DIPLOMADO NIIF SEMANA 3 Parte 2 (Ejercicios)

  Kfdioiÿa df jgs ia`rfsgs pgr hotividhdfs grdiahrihs

 

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FCFKUJG 8.

Va lhnriohatf vfadf uag df sus prgduotgs h $655 pgr uaidhd. _ia fknhr`g, fj lhnriohatf jfs gtgr`h h sus Ojifatfs ua >5% df dfsoufatg fa jgs pfdidgs df 855 uaidhdfs g kès.

Va ojifatf ogkprh 855 uaidhdfs fa ua sgjg pfdidg. ·Oÿkg dfnf kfdir fj ia`rfsg fj lhnrioha lhnriohatf7.......... tf7..........

_GJVOIßA

Fj lhnriohatf dfnf kfdir jgs ia`rfsgs df hotividhdfs Grdiahrihs gntfaidgs df jh vfath vfath df nifafs fa $45.5 $45.555., 55., fs dfoir3 855 uaidhdfs Р($655 df prfoig df jisth kfags Ð

ua dfsoufatg pgr vgjukfa df $855 (fs dfoir, >5%  $655)).

  Kfdioiÿa df jgs ia`rfsgs pgr hotividhdfs grdiahrihs

 

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FCFKUJG >. 

Va lhnriohatf vfadf uag df sus prgduotgs h $655 pgr uaidhd. _ia fknhr`g, fj lhnriohatf jfs gtgr`h h sus ojifatfs ua >5% df dfsoufatg dfsoufatg fa jgs pfdid pfdidgs gs df 855 uaidhdfs g kès. Hdfkès, si fj ojifatf ogkpr ogkprh h 8.555 uaidhdfs g kès fa ua pfrigdg liahaoifrg hauhj sgnrf fj quf sf ialgrkh, fj kiagristh jf gtgr`h ua

dfsoufatg pgr vgjukfa hdioigahj dfj 85% sgnrf fj prfoig df jisth fa tgdhs jhs uaidhdfs quf fj ojifatf hdquiriÿ durhatf diobg høg ogathnjf. Va ojifatf ogkprh kfasuhjkfatf 855 uaidhdfs dfj prgduotg durhatf ua pfrigdg liahaoifrg hauhj. ·Oÿkg dfnf kfdir fj ia`rfsg fj lhnriohatf7................. •

_GJVOIßA3

Fj lhnriohatf dfnf kfdir jgs ia`rfsgs df hotividhdfs grdiahrihs tgthjfs gntfaidg df jh vfath df nifafs hj ojifatf durhatf diobg pfrigdg fa $4>5.555, fs dfoir, 8.>55 uaidhdfs Р($655 df prfoig df jisth kfags ua dfsoufatg pgr vgjukfa df $865 (fs dfoir, ?5% Р$655)). Jh rfnhch dfj prfoig ogkfroihj ag sf ogasidfrh uah trhashooiÿa df liahaoihoiÿa y fs ikprgnhnjf quf fj vhjgr tfkpgrhj dfj diafrg sfh rfjfvhatf. Ugr jg thatg, fj lhnriohatf dfnf rfogagofr fj ia`rfsg df hotividhdfs grdiahrihs pgr fj ikpgrtf ph`hdg aftg dfj tgthj df jh rfnhch pgr vgjukfa (fs dfoir, sia dfsoufatgs).

  Kfdioiÿa df jgs ia`rfsgs pgr hotividhdfs hotivi dhdfs grdiahrihs

   

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FCFKUJG ?.

Vafjlhnriohatf uag df prgduotgs $655tfkprhag pgr uaidhd  . Uhrh fj ph`g dfj 85%lgkfathr si fj ojifatf ph`h tfkprhag, jgs nifafs kiagristh vfadf gtgr`hhhoréditg sus ojifatfs uasus dfsoufatg pgrhph`g dfatrg df jgs ?5 dëhs pgstfrigrfs h jh ogkprh. Jgs térkiags agrkhjfs df oréditg sga ph`h $46.555, dfatrg jgs fa $46.555(fs dfoir, 95 uaidhdfs  prfoig df jisth df $655). ^F@^F_H^

  T^HA_HOOIGAF_ OGA TF^OF^G_

 

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FCFKUJG 4. Va lhnriohatf

vfadf nifafs h sus ojifatfs h trhvés df ua iatfrkfdihrig. Fj iatfrkfdihrig khatifaf jgs nifafs dfj lhnriohatf fa ogasi`ahoiÿa. . ogasi`ahoiÿa Fj iatfrkfdihrig

pufdf dfvgjvfr hj lhnriohatf jgs nifafs quf ag

sf vfadha. Fj lhnriohatf sgjioith hj iatfrkfdihrig quf vfadh jgs nifafs h $855 pgr uaidhd. Fj iatfrkfdihrig dfduof uah ogkisiÿa lich df $85 pgr ohdh uaidhd vfadidh, y trhaslifrf fj shjdg ($95) hj lhnriohatf. _i jgs nifafs rfsujtha dflfotugsgs, jgs ojifatfs dfnfa dfvgjvfrjgs hj lhnriohatf phrh su rffkpjhzg g hrrf`jg. ·Oÿkg dfnf sfr fj trhthkifatg dfj ia`rfsg pgr hotividhd

grdiahrih7   T^HA_HOOIGAF_ OGA TF^OF^G_

 

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FCFKUJG 4.

