HNWLHNWOJNZ FOCNCJOLUNZ

Oci Buos Dromulbn Znbnznr

 OCWUDG\JJODC

• Lc uc culculvd
vd prdyljtd glcdhoc
glcdhocngdngd Lstugod gl Voneobogng, ls cljlsnrod
foknr ucds procjopods ljdcúhojds pnrn qul bns jdcjbusodcls qul sl
detlcinc pulgnc slr jdhpnrnebls y dekltovns.
• Zo sl trntn gl jdhpnrnr gds d hns nbtlrcntovns ppnrn
nrn uc prdyljtd ocg
ocgustronb
ustronb
gl prdgujjoúc y, lc jngn ucn gl bns nbtlrcntovns, sl lsjdilc goflrlctls
jrotlrods gl goslþds ljdcúhojds
• Qulgl qul rrlsubtl
lsubtl hîs fnvdrnebl nqulbbn nbtlrcntovn qqul
ul cd bd ls pdr
hubtotug gl rnzdcls, eolc pdrqul bns mdrns ncunbls gl prdgujjoúc sdc
gostoctns, eolc pdrqul bns tnsns gl glsjulctd jdcsoglrngns cd sdc bns
hoshns, eolc pdrqul lb jîbjubd gl bds jdstds gl ocvlrsoúc y lxpbdtnjoúc sl
mojolrdc gl fdrhn goflrlctl, ltj. ltj. ltj.
 Qrocjopods ljdcúhojds ; Hntlhîtojns Focncjolrns
\c lstugod gl nbtlrcntovns, glel jdhpnrnr bns sdbujodcls glsgl trls puctds gl
vostn fucgnhlctnbls;
>. Ljdcúhojd; jdstds gl ocvlrsoúc, prdgujjoúc y jdhpnrnjoúc purnhlctl
ljdcúhojn, glsgl goflrlctls plrspljtovns.

5. Wïjcojd; Lc cd
susslgds vnronctls, nqulbbn qul sl trngujl
nqulbbn qul pulgl trngujor lc jdstds y sl glel lc jdstds
rljurror tncioeblsgly
nb ncîbosos
octncioebls.

:. Hlgodnheolctnb; Wnheoïc lc bns gds hoshns vnronctls, ucn ljdcúhojn, n

trnvïs gl bn vnbdrnjoúc gl bns lhosodcls n qul gn buinr, y, dtrn, glsgl bn
vnbdrnjoúc gl octncioebls.

• Gl bd ocgojngd, sl glgujl qul, bns mlrrnholctns gl hntlhîtojn focncjolrn y bds

jrotlrods
gl fdrhnlhpblngds, sdc lslcjonbls pnrn pdglr rlnboznr lb ncîbosos gl nbtlrcntovns
ucofdrhl y dekltovn.
 HNWLHÎWOJNZ FOCNCJOLUNZ
• Lstî jdhprdengd qul lb g goclrd
oclrd polrgl su vnbdr lc lb tolhpd, pdr lkl
lklhpbd,
hpbd,
ucn jnctogng gltlrhocngn qul sl rljoel lc lb futurd plrglrî su vnbdr,
gleogd n bn ocfbnjoúc y bn suesljulctl pïrgogn glb vnbdr ngquosotovd.

• Bn hntlhîtojn focncjolrn ls ucn îr îrln

ln gl bns hntlhîtojns npbojngns qul
nenrjn lb lstugod gl bns mlrrnholctns gl jîbjubd qul plrhotlc gltlrhocnr
lb vnbdr glb goclrd lc lb tolhpd lc ucn dplrnjoúc focncjolrn.

• Bn hntlhîtojn focnc
focncjolrn
jolrn cds mnjl pdsoebl jdcdjlr lb vnbdr lq
lquovnblctl
uovnblctl gl
uc jnpotnb prlslctl lc rlbnjoúc jdc dtrd jnpotnb futurd.

• lc
Ls lb
gljor
gljor,, qul hlgonctl sus jîbjubds ls pd
tolhpd. pdsoebl
soebl jdcdjlr lb vnbdr glb goclrd
 Dekltovds gl bns Hntlhîtojns Focncjolrns

DEKLWOVD ILCLUNB
• Glgujor y gltlrhocn
gltlrhocnrr bds jdcjlptds gl vnbdr glb goclrd lc lb tolhpd y pnrn bn
lvnbunjoúc gl prdyljtds gl ocvlrsoúc

DEKLWOVDZ LZQLJÈFOJDZ
• Gltlrhocnr bn vnronjoúc junjunctotntovn
ctotntovn glb goclrd lc lb tolhpd, hlgonctl lb
lstugod gl bns Dplrnjodcls Focncjolrns
• Lstugonr y ncncnboznr
nboznr tdgns nqulbbns
nqulbbns dplrnjodcls y pbnctlnholctds lc bds
junbls octlrvolclc lb Jnpotnb, Octlrïs, Wolhpd y WWnsn.
nsn.
 Lb vnbdr glb goclrd lc lb tolhpd
• (ucn
Lb usd glb gocl
jnsn, goclrd
rd cd ls ir
uc nutdhúvob)irntuotd,
yntuotd,
tnhpdjdjdhd tnhpdjd
ls lb bd ls lb(buz,
gl uc slrvojod gl junbquolr
junbquol r njtovd
niun, tlbïfdcd,
lctrl dtrds).

• Qdr tnctd,
glslds lb uusunrod
sunrod
gl utobogng glb goclrd
gl quolcgoclrd,, njtovds d .slrvojods, glel sntosfnjlr bds
bds prdpdrjodcnc

• Lc lb jnsd glb goclrd

goclrd,, lstn utobogng sl hogl lc ucogngls hdcltnrons, bn junb
ucogn nb jnpotnb lc usd mnjl qul ïstl jnheol lb vnbdr glb goclrd jdc lb
tolhpd.

• Lstd sl glel n qul lb jnpotnb, irnjons nb tolhpd ilclrn octlrlsls.

 Lb vnbdr glb goclrd lc lb tolhpd
• Bns hntlhîtojns focncjolrns sl jlctrn lc lb l
lstugod
stugod glb vnbdr glb
glb goclrd lc
lb tolhpd, jdheocncgd lb jnpotnb, bn tnsn y lb tolhpd pnrn detlclr uc
rlcgoholctd d octlrïs, n trnvïs gl hïtdgds gl lvnbunjoúc qul plrhotlc
tdhnr gljosodcls gl ocvlrsoúc.

• Ls ucn mlrrnhol
mlrrnholctn
ctn nuxobonr gl bn jolcjon pdbètojn, yn qul bn npdyn lc lb
lstugod y rlsdbujoúc gl prdeblhns ljdcúhojds y nuxobonc n lstn gosjopbocn
lc bn tdhn gl gljosodcls gl ocvlrsoúc, prlsupulstd, nkustls ljdcúhojds.

• Lc uc prdyljtd gl ocvlrsoúc, pnrn bn tdhn gl gl gljosodcls

josodcls lxostlc vnrods
hdglbds hntlhîtojds, plrd sl glel tlclr lc julctn lb vnbdr futurd, lb
plrodgd gl rljuplrnjoúc, vnbdr prlslctl cltd, tnsn octlrcn gl rlcgoholctd.
 Lb vnbdr glb goclrd lc lb tolhpd
• Ls uc jdcjlptd ensngd l lcc bn prlhosn gl ququl
l uc ocvlrsdr prlfolrl rljoeor uc pnid
gl ucn suhn fokn gl goclrd mdy, lc buinr gl rljoeor lb hoshd hdctd lc ucn fljmn
futurn plrd qulgn oiunb so cd bd tdjns co bd usns co pogls prlstngd.

• Zo sl rljoel mdy ucn

Ngojodcnbhlctl, suhn
gleogd nb gl goclrd,
lfljtd sl p
pulgl
ulgl(so
gl ocfbnjoúc detlclr octlrïs
lstn ls sderllc
pdsotovn), lsllbgoclrd.
futurd
lsn hoshn suhn gl goclrd plrglrî pdglr gl jdhprn.

• fúrhubn
Wdgns bns fúrhubns
eîsojn, rlbnjodcngns
lb vnbdr prlslctljdc l
lstl
stl suhn
gl ucn jdcjlptd lstîc
futurn ensngnsglsjdctngn
gl goclrd, lc bn hoshn
nb
prlslctl.

• Qdr lklhpbd, ucn suhn F n slr rljoeogn glctrd gl uc nþd glel slr glsjdctngn
(n ucn tnsn nprdpongn r) pnrn detlclr lb vnbdr prlslctl, Q
 Lb procjopod eîsojd gl bns Hntlhîtojns Focncjolrns
• Ls lb gl bn nqulbbds
gl eolcls, prlflrlcjon pdr bn
eolcls boquoglz,
hîs sliûc
jlrjncds lc lb
lb jun
junbb n oiunbgng
tolhpd gl jnctogng
sdc prlflrogds n bds
gospdcoebls lc hdhlctds hîs blkncds.

• Lstn prlflrlcjon pd
pdrr bn boquoglz tolcl uc prljod, sl bl jdcdjl jdhd octlrïs.
prljod, octlrïs.

• Lb octlrïs ls lb prljod p
pdr
dr lb usd glb gocl
goclrd
rd gurnctl uc pl
plrèdgd
rèdgd gl tolhpd.

• Lb octlrïs sl hogl jdhd uc pdrjlctnkl sderl lb eolc d goclrd prlstngd, pdpdrr

lbbd ls jdcdjogd jdhd topd gl octlrïs (d tnheoïc jdhd tnctd gl octlrïs).
 Lb procjopod eîsojd gl bns Hntlhîtojns Focncjolrns

Lxostlc trls hdtovds qul ocfbuylc lc bn lxoilcjon gl uc octlrïs pdr lb usd glb
goclrd;
• Qdr fnbtn gl boquogl
boquoglz;
z; lb jnpotnb tolcl uc jdstd gl dpdrtucogng l
lc
c bn hlgogn
qul pdgrèn slr ocvlrtogd lc junbquolr topd gl njtovogng qul prdguklsl uc
rlcgoholctd gurnctl lsl tolhpd lc qul lstî solcgd prlstngd.

• rljuplrnrsl
Qdr lb rolsid qul slprlstngd,
lb goclrd nsuhl, yyn qul pdr gostoctds hdtovds pdgrèn cd

• Juncgd lxostl oc
ocfbnjoúc,
fbnjoúc, pdr bn glprljonjoúc glb vnbdr glb goc
goclrd
lrd
 Lb procjopod eîsojd gl bns Hntlhîtojns Focncjolrns

• Qdr bd nctlrodr
nctlrodr,, sl pulgl jdcjrltnr qul bn junctèn gl bn jdhplcsnjoúc
ljdcúhojn pdr lb usd glb goclrd glplcglrî gl trls vnronebls;
- Bn jnctogn
jnctogngg gl jnpotnb ocvlr
ocvlrtogd
togd
- Lb tolhpd qul gurn bn dplrnjoúc gl ocvlrsoúc
- Lb topd gl octlrïs nb qul sl njulrgn bn dplrnjoúc gl ocvlrsoúc

• Bn junctèn gl bn jdhplcsnjoúc ljdcúhojn pdr lb usd glb goclrd slrî tnctd

hnydr junctd hnydr sln lb ohpdrtl gl jnpotnb ocvlrtogd, hnydr sln lb pbnzd
pnjtngd, d hnydr sln lb topd gl octlrïs njdrgngd pnrn bn dplrnjoúc.
 Jnpotnb Focncjolrd
• Ls lb vnbdr gl tdgd eolc ljdcúhojd lc lb ocstnctl gl tolhpd lc lb qul ls
gospdcoebl.

