634¦0,507¦0,406¦0,326¦0,262¦0,211¦0,170¦ 0,138¦0,112¦0,091¦0,074¦0,060¦0,049¦0,040¦0,033¦0,027¦0,022¦0,018¦0,015¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 24 ¦0,788¦0,622¦0,492¦0,390¦0,310¦0,247¦0,197¦0,158¦ 0,126¦0,102¦0,082¦0,066¦0,053¦0,043¦0,035¦0,028¦0,023¦0,019¦0,015¦0,013¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 25 ¦0,780¦0,610¦0,478¦0,375¦0,295¦0,233¦0,184¦0,146¦ 0,116¦0,092¦0,074¦0,059¦0,047¦0,038¦0,030¦0,024¦0,020¦0,016¦0,013¦0,010¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 26 ¦0,772¦0,598¦0,464¦0,361¦0,281¦0,220¦0,172¦0,135¦ 0,106¦0,084¦0,066¦0,053¦0,042¦0,033¦0,026¦0,021¦0,017¦0,014¦0,011¦0,009¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 27 ¦0,764¦0,586¦0,450¦0,347¦0,268¦0,207¦0,161¦0,125¦ 0,098¦0,076¦0,060¦0,047¦0,037¦0,029¦0,023¦0,018¦0,014¦0,011¦0,009¦0,007¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 28 ¦0,757¦0,574¦0,437¦0,333¦0,255¦0,196¦0,150¦0,116¦ 0,090¦0,069¦0,054¦0,042¦0,033¦0,026¦0,020¦0,016¦0,012¦0,010¦0,008¦0,006¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 29 ¦0,749¦0,563¦0,424¦0,321¦0,243¦0,185¦0,141¦0,107¦ 0,082¦0,063¦0,048¦0,037¦0,029¦0,022¦0,017¦0,014¦0,011¦0,008¦0,006¦0,005¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 30 ¦0,742¦0,552¦0,412¦0,308¦0,231¦0,174¦0,131¦0,099¦ 0,075¦0,057¦0,044¦0,033¦0,026¦0,020¦0,015¦0,012¦0,009¦0,007¦0,005¦0,004¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 31 ¦0,735¦0,541¦0,400¦0,296¦0,220¦0,164¦0,123¦0,092¦ 0,069¦0,052¦0,039¦0,030¦0,023¦0,017¦0,013¦0,010¦0,008¦0,006¦0,005¦0,004¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 32 ¦0,727¦0,531¦0,388¦0,285¦0,210¦0,155¦0,115¦0,085¦ 0,063¦0,047¦0,035¦0,027¦0,020¦0,015¦0,011¦0,009¦0,007¦0,005¦0,004¦0,003¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 33 ¦0,720¦0,520¦0,377¦0,274¦0,200¦0,146¦0,107¦0,079¦ 0,058¦0,043¦0,032¦0,024¦0,018¦0,013¦0,010¦0,007¦0,006¦0,004¦0,003¦0,002¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 34 ¦0,713¦0,510¦0,366¦0,264¦0,190¦0,138¦0,100¦0,073¦ 0,053¦0,039¦0,029¦0,021¦0,016¦0,012¦0,009¦0,006¦0,005¦0,004¦0,003¦0,002¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 35 ¦0,706¦0,500¦0,355¦0,253¦0,181¦0,130¦0,094¦0,068¦ 0,049¦0,036¦0,026¦0,019¦0,014¦0,010¦0,008¦0,006¦0,004¦0,003¦0,002¦0,002¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 36 ¦0,699¦0,490¦0,345¦0,244¦0,173¦0,123¦0,088¦0,063¦ 0,045¦0,032¦0,023¦0,017¦0,012¦0,009¦0,007¦0,005¦0,004¦0,003¦0,002¦0,001¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 37 ¦0,692¦0,481¦0,335¦0,234¦0,164¦0,116¦0,082¦0,058¦ 