                                        549

,     ,    -
    ,    -
      2.

18.1.1      

   ,       , .. / = 0. 
        / = 0  , 
    (net present value, NPV)     -
     :

NPV-V-P- -6 --                    (18.2)

,=\(\+k)' \

 NPV,   ,      NPV
     ,    
    .     -
     ,      -
 (,     ).    -
     NPV .    -
  ,      NPV,   -
,  ^.   ,  -
   (   )     ,
 NPV ,      -
    .  ,  NPV ,
      ,    -
.

      NPV,     
  ( ),      ( -
,  ).      
( )   ,   NPV>Q. , 
  ( )   , 
 NPV<0.   (18.2) ,    , 
V>P-.

^   ,

L>;                               (18.3)
,=i(l+ k)'

,  ,  V< :

V   '

^(^^-                  (i8-4)

18.1.2     

      ,  
  NPV,       (internal
rate of return, IRR)  .   IRR, NPVv  (18.2) -
  ,      -
,   .  , IRR   -  -
 ,    .    
  :