╨Ь╨╡╤В╨╛╨┤╤Л ╨▒╤О╨┤╨╢╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╝╨╡╤В╨╛╨┤╤Л ╨▒╤О╨┤╨╢╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣?

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

╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

• ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╝╨╡╤В╨╛╨┤╤Л ╨▒╤О╨┤╨╢╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣?
  • ╨б╨┐╨╕╤Б╨╛╨║ 5 ╨╗╤Г╤З╤И╨╕╤Е ╨╝╨╡╤В╨╛╨┤╨╛╨▓ ╨▒╤О╨┤╨╢╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣ (╤Б ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕)
  • тДЦ1 тАУ ╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕
  • #2 тАУ ╨б╤А╨╛╨║ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕
    • ╨Я╤А╨╕╨╝╨╡╤А
  • #3 тАУ ╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М
    • ╨Я╤А╨╕╨╝╨╡╤А
  • #4 тАУ ╨Т╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕
    • ╨Я╤А╨╕╨╝╨╡╤А
  • #5 тАУ ╨Ь╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕
    • ╨Я╤А╨╕╨╝╨╡╤А
  • ╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡
  • ╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨б╨┐╨╕╤Б╨╛╨║ 5 ╨╗╤Г╤З╤И╨╕╤Е ╨╝╨╡╤В╨╛╨┤╨╛╨▓ ╨▒╤О╨┤╨╢╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣ (╤Б ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕)

1. ╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨▓╨╖╨░╨╕╨╝╨╛╤Б╨▓╤П╨╖╤М ╨╝╨╡╨╢╨┤╤Г ╨┐╤А╨╛╨│╨╜╨╛╨╖╨╕╤А╤Г╨╡╨╝╤Л╨╝╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╡╨╣ ╨▒╤Г╨┤╤Г╤Й╨╕╨╝╨╕ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╝╨╕ ╨┐╨╛╤В╨╛╨║╨░╨╝╨╕ ╨╕ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝╨╕ ╨┐╤Г╤В╨╡╨╝ ╤А╨░╤Б╤З╨╡╤В╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╨╕ ╨░╨╜╨░╨╗╨╕╨╖╨░ ╨╢╨╕╨╖╨╜╨╡╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░. ╨Ю╤Ж╨╡╨╜╨╕╨▓╨░╨╡╤В╤Б╤П ╨╛╨┤╨╕╨╜ ╨┐╨╗╤О╤Б, ╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨╜╨░ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨╜╨░ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕. ╨Ю╨╜ ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╡╨╜ ╨║╨░╨║ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨┐╤А╨╕╨▒╤Л╨╗╤М, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜ ╨░╨╜╨░╨╗╨╕╨╖╨╕╤А╤Г╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М ╨┐╤А╨╛╨╡╨║╤В╨░.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
2. ╨Я╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕
3. ╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М
4. ╨Т╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕╨Т╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕╨Т╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ (IRR) тАФ ╤Н╤В╨╛ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨║╨╛╤В╨╛╤А╨░╤П ╤Г╤Б╤В╨░╨╜╨░╨▓╨╗╨╕╨▓╨░╨╡╤В ╨╜╤Г╨╗╨╡╨▓╤Г╤О ╤З╨╕╤Б╤В╤Г╤О ╤В╨╡╨║╤Г╤Й╤Г╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▓╤Б╨╡╤Е ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨╛╤В ╨┐╤А╨╛╨╡╨║╤В╨░. ╨Ю╨╜ ╤Б╤А╨░╨▓╨╜╨╕╨▓╨░╨╡╤В ╨╕ ╨▓╤Л╨▒╨╕╤А╨░╨╡╤В ╨╗╤Г╤З╤И╨╕╨╣ ╨┐╤А╨╛╨╡╨║╤В, ╨┐╤А╨╕ ╤Н╤В╨╛╨╝ ╨▓╤Л╨▒╨╕╤А╨░╨╡╤В╤Б╤П ╨┐╤А╨╛╨╡╨║╤В ╤Б IRR, ╨┐╤А╨╡╨▓╤Л╤И╨░╤О╤Й╨╕╨╝ ╨╝╨╕╨╜╨╕╨╝╨░╨╗╤М╨╜╨╛ ╨┤╨╛╨┐╤Г╤Б╤В╨╕╨╝╤Г╤О ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М (╨┐╨╛╤А╨╛╨│╨╛╨▓╤Г╤О ╤Б╤В╨░╨▓╨║╤Г).╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
5. ╨Ь╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨╛╨▒╤Б╤Г╨┤╨╕╨╝ ╤Н╤В╨╛ ╨╛╨┤╨╕╨╜ ╨╖╨░ ╨┤╤А╤Г╨│╨╕╨╝ ╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╛ ╨▓╨╝╨╡╤Б╤В╨╡ ╤Б ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ —

