寤鸿ō(sh猫)宸ョ▼鐩�(ji膩n)鐞嗘姇璩囨帶鍒惰瑳缇╁崄浜�

銆€銆€绗笁绡€(ji茅)璩囬噾鏅�(sh铆)闁撳児(ji脿)鍊�

銆€銆€璩囬噾鐨勫児(ji脿)鍊兼槸闅ㄦ檪(sh铆)闁撶殑璁婂寲鑰岃畩鍖栫殑锛屾槸闅ㄨ憲鏅�(sh铆)闁撶殑鎺ㄧЩ锛屾寜鐓р€曞畾鐨勬瘮鐜囨暩(sh霉)澧為暦(zh菐ng)鐨�锛岃硣閲戠殑閫欑ó灞€у氨绋变綔璩囬噾鐨勬檪(sh铆)闁撳児(ji脿)鍊�銆�

銆€銆€涓€銆佺従(xi脿n)閲戞祦閲�

銆€銆€灏�(du矛)涓€鍊�(g猫)绯荤当(t菕ng)鑰岃█锛屽湪鏌愪竴鏅�(sh铆)闁撻粸(di菐n)涓婃祦鍑虹郴绲�(t菕ng)鐨勮波骞ｇū鐐虹従(xi脿n)閲戞祦鍑�;娴佷汉绯荤当(t菕ng)鐨勮波骞ｇū鐐虹従(xi脿n)閲戞祦鍏�锛屽悓鈥曟檪(sh铆)闁撻粸(di菐n)涓婄殑鐝�(xi脿n)閲戞祦鍏ュ拰瑙€閲戞祦鍑虹殑浠ｆ暩(sh霉)鍜岋紝绋辩偤鍑堢従(xi脿n)閲戞祦閲忋€傜従(xi脿n)閲戞祦鍏�銆佺従(xi脿n)閲戞祦鍑哄拰鍑堢従(xi脿n)閲戞祦閲�锛岀当(t菕ng)绋辩偤鐝�(xi脿n)閲戞祦閲�銆�

銆€銆€鐐轰簡渚夸簬鍒嗘瀽涓嶅悓鏅�(sh铆)闁撻粸(di菐n)涓婄殑鐝�(xi脿n)閲戞祦鍏ュ拰鐝�(xi脿n)閲戞祦鍑�锛岃▓(j矛)绠楀叾鍑堢従(xi脿n)閲戞祦閲�锛岄€氬父閲囩敤鐝�(xi脿n)閲戞祦閲忚〃(瑕�(ji脿n)琛�4鈥�2)鐨勫舰寮忎締(l谩i)琛ㄧず鐗瑰畾闋�(xi脿ng)鐩湪鈥曞畾鏅�(sh铆)闁撳収(n猫i)鐧�(f膩)鐢熺殑鐝�(xi脿n)閲戞祦閲�銆�

銆€銆€鐐轰簡鏇寸啊(ji菐n)鍠�銆佺洿瑙€鏄庝簡鍦板弽鏄犳湁闂�(gu膩n)闋�(xi脿ng)鐩殑鏀跺叆鍜屾敮鍑猴紝涓€鑸敤涓€鍊�(g猫)鏁�(sh霉)杌稿湒褰締(l谩i)琛ㄧず鐝�(xi脿n)閲戞祦鍏�銆佺従(xi脿n)閲戞祦鍑鸿垏鐩告噳(y墨ng)鏅�(sh铆)闁撶殑灏�(du矛)鎳�(y墨ng)闂�(gu膩n)绯伙紝閫欎竴鍦栧舰灏辩ū鐐虹従(xi脿n)閲戞祦閲忓湒P49(鍦�4鈥�3)銆�

