Медведев Г.А. Математические основы финансовой экономики. Часть2

Подождите немного. Документ загружается.



fgh`_kl\h

 

W W W «W

>eyjZkkfhlj_gbywlhcijh[e_fug_

h[oh^bfhihkljhblv\_jkbxfh^_eb^ey^bkdj_lgh]h\j_f_gb

Ijhkl_crbfkihkh[hf^eywlh]hy\ey_lkyaZf_gZ\fh^_eb

bgnbgbl_abfZevguo ijbjZs_gbc gZ dhg_qgu_ l _ GW gZ

W Gm gZ

m mW

W



mWG:gZ

: :W

W



:WLh]^Z[m^_fbf_lv

m mW

W



mW N





mW

W

[

[W\

T







:



?keb dhlbjh\db ijhbkoh^ylq_j_abgl_j\Ze\j_f_gb

W _kl_kl

\_ggh ij_^iheh`blv qlh agZq_gby ^hoh^ghkl_c ba\_klgu lhevdh \

fhf_glu\j_f_gbWbafgh`_kl\Z

L



 L

WL «

H[hagZ

qZy^eydjZldhklbmL

W m

ihemqZ_f\ke_^mxs_f\b^_

m

 



N

Wm N





NW'

[



T



[







]^_ W

 

: :L

W

W



:L

Wihwlhfmbak\hckl\ijbjZs_

gbc \bg_jh\kdh]h ijhp_kkZ ke_^m_l qlh



 ihke_^h\Zl_evghklv

\aZbfghg_aZ\bkbfuoklZg^ZjlguoghjfZevguokemqZcguo\_ebqbg

AZf_lbfqlhiZjZf_ljN\khhlghr_gbb\klj_qZ_lkylhev

dhdZdkhfgh`bl_ev\ijhba\_^_gbbN

Wihwlhfmm^h[gh\\_klb\f_

klh N iZjZf_lj K

{

N

W Lh]^Z khhlghr_gb_fh`gh aZibkZlv \

gZb[he__ijhklhf\b^_

 



Km K

] 



]^_

]



 g_aZ\bkbfu_ ghjfZevgh jZkij_^_e_ggu_ kemqZcgu_ \_eb

qbgukgme_\ufkj_^gbfb^bki_jkb_c



[

T



WlZjZaghklgZy

ko_fZfh`_l[ulvbkihevah\ZgZlhevdh\kemqZ_dh]^ZiZjZf_ljK





H^gZdhb\wlhfkemqZ_hgZg_hljZ`Z_lZ^_d\Zlghk\hckl\ijhp_kkZ

^hoh^ghklb lZd dZd \ klZpbhgZjghf j_`bf_ ihjh`^Z_l ihke_^h\Z

l_evghklv^hoh^ghkl_ckghjfZevgufjZkij_^_e_gb_f

Lhqgmx jZaghklgmx \_jkbx mjZ\g_gbyfh`gh ihemqblv

bkoh^yba_]hj_r_gbyKh]eZkghl_hjbbklhoZklbq_kdbo^bnn_j_gpb



Zevguo mjZ\g_gbckf gZijbf_j < 2NV_QGZO  j_r_gb_

fh`_l[ulvaZibkZgh\\b^_

T

@> HHV\W\ 





\X [

N' H G: X

[



T

 

Iheh`bf\wlhcnhjfme_W W

V W NW



V K+ 



_ 

Lh]^Zkhhlghr_gb_fh`ghaZibkZlv\\b^_

 



Gm G

= 

]^_



ihke_^h\Zl_evghklv\aZbfghg_aZ\bkbfuokemqZcguo\_ebqbg

Ijbnbdkbjh\ZgghfagZq_gbbm

kemqZcgu_\_ebqbgu= jZkij_

^_e_gu\khhl\_lkl\bbkhkf_s_ggufg_p_gljZevgufobd\Z^jZljZk

ij_^_e_gb_f kh kf_s_gb_fo

?  iZjZf_ljhf g_p_gljZevghklb

bbTkl_i_gyfbk\h[h^u<_ebqbgu=

bf_xlgme_\h_fZl_fZ

lbq_kdh_h`b^Zgb_bmkeh\gmx^bki_jkbx

  

T





[

+++' 

Iehlghklv \_jhylghkl_c wlh]h jZkij_^_e_gby hij_^_ey_lky \u

jZ`_gb_f  beb  \dhlhjhf iZjZf_lju bf_xl ke_^mxsb_

agZq_gby^ey



o





? 