тДЦ1 тАУ ╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕

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

╨д╨╛╤А╨╝╤Г╨╗╨░ ╨╕╨╜╨┤╨╡╨║╤Б╨░ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕╨д╨╛╤А╨╝╤Г╨╗╨░ ╨╕╨╜╨┤╨╡╨║╤Б╨░ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨▓╤Б╨╡╤Е ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨┐╤А╨╛╨╡╨║╤В╨░ ╨╜╨░ ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨┐╤А╨╛╨╡╨║╤В. ╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ = PV ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ / ╨Я╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕.

╨Ш╨╜╨┤╨╡╨║╤Б ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ = PV ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ / PV ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣

╨У╨┤╨╡ PV тАФ ╤В╨╡╨║╤Г╤Й╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М.

╨Т ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╝ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┤╨╗╤П ╤А╨░╨╜╨╢╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨┐╤А╨╛╨╡╨║╤В╨╛╨▓. ╨Т ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╨╕╨╕ ╤Б ╤А╨░╨╜╨│╨╛╨╝ ╨┐╤А╨╛╨╡╨║╤В╨░ ╨▓╤Л╨▒╨╕╤А╨░╨╡╤В╤Б╤П ╨┐╨╛╨┤╤Е╨╛╨┤╤П╤Й╨╕╨╣ ╨┐╤А╨╛╨╡╨║╤В ╨┤╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П.

#2 тАУ ╨б╤А╨╛╨║ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕

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

╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╨╛ ╤В╨╛╨╝╤Г, ╤Б╨║╨╛╨╗╤М╨║╨╛ ╨╗╨╡╤В ╨┐╨╛╤В╤А╨╡╨▒╤Г╨╡╤В╤Б╤П, ╤З╤В╨╛╨▒╤Л ╨╛╨║╤Г╨┐╨╕╤В╤М ╤Б╤Г╨╝╨╝╤Г ╤Б╨┤╨╡╨╗╨░╨╜╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨С╨╛╨╗╨╡╨╡ ╨║╨╛╤А╨╛╤В╨║╨╕╨╡ ╤Б╤А╨╛╨║╨╕ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ ╨▒╨╛╨╗╨╡╨╡ ╨┐╤А╨╕╨▓╨╗╨╡╨║╨░╤В╨╡╨╗╤М╨╜╤Л, ╤З╨╡╨╝ ╨▒╨╛╨╗╨╡╨╡ ╨┤╨╗╨╕╤В╨╡╨╗╤М╨╜╤Л╨╡ ╨┐╨╡╤А╨╕╨╛╨┤╤Л ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕. ╨Ф╨░╨▓╨░╨╣╤В╨╡ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╨╡╨╝ ╨┐╨╡╤А╨╕╨╛╨┤ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ ╨┤╨╗╤П ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣:

╨Я╤А╨╕╨╝╨╡╤А

╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨┐╤А╨╛╨╡╨║╤В ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В 1000 ╤Д╤Г╨╜╤В╨╛╨▓ ╤Б╤В╨╡╤А╨╗╨╕╨╜╨│╨╛╨▓, ╨╕ ╨╛╨╜ ╨│╨╡╨╜╨╡╤А╨╕╤А╤Г╨╡╤В ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨▓ ╤А╨░╨╖╨╝╨╡╤А╨╡ 300 ╤Д╤Г╨╜╤В╨╛╨▓ ╤Б╤В╨╡╤А╨╗╨╕╨╜╨│╨╛╨▓ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╨┐╤П╤В╨╕ ╨╗╨╡╤В.