銆€銆€浜�銆佽硣閲戞檪(sh铆)闁撳児(ji脿)鍊艰▓(j矛)绠楃殑绋

銆€銆€(涓€)鍒╂伅

銆€銆€鍒╃巼鏄湪涓€鍊�(g猫)瑷�(j矛)鎭懆鏈熷収(n猫i)鎵€鎳�(y墨ng)浠樺嚭鐨勫埄鎭鑸囨湰閲戜箣姣旓紝鎴栨槸鍠綅鏈噾鍦ㄥ柈浣嶆檪(sh铆)闁撳収(n猫i)鎵€鏀粯鐨勫埄鎭�銆�

銆€銆€鍒╂伅鐨勮▓(j矛)绠楀垎鐐哄柈鍒╂硶鍜屽京(f霉)鍒╂硶鍏╃ó鏂瑰紡銆�

銆€銆€1.鍠埄娉�

銆€銆€鍠埄娉曟槸姣忔湡鐨勫埄鎭潎鎸夊師濮嬫湰閲戣▓(j矛)绠楃殑瑷�(j矛)鎭柟寮�銆傚柈鍒╂硶鐨勮▓(j矛)绠楀叕寮忕偤锛� I=P X n X i

銆€銆€寮忎腑锛� n鈥曗€曡▓(j矛)鎭湡鏁�(sh霉)銆俷鍊�(g猫)瑷�(j矛)鎭懆鏈熷悗鐨勬湰鍒╁拰鐐� F=P+I= P(1+ iX n ) 寮忎腑锛� F鈥曗€曟湰鍒╁拰銆�

銆€銆€渚�4锛�

銆€銆€鏌愬叕鍙稿瓨鍏ラ妧琛�10钀�(w脿n)鍏�锛屽勾鍒╃巼鐐�2銆�79%锛屽叡瀛樹簲骞�锛屾寜鍠埄瑷�(j矛)鎭�锛屽晱(w猫n)瀛樻鍒版湡鍚庣殑鍒╂伅鍜屾湰鍒╁拰鍚勭偤澶氬皯?

銆€銆€A.12.395

銆€銆€B.10.395

銆€銆€C.11.995

銆€銆€D.11.395

銆€銆€绛旀锛欴

銆€銆€2銆傚京(f霉)鍒╂硶

銆€銆€寰�(f霉)鍒╂硶鏄悇鏈熺殑鍒╂伅鍒嗗垾鎸夊師濮嬫湰閲戣垏绱▓(j矛)鍒╂伅涔嬪拰瑷�(j矛)绠楃殑瑷�(j矛)鎭柟寮�銆傚叾瑷�(j矛)绠楀師鐞嗗鏁�(sh霉)P51琛�4-3鎵€绀恒€�

銆€銆€寰�(f霉)鍒╂硶鐨勮▓(j矛)绠楀叕寮忕偤锛� F=P(1+i)n;I=P [(1+i)n鈥�1]

銆€銆€渚�5

銆€銆€宸茬煡闄ゆ寜寰�(f霉)鍒╄▓(j矛)绠楀i锛氬叾浠栨浠跺悓渚�4-1锛屽晱(w猫n)瀛樻鍒版湡鍚庣殑鏈埄鍜屽強鍒╂伅鍚勭偤澶氬皯?

銆€銆€A.1.575

銆€銆€B.1.475

銆€銆€C.2.475

銆€銆€D.1.457

銆€銆€绛旀锛欱

銆€銆€(浜�)瀵�(sh铆)闅涘埄鐜囧拰鍚嶇京鍒╃巼

銆€銆€鍦ㄥ京(f霉)鍒╂硶瑷�(j矛)绠椾腑锛屼竴鑸槸閲囩敤骞村埄鐜�銆傝嫢鍒╃巼鐐哄勾鍒╃巼锛屽(sh铆)闅涜▓(j矛)绠楀懆鏈熶篃鏄互骞磋▓(j矛)锛岄€欑ó骞村埄鐜囩ū鐐哄(sh铆)闅涘埄鐜�;鑻ュ埄鐜囩偤骞村埄鐜囷紝鑰屽(sh铆)闅涜▓(j矛)绠楀懆鏈熷皬浜庘€曞勾锛屽姣忔湀銆佹瘡瀛ｆ垨姣忓崐骞磋▓(j矛)鎭竴娆�锛岄€欑ó骞村埄鐜囧氨绋辩偤鍚嶇京鍒╃巼锛屽悕缇╁埄鐜囧彲瀹氱京鐐哄懆鏈熷埄鐜囦箻浠ユ瘡骞磋▓(j矛)鎭殑鍛ㄦ湡鏁�(sh霉)銆�

