╨д╨╛╤А╨╝╤Г╨╗╨░ ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕

╨д╨╛╤А╨╝╤Г╨╗╨░ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ (PV)

╨Я╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М, ╨║╨╛╨╜╤Ж╨╡╨┐╤Ж╨╕╤П, ╨╛╤Б╨╜╨╛╨▓╨░╨╜╨╜╨░╤П ╨╜╨░ ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│, ╤Г╤В╨▓╨╡╤А╨╢╨┤╨░╨╡╤В, ╤З╤В╨╛ ╤Б╤Г╨╝╨╝╨░ ╨┤╨╡╨╜╨╡╨│ ╤Б╨╡╨│╨╛╨┤╨╜╤П ╤Б╤В╨╛╨╕╤В ╨│╨╛╤А╨░╨╖╨┤╨╛ ╨▒╨╛╨╗╤М╤И╨╡, ╤З╨╡╨╝ ╤В╨░╨║╨░╤П ╨╢╨╡ ╤Б╤Г╨╝╨╝╨░ ╨┤╨╡╨╜╨╡╨│ ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨╕ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨▒╤Г╨┤╤Г╤Й╨╡╨│╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ ╨╜╨░ ╨╡╨┤╨╕╨╜╨╕╤Ж╤Г ╨┐╨╗╤О╤Б ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╜╨░╤П ╨┤╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨╛╨▓.

╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

• ╨д╨╛╤А╨╝╤Г╨╗╨░ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ (PV)
  • ╨а╨░╤Б╤З╨╡╤В ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ (╤И╨░╨│ ╨╖╨░ ╤И╨░╨│╨╛╨╝)
  • ╨Я╤А╨╕╨╝╨╡╤А╤Л
    • ╨Я╤А╨╕╨╝╨╡╤А тДЦ1
    • ╨Я╤А╨╕╨╝╨╡╤А #2
  • ╨Р╨║╤В╤Г╨░╨╗╤М╨╜╨╛╤Б╤В╤М ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡
  • ╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

PV = C / (1 + r) n

╨│╨┤╨╡ PV = ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М

• C = ╨▒╤Г╨┤╤Г╤Й╨╕╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║
• ╨│ = ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П
• n = ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨╛╨▓

╨Ф╨╗╤П ╤Б╨╡╤А╨╕╨╕ ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╤Б ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╨╝╨╕ ╨▓╤А╨╡╨╝╨╡╨╜╨╜╤Л╨╝╨╕ ╤И╨║╨░╨╗╨░╨╝╨╕ ╤Д╨╛╤А╨╝╤Г╨╗╨░ PV ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╨▓╤Л╤А╨░╨╢╨╡╨╜╨░ ╨║╨░╨║

╨Я╨Т = ╨б1/(1+r)n1+ ╨б2/(1+r)n2+ C3/(1+r)n3+тАжтАж. + ╨б╨║ / (1 + ╨│)╨╜╨║

╨а╨░╤Б╤З╨╡╤В ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ (╤И╨░╨│ ╨╖╨░ ╤И╨░╨│╨╛╨╝)

╨а╨░╤Б╤З╨╡╤В ╤Д╨╛╤А╨╝╤Г╨╗╤Л PV ╨╝╨╛╨╢╨╜╨╛ ╨▓╤Л╨┐╨╛╨╗╨╜╨╕╤В╤М, ╨▓╤Л╨┐╨╛╨╗╨╜╨╕╨▓ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╡ ╤И╨░╨│╨╕:

1. ╨Т╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╨╡ ╨▒╤Г╨┤╤Г╤Й╨╕╨╡ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨┐╨╛╤В╨╛╨║╨╕ ╨┤╨╗╤П ╨║╨░╨╢╨┤╨╛╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╖╨░╤В╨╡╨╝ ╨╛╨▒╨╛╨╖╨╜╨░╤З╨░╤О╤В╤Б╤П Ci, ╨│╨┤╨╡ i ╨╕╨╖╨╝╨╡╨╜╤П╨╡╤В╤Б╤П ╨╛╤В 1 ╨┤╨╛ k.

