╨д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤
╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤?
╨д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤Ж╨╡╨╜╨╜╤Л╨╝ ╨▒╤Г╨╝╨░╨│╨░╨╝, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤О╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╤Б╤В╨░╨▒╨╕╨╗╤М╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨▓╤Б╨╡╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П. ╨н╨╝╨╕╤В╨╡╨╜╤В ╨╛╨▒╤П╨╖╨░╨╜ ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╤В╤М ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╨╗╨░╤В╨╡╨╢╨╕ ╨▓ ╤Г╤Б╤В╨░╨╜╨╛╨▓╨╗╨╡╨╜╨╜╤Л╨╡ ╤Б╤А╨╛╨║╨╕, ╨┐╨╛╤Н╤В╨╛╨╝╤Г ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╤В╨╡╤А╨╝╨╕╨╜ ┬л╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣┬╗ ╨┤╨╛╤Е╨╛╨┤.
╨Ю╨▒╤Л╤З╨╜╨╛ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ ╨╜╨░╨╖╤Л╨▓╨░╤О╤В╤Б╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕. ╨н╤В╨╕ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╨║╨░╤В╨╡╨│╨╛╤А╨╕╨╕ ╨┤╨╛╨╗╨│╨╛╨▓╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П. ╨Я╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╤Н╤В╨╕ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨┤╨╗╤П ╨┐╤А╨╕╨▓╨╗╨╡╤З╨╡╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨░. ╨н╤В╨╛ ╤Ж╨╡╨╜╨╜╨░╤П ╨▒╤Г╨╝╨░╨│╨░ ╤Б ╨╜╨╕╨╖╨║╨╕╨╝ ╤Г╤А╨╛╨▓╨╜╨╡╨╝ ╤А╨╕╤Б╨║╨░ ╨╕ ╨╜╨╕╨╖╨║╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М╤О, ╨║╨╛╤В╨╛╤А╨░╤П ╨┐╨╛╨╖╨▓╨╛╨╗╤П╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨┤╨╕╨▓╨╡╤А╤Б╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╤В╤М ╨╕ ╤Б╨╜╨╕╨╖╨╕╤В╤М ╤А╨╕╤Б╨║ ╤Б╨▓╨╛╨╕╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨┐╨╛╤А╤В╤Д╨╡╨╗╨╡╨╣.
╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡
Программы для Windows, мобильные приложения, игры - ВСЁ БЕСПЛАТНО, в нашем закрытом телеграмм канале - Подписывайтесь:)
- ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤?
╨Ъ╨╗╤О╤З╨╡╨▓╤Л╨╡ ╨▓╤Л╨▓╨╛╨┤╤Л
- ╨д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ тАФ ╤Н╤В╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╣ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╨╡╤В ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л ╨┐╨╛ ╨┐╨╛╤Б╤В╨╛╤П╨╜╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╡ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨▓╤Б╨╡╨│╨╛ ╤Б╤А╨╛╨║╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П. ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨┐╨╛╨╗╤Г╤З╨░╤О╤В ╤Б╨▓╨╛╤О ╨╛╤Б╨╜╨╛╨▓╨╜╤Г╤О ╤Б╤Г╨╝╨╝╤Г ╨▓ ╨║╨╛╨╜╤Ж╨╡ ╤Б╤А╨╛╨║╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П.
- ╨Т ╤Б╨╗╤Г╤З╨░╨╡ ╨▒╨░╨╜╨║╤А╨╛╤В╤Б╤В╨▓╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ ╨┐╨╛╨╗╤Г╤З╨░╤О╤В ╨▓╨╛╨╖╨╝╨╡╤Й╨╡╨╜╨╕╨╡ ╨┐╨╡╤А╨╡╨┤ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨░╨╝╨╕.
- ╨б╨▓╨╛╨╡╨▓╤А╨╡╨╝╨╡╨╜╨╜╤Л╨╡ ╨▓╤Л╨┐╨╗╨░╤В╤Л ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨╜╨░╨╖╤Л╨▓╨░╤О╤В╤Б╤П ╨║╤Г╨┐╨╛╨╜╨╜╤Л╨╝╨╕ ╨▓╤Л╨┐╨╗╨░╤В╨░╨╝╨╕; ╨╛╤Б╨╜╨╛╨▓╨╜╨░╤П ╤Б╤Г╨╝╨╝╨░ ╨╜╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О, ╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨╜╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨║╤Г╨┐╨╛╨╜╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╛╨╣.
╨Ю╨▒╤К╤П╤Б╨╜╨╡╨╜╨╕╨╡ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░
╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨╝╨╛╨│╤Г╤В ╨┐╨╛╨╗╤Г╤З╨░╤В╤М ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨╛╤В ╨╖╨░╨╡╨╝╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П╨Ф╨╛╨╗╨│╨╛╨▓╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡╨Ю╤Б╨╜╨╛╨▓╨╜╨╛╨╡ ╤А╨░╨╖╨╗╨╕╤З╨╕╨╡ ╨╝╨╡╨╢╨┤╤Г ╨╖╨░╨╡╨╝╨╜╤Л╨╝ ╨╕ ╨┤╨╛╨╗╨╡╨▓╤Л╨╝ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╨╖╨░╨║╨╗╤О╤З╨░╨╡╤В╤Б╤П ╨▓ ╤В╨╛╨╝, ╤З╤В╨╛ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨┐╤А╨╕╨▓╨╗╨╡╨║╨░╨╡╤В ╨║╨░╨┐╨╕╤В╨░╨╗ ╨┐╤Г╤В╨╡╨╝ ╨┐╤А╨╛╨┤╨░╨╢╨╕ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╤Е ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨╛╨▓ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝. ╨Э╨░╨┐╤А╨╛╤В╨╕╨▓, ╨┤╨╛╨╗╨╡╨▓╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ тАФ ╤Н╤В╨╛ ╨┐╤А╨╛╤Ж╨╡╤Б╤Б, ╨▓ ╨║╨╛╤В╨╛╤А╨╛╨╝ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨┤╨╡╨╜╤М╨│╨╕, ╨┐╤А╨╛╨┤╨░╨▓╨░╤П ╨░╨║╤Ж╨╕╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╜╨░╤Б╨╡╨╗╨╡╨╜╨╕╤О. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨Я╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ ╨┤╨╗╤П ╨┐╤А╨╕╨▓╨╗╨╡╤З╨╡╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨░. ╨Ч╨░╨╡╨╝╤Й╨╕╨║╨╕ ╤Б╨▓╨╛╨╡╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛ ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╤О╤В ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л (╨╡╨╢╨╡╨╝╨╡╤Б╤П╤З╨╜╨╛, ╨╡╨╢╨╡╨║╨▓╨░╤А╤В╨░╨╗╤М╨╜╨╛, ╤А╨░╨╖ ╨▓ ╨┐╨╛╨╗╨│╨╛╨┤╨░) ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╤Б╤А╨╛╨║╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П. ╨Ю╤Б╨╜╨╛╨▓╨╜╨░╤П ╤Б╤Г╨╝╨╝╨░ ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╨╡╤В╤Б╤П ╨┐╨╛ ╨╕╤Б╤В╨╡╤З╨╡╨╜╨╕╨╕ ╤Б╤А╨╛╨║╨░.