╨Я╨╛╤Н╤В╨╛╨╝╤Г ╤Б╤А╨╛╨║ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝:

• ╨б╤А╨╛╨║ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ = ╨╜╨╡╤В. ╨╗╨╡╤В тАУ (╨║╤Г╨╝╤Г╨╗╤П╤В╨╕╨▓╨╜╤Л╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║/╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║)
• ╨б╤А╨╛╨║ ╨╛╨║╤Г╨┐╨░╨╡╨╝╨╛╤Б╤В╨╕ = 5- (500/300)
• = 3,33 ╨│╨╛╨┤╨░

╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╨┤╨╗╤П ╨▓╨╛╨╖╨╝╨╡╤Й╨╡╨╜╨╕╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨┐╨╛╤В╤А╨╡╨▒╤Г╨╡╤В╤Б╤П 3,33 ╨│╨╛╨┤╨░.

#3 тАУ ╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М

╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨з╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨з╨╕╤Б╤В╨░╤П ╨┐╤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╨░╨║. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ тАФ ╤Н╤В╨╛ ╤А╨░╨╖╨╜╨╕╤Ж╨░ ╨╝╨╡╨╢╨┤╤Г ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О ╨▓╤Е╨╛╨┤╤П╤Й╨╡╨│╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ ╨╕ ╨╕╤Б╤Е╨╛╨┤╤П╤Й╨╡╨│╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ ╨╖╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨╡ ╨▓╤А╨╡╨╝╤П. ╨Ю╨╜ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┤╨╗╤П ╨░╨╜╨░╨╗╨╕╨╖╨░ ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░.

╨д╨╛╤А╨╝╤Г╨╗╨░ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ NPV ╨▓╤Л╨│╨╗╤П╨┤╨╕╤В ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝:

╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М = [Cash Flow / (1+i)n ] тАУ ╨Я╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕

╨Ч╨┤╨╡╤Б╤М ╤П тАФ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨░ n тАФ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨╗╨╡╤В.

╨Я╤А╨╕╨╝╨╡╤А

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨┐╨╛╤Б╨╝╨╛╤В╤А╨╕╨╝ ╨╜╨░ ╨┐╤А╨╕╨╝╨╡╤А, ╤З╤В╨╛╨▒╤Л ╨╛╨▒╤Б╤Г╨┤╨╕╤В╤М ╤Н╤В╨╛.

╨Я╤А╨╡╨┤╨┐╨╛╨╗╨╛╨╢╨╕╨╝, ╤З╤В╨╛ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤А╨░╨▓╨╜╨░ 10%.

• NPV = -1000 + 200/(1+0,1)^1 + 300/(1+0,1)^2+400/(1+0,1)^3+600/(1+0,1)^4+ 700/(1+ 0,1)^5
• = 574,731

╨Ь╤Л ╤В╨░╨║╨╢╨╡ ╨╝╨╛╨╢╨╡╨╝ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨╡╨│╨╛ ╤Б ╨┐╨╛╨╝╨╛╤Й╤М╤О ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╤Е ╤Д╨╛╤А╨╝╤Г╨╗ Excel. ╨Ю╤Б╨╜╨╛╨▓╨╜╤Л╨╡ ╤Д╨╛╤А╨╝╤Г╨╗╤Л Excel. ╨в╨╡╤А╨╝╨╕╨╜ ┬л╨╛╤Б╨╜╨╛╨▓╨╜╨░╤П ╤Д╨╛╤А╨╝╤Г╨╗╨░ Excel┬╗ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨╛╨▒╤Й╨╕╨╝ ╤Д╤Г╨╜╨║╤Ж╨╕╤П╨╝, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╝ ╨▓ Microsoft Excel ╨┤╨╗╤П ╨▓╤Л╨┐╨╛╨╗╨╜╨╡╨╜╨╕╤П ╨┐╤А╨╛╤Б╤В╤Л╤Е ╨▓╤Л╤З╨╕╤Б╨╗╨╡╨╜╨╕╨╣, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╤Б╨╗╨╛╨╢╨╡╨╜╨╕╨╡, ╤Б╤А╨╡╨┤╨╜╨╡╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ ╨╕ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╨╡. SUM, COUNT, COUNTA, COUNTBLANK, AVERAGE, MIN Excel, MAX Excel, LEN Excel, TRIM Excel, IF Excel тАФ ╤Н╤В╨╛ ╨┤╨╡╤Б╤П╤В╤М ╨╗╤Г╤З╤И╨╕╤Е ╤Д╨╛╤А╨╝╤Г╨╗ ╨╕ ╤Д╤Г╨╜╨║╤Ж╨╕╨╣ Excel. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.

