Задачи для самостоятельной работы

Задача 10.1:

Предприятие имеет следующую структуру собственного капитала:

Обыкновенные акции – 10 млн. шт. по 2 долл. – 20 млн. долл.

Резервный капитал - 2 млн. долл.

Нераспределенная прибыль - 4 млн. долл.

Итого 26 млн. долл.

Если курс акций равен 2,5 долл. и предприятие объявило о выплате дивидендов акциями в размере 12%, как изменится структура собственного капитала?

Задача 10,2:

Предприятие имеет следующую структуру собственного капитала:

Обыкновенные акции – 300 тыс. шт. по 3 долл. – 900 тыс. долл.

Нераспределенная прибыль - 250 тыс. долл.

Итого - 1150 тыс. долл.

Если курс акций равен 3,2 долл. и предприятие объявило о выплате дивидендов акциями в размере 5%, как изменится структура собственного капитала?

Задача 10.3:

Даны следующие параметры предприятия. Определить возможности роста продаж и активов предприятия без внешнего финансирования:

Активы 3500

Пассивы 3500

В т.ч. ЗС 2500

СС 1000

НРЭИ 1000

СПср 22%

С_нп 24%

РЕКОМЕНДУЕМАЯ ЛИТЕРАТУРА

1. Бригхем Ю., Гапенски Л. Финансовый менеджмент: Полный курс в 2 т. – СПб.: Экономическая школа, 1997.

2. Финансовый менеджмент (Теория и практика). 3-е изд., доп. и перераб.: Учебник для вузов // Под ред. Е. С. Стояновой. - М.: Перспектива, 1998. (можно пользоваться любым из пяти изданий учебника).

3. Берёзкин Ю. М. Финансовый менеджмент: Учебное пособие - Иркутск, ИГЭА, 1999.

4. Шим Дж., Сигел Дж.. Финансовый менеджмент. - М., 1996.

5. Стоянова Е.С., Штерн М.Г. Финансовый менеджмент для практиков: Краткий профессиональный курс. – М.: Перспектива, 1998.

Дополнительная литература

6. Берёзкин Ю. М. Проблемы и способы организации финансов. - Иркутск, ИГЭА, 2001.

7. Попов С. В. Организация хозяйства в России. - Омск, 2000.

8. Шумпетер Й. Теория экономического развития. М.: Прогресс, 1982.

9. Бродель Ф. Материальная цивилизация. Экономика и капитализм ХV–ХVII вв.: в 3 т. М.: Прогресс, 1988. Т.2.

10. Ходский Л. В. Основы государственного хозяйства: Курс финансовой науки. СПб., 1913.

11. Маркс К. Капитал: в 3 т. М.: Изд-во политической литературы, 1988. Т. 1.

Приложение

Финансовые таблицы

Таблица 1.

Коэффициенты дисконтирования единичной стоимости

М2(r, n) (при доходностиrиnпериодах)

Пери-од	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%
	0.9901	0.9804	0.9709	0.9615	0.9524	0.9434	0.9346	0.9259	0.9174	0.9091
	0.9803	0.9612	0.9426	0.9246	0.9070	0.8900	0.8734	0.8573	0.8417	0.8264
	0.9706	0.9423	0.9151	0.8890	0.8638	0.8396	0.8163	0.7938	0.7722	0.7513
	0.9610	0.9238	0.8885	0.8548	0.8227	0.7921	0.7629	0.7350	0.7084	0.6830
	0.9515	0.9057	0.8626	0.8219	0.7835	0.7473	0.7130	0.6806	0.6499	0.6206
	0.9420	0.8880	0.8375	0.7903	0.7462	0.7050	0.6663	0.6302	0.5963	0.5645
	0.9327	0.8706	0.8131	0.7599	0.7107	0.6651	0.6227	0.5835	0.5470	0.5132
	0.9235	0.8535	0.7894	0.7307	0.6768	0.6274	0.5820	0.5403	0.5019	0.4665
	0.9143	0.8368	0.7664	0.7026	0.6446	0.5919	0.5439	0.5002	0.4604	0.4241
	0.9053	0.8203	0.7441	0.6756	0.6139	0.5584	0.5083	0.4632	0.4224	0.3855
	0.8963	0.8043	0.7224	0.6496	0.5847	0.5268	0.4751	0.4289	0.3875	0.3505
	0.8874	0.7885	0.7014	0.6246	0.5568	0.4970	0.4440	0.3971	0.3555	0.3186
	0.8787	0.7730	0.6810	0.6006	0.5303	0.4688	0.4150	0.3677	0.3262	0.2897
	0.8700	0.7579	0.6611	0.5775	0.5051	0.4423	0.3878	0.3405	0.2992	0.2633
	0.8613	0.7430	0.6419	0.5553	0.4810	0.4173	0.3624	0.3152	0.2745	0.2394
	0.8528	0.7284	0.6232	0.5339	0.4581	0.3936	0.3387	0.2919	0.2519	0.2176
	0.8444	0.7142	0.6050	0.5134	0.4363	0.3714	0.3166	0.2703	0.2311	0.1978!
	0.8360	0.7002	0.5874	0.4936	0.4155	0.3503	0.2959	0.2502	0.2120	0.1799
	0.8277	0.6864	0.5703	0.4746	0.3957	0.3305	0.2765	0.2317	0.1945	0.163&1
	0.8195	0.6730	0.5537	0.4564	0.3769	0.3118	0.2584	0.2145	0.1784	0.148
	0.8114	0.6598	0.5375	0.4388	0.3589	0.2942	0.2415	0.1987	0.1637	0.1351
	0.8034	0.6468	0.5219	0.4220	0.3418	0.2775	0.2257	0.1839	0.1502	0.1228
	0.7954	0.6342	0.5067	0.4057	0.3256	0.2618	0.2109	0.1703	0.1378	0.1117^
	0.7876	0.6217	0.4919	0.3901	0.3101	0.2470	0.1971	0.1577	0.1264	0.1011$'