銆€銆€瑷�(sh猫)鍚嶇京鍒╃巼鐐簉,鍦ㄤ竴骞翠腑瑷�(j矛)绠楀埄鎭痬娆�锛屽墖姣忔湡鐨勫埄鐜囩偤r/m锛屽亣瀹氬勾鍒濆€熸P锛屽墖涓€骞村悗鐨勫京(f霉)鏈埄鍜岀偤锛� F=P(1+r/m)m

銆€銆€鍏朵腑锛屽埄鎭偤寰�(f霉)鏈埄鍜岃垏鏈噾涔嬪樊锛屽嵆锛� I=F-P=P(1+r/m)m鈥昉

銆€銆€鐣�(d膩ng)鍚嶇京鍒╃巼鐐簉鏅�(sh铆)锛屽(sh铆)闅涘埄鐜囧彲鐢变笅寮忔眰寰�锛� i=I/P=[P(1+r/m)m鈥� p]/P=(1+r/m)m鈥�1

銆€銆€渚�6

銆€銆€鏌愬叕鍙稿瓨鍏ラ妧琛�10钀�(w脿n)鍏�锛屽勾鍒╃巼鐐�2銆�79%锛屽叡瀛樹簲骞�锛屾寜寰�(f霉)鍒╂瘡鍗婂勾瑷�(j矛)鎭竴娆�锛屽晱(w猫n)瀛樻鍒版湡鍚庣殑鍒╂伅鍜屽京(f霉)鏈埄鍜屽悇鐐哄?

銆€銆€A.2.486

銆€銆€B.1.886

銆€銆€C.1.466

銆€銆€D.1.486

銆€銆€绛旀锛欴

銆€銆€(涓�)寰�(f霉)鍒╂硶璩囬噾鏅�(sh铆)闁撳児(ji脿)鍊艰▓(j矛)绠楃殑鍩烘湰鍏紡

銆€銆€璩囬噾鏅�(sh铆)闁撳児(ji脿)鍊艰▓(j矛)绠楃殑鍩烘湰鍏紡鏈夛細

銆€銆€1.涓€娆℃敮浠樼祩鍊煎叕寮�

銆€銆€濡傛灉鏈夆€曢爡(xi脿ng)璩囬噾P鎸夊勾鍒╃巼i閫�(j矛n)琛屾姇璩囷紝鍗虫湡鍒濅竴娆℃姇鍏ョ殑鐝�(xi脿n)鍊肩偤P锛宯鏈熸湯鐨勭祩鍊肩偤F锛屽叾n鏈熸湯鐨勫京(f霉)鏈埄鍜屾噳(y墨ng)鐐哄灏�?涔熷氨鏄凡鐭銆乶銆両锛屾眰F锛岃▓(j矛)绠楀叕寮忕偤锛欶=P(1+i)n

?04銆�05銆�06銆�07骞寸洠(ji膩n)鐞嗗伐绋嬪斧鑰冭│瑭﹀嵎鍙婄瓟妗堝尟绺�
?2009鐩�(ji膩n)鐞嗗伐绋嬪斧鑰佸斧杓斿皫(d菐o)锛岀従(xi脿n)鍦ㄥ牨(b脿o)鍚嶅彲鐛茶磮(z猫ng)08鍜�07骞磋绋�锛�

