╨Ш╨╖╨╝╨╡╨╜╨╡╨╜╨╜╨░╤П ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М?

╨Ь╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Б╨╛╨╛╨▒╤Й╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г, ╤Б╨║╨╛╨╗╤М╨║╨╛ ╤Б╤В╨╛╨╕╤В ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П. ╨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 ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤Б╤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╨╛╨║╨╛╨▓. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨▒╤Г╨┤╨╡╤В ╨╝╨╡╨╜╤П╤В╤М╤Б╤П, ╤Г╤З╨╕╤В╤Л╨▓╨░╤П ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╕╨╡ ╨╡╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕. ╨Я╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╝╨╕╤А ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨▒╨╛╨╗╨╡╨╡ ╤Б╨╗╨╛╨╢╨╡╨╜, ╤З╨╡╨╝ ╨╝╨╕╤А ╨░╨║╤Ж╨╕╨╣, ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╨╖╨╜╨░╤В╤М ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Г╤О ╨┤╤О╤А╨░╤Ж╨╕╤О ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨з╤В╨╛╨▒╤Л ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Г╤О ╨┤╤О╤А╨░╤Ж╨╕╤О ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨▓╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╨▓╤Л╤П╤Б╨╜╨╕╤В╤М ╨╡╤Й╨╡ ╨╛╨┤╨╜╤Г ╨▓╨╡╤Й╤М: ╨┤╤О╤А╨░╤Ж╨╕╤П ╨Ь╨░╨║╨╛╨╗╨╡╤П ╨Ф╤О╤А╨░╤Ж╨╕╤П ╨Ь╨░╨║╨╛╨╗╨╡╤П ╨Ф╤О╤А╨░╤Ж╨╕╤П ╨Ь╨░╨║╨╛╨╗╨╡╤П тАФ ╤Н╤В╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨▓╤А╨╡╨╝╨╡╨╜╨╕, ╨║╨╛╤В╨╛╤А╨╛╨╡ ╤В╤А╨╡╨▒╤Г╨╡╤В╤Б╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г, ╤З╤В╨╛╨▒╤Л ╨▓╨╛╨╖╨╝╨╡╤Б╤В╨╕╤В╤М ╤Б╨▓╨╛╨╕ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╤Л╨╡ ╨▓ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤О ╨┤╨╡╨╜╤М╨│╨╕ ╨╖╨░ ╤Б╤З╨╡╤В ╨║╤Г╨┐╨╛╨╜╨╛╨▓ ╨╕ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╤Б╤Г╨╝╨╝╤Л. ╨н╤В╨╛ ╤Б╤А╨╡╨┤╨╜╨╡╨▓╨╖╨▓╨╡╤И╨╡╨╜╨╜╨╛╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ ╨┐╨╡╤А╨╕╨╛╨┤╨░, ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨║╨╛╤В╨╛╤А╨╛╨│╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А ╨┤╨╛╨╗╨╢╨╡╨╜ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╤З╤В╨╛╨▒╤Л ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╤А╨░╨▓╨╜╤П╨╗╨░╤Б╤М ╤Б╤Г╨╝╨╝╨╡, ╤Г╨┐╨╗╨░╤З╨╡╨╜╨╜╨╛╨╣ ╨╖╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤О. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А ╨┤╨╛╨╗╨╢╨╡╨╜ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║. ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║. ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ тАФ ╤Н╤В╨╛ ╤Б╤Г╨╝╨╝╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕╨╗╨╕ ╤Н╨║╨▓╨╕╨▓╨░╨╗╨╡╨╜╤В╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╤Б╨╛╨╖╨┤╨░╨╜╨╜╨░╤П ╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╗╨╡╨╜╨╜╨░╤П ╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╡╨╣ ╨╖╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤. ╨н╤В╨╛ ╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤А╨╡╨┤╨┐╨╛╤Б╤Л╨╗╨║╨╛╨╣ ╨┤╨╗╤П ╨░╨╜╨░╨╗╨╕╨╖╨░ ╤Б╨╕╨╗╤Л ╨▒╨╕╨╖╨╜╨╡╤Б╨░, ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╡╨╣ ╨┤╨╗╤П ╤Г╨╗╤Г╤З╤И╨╡╨╜╨╕╤П. ╤З╨╕╤В╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨▓╤А╨╡╨╝╨╡╨╜╨╕ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨Ь╨░╨║╨╛╨╗╨╡╤П.

╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

• ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М?
  • ╨Ш╨╖╨╝╨╡╨╜╨╡╨╜╨╜╨░╤П ╤Д╨╛╤А╨╝╤Г╨╗╨░ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕
  • ╨а╨░╤Б╤З╨╡╤В ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╜╨╛╨╣ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕
    • ╨Я╤А╨╕╨╝╨╡╤А тДЦ1
    • ╨Я╤А╨╕╨╝╨╡╤А #2
    • ╨Я╤А╨╕╨╝╨╡╤А тДЦ3
    • ╨Я╤А╨╕╨╝╨╡╤А тДЦ4
  • ╨Я╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░
  • ╨Э╨╡╨┤╨╛╤Б╤В╨░╤В╨║╨╕
  • ╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡
  • ╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨Ш╨╖╨╝╨╡╨╜╨╡╨╜╨╜╨░╤П ╤Д╨╛╤А╨╝╤Г╨╗╨░ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕

╨Ш╤В╨░╨║, ╤Д╨╛╤А╨╝╤Г╨╗╨░ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╣ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╤А╨╛╤Б╤В╨░.

╨Ь╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М = ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨Ь╨░╨║╨╛╨╗╨╡╤П / (1+YTM/n)

╨У╨┤╨╡,

╨Ь╨░╨║╨╛╨╗╨╡╨╣ ╨Ф╨╗╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М = ╨Я╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨▓╤Л╤З╨╕╤Б╨╗╤П╨╡╤В ╤Б╤А╨╡╨┤╨╜╨╡╨▓╨╖╨▓╨╡╤И╨╡╨╜╨╜╨╛╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡╨б╤А╨╡╨┤╨╜╨╡╨▓╨╖╨▓╨╡╤И╨╡╨╜╨╜╨╛╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡╨Т Excel ╨╝╤Л ╨▓╤Л╤З╨╕╤Б╨╗╤П╨╡╨╝ ╤Б╤А╨╡╨┤╨╜╨╡╨▓╨╖╨▓╨╡╤И╨╡╨╜╨╜╨╛╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡, ╨┐╤А╨╕╤Б╨▓╨░╨╕╨▓╨░╤П ╨▓╨╡╤Б╨░ ╨║╨░╨╢╨┤╨╛╨╝╤Г ╨╜╨░╨▒╨╛╤А╤Г ╨┤╨░╨╜╨╜╤Л╤Е. ╨Ю╨▒╤Л╤З╨╜╨╛ ╨╛╨╜ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┤╨╗╤П ╨▓╤Л╤З╨╕╤Б╨╗╨╡╨╜╨╕╤П ╨╜╨░╨┤╨╡╨╢╨╜╤Л╤Е ╨╜╨░╨▒╨╗╤О╨┤╨╡╨╜╨╕╨╣ ╨▓ ╤Б╤В╨░╤В╨╕╤Б╤В╨╕╨║╨╡ ╨╕╨╗╨╕ ╨┐╨╛╤А╤В╤Д╨╛╨╗╨╕╨╛ ╨╕ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨║╨░╨║ (w1x1+w2x2+….+wnxn)/(w1+w2+..wn), ╨│╨┤╨╡ w┬атАФ ╨▓╨╡╤Б, ╨┐╤А╨╕╤Б╨▓╨╛╨╡╨╜╨╜╤Л╨╣ ╨╖╨╜╨░╤З╨╡╨╜╨╕╤О x, ╨╕ ╤Б╤Г╨╝╨╝╨╡ ╨┐╤А╨╛╨╕╨╖╨▓╨╡╨┤╨╡╨╜╨╕╤П ╤Д╤Г╨╜╨║╤Ж╨╕╤П ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П.╨з╨╕╤В╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨▓╤А╨╡╨╝╨╡╨╜╨╕ ╨┤╨╛ ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╕╤П ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨┐╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╜╤Г╤О ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╤О╤В ╨▓ ╨┐╨╡╤А╨▓╤Г╤О ╨╛╤З╨╡╤А╨╡╨┤╤М. ╨Ч╨░╤В╨╡╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨┤╤О╤А╨░╤Ж╨╕╤О ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┐╨╛ ╨Ь╨░╨║╨╛╨╗╨╡╤О. ╨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╨╕╨╛╨┤. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.