	0.7798	0.6095	0.4776	0.3751	0.2953	0.2330	0.1842	0.1460	0.1160	0.092
	0.7720	0.5976	0.4637	0.3604	0.2812	0.2198	0.1722	0.1352	0.1064	0.088
	0.7644	0.5859	0.4502	0.3468	0.2678	0.2074	0.1609	0.1252	0.0976	0.070'
	0.7568	0.5744	0.4371	0.3335	0.2551	0.1956	0.1504	0.1159	0.0895	0.0608'
	0.7493	0.5631	0.4243	0.3207	0.2429	0.1846	0.1406	0.1073	0.0822	0.0630
	0.7419	0.5521	0.4120	0.3083	0.2314	0.1741	0.1314	0.0994	0.0754	0.0573
	0.7059	0.5000	0.3554	0.2534	0.1813	0.1301	0.0937	0.0676	0.0490	0.0356.
	0.6717	0.4529	0.3066	0.2083	0.1420	0.0972	0.0668	0.0460	0.0318	0.0221
	0.6391	0.4102	0.2644	0.1712	0.1113	0.0727	0.0476	0.0313	0.0207	0.0137^
	0.6080	0.3715	0.2281	0.1407	0.0872	0.0543	0.0339	0.0213	0.0134	0.0085
	0.5785	0.3365	0.1968	0.1157	0.0683	0.0406	0.0242	0.0145	0.0087	0.0053