銆€銆€寮忎腑锛�(1+i)n鈥曗€曠祩鍊肩郴鏁�(sh霉)锛岃鐐�(F/P锛� i锛宯)銆�

銆€銆€涓€娆℃敮浠樼祩鍊肩殑鐝�(xi脿n)閲戞祦閲忓鏇窹53鍦�4-5鎵€绀�銆�

銆€銆€2.涓€娆℃敮浠樼従(xi脿n)鍊煎叕寮�

銆€銆€濡傛灉宸茬煡鍦ㄥ皣渚�(l谩i)鏌愪竴鏅�(sh铆)榛�(di菐n)n涓婃姇鏀捐硣閲慒锛屾寜骞村埄鐜噄鎶樼畻鑷虫湡鍒�0鏅�(sh铆)榛�(di菐n)锛岀従(xi脿n)鍊糚鎳�(y墨ng)鐐哄灏�?鍗冲凡鐭銆乮銆乶锛屾眰P

銆€銆€鐢盕= P(1+i)n璁婃彌鎴愮敱绲傚€兼眰鐝�(xi脿n)鍊肩殑鍏紡锛歅=F/(1+i) n = F/(1+i) -n

銆€銆€寮忎腑锛�(1+i) -n鐐虹従(xi脿n)鍊肩郴鏁�(sh霉)锛岃鐐�(P/F锛宨锛宯)銆�

銆€銆€渚�7

銆€銆€鏌愬叕鍙歌▓(j矛)鍔冧簩骞翠互鍚庤臣(g貌u)璨蜂竴鑷�(t谩i)100钀�(w脿n)鍏冪殑姗�(j墨)姊拌ō(sh猫)鍌欙紝鎿緸閵€琛屽瓨娆句腑鎻愬彇锛岄妧琛屽瓨娆惧勾鍒╃巼鐐�2.25%锛屽晱(w猫n)鐝�(xi脿n)鎳�(y墨ng)瀛樹汉閵€琛岀殑璩囬噾鐐哄灏�?

銆€銆€A .95.648

銆€銆€B.85.648

銆€銆€C.93.648

銆€銆€D.75.648

銆€銆€绛旀锛欰

銆€銆€3.绛夐璩囬噾绲傚€煎叕寮�

銆€銆€鍦ㄧ稉(j墨ng)婵�(j矛)瑭�(p铆ng)鍍�(ji脿)涓�锛岀稉(j墨ng)甯搁亣鍒伴€ｇ簩(x霉)鍦ㄨ嫢骞叉湡鐨勬湡鏈敮浠樼瓑椤嶇殑璩囬噾锛岃€岄渶瑕佽▓(j矛)绠楁渶鍚庢湡鏈墍绌嶇疮璧蜂締(l谩i)鐨勮硣閲�銆傞€欐ǎ瀹夋帓鐨勮硣閲戞祦閲忓鏇窹53鍦�4-6鎵€绀�銆�

銆€銆€鍦ㄥ勾鍒╃巼鐐篿鐨勬儏娉佷笅锛宯骞村収(n猫i)姣忓勾骞存湯鎶曞叆A锛屽埌n骞存湯绌嶇疮鐨勭祩鍊糉绛変簬鍚勭瓑椤嶅勾閲慉鐨勭祩鍊间箣鍜岋細 F= A(1+i)鈥昻鈥�1+A(1+i)鈥昻鈥�2+鈥�+A= A{[(1+i)n 鈥�1]/i }

銆€銆€寮忎腑锛孾(1+i)n 鈥�1]/i绋辩偤骞撮噾绲傚€肩郴鏁�(sh霉)锛岃鐐�(F/A锛宨锛宯)銆�

銆€銆€渚�8

銆€銆€濡傛灉寰�1鏈堜唤闁�(k膩i)濮嬶紝姣忔湀鏈堟湯瀛樹汉閵€琛�200鍏�锛屾湀鍒╃巼鐐�0.143%锛屽晱(w猫n)骞村簳绱⿳鐨勫劜(ch菙)钃勯銆婂京(f霉)鏈埄鍜屻€�锛岀偤澶氬皯?

