   567

         
   .

r=g/(l-p).
 ,      ,  13,33% [4%/(100% -
 70%)].   ,      -
   .

          
             .
    .     g^ = 19%  g^ = 4%.
    ,        -
  19  4%,   . ,     (   
)    15% (19%  4%).     -
  15%/3 = 5%  .     19%, 
 g^,  14% (19%  5%).  5%   14%,    
8 = 9% (14% - 5%). , 4% (9% - 5%)  ,   g^.

     ,    -
    55%     70%   .    -
    (70% - 55%)/3 = 15%/3 = 5%.  ^ =60% (55% + 5%),
pg = 65% (60% + 5%).   70% (65% + 5%) -   -
      (/).

           , 
      :

Z), = ^ = ^, (1 + g^) = 0,60  $11,90  (1 + 0,14) = 0,60  $13,57 = $8,14;

, = p,E, = p,E, (I + g^) (I + g^) == 0,65  $11,90  (1 + 0,14)  (1 + 0,90) =
= 0,65  $14,79 = $9,61;

, =  = /> (1 + ^) (I + ^) (I + ^) = 0,70  $11,90  (1 + 0,14)  (1 + 0,09) 
 (1 + 0,04) = 0,70  $15,38 = $10,76.

   

   

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