1
銆?/p>
鏌愪紒涓氬悜閾惰璐锋
200
涓囧厓锛屽勾鍒╃巼涓?/p>
12%
锛屾寜瀛ｅ鍒╄绠楋紝杩樻鏈熶负
3
骞达紝鍒版湡搴?
杩樻湰鎭负澶氬皯锛?/p>
FV=200(F/P
锛?/p>
3%,12)
涓囧厓
2
銆?/p>
璁鹃摱琛屽瓨娆惧勾澶嶅埄鐜囦负
8%
锛岃鍦?/p>
4
骞存湯寰楁湰鍒╁拰
40000
鍏冿紝姹傜幇鍦ㄥ簲瀛樺叆鐨勯噾棰濅负澶?
灏戝厓锛?/p>
PV=40000(P/F,8%,4)
3
銆?/p>
鏌愬崟浣嶅噯澶囦互鍑哄寘鐨勬柟寮忓缓閫犱竴涓ぇ鐨勫伐绋嬮」鐩紝鎵垮寘鍟嗙殑瑕佹眰鏄紝绛捐鍚堝悓鏃跺厛浠?
500
涓囧厓锛岀
4
骞村垵缁粯
200
涓囧厓锛岀
5
骞存湯瀹屽伐楠屾敹鏃跺啀浠?/p>
500
涓囧厓銆備负纭繚璧勯噾钀?/p>
瀹烇紝璇ュ崟浣嶄簬绛捐鍚堝悓涔嬫棩璧峰氨鎶婂叏閮ㄨ祫閲戝噯澶囧ソ锛屽苟灏嗘湭浠橀儴鍒嗗瓨鍏ラ摱琛岋紝鑻ラ摱琛屽勾
澶嶅埄鐜囦负
10%
銆傛眰寤洪�犺宸ョ▼闇�瑕佺闆嗙殑璧勯噾澶氬皯鍏冿紵
PV=500+200
锛?/p>
P/F,10%,3
锛?/p>
+500
锛?/p>
P/F,10%,5
锛変竾鍏?/p>
4
銆?/p>
鏌愪紒涓氭湁涓�寤鸿椤圭洰闇�
5
骞村缓鎴愶紝姣忓勾骞存湯鎶曡祫
80
涓囧厓锛岄」鐩缓鎴愬悗浼拌姣忓勾鍙洖鏀?
鍑�鍒╁拰鎶樻棫
25
涓囧厓銆?/p>
椤圭洰浣跨敤瀵垮懡涓?/p>
20
骞淬�?/p>
鑻ユ椤规姇璧勬椤瑰叏閮ㄦ槸浠庨摱琛屼互骞村鍒╃巼
8%
鍊熸潵鐨勩�傞」鐩缓鎴愬悗杩樻湰浠樻伅銆傞棶姝ら」鎶曡祫鏂规鏄惁鍙锛?/p>
姣忓勾
80
涓囧厓浠庨摱琛屾寜骞村鍒?/p>
8%
鍊熸潵鐨勶紝
5
骞村悗鏀粯鍒╂伅鍜屾湰閲戞槸锛?/p>
80
锛?/p>
F/A,8%,5
锛?/p>
=80脳
5.8660
椤圭洰寤烘垚鍚庝及璁℃瘡骞村彲鍥炴敹鍑�鍒╁拰鎶樻墸
25
涓囧厓锛岄」鐩娇鐢ㄥ鍛戒负
20
骞达紝鍙敹鍥烇細
25脳
20=500
锛堜竾鍏冿級
5
銆?/p>
鏌愬叕鍙搁渶鐢ㄤ竴鍙拌澶囷紝
涔颁环
4
涓囧厓锛?/p>
鍙敤
10
骞淬�?/p>
濡傛灉绉熻祦锛?/p>
姣忓勾骞村垵闇�浠樼閲?/p>
5000
鍏冿紝
濡傛灉骞村鍒╃巼涓?/p>
10%
锛岄棶璐拱涓庣璧佸摢涓垝绠楋紵
PV=5000(P/A,10%,10)
锛?/p>
1+10%
锛?/p>
6
銆?/p>
鐜版湁
AB
涓ょ鑲＄エ鎶曡祫锛屾姇璧勯噾棰濇瘮閲嶅垎鍒负
60%
鍜?/p>
40%
锛屽叾鏀剁泭鐜囧拰姒傜巼濡備笅琛紝璇?/p>
璁＄畻瀹冧滑鐨勭浉鍏崇郴鏁板強鎶曡祫缁勫悎鏍囧噯宸�?/p>
姒傜巼
P
A
鑲＄エ鏀剁泭
Ri
B
鑲＄エ鏀剁泭
Rj
0.2
锛?/p>
10%
0%
0.6
10%
10%
0.2
30%
15%
A
鑲＄エ鐨勯鏈熸敹鐩婄巼涓猴細
E1=-10%*0.2+10%*0.6+30%*0.2=10%
B
鑲＄エ鐨勯鏈熸敹鐩婄巼涓猴細
E2=0%*0.2+10%*0.6+15%*0.2=9%
鎶曡祫缁勫悎鐨勯鏈熸敹鐩婄巼涓猴細
E
锛?/p>
rp
锛?/p>
=60%*10%+40%*9%=9.6%
鎶曡祫缁勫悎鏂瑰樊涓猴細
Var(rp)=w
1
^2Var(r
1
)+ w2^2Var(r
2
)+2w1w2COV(r
1
,r
2
)
COV(r
1
,r
2
)=0.2*(-10%-10%)(0%-9%)+0.6*(10%-10%)(10%-9%)+0.2*(30%-10%)(15%-9%)=0.6
%
Var(r
1
)=0.2*(-10%-10%)^2+0.6*(10%-10%)^2+0.2*(30%-10%)^2=1.6%
Var(r
2
)= 0.2*(0%-9%)^2+0.6*(10%-9%)^2+0.2*(15%-9%)^2=0.24%