• Qdr tnctd, uc eolc d uc jnpotnb (J

(J)) gospdcoebl lc uc hdhlctd jdcjrltd glb
tolhpd (t) jdcstotuyl uc jnpotnb focncjolrd.

• \c hoshd e eolc
olc ljdcúhojd gospdcoebl lc gds hdhlctds glb tolhpd
goflrlctls jdcstotuyl gds jnpotnbls focncjolrds goflrlctls, y slrî prlflrogd
nqulb hîs jlrjncd lc lb tolhpd.
 Lquovnblcjon Focncjolrn

• nb
Gdsprdpoltnrod
jnpotnbls lc
glgds hdhlctds
gojmds gngds
gngds
jnpotnbls glb tolhpdblsdc
focncjolrds lquovnblctls
rlsubtl juncgd
ocgoflrlctl ucn
sotunjoúc d bn dtrn.

• Zo
<11n uc ocvlr
ocvlrsdr
sdbls sdr bl gl
glctrd rlsubtn
uc oc
ocgoflrlctl
goflrlctl
nþd, rljoeorgorlhds
lctdcjls md
mdyy >1 qul
111 sdbls
nheds n rljoeor >1
jnpotnbls
focncjolrds (>1 1110 1) y (>1 <110 >) sdc focncjolrnhlctl lquovnblctls.

• Gds jnpotnblslcfocncjolr
vlcjoholctd focncjolrds
t5, sdcdsfocncjolrnhlctl
junblsquolrn, J>lquovnblctls
jdc vlcjoholctd lc t>
juncgd slylstî
J5 jdc
gl
njulrgd lc octlrjnheonr ucd pdr dtrd yn qul bds gds jnpotnbls focncjolrds
sdc ocgoflrlctls (lstîc lc lquoboerod focncjolrd).
 Dplrnjoúc Focncjolrn
• Ls uc octlrjnheod tlhpdr
focncjolrns. tlhpdrnb
nb gl jnpotnbls focncjolrds g
gl
l njulrgd n bns blyls

• Ls lb octlrjnheod gl jnpotnbls lquovnblctls

lquovnblctls lc goflrlctls hdhlctds gl tolhpd
tolhpd..

• Qnrn qul u
ucn
cn dplrnjoúc focncjolrn sl rln
rlnbojl
bojl ls cljlsnrod;
- ^ul n bns gds
gds pnrtls ohpbojngns lc bn dplrnjoúc
dplrnjoúc (glugdr y njrllgdr)
bns junctèns qul lctrlinc y rljoelc bls rlsubtlc lquovnblctls.
- Ls cljlsnrod nglhîs qul bns gds pnrtls (glugdr y njrllgdr) lstïc gl
njulrgd lc bn fdrhn gl junctofojnr bds jnpotnbls gl bds qul sl pnrtl y n bds
qul focnbhlctl sl bblin.

• Lstd ohpbojn lblior uc hïtdgd hntlhîtojd

hntlhîtojd qul plrh
plrhotn
otn jnbjubnr bds octlrlsls
octlrlsls gl bn
dplrnjoúc.

BL_LZ FOCNCJOLUNZ

• Ls lb njulrgd
focncjolrn sderlnblb qul bblinc
hdglbd qulbns
sl pnrtls
pnr
vn tls qul octlrvolclc
n lhpblnr lc lb
pnrn vnbdrnr ucn dplrnjoúc
goclrd lc lb
tolhpd.

• Zdc hïtdgds hntlhîtojds qul plrhotlc junctofojnr bds octlrlsls glb

npbnznholctd y/d nctojopnjoúc gl uc jnpotnb lc lb tolhpd

• Glplcgolcgd gl bn bly focncjolrn njdrgngn

njdrgngn sl glelrî utoboznr ucn fúrhubn
hntlhîtojn u dtrn pnrn vnbdrnr lb goclrd lc lb tolhpd.
Vnbdrncgd lb goclrd lc lb tolhpd

• Vnbdrnr lb goclrd lc lb tolhpd tnheoïc ls jdcdjogd jdhd ‒hdvlr‘ lb goclrd

n bd bnrid glb tolhpd.

• Lxostlc
- Hdvlr gd
gds
lbs topds
goclrdglmnjon
hdvohol
hdvoholctds
ctds nlsbdgljor
lb futurd, bnrid, npbnznr
gljor, glb tolhp
tolhpd;
lbd;goclrd y
vnbdrnrbd lc uc hdhlctd gl tolhpd pdstlrodr rljoel lb cdherl gl
jnpotnboznr d goflror.

- Hdvlr
lc uc lb goclrd
hdhlctd mnjon nctlrodr
gl tolhpd ntrîs, lsrljoel
gljor, lb
nctojopnr
cdherllbglgoclrd y vnbdrnrbd
glsjdctnr d
njtunboznr.
 JNQOWNBO[NJOÚC
JNQOWNBO[NJOÚC _ GLZJ
GLZJ\LCWD
\LCWD ZOHQBLZ

>. Octlrïs
• Ls ucn Zohpbl
dplrnjoúc focncjolrn gdcgl bds octlrlsls sl jnbjubnc solhprl súbd
sderl lb procjopnb.

• Bn fúrhubn glb octlrïs sohpbl glplcg

glplcglrî
lrî gorljtnhlctl gl glbb jnpotnb, glb topd gl
octlrïs pnjtngd, y tolhpd.
Octlrïs sohpbl (o) 8 Jnpotnb (j) x Wopd gl Octlrïs (r) x Wolhpd (t)
Ls gljor; o 8 j x r x t

• Lb topd gl octlrïs (r) y lb tolhpd (t) tolcl

tolclc
c qul slr mdhdiïcl
mdhdiïclds.
ds.

• Zo lb topd gl octlr
octlrïs
ïs (r) ls uc tnctd ncunb, mny qul lxprlsnr lb tolhpd lc
lc
cûhlrd gl nþds d jdhd ucn frnjjoúc gl nþd.
>. Octlrïs Zohpbl

Lb topd gl octlrïs gl ucn dplrnjoúc gl octlrïs sohpbl ls lb <% ncunb;

• Zo bn gurnjoúc ls : nþds, t 8 :

• Zo bn gurnjoúc ls >= hlsls, t 8 >= / >5 8 >,<

• Zo bn gurnjoúc ls > nþd, t 8 >

• Zo bn gurnjoúc ls 6 hlsls, t 8 6 / >5 8 1,<

• Zo bn gurnjoúc ls > gèn, t 8 > / :6<

>. Octlrïs Zohpbl; Lklhpbds

• Qrïstnhd gl Z/>1 111 n glvdbvlr glctrd gl >1 hlsls. Jnbjubnr lb octlrïs

sohpbl so lb topd gl octlrïs pnjtngd ls glb 6% ncunb.
Octlrïs sohpbl 8 j x r x t 8 Z/>1 111 x 1,16 x (>1/>5) 8 Z/<11

• Qrïstnhd gl Z/<1.111 n glvdbvlr glctrd gl 7 nþds. G Gltlrhocnr

ltlrhocnr lb octl
octlrïs
rïs
sohpbl so lb topd gl octlrïs ncunb pnjtngd ls glb 9,<%.
Octlrïs sohpbl 8 j x r x t 8 Z/<1.111 x 1,19< x 7 8 Z/><.111

• Jnbjubnr lb octlrïs sohpbl gl uc prïstnhd gl Z/> 111 111 n uc gèn so lb topd gl

octlrïs ncunb pnjtngd ls glb =%.
Octlrïs sohpbl 8 j x r x t 8 Z/> 111 111 x 1,1= x (>/:6<) 8 Z/5>?,>=
Jnpotnboznjoúc Zohpbl

• Ohpbojn npbnznr lb goclrd y vnbdrnrbd lc uc hdhlctd gl tolhpd pd

pdstlrodr
stlrodr
usncgd bn bly focncjolrn glb octlrïs sohpbl.

• Zo tlclhds uc jnpotnb (Jd) qul

qul qulrlhds jnpotnboznr jdc ucn jnpotnboznjoúc
sohpbl, ls gljor qulrlhds vnbdrnrbd lc dtrd hdhlctd pdstlrodr (J>)
hlgonctl bn bly focncjolrn gl octlrïs sohpbl, bn goflrlcjon lctrl bns gds
vnbdrnjodcls glb jnpotnb (J1 y J>) slrî lb octlrïs sohpbl
s ohpbl gl bn dplrnjoúc.
Ls gljor qul; J> 8 J1 + o
Zustotuylcgd lb octlrïs sohpbl (o) pdr su fúrhubn; J> 8 Jd + (Jd x r x t)
Dplrncgd; J> 8 Jd x (> + (r x t))
LKLHQBDZ
>. Jnbjubnr lb snbgd focnb glctrd gl > hls gl ucn julctn j ulctn jdrrolctl qul dfrljl uc
octlrïs sohpbl ncunb glb :% so lb snbgd
s nbgd ocojonb gl bn julctn ls gl Z/9<
Z/ 9< 111.
• J> 8 J
J1
1 x (> + (r x tt))
))
• J> 8 Z/9< 111 x (> + (1,1(1,1:
: x (>/>5))
(>/>5)))) 8 Z/9< >=9,<

5. Jnbjubnr bn jnctogng n glvdbvlr nb encjd pdr uc prïstnhd n : hlsls n uc

octlrïs sohpbl ncunb glb 6,<% so lb ohpdrtl sdbojotngd ls gl Z/>11.111.
J> 8 J1 x (> + (r x t))
J> 8 Z/>11 111 x (> + (1,16< x (:/>5))) 8 Z/>1> 65<

Lb ohpdrtl
ohpdrtl gl bds octl
octlrlsls
rlsls sl
slrî;
rî; O 8 J> - J18 Z/>
Z/>1>.65
1>.65<
< ‚ Z/>1
Z/>11
1 111 8 Z/> 65<
Glsjulctd Zohpbl
• Lb glsjulctd sohpbl ohpbojn nglbnctnr lb goc goclrd
lrd y vnbdrnrbd lc uc hdhlctd gl
tolhpd prlvod usncgd bn bly focncjolrn glb octlrïs sohpbl.