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

╨Э = ╨Ъ╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨║╤Г╨┐╨╛╨╜╨╜╤Л╤Е ╨┐╨╡╤А╨╕╨╛╨┤╨╛╨▓ ╨▓ ╨│╨╛╨┤╤Г.

╨а╨░╤Б╤З╨╡╤В ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╜╨╛╨╣ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤Б ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕

╨Я╤А╨╕╨╝╨╡╤А тДЦ1

╨Ф╨▓╤Г╤Е╨╗╨╡╤В╨╜╨╕╨╣ ╨╡╨╢╨╡╨│╨╛╨┤╨╜╤Л╨╣ ╨┐╨╗╨░╤В╨╡╨╢ ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 5000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨┐╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕╨╝╨╡╨╡╤В ╨┤╤О╤А╨░╤Ж╨╕╤О ╨Ь╨░╨║╨╛╨╗╨╡╤П 1,87 ╨│╨╛╨┤╨░. ╨Ф╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 6,5%. ╨а╨░╤Б╤Б╤З╨╕╤В╨░╨╣╤В╨╡ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Г╤О ╨┤╤О╤А╨░╤Ж╨╕╤О ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.

╨Я╤А╨╕╨╝╨╡╤А #2

╨Ф╨▓╤Г╤Е╨╗╨╡╤В╨╜╨╕╨╣ ╨╡╨╢╨╡╨│╨╛╨┤╨╜╤Л╨╣ ╨┐╨╗╨░╤В╨╡╨╢ ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 2000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨┐╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕╨╝╨╡╨╡╤В ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨Ь╨░╨║╨╛╨╗╨╡╤П 2 ╨│╨╛╨┤╨░. ╨Ф╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 5%. ╨а╨░╤Б╤Б╤З╨╕╤В╨░╨╣╤В╨╡ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Г╤О ╨┤╤О╤А╨░╤Ж╨╕╤О ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.

╨Я╤А╨╕╨╝╨╡╤А тДЦ3

4-╨╗╨╡╤В╨╜╨╕╨╣ ╨╡╨╢╨╡╨│╨╛╨┤╨╜╤Л╨╣ ╨┐╨╗╨░╤В╨╡╨╢ ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 12 000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р ╨╕╨╝╨╡╨╡╤В ╨┤╤О╤А╨░╤Ж╨╕╤О ╨Ь╨░╨║╨╛╨╗╨╡╤П 5,87 ╨│╨╛╨┤╨░. ╨Ф╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 4,5%. ╨а╨░╤Б╤Б╤З╨╕╤В╨░╨╣╤В╨╡ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Г╤О ╨┤╤О╤А╨░╤Ж╨╕╤О ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.

╨Я╤А╨╕╨╝╨╡╤А тДЦ4

5-╨╗╨╡╤В╨╜╨╕╨╣ ╨╡╨╢╨╡╨│╨╛╨┤╨╜╤Л╨╣ ╨┐╨╗╨░╤В╨╡╨╢ ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 11 000 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р ╨╕╨╝╨╡╨╡╤В ╨┤╤О╤А╨░╤Ж╨╕╤О ╨Ь╨░╨║╨╛╨╗╨╡╤П 1,5 ╨│╨╛╨┤╨░. ╨Ф╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 7%. ╨а╨░╤Б╤Б╤З╨╕╤В╨░╨╣╤В╨╡ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Г╤О ╨┤╤О╤А╨░╤Ж╨╕╤О ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.