Окончание таблицы 1

Пери-од	12%	14%	15%	16%	18%	20%	24%	28%	32%	36%
	0.8929	0.8772	0.8696	0.8621	0.8476	0.8333	0.8065	0.7813	0.7576	0.7353
	0.7972	0.7695	0.7561	0.7432	0.7182	0.6944	0.6504	0.6104	0.5739	0.5407
	0.7118	0.6750	0.6575	0.6407	0.6086	0.5787	0.5245	0.4768	0.4348	0.3975
	0.6355	0.5921	0.5718	0.5523	0.5158	0.4823	0.4230	0.3725	0.3294	0.2923
	0.5674	0.5194	0.4972	0.4761	0.4371	0.4019	0.3411	0.2910	0.2495	0.2149
	0.5066	0.4556	0.4323	0.4104	0.3704	0.3349	0.2751	0.2274	0.1890	0.1580
	0.4523	0.3996	0.3759	0.3538	0.3139	0.2791	0.2218	0.1776	0.1432	0.1162
	0.4039	0.3506	0.3269	0.3050	0.2660	0.2326	0.1789	0.1388	0.1085	0.0854
	0.3606	0.3075	0.2843	0.2630	0.2255	0.1938	0.1443	0.1084	0.0822	0.0628
	0.3220	0.2697	0.2472	0.2267	0.1911	0.1615	0.1164	0.0847	0.0623	0.0462
	0.2875	0.2366	0.2149	0.1954	0.1619	0.1346	0.0938	0.0662	0.0472	0.0340
	0.2567	0.2076	0.1869	0.1685	0.1372	0.1122	0.0757	0.0517	0.0357	0.0250
	0.2292	0.1821	0.1625	0.1452	0.1163	0.0935	0.0610	0.0404	0.0271	0.0184
	0.2046	0.1597	0.1413	0.1252	0.0985	0.0779	0.0492	0.0316	0.0205	0.0135
	0.1827	0.1401	0.1229	0.1079	0.0835	0.0649	0.0397	0.0247	0.0155	0.0099
	0.1631	0.1229	0.1069	0.0980	0.0708	0.0541	0.0320	0.0193	0.0118	0.0073
	0.1456	0.1078	0.0929	0.0802	0.0600	0.0451	0.0258	0.0150	0.0089	0.0054
	0.1300	0.0946	0.0808	0.0691	0.0508	0.0376	0.0208	0.0118	0.0068	0.0039
	0.1161	0.0829	0.0703	0.0596	0.0431	0.0313	0.0168	0.0092	0.0051	0.0029
	0.1037	0.0728	0.0611	0.0514	0.0365	0.0261	0.0135	0.0072	0.0039	0.0021
	0.0926	0.0638	0.0531	0.0443	0.0309	0.0217	0.0109	0.0056	0.0029	0.0016
	0.0826	0.0560	0.0462	0.0382	0.0262	0.0181	0.0088	0.0044	0.0022	0.0012
	0.0738	0.0491	0.0402	0.0329	0.0222	0.0151	0.0071	0.0034	0.0017	0.0008
	0.0659	0.0431	0.0349	0.0284	0.0188	0.0126	0.0057	0.0027	0.0013	0.0006
	0.0588	0.0378	0.0304	0.0245	0.0160	0.0105	0.0046	0.0021	0.0010	0.0005
	0.0525	0.0331	0.0264	0.0211	0.0135	0.0087	0.0037	0.0016	0.0007	0.0003
	0.0469	0.0291	0.0230	0.0182	0.0115	0.0073	0.0030	0.0013	0.0006	0.0002
	0.0419	0.0255	0.0200	0.0157	0.0097	0.0061	0.0024	0.0010	0.0004	0.0002
	0.0374	0.0224	0.0174	0.0135	0.0082	0.0051	0.0020	0.0008	0.0003	0.0001
	0.0334	0.0196	0.0151	0.0116	0.0070	0.0042	0.0016	0.0006	0.0002	0.0001
	0.0189	0.0102	0.0075	0.0055	0.0030	0.0017	0.0005	0.0002	0.0001	*
	0.0107	0.0053	0.0037	0.0026	0.0013	0.0007	0.0002	0.0001	*	*
	0.0061	0.0027	0.0019	0.0013	0.0006	0.0003	0.0001	*	*	*
	0.0035	0.0014	0.0009	0.0006	0.0003	0.0001		*	*	*
	0.0020	0.0007	0.0005	0.0003	0.0001	*	*	*	*	*

Таблица 2.

Суммарные коэффициенты дисконтирования аннуитета M4(r, n) (при доходности r, и nпериодах)