╨Т ╤Ж╨╡╨╗╨╛╨╝ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╨╕╨╗╨╕ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ ╨╜╨░╨╖╤Л╨▓╨░╤О╤В╤Б╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕. ╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╝ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨░╨╝, ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╤Л╨╝ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░╨╝╨╕ ╨╕╨╗╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╤П╨╝╨╕ ╨┤╨╗╤П ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨╡╨╜╨╕╤П ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╜╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤. ╤Б╨▓╨╛╨╡╨▓╤А╨╡╨╝╨╡╨╜╨╜╤Л╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╨┐╨╗╨░╤В╨╡╨╢╨╕╨Я╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╨┐╨╗╨░╤В╨╡╨╢╨╕╨Я╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╤А╨░╤Б╤Е╨╛╨┤╤Л тАФ ╤Н╤В╨╛ ╤Б╤Г╨╝╨╝╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓, ╨┐╨╛╨┤╨╗╨╡╨╢╨░╤Й╨╕╤Е ╤Г╨┐╨╗╨░╤В╨╡ ╨┐╨╛ ╨╗╤О╨▒╤Л╨╝ ╨╖╨░╨╣╨╝╨░╨╝, ╤В╨░╨║╨╕╨╝ ╨║╨░╨║ ╤Б╤Б╤Г╨┤╤Л, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕╨╗╨╕ ╨┤╤А╤Г╨│╨╕╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╡ ╨╗╨╕╨╜╨╕╨╕, ╨░ ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╨╡ ╤Б ╤Н╤В╨╕╨╝ ╨╖╨░╤В╤А╨░╤В╤Л ╨╛╤В╤А╨░╨╢╨░╤О╤В╤Б╤П ╨▓ ╨╛╤В╤З╨╡╤В╨╡ ╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤П╤Е ╨╕ ╤Г╨▒╤Л╤В╨║╨░╤Е ╨║╨░╨║ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╤А╨░╤Б╤Е╨╛╨┤╤Л. ╨░ ╨╛╤Б╨╜╨╛╨▓╨╜╨░╤П ╤Б╤Г╨╝╨╝╨░ ╨╜╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О. ╨Я╤А╨╛╤Ж╨╡╨╜╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░, ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╨╡╨╝╨░╤П ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╨╛╨╣ ╤Ж╨╡╨╜╨╜╨╛╨╣ ╨▒╤Г╨╝╨░╨│╨╛╨╣, ╨╜╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨║╤Г╨┐╨╛╨╜╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╛╨╣. ╨б╤В╨░╨▓╨║╨░ ╨║╤Г╨┐╨╛╨╜╨░╨б╤В╨░╨▓╨║╨░ ╨║╤Г╨┐╨╛╨╜╨░ тАФ ╤Н╤В╨╛ ROI (╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░), ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╨╡╨╝╨░╤П ╤Н╨╝╨╕╤В╨╡╨╜╤В╨░╨╝╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┐╨╛ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨Ю╨╜ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В ╤Б╤Г╨╝╨╝╤Г ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П, ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╨╝╤Г╤О ╨У╨Ш╨б (╨│╨░╤А╨░╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨│╨░╤А╨░╨╜╤В╨╕╤П ╨┤╨╛╤Е╨╛╨┤╨░). ╨Ъ╤Г╨┐╨╛╨╜╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ = ╨У╨╛╨┤╨╛╨▓╨╛╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╣ ╨┐╨╗╨░╤В╨╡╨╢ / ╨Э╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ * 100%╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.
╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╤Н╤В╨╕ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨┤╨╗╤П ╨┤╨╕╨▓╨╡╤А╤Б╨╕╤Д╨╕╨║╨░╤Ж╨╕╨╕ ╤Б╨▓╨╛╨╕╤Е ╨┐╨╛╤А╤В╤Д╨╡╨╗╨╡╨╣ тАФ ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╨╡ ╤Б ╨╜╨╕╨╝╨╕ ╤А╨╕╤Б╨║╨╕ ╨╜╨╕╨╢╨╡, ╤З╨╡╨╝ ╨░╨║╤Ж╨╕╨╕. ╨н╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨▓╨░╤А╨╕╨░╨╜╤В╤Л ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╤О╤В ╨╕╤Б╤В╨╛╤З╨╜╨╕╨║ ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╨╛╨│╨╛ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░. ╨Ю╤Б╨╜╨╛╨▓╤Л╨▓╨░╤П╤Б╤М ╨╜╨░ ╨╕╤Е ╨░╨┐╨┐╨╡╤В╨╕╤В╨░╤Е ╨║ ╤А╨╕╤Б╨║╤Г╨Р╨┐╨┐╨╡╤В╨╕╤В ╨║ ╤А╨╕╤Б╨║╤Г╨Р╨┐╨┐╨╡╤В╨╕╤В ╨║ ╤А╨╕╤Б╨║╤Г ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤Б╤Г╨╝╨╝╨╡, ╤Б╤В╨░╨▓╨║╨╡ ╨╕╨╗╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Г ╤А╨╕╤Б╨║╨░, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╤Д╨╕╨╖╨╕╤З╨╡╤Б╨║╨╛╨╡ ╨╗╨╕╤Ж╨╛ ╨╕╨╗╨╕ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╤П (╨║╨░╨║ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╛ ╨б╨╛╨▓╨╡╤В╨╛╨╝ ╨┤╨╕╤А╨╡╨║╤В╨╛╤А╨╛╨▓ ╨╕╨╗╨╕ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛╨╝) ╨│╨╛╤В╨╛╨▓╤Л ╨┐╤А╨╕╨╜╤П╤В╤М ╨▓ ╨╛╨▒╨╝╨╡╨╜ ╨╜╨░ ╤Б╨▓╨╛╨╣ ╨┐╨╗╨░╨╜, ╤Ж╨╡╨╗╨╕ ╨╕ ╨╕╨╜╨╜╨╛╨▓╨░╤Ж╨╕╨╕. ╤З╨╕╤В╨░╤В╤М ╨▒╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨╝╨╛╨│╤Г╤В ╨▓╤Л╨▒╨╕╤А╨░╤В╤М ╨╝╨╡╨╢╨┤╤Г ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╝╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕.