0,041¦0,029¦0,021¦0,015¦0,011¦0,008¦0,006¦0,004¦0,003¦0,002¦0,002¦0,001¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 38 ¦0,685¦0,471¦0,325¦0,225¦0,157¦0,109¦0,076¦0,054¦ 0,038¦0,027¦0,019¦0,013¦0,010¦0,007¦0,005¦0,004¦0,003¦0,002¦0,001¦0,001¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 39 ¦0,678¦0,462¦0,316¦0,217¦0,149¦0,103¦0,071¦0,050¦ 0,035¦0,024¦0,017¦0,012¦0,009¦0,006¦0,004¦0,003¦0,002¦0,002¦0,001¦0,001¦
+-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+
¦ 40 ¦0,672¦0,453¦0,307¦0,208¦0,142¦0,097¦0,067¦0,046¦ 0,032¦0,022¦0,015¦0,011¦0,008¦0,005¦0,004¦0,003¦0,002¦0,001¦0,001¦0,001¦
¦-----+-----+-----+-----+-----+-----+-----+-----+-----+------+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+------
Приложение 2
Текущая стоимость аннуитета (накоплений) при
стандартном инвестировании в конце каждого
периода суммы в 1 рубль
n
(PVA1 = [1 - 1 / (1 + k) ] / k)
n, k
-----+------------------------------------------------------------------------------------------------------------------------
¦Чис-¦
¦ло ¦ Коэффициенты дисконтирования, k
¦пе- ¦
¦рио-¦
¦дов,+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------T-
¦ n ¦ 1 ¦ 2 ¦ 3 ¦ 4 ¦ 5 ¦ 6 ¦ 7 ¦ 8 ¦ 9 ¦ 10 ¦ 11 ¦ 12 ¦ 13 ¦ 14 ¦ 15 ¦ 16 ¦ 17 ¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 1 ¦ 0,990¦ 0,980¦ 0,971¦ 0,962¦ 0,952¦ 0,943¦ 0,935¦ 0,926¦ 0,917¦ 0,909¦ 0,901¦ 0,893¦ 0,885¦ 0,877¦ 0,870¦ 0,862¦ 0,855¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 2 ¦ 1,970¦ 1,942¦ 1,913¦ 1,886¦ 1,859¦ 1,833¦ 1,808¦ 1,783¦ 1,759¦ 1,736¦ 1,713¦ 1,690¦ 1,668¦ 1,647¦ 1,626¦ 1,605¦ 1,585¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 3 ¦ 2,941¦ 2,844¦ 2,829¦ 2,775¦ 2,723¦ 2,673¦ 2,624¦ 2,577¦ 2,531¦ 2,487¦ 2,444¦ 2,402¦ 2,361¦ 2,322¦ 2,283¦ 2,246¦ 2,210¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 4 ¦ 3,902¦ 3,808¦ 3,717¦ 3,360¦ 3,546¦ 3,465¦ 3,387¦ 3,312¦ 3,240¦ 3,170¦ 3,102¦ 3,037¦ 2,974¦ 2,914¦ 2,855¦ 2,798¦ 2,743¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 5 ¦ 4,853¦ 4,713¦ 4,580¦ 4,452¦ 4,329¦ 4,212¦ 4,100¦ 3,993¦ 3,890¦ 3,791¦ 3,696¦ 3,605¦ 3,517¦ 3,433¦ 3,352¦ 3,274¦ 3,199¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 6 ¦ 5,795¦ 5,601¦ 5,417¦ 5,242¦ 5,076¦ 4,917¦ 4,767¦ 4,623¦ 4,486¦ 4,355¦ 4,231¦ 4,111¦ 3,998¦ 3,889¦ 3,784¦ 3,685¦ 3,589¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 7 ¦ 6,728¦ 6,472¦ 6,230¦ 6,002¦ 5,786¦ 5,582¦ 5,389¦ 5,206¦ 5,033¦ 4,868¦ 4,712¦ 4,564¦ 4,423¦ 4,288¦ 4,160¦ 4,039¦ 3,922¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 8 ¦ 7,652¦ 7,325¦ 7,020¦ 6,733¦ 6,463¦ 6,210¦ 5,971¦ 5,747¦ 5,535¦ 5,335¦ 5,146¦ 4,968¦ 4,799¦ 4,639¦ 