]











[[\



T







[([]

T





[

T

T 







T

[

?

 



Gm G



IhdZaZlv wlh fh`gh ke_^mxsbf h[jZahf <ur_ [ueh ^hdZaZgh qlh

mkeh\guf jZkij_^_e_gb_f \_jhylghkl_c djZldhkjhqghc ijhp_glghc

klZ\dbUWy\ey_lkykf_s_ggh_g_p_gljZevgh_obd\Z^jZljZkij_^_e_

gb_beb\^jm]boh[hagZq_gbyoKlhoZklbq_kdb_mjZ\g_

gby^eydjZldhkjhqghcijhp_glghcklZ\dbUWb^ey^h

oh^ghklb mW kh\iZ^Zxl k lhqghklvx ^h iZjZf_ljh\Ihwlhfmklhq

ghklvx ^h iZjZf_ljh\ ^he`gu kh\iZ^Zlv b iehlghklb \_jhylghkl_c



^ey wlbo ijhp_kkh\ K ^jm]hc klhjhgu dZd \b^gh ba khhlghr_gby

ijbnbdkbjh\Zgghfm

kemqZcgZy\_ebqbgZ= hlebqZ_lkyhlm 

lhevdh gZnbdkbjh\Zggmx \_ebqbgm ?

 Ihwlhfm mkeh\gh_ jZkij_^_

e_gb_ \_jhylghkl_c kemqZcghc \_ebqbgu =

 [m^_l lZd`_ kf_s_gguf

g_p_gljZevguf obd\Z^jZl jZkij_^_e_gb_f k ^hihegbl_evguf kf_

s_gb_f?

<ujZ`_gb_^eymkeh\ghc^bki_jkbb9 hij_^_ey_lkyke_^

kl\b_f_keb\ijb\_^_ggh_lZf\ujZ`_gb_^ey9ih^klZ\blvagZ

q_gbyiZjZf_ljh\\\b^_



HP?GDBF:DKBF:EVGH=H

IJ:<>HIH>H;BY>EYI:J:F?LJH<

FH>?E?C>HOH>GHKLB>HIH=:R?GBY



Ihkdhevdm mkeh\gZy iehlghklv \_jhylghkl_c I ] _ m  kemqZcguo

\_ebqbg=

gZc^_gZbhgby\eyxlky\aZbfghg_aZ\bkbfufb^ey\u

[hjdb

m  m «m

fh`ghihkljhblvnmgdpbxijZ\^hih^h[by\

\b^_





 T

\(\I\\['+/ 

]^_iehlghklvI

]_m hij_^_ey_lky\ujZ`_gbyfbbeb\

dhlhjuoagZq_gbyi_j_f_gguobiZjZf_ljh\hij_^_eyxlkynhjfmeZ

fb

Hq_\b^gh qlhlZdZynmgdpbyijZ\^hih^h[by y\ey_lky ^h\hevgh

keh`ghc b __ ijZdlbq_kdh_ ijbf_g_gb_ ij_^klZ\ey_l agZqbl_evgu_

\uqbkebl_evgu_keh`ghklbIhwlhfmbf__lkfukejZkkfhlj_lvdZdb_

gb[m^vZiijhdkbfZpbbdhlhju_kh^ghcklhjhgu[ueb[u^hklZlhq

ghijhklufbZk^jm]hc±^hklZlhqghlhqghhljZ`Zebk\hckl\Zijh

p_kkZ ^hoh^ghklbmW Ijhkl_crZy ZiijhdkbfZpbyg_ fh`_l

[ulv ijbgylZ [_ah]h\hjhqgh lZd dZd \hi_j\uo wlh j_dmjj_glgh_

khhlghr_gb_hij_^_ey_lihke_^h\Zl_evghklvghjfZevguokemqZcguo

\_ebqbg \ lh \j_fy dZd lhqgZy jZaghklgZy fh^_ev  ihjh`^Z_l

ihke_^h\Zl_evghklvkemqZcguo\_ebqbgkhkf_s_gguf]ZffZjZkij_

^_e_gb_f\h\lhjuokhhlghr_gb_©jZ[hlZ_lªlhevdhijbK





JZkkfhljbfg_dhlhju_^jm]b_ZiijhdkbfZpbb

<\_^_f klmi_gqZlmx ZiijhdkbfZpbx\W



 kemqZcgh]h ijhp_kkZ

^hoh^ghklb mW ke_^mxsbf h[jZahf ;m^_f kqblZlv qlh agZq_gby

wlh]hijhp_kkZ\nhjfme_aZ^Zxlkykhhlghr_gbyfb





 mW  m ^eyL «

b



X\  m

^eyb



W W ]^_W  W 

W

Lh]^ZklhoZklbq_kdZykhklZ\eyxsZy\ijbh[j_lZ_l\b^





T



XG:H

[

N' 