╨Ш╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л/╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝
╨Ш╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝, ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╨╡╨╝╤Л╨╡ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░╨╝╨╕ ╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╤П╨╝╨╕, ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╡:
╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕: ╨г ╨╜╨╕╤Е ╨╡╤Б╤В╤М ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╡ ╤Б╤В╨░╨▓╨║╨╕ ╨║╤Г╨┐╨╛╨╜╨░, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▓╨░╤А╤М╨╕╤А╤Г╤О╤В╤Б╤П ╨╝╨╡╨╢╨┤╤Г ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╝╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨┐╨╗╨░╨▓╨░╤О╤Й╨╡╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╛╨╣ ╨╕╨╝╨╡╤О╤В ╨║╤Г╨┐╨╛╨╜╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Г╤О ╤Б ╤А╤Л╨╜╨╛╤З╨╜╤Л╨╝╨╕ ╤Б╤В╨░╨▓╨║╨░╨╝╨╕, ╨╜╨░╨┐╤А╨╕╨╝╨╡╤А ╨б╤В╨░╨▓╨║╨░ LIBORLIBORLIBOR (╨Ы╨╛╨╜╨┤╨╛╨╜╤Б╨║╨╛╨╡ ╨╝╨╡╨╢╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╛╨╡ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╨╡) тАФ ╤Н╤В╨╛ ╤А╨░╤Б╤З╨╡╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░, ╤А╨░╤Б╤Б╤З╨╕╤В╨░╨╜╨╜╨░╤П ╨┐╤Г╤В╨╡╨╝ ╤Г╤Б╤А╨╡╨┤╨╜╨╡╨╜╨╕╤П ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╕, ╨▓╨╖╨╕╨╝╨░╨╡╨╝╨╛╨╣ ╨║╤А╤Г╨┐╨╜╤Л╨╝╨╕ ╤Ж╨╡╨╜╤В╤А╨░╨╗╤М╨╜╤Л╨╝╨╕ ╨▒╨░╨╜╨║╨░╨╝╨╕ ╨▓ ╨Ы╨╛╨╜╨┤╨╛╨╜╨╡ ╨▓ ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╤Н╤В╨░╨╗╨╛╨╜╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╕ ╨┤╨╗╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╤А╤Л╨╜╨║╨╛╨▓ ╨▓╨╜╤Г╤В╤А╨╕ ╤Б╤В╤А╨░╨╜╤Л. ╨╕ ╨╜╨░ ╨╝╨╡╨╢╨┤╤Г╨╜╨░╤А╨╛╨┤╨╜╨╛╨╝ ╤Г╤А╨╛╨▓╨╜╨╡, ╨│╨┤╨╡ ╨╛╨╜╨░ ╨╝╨╡╨╜╤П╨╡╤В╤Б╤П ╨╕╨╖╨╛ ╨┤╨╜╤П ╨▓ ╨┤╨╡╨╜╤М ╨▓ ╨╖╨░╨▓╨╕╤Б╨╕╨╝╨╛╤Б╤В╨╕ ╨╛╤В ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╤Л╤Е ╤А╤Л╨╜╨╛╤З╨╜╤Л╤Е ╤Г╤Б╨╗╨╛╨▓╨╕╨╣. ╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨б ╨┤╤А╤Г╨│╨╛╨╣ ╤Б╤В╨╛╤А╨╛╨╜╤Л, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨╜╤Г╨╗╨╡╨▓╤Л╨╝ ╨║╤Г╨┐╨╛╨╜╨╛╨╝╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨╜╤Г╨╗╨╡╨▓╤Л╨╝ ╨║╤Г╨┐╨╛╨╜╨╛╨╝╨Т ╨╛╤В╨╗╨╕╤З╨╕╨╡ ╨╛╤В ╨╛╨▒╤Л╤З╨╜╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨║╤Г╨┐╨╛╨╜╨╛╨╝, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╤Б ╨╜╤Г╨╗╨╡╨▓╤Л╨╝ ╨║╤Г╨┐╨╛╨╜╨╛╨╝ (╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╨░╤П ╨║╨░╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╤Б ╤З╨╕╤Б╤В╤Л╨╝ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╛╨╝ ╨╕╨╗╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╤Б ╨╜╨░╤З╨╕╤Б╨╗╨╡╨╜╨╕╨╡╨╝) ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤О, ╨║╨╛╤В╨╛╤А╨░╤П ╨▓╤Л╨┐╤Г╤Б╨║╨░╨╡╤В╤Б╤П ╤Б╨╛ ╤Б╨║╨╕╨┤╨║╨╛╨╣ ╨┐╨╛ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤О ╨║ ╨╡╨╡ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕. ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨╕ ╨╜╨╡ ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╨╡╤В ╨┐╨╡╤А╨╕╨╛╨┤╨╕╤З╨╡╤Б╨║╨╕╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л. ╨Ф╤А╤Г╨│╨╕╨╝╨╕ ╤Б╨╗╨╛╨▓╨░╨╝╨╕, ╨╡╨╢╨╡╨│╨╛╨┤╨╜╤Л╨╣ ╨┐╨╛╨┤╤А╨░╨╖╤Г╨╝╨╡╨▓╨░╨╡╨╝╤Л╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╣ ╨┐╨╗╨░╤В╨╡╨╢ ╨▓╨║╨╗╤О╤З╨░╨╡╤В╤Б╤П ╨▓ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨║╨╛╤В╨╛╤А╨░╤П ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╨╡╤В╤Б╤П ╨┐╤А╨╕ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╨╕. ╨Т ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ╤Г ╤Н╤В╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╡╤Б╤В╤М ╤В╨╛╨╗╤М╨║╨╛ ╨╛╨┤╨╕╨╜ ╨┤╨╛╤Е╨╛╨┤: ╨▓╤Л╨┐╨╗╨░╤В╨░ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┐╨╛ ╨╕╤Б╤В╨╡╤З╨╡╨╜╨╕╨╕ ╤Б╤А╨╛╨║╨░. ╨С╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╨▓╨╛╨╖╨▓╤А╨░╤В ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨▓╨╝╨╡╤Б╤В╨╡ ╤Б ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╤Б╤Г╨╝╨╝╨╛╨╣ ╨┐╨╛ ╨╕╤Б╤В╨╡╤З╨╡╨╜╨╕╨╕ ╤Б╤А╨╛╨║╨░.
╨Ъ╨░╨╖╨╜╨░╤З╨╡╨╣╤Б╨║╨╕╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░: ╨Ю╨╜╨╕ ╨╕╨╖╨┤╨░╤О╤В╤Б╤П ╤Ж╨╡╨╜╤В╤А╨░╨╗╤М╨╜╤Л╨╝ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨╛╨╝. ╨Ю╨╜╨╕ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤О╤В ╨╛╤З╨╡╨╜╤М ╨╜╨╕╨╖╨║╨╕╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л ╨╕╨╖-╨╖╨░ ╤Д╤Г╨╜╨║╤Ж╨╕╨╕ ╨╜╤Г╨╗╨╡╨▓╨╛╨│╨╛ ╤А╨╕╤Б╨║╨░. T-BillsT-BillsTreasury Bills (T-Bills) тАФ ╤Н╤В╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨┐╨╛╨╖╨▓╨╛╨╗╤П╤О╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╤Б╤Б╤Г╨╢╨░╤В╤М ╨┤╨╡╨╜╤М╨│╨╕ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╤Г. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╤Б╨╛ ╤Б╤А╨╛╨║╨╛╨╝ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╤В╤А╨╡╤Е, ╤И╨╡╤Б╤В╨╕, ╨┤╨╡╨▓╤П╤В╨╕ ╨╕╨╗╨╕ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╨╕ ╨╝╨╡╤Б╤П╤Ж╨╡╨▓.