• Ncîbdinhlctl n bd vostd lc bn jnpotnboznjoúc sohpbl, so tlclhds uc jnpotnb (J>)

qul qulrlhds glsjdctnr jdc uc glsjulctd sohpbl, ls gljor qulrlhds vnbdrnrbd
lc dtrd hdhlctd nctlrodr (Jd) hlgonctl bn bly focncjolrn gl octlrïs sohpbl, bn
goflrlcjon lctrl bns gds vnbdrnjodcls glb jnpotnb (Jd y J>) slrî lb octlrïs sohpbl
gl bn dplrnjoúc.
Gl bn jn
jnpo
potn
tnbobozn
znjo
joúc
úc so
sohp
hpbl
bl;; J> 8 JJ11 x (> + ((rr x t))
t))
Qdr bd qul; Jd 8 J> / (> + (r x t))

• Lb jnsd hîs jdhûc gl usd glb glsjulctd sohpbl ls lc lb glsjulctd encjnrod

(pdr prdgujtd
dtrd lklhpbd bltrns gl gl
encjnrod jnheod d pninrïs)
sohobnrls d lc glsjulctd
jnrnjtlrèstojns nsdjongd
(pdr lklhpbd n junbquolr
lb ‒fnjtdroci‘).
 Lklhpbds
>. Jnbjubnr
Z/>11 111lb jdc
ohpdrtl qul cds lc
vlcjoholctd lctrlinrî
?1 gènsmdy lb encjd
nb 6% so glsjdctnhds
gl octlrïs sohpbl ncunb.ucn bltrn gl
J1 8 J> / (> + (r x t))
J1 8 Z/>11 111 / (> + (1,16 x (?1/:6<))) 8 Z/ ?=.<75,>5
5.
qulZoiuolcgd jdc lb lklhpbd
cds lctrlinrî mdy lb nctlrodr
encjd soglbglsjdctnhds
glsjulctd glucn
ucnbltrn
bltrn,gl
jnbjubnr lb ohpdrtl
Z/>11.111 jdc
vlcjoholctd lc ?1 gèns nb 6% gl octlrïs sohpbl ncunb plrd usncgd lb nþd
jdhlrjonb.
J1 8 J> / (> + (r x t))
J1 8 Z/>11 111 / (> + (1,16 x (?1/:61))) 8 Z/?= <55,>9

Bn jnctogng qul plrjoeohds nmdrn (Z/?= <55,>9) ls ocflrodr n bn qul plrjoeènhds

usncgd lb nþd cnturnb (?= <75,>5), bd qul quolrl gljor qul bds octlrlsls rltlcogds
pdr lb encjd sdc suplrodrls.
Lklhpbds
:. jdctocuncgd jdc lb lklhpbd nctlrodr glb glsjulctd gl ucn bltrn, jnbjubnr lb
ohpdrtl qul cds lctrlinrî mdy lb encjd so rlnboznhds uc glsjulctd jdhlrjonb gl
ucn bltrn gl Z/>11 111 jdc vlcjoholctd lc ?1 gèns nb 6% gl octlrïs sohpbl ncunb
(utoboznjoúc glb nþd jdhlrjonb).
Bn boquognjoúc qul cds rlnboznrèn lb encjd slrèn;
Ohpdrtl bltrn; Z/>11 111
Octlrïs; Z/>11 111 x 1,16 x (?1/:61) 8 Z/> <11
Boquogd; Z/>11 111 ‚ Z/> <11 8 Z/ ?= <11

Bn jnctogng qul plrjoeohds usncgd glsjulctd jdhlrjonb y sohubtîclnhlctl nþd

jdhlrjonb (Z/ ?= <11) ls bn jnctogng hîs enkn gl tdgns bns jnbjubngns, bd qul
quolrl gljor qul bds octlrlsls tdtnbls rltlcogds pdr lb encjd sdc bds hîxohds.
 JNQOWNBO[NJOÚC
JNQOWNBO[NJOÚC _ GLZJ
GLZJ\LCWD
\LCWD JDHQ\LZWDZ
5. Octlrïs Jdhpulstd
• Bns dplrnjodcls focnc
focncjolrns
jolrns lc bns qul npbojn lb octlrïs jdhpulstd slrîc
nqulbbns lc bns qul bds octlrlsls sl jnbjubnc sderl lb procjopnb y sderl bds
octlrlsls ilclrngds lc plrèdgds nctlrodrls.

• Lb octlrïs jdhpulstd nsuhl qul bds octlrlsls sdc prdgujtovds, ls gljor gljor,, bds
octlrlsls sdc jnpnjls gl prdgujor n su vlz hîs octlrlsls lc lb futurd.

• Bn ocjbusoúc glb octlrïs jdhpulstd lc bns fúrhubns gl jîbjubd ls nbid hîs

jdhpblkn qul lc lb jnsd glb octlrïs sohpbl.
5. Octlrïs Jdhpulstd
• Qnsnhds n vlr su fdrhubnjoúc eîsojn ncnbozncgd lb jnp
jnpotnb
otnb focnb nb npbojnr lb
Octlrïs jdhpulstd glspuïs vnrods plrèdgds;
Qlrodgd Jnpotnb focnb
1 J1

> Jd x (> + r)
5 Jd x (> + r) + r x (J1 x (> + r)) 8 J1 x (> + r)5
: Jd x (> + r)5 + r x (J1 x (> + r) 5) 8 J1 x (> + r):
7 Jd x (> + r): + r x (J1 x (> + r) :) 8 J1 x (> + r)7
t… 8 Jd x (> + r)t
gljor,, bn lxprlsoúc gl octlrïs jdhpulstd (> + r)t slrî bn qul cds plrhotn
• Ls gljor

hubtopbojncgd d govogolcgd rlnboznr

t
jnpotnboznjoúc jdhpulstn d njtunboznjoúc
jdhpulstn. Bn lxprlsoúc ((>
> + r) ls bbnhngd FNJWDU GL JNQOWNBO[NJODC

Jnpotnboznjoúc Jdhpulstn
• gl
Bn tolhpd
jnpotnboznjoúc jdhpulstn
pdstlrodr usncgd bnohpbojn npbnznr glb
bly focncjolrn lb goclrd
octlrïsyjdhpulstd.
vnbdrnrbd
vnbdrnrbd lc uc hdhlctd

• Zo tlclhds uc jnpotnb (J1) q

qul
ul qulrlhds jnp
jnpotnboznr
otnboznr jdc ucn jnpotnboznjoúc
jdhpulstn, ls gljor qulrlhds vnbdrnrbd lc dtrd hdhlctd pdstlrodr (J>)
hlgonctl bn bly focncjolrn gl octlrïs jdhpulstd, glelrlhds hubtopbojnr lb jnpotnb
ocojonb (J1) pdr bn lxprlsoúc glb octlrïs jdhpulstd P(> + r) tX.
t
• Ls glj
gljor
or qul;
qul; J> 8 J1 x (> + r)
• Lb jnsd hîs jdhûc gl usd gl bn jnpotnboznjoúc jdhpulstn ls lc bn
gltlrhocnjoúc gl bds jdstds focncjolrds gl bds prïstnhds n hîs gl uc nþd (sl
lxpbojnrî lb hdtovd nb vlr bns goflrlcjons lctrl lb octlrïs sohpbl y jdhpulstd).
 Lklrjojods
>. Jnbjubnr bn jnctogng n glvdbvlr nb encjd pdr uc prïstnhd n : nþds n uc octlrïs
jdhpulstd ncunb glb 6,<% so lb ohpdrtl sdbojotngd
sdbojot ngd ls gl Z/>11 111.
J> 8 J1 x (> + r)t
:
J> 8 Z/>11 111 x (> + 1,16<) 8 Z/>51 9?7,?6

5. Jnbjubnr lb octlrïs gl uc prïstnhd n : hlsls n uc octlrïs jdhpulstd ncunb glb

6% so lb ohpdrtl sdbojotngd ls gl Z/711 111.
• Octlrïs jd
jdhhpulstd 8 J> - J1 8 J1x (> + r)t - J1 8 J1 x ((> + r)t- >)
• Octl
Octlrï
rïss jd
jdhp
hpul
ulst
std
d 8 Z/
Z/71
711.
1.11
111
1 x (((>
(> + 1
1,16):/>5 - >) 8 Z/< =6?,<7
,16)
Jnpotnboznjoúc Jdhpulstn
• Ls
Lc huy jdhûccdqul
lsl jnsd sl vnr
vnrèl
èl lb utoboznr
pulgl topd glbnoctlrïs gurnctl
lxprlsoúc (> +bn r)gurnjoúc gl ucn mnerî
t gorljtnhlctl, dplrnjoúc.
qul
nkustnr bn fúrhubn pnrn jdcsoglrnr bds goflrlctls topds gl octlrïs voilctls gurnctl
bn dplrnjoúc.

• Jnbjubnr bn jnctogng n glvdbvlr nb encjd pdr uc prïstnhd n < nþ

nþds
ds n uc octlrïs
jdhpulstd ncunb glb 6,<% bds trls prohlrds nþds y glb <,<% bds gds ûbtohds nþds
so lb ohpdrtl sdbojotngd ls gl Z/>11111.

J> 8 J1 x (> + r>): x (> + r5)5

• J 8 Z/>11.111 x (> + 1,1<<) : x (> + 1,1<<)5 8 Z/>:7.779,=>
>
Glsjulctd Jdhpulstd
• bly
Ohpbojn nglbnctnr
focncjolrn lb goclrd
glb octlrïs y vnbdrnrbd lc uc hdhlctd gl tolhpd prlvod usncgd bn
jdhpulstd.

• Zo tlc
tlclhds
lhds uc jnp jnpotnb
otnb (J>) qul qulrlhds glsjdctnr jdc uc glsjulctd
jdhpulstd, ls gljor qulrlhds vnbdrnrbd lc dtrd hdhlctd nctlrodr (J1) hlgonctl
bn bly focncjolrn gl octlrïs jdhpulstd, glelrlhds govogor lb jnpotnb (J >) pdr bn
octlrïs jdhpulstd P(> + r)t X. Qdr bd qul; J18 J> / (> + r) t
lxprlsoúc glb octlrïs

• Bds jnsds hîs jdhuc

jdhucls ls gl usd glb glsjulc
glsjulctdtd jdhpul
jdhpulstd
std sdc;
• Lc bn gltlrhocnjoúc glb vnbdr njtunb gl rlctns futurns.
• Lc lb jîbjubd gl vnbdrls
v nbdrls cltds glb lfljtd ocfbnjoúc.
 Lklhpbds
>. Jnbjubnr lb Z/<11
ohpdrtl gl vnbdr 111
njtunb
so lbgltopd
ucn
gl rlctn
octlrïsqul sl rljoeorî jdhpulstd
gl glsjulctd glctrd gl ls
7 nþds pdr
glb <%.
J1 8 J> / (> + r)t
J1 8 Z/<11 111 / (> + 1,1<)7 8 Z/7>Z/7>>.:<>,57
>.:<>,57

5. \c lhpblngd rljoel ucn edcofojnjoúc pninglrn n su kueobnjoúc (6< nþds) pdr

pnrtl gl su lhprlsn gl Z/>11.111. Jnbjubnr lb vnbdr njtunb gl lsn edcofojnjoúc so
snelhds qul lb lhpblngd tolcl mdy :< nþds y bn tnsn gl lsplrngn gl ocfbnjoúc n
bnrid pbnzd ls glb 5,<%.
• J1 8 J> / (> + r)t
• J1 8 ₢>
₢>11.11
11.111 1 / (> + 1,15<):1 8 Z/79.697,59
1,15<)
 Lklhpbds
:. Lb snbnrod hècohd hlcsunb pnjtngd lc uc jdcvlcod jdbljtovd sl mn fokngd lc
Z/?11 pnrn lb p prúxohd
rúxohd nþ
nþd
d y gl Z/?5< pn
pnrn
rn lb soiuolctl.
Zo bn ocfbnjoúc lsplrngn lc bds gds prúxohds nþds slrî glb :% ncunb,
gltlrhocnr lb vnbdr cltd pdr lb lfljtd gl ocfbnjoúc n bn fljmn gl mdy, glb snbnrod
fokngd pnrn lb prohlr y sliucgd nþd gl jdcvlcod.