2. ╨Ч╨░╤В╨╡╨╝ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╨╡ ╤Б╤В╨░╨▓╨║╤Г ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨╕╨╗╨╕ ╤Г╨║╨░╨╖╨░╨╜╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г, ╨┐╨╛ ╨║╨╛╤В╨╛╤А╨╛╨╣ ╨▒╤Г╨┤╤Г╤Й╨╕╨╡ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨┐╨╛╤В╨╛╨║╨╕ ╨┤╨╛╨╗╨╢╨╜╤Л ╨▒╤Л╤В╤М ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╤Л. ╨н╤В╨╛ ╨╛╤З╨╡╨╜╤М ╨▓╨░╨╢╨╜╤Л╨╣ ╤Д╨░╨║╤В╨╛╤А, ╨╕ ╨╛╨╜ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В╤Б╤П ╨╗╨╕╨▒╨╛ ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╤А╤Л╨╜╨╛╤З╨╜╨╛╨│╨╛ ╤В╤А╨╡╨╜╨┤╨░, ╨╗╨╕╨▒╨╛ ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╤А╨╕╤Б╨║╨░╨а╨╕╤Б╨║╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╤Б╨║╨╗╨╛╨╜╨╜╨╛╤Б╤В╤М ╨║ ╤А╨╕╤Б╨║╤Г[/wsm-tooltip] ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░. ╨б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨╛╨▒╨╛╨╖╨╜╨░╤З╨░╨╡╤В╤Б╤П r.

3. ╨Ф╨░╨╗╨╡╨╡ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╨╡ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨╛╨▓ ╨┤╨╗╤П ╨║╨░╨╢╨┤╨╛╨│╨╛ ╨╕╨╖ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓. ╨Ю╨▒╨╛╨╖╨╜╨░╤З╨░╨╡╤В╤Б╤П ╨╜.

4. ╨Ч╨░╤В╨╡╨╝ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╨╣╤В╨╡ ╤В╨╡╨║╤Г╤Й╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨║╨░╨╢╨┤╨╛╨│╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░, ╤А╨░╨╖╨┤╨╡╨╗╨╕╨▓ ╨▒╤Г╨┤╤Г╤Й╨╕╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ (╤И╨░╨│ 1) ╨╜╨░ ╨╡╨┤╨╕╨╜╨╕╤Ж╤Г ╨┐╨╗╤О╤Б ╤Б╤В╨░╨▓╨║╤Г ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П (╤И╨░╨│ 2), ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╜╤Г╤О ╨┤╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨░ ╨┐╨╡╤А╨╕╨╛╨┤╨╛╨▓ (╤И╨░╨│ 3).