╨Я╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░

• ╨Ю╤Б╨╜╨╛╨▓╨╜╨╛╨╡ ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨╛ ╨╖╨░╨║╨╗╤О╤З╨░╨╡╤В╤Б╤П ╨▓ ╤В╨╛╨╝, ╤З╤В╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╨╖╨╜╨░╤В╤М ╨┤╤О╤А╨░╤Ж╨╕╤О ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨Я╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨д╨╛╤А╨╝╤Г╨╗╨░ ╨┤╤О╤А╨░╤Ж╨╕╨╕ ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В ╤З╤Г╨▓╤Б╤В╨▓╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨║ ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╕╤П╨╝ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨╛╨╣ ╤Б╤В╨░╨▓╨║╨╕. ╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤Б╤Г╨╝╨╝╤Л ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨▒╤Г╨┤╤Г╤Й╨╡╨│╨╛ ╨┐╤А╨╕╤В╨╛╨║╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨┐╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨╡╨│╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨░ ╨╗╨╡╤В ╨╜╨░ ╤Б╤Г╨╝╨╝╤Г ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╨▒╤Г╨┤╤Г╤Й╨╡╨│╨╛ ╨┐╤А╨╕╤В╨╛╨║╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓.╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╨║╨░╨║ ╤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╨╜╨╛╨│╨╛ ╨▒╤Г╨┤╤Г╤Й╨╡╨│╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨┐╨╛╤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╨╕ ╨╜╨░╤Б╤В╤Г╨┐╨╗╨╡╨╜╨╕╨╕ ╤Б╤А╨╛╨║╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П. ╨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╨╛╨║╨╛╨▓. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М ╨╜╨░╨┐╤А╤П╨╝╤Г╤О ╤Б╨▓╤П╨╖╨░╨╜╨░ ╤Б ╤Ж╨╡╨╜╨░╨╝╨╕ ╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨з╨╡╨╝ ╨▒╨╛╨╗╤М╤И╨╡ ╨┤╤О╤А╨░╤Ж╨╕╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╤В╨╡╨╝ ╨▓╤Л╤И╨╡ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М ╤Ж╨╡╨╜╤Л.
• ╨б╤А╨╛╨║ ╨┤╨╡╨╣╤Б╤В╨▓╨╕╤П ╨╗╤О╨▒╨╛╨│╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨░ ╨╝╨╛╨╢╨╡╤В ╨┐╨╛╨╝╨╛╤З╤М ╨╗╤Г╤З╤И╨╡ ╤Г╨┐╤А╨░╨▓╨╗╤П╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╝╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╤П╨╝╨╕ ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А ╨╝╨╛╨╢╨╡╤В ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛ ╨┐╨╗╨░╨╜╨╕╤А╨╛╨▓╨░╤В╤М ╨▒╤Г╨┤╤Г╤Й╨╕╨╣ ╨║╤Г╤А╤Б ╤Б╨▓╨╛╨╕╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓╨╛ ╨▓╤А╨╡╨╝╨╡╨╜╨╕.
• ╨н╤В╨╛ ╤В╨░╨║╨╢╨╡ ╨╝╨╡╤А╨░ ╤А╨╕╤Б╨║╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨║ ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╕╤О ╨╕ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╤Ж╨╡╨╜╤Л ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.
• ╨б╤А╨╡╨┤╨╜╤П╤П ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Д╨╛╨╜╨┤╨░ ╤В╨░╨║╨╢╨╡ ╨▓╨░╨╢╨╜╨░, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜╨░ ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╨╛╨╜ ╨▒╤Г╨┤╨╡╤В ╤З╤Г╨▓╤Б╤В╨▓╨╕╤В╨╡╨╗╨╡╨╜ ╨║ ╤А╤Л╨╜╨╛╤З╨╜╤Л╨╝ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╝ ╤Б╤В╨░╨▓╨║╨░╨╝. ╨Я╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╤Б╤В╨░╨▓╨║╨╕. ╨Я╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╜╤Л╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╤Б╤В╨░╨▓╨║╨╕ тАФ ╤Н╤В╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╛╤В╤Б╨╗╨╡╨╢╨╕╨▓╨░╤О╤В ╨║╨╛╨╗╨╡╨▒╨░╨╜╨╕╤П ╨▒╨░╨╖╨╛╨▓╤Л╤Е ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╤Е ╤Б╤В╨░╨▓╨╛╨║. ╨н╤В╨╕ ╨▒╨░╨╖╨╛╨▓╤Л╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л ╨╝╨╛╨│╤Г╤В ╨╕╨╝╨╡╤В╤М ╨╛╨┤╨╜╤Г ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г ╨╕╨╗╨╕ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╤А╨░╨╖╨╜╤Л╤Е ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╤Е ╤Б╤В╨░╨▓╨╛╨║.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡

╨Э╨╡╨┤╨╛╤Б╤В╨░╤В╨║╨╕

• ╨Ь╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╤А╨░╤Б╤З╨╡╤В ╨┤╤О╤А╨░╤Ж╨╕╨╕ ╤Б╨╗╨╛╨╢╨╡╨╜ ╨╕╨╖-╨╖╨░ ╤А╨░╤Б╤З╨╡╤В╨░ ╨┤╤О╤А╨░╤Ж╨╕╨╕ ╨Ь╨░╨║╨╛╨╗╨╡╤П. ╨а╨░╤Б╤З╨╡╤В ╨┤╤О╤А╨░╤Ж╨╕╨╕ ╨Ь╨░╨║╨╛╨╗╨╡╤П╨Ф╤О╤А╨░╤Ж╨╕╤П ╨Ь╨░╨║╨╛╨╗╨╡╤П тАФ ╤Н╤В╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨▓╤А╨╡╨╝╨╡╨╜╨╕, ╨║╨╛╤В╨╛╤А╨╛╨╡ ╤В╤А╨╡╨▒╤Г╨╡╤В╤Б╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г, ╤З╤В╨╛╨▒╤Л ╨▓╨╡╤А╨╜╤Г╤В╤М ╤Б╨▓╨╛╨╕ ╨▓╨╗╨╛╨╢╨╡╨╜╨╜╤Л╨╡ ╨┤╨╡╨╜╤М╨│╨╕ ╨▓ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤О ╤З╨╡╤А╨╡╨╖ ╨║╤Г╨┐╨╛╨╜╤Л ╨╕ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╨╡ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╤Б╤Г╨╝╨╝╤Л. ╨н╤В╨╛ ╤Б╤А╨╡╨┤╨╜╨╡╨▓╨╖╨▓╨╡╤И╨╡╨╜╨╜╨╛╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ ╨┐╨╡╤А╨╕╨╛╨┤╨░, ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨║╨╛╤В╨╛╤А╨╛╨│╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А ╨┤╨╛╨╗╨╢╨╡╨╜ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╤З╤В╨╛╨▒╤Л ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╤А╨░╨▓╨╜╤П╨╗╨░╤Б╤М ╤Б╤Г╨╝╨╝╨╡, ╤Г╨┐╨╗╨░╤З╨╡╨╜╨╜╨╛╨╣ ╨╖╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤О. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨Я╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╨╡╨╗╤О ╨╕╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г ╤В╨░╨║╨╢╨╡ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╤Л ╨┤╨░╨╜╨╜╤Л╨╡ ╨╛ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨╕ ╤Б╤А╨╛╨║╨╡ ╨▓╨╗╨░╨┤╨╡╨╜╨╕╤П ╨┤╨╗╤П ╨░╨╜╨░╨╗╨╕╨╖╨░ ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╜╨╛╨╣ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕.
• ╨Я╨╛╨╗╤Г╤З╨╕╤В╤М ╤В╨╛╤З╨╜╤Л╨╡ ╨╕ ╨┐╤А╨╡╨╛╨▒╨╗╨░╨┤╨░╤О╤Й╨╕╨╡ ╨┤╨░╨╜╨╜╤Л╨╡ ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╤Б╨╗╨╛╨╢╨╜╨╛, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╤Ж╨╡╨╜╨░ ╨║╨╛╨╗╨╡╨▒╨╗╨╡╤В╤Б╤П ╨║╨░╨╢╨┤╤Г╤О ╨╝╨╕╨╜╤Г╤В╤Г, ╤З╤В╨╛ ╨┤╨╡╨╗╨░╨╡╤В ╤А╨░╤Б╤З╨╡╤В╤Л ╨╜╨╡╨▓╨╡╤А╨╜╤Л╨╝╨╕ ╨╕ ╤Г╤Б╤В╨░╤А╨╡╨▓╤И╨╕╨╝╨╕.
