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n
(a ta th gan n) = (1+
0
)
n
1 a 12% tnh a
suat thc vao nam th 5
theo a n = 12%*5 = 60%
theo a kep =
5
= (1+12%)
5
1
ch$%e;n '.;i >a,i 6anh n)hfa san) >a,i th!c:
i
0KtL
I d 1Zi
3N
Qme
1Rm
. m: so an ghep a. hay (n*m)
4. n) 6$!n) c$a @-
a. n) 6$!n) t0.n) thanh t.an n1!: ap bang ke hoach
trong thanh toan a va goc
st
t
Khoan mua tnh Nam 0 Nam
1
Nam
2
Na
m 3
1 (1) so d n
au ky
Khong co 1000
2 (2) a vay pha
tra
(ho a)
3 (3) khoan thanh (*)
DT TCP TSCN + TSLN
YR : 3T : TTG
Heu suat tong TS Lo nhuan ben R
ROA * TTS/VCPT(don bay
tchnh
toan
4 (4) thanh toan
n goc
(3) (2)
5 (5) so d n
cuo ky
(1) (4)
(*) = Pv/|IF
D
: r,n| ; Pv = X/(1+K
D
)
t
(t chay t 1 n)
bang thanh toan
st
t
Khoan mua tnh
1 (1)
2 (2)
3 (4)
4 (3)
5 (5)
Tai t.an t0a ).7 K_$.*i\ -a n)1!cL
Xuo: cho a tra gop tnh khoan thanh toan nh ky
Ngc: cho khoan thanh toan nh ky tnh a tra
gop.
Mua may tnh 1200$ tra trc 200$, so con a 1000
tra trong 12 thang, a suat 2,5%/thang. So ten KH
tra dnh ky a ? e cuo nam het n?
1000 = X| 1/(1+2,5%)
t
| = > X = 1000/(IF
D
: 2,5, 12%)
co the tra ngc bang D tm ra
@ha*n t"ch 3U@@UN
Lvay + KH + TTN + CPK
TK + KPThu + TM + KHC
RU2
Chng 5 Nnh ga chng khoan (tra pheu va co
pheu)
5.1 nh ga tra pheu
a suat huy ong (Kd)= const; a suat th trng
Kdm (no thay o va am cho ga tra pheu ben
ong. INT = M*Kd = const.
2.1 phng phap nh ga tra pheu: (thng nh ha
ky)1/6 va 1/12.
R t01n) h1!7 thanh t.an >a,i 1 >a/n na9m: Vb = INT/
(1+Kdm)
n
+ M/(1+Kdm)
n
;Vb = INT|IF
D
Kdm,N|. ga tra
pheu t e ngch v th trng.
R t01n) h1!7 thanh t.an >a,i hai B% na9m: Vb = INT/2|IF
D
Kdm/2 , 2N| ; Vb =
2n
nh tren nhng ch INT/2, Mu 2n,
Kdm/2.
R t"nh >a,i s$a&t 'a. ha!n c$a t0ai 7hie&$: theo phng
phap th va oa: Rb : a a suat ao han cua
Bond. So sanh Vb >. <, hay = v M => Kd >,< hay =
Kdm
Rb = |INT + (M-Vb/n)|/(M+2Vb)/3 => Vb = Vb khongth
a.
H(nh )ia t0ai 7hie&$ Bhi >a,i s$a&t tha% '.;i the. th1i )ian:
tnh tng th oan.
:.4 '(nh )ia c.; 7hie&$ th1n).
Po: th ga ta th em hen ta; Ks: suat snh
cua von chu s hu; g: mc tang trng co tc
(ky vong). D1/Po= ty suat co tc ky vong; (P1
Po)/Po = mc thang d von = g. D1: co tc thanh
toan cho cac co ong th gan t. Dt=Do(1+g)
t
ung kh g = sonst.D1 = Do(1+g) => D2 = D1(1+g)
2
.
2.1 nh ga v cpt vnh ven: Po = D1/(Ks-g). kh g > Ks
=> g tang seu ta tnh nh ssau: