{"id":32515,"date":"2025-02-25T13:00:19","date_gmt":"2025-02-25T13:00:19","guid":{"rendered":"http:\/\/toposuranos.com\/material\/?p=32515"},"modified":"2025-03-09T17:04:39","modified_gmt":"2025-03-09T17:04:39","slug":"%d9%86%d9%85%d9%88%d8%b0%d8%ac-%d8%a7%d9%84%d9%81%d8%aa%d8%b1%d8%a9-%d8%a7%d9%84%d8%ab%d9%86%d8%a7%d8%a6%d9%8a%d8%a9-%d9%88%d8%b4%d8%b1%d8%b7-%d8%b9%d8%af%d9%85-%d8%a7%d9%84%d8%aa%d8%ad%d9%83%d9%8a","status":"publish","type":"post","link":"http:\/\/toposuranos.com\/material\/ar\/%d9%86%d9%85%d9%88%d8%b0%d8%ac-%d8%a7%d9%84%d9%81%d8%aa%d8%b1%d8%a9-%d8%a7%d9%84%d8%ab%d9%86%d8%a7%d8%a6%d9%8a%d8%a9-%d9%88%d8%b4%d8%b1%d8%b7-%d8%b9%d8%af%d9%85-%d8%a7%d9%84%d8%aa%d8%ad%d9%83%d9%8a\/","title":{"rendered":"\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629 \u0648\u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645"},"content":{"rendered":"<style>\np, ul, ol{\ntext-align: 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\u0642\u0627\u062f\u0631\u064b\u0627 \u0639\u0644\u0649:\n<\/p>\n<ol dir=\"ltr\">\n<li><strong>\u0641\u0647\u0645<\/strong> \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629 \u0648\u062a\u0637\u0628\u064a\u0642\u0647 \u0641\u064a \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/li>\n<li><strong>\u062a\u062d\u062f\u064a\u062f<\/strong> \u0627\u0644\u0639\u0646\u0627\u0635\u0631 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629: \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u060c \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0646\u0645\u0648 \u0648\u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636\u060c \u0648\u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/li>\n<li><strong>\u0641\u0647\u0645<\/strong> \u0628\u0646\u0627\u0621 \u0648\u0648\u0638\u064a\u0641\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0641\u064a \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u062b\u0646\u0627\u0626\u064a.<\/li>\n<li><strong>\u0641\u0647\u0645<\/strong> \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0643\u064a\u0641 \u064a\u0645\u0646\u0639 \u062a\u062d\u0642\u064a\u0642 \u0623\u0631\u0628\u0627\u062d \u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644.<\/li>\n<li><strong>\u062a\u0642\u064a\u064a\u0645<\/strong> \u0648\u062c\u0648\u062f \u0641\u0631\u0635 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062d\u0644\u064a\u0644 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645.<\/li>\n<li><strong>\u062a\u062d\u0644\u064a\u0644<\/strong> \u0643\u064a\u0641 \u064a\u0624\u062b\u0631 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0639\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u064a\u062a\u0633\u0628\u0628 \u0641\u064a \u062a\u0639\u062f\u064a\u0644\u0627\u062a \u0641\u064a \u0627\u0644\u0633\u0648\u0642.<\/li>\n<li><strong>\u0648\u0635\u0641<\/strong> \u062a\u0623\u062b\u064a\u0631 \u0645\u0639\u062f\u0644 \u0625\u0642\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645 \u0639\u0644\u0649 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\u0641\u064a\u062f\u064a\u0648 \u064a\u0648\u062a\u064a\u0648\u0628\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/center><br \/>\n<a name=\"1\"><\/a><\/p>\n<h2>\u0645\u0627 \u0647\u0648 \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629\u061f<\/h2>\n<p>\u064a\u064f\u0639\u064e\u062f\u0651 <strong>\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629<\/strong> \u0646\u0645\u0648\u0630\u062c\u064b\u0627 \u0631\u064a\u0627\u0636\u064a\u064b\u0627 \u064a\u064f\u0633\u062a\u062e\u062f\u0645 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0644\u0648\u0635\u0641 \u062a\u0637\u0648\u0631 \u0633\u0639\u0631 \u0627\u0644\u0623\u0635\u0644 \u0641\u064a \u0625\u0637\u0627\u0631 \u0632\u0645\u0646\u064a \u0645\u062a\u0642\u0637\u0639. \u064a\u064f\u0637\u0644\u0642 \u0639\u0644\u064a\u0647 \u00ab\u062b\u0646\u0627\u0626\u064a\u00bb \u0644\u0623\u0646 \u0633\u0639\u0631 \u0627\u0644\u0623\u0635\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062a\u062d\u0631\u0643 \u0641\u064a \u0643\u0644 \u0641\u062a\u0631\u0629 \u0632\u0645\u0646\u064a\u0629 \u0641\u064a \u0627\u062a\u062c\u0627\u0647\u064a\u0646 \u0641\u0642\u0637: \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0623\u0648 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636. \u064a\u064f\u0633\u062a\u062e\u062f\u0645 \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0648\u0627\u0633\u0639 \u0641\u064a \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0645\u0634\u062a\u0642\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u062e\u0627\u0635\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u060c \u0648\u0647\u0648 \u0627\u0644\u0623\u0633\u0627\u0633 \u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0627\u062a \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629 \u0627\u0644\u0645\u062a\u0639\u062f\u062f\u0629.<\/p>\n<h3>\u0639\u0646\u0627\u0635\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/h3>\n<p>\u064a\u0639\u062a\u0645\u062f \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0639\u0646\u0627\u0635\u0631 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<ul>\n<li>\n<p><strong>\u0623\u0635\u0644 \u0623\u0633\u0627\u0633\u064a:<\/strong> \u064a\u064f\u0645\u062b\u0651\u064e\u0644 \u0628\u0633\u0639\u0631\u0647 <span dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(t)<\/span><\/span><\/span> \u0639\u0646\u062f \u0627\u0644\u0632\u0645\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">t<\/span><\/span>. \u0641\u064a \u0627\u0644\u0644\u062d\u0638\u0629 \u0627\u0644\u0623\u0648\u0644\u064a\u0629 <span dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">t=0<\/span><\/span><\/span>\u060c \u064a\u0643\u0648\u0646 \u0633\u0639\u0631 \u0627\u0644\u0623\u0635\u0644 \u0647\u0648 <span dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(0)<\/span><\/span><\/span>. \u0648\u0639\u0646\u062f \u0627\u0644\u0632\u0645\u0646 <span dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">t=1<\/span><\/span><\/span>\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062a\u062d\u0631\u0643 \u0633\u0639\u0631\u0647 \u0625\u0644\u0649 \u0623\u062d\u062f \u0627\u0644\u0642\u064a\u0645\u062a\u064a\u0646 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u062a\u064a\u0646\u060c \u0627\u0644\u0645\u0645\u062b\u0644\u062a\u064a\u0646 \u0628\u0640 <span dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(1,\\text{sube})<\/span><\/span><\/span> (\u0627\u0644\u0633\u0639\u0631 \u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639) \u0623\u0648 <span dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(1,\\text{baja})<\/span><\/span><\/span> (\u0627\u0644\u0633\u0639\u0631 \u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636):<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\nS(1) =\n\n\\begin{cases}\n\nS(1,\\text{sube}) = S(0)  u, &amp; \\text{\u0628\u0627\u062d\u062a\u0645\u0627\u0644 } p, \\\\\n\nS(1,\\text{baja}) = S(0)  d, &amp; \\text{\u0628\u0627\u062d\u062a\u0645\u0627\u0644 } 1 - p.\n\n\\end{cases}\n\n<\/span>\n<p>\u062d\u064a\u062b \u064a\u0645\u062b\u0644 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u0646 <span class=\"katex-eq\" data-katex-display=\"false\">u<\/span> \u0648 <span class=\"katex-eq\" data-katex-display=\"false\">d<\/span> \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0632\u064a\u0627\u062f\u0629 \u0648\u0627\u0644\u0646\u0642\u0635\u0627\u0646 \u0641\u064a \u0627\u0644\u0633\u0639\u0631\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u062d\u0642\u0642 \u0627\u0644\u0639\u0644\u0627\u0642\u0629:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0\\lt d \\lt 1 \\lt u<\/span><\/span>.<\/p>\n<p>\u062a\u0636\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0623\u064a\u0636\u064b\u0627 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0645\u0648\u062c\u0628\u0629 \u062a\u0645\u0627\u0645\u064b\u0627\u060c \u0643\u0645\u0627 \u062a\u062d\u062f\u062f\u0647\u0627 \u0627\u0644\u0641\u0631\u0636\u064a\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0640<strong>\u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0628\u0633\u064a\u0637 \u0644\u0644\u0633\u0648\u0642.