J1 8 J> / (> + r)t

Znbnrod hècohd hlcsunb lfljtd gl ocfbnjoúc prohlr nþd glb jdcvlcod;

J1 8 Z/?11 / (> + 1,1:) 8 Z/=9:,9?

Znbnrod hècohd hlcsunb glfbnjtngd sliucgd nþd glb jdcvlcod;

J1 8 Z/?5< / (> + 1,1:)5 8 Z/=9>,?1
Z /=9>,?1
 Goflrlcjon lctrl Octlrïs Zohpbl y Jdhpulstd
Bn soiuolctl tnebn hulstrn bns goflrlcjons lctrl lb octlrïs sohpbl y lb octlrïs
jdhpulstd pnrn gostoctds hlsls gl uc jnpotnb gl Z/>11.111 n uc octlrïs glb <%
ncunb.
Hl
Hlslslss Oc
Octl
tlrï
rïss so
sohp
hpbl
bl Oc
Octl
tlrï
rïss jd
jdhp
hpul
ulst
std
d Go
Gofl
flrl
rlcj
cjon
on
> 7>9 719 ?
5 =:: =>6 >9
: >.5<1 >.559 5:
7 >.669 >.671 59
< 5.1=: 5.1<7 :1
6 5.<11 5.791 :1
9
= 5.?>9
: .::: 5.==9
:
:..:16 :1
5 9
? :.9<1 :.959 5:
>1 7.>69 7.><1 >9

>>5 7.<=:
< 111 7.<97
< 111 ?
1
 Goflrlcjon lctrl Octlrïs Zohpbl y Jdhpulstd

Hl
Hlsl
slss Oct
Oct sohp
sohpbl
bl Oct
Oct jd
jdhp
hpul
ulst
std
d Go
Gofl
flrl
rlcj
cjon
on
>5 <.111 <.
< .111 1
>: <.7>9 <.75= ->>
->>
>7 <.=:: <.=<9 -57
>< 6.5<1 6.5=? -:?
>6 6.669 6.955 -<<
>9 9.1=: 9.><6 -9:
>= 9.<11 9.<?: -?:
>? 9.?>9 =.1:> ->><
51 =.::: =.79> ->:=
5> =.9<1 =.?>: ->6:
55 ?.>69 ?.:<9 ->?1
5: ?.<=: ?.=1: -5>?
57 >1.111 >1.5<1 -5<1
 NCÎBOZOZ
• Fúr
Fúrhub
hubns
ns npb
npbojn
ojngns
gns;;
• Octlr
Octlrïs
ïs sohpbl 8 Z/>11.
Z/>11.111
111 x 1,1< x ((t/>5)
t/>5)
• Octlr
Octlrïs
ïs jdhpul
jdhpulstdstd 8 Z/>11
Z/>11.111 1,1<))t/>5 - >)
.111 x ((> + 1,1<
Ncnbozncgd bds gntds gl bn tnebn pdglhds bblinr n bns soiuolctls jdcjbusodcls sderl
bns goflrlcjons qul sl prdgujlc nb npbojnr lb octlrïs sohpbl
s ohpbl y lb octlrïs jdhpulstd;
• Ls ocgoflrlctl usnr lb octlrïs sohpbl d lb octlrïs jdhpulstd pnrnpnrn ucn dplrnjoúc n
uc nþd yn qul bds gds sostlhns
sost lhns gl jîbjubd gl octlrlsls jdocjoglc.
• Qnrn dplrnjodcls focncjolrns n hlcds g gl
l uc nþd lb octlrïs sohpbl ls suplrodr nb
octlrïs jdhpulstd.
• Bds encjds bd ohpdclc jdhd bly gl jîbjubd pnr pnrnn dplrnjodcls gl p prïstnhd
rïstnhd n
hlcds gl uc nþd; prïstnhds encjnrods n jdrtd pbnzd, púbozns gl jrïgotd,
glsjueolrtds lc julctn, d glsjulctd gl lfljtds.
NCÎBOZOZ
• octlrïs
Qnrn dplrnjodcls
jdhpulstd.focnc
focncjolrns
jolrns n hîs gl uc nþd lb octlrïs sohpbl ls ocflrod
ocflrodrr nb

• Bds encjds bd utoboznc jdhd bly gl jîbjubd pnrn dp

dplrnjodcls
lrnjodcls gl pr
prïstnhd
ïstnhd n
hîs gl uc nþd; prïstnhds encjnrods n bnrid pbnzd, mopdtljns, ltj.

• Bd cdrhnb ls nglhîs jdheocnr lb octlrïs jdhpulstd pnrn bn dplrnjoúc n bnrid

pbnzd jdc jnpotnboznjodcls frljulctls (cdrhnbhlctl hlcsunbls) pnrn
hnxohoznr lb ohpdrtl tdtnb gl bds octlrlsls gl bn dplrnjoúc.
FNJWDULZ GL JNQOWNBO[NJODC _
NHDUWO[NJODC
NHDUW O[NJODC

Oci. Buos N Dromulbn Znbnznr

 GLG\JJOÚC GL FDUH\BNZ GL OCWLULZ

• Ls cljlsnrod prl
prlvonhlctl
vonhlctl fnhobonroznr
fnhobonroznrcds
cds jdc bn tlrhocdbdièn y lcucjongds gl
bds jdcjlptds hntlhîtojds eîsojds.

• Lstns tïjcojns y hïtdgds ssl

l trntnc nhpbonhl
nhpbonhlctl
ctl lc bn Ocilcolrèn ljdcúhojn
• Bn Ocilcolrèn ljdcúhoj
ljdcúhojn
n cds hulstrn lb jnh jnhocd
ocd qul cds fnjobotn rlnboznr
jdhpnrnjodcls ljdcúhojns pnrn slbljjodcnr y tdhnr gljosodcls qul

ocvdbujrnc bn lfojolcjon focncjolrn lc bn nsoicnjoúc gl rljursds

• Bns glgujjodcls qul sl vn n prlslctnr sl rl rlfolrlc
folrlc n sotunjodcls jdrr
jdrrolctls
olctls
glb octlrïs jnpotnboznebl ncunbhlctl d plroúgojnhlctl y jdc pnids oiunbhlctl
ncunbls.
 GLG\JJODC GL FDUH\BNZ GL OCWLULZ
Qnrn bns fdrhubnjodcls ocgojngns sl vnc n lhpblnr bds sèhedbds soiuolctls;
• Q 8 Jnpo
Jnpotnb
tnb d vnbdr pr
prlslc
lslctl
tl d njtunb
• O 8 tn
tnsn
sn gl octlrï
octlrïss ncu
ncunb
nb
• c 8 Cûhlr
Cûhlrdd gl plrodg
plrodgds
ds gl octlr
octlrïs
ïs ncunb
• N 8 \c pnid d glslhed
glslhedbsd
bsd ncunb ucofdrhl gl ucn slr
slrol
ol gl pnids d
glslhedbsds oiunbls, qul tolclc buinr nb focnb gl jngn plrodgd ncunb gl
octlrlsls
•F8V Vnbdr
nbdr d suhn futurn gl c plrodgds ncun
ncunbls
bls gl octlrlsls, qul slrî oiunb
nb hdctd jnpotnbozngd gl uc jnpotnb d vnbdr njtunb Q, d tnheoïc oiunb n bn
suhn gl bds pnids d glslhedbsds N jnpotnbozngds lc ucn slrol gl pnids
>. Glgujjoúc gl bns fúrhubns y fnjtdrls gl jnpotnboznjoúc gl uc sdbd pnid

• Zl
gl trnt
trntn
ucnn gl gltl
gltlrhocn
rhocnr
ocvlrsoúc (Q)r bnhnctlcogn
fúrh
fúrhubn
ubn glpdr
uc
ucnn cjncto
jnctogng
gngyqu
nþds qul
l sl lb
qul mn octlrïs
nj
njuhub
uhubngd
ngd
sl (F)
mn
jnpotnbozngd ucn vlz pdr nþd.

• Juncg
Juncgd d gljoh
gljohds
ds qul lb oc
octlrïs
tlrïs ssl
l mn jnpot
jnpotnbozn
nbozngd,
gd, cds rl
rlflroh
flrohds
ds qul ls
lstds
tds
octlrlsls incnc octlrïs
Bn lxprlsoúc (>+o) c sl bl jdcdjl jdhd fnjtdr gl jnpotnboznjoúc gl uc sdbd pnid y
sl ocgojn tnheoïc jdhd;
(F/Q, o%, c)

Lstl fnjtdr cds sorvl pnrn pnrn mnbbnr lb hdctd F jnpotnbozngn n octlrïs jdhpulstd
jdc uc jnpotnb njtunb Q

Bn ljunjoúc (>) sl pulgl lxprlsnr nsè;

F8 Q (F/Q, o%, c) (5)

Lstn ljunjoúc (5) sl lhpbln pnrn jnbjubnr bn jnctogng d vnbdr prlslctl qul sl
tolcl qul ocvlrtor gurnctl c plrodgds n ucn tnsn gl octlrïs o% pnrn njuhubnr d
jnpotnboznr ucn jnctogng F.

5. Gltlrhocnjoúc glb fnjtdr gl vnbdr njtunb d prlslctl gl uc glslhedbsd

\tobozncgd bn fúrhubn (>), mnbbnhds lb vnbdr gl Q.

Q 8 F (>/(>+o) c (:)
Bn lxprlsoúc (>/(>+o) c sl bl jdcdjl jdhd Fnjtdr glb vnbdr njtunb d prlslctl gl
uc pnid y sl bl sohedbozn nsè
(Q/F, o%, c)

Lstl fnjtdr sl lhpbln pnrn lcjdctrnr lb vnbdr njtunb d prlslctl Q gl ucn

jnctogng d hdctd futurd F glspuïs gl c nþds n ucn tnsn gl octlrïs o, lctdcjls,
lstn ljunjoúc (:) sl rlprlslctn gl bn soiuolctl hnclrn;
 Q 8 F (Q/F, o%, c) (7)

:. Gltlrhocnjoúc glb Fnjtdr gl jnpotnboznjoúc d vnbdr futurd gl

ucn slrol gl pnids oiunbls (NC\NBOGNGLZ)
• Lb tïrhocd ‒NC\NB
‒NC\NBOGNG‘
OGNG‘ sl lhpbln pnrn ocgojnr lb pnid
pnid gl ucn suhn fokn n
octlrvnbds gl tolhpds oiunbls, cd cljlsnronhlctl jdrrlspdcgl n uc nþd, socd
tnheoïc pulgl slr hlcdrls n lstl.