╨Ъ╨░╨╖╨╜╨░╤З╨╡╨╣╤Б╨║╨╕╨╡ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╤Б ╨╖╨░╤Й╨╕╤В╨╛╨╣ ╨╛╤В ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕: TIPS ╨║╨╛╤А╤А╨╡╨║╤В╨╕╤А╤Г╤О╤В ╤Б╨▓╨╛╤О ╨╛╤Б╨╜╨╛╨▓╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▓ ╨╖╨░╨▓╨╕╤Б╨╕╨╝╨╛╤Б╤В╨╕ ╨╛╤В ╤Г╤А╨╛╨▓╨╜╤П ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕. ╨Ю╨╜╨╕ ╨┐╨╛╨╝╨╛╨│╨░╤О╤В ╨┐╨╛╨┤╨┤╨╡╤А╨╢╨╕╨▓╨░╤В╤М ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╤М╨╜╤Г╤О ╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ тАФ ╨╛╤Б╨╜╨╛╨▓╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╤Г╨▓╨╡╨╗╨╕╤З╨╕╨▓╨░╨╡╤В╤Б╤П ╨┐╤А╨╕ ╤А╨╛╤Б╤В╨╡ ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕, ╨╕ ╨╜╨░╨╛╨▒╨╛╤А╨╛╤В.
╨Ъ╨░╨╖╨╜╨░╤З╨╡╨╣╤Б╨║╨╕╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕: ╨н╤В╨╛ ╨┤╨╛╨╗╨│╨╛╨▓╨░╤П ╤Ж╨╡╨╜╨╜╨░╤П ╨▒╤Г╨╝╨░╨│╨░, ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╨░╤П ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨╛╨╝ ╨б╨и╨Р. ╨Х╨│╨╛ ╨╝╨╛╨╢╨╜╨╛ ╨┐╤А╨╕╨╛╨▒╤А╨╡╤Б╤В╨╕ ╨╜╨░ ╨║╨╛╨╜╨║╤Г╤А╨╡╨╜╤В╨╜╤Л╤Е ╨╕ ╨╜╨╡╨║╨╛╨╜╨║╤Г╤А╨╡╨╜╤В╨╜╤Л╤Е ╤В╨╛╤А╨│╨░╤Е. ╨С╨╡╨╖╨╛╨┐╨░╤Б╨╜╨╛╤Б╤В╤М ╤Б╨╛╨╖╤А╨╡╨▓╨░╨╡╤В ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨┤╨▓╤Г╤Е-╨┤╨╡╤Б╤П╤В╨╕ ╨╗╨╡╤В. ╨Ю╨╜ ╨┤╨░╨╡╤В ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Г╤О ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г.
╨ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕: ╨н╤В╨╛ ╨┐╤А╨╛╨┤╤Г╨║╤В ╨┤╨╛╨╗╨│╨╛╨▓╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╣ ╨╖╨░╨╗╨╛╨│╨╛╨▓╤Л╨╝╨╕ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕. ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨╝╨╛╨│╤Г╤В ╨┐╨╛╨╗╤Г╤З╨░╤В╤М ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┤╨╛╤Е╨╛╨┤╤Л, ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╤П ╨▓ ╨║╤А╨╡╨┤╨╕╤В╤Л, ╨┤╨╡╨▒╨╕╤В╨╛╤А╤Б╨║╤Г╤О ╨╖╨░╨┤╨╛╨╗╨╢╨╡╨╜╨╜╨╛╤Б╤В╤М ╨╕ ╤В. ╨┤.
ETF ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝: ╨С╨╕╤А╨╢╨╡╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л╨С╨╕╤А╨╢╨╡╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л╨С╨╕╤А╨╢╨╡╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л (ETF) тАФ ╤Н╤В╨╛ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╤Б╨╛╨┤╨╡╤А╨╢╨░╤Й╨╕╨╡ ╨╝╨╜╨╛╨╢╨╡╤Б╤В╨▓╨╛ ╨▓╨╕╨┤╨╛╨▓ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨░╨║╤Ж╨╕╨╕, ╤В╨╛╨▓╨░╤А╤Л ╨╕ ╤В. ╨┤., ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤В╨╛╤А╨│╤Г╤О╤В╤Б╤П ╨╜╨░ ╨▒╨╕╤А╨╢╨╡ ╨┐╨╛╨┤╨╛╨▒╨╜╨╛ ╨░╨║╤Ж╨╕╤П╨╝, ╤Ж╨╡╨╜╨░ ╨║╨╛╤В╨╛╤А╤Л╤Е ╨║╨╛╨╗╨╡╨▒╨╗╨╡╤В╤Б╤П ╨▓╨╛ ╨╝╨╜╨╛╨│╨╕╤Е ╤А╨░╨╖ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨┤╨╜╤П, ╨║╨╛╨│╨┤╨░ ╤В╨╛╤А╨│╤Г╨╡╨╝╤Л╨╣ ╨╜╨░ ╨▒╨╕╤А╨╢╨╡ ╤Д╨╛╨╜╨┤ ╨┐╨╛╨║╤Г╨┐╨░╨╡╤В╤Б╤П ╨╕ ╨┐╤А╨╛╨┤╨░╨╡╤В╤Б╤П ╨╜╨░ ╨▒╨╕╤А╨╢╨╡. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨▓╨╛╤Б╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╤В ╨▒╨░╨╖╨╛╨▓╤Л╨╣ ╨╕╨╜╨┤╨╡╨║╤Б ╤А╤Л╨╜╨║╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣. ╨н╤В╨╕ ╨░╨║╤Ж╨╕╨╕ ╨╝╨╛╨╢╨╜╨╛ ╨╛╨▒╨╝╨╡╨╜╤П╤В╤М ╨╜╨░ ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╤Е ╨▒╨╕╤А╨╢╨░╤Е.