<\/strong><\/p>\n<\/li>\n<li><strong>\u0627\u0644\u0627\u062d\u062a\u0645\u0627\u0644\u0627\u062a:<\/strong> \u064a\u064f\u0641\u062a\u0631\u0636 \u0623\u0646 \u0627\u062d\u062a\u0645\u0627\u0644 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0623\u0635\u0644 \u0647\u0648 <span class=\"katex-eq\" data-katex-display=\"false\">p<\/span>\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u062d\u062a\u0645\u0627\u0644 \u0627\u0646\u062e\u0641\u0627\u0636\u0647 \u0647\u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">1 - p<\/span><\/span>\u060c \u0645\u0639 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0 \\lt p \\lt 1<\/span><\/span>. \u064a\u0636\u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0642\u064a\u062f \u0623\u0646 \u0643\u0644\u0627 \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u064a\u0646 \u0645\u0645\u0643\u0646\u0627\u0646\u060c \u0648\u064a\u0645\u0646\u0639 \u0627\u0644\u062d\u0627\u0644\u0627\u062a \u0627\u0644\u062d\u062a\u0645\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u0631\u062a\u0641\u0639 \u0641\u064a\u0647\u0627 \u0627\u0644\u0633\u0639\u0631 \u062f\u0627\u0626\u0645\u064b\u0627 \u0623\u0648 \u064a\u0646\u062e\u0641\u0636 \u062f\u0627\u0626\u0645\u064b\u0627\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0641\u0634\u0644 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u062b\u0646\u0627\u0626\u064a \u0648\u062e\u0644\u0642 \u0641\u0631\u0635 \u062a\u062d\u0643\u064a\u0645 \u063a\u064a\u0631 \u0648\u0627\u0642\u0639\u064a\u0629.<\/li>\n<li><strong>\u0623\u0635\u0644 \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/strong> \u064a\u062a\u0645 \u0625\u062f\u062e\u0627\u0644 \u0633\u0646\u062f \u0623\u0648 \u0623\u062f\u0627\u0629 \u0645\u0627\u0644\u064a\u0629 \u064a\u0646\u0645\u0648 \u0633\u0639\u0631\u0647\u0627 \u0628\u0637\u0631\u064a\u0642\u0629 \u0645\u062a\u0648\u0642\u0639\u0629 \u0628\u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 <span class=\"katex-eq\" data-katex-display=\"false\">r<\/span>. \u064a\u0643\u0648\u0646 \u0633\u0639\u0631\u0647 \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u0647\u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(1) = A(0)(1+r)<\/span><\/span>.<\/li>\n<\/ul>\n<h3><b>\u0627\u0644\u0646\u0638\u0631\u064a\u0629:<\/b> \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629<\/h3>\n<p>\u0644\u064a\u0643\u0646 \u0644\u062f\u064a\u0646\u0627 \u0623\u0635\u0644 \u0645\u0627\u0644\u064a \u0633\u0639\u0631\u0647 \u0627\u0644\u0623\u0648\u0644\u064a <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(0) \\gt 0<\/span><\/span>\u060c \u0648\u0642\u064a\u0645\u062a\u0647 \u0639\u0646\u062f \u0627\u0644\u0632\u0645\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">t=1<\/span><\/span> \u062a\u062a\u0628\u0639 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629 \u0627\u0644\u0645\u0648\u0636\u062d\u0629 \u0633\u0627\u0628\u0642\u064b\u0627. \u0646\u0641\u062a\u0631\u0636 \u0648\u062c\u0648\u062f \u0623\u0635\u0644 \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 (\u0633\u0646\u062f) \u0628\u0633\u0639\u0631 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(1) = A(0)(1+r)<\/span><\/span>\u060c \u062d\u064a\u062b <span class=\"katex-eq\" data-katex-display=\"false\">r<\/span> \u0647\u0648 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0625\u0630\u0646\u060c \u064a\u0643\u0648\u0646 \u0627\u0644\u0633\u0648\u0642 \u062e\u0627\u0644\u064a\u064b\u0627 \u0645\u0646 \u0641\u0631\u0635 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0625\u0630\u0627 \u0648\u0641\u0642\u0637 \u0625\u0630\u0627 \u062d\u0642\u0642\u062a \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0646\u0645\u0648 \u0648\u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0634\u0631\u0637 \u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0 \\lt d \\lt 1 + r \\lt u<\/span><\/span><\/p>\n<p>\u0641\u064a \u0633\u0648\u0642 \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u062a\u062d\u0643\u064a\u0645\u060c \u0644\u0627 \u064a\u0645\u0643\u0646 \u0625\u0646\u0634\u0627\u0621 \u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u062a\u062d\u0642\u0642 \u0623\u0631\u0628\u0627\u062d\u064b\u0627 \u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/p>\n<h3>\u0645\u0627 \u0647\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u061f<\/h3>\n<p>\u0627\u0644\u0645\u062d\u0641\u0638\u0629 <strong>\u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644<\/strong> \u0647\u064a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u0627 \u062a\u062a\u0637\u0644\u0628 \u0631\u0623\u0633 \u0645\u0627\u0644 \u0625\u0636\u0627\u0641\u064a\u064b\u0627\u060c \u062d\u064a\u062b \u064a\u062a\u0645 \u062a\u0645\u0648\u064a\u0644 \u0623\u064a \u0639\u0645\u0644\u064a\u0629 \u0634\u0631\u0627\u0621 \u0644\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0628\u064a\u0639 \u0623\u0635\u0648\u0644 \u0623\u062e\u0631\u0649 \u062f\u0627\u062e\u0644 \u0646\u0641\u0633 \u0627\u0644\u0645\u062d\u0641\u0638\u0629. \u0628\u0639\u0628\u0627\u0631\u0629 \u0623\u062e\u0631\u0649\u060c \u0644\u0627 \u064a\u062a\u0645 \u0636\u062e \u0623\u0645\u0648\u0627\u0644 \u062e\u0627\u0631\u062c\u064a\u0629 \u0644\u062a\u0646\u0641\u064a\u0630\u0647\u0627.<\/p>\n<p>\u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0646 \u0627\u0644\u0645\u0645\u0643\u0646 \u0625\u0646\u0634\u0627\u0621 \u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u062a\u0636\u0645\u0646 \u062a\u062d\u0642\u064a\u0642 \u0631\u0628\u062d \u0641\u064a \u062c\u0645\u064a\u0639 \u0627\u0644\u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0645\u0645\u0643\u0646\u0629 \u062f\u0627\u062e\u0644 \u0627\u0644\u0633\u0648\u0642\u060c \u0641\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0648\u062c\u0648\u062f \u0641\u0631\u0635\u0629 \u062a\u062d\u0643\u064a\u0645. \u064a\u0634\u062a\u0631\u0637 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0639\u062f\u0645 \u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u0628\u0646\u0627\u0621 \u0645\u062b\u0644 \u0647\u0630\u0647 \u0627\u0644\u0645\u062d\u0627\u0641\u0638.<\/p>\n<p>\u0631\u064a\u0627\u0636\u064a\u064b\u0627\u060c \u062a\u064f\u0628\u0646\u0649 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0639\u0644\u0649 \u0627\u0644\u0646\u062d\u0648 \u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n<ul>\n<li><strong>\u0648\u0636\u0639\u064a\u0629 \u0641\u064a \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0639\u0627\u0644\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/strong> \u064a\u062a\u0645 \u0634\u0631\u0627\u0621 \u0623\u0648 \u0628\u064a\u0639 <i>x<\/i> \u0648\u062d\u062f\u0627\u062a \u0645\u0646 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0628\u0633\u0639\u0631 \u0623\u0648\u0644\u064a <i>S(0)<\/i>.<\/li>\n<li><strong>\u0648\u0636\u0639\u064a\u0629 \u0641\u064a \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/strong> \u064a\u062a\u0645 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0623\u0648 \u0627\u0642\u062a\u0631\u0627\u0636 \u0645\u0628\u0644\u063a <i>y<\/i> \u0641\u064a \u0633\u0646\u062f \u0645\u0627\u0644\u064a \u0628\u0633\u0639\u0631 <i>A(0)<\/i> \u0648\u0628\u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 <i>r<\/i>.<\/li>\n<li><strong>\u0634\u0631\u0637 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0630\u0627\u062a\u064a:<\/strong> \u064a\u062c\u0628 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629:<\/li>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\"> V(0) = x S(0) + y A(0) = 0. <\/span><\/span><\/p>\n<li><strong>\u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0632\u0645\u0646\u064a\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/strong> \u0639\u0646\u062f <i>t = 1<\/i>\u060c \u064a\u0643\u0648\u0646 \u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629:<\/li>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\"> V(1) = \\begin{cases} x S(1,\\text{sube}) + y A(1), &amp; \\text{\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0639\u0631}, \\\\ x S(1,\\text{baja}) + y A(1), &amp; \\text{\u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0633\u0639\u0631}. \\end{cases} <\/span><\/span><\/p>\n<\/ul>\n<p>\u0625\u0630\u0627 \u0648\u064f\u062c\u062f\u062a \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 \u0627\u0644\u0642\u064a\u0645 <span class=\"katex-eq\" data-katex-display=\"false\">x<\/span> \u0648 <span class=\"katex-eq\" data-katex-display=\"false\">y<\/span> \u0628\u062d\u064a\u062b <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">V(1) \\geq 0<\/span><\/span> \u0641\u064a \u0643\u0644\u0627 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u064a\u0646 \u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">V(1) \\gt 0<\/span><\/span> \u0639\u0644\u0649 \u0627\u0644\u0623\u0642\u0644 \u0641\u064a \u0623\u062d\u062f\u0647\u0645\u0627\u060c \u0641\u0625\u0646 \u0630\u0644\u0643 \u064a\u0639\u0646\u064a \u0648\u062c\u0648\u062f \u0641\u0631\u0635\u0629 \u062a\u062d\u0643\u064a\u0645.