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R.- 0#iH$!F#*.6M- # .R1#I0:R.&[B$B.Y.12 3 64 2 R.0= $W 3 6+.*K.0 2 .; @ 0R.4.<8_S.;8.;28.*8B$&.70I0:E_F#4 .5.I0$6+.!4 3 #[.]&#.;#.W j-F#Kƒ6F.B.96F#O$ ,%=>*,4.5.. .U .#.01!!!F#4.5.#.01Y.WY*#+%^&.$ R.4&R.G0#iH$#.5•&=#.(..<8L*R.*BR.4%•61R1#I0:6*‚ 9G69B$S*#+K.0 2 .; @ 0%^& R.4&R.G0#iH$8.:R.4-L; 2 3 .]0. 3 ,V64BR.4&0 8.*:18#..N#4690G#F#:8.*86+.* 6*8ƒ.]690R7B$ 3. 6#=&#!#$%8-G H $1#I &# .jB$6;F#4.5.#.01!!690.T.2 BR1#I0:6 3 .*BY* R1#I0:96+.*0vK.0 2 .; @ 0 .2 3 8$ R.& R.4&R.G0#i*R.:#.. #*H$QMB6;<690B$S.N#4.W #R.- 0*R.:R.- 0#i#.01H$.*V 64[%EK$# 3 ƒ.8.([%EK$,0vK.0 2 .; @ 0?:4.5.* #+K.,?.]0B*#+%..78!E6(.,.N#4B#5.8.([%EK$, K.,?.]0S.8.(B$6v#.‚:I0$1#G696+.*%..78ˆK.,?.]0? ƒ6F6•>`$#B.(.6•>7#A.]4.5.#.01,!!R.4&G696v#.‚B$5 K6+.H0G#.1#R.G0?ƒH0G#8.,.•?ƒ#\7H0G#K.,?.]0R.4[ %EK$S:.#\7B$690R.46V6KL6•>`$#B.(.7*.4.5.#.01 ,!!L4.5.#.01690.T.6H6;<6;>P*.%=B.](%E62:>P KS7.W #R.- 0#G./#.01.2 <# 3 .8.([%EK$,K.,?.]06HR./ 8.EG69*#+K.,?.]0>+-6H6;<69O8?#WBR.4&R.G0#i#9H 3.1. ,$C&,511A+,-?!E>)*+&#&,#-.(J,-?!E>/5&1#A3K#L$/0,-?!E>&M )*#+%..78R.&#.01#.0.O8%..78C.;R.4&#.01#.0.O8* .-DBK#V,>M0#.ƒv*#+<B*#+K.,?.]0 V L τ =S τ +D= ( X –rD ) (1−τ ) i τ + rD r = X ( 1−τ ) −rD i τ + τrD i τ + rD r , 6& i – B#\0G#.‚R—J#WK.,?.]0&#.01.•.8.([%EK $,K.,?.]0SB S τ =S NTG τ + τrD i τ = X ( 1− τ ) −rD i τ + τrD i τ S C€D D= rD r CnD Trang 8 .;2#5.CsDBC€D8.-#(.<.0O˜&,*V64&[%EK$S.•*#+C X−rD¿(1−τ ) #*#+ ́ X ( 1−τ ) −rD B τrD 78.-#(.B$.#.G$P.7**%•#9 0#.01,*V64[%EK$0R.#:H$.;#;LR.R.G0#i#.01,H $B [ ́ X ( 1−τ ) −rD ] /i τ C• S NTG τ DSB.7*,*R.:R.G0#i#.01H$,*V64[%E K$B τ xˆ i – C•R. <W #.01DA.]%•#9B$6;<8.->V.*V 64.;BR.:#qK.•BV#ƒSB6;2 3 .W #R.- 0# 3 .8.([%EK$,K .,?.]0 i – 5…6;<.ƒ.$06-$S.8.([%EK$,K.,? .]0& R.4& R. 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V L τ =S τ +D=S NTG τ +D+ τrD i τ =V U τ + τrD i τ , 6& S NTG τ +D=V U τ 5L.Y%;L, S NTG τ BR.4SW7 D> V U τ BR.4#.MA.; 6;<69O8#8.jhfR1#18SR. 2 3 W #.01 τ xˆ i – …#1#LR.4R. #q7$<#Lƒ6F#K6B*#+%..78…#1j#L V U τ 5 S NTG τ R.4 #.M-##;‚.<8R.4R.- 0#i*R. #:H$S4.5.#.016W 0.U .#8.;2 #5.CnD#;2ƒLQ 3 .69&#.01.;R.4&R.:2 3 W #.01#WH$ 1#18S.N#4#5#.G$0vK,*4.5.6+.