• PVi = Ci / (1 + r)ni

• ╨Я╨Т = ╨б1/(1+r)n1+ ╨б2/(1+r)n2+ C3/(1+r)n3+тАжтАж. + ╨б╨║ / (1 + ╨│)╨╜╨║

╨Я╤А╨╕╨╝╨╡╤А╤Л

.free_excel_div{╤Д╨╛╨╜:#d9d9d9;╤А╨░╨╖╨╝╨╡╤А ╤И╤А╨╕╤Д╤В╨░:16px;╤А╨░╨┤╨╕╤Г╤Б ╨│╤А╨░╨╜╨╕╤Ж╤Л:7px;╨┐╨╛╨╖╨╕╤Ж╨╕╤П:╨╛╤В╨╜╨╛╤Б╨╕╤В╨╡╨╗╤М╨╜╨░╤П;margin:30px;padding:25px 25px 25px 45px}.free_excel_div:before{content:»»;╤Д╨╛╨╜:url(╤Ж╨╡╨╜╤В╤А ╤Ж╨╡╨╜╤В╤А ╨▒╨╡╨╖ ╨┐╨╛╨▓╤В╨╛╤А╨░ #207245;╤И╨╕╤А╨╕╨╜╨░:70px;╨▓╤Л╤Б╨╛╤В╨░:70px;╨┐╨╛╨╖╨╕╤Ж╨╕╤П:╨░╨▒╤Б╨╛╨╗╤О╤В╨╜╨░╤П;╨▓╨╡╤А╤Е:50%;margin-top:-35px;╤Б╨╗╨╡╨▓╨░:-35px;╨│╤А╨░╨╜╨╕╤Ж╨░:5px ╤Б╨┐╨╗╨╛╤И╨╜╨░╤П #fff;╨│╤А╨░╨╜╨╕╤Ж╨░-╤А╨░╨┤╨╕╤Г╤Б:50%} ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Б╨║╨░╤З╨░╤В╤М ╤Н╤В╨╛╤В ╤И╨░╨▒╨╗╨╛╨╜ ╤Д╨╛╤А╨╝╤Г╨╗╤Л ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ Excel ╨╖╨┤╨╡╤Б╤М — ╨д╨╛╤А╨╝╤Г╨╗╨░ ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨и╨░╨▒╨╗╨╛╨╜ Excel

╨Я╤А╨╕╨╝╨╡╤А тДЦ1

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨▓╨╛╨╖╤М╨╝╨╡╨╝ ╨┐╤А╨╕╨╝╨╡╤А ╨Ф╨╢╨╛╨╜╨░, ╨║╨╛╤В╨╛╤А╤Л╨╣, ╨║╨░╨║ ╨╛╨╢╨╕╨┤╨░╨╡╤В╤Б╤П, ╨┐╨╛╨╗╤Г╤З╨╕╤В 1000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╤З╨╡╤А╨╡╨╖ 4 ╨│╨╛╨┤╨░. ╨Ю╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╨╡ ╤В╨╡╨║╤Г╤Й╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╤Б╤Г╨╝╨╝╤Л ╤Б╨╡╨│╨╛╨┤╨╜╤П, ╨╡╤Б╨╗╨╕ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤А╨░╨▓╨╜╨░ 5%.

╨Ф╨░╨╜╨╜╤Л╨╣,

• ╨С╤Г╨┤╤Г╤Й╨╕╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║, C = 1000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р
• ╨б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, r = 5%
• ╨Ъ╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨╛╨▓, n = 4 ╨│╨╛╨┤╨░

╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╤Б╤Г╨╝╨╝╤Л ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╤А╨░╤Б╤Б╤З╨╕╤В╨░╨╜╨░ ╨║╨░╨║

PV = C / (1 + r) n

= 1000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р / (1 + 5%) 4

PV = $822,70 ~ $823

╨Я╤А╨╕╨╝╨╡╤А #2

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨▓╨╛╨╖╤М╨╝╨╡╨╝ ╨┤╤А╤Г╨│╨╛╨╣ ╨┐╤А╨╕╨╝╨╡╤А ╨┐╤А╨╛╨╡╨║╤В╨░ ╤Б╨╛ ╤Б╤А╨╛╨║╨╛╨╝ ╨╢╨╕╨╖╨╜╨╕ 5 ╨╗╨╡╤В ╤Б╨╛ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╝ ╨┐╨╛╤В╨╛╨║╨╛╨╝. ╨Ю╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╨╡ ╤В╨╡╨║╤Г╤Й╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▓╤Б╨╡╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓, ╨╡╤Б╨╗╨╕ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨░╤П ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤А╨░╨▓╨╜╨░ 6%.

• ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╖╨░ ╨┐╨╡╤А╨▓╤Л╨╣ ╨│╨╛╨┤: $400
• ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╖╨░ ╨│╨╛╨┤ 2: 500 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р
• ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╖╨░ 3-╨╣ ╨│╨╛╨┤: 300 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р.
• ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╖╨░ 4 ╨│╨╛╨┤: $600
• ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╖╨░ 5 ╨│╨╛╨┤: $200

╨Ф╨░╨╜╨╛, ╨б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, r = 6%

╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║, C1 = $400 тДЦ ╨┐╨╡╤А╨╕╨╛╨┤╨░, n1 = 1

╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║, C2 = $500 тДЦ ╨┐╨╡╤А╨╕╨╛╨┤╨░, n2 = 2

╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║, C3 = $300 тДЦ ╨┐╨╡╤А╨╕╨╛╨┤╨░, n3 = 3

╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║, C4 = $600 тДЦ ╨┐╨╡╤А╨╕╨╛╨┤╨░, n4 = 4

╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║, C5 = $200 тДЦ ╨┐╨╡╤А╨╕╨╛╨┤╨░, n5 = 5

╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╤А╨░╤Б╤З╨╡╤В ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕╨Э╨░╤Б╤В╨╛╤П╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╨Э╨░╤Б╤В╨╛╤П╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М (PV) тАФ ╤Н╤В╨╛ ╤Б╨╡╨│╨╛╨┤╨╜╤П╤И╨╜╤П╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╡╨╜╨╡╨│, ╨║╨╛╤В╨╛╤А╤Г╤О ╨▓╤Л ╨╛╨╢╨╕╨┤╨░╨╡╤В╨╡ ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╨╛╤В ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╛╤Е╨╛╨┤╨╛╨▓. ╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨║╨░╨║ ╤Б╤Г╨╝╨╝╨░ ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╛╤Е╨╛╨┤╨╛╨▓ ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨┐╨╛ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨╣ ╨╜╨╛╤А╨╝╨╡ ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕. ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╖╨░ 1 ╨│╨╛╨┤ ╨╝╨╛╨╢╨╜╨╛ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨║╨░╨║

PV ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ 1 ╨│╨╛╨┤╨░, PV1 = C1 / (1 + r) n1

= 400 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р / (1 + 6%)1

PV ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ 1 ╨│╨╛╨┤╨░ ╤Б╨╛╤Б╤В╨░╨▓╨╕╤В тАУ

PV ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ 1 ╨│╨╛╨┤╨░ = $377,36

╨в╨╛╤З╨╜╨╛ ╤В╨░╨║ ╨╢╨╡ ╨╝╤Л ╨╝╨╛╨╢╨╡╨╝ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М PV ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ ╤Б╨╛ 2 ╨┐╨╛ 5 ╨│╨╛╨┤.

• PV ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ 2-╨│╨╛ ╨│╨╛╨┤╨░, PV2 = C2 / (1 + r) n2

= 500 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р / (1 + 6%)2

= 445,00 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р

• PV ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ 3-╨│╨╛ ╨│╨╛╨┤╨░, PV3 = C3 / (1 + r) n3

= 300 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р / (1 + 6%)3

= 251,89 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р

• PV ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ ╨│╨╛╨┤╨░ 4, PV4 = C4 / (1 + r) n4

= 600 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р / (1 + 6%)4

= 475,26 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р

• PV ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ 5-╨│╨╛ ╨│╨╛╨┤╨░, PV5 = C5 / (1 + r) n5

= 200 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р / (1 + 6%)5

= 149,45 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р

╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╤А╨░╤Б╤З╨╡╤В ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨┐╤А╨╛╨╡╨║╤В╨░ ╨▓╤Л╨│╨╗╤П╨┤╨╕╤В ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝:

PV = 377,36 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 445,00 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 251,89 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 475,26 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 149,45 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р