<\/p>\n<h3>\u0643\u064a\u0641 \u0646\u062a\u0639\u0631\u0641 \u0639\u0644\u0649 \u0633\u0648\u0642 \u062e\u0627\u0644\u064d \u0645\u0646 \u0641\u0631\u0635 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0646\u0638\u0631\u064a\u0629\u061f<\/h3>\n<p>\u0644\u0646\u0641\u062a\u0631\u0636 \u0623\u0646 \u0623\u0635\u0644\u064b\u0627 \u0645\u0627\u0644\u064a\u064b\u0627 \u0644\u062f\u064a\u0647 \u0633\u0639\u0631 \u0627\u0628\u062a\u062f\u0627\u0626\u064a \u0642\u062f\u0631\u0647 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(0) = 100<\/span><\/span> \u062f\u0648\u0644\u0627\u0631\u060c \u0648\u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0633\u0639\u0631\u0647:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\nS(1) = \\begin{cases}\n\nS(1,\\text{sube}) = S(0) u = 120, &amp; \\text{\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0639\u0631}, \\\\\n\nS(1,\\text{baja}) = S(0) d = 90, &amp; \\text{\u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0633\u0639\u0631}.\n\n\\end{cases}\n\n<\/span>\n<p>\u0628\u064a\u0646\u0645\u0627 \u064a\u0646\u0645\u0648 \u0633\u0639\u0631 \u0627\u0644\u0633\u0646\u062f \u0645\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(0) = 100<\/span><\/span> \u0625\u0644\u0649 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(1) = 105<\/span><\/span>\u060c \u0645\u0639 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r = 5\\%<\/span><\/span>. \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0630\u0644\u0643\u060c \u0646\u062a\u062d\u0642\u0642 \u0645\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0645\u0645\u0643\u0646\u064b\u0627 \u0628\u0628\u0633\u0627\u0637\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0641\u062d\u0635 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0 \\lt d \\lt 1+r\\lt u<\/span><\/span>.<\/p>\n<p>\u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0645\u0639\u0637\u064a\u0627\u062a\u060c \u0646\u062c\u062f \u0623\u0646:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\"> 0 \\lt 0.9 \\lt 1.05 \\lt 1.2 <\/span><\/span><\/p>\n<p>\u0628\u0645\u0627 \u0623\u0646 \u0639\u062f\u0645 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 \u0645\u062a\u062d\u0642\u0642\u060c \u0641\u0644\u0627 \u064a\u0645\u0643\u0646 \u0625\u0646\u0634\u0627\u0621 \u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u062a\u062d\u0642\u0642 \u0623\u0631\u0628\u0627\u062d\u064b\u0627 \u0645\u0624\u0643\u062f\u0629\u060c \u0645\u0645\u0627 \u064a\u0636\u0645\u0646 \u0627\u062a\u0633\u0627\u0642 \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629.<\/p>\n<p><center><iframe class=\"lazyload\" width=\"560\" height=\"315\" data-src=\"https:\/\/www.youtube.com\/embed\/LcbshxYeYjI?si=uoOXYUtRn31B-KKI\" title=\"\u0645\u0634\u063a\u0644 \u0641\u064a\u062f\u064a\u0648 \u064a\u0648\u062a\u064a\u0648\u0628\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/center><br \/>\n<a name=\"2\"><\/a><\/p>\n<h2>\u0643\u064a\u0641 \u0646\u062a\u0639\u0631\u0641 \u0639\u0644\u0649 \u0633\u0648\u0642 \u064a\u062d\u062a\u0648\u064a \u0639\u0644\u0649 \u0641\u0631\u0635 \u062a\u062d\u0643\u064a\u0645 \u0648\u062a\u0641\u0643\u0643\u0647 \u0627\u0644\u0633\u0631\u064a\u0639<\/h2>\n<p>\u0644\u0646\u0623\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0623\u0635\u0644\u064b\u0627 \u0645\u0627\u0644\u064a\u064b\u0627 \u0628\u0633\u0639\u0631 \u0627\u0628\u062a\u062f\u0627\u0626\u064a \u0642\u062f\u0631\u0647 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(0) = 100<\/span><\/span> \u062f\u0648\u0644\u0627\u0631. \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062a\u0637\u0648\u0631 \u0633\u0639\u0631\u0647 \u0643\u0645\u0627 \u064a\u0644\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\nS(1) = \\begin{cases}\n\nS(1,\\text{sube}) = S(0) u = 105.2, &amp; \\text{\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0639\u0631}, \\\\\n\nS(1,\\text{baja}) = S(0) d = 82, &amp; \\text{\u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0633\u0639\u0631}.\n\n\\end{cases}\n\n<\/span>\n<p>\u0633\u0639\u0631 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0647\u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(0) = 100<\/span><\/span>\u060c \u0648\u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u064a\u0646\u0645\u0648 \u0625\u0644\u0649 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(1) = 107<\/span><\/span>\u060c \u0645\u0639 \u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r = 7\\%<\/span><\/span>.<\/p>\n<p>\u0646\u0642\u0648\u0645 \u0628\u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\"> 0 \\lt 0.82 \\lt 1.07 \\not\\lt 1.052 <\/span><\/span><\/p>\n<p>\u0628\u0645\u0627 \u0623\u0646 \u0639\u062f\u0645 \u0627\u0644\u0645\u0633\u0627\u0648\u0627\u0629 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">1+r \\lt u<\/span><\/span> \u063a\u064a\u0631 \u0645\u062a\u062d\u0642\u0642\u060c \u0641\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0645\u0645\u0643\u0646 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0633\u0648\u0642. \u0644\u0625\u062b\u0628\u0627\u062a \u0630\u0644\u0643\u060c \u0633\u0646\u0642\u0648\u0645 \u0628\u0625\u0646\u0634\u0627\u0621 \u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<ul>\n<li><b>\u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0629 \u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0644\u0633\u0647\u0645:<\/b> \u064a\u062a\u0645 \u0628\u064a\u0639 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0639\u0627\u0644\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0639\u0646\u062f <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(0) = 100<\/span><\/span>\u060c \u0645\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0642\u062a\u0631\u0636 \u0633\u0647\u0645\u064b\u0627 \u0644\u064a\u0628\u064a\u0639\u0647 \u0641\u064a \u0627\u0644\u0633\u0648\u0642.<\/li>\n<li><b>\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/b> \u064a\u062a\u0645 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 100 \u062f\u0648\u0644\u0627\u0631 \u0627\u0644\u0645\u062d\u0635\u0644\u0629 \u0641\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a.<\/li>\n<li><b>\u0625\u0639\u0627\u062f\u0629 \u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0647\u0645 \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/b>\n<ul>\n<li>\u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 82\u060c \u0641\u0625\u0646 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0635\u0627\u0641\u064a \u064a\u0643\u0648\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">107 - 82 = 25<\/span><\/span>.<\/li>\n<li>\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 105.2\u060c \u0641\u0625\u0646 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0635\u0627\u0641\u064a \u064a\u0643\u0648\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">107 - 105.2 = 1.8<\/span><\/span>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\u0641\u064a \u0643\u0644\u0627 \u0627\u0644\u062d\u0627\u0644\u062a\u064a\u0646\u060c \u064a\u062d\u0635\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0639\u0644\u0649 \u0623\u0631\u0628\u0627\u062d \u0645\u0624\u0643\u062f\u0629\u060c \u0645\u0645\u0627 \u064a\u0624\u0643\u062f \u0648\u062c\u0648\u062f \u0641\u0631\u0635\u0629 \u0644\u0644\u062a\u062d\u0643\u064a\u0645.<\/p>\n<h3>\ud83d\udccc \u062a\u0639\u062f\u064a\u0644\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0633\u062a\u062c\u0627\u0628\u0629\u064b \u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645<\/h3>\n<p>\u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u064a \u0633\u0648\u0642 \u0643\u0641\u0624\u060c \u0644\u0627 \u062a\u0633\u062a\u0645\u0631 \u0647\u0630\u0647 \u0627\u0644\u0641\u0631\u0635 \u0637\u0648\u064a\u0644\u0627\u064b. \u0641\u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u062a\u0634\u0641 \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0647\u0630\u0627 \u0627\u0644\u062e\u0644\u0644\u060c \u064a\u0628\u062f\u0623\u0648\u0646 \u0628\u062a\u0646\u0641\u064a\u0630 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0645\u0646 \u062e\u0644\u0627\u0644 <strong>\u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641<\/strong>\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0639\u062f\u0629 \u062a\u0623\u062b\u064a\u0631\u0627\u062a \u0631\u0626\u064a\u0633\u064a\u0629:<\/p>\n<ul>\n<li><b>\u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u0639\u0631\u0636 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0639\u0627\u0644\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/b> \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u064a\u0642\u062a\u0631\u0636\u0648\u0646 \u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u064a\u0628\u064a\u0639\u0648\u0646\u0647\u0627 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0645\u0645\u0627 \u064a\u0632\u064a\u062f \u0645\u0646 \u0639\u0631\u0636 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u062a\u0627\u062d\u0629. \u064a\u0624\u062f\u064a \u0647\u0630\u0627 \u0627\u0644\u0639\u0631\u0636 \u0627\u0644\u0645\u062a\u0632\u0627\u064a\u062f \u0625\u0644\u0649 <strong>\u0636\u063a\u0637 \u0647\u0628\u0648\u0637\u064a \u0639\u0644\u0649 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0623\u0648\u0644\u064a<\/strong> <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(0)<\/span><\/span>.