                                      851

 .,   , ..   
..         ,     -
     .

 (24.1)    ,   -
  .    :

^--^\.                                 (24.5)

 ,      -
   ,    ,  
   (     ,    
)   .      .

     ,    = 9,75% 
(2 = 56,25 ( 7,52).      -
  8,625% (9,75 - 56,25/50).      -
  1,125% (56,25/50).     -
    ,   . 24.1,    
  (,       80 : 20 -
      8,22% (11,1  144/50). 
,        -
     -^/^    
    .

24.4

    

24.4.1      

,      ,  -
     (passive management),   -
         -
    ,    (active management). -
     ,     
  .  ,   , 
     .     
     ,  
  (index funds),       , -
  ,      
6.         -
,       -
 .

,       -
     ,     -
 .         -
  .  . 24.4   .

 F     ,   -
 ,          -
,    .     -
  FM.         -