╨Я╨░╨╡╨▓╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝: ╨н╤В╨╛ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л╨Ф╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л╨Ф╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л тАФ ╤Н╤В╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤, ╨╖╨░╨║╤А╤Л╤В╤Л╨╣ ╤Д╨╛╨╜╨┤, ETF ╨╕╨╗╨╕ ╨┐╨░╨╡╨▓╨╛╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤ (UTI), ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╤О╤В ╨▓ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕╨╗╨╕ ╨┤╤А╤Г╨│╨╕╨╡ ╤В╨╕╨┐╤Л ╨┤╨╛╨╗╨│╨╛╨▓╤Л╤Е ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│ ╨┤╨╗╤П ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╕╤П ╨┤╨╛╤Е╨╛╨┤╨░. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╤О╤В ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╤Л╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╨▓╤Л╨┐╨╗╨░╤В╤Л ╨╕ ╨┤╨╛╤Е╨╛╨┤ ╨╛╤В ╨┐╤А╨╕╤А╨╛╤Б╤В╨░ ╨║╨░╨┐╨╕╤В╨░╨╗╨░. ╨Т╨╛╨╖╨▓╤А╨░╤В ╨╛╤В ╨┐╤А╨╕╤А╨╛╤Б╤В╨░ ╨║╨░╨┐╨╕╤В╨░╨╗╨░. ╨Я╤А╨╕╤А╨╛╤Б╤В ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╛╨╖╨╜╨░╤З╨░╨╡╤В ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╨╡ ╤А╤Л╨╜╨╛╤З╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨┐╨╛ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╤О ╤Б ╨╕╤Е ╨┐╨╛╨║╤Г╨┐╨╜╨╛╨╣ ╤Ж╨╡╨╜╨╛╨╣ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨▓╤А╨╡╨╝╨╡╨╜╨╕. ╨Ч╨░╨┐╨░╤Б╤Л, ╨╖╨╡╨╝╨╗╤П, ╨╖╨┤╨░╨╜╨╕╤П, ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╨╡ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░ ╨╕ ╨┤╤А╤Г╨│╨╕╨╡ ╨▓╨╕╨┤╤Л ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╤Б╤В╨╕ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╨░╨║╤В╨╕╨▓╨╛╨▓.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.
╨Ф╨╡╨┐╨╛╨╖╨╕╤В╨╜╤Л╨╣ ╤Б╨╡╤А╤В╨╕╤Д╨╕╨║╨░╤В: ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨▓╨╜╨╛╤Б╤П╤В ╨╡╨┤╨╕╨╜╨╛╨▓╤А╨╡╨╝╨╡╨╜╨╜╤Г╤О ╤Б╤Г╨╝╨╝╤Г ╨▓ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤Б╨╛╤О╨╖ ╨╕╨╗╨╕ ╨▒╨░╨╜╨║ ╨╜╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤. ╨Т╨╖╨░╨╝╨╡╨╜ ╨╛╨╜╨╕ ╨┐╨╛╨╗╤Г╤З╨░╤О╤В ╨▓╤Л╤Б╨╛╨║╨╕╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л.
╨╛╤Ж╨╡╨╜╨║╨░
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨д╨╛╤А╨╝╤Г╨╗╨░ ╤Ж╨╡╨╜╨╛╨╛╨▒╤А╨░╨╖╨╛╨▓╨░╨╜╨╕╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В ╤В╨╡╨║╤Г╤Й╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▓╨╡╤А╨╛╤П╤В╨╜╤Л╤Е ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨║╤Г╨┐╨╛╨╜╨╜╤Л╨╡ ╨▓╤Л╨┐╨╗╨░╤В╤Л ╨╕ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М, ╨║╨╛╤В╨╛╤А╨░╤П ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤Б╤Г╨╝╨╝╤Г ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╨┐╤А╨╕ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╨╕. ╨Ф╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О (YTM) ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╡, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╨╛╨╣ ╨┤╨╗╤П ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ тАФ ╤Н╤В╨╛ ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨в╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╨д╨░╨║╤В╨╛╤А ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ тАФ ╤Н╤В╨╛ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┤╨╗╤П ╤Г╨║╨░╨╖╨░╨╜╨╕╤П ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▒╤Г╨┤╤Г╤В ╨┐╨╛╨╗╤Г╤З╨╡╨╜╤Л ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨╕ ╨╛╤Б╨╜╨╛╨▓╨░╨╜ ╨╜╨░ ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╡╨╜╨╡╨│. ╨н╤В╨╛╤В ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В PV ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤З╨╕╤Б╨╗╨╛, ╨║╨╛╤В╨╛╤А╨╛╨╡ ╨▓╤Б╨╡╨│╨┤╨░ ╨╝╨╡╨╜╤М╤И╨╡ ╨╡╨┤╨╕╨╜╨╕╤Ж╤Л ╨╕ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨║╨░╨║ ╨╡╨┤╨╕╨╜╨╕╤Ж╨░, ╨┤╨╡╨╗╨╡╨╜╨╜╨░╤П ╨╜╨░ ╨╡╨┤╨╕╨╜╨╕╤Ж╤Г, ╨┐╨╗╤О╤Б ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨║ ╤Б╤В╨╡╨┐╨╡╨╜╨╕, ╤В. ╨╡. ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨╛╨▓, ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨║╨╛╤В╨╛╤А╤Л╤Е ╨┤╨╛╨╗╨╢╨╜╤Л ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╤В╤М╤Б╤П ╨▓╤Л╨┐╨╗╨░╤В╤Л. ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨│╨╛ ╨┤╨╛╨╗╨│╨░ (╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М). ╨Ф╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨░╤П ╤Д╨╛╤А╨╝╤Г╨╗╨░:
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = тИС (Cn / 1+YTMn ) + (P/ (1+i)n)
╨Ч╨┤╨╡╤Б╤М,
- Cn тАУ ╨║╤Г╨┐╨╛╨╜╨╜╨░╤П ╨▓╤Л╨┐╨╗╨░╤В╨░ ╨▓ ╤Б╤А╨╛╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П;
- n тАУ ╤Б╤А╨╛╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П;
- YTM тАФ ╤Н╤В╨╛ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О╨Ф╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О╨д╤Г╨╜╨║╤Ж╨╕╤П ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨▓ Excel тАФ ╤Н╤В╨╛ ╨▓╤Б╤В╤А╨╛╨╡╨╜╨╜╨░╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨░╤П ╤Д╤Г╨╜╨║╤Ж╨╕╤П ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│ ╨╕╨╗╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣, ╨┐╨╛ ╨║╨╛╤В╨╛╤А╤Л╨╝ ╨┐╨╡╤А╨╕╨╛╨┤╨╕╤З╨╡╤Б╨║╨╕ ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╤О╤В╤Б╤П ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л. ╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤П ╤А╨░╤Б╤З╨╡╤В╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╤Б╤А╨╛╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П, ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г, ╤Ж╨╡╨╜╤Г ╨╕ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡;
- P тАФ ╨│╨╗╨░╨▓╨╜╨╛╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡; ╨╕
- i тАФ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨╕╨╗╨╕ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О.