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_GJVOIGA3

 Fj

lhnriohatf hotóh ogkg priaoiphj df jh vfath h jgs ojifatfs dhdg quf fstè fxpufstg h jgs rifs`gs y vfathchs si`ailiohtivgs hsgoihdgs oga jh vfath df nifafs

(pgr fcfkpjg3 gnsgjfsofaoih df jgs iavfathrigs, nifafs dflfotugsgs dfvufjtgs, fsthnjfoikifatg dfj prfoig df vfath, fto.).  Fj lhnriohatf dfnf kfdir fj ia`rfsg df hotividhdfs grdiahrihs df jh vfath df nifafs fa $855 pgr ohdh uaidhd df nifafs vfadidh pgr su h`fatf (fj iatfrkfdihri iatfrkfdihrig). g).  Fj lhnriohatf dfnf rfogagofr fj ia`rfsg df hotividhdfs grdiahrihs pgr jh vfath fa jh lfobh fa quf fj iatfrkfdihrig vfadh jgs nifafs h jgs ojifatfs, yh quf fsh sfrè jh lfobh fa quf sf trhaslifrha jgs rifs`gs y vfathchs.  Fj

lhnriohatf thkniéa dfnf ogasidfrhr uah prgvisiÿa df `hrhatëh (phsivg) phrh fj dfrfobg jikithdg df dfvgjuoiÿa.

 Fj

iatfrkfdihrig hotóh ogkg h`fatf phrh fj lhnriohatf. Ugr jg thatg, dfnf kfdir fj ia`rfsg df hotividhdfs grdiahrihs quf rfsujtf df jh prfsthoiÿa df sfrvioigs (ogkisiÿa pgr vfaths) fa $85 pgr ohdh uaidhd df nifafs vfadidh. Fj lhnriohatf dfnf rfogagofr ua `hstg ogrrfspgadifatf ogkg ogkisiÿa ph`hdh. ^F@F_H^

  T^HA_HOOIGAF_ OGA TF^OF^G_

 

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^F@^F_H^

FCFKUJG 6.  Va lhnriohatf vfadf nifafs h ua iatfrkfdihrig h $95.  Fj iatfrkfdihrig ogkprh jgs nifafs phrh rfvfadérsfjgs h gtrgs.  _ÿjg fj iatfrkfdihrig tifaf dfrfobg h dfvgjvfr dfvgjvfr jhs uaidhdfs dflfotugshs hj lhnriohatf.  Fj iatfrkfdihrig dfsfh ogathr oga ua khr`fa df $85 sgnrf jhs vfaths, pgr jg quf jhs vfadf

h sus ojifatfs

h $855 pgr uaidhd. jgs nifafs rfsujtha dflfotugsgs, jgs ojifatfs dfnfa dfvgjvfrjgs hj iatfrkfdihrig phrh su rffkpjhzg g hrrf`jg.

 _i •

 

_GJVOIGA3 Fj lhnriohatf dfnf kfdir jgs ia`rfsgs df hotividhdfs grdiahrihs df jh vfath df nifafs fa $95 pgr ohdh uaidhd df nifafs trhaslfridh trhaslfridh hj iatfrkfdihri iatfrkfdihrig. g. Fj lhnriohatf thkniéa dfnf ogasidfrhr uah prgvisiÿa df `hrhatëh (phsivg) phrh fj dfrfobg jikithdg df



dfvgjuoiÿa. Fj iatfrkfdihrig hotóh ogkg priaoiphj df jh vfath h jgs ojifatfs dhdg quf fstè fxpufstg h jgs rifs`gs y vfathchs vfat hchs si`ailiohtivgs hsgoihdgs oga jh vfath df nifafs (pgr fcfkpjg3 gnsgjfsofaoih df jgs iavfathrigs, iavfathrigs, nifafs dflfotugsgs dfvufjtgs, fsthnjfoikifatg dfj prfoig df vfath, fto.). Fj iatfrkfdihrig dfnf kfdir jgs ia`rfsgs df hotividhdfs grdiahrihs df jh vfath df nifafs fa $855 pgr



ohdh uaidhd df nifafs vfadidh h sus ojifatfs. Ugr ohdh uaidhd vfadidh, fj iatfrkfdihrig dfnf rfogagofr ua `hstg df $95 pgr fj ogstg df jgs nifafs



vfadidgs.

  T^HA_HOOOIGAF_ OGA TF^OF^G_

 

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FCFKUJG .555.555 oga ua oréditg h dgs høgs sia iatfrfsfs ouhadg fj prfoig df vfath fa flfotivg hotuhj df jgs nifafs fs df $8..29?.

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_GJVOIGA3

Dhdg quf fxistf uah dilfrfaoih df $?40.850 fatrf fj prfoig fa flfotivg df $8..29? y fj ikpgrtf hdfudhdg sf`óa fj houfrdg df oréditg h dgs høgs sia iatfrfsfs, thj houfrdg fs df bfobg uah trhashooiÿa df liahaoihoiÿa, hdfkès df uah vfath df nifafs. Hsukifadg quf jh thsh df dfsoufatg ikpjëoith sfh rhzgahnjf (tfaifadg fa oufath, pgr fcfkpjg, fj vhjgr tfkpgrhj dfj diafrg y jh pgsioiÿa orfditioih dfj ojifatf), jh fatidhd dfnfrè rfogagofr jgs ia`rfsgs df hotividhdfs grdiahrihs prgvfaifatfs df jh vfath df nifafs fj ^F^F_H^

prikfr dëh dfj pfrigdg hauhj sgnrf fj quf sf ialgrkh fa $8..29?.

  UH@G DILF^I DILF^IDG DG

 

 

FCFKUJG 0. _gjuoiÿa Hdfkès, jh fatidhd dfnfrè rfogagofr ia`rfsgs df hotividhdfs grdiahrihs pgr iatfrfsfs df $829 y

$828.282 rfspfotivhkfatf fa fj pfrigdg hauhj sf`óa sgnrf fj fj quf sf ialgrkh y fa fj si`uifatf, ohjoujèadgjgs kétgdg dfj iatfrés flfotivg, ogkg sf kufstrh h

ogatiauhoiÿa.

^F^F_H^

^F@^F_H^

  IATF^OHKNIG DF NIFAF_ Y _F^\IOIG_

 

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FCFKUJG 2.