• ╨Я╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤В╨░╨║╨╢╨╡ ╨╜╨╡ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨┐╨╛╨╗╨╜╨╛╨╣ ╨╝╨╡╤А╨╛╨╣ ╤А╨╕╤Б╨║╨░, ╤Б╨▓╤П╨╖╨░╨╜╨╜╨╛╨│╨╛ ╤Б ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╡╨╣. ╨а╨╕╤Б╨║. ╨а╨╕╤Б╨║╨╕, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╨╡ ╤Б ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕, тАФ ╤Н╤В╨╛ ╨┐╨╛╤В╨╡╨╜╤Ж╨╕╨░╨╗╤М╨╜╤Л╨╡ ╤А╨╕╤Б╨║╨╕, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╨╡ ╤Б ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╝╨╕ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕ ╨╕ ╨│╨╛╤Б╤Г╨┤╨░╤А╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╝╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╝╨╛╨│╤Г╤В ╨┐╨╛╤Б╤В╨░╨▓╨╕╤В╤М ╨┐╨╛╨┤ ╤Г╨│╤А╨╛╨╖╤Г ╨▓╨░╤И╨╕ ╨╖╨░╨┐╨╗╨░╨╜╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╕ ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨┤╨╛╤Е╨╛╨┤╤Л. ╨Ш╨╜╤Д╨╗╤П╤Ж╨╕╤П, ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░, ╤А╨╡╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡, ╤А╤Л╨╜╨╛╤З╨╜╤Л╨╣ ╤А╨╕╤Б╨║ ╨╕ ╤А╨╕╤Б╨║ ╨┤╨╡╤Д╨╛╨╗╤В╨░ тАФ ╨▓╤Б╨╡ ╤Н╤В╨╛ ╨▓╨╕╨┤╤Л ╤А╨╕╤Б╨║╨╛╨▓, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╤Е ╤Б ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕. ╨г╨╖╨╜╨░╨╣╤В╨╡ ╨▒╨╛╨╗╤М╤И╨╡ ╨╛ ╤Ж╨╡╨╜╨╡ ╨╕ ╤Б╤А╨╛╨║╨╡ ╨┤╨╡╨╣╤Б╤В╨▓╨╕╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А ╨╜╨╡ ╨┤╨╛╨╗╨╢╨╡╨╜ ╨┐╨╛╨╗╨░╨│╨░╤В╤М╤Б╤П ╨╕╤Б╨║╨╗╤О╤З╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨╜╨░ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┤╨╗╤П ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╕╤П ╤В╨╛╤З╨╜╤Л╤Е ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╨╡╨╣ ╤А╨╕╤Б╨║╨░.
• ╨Ф╤О╤А╨░╤Ж╨╕╤П ╨Ь╨░╨║╨╛╨╗╨╡╤П ╨▓╤Л╤З╨╕╤Б╨╗╤П╨╡╤В ╤Б╤А╨╡╨┤╨╜╨╡╨▓╨╖╨▓╨╡╤И╨╡╨╜╨╜╨╛╨╡ ╨▓╤А╨╡╨╝╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╤З╤В╨╛ ╨╜╨╡ ╨▓╤Б╨╡╨│╨┤╨░ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤Е╨╛╤А╨╛╤И╨╡╨╣ ╨╝╨╡╤А╨╛╨╣ ╤А╨╕╤Б╨║╨░ ╨┐╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.

╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡

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

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

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

• ╨д╨╛╤А╨╝╤Г╨╗╨░ ╨┤╨╗╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨Ь╨░╨║╨╛╨╗╨╡╤П
• ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М?
• ╨в╨╡╨║╤Г╤Й╨░╤П ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕
• ╨Ю╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨░╤А╨╡╨╜╨┤╨░ ╨Ч╨╜╨░╤З╨╡╨╜╨╕╨╡