Период	1%	2%	3%	4%	5%	6%	7%	8%	9%
	0.9901	0.9804	0.9709	0.9615	0.9524	0.9434	0.9346	0.9259	0.9174
	1.9704	1.9416	1.9135	1.8861	1.8594	1.8334	1.8080	1.7833	1.7591
	2.9410	2.8839	2.8286	2.7751	2.7232	2.6730	2.6243	2.5771	2.5313
	3.9020	3.8077	3.7171	3.6299	3.5460	3.4651	3.3872	3.3121	3.2397
	4.8534	4.7135	4.5797	4.4518	4.3295	4.2124	4.1002	3.9927	3.8897
	5.7955	5.6014	5.4172	5.2421	5.0757	4.9173	4.7665	4.6229	4.4859
	6.7282	6.4720	6.2303	6.0021	5.7864	5.5824	5.3893	5.2064	5.0330
	7.6517	7.3255	7.0197	6.7327	6.4632	6.2098	5.9713	5.7466	5.5348
	8.5660	8.1622	7.7861	7.4353	7.1078	6.8017	6.5152	6.2469	5.9952
	9.4713	8.9826	8.5302	8.1109	7.7217	7.3601	7.0236	6.7101	6.4177
	10.3676	9.7868	9.2526	8.7605	8.3064	7.8869	7.4987	7.1390	6.8052
	11.2551	10.5753	9.9540	9.3851	8.8633	8.3838	7.9427	7.5361	7.1607
	12.1337	11.3484	10.6350	9.9856	9.3936	8.8527	8.3577	7.9038	7.4869
	13.0037	12.1062	11.2961	10.5631	9.8986	9.2950	8.7455	8.2442	7.7862
	13.8651	12.8493	11.9379	11.1184	10.3797	9.7122	9.1079	8.5595	8.0607
	14.7179	13.5777	12.5611	11.6523	10.8378	10.1059	9.4466	8.8514	8.3126
	15.5623	14.2919	13.1661	12.1657	11.2741	10.4773	9.7632	9.1216	8.5436
	16.3983	14.9920	13.7535	12.6593	11.6896	10.8276	10.0591	9.3719	8.7556
	17.2260	15.6785	14.3238	13.1339	12.0853	11.1581	10.3356	9.6036	8.9501
	18.0456	16.3514	14.8775	13.5903	12.4622	11.4699	10.5940	9.8181	9.1285
	18.8570	17.0112	15.4150	14.0292	12.8212	11.7641	10.8355	10.0168	9.2922
	19.6604	17.6580	15.9369	14.4511	13.1630	12.0416	11.0612	10.2007	9.4424
	20.4558	18.2922	16.4436	14.8568	13.4886	12.3034	11.2722	10.3711	9.5802
	21.2434	18.9139	16.9355	15.2470	13.7986	12.5504	11.4693	10.5288	9.7066
	22.0232	19.5235	17.4131	15.6221	14.0939	12.7834	11.6536	10.6748	9.8226
	22.7952	20.1210	17.8768	15.9828	14.3752	13.0032	11.8258	10.8100	9.9290
	23.5596	20.7069	18.3270	16.3296	14.6430	13.2105	11.9867	10.9352	10.0266
	24.3164	21.2813	18.7641	16.6631	14.8981	13.4062	12.1371	11.0511	10.1161
	25.0658	21.8444	19.1885	16.9837	15.1411	13.5907	12.2777	11.1584	10.1983
	25.8077	22.3965	19.6004	17.2920	15.3725	13.7648	12.4090	11.2578	10.2737
	29.4086	24.9986	21.4872	18.6646	16.3742	14.4982	12.9477	11.6546	10.5668
	32.8347	27.3555	23.1148	19.7928	17.1591	15.0463	13.3317	11.9246	10.7574
	36.0945	29.4902	24.5187	20.7200	17.7741	15.4558	13.6055	12.1084	10.8812
	39.1961	31.4236	25.7298	21.4822	18.2559	15.7619	13.8007	12.2335	10.9617
	42.1472	33.1748	26.7744	22.1086	18.6335	15.9905	13.9399	12.3186	11.0140

Окончание таблицы 2.