Fj df fafrg df df ogknustinjf >5R8, phrh oukpjir oga dfj fj pfdidg ur`fatf df uajitrgs ojifatf, fj 8kiagristh R rfoiniÿ kiagristh 825.555 df ogknustinjf fa jh oiudhd H, h ohknig df 825.555 jitrgs df su ogknustinjf fa jh oiudhd N. Fj ogstg dfj ogknustinjf fs df $8 pgr jitrg. · dfnf g ag rfogagofr fj ia`rfsg i a`rfsg fj kiagristh7...... •

_GJVOIGA3

Fj kiagristh R AG! rfogagofrè aia`óa ia`rfsg df hotividhdfs grdiahrihs pgr fj iatfrohknig df ogknustinjf oga fj kiagristh Y, yh quf sf trhth df ua iatfrohknig iatfro hknig df nifafs g sfrvioigs sikijhrfs. Fj kiagristh R rfogagofrè ua ia`rfsg df hotividhdfs grdiahrihs ouhadg vfadh h sus ojifatfs fj ogknustinjf rfoinidg fa jh trhashooiÿa df ^F^F_H^

iatfrohknig.  

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  IATF^OHKNIG DF NIFAF_ Y _F^\IOIG_

FCFKUJG 9. Vah

fatidhd quf gpfrh fa jh iadustrih df jhs tfjfogkuaiohoigafs pgsff uah rfd trhaskisgrh df sføhj di`ithj. lin rh ÿptioh. Jh rfd iaojuyf ohnjfs df linrh Jh

fatidhd h kfaudg ofjfnrh ogatrhtgs df sfrvioig df pfrkuth df ohphoidhdfs oga tfrofrgs quf pgsffa rfdfs sikijhrfs fa gtrgs ju`hrfs. Df houfrdg oga uag df fst fstgs gs ogatr ogatrhtgs, htgs, jh fatidhd dfnf ofdfr ohphoidhd fa su rfd pgr ua vhjgr df $8 kijjÿa durhatf ua pfrigdg df 85 høgs h ua tfrofrg quf gpfrh fa jh kiskh jëafh df af`goig, h ohknig dfj usg df uah dftfrkiahdh ohphoidhd df jh rfd df fstf tfrofrg.

·Oÿkg sf dfnf rfogagofr fj ia`rfsg pgr hotividhdfs grdiahrihs7...... •

_GJVOIßA3 ^F^F_H^

  IATF^OHKNIG DF NIFAF_ Y _F^\IOIG_

   

FCFKUJG 9. _gjuoiÿa. •

_f`óa fsth ialgrkhoiÿa, phrfoifrh quf sf rfhjizh ua iatfrohknig fatrf jh ohphoidhd df uah rfd y jh ohphoidhd df gtrh, df ahturhjfzh y vhjgr sikijhrfs. Ugr jg thatg, ai jh fatidhd ai fj tfrofrg fa oufstiÿa dfnfrèa rfogagofr ia`rfsg df hotividhdfs grdiahrihs (ai ogstg hsgoihdg) hj`uag pgr jh trhaskisiÿa df jgs sfrvioigs. nriadhdgs (fs dfoir, pgr jh ohphoidhd gtgr`hdh g rfoinidh). ^F^F_H^

^F^F_H^ ^F@^F_H^

 

 

IDFATILIOHOIGAF_ DF JH T^HA_HOOIGA DF IA@^F_G_ Y

 

 HOTI\ID  HOTI\ IDHDF_ HDF_ G^DIA G^DIAH^IH_ H^IH_.. •

FROFJ   FROFJ

FCFKUJG 85.

Vah fkprfsh ogaofsigahrih df hutgkÿvijfs vfadf ogobfs aufvgs h sus ojifatfs.  Hdfkès, ogkg phrtf df uah glfrth pgr tifkpg jikithdg y sia ohr`g hdioigahj, fj ogaofsigahrig glrfof sfrvioigs df khatfaikifatg dfj ogobf durhatf trfs høgs, h phrtir df jh lfobh df ogkprh dfj vfbëoujg. @fafrhjkfatf, fj ogaofsigahrig ognrh ua prfoig hdioigahj pgr jgs sfrvioigs df khatfaikifatg. Jgs ojifatfs pufdfa ogkprhr pgr sfphrhdg fj

ogobf y jgs sfrvioigs df khatfaikifatg. ·ouhj dfnf sfr fj trhthkifatg dfj ia`rfsg7

^F^F_H^

 

 

IDFATILIOHOIGAF_ DF JH T^HA_HOOIGA DF IA@^F_G_ Y  HOTI\ID  HOTI\ IDHDF_ HDF_ G^DIA G^DIAH^IH_ H^IH_.. •

FCFKUJG 85. sgjuoiÿa.

Fj

ogaofsigahrig `fafrh hsë uah vfath oga dgs fjfkfatgs fjfk fatgs idfatiliohnjfs pgr sfphrhdg. Fa uah kiskh trhashooiÿa, fj ogaofsigahrig3  vfadf ua nifa, fj ogobf aufvg, y

• •

 sf ogkprgkftf h nriadhr sfrvioigs sfr vioigs df khatfaikifatg durhatf trfs høgs.

Fj

ogaofsigahrig dfnf distrinuir fj vhjgr rhzgahnjf df jh ogatrhprfsthoiÿa rfoinidh (fj ikpgrtf rfoinidg dfj ojifatf) fatrf jgs ogkpgafatfs idfatiliohnjfs pgr sfphrhdg df jh trhashooiÿa. Dhdg quf jgs dgs fjfkfatgs sf vfadfa pgr sfphrhdg, fs pgsinjf distrinuir jh ogatrhprfsthoiÿa prgpgroigahjkfatf sf`óa fj vhjgr rhzgahnjf quf ohdh fjfkfatg tifaf si sf jgs vfadf pgr sfphrhdg.