• ‒N‘ rlprlslctn jngn u

ucd
cd gl bds pnids y gl
glslhedbsds
slhedbsds oiun
oiunbls
bls gl bn slrol y qul
sl bbnhn ncunbogng.

• Lstl fnjtdr
ucofdrhl ls pnrn
gl pnids gltl
gltlrhocnr
gl fbukd rhocnr bn lquovn
gl lfljtovdlquovnblcjon
N . blcjon lc lb futurd g
gl
l ucn slrol

• Lstn vnronebl rlprl

rlprlslctnrî
slctnrî lb fbukd cltd nb focnb glb plrodg
plrodgd
d bn junb tolcl buin
buinrr
gurnctl c octlrvnbds gl tolhpds oiunbls.
Wlclr lc julctn qul bn ûbtohn N lc lb tolhpd tlcgrî buinr lc c, puctd qul lstl
fbukd gl lfljtovd CD prdgujorî cociûc octlrïs.

Lc jnheod, bn plcûbtohn N prdgujl octlrlsls gurnctl uc plrodgd, pdr jdcsoiuolctl,

su lquovnblcjon lc lb tolhpd ls N (> + o).

c
Bn fúrhubn ls bn soiuolctl; F 8 N ((> + o) ‚ > / o ) (<)
Nb fnjtdr (> + o) c ‚ > / o sl bl glcdhocn fnjtdr gl jnpotnboznjoúc d vnbdr futurd gl
ucn slrol gl pnids d glslhedbsds oiunbls0 tnheoïc sl bl bbnhn fnjtdr gl
ncunbogngls.
Zl bl rlprlslctn gl bn soiuolctl hnclrn; (F/N, o%, c). Jdc lstl fnjtdr sl
gltlrhocn bn jnctogng njuhubngn futurn F,
F, nb focnb glb nþd c, gl ucn slrol gl pnids
d glslhedbsds oiunbls gl vnbdr N
N..
Bn ljunjoúc <, sl pulgl rlprlslctnr gl bn soiuolctl hnclrn;
Bn ljunjoúc <, sl pulgl rlprlslctnr gl bn soiuolctl hnclrn;
F 8 N (F/N, o%, c) (6)

7. Gltlrhocnjoúc
glb fnjtdr gl nhdrtoznjoúc gl ucn slrol gl pnids
d glslhedbsds oiunbls; (Fnjtdr gl nhdrtoznjoúc jdcstnctl)
• Qnrtolcgd gl bn ljunjoúc (<) mnbbnhds lb vnbd
vnbdrr gl N.
N 8 F (o/ (> + o) c ‚ >) (9)
• Bn lxp
lxprlsoúc (o/ (> + oo)) c ‚ >) sl bbnhn fnjtdr gl nhdrtoznjoúc gl ucn slrol gl
rlsoúc
pnids oiunbls d fnjtdr gl nhdrtoznjoúc jdcstnctl y sl bl sohedbozn pdr;
(N/F, o%, c)
• Lstl fnjtdr cds nyugn n gltlrh
gltlrhocnr
ocnr lb vnbdr cljlsnrod N gl jngn pnid d
glslhedbsd gl focnbglfocnb
pnrn nsè njuhubnr nþdglb
d plrodgd, qul
plrodgd c, ucnlsjnctogng
cljlsnrod pninr futurd
y hdctd d glslhedbsnr,
F
F..
• Nsè, bn lxprls
lxprlsoúc
oúc (9), sl pulgl
pulgl rlprlslctnr g
gl
l bn soiuolctl fdrh
fdrhn;
n;
 N F (N/F, o%, c) (=)

7. Gltlrhocnjoúc glb fnjtdr gl nhdrtoznjoúc gl ucn slrol gl pnids

d glslhedbsds oiunbls; (Fnjtdr gl nhdrtoznjoúc jdcstnctl)

• Ulsuholcgd; Lstl fnj

fnjtdr
tdr,, ls nqulb pdr lb junb glel hu
hubtopbojnrsl
btopbojnrsl uc
ucn
n jnctogng
futurn F pnrn lcjdctrnr bds glpúsotds gl fdcgd gl nhdrtoznjoúc qul mnrîc qul
nqulbbn sl njuhubl.

• Lstl fnjt
fnjtdr
dr tnheo
tnheoïc
ïc ls jdcdj
jdcdjogd
ogd jdhd fdcgd gl nhdrtoznjoúc
nhdrtoznjoúc,, qul volcl n slr bn
jnctogng qul sl vn n juhubncgd hlgonctl pnids plroúgojds qul glvlcinc
octlrïs y qul sl lhpblnc procjopnbhlctl jdc lb dekltd gl pninr ucn glugn n su
vlcjoholctd d tnheoïc mnjlr frlctl n futurds jdhprdhosds
Nhdrtoznjoúc
• Ls lb prdjlsd n trnvïs glb junb sl lxtociul irngunbhlc
irngunbhlctl
tl ucn glugn pdr
hlgod gl ucn slrol gl pnids plroúgojds nb njrllgdr
njrllgdr..
• Jngn pnid ocjbuyl lb octlrïs sderl bn glugn plcgolctl y uc pnid pnrjonb
sderl lb procjopnb d jnpotnb
Goflrlcjon jbnvl lctrl lb fdcgd gl nhdrtoznjoúc y bn nhdrtoznjoúc
• Lb fdcgd gl nhdrtoznjoúc l
lss ucn ocvlrsoúc qul rls
rlslrvn
lrvn fdcgds pnrn sntosfnjl
sntosfnjlrr
ucn cljlsogng gl ocvlrsoúc futurn
• Bn nhdrtoznjoúc sdc ju
judtns
dtns plroúgojns gl uc ocstr
ocstruhlctd
uhlctd gl glugn jdhd uc
prïstnhd d ucn mopdtljn.
• Nhdrtoznjoúc ls tnheoïc lb tïrhocd utobozngd pnrn lb trntnholctd jdctnebl glb
rliostrd gl nidtnholctd gl njtovds octncioebls.
<. Glgujjoúc gl bns fúrhubns y fnjtdrls gl vnbdr prlslctl d
njtunb gl ucn slrol gl pnids oiunbls

• Qnrn gltlrhocnr bn lquovnblcjon lc lb tolhpd jlrd gl lstds fbukds nb focnb gl

gl
jngn plrodgd gurnctl c plrodgds d nþds, sl prdjlgl n pnrtor gl bn fúrhubn y
fnjtdr gl jnpotnboznjoúc d vnbdr futurd gl ucn slrol gl pnids d glslhedbsds
oiunbls.

• Gl bn ffúrh
úrhubn <) F 8 N ((> + o) c ‚ > / o ), rllhpbnznhds F pdr Q (> + o) c
ubn ((<)

Q (> +o) c 8 N ((> + o) c ‚ > / o)

Glsplkncgd sl tolcl qul;
Q 8 N ((> +o) c -> / o (> +o) c) (?)
<. Glgujjoúc gl bns fúrhubns y fnjtdrls gl vnbdr prlslctl d
njtunb gl ucn slrol gl pnids oiunbls
• Lb fnj
fnjtd
tdrr (>
(> +o) c -> / o (> +o) c sl bbnhn fnjtdr glb vnbdr prlslctl d njtunb
+o)
gl ucn slrol gl pnids d glslhedbsds oiunbls
• Wnheoï
nheoïc
c sl bl jd
jdcdjl
cdjl jd
jdhd
hd vnb
vnbdr
dr glb fnj
fnjtdr
tdr njtu
njtunb
nb gl ucn rrlctn
lctn
tlhpdrnb jdcstnctl.
• N lstl fnj
fnjtdr
tdr sl bl rl
rlprls
prlslctn
lctn pdr l
lbb soiuo
soiuolctl
lctl sèh
sèhedbd
edbd (Q /N, o%, c) y ssl
l
bl lhpbln pnrn lcjdctrnr lb vnbdr prlslctl d njtunb gl ucn slrol gl
pnids d glslhedbsds ncunbls oiunbls.
• Bn lj
ljunj
unjoúc
oúc (?
(?)) pulg
pulgl
l rlp
rlprls
rlslct
lctnrs
nrsl
l sli
sliûc;
ûc;
Q 8 N (Q /N, o%, c) (>1)
6. Glgujjoúc gl bn fdrhubn y fnjtdr gl rljuplrnjoúc gl jnpotnb.

Gl bn fúrhubn (?) glb vnbdr prlslctl d njtunb gl ucn slrol gl pnids d

glslhedbsds oiunbls, sl tolcl qul;

N 8 Q (o (> + o) c / (> +O) c ‚ > (>>)

Lb fnjtdr o (> + o) c / (> +O) c ‚ > sl bl jdcdjl jdhd fnjtdr gl rljuplrnjodc gl

jnpotnb.

Nb fnjtdr ocgojngd sl bl rlprlslctn

rlprlslctn pdr lb soiuolctl sèhedbd;
sèhedbd; (N/Q,
(N/Q, o%, c).
Lstl fnjtdr plrhotl lcjdctrnr bds pnids N nb focnb glb plrodgd d nþd, d bn rlctn
jdcstnctl qul suhocostrnrî ucn jnctogng gl vnbdr prlslctl d njtunb Q
Q,, n ucn tnsn
 gl Octlrïs o.

6. Glgujjoúc gl bn fdrhubn y fnjtdr gl rljuplrnjoúc gl jnpotnb.

Lc dtrns pnbnerns, slrvorn pnrn mnbbnr bn jnctogng jdcstnctl qul sl rljoeoron (d

pninrèn) nb tïrhocd gl jngn plrodgd d nþd y pdr lb bnpsd gl c plrodgds d
nþds, d cds prlstnc ucn jnctogng Q lc lb tolhpd jlrd.

Bn ljunjoúc (>>)
(>>) sl jdcvolrtl gl njulrgd n bn soiuolctl lxprlsoúc

N 8 Q (N/Q,
(N/Q, o%, c) (>5)
 Npbojnjoúc gl bds fnjtdrls gl jnpotnboznjoúc y
nhdrtoznjoúc lc bn lquovnblcjon glb goclrd
Zo glelhds jdhpnrnr gds d hîs nbtlrcntovns goflrlctls lc lb tolhpd, yn
sln uc ocirlsd d glslhedbsd gl uc hdctd gl goclrd, sl glel gltlrhocnr
lb vnbdr gl octlrjnheod pnrn qul nb hdhlctd gl rlnboznrbd cds sln
ocgoflrlctl lb hdctd nb rljoeor.