<\/li>\n<li><b>\u062a\u0639\u062f\u064a\u0644 \u0641\u064a \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0644\u0644\u0623\u0635\u0644:<\/b> \u0646\u0638\u0631\u064b\u0627 \u0644\u0623\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(1, \\text{sube}) = S(0) u<\/span><\/span> \u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(1, \\text{baja}) = S(0) d<\/span><\/span>\u060c \u0641\u0625\u0646 \u0627\u0646\u062e\u0641\u0627\u0636 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(0)<\/span><\/span> \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0639\u062f\u064a\u0644 \u0641\u064a \u0642\u064a\u0645 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">u<\/span><\/span> \u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">d<\/span><\/span>\u060c \u0645\u0645\u0627 \u064a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0645\u0639 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">1 + r<\/span><\/span>. \u0648\u0647\u0630\u0627 \u064a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u0627\u0633\u062a\u0639\u0627\u062f\u0629 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645.<\/li>\n<li><b>\u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0639\u0644\u0649 \u0633\u0639\u0631 \u0627\u0644\u0633\u0646\u062f:<\/b> \u0645\u0639 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0644\u0644\u0639\u0648\u0627\u0626\u062f \u0645\u0646 \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u064a\u0632\u062f\u0627\u062f \u0627\u0644\u0637\u0644\u0628 \u0639\u0644\u064a\u0647\u0627. \u064a\u0624\u062f\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 <strong>\u0627\u0631\u062a\u0641\u0627\u0639 \u0641\u064a \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u062d\u0627\u0644\u064a \u0644\u0644\u0633\u0646\u062f<\/strong> <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(0)<\/span><\/span>. \u0648\u0646\u0638\u0631\u064b\u0627 \u0644\u0623\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0644\u0644\u0633\u0646\u062f \u062a\u0638\u0644 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(1) = 107<\/span><\/span>\u060c \u0641\u0625\u0646 \u0630\u0644\u0643 <strong>\u064a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631<\/strong> \u0641\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/li>\n<li><b>\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641:<\/b> \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0642\u062a\u0631\u0636\u0648\u0646 \u0627\u0644\u0623\u0633\u0647\u0645 \u0644\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u062f\u0641\u0639 <strong>\u0645\u0639\u062f\u0644 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645<\/strong> <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span>. \u064a\u0645\u062b\u0644 \u0647\u0630\u0627 \u0627\u0644\u0645\u0639\u062f\u0644 \u062a\u0643\u0644\u0641\u0629 \u0625\u0636\u0627\u0641\u064a\u0629 \u0642\u062f \u062a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0635\u0627\u0641\u064a\u0629 \u0644\u0644\u062a\u062d\u0643\u064a\u0645.<\/li>\n<\/ul>\n<h3>\ud83d\udccc \u0643\u064a\u0641 \u064a\u0624\u062b\u0631 \u0645\u0639\u062f\u0644 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645 \u0639\u0644\u0649 \u0627\u0644\u062a\u062d\u0643\u064a\u0645\u061f<\/h3>\n<p>\u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0639\u062f\u0644 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span> \u0645\u0631\u062a\u0641\u0639\u064b\u0627\u060c \u0641\u0642\u062f \u064a\u0642\u0644\u0644 \u0623\u0648 \u062d\u062a\u0649 \u064a\u0644\u063a\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0635\u0627\u0641\u064a \u0645\u0646 \u0627\u0644\u062a\u062d\u0643\u064a\u0645. \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0645\u0639\u062f\u0644\u0629 \u0644\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629 \u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0647\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\nV(1) = A(0)(1 + r - r_s) - S(1)\n\n<\/span>\n<p>\u062d\u064a\u062b:<\/p>\n<ul>\n<li><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span> \u0647\u0648 \u0645\u0639\u062f\u0644 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645.<\/li>\n<li><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(0)(1+r)<\/span><\/span> \u064a\u0645\u062b\u0644 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u0633\u0646\u062f.<\/li>\n<li><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(1)<\/span><\/span> \u0647\u0648 \u062a\u0643\u0644\u0641\u0629 \u0625\u0639\u0627\u062f\u0629 \u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0647\u0645 \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0641\u062a\u0631\u0629.<\/li>\n<\/ul>\n<p>\u0639\u0646\u062f \u0625\u062f\u062e\u0627\u0644 \u0645\u0639\u062f\u0644 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span> \u0644\u0644\u0627\u0642\u062a\u0631\u0627\u0636\u060c \u064a\u062a\u0645 \u062a\u0639\u062f\u064a\u0644 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0639\u0644\u0649 \u0627\u0644\u0646\u062d\u0648 \u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0 \\lt d \\lt 1 + r - r_s \\lt u<\/span><\/span><\/p>\n<p>\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u062e\u0627\u0635\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u0645\u0643\u0646\u0629 \u0644\u0640 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span> \u0627\u0644\u062a\u064a \u062a\u062d\u0642\u0642 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0647\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\"> 0 \\lt 0.82 \\lt 1.07 - r_s \\lt 1.052 <\/span><\/span><\/p>\n<p>\u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646:<\/p>\n<ul>\n<li><b>\u0625\u0630\u0627 \u0643\u0627\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0 \\leq r_s \\lt 0.018<\/span><\/span>:<\/b> \u0641\u0625\u0646 \u0641\u0631\u0635\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u062a\u0638\u0644 \u0642\u0627\u0626\u0645\u0629\u060c \u0644\u0623\u0646 \u0627\u0644\u0631\u0628\u062d \u0644\u0627 \u064a\u0632\u0627\u0644 \u0625\u064a\u062c\u0627\u0628\u064a\u064b\u0627 \u0641\u064a \u0643\u0644 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a.<\/li>\n<li><b>\u0625\u0630\u0627 \u0643\u0627\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0.018 \\leq r_s \\leq 0.25<\/span><\/span>:<\/b> \u0641\u0625\u0646 \u0641\u0631\u0635\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u062a\u062e\u062a\u0641\u064a\u060c \u062d\u064a\u062b \u064a\u0639\u0627\u062f\u0644 \u062a\u0643\u0644\u0641\u0629 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0645\u0636\u0645\u0648\u0646\u0629.<\/li>\n<li><b>\u0625\u0630\u0627 \u0643\u0627\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s \\gt 0.25<\/span><\/span>:<\/b> \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u0644\u0646 \u064a\u0642\u0648\u0645 \u0623\u064a \u0645\u0633\u062a\u062b\u0645\u0631 \u0639\u0642\u0644\u0627\u0646\u064a \u0628\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u0644\u0623\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u062a\u062a\u062c\u0627\u0648\u0632 \u0623\u064a \u0641\u0627\u0626\u062f\u0629 \u0645\u062d\u062a\u0645\u0644\u0629. \u0648\u0646\u0638\u0631\u064b\u0627 \u0644\u0623\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0644\u0644\u0645\u062d\u0641\u0638\u0629 \u0633\u062a\u0643\u0648\u0646 \u0633\u0627\u0644\u0628\u0629 \u0641\u064a \u0643\u0644 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a\u060c \u0641\u0625\u0646 \u0625\u0646\u0634\u0627\u0621 \u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0633\u064a\u0627\u0642 \u064a\u0635\u0628\u062d \u0623\u0645\u0631\u064b\u0627 \u0645\u0633\u062a\u062d\u064a\u0644\u064b\u0627 \u0631\u064a\u0627\u0636\u064a\u064b\u0627.<\/li>\n<\/ul>\n<h3>\ud83d\udccc \u0645\u0627\u0630\u0627 \u064a\u062d\u062f\u062b \u0625\u0630\u0627 \u0627\u0633\u062a\u0647\u0644\u0643\u062a \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u061f \u0627\u0644\u062a\u0635\u0641\u064a\u0629 \u0627\u0644\u0642\u0633\u0631\u064a\u0629 \u0648\u0646\u062f\u0627\u0621 \u0627\u0644\u0647\u0627\u0645\u0634<\/h3>\n<p>\u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0639\u062f\u0644 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span> \u0645\u0631\u062a\u0641\u0639\u064b\u0627 \u062c\u062f\u064b\u0627 \u0644\u062f\u0631\u062c\u0629 \u0623\u0646\u0647 \u064a\u0636\u0645\u0646 \u062e\u0633\u0627\u0626\u0631 \u0645\u0624\u0643\u062f\u0629 (<span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s \\gt 0.25<\/span><\/span>)\u060c \u0641\u0625\u0646 \u0627\u0644\u0648\u0633\u064a\u0637 \u0627\u0644\u0645\u0627\u0644\u064a \u064a\u062a\u062f\u062e\u0644 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627 \u0644\u0645\u0646\u0639 \u062d\u0633\u0627\u0628 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0646 \u0627\u0644\u062f\u062e\u0648\u0644 \u0641\u064a \u0631\u0635\u064a\u062f \u0633\u0644\u0628\u064a. \u064a\u0624\u062f\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 <strong>\u062a\u0635\u0641\u064a\u0629 \u0642\u0633\u0631\u064a\u0629<\/strong>\u060c \u062a\u064f\u0639\u0631\u0641 \u0623\u064a\u0636\u064b\u0627 \u0628\u0627\u0633\u0645 <b>\u0646\u062f\u0627\u0621 \u0627\u0644\u0647\u0627\u0645\u0634 (Margin Call)<\/b>.