╨б╤Г╤Й╨╡╤Б╤В╨▓╤Г╨╡╤В ╨▓╤Б╤В╤А╨╛╨╡╨╜╨╜╨░╤П ╤Д╨╛╤А╨╝╤Г╨╗╨░ Excel ┬лNPV┬╗, ╨║╨╛╤В╨╛╤А╤Г╤О ╨╝╨╛╨╢╨╜╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М. ╨Р╤А╨│╤Г╨╝╨╡╨╜╤В╨░╨╝╨╕ ╤Б╤З╨╕╤В╨░╤О╤В╤Б╤П ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨╕ ╤А╤П╨┤ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╤Б 1-╨│╨╛ ╨┐╨╛ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╣ ╨│╨╛╨┤. ╨Ь╤Л ╨╜╨╡ ╨┤╨╛╨╗╨╢╨╜╤Л ╨▓╨║╨╗╤О╤З╨░╤В╤М ╨▓ ╤Д╨╛╤А╨╝╤Г╨╗╤Г ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╜╤Г╨╗╨╡╨▓╨╛╨│╨╛ ╨│╨╛╨┤╨░. ╨Ь╤Л ╨┤╨╛╨╗╨╢╨╜╤Л ╨┐╨╛╨╖╨╢╨╡ ╨▓╤Л╤З╨╡╤Б╤В╤М ╨╡╨│╨╛.

• = NPV (╨б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ 1-╨│╨╛ ╨│╨╛╨┤╨░: ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ 5-╨│╨╛ ╨│╨╛╨┤╨░) + (-╨Я╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕)
• = ╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М (10%, 200:700) тАУ 1000
• = 574,731

╨Я╨╛╤Б╨║╨╛╨╗╤М╨║╤Г NPV ╨┐╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╤Л╨╣, ╤А╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╤В╤Б╤П ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╤М ╨┐╤А╨╛╨╡╨║╤В. ╨Э╨╛ ╨╜╨╡ ╤В╨╛╨╗╤М╨║╨╛ NPV, ╨╜╨╛ ╨╕ IRR ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░.

#4 тАУ ╨Т╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕

╨Т╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╤В╨░╨║╨╢╨╡ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨╛╨┤╨╜╨╕╨╝ ╨╕╨╖ ╨╗╤Г╤З╤И╨╕╤Е ╨╝╨╡╤В╨╛╨┤╨╛╨▓, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╤Е ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤В╨╛╨│╨╛, ╤Б╨╗╨╡╨┤╤Г╨╡╤В ╨╗╨╕ ╤Д╨╕╤А╨╝╨╡ ╨▓╨║╨╗╨░╨┤╤Л╨▓╨░╤В╤М ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░ ╨╕╨╗╨╕ ╨╜╨╡╤В. ╨Ю╨╜ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨▓╨╝╨╡╤Б╤В╨╡ ╤Б NPV ╨┤╨╗╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤П ╤А╨╡╨╜╤В╨░╨▒╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╤А╨╛╨╡╨║╤В╨░.

IRR тАФ ╤Н╤В╨╛ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨┐╤А╨╕ ╨║╨╛╤В╨╛╤А╨╛╨╣ ╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨▓╤Б╨╡╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╤А╨░╨▓╨╜╨░ ╨╜╤Г╨╗╤О.

╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М = [Cash Flow / (1+i)n ] — ╨Я╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ =0

╨Ч╨┤╨╡╤Б╤М ╨╜╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╨╜╨░╨╣╤В╨╕ ┬лi┬╗, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤Г╤З╨╡╤В╨╜╨░╤П ╤Б╤В╨░╨▓╨║╨░.

╨Я╤А╨╕╨╝╨╡╤А

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

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

╨Я╤А╨╡╨┤╨┐╨╛╨╗╨╛╨╢╨╕╨╝, ╤З╤В╨╛ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤А╨░╨▓╨╜╨░ 10%.

NPV ╤Б╨╛ ╤Б╨║╨╕╨┤╨║╨╛╨╣ 10 % ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 574 730 тВ╣.

╨Я╨╛╤Н╤В╨╛╨╝╤Г ╨╜╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╤Г╨▓╨╡╨╗╨╕╤З╨╕╤В╤М ╨┐╤А╨╛╤Ж╨╡╨╜╤В ╤Б╨║╨╕╨┤╨║╨╕, ╤З╤В╨╛╨▒╤Л ╤Б╨┤╨╡╨╗╨░╤В╤М NPV ╤А╨░╨▓╨╜╤Л╨╝ 0.

╨Ш╤В╨░╨║, ╨╡╤Б╨╗╨╕ ╨╝╤Л ╤Г╨▓╨╡╨╗╨╕╤З╨╕╨╝ ╤Б╤В╨░╨▓╨║╨░ ╨┤╨╕╤Б╨║╨╛╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨┤╨╛ 26,22 %, NPV ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 0,5, ╤З╤В╨╛ ╨┐╨╛╤З╤В╨╕ ╤А╨░╨▓╨╜╨╛ ╨╜╤Г╨╗╤О.

╨б╤Г╤Й╨╡╤Б╤В╨▓╤Г╨╡╤В ╨▓╤Б╤В╤А╨╛╨╡╨╜╨╜╨░╤П ╤Д╨╛╤А╨╝╤Г╨╗╨░ Excel ┬лIRR┬╗, ╨║╨╛╤В╨╛╤А╤Г╤О ╨╝╨╛╨╢╨╜╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М. ╨Т ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╨░╤А╨│╤Г╨╝╨╡╨╜╤В╨╛╨▓ ╨┐╤А╨╕╨╜╨╕╨╝╨░╨╡╤В╤Б╤П ╤А╤П╨┤ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓.

• = IRR (╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╤Б 0 ╨┐╨╛ 5 ╨│╨╛╨┤)
• = 26 %

╨Я╨╛╤Н╤В╨╛╨╝╤Г ╨▓ ╨╛╨▒╨╛╨╕╤Е ╤Б╨╗╤Г╤З╨░╤П╤Е ╨╝╤Л ╨┐╨╛╨╗╤Г╤З╨░╨╡╨╝ 26 % ╨║╨░╨║ ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕.