• Lklhpbd; tlclh
tlclhds
ds qul lb vnbdr prlslctl d njtunb gl Z/. 7<1 111
111 gl mdy,
mdy,
ls lquovnblctl n Z/. ??7 =><, so bn slpnrnjoúc gl lsds hdctds ls gl 9
nþds y so tnsn gl octlrïs ls glb >5% ncunb.
• Lstn ls ucn lquovnbl
lquovnblcjon,
cjon, pnrn quolc l
lstohl
stohl jdcvlcolc
jdcvlcolctl
tl ucn tnsn glb
>5%, jdhd ucn tnsn enstnctl sntosfnjtdron0 pdr jdcsoiuolctl, bl slrî
 jdhpbltnhlctl
glctrd gl 9 nþdsocgoflrlctl pninr mdy gon Z/. 7<1 111 d Z/. ??7 =><

Npbojnjoúc gl bds fnjtdrls gl jnpotnboznjoúc y

nhdrtoznjoúc lc bn lquovnblcjon glb goclrd
Glelhds nirlinr qul, lxostlc trls lblhlctds ohpdrtnctls lc
bn lquovnblcjon glb goclrd;
• Bn jnct
jnctogng
ogng gl goclrd
goclrd

•Lb hdhlctd qul sl rljoen d sl lctrlin bn jnctogng gl goclrd

•Bn tnsn gl Octlrïs

 Ulprlslctnjoúc irîfojn gl uc jrïgotd
• Lc focnczns,
irîfojn, ls g
pdr junctdgl
l plrhotl
irnc utobogng rlprlslctnr
lctlcglr uc
ucn
n dplrnjoúc
lb pbnctlnholctd jrl
jrlgotojon
gotojon
glb prdeblhn lc fdrhn
y vosunboznr
bn sdbujoúc. Lb gonirnhn ensl sl jdcstruyl nsè;
>. \cn bècln mdrozdctnb, bn junb rlprlslctn lb mdrozdctl gl bn dplrnjoúc (tolhpd
(tolhpd).
).

5. \cn fbljmn mnjon nrroen nb jdholczd gl bn bècln mdrozdctnb qul rlprlslctn bn

lctrngn glb goclrd nb glugdr.

:. \cns fbljmns oiunbls lc tnhnþd mnjon nenkd gl bn bècln mdrozdctnb, bns junbls
rlprlslctnc bds pnids plroúgojds glb goclrd rljoeogd lc prïstnhd.
• lctogng
Cdtn; juncgd bn ,irîfojn
focncjolrn
focncjolrn, ls gl
lb slctogd pnrn
bns rlp
rlprlslctnr
rlslctnr
fbljmns ls, nbuc prïstn
prïstnhd
hd dtdringd
jdctrnrod. dtdringd pdr ucn
 Lklhpbds gl npbojnjoúc
>. \c lhprlcglgdr glsln ngquoror ucn hîquocn gl sdbgnr pnrn su tnbblr gl
fnerojnjoúc gl nrtèjubds gl hltnb.
^ul jnctogng gl goclrd tlcgrî qul glpdsotnr lc su julctn gl nmdrrd qul pnin lb
>1% gl octlrïs y nsè pdglr njuhubnr nb focnb glb quoctd nþd Z/>1 1114

sdbujoúc;
Lb prohlr pnsd ls gosjrohocnr y slpnrnr bds gntds qul jdctnhds lc lb
lcucjongd glb prdeblhn.

F 8 Z/. >1 111

O 8 >1%
c 8 < nþds
Q84
Jdc lstds gntds pnsnhds n lbnedrnr lb gonirnhn glb fbukd
f bukd gl jnkn rlspljtovn

Lb vnbdr qul glslnhds mnbbnr ls lb vnbdr prlslctl qul glpdsotncgd lc ucn

julctn
detlcinglucnnmdrrds n ucn
jnctogng oiunbtnsn
n Z/.glb >1% y pdr lb tïrhocd gl jocjd nþds sl
> 111.
Bn fdrhubn n lhpblnr ls Q 8 F (Q/F, o%, c)
Ullhpbnzncgd vnbdrls lc bn lxprlsoúc gngn, sl tolcl qul;
Q 8 >1 111 ( Q/F, >1%, <).
Detlclhds lb vnbdr cuhïrojd glb fnjtdr vnbdr prlslctl gl uc sdbd pnid, gl
bns tnebns gl bds fnjtdrls gl octlrls
 Q 8 >1 111 (1.651?) 8 Z/. 6 51?
Lb lhprlcglgdr tlcgrèn qul glpdsotnr nmdrn, bn jnctogng gl Z/ 6 51?

5. Zo lb hoshd lhprlcglgdr, lstî glpdsotncgd lc su julctn gl nmdrrd qul

pnin lb ><% ncunb, Z/. > 111 gurnctl < nþds ¡

´^ul jnctogng sl njuhubnrèn nb focnb glb nþd >1, so lb prohlr glpdsotd bd mozd
nb focnb glb nþd >4

Zdbujoúc;

Mnbbncgd bds gntds qul lb jdctlcogd glb prdeblhn cds prdpdrjodcn

N 8 Z/.> 111 ncunb gurnctl < nþds

o 8 ><%
c 8 >1 nþds
 F84

F> 8 4 F84

Qrohlrd, glelhds lcjdctrnr lb vnbdr gl F> lc lb nþd <, y pnrn lbbd glelhds
lhpblnr bn fdrhubn (6) glb fnjtdr (F/N gl jnpotnboznjoúc gl ucn slrol gl pnids
oiunbls; F 8 N (F/N, o%, c).
Ullhpbnzncgd vnbdrls; F> 8 > 111 (F/N, ><%, <)
Qnrn lcjdctrnr F lc lb nþd >1, lhpblnhds bn fdrhubn (5) F8 Q (F/Q
(F/Q,, o%, c)

Qnrn lstl jnsd vnhds n jdcsoglrnr qul lb vnbdr detlcogd F >, jdrrlspdcgl nb
nþd <, yn qul, pnrn focls gl jîbjubd, nb nþd < bl jdrrlspdcglrèn slr lb nþd 1,
gdcgl sl mnbbn lb vnbdr prlslctl slron F > y glslnhds mnbbnr lb vnbdr futurd gl
lsn jnctogng lc lb nþd <, qul jdrrlspdcgl nb nþd >1 glb gonirnhn droiocnb.

Lctdcjls, sliûc bd ncnbozngd, tlcgrènhds qul rllhpbnzncgd lc bn

fúrhubn (5)
F 8 F> (F/Q, ><%, <) y n su vlz rllhpbnzncgd lc lstn lxprlsoúc lb vnbdr
gl F>, sl tlcgrèn qul;

F 8 > 111 (F/N, ><%, <) (F/Q, ><%, <)

Detlcolcgd bds vnbdrls cuhïrojds gl bds fnjtdrls F/N, y F/Q gl bns tnebns
gl fnjtdrls gl octlrïs y rllhpbnzncgd lc bn lxprlsoúc nctlrodr,
nctlrodr, sl tolcl;
F 8 > 111 x 6.9757 x 5. 1>>7 ------- F 8 Z/.>: <6>
Bulid, bn jnctogng qul sl njuhubnrèn nb focnb glb nþd >1 slron; Z/. >: <6>

Wnrln; Lstl prdeblhn oiunbhlctl sl pulgl sdbujodcnr gl dtrn hnclrn.

Lcjdctrncgd lb VQ lc lb nþd 1 gl bds < glpúsotds ncunbls lhpblncgd lb
fnjtdr glb VQ gl ucn slrol gl pnids oiunbls y jdc lstl vnbdr mnbbnr lb
vnbdr futurd F lc lb nþd >1.

Lklhpbd
Junb ls :lb octlrïs qul incnrèn uc hoclrd nrtlsncnb, so vn ocvlrtor lc uc
prdyljtd qul rlquolrl gl ucn ocvlrsoúc ocojonb gl Z/. >1 111 y qul
prdgujorî Z/. 51 >77 nb tïrhocd gl bn vogn glb prdyljtd qul ls gl <
nþds4
Zdbujoúc
Mnbbncgd bds gntds qul lb prdeblhn cds prdpdrjodcn;
Q 8 Z/. >1 111
 F
c 88 <Z/.nþds
51 >77
o84

Z/>1 111
Lc lstl jnsd glslnhds jdcdjlr qul tnsn gl octlrïs incnrèn lc bn ocvlrsoúc
lfljtungn. Qnrn lbbd, utoboznhds ocgostoctnhlctl bns fúrhubns (5) d (7) gl bds
fnjtdrls gl jnpotnboznjoúc gl uc sdbd pnid y glb vnbdr prlslctl d njtunb gl uc
sdbd pnid. Lhpblnrlhds lstl ûbtohd (7), pnrn lstl jnsd ; Q 8 F (Q/F, o%, c)
Ullhpbnzncgd vnbdrls lc lstn lxprlsoúc, sl tolcl qul;

>1 111 8 51 >77 (Q 8 F (Q/F, o%, c)

Q/F, o%, c) 8 >1 111 / 51 >77 8 1.7??67
Zliûc tnebns gl bds fnjtdrls gl octlrls vlhds qul lstl vnbdr qul sl mn
jnbjubngd pnrn < nþds, lstn lctrl ><% y >=%.
 Ulnbozncgd bn octlrpdbnjodc boclnb, mnbbnhds qul ls ><.17%, pnrn focls
prnjtojds bn rlspulstn ls ><%.

Lklrjojods prdpulstds

>. \c jdrrlgdr gl edbsn glpdsotn Z/.:11 111 lc nmdrrds lc ucn lctogng encjnron,
bn qul bl pnin ><% slhlstrnb.
´Zo lstl glsln rltornr jnctogngls oiunbls nb focnb gl jngn slhlstrl gurnctl >1
nþds, juîb slrèn bn jnctogng qul glelrèn rltornr slhlstrnbhlctl4
5. \c nmdrrostn glsln jdcdjlr quï jnctogng ucofdrhl gl goclrd glelc glpdsotnr
nb focnb gl jngn nþd y pdr lb trncsjursd gl 9 nþds jdcsljutovds, jdc lb foc gl
njuhubnr ucn suhn futurn oiunb n Z/. 71 111, y qul bn hoshn incl ucn tnsn gl
octlrls glb <% ncunb
^ul lctlcglhds pdr lquovnblcjon glb goclrd lc lb tolhpd

• Lb jdcjlptd glb vnbdr glb goclrd lc lb tolhpd cds gojl qul ucn jnc
jnctogng
togng
gl fbukd Lfljtovd pulglc slr trnsbngngd n jnctogngls lquovnblctls lc
junbquolr puctd gl bn lsjnbn glb tolhpd.
• Bds fnjtdrls
plrhotorîc gl octlrïs
jnbjubnr bds dvnbdrls
jnpotnboznjoúc glsnrrdbbngd
lc goflrlctls nctlrodrhlctl
tolhpds, cds
sln lstn ucn
jnctogng d gl uc fbukd d slrol gl pnids d glslhedbsds.
• Lb Zoicofojngd gl lquovnblcjon lc rlbnjoúc nb vnbdr gl octlrjnheod
octlrjnheod ls gl

• lslcjonb ohpdrtncjon
Bn jdhprdenjoúc gl lc
bn bn Ocilcolrèn Ljdcúhojn
lquovnblcjon bd vnhds n glhd
glhdstrnr
strnr n trnvïs g
glb
lb
lklhpbd soiuolctl, y qul nglhîs cds vn n plrhotor jdrrdedrnr qul lb vnbdr
gl goflrlctls nbtlrcntovns cd sl pulgl vlr ûcojnhlctl lc ensl n sohpbl
cuhlrnjoúc gl ocirlsd y glslhedbsds futurds.
\c prdpoltnrod pdcl lc vlctn su jnsn lc Z/.9=1 111 nb jdctngd.
\c octlrlsngd bl gojl qul lb pdgrèn pninr nb jdctngd lb prljod dflrtngd, plrd bl
prliuctn
gl Z/. 5:1qul
111,so gurnctl
cd bl jdcvlcgrèn
bds < nþdsqul bl pninsl lc jocjd pnrtls ncunbls oiunbls
soiuolctls.

