                                        553

D,= D,_,(l+g),                            (18.16a)
D, = Ą(1 + g)\                            (18.166)

18.3.1      

  ,    (18.7)   Z>, 
D, (1 + 8), :

 v^o(i+^'

^=L-                           (18.17)
=i (\+k)'

 (18.17)  .  Dg -  ,  
   :

^nlyd+g)'
v ^IL^T^I"                 (18-18)

,        ,
,   k > g:

V (!+,?)'    1+8

L=                            (18.19)

,^(l+k)'  k-g

  ,   (18.18)     
 :

V=D{\+g

' vo\~,                          (18.20)
[k-g

 (18.20)    :

,

--'                          (18.21)
k-g

 D -= D. (1 + g).



   ,      MDD, -
,      Cooler     $1,80
 . ,      Cooper   
5%      .    -
   $1,89 ($1,80  (1 + 0,05)).    (18.20)  -
,     k  11%,  ,   
  $31,50 [$1,80  (1 + 0,05)/(0,11 - 0,05) = $1,89/(0,11 - 0,05)]. 
   $40   (18.2)  ,  NPV  
 -$8,50 ($31,50 - $40).  :   V= $31,50 <  = $40,  
  $8,50     .

18.3.2     

 (18.20)     IRR     
  .    V    -
 ,   k  k*.   :