╨Ш╨╖ ╨▓╤Л╤И╨╡╨┐╨╡╤А╨╡╤З╨╕╤Б╨╗╨╡╨╜╨╜╨╛╨│╨╛ ╤Д╨╛╤А╨╝╤Г╨╗╨░ ╤Ж╨╡╨╜╨╛╨╛╨▒╤А╨░╨╖╨╛╨▓╨░╨╜╨╕╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣, ╨╝╤Л ╨╝╨╛╨╢╨╡╨╝ ╤Б╨┤╨╡╨╗╨░╤В╤М ╨▓╤Л╨▓╨╛╨┤, ╤З╤В╨╛ ╤Ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╤Б╤В╨░╨▓╨║╨╕ ╨╜╨░╤Е╨╛╨┤╤П╤В╤Б╤П ╨▓ ╨╛╨▒╤А╨░╤В╨╜╨╛╨╣ ╨╖╨░╨▓╨╕╤Б╨╕╨╝╨╛╤Б╤В╨╕. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨▓╨╛╨╖╨╜╨╕╨║╨░╤О╤В ╤В╤А╨╕ ╤Б╤Ж╨╡╨╜╨░╤А╨╕╤П:
- ╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╤Б ╨╜╨╛╨╝╨╕╨╜╨░╨╗╨╛╨╝: ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨┐╤А╨╛╨┤╨░╨╡╤В╤Б╤П ╨┐╨╛ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕, ╨║╨╛╨│╨┤╨░ ╨║╤Г╨┐╨╛╨╜╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨╕ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О ╤Б╨╛╨▓╨┐╨░╨┤╨░╤О╤В.
- ╨Ф╨╕╤Б╨║╨╛╨╜╤В╨╜╨░╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П: ╨Ъ╨╛╨│╨┤╨░ ╨║╤Г╨┐╨╛╨╜╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨╝╨╡╨╜╤М╤И╨╡, ╤З╨╡╨╝ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О, ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨Ф╨╕╤Б╨║╨╛╨╜╤В╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨Ф╨╕╤Б╨║╨╛╨╜╤В╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ тАФ ╤Н╤В╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╤Л╨╡ ╨┐╨╛ ╤Ж╨╡╨╜╨╡ ╨╜╨╕╨╢╨╡ ╨╡╨╡ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕. ╨н╤В╨╛ ╤В╨░╨║╨╢╨╡ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝, ╤Б╤В╨░╨▓╨║╨╕ ╨║╤Г╨┐╨╛╨╜╨░ ╨║╨╛╤В╨╛╤А╤Л╤Е ╨╜╨╕╨╢╨╡ ╤А╤Л╨╜╨╛╤З╨╜╨╛╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╕ ╨╕, ╤В╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╤В╨╛╤А╨│╤Г╤О╤В╤Б╤П ╨╜╨░ ╨▓╤В╨╛╤А╨╕╤З╨╜╨╛╨╝ ╤А╤Л╨╜╨║╨╡ ╨┐╨╛ ╤Ж╨╡╨╜╨╡ ╨╜╨╕╨╢╨╡ ╨╕╤Е ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕. ╨С╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╨╛╨╜╨╕ ╨┐╤А╨╛╨┤╨░╤О╤В╤Б╤П ╨╜╨╕╨╢╨╡ ╤Б╨▓╨╛╨╡╨╣ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕.
- ╨Я╤А╨╡╨╝╨╕╨░╨╗╤М╨╜╨░╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П: ╨╖╨┤╨╡╤Б╤М ╨║╤Г╨┐╨╛╨╜╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨▓╤Л╤И╨╡, ╤З╨╡╨╝ ╨╡╨╡ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨┐╤А╨╡╨╝╨╕╨░╨╗╤М╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕╨Я╤А╨╡╨╝╨╕╨░╨╗╤М╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕╨Я╤А╨╡╨╝╨╕╨░╨╗╤М╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╝╤Г ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Г, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╤В╨╛╤А╨│╤Г╨╡╤В╤Б╤П ╨╜╨░ ╨▓╤В╨╛╤А╨╕╤З╨╜╨╛╨╝ ╤А╤Л╨╜╨║╨╡ ╨┐╨╛ ╤Ж╨╡╨╜╨╡, ╨┐╤А╨╡╨▓╤Л╤И╨░╤О╤Й╨╡╨╣ ╨╡╨│╨╛ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М. ╨н╤В╨╛ ╨┐╤А╨╛╨╕╤Б╤Е╨╛╨┤╨╕╤В, ╨║╨╛╨│╨┤╨░ ╨║╤Г╨┐╨╛╨╜╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┐╤А╨╡╨▓╤Л╤И╨░╨╡╤В ╨┐╤А╨╡╨╛╨▒╨╗╨░╨┤╨░╤О╤Й╤Г╤О ╤А╤Л╨╜╨╛╤З╨╜╤Г╤О ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╤Б ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О (╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О) 750 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓, ╤В╨╛╤А╨│╤Г╨╡╨╝╨░╤П ╨┐╨╛ ╤Ж╨╡╨╜╨╡ 780 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓, ╨▒╤Г╨┤╨╡╤В ╨╛╨╖╨╜╨░╤З╨░╤В╤М, ╤З╤В╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╤В╨╛╤А╨│╤Г╨╡╤В╤Б╤П ╤Б ╨┐╤А╨╡╨╝╨╕╨╡╨╣ ╨▓ 30 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ (780-750 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓). ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨┐╤А╨╛╨┤╨░╤О╤В╤Б╤П ╨┐╨╛ ╨┐╤А╨╡╨╝╨╕╨░╨╗╤М╨╜╤Л╨╝ ╤Ж╨╡╨╜╨░╨╝ (╨▓╤Л╤И╨╡ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕).
╨Я╤А╨╕╨╝╨╡╤А╤Л
╨Ф╨░╨▓╨░╨╣╤В╨╡ ╤А╨░╤Б╤Б╨╝╨╛╤В╤А╨╕╨╝ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨┐╤А╨╕╨╝╨╡╤А╨╛╨▓, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨╜╤П╤В╤М ╨┐╤А╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╛╨╡ ╨┐╤А╨╕╨╝╨╡╨╜╨╡╨╜╨╕╨╡ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░:
╨Я╤А╨╕╨╝╨╡╤А тДЦ1
╨Я╤А╨╡╨┤╨┐╨╛╨╗╨╛╨╢╨╕╨╝, ╤З╤В╨╛ ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О 1000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓. ╨б╤В╨░╨▓╨║╨░ ╨║╤Г╨┐╨╛╨╜╨░ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 7% ╨╕ ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╨╡╤В╤Б╤П ╨╡╨╢╨╡╨│╨╛╨┤╨╜╨╛. ╨Ч╨┤╨╡╤Б╤М ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 7% ╨│╨╛╨┤╨╛╨▓╤Л╤Е. ╨б╤А╨╛╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤В╤А╨╕ ╨│╨╛╨┤╨░, ╨░ ╨╛╤Б╨╜╨╛╨▓╨╜╨░╤П ╤Б╤Г╨╝╨╝╨░ ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 1000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р ╨▒╤Г╨┤╨╡╤В ╨┐╨╛╨│╨░╤И╨╡╨╜╨░ ╨┐╤А╨╕ ╨╜╨░╤Б╤В╤Г╨┐╨╗╨╡╨╜╨╕╨╕ ╤Б╤А╨╛╨║╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П. ╨Ю╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╤Ж╨╡╨╜╤Г ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.