#5 тАУ ╨Ь╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕

╨У╨╗╨░╨▓╨╜╤Л╨╣ ╨╜╨╡╨┤╨╛╤Б╤В╨░╤В╨╛╨║ ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╨╡╨╣ ╨╜╨╛╤А╨╝╤Л ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨▓ ╤В╨╛╨╝, ╤З╤В╨╛ ╨╛╨╜╨░ ╨┐╤А╨╡╨┤╨┐╨╛╨╗╨░╨│╨░╨╡╤В, ╤З╤В╨╛ ╤Б╤Г╨╝╨╝╨░ ╨▒╤Г╨┤╨╡╤В ╤А╨╡╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨░ ╨┐╨╛ ╤Б╨░╨╝╨╛╨╣ IRR, ╤З╤В╨╛ ╨╜╨╡ ╤В╨░╨║. MIRRMIRRMIRR ╨╕╨╗╨╕ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╣ ╨╝╨╡╤В╤А╨╕╨║╨╡, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╨╛╨╣ ╨┤╨╗╤П ╤В╨╛╤З╨╜╨╛╨╣ ╨╛╤Ж╨╡╨╜╨║╨╕ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨╕ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╨╛╤В╨╡╨╜╤Ж╨╕╨░╨╗╤М╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕╨╗╨╕ ╨┐╤А╨╛╨╡╨║╤В╨╛╨▓. ╨н╤В╨╛ ╨┐╨╛╨╖╨▓╨╛╨╗╤П╨╡╤В ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П╨╝ ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨▓╤Л╨▒╨╕╤А╨░╤В╤М ╨╗╤Г╤З╤И╨╕╨╣ ╨┐╤А╨╛╨╡╨║╤В ╨╕╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤О ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕. ╨н╤В╨╛ ╨╜╨╡ ╤З╤В╨╛ ╨╕╨╜╨╛╨╡, ╨║╨░╨║ ╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╤Д╨╛╤А╨╝╨░ ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╨╡╨╣ ╨╜╨╛╤А╨╝╤Л ╨┐╤А╨╕╨▒╤Л╨╗╨╕ (IRR). ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╤А╨╡╤И╨░╨╡╤В ╤Н╤В╤Г ╨┐╤А╨╛╨▒╨╗╨╡╨╝╤Г ╨╕ ╨▒╨╛╨╗╨╡╨╡ ╤В╨╛╤З╨╜╨╛ ╨╛╤В╤А╨░╨╢╨░╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╤М.

╨д╨╛╤А╨╝╤Г╨╗╨░ ╨▓╤Л╨│╨╗╤П╨┤╨╕╤В ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝: —

MIRR = (FV (╨Я╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╤Л╨╡ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨┐╨╛╤В╨╛╨║╨╕ * ╨б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨║╨░╨┐╨╕╤В╨░╨╗╨░)тАЛ/ PV (╨Я╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╖╨░╤В╤А╨░╤В╤Л * ╨б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П)) 1/n тИТ1

╨У╨┤╨╡,

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

╨Я╤А╨╕╨╝╨╡╤А

╨Ь╤Л ╨╝╨╛╨╢╨╡╨╝ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М MIRR ╨┤╨╗╤П ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╡╨│╨╛ ╨┐╤А╨╕╨╝╨╡╤А╨░:

╨Я╤А╨╡╨┤╨┐╨╛╨╗╨╛╨╢╨╕╨╝, ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨║╨░╨┐╨╕╤В╨░╨╗╨░╨б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨║╨░╨┐╨╕╤В╨░╨╗╨░╨д╨╛╤А╨╝╤Г╨╗╨░ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В ╤Б╤А╨╡╨┤╨╜╨╡╨▓╨╖╨▓╨╡╤И╨╡╨╜╨╜╤Л╨╡ ╨╖╨░╤В╤А╨░╤В╤Л ╨╜╨░ ╨┐╤А╨╕╨▓╨╗╨╡╤З╨╡╨╜╨╕╨╡ ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╛╤В ╨┤╨╡╤А╨╢╨░╤В╨╡╨╗╨╡╨╣ ╨┤╨╛╨╗╨│╨░ ╨╕ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╛╨▓ ╨╕ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤Б╤Г╨╝╨╝╤Г ╤В╤А╨╡╤Е ╨╛╤В╨┤╨╡╨╗╤М╨╜╤Л╤Е ╤А╨░╤Б╤З╨╡╤В╨╛╨▓ — ╨▓╨╡╤Б ╨┤╨╛╨╗╨│╨░, ╤Г╨╝╨╜╨╛╨╢╨╡╨╜╨╜╤Л╨╣ ╨╜╨░ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┤╨╛╨╗╨│╨░, ╨▓╨╡╤Б ╨┐╤А╨╕╨▓╨╕╨╗╨╡╨│╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨░╨║╤Ж╨╕╨╣ ╤Г╨╝╨╜╨╛╨╢╨░╨╡╤В╤Б╤П ╨╜╨░ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┐╤А╨╕╨▓╨╕╨╗╨╡╨│╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨░╨║╤Ж╨╕╨╣, ╨░ ╨▓╨╡╤Б ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╤Г╨╝╨╜╨╛╨╢╨░╨╡╤В╤Б╤П ╨╜╨░ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╜╨░ 12%. ╨Т MIRR ╨╜╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╤Г╤З╨╕╤В╤Л╨▓╨░╤В╤М ╤Б╤В╨░╨▓╨║╤Г ╤А╨╡╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨║╨╛╤В╨╛╤А╤Г╤О ╨╝╤Л ╨┐╤А╨╕╨╜╨╕╨╝╨░╨╡╨╝ ╤А╨░╨▓╨╜╨╛╨╣ 14%. ╨Т Excel ╨╝╤Л ╨╝╨╛╨╢╨╡╨╝ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨┐╨╛ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╤Л╨╝ ╨╜╨╕╨╢╨╡ ╤Д╨╛╤А╨╝╤Г╨╗╨░╨╝