<\/p>\n<h5>\ud83d\udd39 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u0635\u0641\u064a\u0629 \u0627\u0644\u0642\u0633\u0631\u064a\u0629:<\/h5>\n<ol>\n<li><b>\u0628\u064a\u0639 \u0627\u0644\u0633\u0646\u062f \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627:<\/b>\n<p>\u064a\u0642\u0648\u0645 \u0627\u0644\u0648\u0633\u064a\u0637 \u0628\u062a\u0635\u0641\u064a\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(0)(1 + r)<\/span><\/span> \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0646\u0642\u062f.<\/p>\n<\/li>\n<li><b>\u0625\u0639\u0627\u062f\u0629 \u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0647\u0645 \u0644\u0625\u063a\u0644\u0627\u0642 \u0627\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u0642\u0635\u064a\u0631:<\/b>\n<p>\u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0645\u062a\u0627\u062d\u060c \u064a\u0642\u0648\u0645 \u0627\u0644\u0648\u0633\u064a\u0637 <strong>\u0628\u0625\u0639\u0627\u062f\u0629 \u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0647\u0645<\/strong> \u0628\u0633\u0639\u0631 \u0627\u0644\u0633\u0648\u0642 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(1)<\/span><\/span> \u0644\u0625\u0639\u0627\u062f\u062a\u0647 \u0625\u0644\u0649 \u0627\u0644\u0645\u0642\u0631\u0636.<\/p>\n<\/li>\n<li><b>\u062a\u0633\u0648\u064a\u0629 \u0627\u0644\u062f\u064a\u0646 \u0648\u0625\u063a\u0644\u0627\u0642 \u0627\u0644\u0645\u0631\u0643\u0632:<\/b>\n<p>\u0625\u0630\u0627 \u0644\u0645 \u064a\u0643\u0646 \u0627\u0644\u0631\u0635\u064a\u062f \u0627\u0644\u0645\u062a\u0627\u062d \u0628\u0639\u062f \u0628\u064a\u0639 \u0627\u0644\u0633\u0646\u062f <strong>\u0643\u0627\u0641\u064a\u064b\u0627 \u0644\u062a\u063a\u0637\u064a\u0629 \u0625\u0639\u0627\u062f\u0629 \u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0647\u0645<\/strong>\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u062a\u0639\u0631\u0636 \u0644\u0631\u0635\u064a\u062f \u0633\u0644\u0628\u064a\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0639\u0648\u0627\u0642\u0628 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0623\u0648 \u064a\u062a\u0637\u0644\u0628 \u0625\u064a\u062f\u0627\u0639 \u0623\u0645\u0648\u0627\u0644 \u0625\u0636\u0627\u0641\u064a\u0629.<\/p>\n<\/li>\n<li><b>\u062a\u0633\u062c\u064a\u0644 \u0627\u0644\u062e\u0633\u0627\u0631\u0629:<\/b>\n<p>\u062a\u0646\u062a\u0647\u064a \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u0627\u0644\u062a\u064a \u0643\u0627\u0646\u062a \u062e\u0627\u0633\u0631\u0629 \u0645\u0646\u0630 \u0627\u0644\u0628\u062f\u0627\u064a\u0629\u060c \u0628\u0625\u063a\u0644\u0627\u0642 \u0628\u062e\u0633\u0627\u0631\u0629 \u0646\u0647\u0627\u0626\u064a\u0629 \u0645\u062d\u062f\u062f\u0629 \u0639\u0644\u0649 \u0627\u0644\u0646\u062d\u0648 \u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\"> \\text{\u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629} = S(1) - A(0)(1 + r - r_s) <\/span><\/span><\/p>\n<p>\u0625\u0630\u0627 \u0643\u0627\u0646\u062a <strong>\u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629<\/strong> \u0623\u0643\u0628\u0631 \u0645\u0646 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0645\u062a\u0627\u062d \u0641\u064a \u062d\u0633\u0627\u0628 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u060c \u0641\u0625\u0646\u0647 \u064a\u062e\u0633\u0631 \u0643\u0644 \u0631\u0623\u0633 \u0645\u0627\u0644\u0647 \u0648\u0642\u062f \u064a\u0648\u0627\u062c\u0647 \u062f\u064a\u0646\u064b\u0627 \u062a\u062c\u0627\u0647 \u0627\u0644\u0648\u0633\u064a\u0637.<\/p>\n<\/li>\n<\/ol>\n<h3>\ud83d\udccc \u0643\u064a\u0641 \u064a\u064f\u0639\u0627\u062f \u062a\u062d\u0642\u064a\u0642 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645\u061f<\/h3>\n<p>\u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0645\u0639\u062f\u0644 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span> \u0645\u0646\u062e\u0641\u0636\u064b\u0627 \u0628\u0645\u0627 \u0641\u064a\u0647 \u0627\u0644\u0643\u0641\u0627\u064a\u0629\u060c \u062a\u0638\u0644 \u0641\u0631\u0635\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0642\u0627\u0626\u0645\u0629\u060c \u0645\u0645\u0627 \u064a\u0634\u062c\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0639\u0644\u0649 \u062a\u0646\u0641\u064a\u0630 \u0639\u0645\u0644\u064a\u0627\u062a \u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0628\u0623\u062d\u062c\u0627\u0645 \u0643\u0628\u064a\u0631\u0629 \u0644\u062a\u062d\u0642\u064a\u0642 \u0631\u0628\u062d \u0645\u0636\u0645\u0648\u0646.<\/p>\n<p><b>\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u062a\u062d\u0644\u064a\u0644\u060c \u0646\u0641\u062a\u0631\u0636 \u0623\u0646 \u0645\u0639\u062f\u0644 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0633\u0647\u0645 \u0647\u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s = 0.015<\/span><\/span>.<\/b><\/p>\n<p>\u064a\u0624\u062f\u064a \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0643\u0628\u064a\u0631 \u0627\u0644\u0646\u0627\u062c\u0645 \u0639\u0646 \u0647\u0630\u0627 \u0627\u0644\u0645\u0639\u062f\u0644 \u0627\u0644\u0645\u0646\u062e\u0641\u0636 \u0625\u0644\u0649 \u0625\u0639\u0627\u062f\u0629 \u0636\u0628\u0637 \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0627\u0644\u0630\u064a\u060c \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a\u060c \u064a\u0639\u064a\u062f \u062a\u062d\u0642\u064a\u0642 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645. \u0639\u0644\u0649 \u0648\u062c\u0647 \u0627\u0644\u062a\u062d\u062f\u064a\u062f\u060c \u062a\u062a\u0645 \u0645\u0644\u0627\u062d\u0638\u0629 \u0627\u0644\u062a\u0623\u062b\u064a\u0631\u0627\u062a \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<p>\u064a\u0624\u062f\u064a \u0647\u0630\u0627 \u0625\u0644\u0649 \u0625\u0639\u0627\u062f\u0629 \u0635\u064a\u0627\u063a\u0629 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0 \\lt \\dfrac{S(1,\\text{baja})}{\\beta S(0)} \\lt \\dfrac{A(1)}{\\alpha A(0)} - r_s \\lt \\dfrac{S(1,\\text{sube})}{\\beta S(0)} <\/span><\/span><\/p>\n<p>\u0628\u062d\u0644 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u062a\u0639\u062f\u064a\u0644\u060c \u0646\u062d\u0635\u0644 \u0639\u0644\u0649:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\n\\beta \\gt \\dfrac{A(0)S(1,\\text{baja})\\alpha}{S(0)(A(1) - r_s A(0)\\alpha)}\n\n<\/span>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\n\\beta \\lt \\dfrac{A(0)S(1,\\text{sube})\\alpha}{S(0)(A(1) - r_s A(0)\\alpha)}\n\n<\/span>\n<p>\u0625\u0630\u0627 \u0637\u0628\u0642\u0646\u0627 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u062d\u062f\u062f\u0629 \u0644\u0644\u0645\u0633\u0623\u0644\u0629\u060c \u0648\u0623\u062e\u0630\u0646\u0627 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0623\u0646 \u0633\u0639\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u064a\u0646\u062e\u0641\u0636 \u0628\u064a\u0646\u0645\u0627 \u064a\u0632\u062f\u0627\u062f \u0633\u0639\u0631 \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u0646\u062d\u0635\u0644 \u0639\u0644\u0649:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\n\\begin{array}{rl}\n\n\\beta &amp;\\gt \\dfrac{ 82 \\alpha}{107 - 1.5\\alpha} \\\\ \\\\\n\n\\beta &amp;\\lt \\dfrac{105.2 \\alpha}{107 - 1.5\\alpha } \\\\ \\\\\n\n\\beta &amp;\\lt 1 \\\\ \\\\\n\n\\alpha &amp;\\gt 1\n\n\\end{array}\n\n<\/span>\n<p>\u064a\u062a\u0645 \u062a\u0645\u062b\u064a\u0644 \u062d\u0644 \u0647\u0630\u0627 \u0627\u0644\u0646\u0638\u0627\u0645 \u0641\u064a \u0627\u0644\u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u0623\u0643\u062b\u0631 \u0638\u0644\u0627\u0645\u064b\u0627 \u0641\u064a \u0627\u0644\u0631\u0633\u0645 \u0627\u0644\u0628\u064a\u0627\u0646\u064a \u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n<p><center><br \/>\n<img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"http:\/\/toposuranos.com\/material\/wp-content\/uploads\/2025\/02\/coef-correccion.jpg\" alt=\"\" width=\"892\" height=\"677\" class=\"aligncenter size-full wp-image-32197 lazyload\" \/><noscript><img decoding=\"async\" src=\"http:\/\/toposuranos.com\/material\/wp-content\/uploads\/2025\/02\/coef-correccion.jpg\" alt=\"\" width=\"892\" height=\"677\" class=\"aligncenter size-full wp-image-32197 lazyload\" srcset=\"http:\/\/toposuranos.com\/material\/wp-content\/uploads\/2025\/02\/coef-correccion.jpg 892w, http:\/\/toposuranos.com\/material\/wp-content\/uploads\/2025\/02\/coef-correccion-300x228.jpg 300w, http:\/\/toposuranos.com\/material\/wp-content\/uploads\/2025\/02\/coef-correccion-768x583.jpg 768w\" sizes=\"(max-width: 892px) 100vw, 892px\" \/><\/noscript><br \/>\n<\/center><\/p>\n<p>\u0644\u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0625\u062d\u062f\u0649 \u0645\u062c\u0645\u0648\u0639\u0627\u062a \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u0645\u0643\u0646\u0629 \u0627\u0644\u062a\u064a \u0642\u062f \u064a\u062a\u0642\u0627\u0631\u0628 \u0646\u062d\u0648\u0647\u0627 \u0627\u0644\u0633\u0648\u0642 \u0644\u0625\u0632\u0627\u0644\u0629 \u0641\u0631\u0635\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0647\u064a\u060c \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\alpha=1.05<\/span><\/span> \u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\beta=0.95<\/span><\/span>.