882                                                    25

      $100 .  -
          -
 :

, ....     -$25 million  $100 million
$50 million =+-.                      /')< 

(!+/)       (1+/-)2                (25.3)

     ,  18,6%,  
   40,66% [(1,186)2  I].  , -
        0%,    -
      50%,     
 +100% [,  (1 - 0,5)  (1 + 1) - 1 = 0%].

    (40,66%  0%) ,   -
   .        0%
       , 
    40,66%.     ,
      ,    
 .         -
 ,          -
  . ,       ,
   ,     :  
 0%       ,  -
  40,66%.

 ,     ,  
  ,   . -
          
 (      )  -
 ,       -
.         -
 ,          ,
     .  ,   40,66% 
  ,  .

25.1.4    

        -
.         -
 . ,    , ,   -
      ^,  ^  ^    
     :

  ==  + . + , + /,.                     (25.4)

         1 
  ,       1
  :

  = [(1 + , )(1 + , )(1 + ,)(1 + ,)] - 1.         (25.5)

     ,      -
       ,       , 
 ,     ,  .  -