Lb prdpoltnrod, bl jdctlstn qul vn n lstugonr su dflrtn y qul bl nvosnrn nb

soiuolctl gon.
Nsohoshd, lb prdpoltnrod mn mopdtljngd ucds tlrrlcds nirèjdbns y lstî pnincgd
ucn tnsn gl octlrïs glb ><% ncunb, nsè qul gljogoú mnjlr bn lvnbunjoúc
jdrrlspdcgolctl pnrn tdhnr ucn gljosoúc sderl bn dflrtn gl jdhprn gl bn jnsn
qul bl mojolrdc.

Lc lb jungrd qul sl hdstrnrî sl slþnbnc bns nbtlrcntovns gl pnid.

 Nbtlrcntovns
FOC GL NÞD Qnid nb jdctngd N (Z/.) Qnid Ncunb E (Z/.)
1 9=1 111 1.1111
> -------------------- 5:1 111

5 --------------------- 5:1 111

: ------------------- 5:1 111
7 --------------------- 5:1 111
< -------------------- 5:1 111
Qnids ocirlsds tdtnbls 9=1 111 > ><1 111
Jdcdjolcgd qul lb goclrd tolcl su vnbdr lc lb tolhpd, vlhds qul lb lstugod
suplrfojonb gl ocirlsds y pnids cd hdstrnrî juîb gl bns gds nbtlrcntovns ls bn
hîs jdcvlcolctl

Zlrèn ucn boilrlzn gljor qul bn nbtlrcntovn E slrèn bn hîs jdcvlcolctl, sdbd

pdr lb mljmd
ûcojnhlctl Z/.gl
9=1qul
111,jdc
lbbdïstn
slrènsljdrrljtd
detlcgrî
so bnZ/. > gl
tnsn ><1octlrïs
111 yslrèn
jdcoiunb
bn N,n
jlrd.

Bd qullbbd
y pnrn mnrîvnlbn gulþd
utoboznrslrî gltlrhocnr
bns fúrhubns bn lquovnblcjon
gl bds gl nhens nbtlrcntovns
fnjtdrls gl octlrïs.
Jdhd lb gulþd lstî pnincgd ucn tnsn gl octlrïs glb ><% pdr bn mopdtljn,
pulgl lhpblnr bn fúrhubn glb fnjtdr (Q/N) gl vnbdr prlslctl d njtunb gl ucn
slrol gl pnids oiunbls, y nsè gltlrhocnr lb vnbdr lquovnblctl pnrn bn
nbtlrcntovn E, nsè lcjdctrnrî lb vnbdr njtunb y lquovnblctl gl bns < judtns
ncunbls gl Z/. 5:1 111 jngn ucn.

Q 8 5:1 111 (Q/N, ><%, <) Q 8 5:1 111 x :.:<5>6

Q 8 Z/.991 ??9

Lb hdctdjngn
ncunbls gl Z/.
ucd991
y ls??9 ls lquovnblctl
jdhpnrnebl jdc bn nnbtlrcntovn
bds < pnids futurds gl Z/5:1 111
N; Z/.9=1.111.

Qdr bd tnctd lb prdpoltnrod pulgl jdhpnrnr sderl ucn ensl lquovnblctl y

pulgl tdhnr ucn gljosoúc qul bd hîs jdcvlcolctl ls, cd njlptnr bds pnids
frnjjodcngds, socd vlcglr nb jdctngd

HNWLHNWOJNZ FOCNCJOLUNZ
>.Qlrfob gl ucn ocvlrsoúc y Qlrfob gl uc
Jrïgotd.
5.Wopds gl octlrïs (Zohpbl y

jdhpulstd)
:.Oiunbgng gl Fosmlr y lb lfljtd gl bn
ocfbnjoúc

7.Vnbdr futurd,
prlslctl cltd vnbdr prlslctl y vnbdr

HNWLHNWOJNZ FOCNCJOLUNZ
>. Qlrfob gl uc jrïgotd
Jrïgotd; Zoicofojn detlclr uc fbukd gl
goclrd
goclrd mdy,
mdy, qul
qul slrî
slrî pningd
pningd lc
lc judtn
judtnss lc
 lb futurd.
Jnrnjtlrèstojns;
‚ Wnsn gl octlrïs
‚ Qbnzd

‚ Judtns

HNWLHNWOJNZ FOCNCJOLUNZ
>. Qlrfob gl ucn Ocvlrsoúc
Ocvlrsoúc; Glslhedbsnr mdy ucn suhn gl
goclrd, lsplrncgd rltdrcds futurds.
Jnrnjtlrèstojns;
‚ Wnsn gl glsjulctd
‚ Gurnjoúc glb prdyljtd
‚ Fbukds

W
HNWLHNWOJNZ FOCNCJOLUNZ
Vnbdr glb goclrd lc lb tolhpd
Zupdcinhds qul lstnhds lc uc hucgd gdcgl cd
lxostl ocfbnjoúc y sl cds pbnctln bn pdsoeobogng gl lblior
$ >11 mdy
mdy d $ >11 hnþnc
hnþncn n ´^uï
´^uï prlflro
prlflrohds4
hds4
Bn rlspulstn $ >11 mdy, yn qul lxostl uc octlrïs qul
pulgl slr incngd sderl lsds $ >11, ls gljor glpdsotnr
lsd lc lb uc encjd y nb jned gl uc nþd rljoeor bds >11

hîs uc octlrïs.
Zupdcinhds bn tnsn ls glb >1%. Gds nbtlrcntovns;
〈Iunrgnr bds >11 lc ucn jnkn fulrtl nb jned gl > nþd
tlcid bds hoshds >11.
〈Glpdsotnr bds >11 nb jned gl uc nþd tlcid >>1.
HNWLHNWOJNZ FOCNCJOLUNZ
Vnbdr glb goclrd lc lb tolhpd
Vnbdr Futurd; Ls lb vnbdr nbjnczngd pdr uc jnpotnb d
procjopnb nb focnb glb plrèdgd ncnbozngd.
Octlrïs; Ls lb rlcgoholctd d jdstd gl uc jnpotnb
jdbdjngd d prlstngd n uc tolhpd gltlrhocngd.
Zo glfocohds;
〈r 8 tnsn gl octlrïs
〈Q 8 Hdctd ocvlrtogd
 Ocvolrtd Qd mdy
Nb jned gl uc nþd detlcid;
〈Q> 8 Qd + r * Qd

^uï pnsn
pnsn so lstd bd qulr
qulrlhd
lhdss ocvlr
ocvlrtor
tor n hîs
hîs gl uc
plrèdgd4

HNWLHNWOJNZ FOCNCJOLUNZ
5. Wopds gl octlrïs; sohpbl y jdhpulstd
Octlrïs sohpbl; Ls lb octlrïs qul sl pnin (d incn) súbd
sderl bn jnctogng droiocnb qul sl ocvolrtl. Gl dtrn
 fdrhn ls nqulb qul cd jdcsoglrn rlocvlrsoúc gl bds
octlrlsls incngds lc plrèdgds octlrhlgods.
Zupdcinhds qul Qd 8 $>11 y r 8 >1%
Q> 8 Qd + r * Qd 8 >>1
Q5 8 Q> + r * Qd Deslrvlhds qul súbd jnbjubnhds
octlrlsls sderl lb procjopnb.
Q5 8 Qd
Qd + r * Qd + r * Qd 8 Qd + 5 * r * Qd 8 >51
Qnrn c plrèdgds;
Qc 8 Qd + c * r * Qd 883
883 Qc 8 Qd * (> + c * r)

HNWLHNWOJNZ FOCNCJOLUNZ

Octlrïs
Octlrïs Jdhpulstd
Jdhpulstd; Zoicofojn qul lb octlrïs incngd
sderl lb jnpotnb ocvlrtogd sl nþngl nb procjopnb. Zl incn
octlrïs sderl lb octlrïs. Gl dtrn fdrhn sl nsuhl
rlocvlrsoúc gl bds octlrlsls lc plrodgds octlrhlgods.
Zupdcinhds qul Qd 8 $>11 y r 8 >1%
Q> 8 Qd + r * Qd 8 Qd (>+r)
(>+r) 8>>1
8>>1
Q5 8 Q> + r * Q> Octlrlsls sderl jnpotnb hîs
octlrlsls.
Q5 8 Qd (>+r) + r*(Qd (>+r) )8 8 >5>
5
Q5 8 Qd (>+r) (>+r) 8 Qd (>+r)
Qnrn c plrèdgds;
Qc 8 Qc->
Qc-> + r * Qc
Qc-> 883 Qc 8 Qd * (> + r)c
-> 883
Octlrïs Jdhpulstd -
Octlrvnbds

Octlrïs Jdhpulstd vlrsus Zohpbl

:<1

:11

5<1
s
l511
r d
bn d jdc octtll rïs jdhpulsttd
rï
ú Jrrlljohoollcttd cgd A>1%
G><1 G
Gllsjdctn
tn
>11

<1

1
 1 > 5 : 7 < 6 9 = ? >1
>1 >> >5
Nþds

Octlrïs Zohpbl Oct lrïs Jdhpuls t d A>1%

HNWLHNWOJNZ FOCNCJOLUNZ
:. Oiunbgng gl Fosjmlr y lfljtd gl bn
Ocfbnjoúc
Bn ocfbnjoúc ls lb nuhlctd sdstlcogd y ilclrnbozngd glb
covlb gl prljods.
^ul bns pnpns suenc uc >1% soicofojn cljlsnronhlctl
qul mued ocfbnjoúc4
Bn rlspulstn ls cd yn qul bn ocfbnjoúc sl hogl n trnvïs
 gl ocgo
ocgojls
jls OQJ llc
c jmobl
jmobl qul
qul hogl
hogl bn lv
lvdbu
dbujoú
joúc
c gl bds
bds
prljods gl ucn jncnstn prdhlgod gl eolcls y slrvojods.
Qdr bd tnctd bn vnronjoúc glb OQJ cd soicofojn qul tdgds
bds eolcls y slrvojods gl lstn jncnstn vnrèl lc lb
hoshd pdrjlctnkl.
Qdr dtrd bngd lb OQJ cd ls lb prljod gl bn jncnstn.

HNWLHNWOJNZ FOCNCJOLUNZ

Ocfbnjoúc y pdglr
Zo lxostl ocfbnjoúc bds ngquosotovd
plsds gl mdy cdglb goclrdbns
jdhprnrîc
hoshns jdsns qul lc uc nþd hîs.
 $ >111/ Qd 8 Jnctogng fèsojn 8 ]d

$ >111/Q> 8 Jnctogng fèsojn 8 ]>

‚ ]d 3 ]>

Lsds $cd>111
rlnbls cdhocnbhlctl
bd sdc. Cd tolclc lb sdc oiunbls,
hoshd pdglr lc tïrhocds
ngquosotovd

HNWLHNWOJNZ FOCNCJOLUNZ
Wnsn gl octlrïs rlnb
\cn tnsn gl octlrïs rlnb ls nqulbbn qul glcdtn uc
nuhlctd glb pdglrglb
pdglr ngquosotovd ngquosotovd. Lstd ls,
goclrd, lxostl uc jdcslrvncgd lb
ocjrlhlctd lc
lb hdctd n pninr ( d jdernr).

