11.
11.1. 11.1.1. 98 7 15 12 20 158 7/15 12/20 99 11 10 2000 3 31 11/10 3/31 2000 1 141 + 1 = 142 142 2000 3 27 99 12 10 451 344 = 107 2000 1 107 + 1 = 108 108 2000 6 27 98 12 20 98/12/20 99/12/20 2000/6/27 1 189
1 + 189 = 1.517808219 1.5178082
11.1.2. 7 8 11 0.8 8 20% n
n 7 8 5.5% 5/11-27 1 8 10 75 5/27 8/10 11/27 5/27 8/10 75 5.5 75 = 1.13013698 8 (1.1301369,000,000) = 1,130,136.9 1,130,136 5.5 75 0.8 = 0.90410958 (0.9041095,000,000) = 904,109.5 904,109 ( )
1,130,136 904,109 226,027 ( 1) ( 2)
11.1.3. 2 1 2 1 n R 2 R 2 + R n + 1
142 6.7%, 91 7 22 3/9-20 92 3 20 6.7 2 + 6.7 60 + 1 = 4.4697260 4.4697260 ( ) 4.4697260 5 2,234 10 4,469 44,697 0 446,972 1 4,469,726 10 44,697,260 (4.4697260 50,000) R 2 + R 1 n R n + 1
( 2 ) n R 2 n1 R 2 + R 2 n1 n n n1 R 2 n1 n 1
< > 5.0% 96 3 27 2/8-20 96 8 20 2006 3 26 182 146 96/2/20 96/3/27 96/8/20 5.0 ( ) 2 146 182 = 2.0054945 34 181 2006/2/20 2006/3/26 2006/8/20 5.0 ( ) 2 34 181 = 0.4696132 2.0054945 0.4696132 10 2,005 469 20,054 4,696 0 200,549 46,961
11.1.4. 10,000 1 10,000 2 ( ) 4 3 4 4 ( ) 1 ( ) 8 ( ) 8 ( ) 8 1 ( ) 1 WB ( ) 1 4 4 7 9
11.2. 11.2.1. (18%) ( ) 88 3 16 16 11.2.2. (10,000 ) 10,000 < > 2000 8 27 5.83% 99 8 27 (2000 ) (10,000 ) 10,000 5.83 367 = 586.194 ( ) 587 ( ) 10,000 587 = 9,413 9,413
18% 587 0.18 = 105.66 ( ) 105 ( ) 10,000 587 + 105 = 9,518 95.18 95.18 T S = 1 + nr T = S = 1 + nr r = - S S n < > 2000 3 27 99 5 10 95 (2000 ) 99/5/10 ~ 00/3/27 322 r = - S S n = - 95 95 322 = 5.966001 5.966 < > 2000 3 27 99 5 28 5.80% (2000 ) 99/5/288 ~ 2000/3/27 304
S = 1 + nr = 1 + 5.8 304 = 95.3919 ( ) 95.391 ( ) ( 2 ) 3 4-95.391 95.391 304 = 5.801310 5.801 95.39-95.39 95.39 304 = 5.802529 3 S = + ( ) 1 + nr = 12
( ) 1 1 5 ( ) 143 4 3 < > 2000/6/26 2000/5/28 ~ 2000/6/26 1 0.084 2000/6/26 2000/4/28 ~ 2000/5/27 2 0.167 2000/6/26 2000/3/30 ~ 2000/4/27 3 0.25 2000/6/26 ~ 1999/7/26 12 1.000 ( ) 12 1 0.084 5 0.417 9 0.750 2 0.167 6 0.500 10 0.834 3 0.250 7 0.584 11 0.917 4 0.334 8 0.667 12 1.000
< > 1999 5 27 2000 5 27 5.83% 18% 99 7 29 6.0% (2000 ) 10,000 0.0583 367 = 586.1945 587 ( ) 587 0.18 = 105.66 ( ) 1.05 7/29~5/27 10 10 12 = 0.8333 0.834 (4 ) 1.05 0.834 = 0.8757 0.8757 99/7/29 ~ 2000/5/27 303 + 0.8757 1 + 6.0 303 = 96.08964585 96.089
11.3. ( ) 2 ( ) ( + 1 ) ( ) ( ) ( + 1 2 ) = (%)
< > B 1999 12 13 111.214 4.4% 2004 3 25 3/25 9/25 1997 3 25 250 3% = 4.27945 - { 3 85 102 102 (4.27945 - ) (4.27945 - + 1 2 )} = 3.64415 ( ) - 111.214 4.4 + 3.64415 = 111.214 = 1.18936(%)