PV = $1698,95 ~ $1699

╨Р╨║╤В╤Г╨░╨╗╤М╨╜╨╛╤Б╤В╤М ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡

╨Т╤Б╤П ╨║╨╛╨╜╤Ж╨╡╨┐╤Ж╨╕╤П ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│ ╨Ъ╨╛╨╜╤Ж╨╡╨┐╤Ж╨╕╤П ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│ ╨Я╤А╨╕╨╜╤Ж╨╕╨┐ ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│ (TVM) ╤Г╤В╨▓╨╡╤А╨╢╨┤╨░╨╡╤В, ╤З╤В╨╛ ╨┤╨╡╨╜╤М╨│╨╕, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨▓ ╨╜╨░╤Б╤В╨╛╤П╤Й╨╡╨╝, ╨╕╨╝╨╡╤О╤В ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╤Ж╨╡╨╜╨╜╨╛╤Б╤В╤М, ╤З╨╡╨╝ ╨┤╨╡╨╜╤М╨│╨╕, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨┐╨╛╤В╨╛╨╝╤Г ╤З╤В╨╛ ╨┤╨╡╨╜╤М╨│╨╕, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╤Б╨╡╨╣╤З╨░╤Б, ╨╝╨╛╨╢╨╜╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М ╨┤╨╗╤П ╨│╨╡╨╜╨╡╤А╨╕╤А╨╛╨▓╨░╤В╤М ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨┐╨╛╤В╨╛╨║╨╕ ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╤О ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝ ╨▓ ╨▓╨╕╨┤╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨╕╨╗╨╕ ╨╛╤В ╨▒╤Г╨┤╤Г╤Й╨╡╨│╨╛ ╨┐╤А╨╕╤А╨╛╤Б╤В╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕ ╤А╨╡╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨▓╤А╨░╤Й╨░╨╡╤В╤Б╤П ╨▓╨╛╨║╤А╤Г╨│ ╤В╨╛╨╣ ╨╢╨╡ ╤В╨╡╨╛╤А╨╕╨╕. ╨Ф╤А╤Г╨│╨╕╨╝ ╨╖╨░╤Е╨▓╨░╤В╤Л╨▓╨░╤О╤Й╨╕╨╝ ╨░╤Б╨┐╨╡╨║╤В╨╛╨╝ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤В╨╛╤В ╤Д╨░╨║╤В, ╤З╤В╨╛ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╕ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨╛╨▒╤А╨░╤В╨╜╤Л ╨┤╤А╤Г╨│ ╨┤╤А╤Г╨│╤Г, ╤В╨░╨║ ╤З╤В╨╛ ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╨╡ ╤Б╤В╨░╨▓╨║╨╕ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨┐╤А╨╕╨▓╨╛╨┤╨╕╤В ╨║ ╨▒╨╛╨╗╨╡╨╡ ╨╜╨╕╨╖╨║╨╛╨╣ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓. ╨Я╨╛╤Н╤В╨╛╨╝╤Г ╨▓╨░╨╢╨╜╨╛ ╨┐╤А╨░╨▓╨╕╨╗╤М╨╜╨╛ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╤Б╤В╨░╨▓╨║╤Г ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜╨░ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨║╨╗╤О╤З╨╛╨╝ ╨║ ╨┐╤А╨░╨▓╨╕╨╗╤М╨╜╨╛╨╣ ╨╛╤Ж╨╡╨╜╨║╨╡ ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓.

╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨н╤В╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╤Д╨╛╤А╨╝╤Г╨╗╨╡ ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╨╛╨▒╤Б╤Г╨╢╨┤╨░╨╡╨╝ ╤А╨░╤Б╤З╨╡╤В ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╤Б ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╨╡╨╡ ╤Д╨╛╤А╨╝╤Г╨╗╤Л ╨▓╨╝╨╡╤Б╤В╨╡ ╤Б ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╨╕ ╨╖╨░╨│╤А╤Г╨╢╨░╨╡╨╝╤Л╨╝ ╤И╨░╨▒╨╗╨╛╨╜╨╛╨╝ Excel. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╝ ╨░╨╜╨░╨╗╨╕╨╖╨╡ ╨╕╨╖ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╤Б╤В╨░╤В╨╡╨╣ тАУ