4,487¦ 4,344¦ 4,207¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦ 9 ¦ 8,566¦ 8,162¦ 7,786¦ 7,435¦ 7,108¦ 6,802¦ 6,515¦ 6,247¦ 5,995¦ 5,759¦ 5,537¦ 5,328¦ 5,132¦ 4,946¦ 4,772¦ 4,607¦ 4,451¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦10 ¦ 9,471¦ 8,983¦ 8,530¦ 8,111¦ 7,722¦ 7,360¦ 7,024¦ 6,710¦ 6,418¦ 6,145¦ 5,889¦ 5,650¦ 5,426¦ 5,216¦ 5,019¦ 4,833¦ 4,659¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦11 ¦10,368¦ 9,787¦ 9,253¦ 8,660¦ 8,306¦ 7,887¦ 7,499¦ 7,139¦ 6,805¦ 6,495¦ 6,207¦ 5,938¦ 5,687¦ 5,453¦ 5,234¦ 5,029¦ 4,836¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦12 ¦11,255¦10,575¦ 9,954¦ 9,385¦ 8,863¦ 8,384¦ 7,943¦ 7,536¦ 7,161¦ 6,814¦ 6,492¦ 6,194¦ 5,918¦ 5,660¦ 5,421¦ 5,197¦ 4,988¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦13 ¦12,134¦11,348¦10,635¦ 9,986¦ 9,394¦ 8,853¦ 8,358¦ 7,904¦ 7,487¦ 7,103¦ 6,750¦ 6,424¦ 6,122¦ 5,842¦ 5,583¦ 5,342¦ 5,118¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦14 ¦13,004¦12,106¦11,296¦10,563¦ 9,899¦ 9,295¦ 8,745¦ 8,244¦ 7,786¦ 7,367¦ 6,982¦ 6,628¦ 6,302¦ 6,002¦ 5,724¦ 5,468¦ 5,229¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦15 ¦13,865¦12,849¦11,938¦11,118¦10,380¦ 9,712¦ 9,108¦ 8,559¦ 8,061¦ 7,606¦ 7,191¦ 6,811¦ 6,462¦ 6,142¦ 5,847¦ 5,575¦ 5,324¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦16 ¦14,718¦13,578¦12,561¦11,652¦10,838¦10,106¦ 9,447¦ 8,851¦ 8,313¦ 7,824¦ 7,379¦ 6,974¦ 6,604¦ 6,265¦ 5,954¦ 5,668¦ 5,405¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦17 ¦15,562¦14,292¦13,166¦12,166¦11,274¦10,477¦ 9,763¦ 9,122¦ 8,544¦ 8,022¦ 7,549¦ 7,120¦ 6,729¦ 6,373¦ 6,047¦ 5,749¦ 5,475¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦18 ¦16,398¦14,992¦13,754¦12,659¦11,690¦10,828¦10,059¦ 9,372¦ 8,756¦ 8,201¦ 7,702¦ 7,250¦ 6,840¦ 6,467¦ 6,128¦ 5,818¦ 5,534¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦19 ¦17,226¦15,678¦14,324¦13,134¦12,085¦11,158¦10,336¦ 9,604¦ 8,950¦ 8,365¦ 7,839¦ 7,366¦ 6,938¦ 6,550¦ 6,198¦ 5,877¦ 5,584¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦20 ¦18,046¦16,351¦14,877¦13,590¦12,462¦11,470¦10,594¦ 9,818¦ 9,129¦ 8,514¦ 7,963¦ 7,469¦ 7,025¦ 6,623¦ 6,259¦ 5,929¦ 5,628¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦21 ¦18,857¦17,011¦15,415¦14,029¦12,821¦11,764¦10,836¦10,017¦ 9,292¦ 8,649¦ 8,075¦ 7,562¦ 7,102¦ 6,687¦ 6,312¦ 5,973¦ 5,665¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦22 ¦19,660¦17,658¦15,937¦14,451¦13,163¦12,042¦11,061¦10,201¦ 9,442¦ 8,772¦ 8,176¦ 7,645¦ 7,170¦ 6,743¦ 6,359¦ 6,011¦ 5,696¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦23 ¦20,456¦18,292¦16,444¦14,857¦13,489¦12,303¦11,272¦10,371¦ 9,580¦ 8,883¦ 8,266¦ 7,718¦ 7,230¦ 6,792¦ 6,399¦ 6,044¦ 5,723¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦24 ¦21,243¦18,914¦16,936¦15,247¦13,799¦12,550¦11,469¦10,529¦ 9,707¦ 8,985¦ 8,348¦ 7,784¦ 7,283¦ 6,835¦ 6,434¦ 6,073¦ 5,746¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦25 ¦22,023¦19,523¦17,413¦15,622¦14,094¦12,783¦11,654¦10,675¦ 9,823¦ 9,077¦ 8,422¦ 7,843¦ 7,330¦ 6,873¦ 6,464¦ 6,097¦ 5,766¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦26 ¦22,795¦20,121¦17,877¦15,983¦14,375¦13,003¦11,826¦10,810¦ 9,929¦ 9,161¦ 8,488¦ 7,896¦ 7,372¦ 6,906¦ 6,491¦ 6,118¦ 5,783¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦27 ¦23,560¦20,707¦18,327¦16,330¦14,643¦13,211¦11,987¦10,935¦10,027¦ 9,237¦ 8,548¦ 7,943¦ 7,409¦ 6,935¦ 6,514¦ 6,136¦ 5,798¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦28 ¦24,316¦21,281¦18,764¦16,663¦14,898¦13,406¦12,137¦11,051¦10,116¦ 9,307¦ 8,602¦ 7,984¦ 7,441¦ 6,961¦ 6,534¦ 6,152¦ 5,810¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦29 ¦25,066¦21,844¦19,188¦16,984¦15,141¦13,591¦12,278¦11,158¦10,198¦ 9,370¦ 8,650¦ 8,022¦ 7,470¦ 6,983¦ 6,551¦ 6,166¦ 5,820¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦30 ¦25,808¦22,396¦19,600¦17,292¦15,372¦13,765¦12,409¦11,258¦10,274¦ 9,427¦ 8,694¦ 8,055¦ 7,496¦ 7,003¦ 6,566¦ 6,177¦ 5,829¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦31 ¦26,542¦22,938¦20,000¦17,588¦15,593¦13,929¦12,532¦11,350¦10,343¦ 9,479¦ 8,733¦ 8,085¦ 7,518¦ 7,020¦ 6,579¦ 6,187¦ 5,837¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦32 ¦27,270¦23,468¦20,389¦17,874¦15,803¦14,084¦12,647¦11,435¦10,406¦ 9,526¦ 8,769¦ 8,112¦ 7,538¦ 7,035¦ 6,591¦ 6,196¦ 5,844¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦33 ¦27,990¦23,989¦20,766¦18,418¦16,003¦14,230¦12,754¦11,514¦10,464¦ 9,569¦ 8,801¦ 8,135¦ 7,556¦ 7,048¦ 6,600¦ 6,203¦ 5,849¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦34 ¦28,703¦24,499¦21,132¦18,411¦16,193¦14,368¦12,854¦11,587¦10,518¦ 9,609¦ 8,829¦ 8,157¦ 7,572¦ 7,060¦ 6,609¦ 6,210¦ 5,854¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦35 ¦29,409¦24,999¦21,487¦18,665¦16,374¦14,498¦12,948¦11,655¦10,567¦ 9,644¦ 8,859¦ 8,176¦ 7,586¦ 7,070¦ 6,617¦ 6,215¦ 5,858¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦36 ¦30,108¦25,489¦21,832¦18,908¦16,547¦14,621¦13,035¦11,717¦10,612¦ 9,677¦ 8,879¦ 8,192¦ 7,598¦ 7,079¦ 6,623¦ 6,220¦ 5,862¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦37 ¦30,800¦25,969¦22,167¦19,143¦16,711¦14,737¦13,117¦11,775¦10,653¦ 9,706¦ 8,900¦ 8,208¦ 7,609¦ 7,087¦ 6,629¦ 6,224¦ 5,865¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦38 ¦31,485¦26,441¦22,492¦19,368¦16,868¦14,846¦13,193¦11,829¦10,691¦ 9,733¦ 8,919¦ 8,221¦ 7,618¦ 7,094¦ 6,634¦ 6,228¦ 5,867¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦39 ¦32,163¦26,903¦22,808¦19,584¦17,017¦14,949¦13,265¦11,879¦10,726¦ 9,757¦ 8,936¦ 8,233¦ 7,627¦ 7,100¦ 6,638¦ 6,231¦ 5,869¦