Пери-од	10%	12%	14%	15%	16%	18%	20%	24%	28%	32%
	0.9091	0.8929	0.8772	0.8696	0.8621	0.8475	0.8333	0.8065	0.7813	0.7576
	1.7355	1.6901	1.6467	1.6257	1.6052	1.5656	1.5278	1.4568	1.3916	1.3315
	2.4869	2.4018	2.3216	2.2832	2.2459	2.1743	2.1065	1.9813	1.8684	1.7663
	3.1699	3.0373	2.9137	2.8550	2.7982	2.6901	2.5887	2.4043	2.2410	2.0957
	3.7908	3.6048	3.4331	3.3522	3.2743	3.1272	2.9906	2.7454	2.5320	2.3452
	4.3553	4.1114	3.8887	3.7845	3.6847	3.4976	3.3255	3.0205	2.7594	2.5342
	4.8684	4.5638	4.2883	4.1604	4.0386	3.8115	3.6046	3.2423	2.9370	2.6775
	5.3349	4.9676	4.6389	4.4873	4.3436	4.0776	3.8372	3.4212	3.0758	2.7860
	5.7590	5.3282	4.9464	4.7716	4.6065	4.3030	4.0310	3.5655	3.1842	2.8681
	6.1446	5.6502	5.2161	5.0188	4.8332	4.4941	4.1925	3.6819	3.2689	2.9304
	6.4951	5.9377	5.4527	5.2337	5.0286	4.6560	4.3271	3.7757	3.3351	2.9776
	6.8137	6.1944	5.6603	5.4206	5.1971	4.7932	4.4392	3.8514	3.3868	3.0133
	7.1034	6.4235	5.8424	5.5831	5.3423	4.9095	4.5327	3.9124	3.4272	3.0404
	7.3667	6.6282	6.0021	5.7245	5.4675	5.0081	4.6106	3.9616	3.4587	3.0609
	7.6061	6.8109	6.1422	5.8474	5.5755	5.0916	4.6755	4.0013	3.4834	3.0764
	7.8237	6.9740	6.2651	5.9542	5.6685	5.1624	4.7296	4.0333	3.5026	3.0882
	8.0216	7.1196	6.3729	6.0472	5.7487	5.2223	4.7746	4.0591	3.5177	3.0971
	8.2014	7.2497	6.4674	6.1280	5.8178	5.2732	4.8122	4.0799	3.5294	3.1039
	8.3649	7.3658	6.5504	6.1982	5.8775	5.3162	4.8435	4.0967	3.5386	3.1090
	8.5136	7.4694	6.6231	6.2593	5.9288	5.3527	4.8696	4.1103	3.5458	3.1129
	8.6487	7.5620	6.6870	6.1325	5.9731	5.3837	4.8913	4.1212	3.5514	3.1158
	8.7715	7.6446	6.7429	6.3587	6.0113	5.4099	4.9094	4.1300	3.5558	3.1180
	8.8832	7.7184	6.7921	6.3988	6.0442	5.4321	4.9245	4.1371	3.5592	3.1197
	8.9847	7.7843	6.8351	6.4338	6.0726	5.4509	4.9371	4.1428	3.5619	3.1210
	9.0770	7.8431	6.8729	6.4641	6.0971	5.4669	4.9476	4.1474	3.5640	3.1220
	9.1609	7.8957	6.9061	6.4906	6.1182	5.4804	4.9563	4.1511	3.5656	3.1227
	9.2372	7.9426	6.9352	6.5135	6.1364	5.4919	4.9636	4.1542	3.5669	3.1233
	9.3066	7.9844	6.9607	6.5335	6.1520	5.5016	4.9697	4.1566	3.5679	3.1237
	9.3696	8.0218	6.9830	6.5509	6.1656	5.5098	4.9747	4.1585	3.5687	3.1240
	9.4269	8.0552	7.0027	6.5660	6.1772	5.5168	4.9789	4.1601	3.5693	3.1242
	9.6442	8.1755	7.0700	6.6166	6.2153	5.5386	4.9915	4.1644	4.5708	3.1248
	9.7791	8.2438	7.1050	6.6418	6.2335	5.5482	4.9966	4.1659	3.5712	3.1250
	9.8628	8.2825	7.1232	6.6543	6.2421	5.5523	4.9986	4.1664	3.5714	3.1250
	9.9148	8.3045	7.1327	6.6605	6.2463	5.5541	4.9995	4.1666	3.5714	3.1250
	9.9471	8.3170	7.1376	6.6636	6.2482	5.5549	4.9998	4.1666	3.5714	3.125

Таблица 3.

Коэффициенты наращивания единичной стоимости

M1(r, n) (при доходности rи nпериодах)