Hdfkès,

sf dfnfa hpjiohr oritfrigs df rfogagoikifatg h jgs ogkpgafatfs df jh

trhashooiÿa idfatiliohdgs pgr sfphrhdg (rfspfotg df jh vfath dfj ogobf y phrh sfrvioigs df khatfaikifatg).

^F^F_H^

 

 

IDFATILIOHOIGAF_ DF JH T^HA_HOOIGA DF IA@^F_G_ Y  HOTI\ID  HOTI\ IDHDF_ HDF_ G^DIA G^DIAH^IH_ H^IH_.. •

FCFKUJG 88. Vah

fkprfsh df sf`uridhd ofjfnrÿ ua ogatrhtg oga ua ojifatf sf`óa fj ouhj jf prgpgroigah prgpgroi gah ua sistfkh df hjhrkh ogatrh rgngs (iasthjhoiÿa iaojuidh),

 sf

rfspgashnijizh pgr fj khatfaikifatg khatfaikifatg dfj sistfkh durhatf trfs høgs h phrtir df

jh lfobh df iasthjhoiÿa

y

`hrhatizh hj ojifatf uah rfspufsth hrkhdh si jh hjhrkh sf hotivhrh.  

Fj

ojifatf fstè gnji`hdg pgr ogatrhtg h ph`hr h jh fkprfsh df sf`uridhd $>5.555, sia iatfrfsfs, trfs høgs dfspués df jh iasthjhoiÿa df jh hjhrkh ogatrh rgngs.

Jh fkprfsh df sf`uridhd sifkprf iasthjh jgs sistfkhs df hjhrkh ogatrh rgngs quf vfadf. Ag iasthjh sistfkhs df hjhrkh df gtrhs fkprfshs. trhthkifatg dfj ia`rfsg7...... ·Ouèj dfnf sfr fj trhthkifatg

^F^F_H^

 

IDFATILIOHOIGAF_ DF JH T^HA_HOOIGA DF IA@^F_G_ Y

 

 HOTI\ID  HOTI\ IDHDF_ HDF_ G^DIA G^DIAH^IH_ H^IH_.. •

FCFKUJG 88. sgjuoiÿa . .  Jh fkprfsh df sf`uridhd bh `fafrhdg uah vfath oga fjfkfatgs kójtipjfs. Jh trhashooiÿa df vfath tifaf vhrigs ogkpgafat ogkpgafatfs3 fs3  vfath df ua nifa, oga iasthjhoiÿa iaojuidh3 sistfkh df hjhrkh ogatrh rgngs=  prfsthoiÿa df sfrvioigs df khatfaikifatg khatfaikifatg dfj sistfkh df hjhrkh=  prfsthoiÿa df sfrvioigs df rfspufsth hrkhdh= y  ua ogkpgafatf df liahaoihoiÿa rfjhoigahdg oga fj ph`g pgr jh vfath y fj khatfaikifatg dfj sistfkh df hjhrkh ogatrh rgngs, y pgr jgs sfrvioigs df rfspufsth hrkhdh nriadhdgs hj ojifatf.

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Jh fkprfsh sf`uridhd dfnf fj vhjgr rhzgahnjfpgr dfsfphrhdg. jh ogatrhprfsthoiÿa pgr ognrhr dfj ojifatf fatrf df jgs ogkpgafatfs df distrinuir jh trhashooiÿa idfatiliohdgs Hdfkès, sf dfnfa hpjiohr oritfrigs df rfogagoikifatg fa jgs ogkpgafatfs df jh trhashooiÿa idfatiliohdgs pgr sfphrhdg (rfspfotg df jh vfath dfj nifa phrh jh prfsthoiÿa df sfrvioigs y phrh jh trhashooiÿa df liahaoihoiÿa.)

_i`uf

 

^F^F_H^

……

 

 

IDFATILIOHOIGAF_ DF JH T^HA_HOOIGA DF IA@^F_G_ Y  HOTI\ID  HOTI\ IDHDF_ HDF_ G^DIA G^DIAH^IH_ H^IH_.. •

FCFKUJG 88.

Fa fstf ohsg, jh iasthjhoiÿa ag sf ogasidfrh ua ogkpgafatf sfphrhdg df jh trhashooiÿa pgrquf fj ojifatf ag pgdrëh ogkprhr fj sistfkh sia jh iasthjhoiÿa, y jh fatidhd ag glrfof jgs sfrvioigs df iasthjhoiÿa h kfags quf sf ogkprf su sistfkh. _i jh iasthjhoiÿa fs hdioigahj h jh vfath df nifafs, ouhjquifr ogkisiÿa rfjhoigahdh oga jh iasthjhoiÿa dfnfrè rfogagofrsf fa fj kgkfatg df jh vfath . Va vfadfdgr agrkhjkfatf rfogagofrè fj ia`rfsg df hotividhdfs grdiahrihs prgvfaifatf df jh vfath df nifafs ouhadg fj ogkprhdgr hofptf jh fatrf`h y sf bhyha ogkpjfthdg jh iasthjhoiÿa y jh iaspfooiÿa, yh quf, `fafrhjkfatf, fsf fs fj kgkfatg fa quf sf trhaslifr trhaslifrfa fa jgs priaoiphjfs rifs`gs y vfathchs df jh prgpifdhd df jgs nifafs .

^F^F_H^

 

IDFATILIOHOIGAF_ DF JH T^HA_HOOIGA DF IA@^F_G_ Y

 

 HOTI\ID  HOTI\ IDHDF_ HDF_ G^DIA G^DIAH^IH_ H^IH_.. •

FCFKUJG 8>.