• MIRR= (╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╨┐╨╛╤В╨╛╨║╨╕ ╤Б 0 ╨┐╨╛ 4 ╨│╨╛╨┤, ╤Б╤В╨░╨▓╨║╨░ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╤Б╤В╨░╨▓╨║╨░ ╤А╨╡╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П)
• MIRR= (-1000: 600, 12%, 14%)
• ╨Ь╨Ш╨а╨а = 22%

MIRR ╨▓ excelMIRR ╨Т ExcelMIRR ╨╕╨╗╨╕ (╨╝╨╛╨┤╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕) ╨▓ Excel тАФ ╤Н╤В╨╛ ╨▓╤Б╤В╤А╨╛╨╡╨╜╨╜╨░╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨░╤П ╤Д╤Г╨╜╨║╤Ж╨╕╤П ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ MIRR ╨┤╨╗╤П ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓, ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╜╤Л╤Е ╨╖╨░ ╨┐╨╡╤А╨╕╨╛╨┤. ╨Ю╨╜ ╨┐╤А╨╕╨╜╨╕╨╝╨░╨╡╤В ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕, ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Г╤О ╤Б╤В╨░╨▓╨║╤Г ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨╛╤В ╨╖╨░╤А╨░╨▒╨╛╤В╨░╨╜╨╜╨╛╨╣ ╤Б╤Г╨╝╨╝╤Л, ╨╕ ╨▓╨╛╨╖╨▓╤А╨░╤Й╨░╨╡╤В MIRR. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡, ╤Н╤В╨╛ ╨╗╤Г╤З╤И╨░╤П ╨╛╤Ж╨╡╨╜╨║╨░, ╤З╨╡╨╝ ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕.

╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡

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

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

╨н╤В╨╛ ╨▒╤Л╨╗╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╨╝╨╡╤В╨╛╨┤╨░╨╝ ╨▒╤О╨┤╨╢╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╨╛╨▒╤Б╤Г╨┤╨╕╨╝ 5 ╨╗╤Г╤З╤И╨╕╤Е ╨╝╨╡╤В╨╛╨┤╨╛╨▓ ╤Б╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╤П ╨▒╤О╨┤╨╢╨╡╤В╨░ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣ ╨▓╨╝╨╡╤Б╤В╨╡ ╤Б ╤Д╨╛╤А╨╝╤Г╨╗╨╛╨╣, ╨╛╨▒╤К╤П╤Б╨╜╨╡╨╜╨╕╨╡╨╝ ╨╕ ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨╛ ╨▒╤Г╤Е╨│╨░╨╗╤В╨╡╤А╤Б╨║╨╛╨╝ ╤Г╤З╨╡╤В╨╡ ╨╕╨╖ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╤Б╤В╨░╤В╨╡╨╣ тАУ

• ╨Ь╨╡╤В╨╛╨┤╤Л ╨▒╤О╨┤╨╢╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣
• ╨С╤О╨┤╨╢╨╡╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨║╨░╨┐╨╕╤В╨░╨╗╨░
• ╨Т╨░╨╢╨╜╨╛╤Б╤В╤М ╨║╨░╨┐╨╕╤В╨░╨╗╤М╨╜╨╛╨│╨╛ ╨▒╤О╨┤╨╢╨╡╤В╨░
• ╨а╨░╨╖╨╗╨╕╤З╨╕╤П ╨╝╨╡╨╢╨┤╤Г NPV ╨╕ XNPV