11.4. 11.4.1. E: S: : : E = S * (1 + nr) S = E 1 + nr r = E S S * n 11.4.2. ( ) E: S: : : Ps: Pe: E = (S + Ps)(1 + nr) - Pe S = E + Pe 1 + nr Ps r = (E + Pe) - (S + Ps) (S + Ps)n
S E Ps n Pe S + Ps E + Pe S + Ps r n (E + Pe) E + Pe = (S + Ps)(1 + nr) E = (S + Ps)(1 + nr) Pe < > A 10 #129 6.4% 3/9-20 10 8/20 8/30 7.35% 99.90 (3/20) S (8/20) E (8/30) 153 10 163 Ps = 6.4 153 = 2.68273972 ( 8 ) Pe = 6.4 163 = 2.8580821 ( 8 )
(1,000,000,000 2.6827397) = = 26,827,397 = 1,000,000,000 99.90 = 999,000,000 = 999,000,000 + 26,827,397 = 1,025,827,397 1,025,827,397 E = ((S + Ps)(1 + nr) - Pe) = (99.90 + 2.6827397)(1 + 10 = 99.931228 99.9313 0.0735) - 2.8580821 99.9313 (1,000,000,000 2.8580821) = = 28,580,821 (1,000,000,000 99.9313) = = 999,313,000 = 999,313,000 + 28,580,821 = 1,027,893,821 1,027,893,821 < > (1,027,893,821-1,025,827,397) (1,025,827,397 10 ) = 0.07352 7.35%
( ) R R: 1 R, 2 2 E = S(1 + nr) + Ps(1 + n1r) - (R + Pe) S = r = E + (R + Pe) - Ps(1 + n1r) 1 + nr (E + (R + Pe) - (S + Ps)) Sn + Psn1 S E Ps n1 Pe n ( ) E = (S + Ps)(1 + nr) - Pe (S + Ps) (S) (n ) (Ps) n E + R + Pe E + R + Pe = S(1 + nr) + Ps(1 + n1r) E = S(1 + nr) + Ps(1 + n1r) - (R + Pe) < > #129 6.4% 3/9-20 10 8/30~9/30 7.3% (3/20) S (8/30) (9/20) E (9/30) Ps n1 Pe
n = 31 n1 = 21 Ps = 6.4 163 (3/20~8/30 163 ) = 2.85808219 8 Pe = 6.4 10 (9/20~9/30 10 ) = 0.17534246 8 1 + nr = 1 + 0.073 31 = 1.0062 1 + n1r = 1 + 0.073 21 = 1.0042 E = S(1 + nr) + Ps(1 + n1r) - (R + Pe) R 1 2 6.4 1 2 = 3.2 < > E = ( 1.0062) + (2.8580821 1.0042) (3.2 + 0.1753424) r = =.11473 E + (R + Pe) - (S + Ps) Sn + Psn1.1148 =.1148 + (3.2 + 0.1753424) - ( + 2.8580821) ( * 31 = 0.0730065 21 ) + (2.8580821* ) > 0.073 (1,000,000,000 0.1753424) = 1,753,424 1,000,000,000.1148 = 1,001,148,000
1,001,148,000 + 1,753,424 = 1,002,901,424 1,002,901,424 (6.4 1,000,000,000) 9/20 (2 ) = 32,000,000 32,000,000 ( 1,000,000,000) 1,000,000,000 (2.8580821 1,000,000,000) = 28,580,821 1,002,901,424 +32,000,000 31 r = ((1,002,901,424 + 32,000,000) (1,000,000,000 + 28,580,821)) (1,000,000,000 + 28,580,821) 31 = 0.072352 < 0.073 7.3% 7.3% 9/20
11.4.3. (E: S: n: r: ) E = S(1 + nr) S = E 1 + nr r = E - S Sn ( ) (Ps: Pe: ) E = (S + Ps)(1 + nr) - Pe S = E + Pe 1 + nr - Ps r = (E + Pe) - (S + Ps) (S + Ps)n S E Ps Pe ( ) (R: 1 R R 2 ) E = S(1 + nr) + Ps(1 + n1r) - (R + Pe) S = r = E + (R + Pe) - Ps(1 + n1r) 1 + nr E + (R + Pe) - (S + Ps) Sn + Psn1 S E Ps n1 Pe n