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Va lhnriohatf df yhtfs df jucg vfadf ua yhtf h ua nhaog pgr $8.555.555

FROFJ

y, fa fj kiskg lirkh ua houfrdg phrh rfogkprèrsfjg hj nhaog pgr $8.525.555 ua hotg, høg kès thrdf. •

•

Fj dëh fa quf sf prgducg jh trhashooiÿa, fj vhjgr rhzgahnjf dfj yhtf frh df $>.555.555, y jh thsh df iatfrés iaorfkfathj dfj fadfudhkifatg dfj lhnriohatf sf hprgxikhnh hj 2% hauhj. Fj nhaog ag tifaf dfrfobg h vfadfr fj yhtf.

·Oÿkg dfnf sfr fj trhthkifatg dfj ia`rfsg7.......

^F^F_H^

 

 

IDFATILIOHOIGAF_ DF JH T^HA_HOOIGA DF IA@^F_G_ Y

 

 HOTI\ID  HOTI\ IDHDF_ HDF_ G^DIA G^DIAH^IH_ H^IH_.. •

FCFKUJG 8>

_gjuoiÿa. lhnriohatf dfj yhtf AG UGD^È  rfogagofr jgs ia`rfsgs df hotividhdfs grdiahrihs prgvfaifatfs df jh vfath dfj yhtf. Jh fsfaoih df hknhs trhashooigafs, tgkhdhs ogkg ua tgdg, pufdf ogasidfrhrsf ogkg quf fj lhnriohatf gntuvg dfj nhaog ua présthkg df $8.555.555, ouyg ph`g fstè `hrhatizhdg pgr fj yhtf dfj lhnriohatf (hotivg df iavfathrig). Ugr ogasi`uifatf, fj lhnriohatf dfnf rfogagofr $8.555.555 quf rfoiniÿ

Fj

dfj nhaog ogkg ua phsivg hsf`urhdg y ogasfrvhr fj yhtf dfatrg df sus iavfathrigs. _f

dfnfa rfogagofr $25.555 (fj fxofdfatf dfj prfoig df rfogkprh df $8.525.555 rfspfotg dfj prfoig df vfath df $8.555.555) ogkg ogstgs liahaoifrgs durhatf fj pfrëgdg dfj présthkg, y sf`óa fj kétgdg dfj iatfrés flfotivg.

FCFKUJG FCFKUJG

^F@^F_H^   ^F@^F_H^

 

   

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH \FATH DF NIFAF_ FCFKUJG 8?  8?  •

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Vah fatidhd bfobgs h kfdidh (fslhnrioh dfoir, fquipgs pfrsgahjizhdgs) phrh jh iadustrih dfj pjèstiog (ojifatfs). Jgs fquipgs sf lhnrioha pgr pifzhs. Jhs pifzhs sf fashknjha f iasthjha fa jhs lènriohs df jgs ojifatfs. Jh titujhridhd jf`hj sf trhaslifrf ouhadg fj ojifatf hofpth jh fatrf`h y jh iasthjhoiÿa f iaspfooiÿa sf bha ogkpjfthdg. Jgs ojifatfs ph`ha jgs fquipgs fa fj kgkfatg df hofpthr jh fatrf`h. Jh fatidhd glrfof h sus ojifatfs uah `hrhatëh fstèadhr df dgs høgs ogatrh dflfotgs df lhnriohoiÿa.

Fa fstf fcfkpjg, fj ojifatf ogatrgjÿ fj fquipg y hofptÿ jh fatrf`h. Jh fatidhd rfogagofrè fj ia`rfsg df hotividhdfs grdiahrihs uah vfz quf fj ojifatf bhyh hofpthdg jh fatrf`h (fs dfoir, juf`g df jh iaspfooiÿa), sf bhyha trhaslfridg jgs rifs`gs y vfathchs df jh prgpifdhd y sf bhyha rfuaidg dfkès lhotgrfs dfthjjhdgs fa jgs jh agrkh.. Agth3 Df houfrdg oga IH_ ?0 Urgvisigafs y Ogatia`faoihs, jh fatidhd dfnfrè iaojuir uah prgvisiÿa (phsivg) phrh su gnji`hoiÿa df `hrhatëh.

^F^F_H^

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH \FATH \FAT H DF NIFAF_

   

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FCFKUJG 84

Jgs bfobgs sga jgs kiskgs quf fa fj fcfkpjg hatfrigr. Ag gnsthatf, fa fstf ohsg, fj ojifatf ag qufdg ogalgrkf oga fj fquipg iasthjhdg y, pgr ogasi`uifatf, ag hofptg jh fatrf`h. ·Ogkg fs fj trhthkifatg trhthkifatg phrh fj rfogagoikifatg rfogagoikifatg dfj ia`rfsg df hotividhdfs grdiahrihs7

_gjuoiÿa. Jh fatidhd ag pufdf rfogagofr fj ia`rfsg df hotividhdfs grdiahrihs pgrquf jgs rifs`gs y vfathchs df jh prgpifdhd ag sf bha trhaslfridg hj ojifatf (fs dfoir, jgs lhotgrfs dfthjjhdgs ag sf bha oukpjidg). Fj fquiphkifatg pfrkhafof ogkg phrtf dfj iavfathrig (hotivg) df jh fatidhd, y sf dfnfrè

fvhjuhr fj dftfrigrg df su vhjgr.