Lb lklhpbd jbîsojd ls lb gl bns tnsns lc \F + ]% d

tnsns rlfblkngns jdhd OQJ + ]%.

Lstd soicofojn qul nb jned gl ucn nþd lb goclrd gleolrn

tlclr lb hoshd pdglr ngquosotovd qul lb goclrd qul
ocvlrtè.
HNWLHNWOJNZ FOCNCJOLUNZ
Wnsn gl octlrïs cdhocnb
\cn tnsn gl octlrïs cdhocnb ls nqulbbn qul glcdtn uc
jrljoholctd lc lb hdctd gl goclrd, soc nkustnr bn
hdclgn
hdclg n pdr ocfbnj
ocfbnjoúc.
oúc. Nsè bn tnsn
tnsn gl octlrïs
octlrïs cdhocnb
cdhocnb cd

cljlsnronhlctl
ngquosotovd soicofojn uc ocjrlhlctd lc lb pdglr

Lb lklhpbd tèpojd sdc bds glpúsotds lc plsds n :1 gèns

gl bds encjds d bds jrïgotds lc plsds.

Zo mnjlhds uc glpúsotd pdr $ >111 nb ><% gl octlrïs

 ncunb lc uc nþd gleolrn rljoeor $ >.><1 ´Zoicofojn lstd
qul slrï
slrï $><1 hîs
hîs rojd
rojd nb jned
jned gl uc nþd4
nþd4

HNWLHNWOJNZ FOCNCJOLUNZ
Wnsn gl octlrïs rlnb v/s cdhocnb
Lc lquoboerod lb encjd gleolrn slr ocgoflrlctl lctrl
prlstnr n tnsns rlnbls d cdhocnbls, solhprl y juncgd
bns tnsns cdhocnbls ocjbuync bns lxpljtntovns gl
ocfbnjoúc.
Nsè suril bn ‒Oiunbgng gl Fosmlr‘;
 • (> + o) 8 (> + r) * (> + ρ)
• gdcgl; o 8 tnsn gl octlrïs cdhocnb
r 8 tnsn gl octlrïs rlnb
ρ 8 ocfbnjoúc lsplrngn

HNWLHNWOJNZ FOCNCJOLUNZ

Wnsn gl octlrïs
Lklhpbd; rlnb hl
Lc qul encjd v/sjdcvolcl
cdhocnb glpdsotnr <11
\.H. ´lc lb qul dfrljl 51% gl octlrïs ncunb d lb qul
dfrljl \F + <% ncunb4.
Zo nhens rocgolrnc bd hoshd;
〈<11 (>+o) 8 <11 (>+r)(>+ ρ)
〈(>+ ρ) 8 (>+o) / (>+r) 8 >,5 / >,1< 83 ρ 8 >7,:%
Bulid, so bn ocfbnjoúc lsplrngn ls hnydr qul
>7,:% ncunb, jdcvolcl bn nbtlrcntovn gl \F hîs
<% ncunb
HNWLHNWOJNZ FOCNCJOLUNZ

7. Vnbdr Qrlslctl y Vnbdr Futurd

Q
c

1
F

Q 8 F /(>+o)c Vnbdr Qrlslctl

(‒Glsjdctnr‘)
HNWLHNWOJNZ FOCNCJOLUNZ
<. Vnbdr Qrlslctl y Vnbdr Futurd
Q
c

1
F

F 8 Q *(>+o)c
Vnbdr Futurd
 ( Jnpotnboznr )

HNWLHNWOJNZ FOCNCJOLUNZ
FOCNCJOLUNZ
 ´^uï djurrl so tlcid vnrods fbukds futurds4; ClCljlsotnhds
tlcl
tlclrr ucn
ucn hïtr
hïtroj
ojn
n ûcoj
ûcojn
n pnrn
pnrn jdh
jdhpn
pnrn
rnrr lb vvnb
nbdr
dr gl
gl bds
bds
njtovds.
 Lb jdcj
dcjlptd gl vnbdr prlslctl cltd npnrljl jdh jdhd ucn
rlspu
lspuls
lstn
tn n lst
lstn clj
cljlso
lsogng
gng.
 Lk
Lklh
lhpb
pbd;\
d;\st
stlg
lg lcfr
lcfrlc
lctn
tn gds
gds nbtlr
nbtlrcn
cnto
tovn
vns;
s;
〈Qrdy
Qrdylj
ljtd
td ochd
ochdeo
eobobonr
nrod
od (s
(sup
updc
dcin
inhd
hdss boer
boerl
l gl rols
rolsid
id))
 $511 $911 $:11

1 > 5 :

-$>111

Edcds
Edcds glb Ideolr
Ideolrcd
cd $>161
$61 $61

1 > 5 :

-$>111

HNWLHNWOJNZ FOCNCJOLUNZ
 Qn
Qnrn
rn pd
pdgl
glrr jd
jdhp
hpnr
nrn
nr bn
bnss gds nbt
btlr
lrcn
cnto
tovvns gl oc
ocvvlr
lrso
soúc
úc
glelhds rlsuhor nheds fbukds gl jnkn n uc súbd vnbdr.
 Zog
gllfocohds vnbdr p
prrlslctl cltd oiunb n;
 VQC 8 ∞ Jt t
W

t 1 (>+ r )
8

Qdglhd
Qdglhdss jnbj
jnbjub
ubnr
nr lb vn
vnbd
bdrr p
prl
rlsl
slct
ctll gl nh
nhed
edss ffbu
bukd
kdss
supdcolcgd ucn tnsn gl glsjulctd ncunb oiunb n 6%.
VQCA6% (prdyl
VQCA6% (prdyljtd
jtd ochdeobon
ochdeobonrod)
rod) 8 $67
VQCA6% (edcd glb ideolrcd) 8 $1

Lsvlrt
oc gl
gljo
ocvl jor,
orr,lcprlf
rtor predcd
lflr
edlror
orèn
sènhd
cds hds
glb
gl s lb
b ideo
id prdy
prcd.
eolr dylj
lrcd.ljtd
td ochd
ochdeo
eobo
bonr
nrod
od frlc
frlctl
tl n
 HNWLHNWOJNZ FOCNCJOLUNZ
VNBDU QULZLCWL _ F\W\UD
 Bns lhprlsns ocvolrtlc lc gostoctds njtovds rlnbls
 Njtovds pulglc slr gl goflrlctls
goflrlctls topds;
Njtovds tncioebls d fèsojds (hnquocnron, lgofojods)
Njtovds octncioebls (jdctrntds gl ilstoúc, Qntlctls)

Njtovds focncjolrds (njjodcls, edcds)

 Dekltovd gl bn gljosoúc gl ocvlrsoúc ls lcjdctrnr
njtovds juyd vnbdr suplrl su jdstd.
 Gngd bd nctlrodr suril bn cljlsogng gl vnbdrnr
ngljungnhlctl bds njtovds.
 Zo lxostl uc eulc hlrjngd pnrn uc njtovd lb vnbdr
slrî lxnjtnhlct
lxnjtnhlctl
l su
su prljo
prljod
d gl hlrjngd.
hlrjngd.
HNWLHNWOJNZ FOCNCJOLUNZ
FOCNCJOLUNZ
VNBDU QULZLCWL _ F\W\UD
 Zupdcinhds ocvolrtd mdy $ :<1.111 y qul lsn
ocvlrs
ocvlrsoúc
oúc n
nbb jned ggl
l uc nþ
nþd
d bn pd
pdgrï
grï vl
vlcgl
cglrr lc $
711.111.
 Bn prliuctn n rlsdbvlr ls so lsds $ 711.111
glctrd
qul ml gl uc nþdmdy.
ocvlrtogd sdc hnydrls qul bds $ :<1.111

 QUOHLU QUOCJOQOD FOCNCJOLUD;

‒\c gúbnr mdy vnbl hîs qul uc gúbnr hnþncn enkd bn
 prlhosn gl qul mdy pulgd ocvlrtor lsl gúbnr pnrn
ilclrnr octlrlsls‘.
 Gl njulrgd n bd nctlrodr bds $ 711.111 glctrd gl uc
nþd sdc hlcds gl $ 711.111 mdy.

HNWLHNWOJNZ FOCNCJOLUNZ
VNBDU QULZLCWL _ F\W\UD
 r 8 Wnsn gl glsjulctd

Wnsn hècohn
Jdstd gl dpdrtucogng glb jnpotnb
Ulctneobogng
Jdstd hècohn lxoiogn
gl jnpotnb…ltj
  Jdstd gl dpdrtucogng; Ulctneobogng n bn qul sl
rlcucjon nb ocvlrtor lc uc prdyljtd.

 ZLI\CGD QUOCJOQOD FOCNCJOLUD;

‒\c gúbnr sliurd vnbl hîs qul ucd jdc rolsid‘

HNWLHNWOJNZ FOCNCJOLUNZ
FOCNCJOLUNZ
VNBDU QULZLCWL _ F\W\UD

 Cd tdgns bns ocvlrsodcls tolclc lb hoshd rolsid.

 Lklhpbds;

Edcds glb tlsdrd

Jdcstrujjoúc gl dfojocns
Qlrfdrnjoúc gl uc pdzd gl pltrúbld

 Lc procjopod n hnydr rolsid hnydr ls bn rlctneobogng

lxoiogn

 Hîs nglbnc
ngl bnctl
tl sl
sl lbgosju
gosjutor
torî
îgllbbdsprde
prdeblh
blhnn glb
glb rolsid
rolsid y
jdhd ïstl nfljtn vnbdr njtovds.
HNWLHNWOJNZ
VNBDU QULZLCWL FOCNCJOLUNZ
FOCNCJOLUN
_ F\W\UD Z

 JDZWD GL DQDUW\COGNG GLB JNQOWNB

GL \C QUD_LJWD GL OCVLUZOÚC LZ BN
WNZN LZQLUNGN GL ULCWNEOBOGNG
GLHNCGNGN QDU BDZ
OCVLUZODCOZWNZ LC NJWOVDZ Z\KLWDZ
NB HOZHD UOLZID GLB QUD_LJWD.
HNWLHNWOJNZ FOCNCJOLUNZ
FOCNCJOLUNZ
JDZWD GL DQDUW\COGNG
 F\LCWLZ MNEOW\NBLZ GL JDCF\ZOÚC

Uljdcdjolcgd vnronjoúc lc bds fbukds sl

glsjulctn n bn tnsn boerl gl rolsid.

Nsuhor qul n bnbn tnsn

lquovnblctl tnsn gl
n bnglsjulctd ls
junb pulgd
lcglugnrhl.
HNWLHNWOJNZ FOCNCJOLUNZ
Ncunbogngls jdc judtns oiunbls
Q