<\/p>\n<p>\u0648\u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0630\u0644\u0643\u060c \u064a\u062a\u0645 \u062a\u0635\u062d\u064a\u062d \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0643\u0645\u0627 \u064a\u0644\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\begin{array}{rl}\n\nu^\\prime &amp;= \\dfrac{S(1,\\text{sube})}{\\beta S(0)}  = \\dfrac{105.2}{0.95\\cdot 100} \\approx 1.107 \\\\ \\\\\n\nd^\\prime &amp;= \\dfrac{S(1,\\text{baja})}{\\beta S(0)}  = \\dfrac{82}{0.95\\cdot 100} \\approx 0.863 \\\\ \\\\\n\nr^\\prime + 1 &amp;= \\dfrac{A(1)}{\\alpha A(0)} = \\dfrac{107}{1.05 \\cdot 100} \\approx 1.019\n\n\\end{array}\n\n<\/span>\n<p>\u0648\u0628\u0647\u0630\u0627\u060c \u064a\u062a\u062d\u0642\u0642 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0 \\lt d^\\prime \\lt 1+r^\\prime - r_s \\lt u^\\prime<\/span><\/span><\/p>\n<p>\u0648\u0628\u0627\u0633\u062a\u0628\u062f\u0627\u0644 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u062d\u0633\u0648\u0628\u0629:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">0 \\lt 0.863 \\lt 1.019 - 0.015 = 1.004 \\lt 1.107<\/span><\/span><\/p>\n<p>\u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0630\u0644\u0643\u060c \u064a\u0645\u0643\u0646 \u062d\u0633\u0627\u0628 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u0645\u0635\u062d\u062d\u0629 \u0644\u0644\u0623\u0635\u0648\u0644 \u0641\u064a \u0627\u0644\u0644\u062d\u0638\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0628\u0633\u0628\u0628 \u0627\u0644\u0636\u063a\u0637 \u0627\u0644\u0630\u064a \u064a\u0645\u0627\u0631\u0633\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0633\u0627\u0639\u0648\u0646 \u0644\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 \u0641\u0631\u0635\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\n\\begin{array}{rl}\n\nA^\\prime(0) &amp;= \\alpha A(0) = 1.05\\cdot 100 = 105 \\\\ \\\\\n\nS^\\prime(0) &amp;= \\beta S(0) = 0.95\\cdot 100 = 95\n\n\\end{array}\n\n<\/span>\n<p><center><iframe class=\"lazyload\" width=\"560\" height=\"315\" data-src=\"https:\/\/www.youtube.com\/embed\/iBmmjdFzVDI?si=BETKzTcGMB4yiZ8R\" title=\"\u0645\u0634\u063a\u0644 \u0641\u064a\u062f\u064a\u0648 \u064a\u0648\u062a\u064a\u0648\u0628\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/center><br \/>\n<a name=\"3\"><\/a><\/p>\n<h2>\u0625\u062b\u0628\u0627\u062a \u0646\u0638\u0631\u064a\u0629 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645<\/h2>\n<p>\u062d\u062a\u0649 \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629\u060c \u0627\u0633\u062a\u0643\u0634\u0641\u0646\u0627 \u0643\u064a\u0641\u064a\u0629 \u0639\u0645\u0644 \u0646\u0638\u0631\u064a\u0629 \u0634\u0631\u0637 \u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645. \u0627\u0644\u0622\u0646\u060c \u0633\u0646\u0634\u0631\u0639 \u0641\u064a \u062a\u0637\u0648\u064a\u0631 \u0625\u062b\u0628\u0627\u062a\u0647\u0627 \u062e\u0637\u0648\u0629 \u0628\u062e\u0637\u0648\u0629. \u0644\u0644\u0642\u064a\u0627\u0645 \u0628\u0630\u0644\u0643\u060c \u0645\u0646 \u0627\u0644\u0645\u0641\u064a\u062f \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u062f\u0644 \u0639\u0644\u0649 \u0648\u062c\u0648\u062f \u0641\u0631\u0635\u0629 \u0644\u0644\u062a\u062d\u0643\u064a\u0645:<\/p>\n<ul>\n<li>\n<p><b>\u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/b><\/p>\n<p>\u0625\u0630\u0627 \u0643\u0627\u0646 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0639\u0627\u0644\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0641\u064a \u0623\u0633\u0648\u0623 \u062d\u0627\u0644\u0627\u062a\u0647 \u064a\u062a\u062c\u0627\u0648\u0632 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0641\u0625\u0646\u0647 \u064a\u0645\u0643\u0646 \u062a\u0645\u0648\u064a\u0644 \u0634\u0631\u0627\u0626\u0647 \u0628\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0628\u0647\u0630\u0627 \u0627\u0644\u0645\u0639\u062f\u0644\u060c \u0645\u0645\u0627 \u064a\u0636\u0645\u0646 \u062a\u062d\u0642\u064a\u0642 \u0631\u0628\u062d \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u062d\u062a\u0649 \u0641\u064a \u0623\u0633\u0648\u0623 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a.<\/p>\n<p>\u0648\u0628\u0627\u0644\u0645\u062b\u0644\u060c \u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u064a\u062a\u062c\u0627\u0648\u0632 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0639\u0627\u0644\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0641\u064a \u0623\u0641\u0636\u0644 \u062d\u0627\u0644\u0627\u062a\u0647\u060c \u0641\u064a\u0645\u0643\u0646 \u0625\u0646\u0634\u0627\u0621 \u062a\u062d\u0643\u064a\u0645 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0644\u0644\u0623\u0635\u0644 \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u062d\u0642\u064a\u0642 \u0631\u0628\u062d \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/p>\n<\/li>\n<li>\n<p><b>\u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0645\u0639\u062f\u0644 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636:<\/b><\/p>\n<p>\u0627\u0633\u062a\u0643\u0645\u0627\u0644\u064b\u0627 \u0644\u0644\u0646\u0642\u0637\u0629 \u0627\u0644\u0633\u0627\u0628\u0642\u0629\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0628\u064a\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span> \u0648\u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r<\/span><\/span>\u060c \u062e\u0627\u0635\u0629 \u0639\u0646\u062f \u062a\u062d\u0644\u064a\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0623\u0648 \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641. \u0628\u0634\u0643\u0644 \u0639\u0627\u0645\u060c \u064a\u062a\u0645 \u0627\u0633\u062a\u064a\u0641\u0627\u0621 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">-1\\leq r \\leq r_s<\/span><\/span><\/p>\n<p>\u0625\u0630\u0627 \u0644\u0645 \u062a\u062a\u062d\u0642\u0642 \u0647\u0630\u0647 \u0627\u0644\u0639\u0644\u0627\u0642\u0629\u060c \u0641\u064a\u0645\u0643\u0646 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0639\u0646\u062f \u0627\u0644\u0645\u0639\u062f\u0644 \u0627\u0644\u0623\u062f\u0646\u0649 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s<\/span><\/span> \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0628\u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0623\u0639\u0644\u0649 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r<\/span><\/span>\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u062d\u0642\u064a\u0642 \u0631\u0628\u062d \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0647\u0630\u0647 \u0627\u0644\u0641\u0631\u0635\u0629 \u0645\u062a\u0627\u062d\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0633\u064a\u0633\u062a\u063a\u0644\u0648\u0646\u0647\u0627 \u062d\u062a\u0649 \u064a\u0642\u0648\u0645 \u0627\u0644\u0633\u0648\u0642 \u0628\u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0645\u0639\u062f\u0644\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0625\u0632\u0627\u0644\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645. \u0639\u0644\u0627\u0648\u0629 \u0639\u0644\u0649 \u0630\u0644\u0643\u060c \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0637\u0644\u0628 \u0627\u0644\u0645\u0642\u0631\u0636\u0648\u0646 \u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 \u0623\u0639\u0644\u0649 \u0644\u062a\u0639\u0648\u064a\u0636 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u062e\u0644\u0641 \u0639\u0646 \u0627\u0644\u0633\u062f\u0627\u062f.<\/p>\n<p>\u0641\u064a \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0628\u0633\u0637\u0629\u060c \u064a\u064f\u0641\u062a\u0631\u0636 \u063a\u0627\u0644\u0628\u064b\u0627 \u0623\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r_s = r<\/span><\/span>\u060c \u0648\u0641\u064a \u0645\u0639\u0638\u0645 \u0627\u0644\u062d\u0627\u0644\u0627\u062a\u060c \u064a\u064f\u0641\u0631\u0636 \u0623\u064a\u0636\u064b\u0627 \u0623\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">r \\geq 0<\/span><\/span> \u0644\u062a\u062c\u0646\u0628 \u0627\u0644\u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0633\u0644\u0628\u064a\u0629\u060c \u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0623\u0646 \u0647\u0630\u0627 \u0644\u064a\u0633 \u0636\u0631\u0648\u0631\u064a\u064b\u0627 \u062a\u0645\u0627\u0645\u064b\u0627.