╨а╨╡╤И╨╡╨╜╨╕╨╡:
╨Ф╨░╨╜╨╜╤Л╨╣:
- ╨Э╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М = 1000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р
- ╨У╨╛╨┤╨╛╨▓╨░╤П ╨║╤Г╨┐╨╛╨╜╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ = 7%
- ╨б╤А╨╛╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П = 3 ╨│╨╛╨┤╨░
- ╨Ф╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О = 7% ╨│╨╛╨┤╨╛╨▓╤Л╤Е
╨У╨╛╨┤╨╛╨▓╨╛╨╣ ╨║╤Г╨┐╨╛╨╜╨╜╤Л╨╣ ╨┐╨╗╨░╤В╨╡╨╢ = 1000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р ├Ч 7/100 = 70 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р.
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = тИС (Cn / 1+YTMn ) + (P/ (1+i)n)
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = [70/ (1 + 0.07)1] + [70/(1 + 0.07)2] + [70/(1 + 0.07)3] + [1000/(1 + 0.07)3]
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = 65,42 + 61,14 + 57,14 + 816,3 = 1000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓
╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╤Н╤В╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨┐╤А╨╛╨┤╨░╨╡╤В╤Б╤П ┬л╨┐╨╛ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤Г┬╗, ╤В. ╨╡. ╨┐╨╛ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕.
╨Я╤А╨╕╨╝╨╡╤А #2:
╨Х╤Б╨╗╨╕ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 8% ╨│╨╛╨┤╨╛╨▓╤Л╤Е, ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╨╡ ╤Ж╨╡╨╜╤Г ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.
╨а╨╡╤И╨╡╨╜╨╕╨╡:
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = тИС (Cn / 1+YTMn ) + (P/ (1+i)n)
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = [70/ (1 + 0.08)1] + [70/ (1 + 0.08)2] + [70/ (1 + 0.08)3]
+ [1000/ (1 + 0.08)3]
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = 64,81 + 60,01 + 55,57 + 793,83 = 974,22 ╨┤╨╛╨╗╨╗╨░╤А╨░ ╨б╨и╨Р
╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╤Н╤В╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨┐╤А╨╛╨┤╨░╨╡╤В╤Б╤П ╤Б ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╛╨╝, ╤В. ╨╡. ╨┐╨╛ ╤Ж╨╡╨╜╨╡ ╨╜╨╕╨╢╨╡ ╨╡╨╡ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕.
╨Я╤А╨╕╨╝╨╡╤А тДЦ3:
╨Ю╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╨╡ ╤Ж╨╡╨╜╤Г ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨╡╤Б╨╗╨╕ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤О ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 6% ╨│╨╛╨┤╨╛╨▓╤Л╤Е.
╨а╨╡╤И╨╡╨╜╨╕╨╡:
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = тИС (Cn / 1+YTMn ) + (P/ (1+i)n)
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = [70/(1 + 0.06) 1] + [70/(1 + 0.06) 2] + [70/(1 + 0.06) 3] + [1000/(1 + 0.06) 3]
╨ж╨╡╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ = 66,04 + 62,3 + 58,77 + 839,62 = $ 1026,73
╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╤Н╤В╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨┐╤А╨╛╨┤╨░╨╡╤В╤Б╤П ┬л╤Б ╨┐╤А╨╡╨╝╨╕╨╡╨╣┬╗, ╤В. ╨╡. ╨┐╨╛ ╤Ж╨╡╨╜╨╡ ╨▓╤Л╤И╨╡ ╨╡╨╡ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕.
╨а╨╕╤Б╨║╨╕
╨н╤В╨╕ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╨┐╨╛╨┤╨▓╨╡╤А╨╢╨╡╨╜╤Л ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝ ╤Д╨░╨║╤В╨╛╤А╨░╨╝ ╨╜╨╡╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╤Б╤В╨╕:
- ╨а╨╕╤Б╨║ ╨▓╤Л╨╖╨╛╨▓╨░: ╨б ╨╛╤В╨╖╤Л╨▓╨╜╤Л╨╝╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨┐╤А╨░╨▓╨╛╨╝ ╨╛╤В╨╖╤Л╨▓╨░╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╤Б ╨┐╤А╨░╨▓╨╛╨╝ ╨╛╤В╨╖╤Л╨▓╨░ тАФ ╤Н╤В╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╛╨╣, ╨┐╨╛ ╨║╨╛╤В╨╛╤А╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П-╤Н╨╝╨╕╤В╨╡╨╜╤В ╨╕╨╝╨╡╨╡╤В ╨┐╤А╨░╨▓╨╛ ╨▓╤Л╨┐╨╗╨░╤В╨╕╤В╤М ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╤Ж╨╡╨╜╨╜╨╛╨╣ ╨▒╤Г╨╝╨░╨│╨╕ ╨┐╨╛ ╨╖╨░╤А╨░╨╜╨╡╨╡ ╤Б╨╛╨│╨╗╨░╤Б╨╛╨▓╨░╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╛ ╨╜╨░╤Б╤В╤Г╨┐╨╗╨╡╨╜╨╕╤П ╤Б╤А╨╛╨║╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨н╤В╨╛ ╨┐╤А╨░╨▓╨╛ ╤А╨╡╨░╨╗╨╕╨╖╤Г╨╡╤В╤Б╤П, ╨║╨╛╨│╨┤╨░ ╤А╤Л╨╜╨╛╤З╨╜╨░╤П ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨┐╨░╨┤╨░╨╡╤В. ╨С╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╤Н╨╝╨╕╤В╨╡╨╜╤В╤Л ╨╝╨╛╨│╤Г╤В ╨╛╤В╨╛╨╖╨▓╨░╤В╤М (╨┐╨╛╨│╨░╤Б╨╕╤В╤М) ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┤╨╛ ╨┤╨░╤В╤Л ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П. ╨Х╤Б╨╗╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╤Б╨╜╨╕╨╢╨░╨╡╤В╤Б╤П, ╤Н╨╝╨╕╤В╨╡╨╜╤В ╨▓╤Л╨║╤Г╨┐╨░╨╡╤В ╨╡╨╡ ╨╛╨▒╤А╨░╤В╨╜╨╛. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨╛╨▒╤Й╨░╤П ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╤Б╨╜╨╕╨╢╨░╨╡╤В╤Б╤П.