^F^F_H^ ^F@^F_H^   ^F@^F_H^

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH \FATH \FAT H DF NIFAF_

   

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FCFKUJG 86 fj vfadfdgr ogasfrvh jgs rifs`gs si`ailiohtivgs df jh prgpifdhd  Vah

fatidhd hofpth ua pfdidg df ua ojifatf phrh jh lhnriohoiÿa df ua prgduotg quf auaoh hatfs sf bhnëh lhnriohdg (fc.3 uah ahvf fsphoihj quf supfrh hkpjihkfatf jh tfoagjg`ëh vi`fatf).   Jh fatidhd `hrhatizh ua aivfj fspfoëliog df rfadikifatg dfj prgduotg (fc.3 jh ahvf fsphoihj fs ohphz df htfrrizhr fa Khrtf y rf`rfshr h jh Tifrrh).   _ÿjg sf shnrè si sf bh hjohazhdg fj aivfj df rfadikifatg `hrhatizhdg juf`g df quf fj prgduotg bhyh sidg utijizhdg ogkg dfsfh fj ojifatf (fs dfoir, juf`g df quf jh ahvf fsphoihj rf`rfsf df su prikfr vihcf h Khrtf).  _i jh ahvf ag ogkpjfth oga éxitg su vihcf iahu`urhj, jh fatidhd fstè gnji`hdh h rffkngjshr hj ojifatf fj prfoig df ogkprh. Jh titujhridhd jf`hj

sf trhaslifrf fa fj kgkfatg df jh fatrf`h.

_gjuoiÿa.  _gjuoiÿa.  Dfnidg h jhs iaofrtiduknrfs rfspfotg df si fj prgduotg pgdrè hjohazhr fj aivfj df rfadikifatg `hrhatizhdg, jgs rifs`gs y vfathchs df jh prgpifdhd ag sf trhaslifrfa bhsth quf fj vihcf iahu`urhj sf bhyh ogkpjfthdg oga éxitg (fs dfoir, jh fatidhd ogasfrvh jgs priaoiphjfs rifs`gs df jh prgpifdhd prgpifdh d yh quf fs

kuy pgsinjf quf ag pufdh hjohazhrsf fj aivfj df rfadikifatg `hrhatizhdg).

^F^F_H^ ^F@^F_H^   ^F@^F_H^

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH \FATH \FAT H DF NIFAF_

 

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FCFKUJG 8< fj vfadfdgr AG !ogasfrvh jgs rifs`gs si`ailiohtivgs si`ailiohtivgs df jh prgpifdhd Va lhnriohatf df kèquiahs fxpfadfdgrhs vfadf 85 kèquiahs h oréditg h ua phrquf df divfrsigafs. Fj pjhzg df ph`g vfaof h jgs trfs kfsfs df jh fatrf`h. Uhrh tgdhs jhs vfaths rfhjizhdhs h oréditg, fj lhnriohatf lhnriohat f iaojuyf fa fj ogatr ogatrhtg htg uah ojèusujh kfdihatf jh ouhj jh titujhridhd jf`hj sf trhaslifr trhaslifrf f rfoiéa hj rfoinirsf jh ogatrhprfsthoiÿa, ag hj kgkfatg df jh fatrf`h.

_gjuoiÿa.  _gjuoiÿa.  Jh rftfaoiÿa df jh titujhridhd pufdf iadiohr quf jgs rifs`gs y vfathchs df jh prgpifdhd ag sf bha trhaslfridg hj ogkprhdgr, huaquf fstf trhsphsg ag fs uah ogadioiÿa gnji`htgrih phrh fj rfogagoikifatg dfj ia`rfsg df hotividhdfs grdiahrihs. _ifkprf sf rfóaha gtrgs oritfrigs rfogagoikifatg dfj ia`rfsg df hotividhdfs grdiahrihs y kifatrhs ag quf fxistha kgtivgsjgs phrh orffr quf fjdf phrquf df divfrsigafs ag oukpjirè oga fj ph`g, jgs ia`rfsgs df hotividhdfs grdiahrihs pgdrèa rfogagofrsf si, hdfkès df jh titujhridhd jf`hj, fj lhnriohatf sÿjg ogasfrvh jgs dfrfobgs quf jf pfrkitfa rfoupfrhr jhs kèquiahs fxpfadfdgrhs si fj phrquf df divfrsigafs ag oukpjifrh oga fj ph`g. Fa gtrhs phjhnrhs, fj lhnriohatf trhaslifrf prèotiohkfatf tgdgs jgs rifs`gs y vfathchs df jh prgpifdhd hj phrquf df divfrsigafs fa fj kgkfatg df jh fatrf`h df jhs kèquiahs fxpfadfdgrhs. Jh rftfaoiÿa tfkpgrhrih df jh titujhridhd jf`hj

fa fstf ohsg ag tifaf ikpgrthaoih.

^F^F_H^ ^F@F_H^

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH \FATH \FAT H DF NIFAF_

   

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FCFKUJG 80  80 

Va kiagristh glrfof h sus ojifatfs fj dfrfobg pfrpftug df dfvgjuoiÿa sgnrf jhs jiatfrahs quf vfadf. Jgs ojifatfs pufdfa dfvgjvfr jhs jiatfrahs pgr ouhjquifr kgtivg y fa ouhjquifr kgkfatg y gntfafr ua rffkngjsg dfj diafrg, prfsfathadg sgjhkfatf ua rfoing vèjidg. Jgs dhtgs bistÿriogs ogasthatfs iadioha quf sf rffkngjsh hprgxikhdhkfatf ua 8% df jhs vfaths. Fj kiagristh fspfrh quf fsth thsh df rffkngjsgs ag sf kgdiliquf fa fj luturg.

_gjuoiÿa. Fj kiagristh ogasfrvh sÿjg ua aivfj iasi`ailiohatf y ouhatiliohnjf df jgs rifs`gs y vfathchs df jh prgpifdhd. _i sf oukpjfa jgs dfkès oritfrigs df rfogagoikifatg sf dfnfrèa rfogagofr jgs ia`rfsgs df hotividhdfs grdiahrihs fa fj kgkfatg df jh vfath. Jh pgsinijidhd df jh fxistfaoih df dfvgjuoigafs hlfoth jh kfdioiÿa dfj ikpgrtf dfj ia`rfsg df hotividhdfs grdiahrihs quf dfnf rfogagofrsf fa jh vfath df ohdh jiatfrah (fs dfoir, dfoir, fa fstf ohsg, fj ia`rfsg df hotividhdfs grdiahrihs dfnf rf`istrhrsf hj 99% dfj prfoig df vfath fa flfotivg).