銆€銆€A.2481.96

銆€銆€B.2418.96

銆€銆€C.2218.96

銆€銆€D.2148.96

銆€銆€绛旀锛欱

銆€銆€4銆傜瓑椤嶈硣閲戝劅鍌靛熀閲戝叕寮�

銆€銆€鐐轰簡鍦╪骞存湯鑳藉绫岄泦涓€绛嗚硣閲戜締(l谩i)鍎熼倓鍌垫F锛屾寜骞村埄鐜噄瑷�(j矛)绠楋紝鎿緸鐝�(xi脿n)鍦ㄨ捣鑷硁骞寸殑姣忓勾鏈瓑椤嶅瓨鍎�(ch菙)涓€绛嗚硣閲慉锛屼互渚垮埌n骞存湯鍎熸竻F锛屽繀闋堝瓨鍎�(ch菙)鐨凙鐐哄灏�?鍗冲凡鐭銆乮銆乶锛屾眰A銆傚叾鐝�(xi脿n)閲戞祦閲忓鏇窹54鍦�4-7鎵€绀恒€�

銆€銆€灏囧叕寮廎=[(1+i)n 鈥�1]/i 璁婃彌锛屽緱锛� A=F{i/[(1+i)n 鈥�1] }

銆€銆€寮忎腑锛宨/[(1+i)n 鈥�1] 鐐哄劅鍌佃硣閲戠郴鏁�(sh霉)锛岃鐐�(A/F锛宨锛歯)銆�

銆€銆€渚�9

銆€銆€鏌愬叕鍙稿湪绗�5骞存湯鎳�(y墨ng)鍎熼倓涓€绛�50钀�(w脿n)鍏冪殑鍌靛嫏(w霉)锛屾寜骞村埄鐜�2.79%瑷�(j矛)绠�锛岃┎鍏徃寰炵従(xi脿n)鍦ㄨ捣閫ｇ簩(x霉)5骞存瘡骞村勾鏈噳(y墨ng)鍚戦妧琛屽瓨鍏ヨ硣閲戠偤澶氬皯锛屾墠鑳戒娇鍏跺京(f霉)鏈埄鍜屾濂藉劅娓呴€欑瓎鍌靛嫏(w霉)?

銆€銆€A.8.458

銆€銆€B.9.548

銆€銆€C.9.458

銆€銆€D.7.458

銆€銆€绛旀锛欳

銆€銆€5.绛夐璩囬噾鍥炴敹鍏紡

銆€銆€鑻ュ湪绗竴骞村勾鍒濅互骞村埄鐜噄瀛樺叆涓€绛嗚硣閲慞锛屽笇鏈涘湪浠婂悗寰炵1骞磋捣鑷崇n骞存锛屾妸寰�(f霉)鏈埄鍜屽湪姣忓勾骞存湯浠ョ瓑椤嶈硣閲慉鐨勬柟寮忓彇鍑�锛屾瘡骞存湯鍙緱鍒扮殑A鐐哄灏�?鍗冲凡鐭ワ細P銆乮銆乶锛屾眰A銆傞€欓爡(xi脿ng)娲诲嫊(d貌ng)鐨勭従(xi脿n)閲戞祦閲忓鏇窹54鍦�4-8鎵€绀�銆�

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銆€銆€寮忎腑锛孾i(1+i)n]/[(1+i)n 鈥�1]鐐鸿硣閲戝洖鏀剁郴鏁�(sh霉)锛岃鐐�(A/P锛宨,n)銆�

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銆€銆€A.26.8

銆€銆€B.22.38

銆€銆€C.26.38

銆€銆€D.28.38

銆€銆€绛旀锛欳

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銆€銆€A .595.46

銆€銆€B.495.46

銆€銆€C.465.46

銆€銆€D.395.46

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