• Present Value FactorPresent Value FactorPresent value factor тАФ ╤Н╤В╨╛ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┤╨╗╤П ╨╛╨▒╨╛╨╖╨╜╨░╤З╨╡╨╜╨╕╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▒╤Г╨┤╤Г╤В ╨┐╨╛╨╗╤Г╤З╨╡╨╜╤Л ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨╕ ╨╛╤Б╨╜╨╛╨▓╨░╨╜ ╨╜╨░ ╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨┤╨╡╨╜╨╡╨│. ╨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╨░╨▓╨║╨░ ╨║ ╨╝╨╛╤Й╨╜╨╛╤Б╤В╨╕, ╤В.╨╡. ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨╛╨▓, ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨║╨╛╤В╨╛╤А╤Л╤Е ╨┤╨╛╨╗╨╢╨╜╤Л ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╤В╤М╤Б╤П ╨┐╨╗╨░╤В╨╡╨╢╨╕.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
• PV vs NPVPV Vs NPV ╨в╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М (PV) тАФ ╤Н╤В╨╛ ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▓╤Б╨╡╤Е ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┐╤А╨╕╤В╨╛╨║╨╛╨▓ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤О ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨│╨╛ ╨▓╤А╨╡╨╝╨╡╨╜╨╕. ╨Э╨░╨┐╤А╨╛╤В╨╕╨▓, ╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М (NPV) ╨┐╨╛╨╗╤Г╤З╨░╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨▓╤Л╤З╨╕╤В╨░╨╜╨╕╤П ╤В╨╡╨║╤Г╤Й╨╡╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨▓╤Б╨╡╤Е ╨╛╤В╤В╨╛╨║╨╛╨▓ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕╨╖ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨╛╨▒╤Й╨╕╤Е ╨┐╤А╨╕╤В╨╛╨║╨╛╨▓ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
• ╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М FormulaNet ╨Я╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М FormulaNet ╨Я╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М (NPV) ╨╛╤Ж╨╡╨╜╨╕╨▓╨░╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╤М ╨┐╤А╨╛╨╡╨║╤В╨░ ╨╕ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤А╨░╨╖╨╜╨╕╤Ж╤Г ╨╝╨╡╨╢╨┤╤Г ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О ╨┐╤А╨╕╤В╨╛╨║╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О ╨╛╤В╤В╨╛╨║╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╖╨░ ╨┐╨╡╤А╨╕╨╛╨┤ ╨▓╤А╨╡╨╝╨╡╨╜╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░. ╨Х╤Б╨╗╨╕ ╤А╨░╨╖╨╜╨╕╤Ж╨░ ╨┐╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╨░, ╨┐╤А╨╛╨╡╨║╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╤Л╨╣; ╨▓ ╨┐╤А╨╛╤В╨╕╨▓╨╜╨╛╨╝ ╤Б╨╗╤Г╤З╨░╨╡ ╤Н╤В╨╛ ╨╜╨╡ ╤В╨░╨║.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
• ╨Я╤А╨╕╨╝╨╡╤А╤Л ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╡╨╜╨╜╤Л╤Е ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╣╨Я╤А╨╕╨╝╨╡╤А╤Л ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╡╨╜╨╜╤Л╤Е ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╣╨Я╤А╨╕╨╝╨╡╤А╤Л ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╡╨╜╨╜╤Л╤Е ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╣ ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╨╖╨╜╨░╤З╨╡╨╜╨╕╤П ╨┤╨╗╤П ╨╛╨┐╤А╨╛╤Б╨░ ╨╛╨▒╤Й╨╡╤Б╤В╨▓╨╡╨╜╨╜╨╛╨│╨╛ ╨╝╨╜╨╡╨╜╨╕╤П, ╤А╨░╤Б╤З╨╡╤В ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨┐╨╛╤А╤В╤Д╨╡╨╗╤П, ╨╛╤Ж╨╡╨╜╨║╤Г ╤А╨╕╤Б╨║╨╛╨▓ ╨╕ ╤А╨░╤Б╤З╨╡╤В ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛╨┤╨╛╨▓╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