*#:6+.8.^.<8P *R.:R.- 0#i#.01H$6;<R.- 0#; # 3 ; .8.([%E4 $,K.,?.]0? :4.5.*#+K.,?.]0&[%EK$•4.5.*#+%..78a.N#4 #18#E#5:8.*8..8.([%EK$,K.,?.]05.]E6(..W # R.- 0W 3 6+.*%..78ˆK.,?.]0>P.]>;L#18#.0l/818Y4.5. *#+K.,?.]0#8.;2#5.C€DS>M0#.ƒ.0..8.([%EK$,K .,?.]0&#.M6;<1#.;0 i τ = ( X−rD ) ( 1−τ ) S τ = X(1−τ) S τ − rD−τrD S τ = X (1−τ )V U τ S τ V U τ − rD(1− τ) S τ A.;6H;0_S5V64[%EK$.O6;<#G./#.01.2 <B.W #R.- 0.N.; B%•#9&[%EK$# 3 ; .8.([%EK$,K.,?.]0S.N#4 # i – S.8.([%EK$,K.,?.]0S.;BF#=#.$#.16M.W #R.- 0#G ./#.01H$.B.;O$S.N#4.O6;<4.5.*#+#.016W 0.U .06-$, %..78 Trang 9 V L τ = X τ ρ τ = X(1−τ) ρ τ + τrD i τ =V U τ + τrD i τ .O##.N+B.N#4&#.M1#Y8.;2#5.CetD.;0 V L τ =V U τ /[ 1−( τr i τ )( D V L τ )] S690B$.TPF# .(.*.<K6+.#4.5.B$&#.M6;<6+.‹F#*.#;26;29.(.*.K 6+.#\7<ˆ#B: 1#8.;2#U .*#+%..78CetDB S τ +D=V U τ + τrD i τ B7/818Y6KL V U τ =S τ +D− τrD i τ S *#+%..78R.4[%EK$&#.M6;<#.$#.1B#[K,>M0#.ƒ>W#$8. #8.;2#5.CrD6M&6;<.B.8.([%EK$,K.,?.]006-$ et i τ = X ( 1−τ ) ( S τ + D−τrD /i τ ) S τ V U τ − rD(1− τ) S τ = X ( 1−τ ) V U τ + X ( 1−τ ) ( 1−τr/i τ ) D V U τ S τ − r ( 1−τ ) D S τ S 690B$&#.M6;<62:.&7[%E.8.(R.4[%EK$,K.,?.]0 B ρ τ =X(1−τ)/V U τ 6M&6;< i τ =ρ τ + [ ρ τ −r ( 1−τ ) ] ( D/S τ ) − ρ τ τr i τ ( D/S τ ) . Cee>D d;0_P#G./#.01.2 <#i4.5.*#+%..78#8.;2#5.CetD.O8B 8.j#[K,.8.([%EK$,K.,?.]0#8.;2#5.CeeD5O$S8.;2 #5.CeeD.W #R.- 0#G./#.01.2 <6v#.‚#:4.5.*#+%..78•4 .5.*#+K.,?.]0# 3 .8.([%EK$#;2#=,K.,?.]0 ee Q90I0 #JB.O#.G$P8.;2#5.Cee>DBE#:R1#I0:. .T.#.01,!!6KL. 8.([%EK$,K.,?.]0R. @ 0- #8.,6;<[%E#8.j•0K, *#+ D ¿ S τ ¿ ρ τ τr i τ ¿ #.$5 i τ C#ƒB R. R.- 0#i#.01H$ τrD &˜6KL*V 64#4.5.*#+%..786;<.W #R.- 0# 3 DS.• i τ =ρ τ + ( 1−τ ) ( ρ τ −r) D S τ A10#\7K.,? .]0R.4[%EK$ ρ τ 6;<[%E#.$#.1#•0K,>M0#.ƒ D ¿ S τ ¿ ρ τ τr i τ ¿ 8.^ .<8L!%B!CersoDB.]. .W; 0R.*6H#(.%•#;L6&C#ƒB R. R.- 0#i#.01H$ τrD &˜6KL*V64#4.5.*#+%..78 6;2 3 .W #R.- 0# 3 ρ τ DS.N#4& i τ =ρ τ +( ρ τ −r) D S τ S690B$#;2#=.;.8.([%EK$ 10’0$#5.%B..7#50vK.8.([%EK$,KalbB$%=B!!CersoSer€hD 11Q&BS4#.ƒCeeD&#.M6;<1##;26;2.;0 i τ S τ +D− τrD /¿ ¿ X ( 1−τ ) ¿ S τ =¿ S690B$‹ .#.G$.]R.: :#i#.01H$6;<.W#R.-02 ; .8.([%EK$,Kalb#:4.5.*#+V8.10B 4.5.*#+%..78 Trang 10