<\/p>\n<\/li>\n<li>\n<p><b>\u0634\u0631\u0648\u0637 \u0648\u062c\u0648\u062f \u0627\u0644\u062a\u062d\u0643\u064a\u0645 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629:<\/b><\/p>\n<p>\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u062d\u0627\u0644\u064a <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">t=0<\/span><\/span> \u062a\u064f\u0639\u0637\u0649 \u0628\u0627\u0644\u0639\u0644\u0627\u0642\u0629:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">V(0) = xS(0) + y A(0)<\/span><\/span><\/p>\n<p>\u062d\u064a\u062b <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">S(0)<\/span><\/span> \u064a\u0645\u062b\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0644\u0644\u0623\u0633\u0647\u0645\u060c \u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">A(0)<\/span><\/span> \u064a\u0645\u062b\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0644\u0644\u0633\u0646\u062f\u0627\u062a. \u0641\u064a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644 \u0639\u0646\u062f <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">t=1<\/span><\/span>\u060c \u0633\u062a\u0639\u062a\u0645\u062f \u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0639\u0644\u0649 \u062a\u0637\u0648\u0631 \u0627\u0644\u0623\u0635\u0644 \u0639\u0627\u0644\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">V(1) =\n\n\\begin{cases}\n\nx S(0) u + y A(0) (1 + r), &amp;\\text{\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0639\u0631},\\\\\n\nx S(0) d + y A(0) (1 + r), &amp;\\text{\u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0633\u0639\u0631}.\n\n\\end{cases}<\/span>\n<p>\u062a\u0648\u062c\u062f \u0641\u0631\u0635\u0629 \u0644\u0644\u062a\u062d\u0643\u064a\u0645 \u0625\u0630\u0627 \u0648\u0641\u0642\u0637 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0646 \u0627\u0644\u0645\u0645\u0643\u0646 \u0625\u0646\u0634\u0627\u0621 \u0645\u062d\u0641\u0638\u0629 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">(x,y)<\/span><\/span> \u062a\u062d\u0642\u0642 \u0627\u0644\u0634\u0631\u0648\u0637 \u0627\u0644\u062b\u0644\u0627\u062b\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<ol>\n<li><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">V(0)=0<\/span><\/span>\u060c \u0623\u064a \u0623\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0644\u0627 \u062a\u062a\u0637\u0644\u0628 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064b\u0627 \u0623\u0648\u0644\u064a\u064b\u0627.<\/li>\n<li><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">V(1)\\geq 0 <\/span><\/span> \u0641\u064a \u062c\u0645\u064a\u0639 \u0627\u0644\u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0645\u0645\u0643\u0646\u0629 \u0644\u0644\u0633\u0648\u0642\u060c \u0645\u0645\u0627 \u064a\u0636\u0645\u0646 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u062e\u0633\u0627\u0626\u0631.<\/li>\n<li><span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">V(1) \\gt 0<\/span><\/span> \u0641\u064a \u062d\u0627\u0644\u0629 \u0648\u0627\u062d\u062f\u0629 \u0639\u0644\u0649 \u0627\u0644\u0623\u0642\u0644\u060c \u0645\u0645\u0627 \u064a\u0636\u0645\u0646 \u062a\u062d\u0642\u064a\u0642 \u0631\u0628\u062d \u0625\u064a\u062c\u0627\u0628\u064a.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<p>\u0644\u0625\u062c\u0631\u0627\u0621 \u0647\u0630\u0627 \u0627\u0644\u0625\u062b\u0628\u0627\u062a\u060c \u0633\u0646\u0642\u062f\u0645 \u0627\u0644\u0627\u062a\u0641\u0627\u0642\u064a\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u0644\u0644\u062a\u0631\u0645\u064a\u0632:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\n\\begin{array}{rcl}\n\nV(1,\\omega) &amp;=&amp; xS(1,\\omega) + yA(1).\n\n\\end{array}\n\n<\/span>\n<p>\u062d\u064a\u062b \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\omega<\/span><\/span> \u0625\u0645\u0627 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\text{sube}<\/span><\/span> \u0623\u0648 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\text{baja}<\/span><\/span>. \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0630\u0644\u0643\u060c \u0645\u0646 \u0627\u0644\u0636\u0631\u0648\u0631\u064a \u0627\u0644\u062a\u0639\u0628\u064a\u0631 \u0631\u064a\u0627\u0636\u064a\u064b\u0627 \u0639\u0646 \u0627\u0644\u0634\u0631\u0637 \u0627\u0644\u0630\u064a \u064a\u062a\u062d\u0642\u0642 \u0639\u0646\u062f\u0645\u0627 \u062a\u0648\u062c\u062f \u0645\u062d\u0641\u0638\u0629 <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">(x,y)<\/span><\/span> \u062a\u0633\u062a\u063a\u0644 \u0641\u0631\u0635\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645. \u064a\u064f\u0635\u0627\u063a \u0647\u0630\u0627 \u0643\u0645\u0627 \u064a\u0644\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\n\\begin{array}{l}\n\nV(0) = 0, \\\\\n\n\\forall \\omega \\quad V(1,\\omega) \\geq 0, \\\\\n\n\\exists \\omega \\quad V(1,\\omega) &gt; 0.\n\n\\end{array}\n\n<\/span>\n<p>\u0645\u0639 \u0641\u0647\u0645 \u0647\u0630\u0647 \u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645\u060c \u064a\u0645\u0643\u0646\u0646\u0627 \u0627\u0644\u0622\u0646 \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u062a\u0639\u0628\u064a\u0631 \u0627\u0644\u0631\u064a\u0627\u0636\u064a \u0627\u0644\u062f\u0642\u064a\u0642 \u0627\u0644\u0630\u064a \u064a\u062d\u062f\u062f \u0641\u0631\u0635\u0629 \u0627\u0644\u062a\u062d\u0643\u064a\u0645:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\begin{array}{rl}\n\n\\text{\u062a\u062d\u0643\u064a\u0645}:= &amp; V(0) = 0 \\wedge  (\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\forall \\omega \\quad V(1,\\omega) \\geq 0) \\wedge \\cdots \\\\\n\n&amp; \\cdots \\wedge  (\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\exists \\omega \\quad V(1,\\omega) \\gt 0) \\\\ \\\\\n\n\\text{\u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645}:= &amp; \\neg \\text{\u062a\u062d\u0643\u064a\u0645}\\\\\n\n= &amp; V(0) \\neq 0 \\vee  \\neg(\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\forall \\omega \\quad V(1,\\omega) \\geq 0) \\vee \\cdots \\\\\n\n&amp; \\cdots \\vee  \\neg(\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\exists \\omega \\quad V(1,\\omega) \\gt 0)\n\n\\end{array}<\/span>\n<p>\u0648\u0623\u062e\u064a\u0631\u064b\u0627\u060c \u064a\u062a\u0645 \u0627\u0644\u062a\u0639\u0628\u064a\u0631 \u0639\u0646 \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0641\u0631\u0636\u064a\u0627\u062a <span dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\mathcal{H}<\/span><\/span> \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u062a\u0637\u0648\u064a\u0631 \u0627\u0644\u0625\u062b\u0628\u0627\u062a \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u064a\u0647\u0627 \u0643\u0645\u0627 \u064a\u0644\u064a:<\/p>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\begin{array}{rcl}\n\n\\mathcal{H} &amp;=&amp; \\left\\{  \\right. V(0)=xS(0) + yA(0) = 0, \\\\ \\\\\n\n&amp; &amp;V(t,\\omega) = xS(t,\\omega) + yA(t), A(0), S(0) \\gt 0, \\\\ \\\\\n\n&amp; &amp;  S(1) = \\begin{cases} S(1, \\text{sube})  = S(0)u &amp; \\text{\u0628\u0627\u062d\u062a\u0645\u0627\u0644 } p \\\\ S(1,\\text{baja})  = S(0)d &amp; \\text{\u0628\u0627\u062d\u062a\u0645\u0627\u0644 } 1-p \\end{cases},  \\\\ \\\\\n\n&amp; &amp;  0 \\lt d \\lt u , \\left.  A(1) = A(0)(1+r), r\\geq -1 \\right\\}\n\n\\end{array}<\/span>\n<p>\u0644\u0627 \u062a\u0642\u062a\u0635\u0631 \u0647\u0630\u0647 \u0627\u0644\u0645\u062c\u0645\u0648\u0639\u0629 \u0639\u0644\u0649 \u062a\u0636\u0645\u064a\u0646 \u0641\u0631\u0636\u064a\u0627\u062a \u0627\u0644\u0646\u0638\u0631\u064a\u0629 \u0641\u062d\u0633\u0628\u060c \u0628\u0644 \u062a\u0634\u0645\u0644 \u0623\u064a\u0636\u064b\u0627 \u0627\u0644\u0634\u0631\u0648\u0637 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629.<\/p>\n<p>\u0645\u0639 \u0648\u0636\u0639 \u0647\u0630\u0647 \u0627\u0644\u0645\u0628\u0627\u062f\u0626\u060c \u0633\u0646\u0646\u062a\u0642\u0644 \u0627\u0644\u0622\u0646 \u0625\u0644\u0649 \u0627\u0644\u0625\u062b\u0628\u0627\u062a \u0627\u0644\u0631\u064a\u0627\u0636\u064a \u0644\u0644\u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0623\u0646 \u062a\u062a\u062d\u0642\u0642 \u0641\u064a \u0633\u0648\u0642 \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u062a\u062d\u0643\u064a\u0645.