                                         551

      
        .    -
    .

          ,
    .      
,    ,       
 . .:

?> = 2), =  = Z>, = ... = D^.
  ,      ,  
 ^ = 0,    (18.8) D^ == D^ ,.     
   (zero-growth model}.

18.2.1      

  ,    (18.7)   D^
^:

= V   D0                                 (18.10)

,-\(l+k)'
 Dy -  ,      :

V=D, ^1 .                           (18.11)
[,=i(l+k)'

,        ,
,   k>0:

     1     _ 1
^~^                                         ^

  ,   (18.11)     
 :

^=^-                                    (18.13)

^"
 Dy = D^   (18.13)    :

!

^-Y-                                   (18.14)



    DDM ,   Zinc 
    $8       
     10%.    (18.13) 
(18.14)  ,      $80 ($8/0,10).  
  $65   (18.2) ,  NPVowou   $15
($80  $65).  ,   = $80 > = $65,     $15 
   .