Пери-од	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%
	1.0100	1.0200	1.0300	1.0400	1.0500	1.0600	1.0700	1.0800	1.0900	1.1000
	1.0201	1.0404	1.0609	1.0816	1.1025	1.1236	1.1449	1.1664	1.1881	1.2100
	1.0303	1.0612	1.0927	1.1249	1.1576	1.1910	1.2250	1.2597	1.2950	1.3310
	1.0406	1.0824	1.1255	1.1699	1.2155	1.2625	1.3108	1.3605	1.4116	1.4641
	1.0510	1.1041	1.1593	1.2167	1.2763	1.3382	1.4026	1.4693	1.5386	1.6105
	1.0615	1.1262	1.1941	1.2653	1.3401	1.4185	1.5007	1.5869	1.6771	1.7716
	1.0721	1.1487	1.2299	1.3159	1.4071	1.5036	1.6058	1.7138	1.8280	1.9487
	1.0829	1.1717	1.2668	1.3686	1.4775	1.5938	1.7182	1.8509	1.9926	2.1436
	1.0937	1.1951	1.3048	1.4233	1.5513	1.6895	1.8385	1.9990	2.1719	2.3579
	1.1046	1.2190	1.3439	1.4802	1.6289	1.7908	1.9672	2.1589	2.3674	2.5937
	1.1157	1.2434	1.3842	1.5395	1.7103	1.8983	2.1049	2.3316	2.5804	2.8531
	1.1268	1.2682	1.4258	1.6010	1.7959	2.0122	2.2522	2.5182	2.8127	3.1384
	1.1381	1.2936	1.4685	1.6651	1.8856	2.1329	2.4098	2.7196	3.0658	3.4523
	1.1495	1.3195	1.5126	1.7317	1.9799	2.2609	2.5785	2.9372	3.3417	3.7975
	1.1610	1.3459	1.5580	1.8009	2.0789	2.3966	2.7590	3.1722	3.6425	4.1772
	1.1726	1.3728	1.6047	1.8730	2.1829	2.5404	2.9522	3.4259	3.9703	4.5950
	1.1843	1.4002	1.6528	1.9479	2.2920	2.6928	3.1588	3.7000	4.3276	5.0545
	1.1961	1.4282	1.7024	2.0258	2.4066	2.8543	3.3799	3.9960	4.7171	5.5599
	1.2081	1.4568	1.7535	2.1068	2.5270	3.0256	3.6165	4.3157	5.1417	6.1189
	1.2202	1.4859	1.8061	2.1911	2.6533	3.2071	3.8697	4.6610	5.6044	6.7275
	1.2324	1.5157	1.8603	2.2788	2.7860	3.3996	4.1406	5.0338	6.1088	7.4002
	1.2447	1.5460	1.9161	2.3699	2.9253	3.6035	4.4304	5.4365	6.6586	8.1403
	1.2572	1.5769	1.9736	2.4647	3.0715	3.8197	4.7405	5.8715	7.2579	8.9843
	1.2697	1.6084	2.0328	2.5633	3.2251	4.0489	5.0724	6.3412	7.9111	9.8497
	1.2824	1.6406	2.0938	2.6658	3.3864	4.2919	5.4274	6.8485	8.6231	10.8»
	1.2953	1.6734	2.1566	2.7725	3.5557	4.5494	5.8074	7.3964	9.3992	11.914
	1.3082	1.7069	2.2213	2.8834	3.7335	4.8223	6.2139	7.9881	10.245	13.11»
	1.3213	1.7410	2.2879	2.9987	3.9201	5.1117	6.6488	8.6271	11.167	14.421
	1.3345	1.7758	2.3566	3.1187	4.1161	5.4184	7.1143	9.3173	12.172	15.8Ю
	1.3478	1.8114	2.4273	3.2434	4.3219	5.7435	7.6123	10.063	13.268	17.449
	1.4889	2.2080	3.2620	4.8010	7.0400	10.286	14.974	21.725	31.409	45.259
	1.6446	2.6916	4.3839	7.1067	11.467	18.420	29.457	46.902	74.358	117.39
	1.8167	3.2810	5.8916	10.520	18.679	32.988	57.946	101.26	176.03	304.48

Окончание таблицы 3.