<\/p>\n<h3>\u0627\u0644\u0625\u062b\u0628\u0627\u062a \u0627\u0644\u0631\u0633\u0645\u064a \u0644\u0644\u0646\u0638\u0631\u064a\u0629:<\/h3>\n<p style=\"text-align:center;\" dir=\"ltr\"><span class=\"katex-eq\" data-katex-display=\"false\">\\begin{array}{rll}\n\n(1) &amp; \\mathcal{H} \\models V(0) =xS(0) + yA(0) = 0 &amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636} \\\\\n\n(2) &amp; \\mathcal{H} \\models V(1,\\omega) =xS(1,\\omega) + yA(1) &amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636} \\\\\n\n(3) &amp; \\mathcal{H} \\models A(0) \\gt  0 &amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636} \\\\\n\n(4) &amp; \\mathcal{H} \\models S(0) \\gt  0 &amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636} \\\\\n\n(5) &amp; \\mathcal{H} \\models r \\gt  -1 &amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636} \\\\\n\n(6) &amp; \\mathcal{H} \\models A(1) = (1+r) A(0) &amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636} \\\\\n\n(7) &amp;\\color{red}\\mathcal{H} \\models 0 \\lt d \\lt u \\color{black}&amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636} \\\\ \\\\\n\n(8) &amp; \\mathcal{H} \\models S(1) = \\begin{cases}S(1,\\text{sube})=S(0)u &amp; \\text{, \u0628\u0627\u062d\u062a\u0645\u0627\u0644 } p \\\\ S(1,\\text{baja}) = S(0)d &amp; \\text{, \u0628\u0627\u062d\u062a\u0645\u0627\u0644 } 1-p\\end{cases} &amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636} \\\\ \\\\\n\n(9) &amp; \\mathcal{H} \\models y = \\dfrac{-xS(0)}{A(0)} \\wedge x\\in\\mathbb{R} &amp; \\text{; \u0645\u0646 (1)} \\\\\n\n(10)&amp; \\mathcal{H} \\models V(1,\\omega) =xS(1,\\omega) - \\dfrac{xS(0)}{A(0)} A(1) &amp; \\text{; \u0645\u0646 (2,9)} \\\\\n\n(11)&amp; \\mathcal{H} \\models V(1,\\omega) =xS(1,\\omega) - x(1+r)S(0) &amp; \\text{; \u0645\u0646 (6,10)} \\\\\n\n &amp;\\text{\u0648\u0647\u0630\u0627 \u064a\u0645\u062b\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0644\u0645\u062d\u0641\u0638\u0629 \u062a\u0645\u0648\u064a\u0644\u0647\u0627 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0642\u0631\u0636} &amp;\\\\\n\n &amp;\\text{\u0628\u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 $r$ \u0628\u0647\u062f\u0641 \u062a\u0645\u0648\u064a\u0644 \u0634\u0631\u0627\u0621 \u0623\u0635\u0644 \u0645\u0627\u0644\u064a.} &amp;\\\\\n\n(12)&amp; \\mathcal{H}\\cup\\{1+r\\leq d\\} \\models 0 \\leq (1+r)S(0) \\leq \\underbrace{S(0) d}_{S(1,\\text{baja})} \\lt \\underbrace{S(0) u}_{S(1,\\text{sube})} &amp; \\text{; \u0645\u0646 (4,5,7,8)}\\\\\n\n(13)&amp; \\mathcal{H}\\cup\\{1+r\\leq d\\} \\models x(1+r)S(0) \\leq xS(1,\\omega) \\leftrightarrow x\\gt 0 &amp; \\text{; \u0645\u0646 (12)}\\\\\n\n(14)&amp; \\mathcal{H}\\cup\\{1+r\\leq d\\} \\models (\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\forall \\omega\\quad V(1,\\omega) \\geq 0) &amp;\\text{; \u0645\u0646 (2,9,13)}\\\\\n\n(15)&amp; \\mathcal{H}\\cup\\{1+r\\leq d\\} \\models V(1,\\omega) \\gt 0 \\leftrightarrow y \\gt \\dfrac{-xS(1,\\omega)}{A(1)} = \\dfrac{-xS(1,\\omega)}{(1+r)A(0)} &amp; \\text{; \u0645\u0646 (2,3,6,7,8)}\\\\\n\n(16)&amp;\\mathcal{H}\\cup\\{1+r\\leq d\\} \\models (\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\exists \\omega\\quad V(1,\\omega)\\gt 0) &amp;\\text{; \u0645\u0646 (14,15)}\\\\\n\n(17)&amp; \\mathcal{H}\\cup\\{1+r\\leq d\\} \\models \\text{\u062a\u062d\u0643\u064a\u0645} &amp;\\text{; \u0645\u0646 (1,14,16)}\\\\\n\n(18)&amp; \\color{red}\\mathcal{H}\\cup\\{\\text{\u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645}\\} \\models d \\lt 1+r\\color{black}&amp; \\text{; \u0628\u0627\u0644\u0628\u0631\u0647\u0627\u0646 \u0645\u0646 \u0627\u0644\u062a\u0646\u0627\u0642\u0636, CPI, TD(17)}\\\\ \\\\\n\n(19)&amp; \\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models 0 \\lt \\underbrace{S(0)d}_{S(1,\\text{baja})} \\lt \\underbrace{S(0)u}_{S(1,\\text{sube})} \\leq (1+r)S(0) &amp; \\text{; \u0645\u0646 (4,5,7,8)}\\\\\n\n(20)&amp; \\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models xS(1,\\omega) \\leq x(1+r)S(0) \\leftrightarrow x\\gt 0  &amp;\\text{; \u0645\u0646 (19)} \\\\\n\n(21)&amp;\\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models \\tilde{V}(0) = - V(0) = 0 &amp; \\text{; \u0645\u0646 (1)}\\\\\n\n(22)&amp;\\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models\\tilde{V}(1,\\omega)=-V(1,\\omega) &amp; \\\\\n\n &amp;\\phantom{\\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models\\tilde{V}(1,\\omega)}=-xS(1,\\omega)+x(1+r)S(0) &amp; \\text{; \u0645\u0646 (11)}\\\\\n\n &amp;\\text{\u0648\u0647\u0630\u0627 \u064a\u0645\u062b\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0644\u0645\u062d\u0641\u0638\u0629 \u064a\u062a\u0645 \u062a\u0645\u0648\u064a\u0644\u0647\u0627 \u0639\u0646 \u0637\u0631\u064a\u0642} &amp;\\\\\n\n &amp;\\text{\u0628\u064a\u0639 \u0623\u0635\u0644 \u0645\u0627\u0644\u064a \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0634\u0648\u0641 \u0628\u063a\u0631\u0636 \u0634\u0631\u0627\u0621 \u0633\u0646\u062f \u0645\u0627\u0644\u064a} &amp;\\\\\n\n &amp;\\text{\u062a\u0646\u0645\u0648 \u0642\u064a\u0645\u062a\u0647 \u0628\u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 $r$.} &amp; \\\\\n\n(23)&amp;\\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models (\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\forall \\omega\\quad \\tilde{V}(1,\\omega) \\geq 0) &amp; \\text{; \u0645\u0646 (2,9,20,22)}\\\\\n\n(24)&amp;\\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models \\tilde{V}(1,\\omega)\\gt 0 \\leftrightarrow y \\lt \\dfrac{-xS(1,\\omega)}{A(1)} = \\dfrac{-xS(1,\\omega)}{(1+r)A(0)} &amp;\\text{; \u0645\u0646 (2,3,4,6,22)}\\\\\n\n(25)&amp;\\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models(\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\exists \\omega\\quad \\tilde{V}(1,\\omega)\\gt 0) &amp;\\text{; \u0645\u0646 (23,24)}\\\\\n\n(26)&amp;\\mathcal{H}\\cup\\{u \\leq 1+r\\} \\models \\text{\u062a\u062d\u0643\u064a\u0645} &amp;\\text{; \u0645\u0646 (21,23,25)}\\\\\n\n(27)&amp;\\color{red}\\mathcal{H}\\cup\\{\\text{\u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645}\\} \\models 1+r \\lt u\\color{black}&amp; \\text{; \u0628\u0631\u0647\u0627\u0646 \u0627\u0644\u062a\u0646\u0627\u0642\u0636 (RTD), CPI, TD(26)}\\\\\n\n(28) &amp;\\mathcal{H}\\cup\\{\\text{\u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645}\\} \\models 0\\lt d\\lt1+r\\lt u &amp;\\text{;\\color{red}$\\wedge$-\u0627\u0633\u062a\u062e\u0644\u0627\u0635 (Mon(7),18,27)}\\color{black} \\\\\n\n(29)&amp; \\boxed{\\mathcal{H} \\models\\text{\u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645}\\rightarrow 0\\lt d\\lt1+r\\lt u}  &amp; \\text{; TD(28)}\\\\ \\\\\n\n(30)&amp;\\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\} \\models 0\\lt d\\lt 1+r \\lt u &amp; \\text{; \u0627\u0641\u062a\u0631\u0627\u0636}\\\\\n\n(31)&amp;\\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\} \\models xS(0)d\\lt x(1+r)S(0) \\lt xS(0)u \\leftrightarrow x\\gt 0 &amp; \\text{; \u0645\u0646 (4,30)}\\\\\n\n&amp;\\phantom{\\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\}} \\models xS(0)d\\lt x(1+r)S(0)\\dfrac{A(0)}{A(0)} \\lt xS(0)u \\leftrightarrow x\\gt 0 &amp; \\\\\n\n&amp;\\phantom{\\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\}} \\models xS(0)d\\lt -y(1+r)A(0) \\lt xS(0)u \\leftrightarrow x\\gt 0 &amp; \\text{; \u0645\u0646 (9)} \\\\\n\n&amp;\\phantom{\\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\}} \\models xS(1,\\text{baja})\\lt -yA(1) \\lt xS(1,\\text{sube}) \\leftrightarrow x\\gt 0 &amp; \\text{; \u0645\u0646 (6,8)} \\\\\n\n(32)&amp; \\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\} \\models V(1,\\text{baja})\\lt 0 \\lt V(1,\\text{sube}) \\leftrightarrow x\\gt 0 &amp; \\text{; \u0645\u0646 (2,31)} \\\\\n\n(33)&amp; \\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\} \\models V(1,\\text{baja})\\gt 0 \\gt V(1,\\text{sube}) \\leftrightarrow x\\lt 0 &amp; \\text{; \u0645\u0646 (31,32)} \\\\\n\n(34)&amp;\\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\} \\models \\neg(\\exists xy\\in\\mathbb{R}\\setminus\\{0\\})(\\forall \\omega\\quad V(1,\\omega)\\geq 0) &amp; \\text{; \u0645\u0646 (32,33)} \\\\\n\n(35)&amp;\\mathcal{H}\\cup\\{0\\lt d\\lt 1+r \\lt u\\} \\models \\text{\u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645} &amp; \\text{; $\\vee$-\u0627\u0633\u062a\u0646\u062a\u0627\u062c (34)}\\\\\n\n(36)&amp;\\boxed{\\mathcal{H} \\models 0\\lt d\\lt 1+r \\lt u \\rightarrow \\text{\u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645}} &amp; \\text{; TD(35)}\\\\ \\\\\n\n(37)&amp; \\color{blue}\\mathcal{H} \\models 0\\lt d\\lt 1+r \\lt u \\leftrightarrow \\text{\u0639\u062f\u0645 \u0627\u0644\u062a\u062d\u0643\u064a\u0645}\\color{black}\\quad\\blacksquare &amp; \\text{; \u0645\u0646 (29,36)}\n\n\\end{array}<\/span>\n<p><a name=\"4\"><\/a><\/p>\n<h2>\u0627\u0644\u062e\u0627\u062a\u0645\u0629<\/h2>\n<p>\u064a\u064f\u0639\u062f \u0646\u0645\u0648\u0630\u062c 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