+----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
¦40 ¦32,835¦27,355¦23,115¦19,793¦17,159¦15,046¦13,332¦11,925¦10,757¦ 9,779¦ 8,951¦ 8,244¦ 7,634¦ 7,105¦ 6,642¦ 6,233¦ 5,871¦
¦----+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+------+-
Продолжение
---------------------¬
¦
¦
¦
¦
-T------+------+-----+
¦ 18 ¦ 19 ¦ 20 ¦
-+------+------+-----+
¦ 0,847¦ 0,840¦0,833¦
-+------+------+-----+
¦ 1,566¦ 1,547¦1,528¦
-+------+------+-----+
¦ 2,174¦ 2,140¦2,106¦
-+------+------+-----+
¦ 2,690¦ 2,639¦2,589¦
-+------+------+-----+
¦ 3,127¦ 3,058¦2,991¦
-+------+------+-----+
¦ 3,498¦ 3,310¦3,326¦
-+------+------+-----+
¦ 3,812¦ 3,706¦3,605¦
-+------+------+-----+
¦ 4,078¦ 3,954¦3,837¦
-+------+------+-----+
¦ 4,303¦ 4,163¦4,031¦
-+------+------+-----+
¦ 4,494¦ 4,339¦4,192¦
-+------+------+-----+
¦ 4,656¦ 4,486¦4,327¦
-+------+------+-----+
¦ 4,793¦ 4,611¦4,439¦
-+------+------+-----+
¦ 4,910¦ 4,715¦4,533¦
-+------+------+-----+
¦ 5,008¦ 4,802¦4,611¦
-+------+------+-----+
¦ 5,092¦ 4,876¦4,675¦
-+------+------+-----+
¦ 5,162¦ 4,938¦4,730¦
-+------+------+-----+
¦ 5,222¦ 4,990¦4,775¦
-+------+------+-----+
¦ 5,273¦ 5,033¦4,812¦
-+------+------+-----+
¦ 5,316¦ 5,070¦4,843¦
-+------+------+-----+
¦ 5,353¦ 5,101¦4,870¦
-+------+------+-----+
¦ 5,384¦ 5,127¦4,891¦
-+------+------+-----+
¦ 5,410¦ 5,149¦4,909¦
-+------+------+-----+
¦ 5,432¦ 5,167¦4,925¦
-+------+------+-----+
¦ 5,451¦ 5,182¦4,937¦
-+------+------+-----+
¦ 5,467¦ 5,195¦4,948¦
-+------+------+-----+
¦ 5,480¦ 5,206¦4,956¦
-+------+------+-----+
¦ 5,492¦ 5,215¦4,964¦
-+------+------+-----+
¦ 5,502¦ 5,223¦4,970¦
-+------+------+-----+
¦ 5,510¦ 5,229¦4,975¦
-+------+------+-----+
¦ 5,517¦ 5,235¦4,979¦
-+------+------+-----+
¦ 5,523¦ 5,239¦4,982¦
-+------+------+-----+
¦ 5,528¦ 5,243¦4,985¦
-+------+------+-----+
¦ 5,532¦ 5,246¦4,988¦
-+------+------+-----+
¦ 5,536¦ 5,249¦4,990¦
-+------+------+-----+
¦ 5,539¦ 5,251¦4,992¦
-+------+------+-----+
¦ 5,541¦ 5,253¦4,993¦
-+------+------+-----+
¦ 5,543¦ 5,255¦4,994¦
-+------+------+-----+
¦ 5,545¦ 5,256¦4,995¦
-+------+------+-----+
¦ 5,547¦ 5,257¦4,996¦
-+------+------+-----+
¦ 5,548¦ 5,258¦4,997¦
-+------+------+------
Страницы: | Стр.1 | Стр.2 | Стр.3
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