Пери-од	12%	14%	15%	16%	18%	20%	24%	28%	32%	36%
	1.1200	1.1400	1.1500	1.1600	1.1800	1.2000	1.2400	1.2800	1.3200	1.3600
	1.2544	1.2996	1.3225	1.3456	1.3924	1.4400	1.5376	1.6384	1.7424	1.8496
	1.4049	1.4815	1.5209	1.5609	1.6430	1.7280	1.9066	2.0972	2.3000	2.5155
	1.5735	1.6890	1.7490	1.8106	1.9388	2.0736	2.3642	2.6844	3.0360	3.4210
	1.7623	1.9254	2.0114	2.1003	2.2878	2.4883	2.9316	3.4360	4.0075	4.6526
	1.9738	2.1950	2.3131	2.4364	2.6996	2.9860	3.6352	4.3980	5.2899	6.3275
	2.2107	2.5023	2.6600	2.8262	3.1855	3.5832	4.5077	5.6295	6.9826	8.6054
	2.4760	2.8526	3.0590	3.2784	3.7589	4.2998	5.5895	7.2058	9.2170	11.703
	2.7731	3.2519	3.5179	3.8030	4.4355	5.1598	6.9310	9.2234	12.166	15.917
	3.1058	3.7072	4.0456	4.4114	5.2338	6.1917	8.5944	11.806	16.060	21.647
	3.4785	4.2262	4.6524	5.1173	6.1759	7.4301	10.657	15.112	21.199	29.439
	3.8960	4.8179	5.3503	5.9360	7.2876	8.9161	13.215	19.343	27.983	40.037
	4.3635	5.4924	6.1528	6.8858	8.5994	10.699	16.386	24.759	36.937	54.451
	4.8871	6.2613	7.0757	7.9875	10.147	12.839	20.319	31.691	48.757	74.053
	5.4736	7.1379	8.1371	9.2655	11.974	15.407	25.196	40.565	64.359	100.71
	6.1304	8.1372	9.3576	10.748	14.129	18.488	31.243	51.923	84.954	136.97
	6.8660	9.2765	10.761	12.468	16.672	22.186	38.741	66.461	112.14	186.28
	7.6900	10.575	12.375	14.463	19.673	26.623	48.039	85.071	148.02	253.34
	8.6128	12.056	14.232	16.777	23.214	31.948	59.568	108.89	195.39	344.54
	9.6463	13.743	16.367	19.461	27.393	38.338	73.864	139.38	257.92	468.57
	10.804	15.668	18.822	22.574	32.324	46.005	91.592	178.41	340.45	637.26
	12.100	17.861	21.645	26.186	38.142	55.206	113.57	228.36	449.39	866.67
	13.552	20.362	24.891	30.376	45.008	66.247	140.83	292.30	593.20	1178.7
	15.179	23.212	28.625	35.236	53.109	79.497	174.63	374.14	783.02	1603.0
	17.000	26.462	32.919	40.874	62.669	95.396	216.54	478.90	1033.6	2180.1
	19.040	30.167	37.857	47.414	73.949	114.48	268.51	613.00	1364.3	2964.9
	21.325	34.390	43.535	55.000	87.260	137.37	332.95	784.64	1800.9	4032.3
	23.884	39.204	50.066	63.800	102.97	164.84	412.86	1004.3	2377.2	5483.9
	26.750	44.693	57.575	74.009	121.50	197.81	511.95	1285.6	3137,9	7458.1
	29.960	50.950	66.212	85.850	143.37	237.38	634.82	1645.5	4142.1
	93.051	188.88	267.86	378.72	750.38	1469.8	5455.9			*
	289.00	700.23	1083.7	1670.7	3927.4	9100.4		*	*	*
	897.60	2595.9	4384.0	7370.2			*		*	*

Таблица 4.

Суммарные коэффициенты наращивания аннуитета

M3(r, n) (при доходности rи nпериодах)

Пери-од	1%	2%	3%	4%	5%	6%	7%	8%	9%	10%
	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000
	2.0100	2.0200	2.0300	2.0400	2.0500	2.0600	2.0700	2.0800	2.0900	2.1000
	3.0301	3.0604	3.0909	3.1216	3.1525	3.1836	3.2149	3.2464	3.2781	3.3100
	4.0604	4.1216	4.1836	4.2465	4.3101	4.3746	4.4399	4.5061	4.5731	4.6410
	5.1010	5.2040	5.3091	5.4163	5.5256	5.6371	5.7507	5.8666	5.9847	6.1051
	6.1520	6.3081	6.4684	6.6330	6.8019	6.9753	7.1533	7.3359	7.5233	7.7156
	7.2135	7.4343	7.6625	7.8983	8.1420	8.3938	8.6540	8.9228	9.2004	9.4872
	8.2857	8.5830	8.8923	9.2142	9.5491	9.8975	10.260	10.637	11.028	11.436
	9.3685	9.7546	10.159	10.583	11.027	11.491	11.978	12.488	13.021	13.579
	10.462	10.950	11.464	12.006	12.578	13.181	13.816	14.487	15.193	15.937
	11.567	12.169	12.808	13.486	14.207	14.972	15.784	16.645	17.560	18.531
	12.683	13.412	14.192	15.026	15.917	16.870	17.888	18.977	20.141	21.384
	13.809	14.680	15.618	16.627	17.713	18.882	20.141	21.495	22.953	24.523
	14.947	15.974	17.086	18.292	19.599	21.015	22.550	24.215	26.019	27.975
	16.097	17.293	18.599	20.024	21.579	23.276	25.129	27.152	29.361	31.772
	17.258	18.639	20.157	21.825	23.657	25.673	27.888	30.324	33.003	35.950
	18.430	20.012	21.762	23.698	25.840	28.213	30.840	33.750	36.974	40.545
	19.615	21.412	23.414	25.645	28.132	30.906	33.999	37.450	41.301	45.599
	20.811	22.841	25.117	27.671	30.539	33.760	37.379	41.446	46.018	51.159
	22.019	24.297	26.870	29.778	33.066	36.786	40.995	45.762	51.160	57.275
	23.239	25.783	28.676	31.969	35.719	39.993	44.865	50.423	56.765	64.002
	24.472	27.299	30.537	34.248	38.505	43.392	49.006	55.457	62.873	71.403
	25.716	28.845	32.453	36.618	41.430	46.996	53.436	60.893	69.532	79.543
	26.973	30.422	34.426	39.083	44.502	50.816	58.177	66.765	76.790	88.497
	28.243	32.030	36.459	41.646	47.727	54.865	63.249	73.106	84.701	98.347
	29.526	33.671	38.553	44.312	51.113	59.156	68.676	79.954	93.324	109.18
	30.821	35.344	40.710	47.084	54.669	63.706	74.484	87.351	102.72	121.10
	32.129	37.051	42.931	49.968	58.403	68.528	80.698	95.339	112.97	134.21
	33.450	38.792	45.219	52.966	62.323	73.640	87.347	103.97	124.14	148.63
	34.785	40.568	47.575	56.085	66.439	79.058	94.461	113.28	136.31	164.49
	48.886	60.402	75.401	95.026	120.80	154.76	199.64	259.06	337.88	442.59
	64.463	84.579	112.80	152.67	209.35	290.34	406.53	573.77	815.08	1163.9
	81.670	114.05	163.05	237.99	353.58	533:13	813.52	1253.2	1944.8	3034.8