Agths3 _i, fa ua pfrigdg ogathnjf jhs dfvgjuoigafs sga supfrigrfs g ialfrigrfs hj 8% (fj oèjoujg gri`iahj), jh rfvisiÿa dfj pgstfrigr, oèjoujg hprgxikhdg dfnfrè rfhjfs ogathnijizhrsf df lgrkh prgspfotivh (fs

dfoir, ua ohknig fa fj oèjoujg hprgxikhdg).

^F^F_H^ ^F@F_H^ ^F@^F_H^ ^F@^F_H^   

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH U^F_THOIGA U^F_T HOIGA DF _F^\IOIG_

 

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FCFKUJG 82  82  Va ia`faifrg df ohjinrhoiÿa ofjfnrÿ ua ogatrhtg phrh ohjinrhr jh kèquiah df ua lhnriohatf fa iatfrvhjgs df sfis kfsfs durhatf ua pjhzg df dgs høgs, quf liahjizh fj ?8 df dioifknrf df >5R>. Fj 8 df fafrg df >5R8, fj lhnriohatf ph`ÿ hj ia`faifrg df ohjinrhoiÿa $85.555 jinrhoiÿa jf oufsth hj ia`faifrg hprgxikhdhkfatf $8.555.

_gjuoiÿa.

Fj ia`faifrg dfnfrè rfogagofr $>.655 df ia`rfsgs df hotividhdfs grdiahrihs pgr jgs sfrvioigs df ohjinrhoiÿa prfsthdgs. ouhadg rfhjiof thjfs sfrvioigs fa ( cuaig  cuaig df >5R8, dioifknrf df >5R8, cuaig df >5R> y dioifknrf df >5R>.)  Jgs sfrvioigs df ohjinrhoiÿa sf rfhjizha fa uah ohatidhd prfdftfrkiahdh df hotgs (4 ohjinrhoigafs), y fa kgkfatgs dftfrkiahdgs (iatfrvhjgs df sfis kfsfs h phrtir dfj 8 df fafrg df >5R8). Ugr jg thatg, fj ikpgrtf rfoinidg fj 8 df

fafrg df >5R8 ($85.555) sfrè rfogagoidg iaioihjkfatf pgr fj ia`faifrg ogkg ua^F^F_H^ phsivg.

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH U^F_THOIGA U^F_T HOIGA DF _F^\IOIG_

   

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FCFKUJG 89  nriadh sfrvioigs df khatfaikifatg h ua tfrofrg h trhvés df ua ogatrhtg y h ua prfoig 89   Vah fatidhd fsthnjfoidg fa $855.555. fsthnjfoidg  Gri`iahjkfatf, jh fatidhd ohjoujÿ jgs ogstgs tgthjfs phrh fstf ogatrhtg fa $5R8),  jh fatidhd bh iaourridg fa ua `hstg df $65.555 , k hatfaikifatg. atg.  y fspfrh `hsthr $86.555 kès phrh ogkpjfthr jgs sfrvioigs df khatfaikif  Jh fatidhd dftfrkiah fj `rhdg df rfhjizhoiÿa dfj ogatrhtg oga rflfrfaoih h jh prgpgroiÿa quf jgs ogstgs iaourridgs pgr fj trhnhcg rfhjizhdg bhsth jh lfobh supgafa sgnrf jgs ogstgs tgthjfs fstikhdgs.

_gjuoiÿa.

Bhoih liahj df >5R8, fj ogatrhtg sf bh ogkpjfthdg fa ua 0?%. Oèjoujg3 $65.555 df ogstgs iaourridgs ð  $5R8 jh fatidhd dfnf rfogagofr ia`rfsgs df hotividhdfs grdiahrihs pgr Ð

$0? Oèjoujg3 0?%   $855.555 df ia`rfsgs fspfrhdgs. Hdfkès, jh fatidhd dfnf rfogagofr ogstgsdf pgrhotividhdfs $65.555 grdiahrihs tgthjfs

^F^F_H^ ^F@^F@_H^   ^F@^F@_H^

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH U^F_THOIGA U^F_T HOIGA DF _F^\IOIG_

 

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FCFKUJG >5  >5   Vah

fkprfsh df sf`uridhd ofjfnrh ua ogatrhtg phrh prgvffr df rfspufsths hrkhdhs h prgpift prgpifthrigs hrigs df vivifadhs ouhadg sus sistfkhs df hjhrkh sf hotivfa.  Fj pfrigdg ogathnjf df jh fkprfsh liahjizh fj ?5 df cuaig. prgpifthrig hrig ph`ÿ h jh fkprfsh $85.555. H ohknig df jh ogkisiÿa lich,  Fj 8 df fafrg df >5R8 ua prgpift  jh fkprfsh fstè gnji`hdh ogatrhotuhjkfatf h nriadhr sus sfrvioigs df rfspufsth hrkhdh h diobg

prgpifthrig durhatf dgs høgs.  · Ogkg dfnf rfogago rfogagofr fr fj ia`rfsg jh fkprfsh df sf`uridhd7 _gjuoiÿa. _f dfnfrè rfogagofr jgs ia`rfsgs df hotividhdfs grdiahrihs `fafrhdgs pgr jh prfsthoiÿa dfj sfrvioig df rfspufsth hrkhdh sf`óa ua oritfrig jiafhj durhatf fj pfrigdg df dgs høgs (fs dfoir, $480 pgr kfs ; $85.555 df ia`rfsgs df hotividhdfs grdiahrihs ð  >4 kfsfs). Jhs iatfrvfaoigafs sÿjg gourrirèa ouhadg jh hjhrkh sf hotivf durhatf fj pfrigdg ogatrhotuhj df dgs høgs. Ag sf pufdf dftfrkiahr jh lrfoufaoih y fj kgkfatg fa quf gourrirèa jhs

lrfoufaoih y fj kgkfatg fa quf gourrirèa jhs iatfrvfaoigafs.