- ╨а╨╕╤Б╨║ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕: ╤Н╤В╨╕ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨║╨░╨║ ╨┐╤А╨░╨▓╨╕╨╗╨╛, ╨╝╨╡╨╜╨╡╨╡ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╤Л, ╤З╨╡╨╝ ╨░╨║╤Ж╨╕╨╕, ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г, ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛, ╨┐╤А╨╕╨┤╨╡╤В╤Б╤П ╨┐╤А╨╛╨┤╨░╤В╤М ╨╕╤Е ╨┐╨╛ ╨▒╨╛╨╗╨╡╨╡ ╨╜╨╕╨╖╨║╨╛╨╣ ╤Ж╨╡╨╜╨╡, ╤З╤В╨╛╨▒╤Л ╨▓╤Л╤Б╨▓╨╛╨▒╨╛╨┤╨╕╤В╤М ╨║╨░╨┐╨╕╤В╨░╨╗.
- ╨а╨╕╤Б╨║ ╨║╤А╨╡╨┤╨╕╤В╨░: ╨Ъ╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕╨╝╨╡╤О╤В ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╤Б╤В╨╡╨┐╨╡╨╜╤М ╨╜╨╡╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╤Б╤В╨╕. ╨н╨╝╨╕╤В╨╡╨╜╤В ╨╝╨╛╨╢╨╡╤В ╨╜╨╡ ╨▓╤Л╨┐╨╛╨╗╨╜╨╕╤В╤М ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨╗╨╕╨▒╨╛ ╨╕╨╖-╨╖╨░ ╨╜╨╡╤Г╨┐╨╗╨░╤В╤Л ╨┐╤А╨╕╤З╨╕╤В╨░╤О╤Й╨╕╤Е╤Б╤П ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓, ╨╗╨╕╨▒╨╛ ╨╕╨╖-╨╖╨░ ╨╛╤В╤Б╤Г╤В╤Б╤В╨▓╨╕╤П ╨┤╨╛╤Б╤В╨░╤В╨╛╤З╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨┤╨╗╤П ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╤Б╤Г╨╝╨╝╤Л.
╨з╨░╤Б╤В╨╛ ╨╖╨░╨┤╨░╨▓╨░╨╡╨╝╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л (FAQ)
╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝?
╨н╤В╨╛ ╤Ж╨╡╨╜╨╜╨░╤П ╨▒╤Г╨╝╨░╨│╨░ ╨╕╨╗╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╣ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨┐╨╛╤Б╤В╨╛╤П╨╜╨╜╤Л╨╣ ╨╕ ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ тАФ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨▒╨╕╤А╨╢╨╡╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л, ╨┤╨╡╨┐╨╛╨╖╨╕╤В╨╜╤Л╨╡ ╤Б╨╡╤А╤В╨╕╤Д╨╕╨║╨░╤В╤Л, ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л, ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕, ╨╕ ╤В. ╨┤.
╨Я╨╛╤З╨╡╨╝╤Г ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨╜╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝?
╨н╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╤О╤В ╤Б╤В╨░╨▒╨╕╨╗╤М╨╜╤Г╤О ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г ╨┤╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╕ ╤Б╤В╨░╨╜╨╛╨▓╤П╤В╤Б╤П ╨╕╤Б╤В╨╛╤З╨╜╨╕╨║╨╛╨╝ ╤А╨╡╨│╤Г╨╗╤П╤А╨╜╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░. ╨С╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╨╛╨╜╨╕ ╨╕╨╝╨╡╤О╤В ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╤Б╤А╨╛╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П, ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨╝╨╛╨│╤Г╤В ╨▒╤Л╤В╤М ╤Г╨▓╨╡╤А╨╡╨╜╤Л ╨▓ ╨▓╨╛╨╖╨▓╤А╨░╤В╨╡ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨│╨╛ ╨┐╨╗╨░╤В╨╡╨╢╨░.
╨Ъ╨░╨║╨╛╨▓╤Л ╨╗╤Г╤З╤И╨╕╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝?
╨Э╨╕╨╢╨╡ ╨┐╨╡╤А╨╡╤З╨╕╤Б╨╗╨╡╨╜╤Л ╨╜╨░╨╕╨▒╨╛╨╗╨╡╨╡ ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ ╨▓ ╨б╨и╨Р ╨▓ 2022 ╨│╨╛╨┤╤Г:
1. ╨Р╨▓╨░╨╜╨│╨░╤А╨┤╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤ ╨╖╨░╤Й╨╕╤Й╨╡╨╜╨╜╤Л╤Е ╨╛╤В ╨╕╨╜╤Д╨╗╤П╤Ж╨╕╨╕ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│
2. Invesco National ╨Ь╤Г╨╜╨╕╤Ж╨╕╨┐╨░╨╗╤М╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨▒╨╡╨╖ AMT ETF
3. ╨Р╨▓╨░╨╜╨│╨░╤А╨┤╨╜╤Л╨╣ ETF ╤Б╤А╨╡╨┤╨╜╨╡╤Б╤А╨╛╤З╨╜╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣
4. iShares Core Total USD Bond Market ETF
5. ╨а╨░╨╖╨╝╨╡╤А╨╜╤Л╨╣ ╨▒╨░╨╖╨╛╨▓╤Л╨╣ ETF ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝
6. ╨а╨░╨╖╨╝╨╡╤А╨╜╤Л╨╣ ╨║╤А╨░╤В╨║╨╛╤Б╤А╨╛╤З╨╜╤Л╨╣ ETF ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М╤О
7. ╨Ш╨╜╨┤╨╡╨║╤Б╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨б╨и╨Р Fidelity
8. ETF Vanguard Total Bond Market
╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕
╨н╤В╨╛ ╨▒╤Л╨╗╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╝╤Г ╨┤╨╛╤Е╨╛╨┤╤Г ╨╕ ╨╡╨│╨╛ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤О. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╨╛╨▒╤К╤П╤Б╨╜╤П╨╡╨╝ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л/╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝ ╨▓╨╝╨╡╤Б╤В╨╡ ╤Б ╤А╤Л╨╜╨╛╤З╨╜╤Л╨╝╨╕ ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨╛╨▒ ╤Н╤В╨╛╨╝ ╨╕╨╖ ╤Б╤В╨░╤В╨╡╨╣ ╨╜╨╕╨╢╨╡ —
- ╨б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╕ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ тАФ ╤Б╤А╨░╨▓╨╜╨╕╤В╨╡
- ╨а╨╕╤Б╨║ ╨▓╤Л╨╖╨╛╨▓╨░
- ╨Ъ╨░╤А╤М╨╡╤А╨░ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝
- ╨Ы╤Г╤З╤И╨╕╨╡ ╨║╨╜╨╕╨│╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝
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