   569

4)  ( ) -
 , .. ,  
    -
  .

  DDM ,
     
  ,   
     -
  . (,  -
   10 ,  
     5% 
,       -
   25%,   -
     
   2%  .) , 
  DDM 
   ,  
     
    ,    -
   .

    
   
     
  DDM . 

   
  ,   -
   -
  .

   DDM
   ,  
    . -
    -
    -
 .   -
 ,  -
,    
 ,  -
  , 
 ,    -
  .  
,   -
    
DDM     -
    -
. ,    ,
  DDM  -
     -
 .

18.8.2     

          12,4%
 ,         . -
      ()   -
 . ,  = 8,     Vy-  -
   ,   2),   Dy

~

$0,60	+	$1,60 1	+	$2,40
(1+0,124)'		(1+0,124)2 J		(1+0,124)3
$3,20	+	$5,00	+	$6,55	+
1+0,124)4		(1+0,124)5		(1+0,124)"	
+	$8,14	+	$9,61	=$18,89.
	(1+0.124)7		(1+0,124)8	

  V^	 V =	$10,76	D,.		= $50,28.
	 + (0,124-	-0,04)(1	+0,	124)8	

 VT~  VT,      :

V= V^_ + V^ = $18,89 + $50,28 = $69,17.