^F^F_H^

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH U^F_THOIGA U^F_T HOIGA DF _F^\IOIG_

   

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FCFKUJG >8  >8  Vah ogaofsigahrih df vfbëoujgs lirkh ua ogatrhtg phrh rfhjizhr fj khatfaikifatg dfj vfbëoujg aufvg df ua ojifatf durhatf trfs høgs. Fj 8 df fafrg df >5R8, ua ojifatf ph`ÿ h jh ogaofsigahrih $85.555. Jh fxpfrifaoih dfkufstrh quf phrh jh ogaofsigahrih fj ogstg df khatfaikifatg df vfbëoujgs aufvgs dfj kgdfjg quf pgsff fj ojifatf fs fa prgkfdig df ($8.555 phrh fj prikfr høg, df $8.555 durhatf fj sf`uadg høg, y df $?.555 fj tfrofr høg)

· Ogkg dfnf rfogagof rfogagofrr fj iia`rfsg a`rfsg pgr hotividhdfs grdiahr grdiahrihs ihs fj kfoèaiog7 _gjuoiÿa. Fj kfoèaiog dfnfrè rfogagofr jgs ia`rfsgs df hotividhdfs grdiahrihs prgvfaifatfs prgvfaifatfs df jh prfsthoiÿa df sfrvioigs df khatfaikifatg dfj vfbëoujg df fsth khafrh 3 ($>.555 fa >5R8, $>.555 fa >5R> y $5R?). _i nifa jgs sfrvioigs df khatfaikifatg dfj vfbëoujg sf rfhjizha kfdihatf uah ohatidhd iadftfrkiahdh df hotgs y durhatf ua pfrigdg dftfrkiahdg df tifkpg, jh fxpfrifaoih dfkufstrh quf fa ohdh uag df jgs høgs 8 y > sf rfhjizhrè ua >5% dfj trhnhcg, kifatrhs quf fj > rfsujthdg df uah trhashooiÿa pgr sfrvioigs quf AG! pufdf ohjoujhrsf oga prfoisiÿa.  Vah

lirkh df hng`hdgs fs ogatrhthdh phrh rfprfsfathr h ua `rupg df fx fkpjfhdgs fa uah dfkhadh ogjfotivh ogatrh uah ogkphøëh kiafrh.  Jh lirkh df hng`hdgs rfoinir rfoinirè è bgagrhrigs pgr jgs sfrvioigs jf`hjfs prgvistgs fquivhjfatfs fquivhjfatfs hj >5% dfj tgthj df jh rfphrhoiÿa pgr dhøgs hsi`ahdh pgr fj trinuahj (u gtrg houfrdg fxtrhcudioihj).  _i sf pifrdf fj cuioig, jh lirkh df hng`hdgs ag rfoinirè ahdh.

· Ogkg sf dfnf rfogagofr fj ia`rfsg df hotividhdfs grdiahrihs phr phrhh jh prfsthoiÿa dfj sfrvioig7 _gjuoiÿa. Ouhadg fj rfsujthdg dfj cuioig ag pufdf ohjoujhrsf oga prfoisiÿa, jh lirkh df hng`hdgs ag pufdf rfogagofr aia`óa ia`rfsg df hotividhdfs grdiahrihs, dhdg quf jgs `hstgs rfogagoidgs thj vfz ag pufdha rfoupfrhrsf. Ouhadg fj rfsujthdg dfj cuioig pufdf ohjoujhrsf oga prfoisiÿa, jh lirkh df hng`hdgs dfnf rfogagofr jgs ia`rfsgs df hotividhdfs grdiahrihs sf`óa fj kétgdg dfj pgrofathcf df tfrkiahoiÿa. . FROFJ   FROFJ

^F^F_H^

IA@^F_G_ DF HOTI\IDHDF_ G^DIAH^IH_ GNTFAIDG_ DF JH U^F_THOIGA U^F_T HOIGA DF _F^\IOIG_

   

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FCFKUJG >? rfsujthdg df uah trhashooiÿa pgr sfrvioigs quf ag pufdf ohjoujhrsf oga prfoisiÿa. Jgs bfobgs sga jgs kiskgs quf jgs dfj fcfkpjg hatfrigr. Ag gnsthatf, fa fstf fcfkpjg, iadfpfadifatfkfatf dfj rfsujthdg dfj cuioig, jh lirkh df hng`hdgs rfoinirè uah rfkuafrhoiÿa sf`óa fj tifkpg quf bhyh dfdiohdg h sf`uir fj ohsg (fs dfoir, R . Fa fj pfrigdg hotuhj sgnrf fj quf sf ialgrkh, jh bgrhs dfdiohdhs $855 pgr lirkh df hng`hdgsÐ dfdioÿ 8>5bgrh) bgrhs h jh ohush .

· Ogkg sf dfnf rfogagofr fj ia`rfsg df hotividhdfs grdiahrihs phr phrhh jh prfsthoiÿa dfj sfrvioig7 _gjuoiÿa.

Fa fstf ohsg, fj rfsujthdg df jh trhashooiÿa ag dfpfadf dfj rfsujthdg dfj cuioig (fs dfoir,, fj ojifatf ph`hrè iadfpfadifatfkfatf dfj rfsujthdg). dfoir Jh lirkhjhs dfbgrhs hng`hdgs rfogagofr ia`rfsgs df hotividhdfs grdiahrihs tfaifadg fa oufath rfhjfsdfnfrè trhnhchdhs (fs dfoir, dfoir , 8>5 bgrhs Р$855 pgr bgrh ; $8>.555).