Окончание таблицы 4

Пери-од

12%

14%

15%

16%

18%

20%

24%

28%

32%

36%

1.0000

2.1200

2.1400

2.1500

2.1600

2.1800

2.2000

2.2400

2.2800

2.3200

2.3600

3.3744

3.4396

3.4725

3.5056

3.5724

3.6400

3.7776

3.9184

4.0624

4.2096

4.7793

4.9211

4.9934

5.0665

5.2154

5.3680

5.6842

6.0156

6.3624

6.7251

6.3528

6.6101

6.7424

6.8771

7.1542

7.4416

8.0484

8.6999

9.3983

10.146

8.1152

8.5355

8.7537

8.9775

9.4420

9.9299

10.980

12.136

13.406

14.799

10.089

10.730

11.067

11.414

12.142

12.916

14.615

16.534

18.696

21.126

12.300

13.233

13.727

14.240

15.327

16.499

19.123

22.163

25.678

29.732

14.776

16.085

16.786

17.519

19.086

20.799

24.712

29.369

34.895

41.435

17.549

19.337

20.304

21.321

23.521

25.959

31.643

38.593

47.062

57.352

20.655

23.045

24.349

25.733

28.755

32.150

40.238

50.398

63.122

78.998

24.133

27.271

29.002

30.850

34.931

39.581

50.895

65.510

84.320

108.44

28.029

32.089

34.352

36.786

42.219

48.497

64.110

84.853

112.30

148.47

32.393

37.581

40.505

43.672

50.818

59.196

80.496

109.61

149.24

202.93

37.280

43.842

47.580

51.660

60.965

72.035

100.82

141.30

198.00

276.98

42.753

50.980

55.717

60.925

72.939

87.442

126.01

181.87

262.36

377.69

48.884

59.118

65.075

71.673

87.068

105.93

157.25

233.79

347.31

514.66

55.750

68.394

75.836

84.141

103.74

128.12

195.99

300.25

459.45

700.94

63.440

78.969

88.212

98.603

123.41

154.74

244.03

385.32

607.47

954.28

72.052

91.025

102.44

115.38

146.63

186.69

303.60

494.21

802.86

1298.8

81.699

104.77

118.81

134.84

174.02

225.03

377.46

633.59

1060.8

1767.4

92.503

120.44

137.63

157.41

206.34

271.03

469.06

812.00

1401.2

2404.7

104.60

138.30

159.28

183.60

244.49

326.24

582.63

1040.4

1850.6

3271.3

118.16

158.66

184.17

213.98

289.49

392.48

723.46

1332.7

2443.8

4450.0

133.33

181.87

212.79

249.21

342.60

471.98

898.09

1706.8

3226.8

6053.0

150.33

208.33

245.71

290.09

405.27

567.38

1114.6

2185.7

4260.4

8233.1

169.37

238.50

283.57

337.50

479.22

681.85

1383.1

2798.7

5624.8

11198.0

190.70

272.89

327.10

392.50

566.48

819.22

1716.1

3583.3

7425.7

15230.3

214.58

312.09

377.17

456.30

669.45

984.07

2129.0

4587.7

9802.9

20714.2

241.33

356.79

434.75

530.

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Тема 10	\|	Учебное пособие