Z kemqZcgu_\_ebqbgu=

[m^ml ihij_`g_fm \aZbfghg_aZ\bkbfu

fb gh l_i_jv jZkij_^_e_ggufb ghjfZevgh k gme_\uf fZl_fZlbq_

kdbfh`b^Zgb_fb^bki_jkb_c

 H

[



T



 





'++

[





T



LZdZyZiijhdkbfZpbyg_kdhevdhmemqrZ_lijhkl_crmxihkdhev

dmkh^ghcklhjhgugZiZjZf_ljKg_gZdeZ^u\Z_lkyh]jZgbq_gbcZk

^jm]hc±ijhp_kk

W\ kh\iZ^Z_lkijhp_kkhfmWgZfgh`_kl\_

Ih

kdhevdm=

[m^_ljZkij_^_e_ghghjfZevghlhnmgdpbyijZ\^hih^h

[by ^ey lZdhc ZiijhdkbfZpbb [m^_l kms_kl\_ggh ijhs_ q_f nmgd

pby

Fh`gh\\_klbZiijhdkbfZpbx

W\ kemqZcgh]hijhp_kkZ^hoh^

ghklbmWg_kdhevdhbgZq_;m^_fkqblZlvqlhagZq_gbyijhp_kkZmW

\nhjfme_aZf_gyxlkyagZq_gbyfbdmkhqghg_ij_ju\gh]hijh

p_kkZ\W



dhlhjucaZ^Z_lkykhhlghr_gbyfb

\W



 mW  m ^eyL «

b

\X



 ?

b 



\H 



@> H



^eyb



W W 

Kfukewlh]hkhklhbl\lhfqlhgZbgl_j\Ze_W





b



W \dZq_kl\_Zi

ijhdkbfZpbb ijhp_kkZ mW ijbgbfZ_lky mkeh\gh_ fZl_fZlbq_kdh_

h`b^Zgb_?

b ?>mb_m @Lh]^ZklhoZklbq_kdZykhklZ\eyxsZy\jZ

\_gkl\_ij_h[jZam_lkyd\b^m





(X [

N' H G: X

[



T





<wlhf\ZjbZgl_kemqZcgu_\_ebqbgu= kgh\ZklZgh\ylkyjZkij_^_

e_ggufb ghjfZevgh bf_xl ihij_`g_fm gme_\h_ fZl_fZlbq_kdh_

h`b^Zgb_Zmkeh\gZy^bki_jkby\uqbkey_lkyihnhjfme_

 HH

[

'H'



T







HdZau\Z_lkyqlh\ujZ`_gb_\lhqghklbkh\iZ^Z_lk\ujZ

`_gb_f_kebmq_klvqlh



_

 GWlhhagZqZ_lqlh^bki_j

kbykemqZcghc\_ebqbgu= ijbwlhcZiijhdkbfZpbbjZ\gZ^bki_j

kbbklhoZklbq_kdhckhklZ\eyxs_c\ujZ`_gbyl_^Z_l__lhq

gh_ agZq_gb_ gh jZkij_^_e_gb_ \_jhylghkl_c dZd b \ ij_^u^msbo

ZiijhdkbfZpbyoy\ey_lkyghjfZevguf

:iijhdkbfZpbb  b  aZf_gyxl bkoh^guc kemqZcguc

ijhp_kk mW kdZqdhh[jZagufb ijhp_kkZfb\W



 L_i_jv jZkkfhljbf

ZiijhdkbfZpbxijhp_kkZ mWg_ij_ju\gufijhp_kkhf  \W



ijbih

fhsbebg_cghcbgl_jiheypbb



 mW  m ^eyL «

b



X\  







^eyb



W W 

KlhoZklbq_kdZykhklZ\eyxsZy\jZ\_gkl\_ij_h[jZam_lkyd

\b^m





WX XW

\\[HG:X

[W W W W

§·





¨¸

T  

©¹



bbf__lgme_\h_fZl_fZlbq_kdh_h`b^Zgb_b^bki_jkbx







@>



T





T



[



LZdbfh[jZahf\k_q_luj_ZiijhdkbfZpbbb

ijb\h^yldnmgdpbbijZ\^hih^h[by^eyghjfZevgh]hjZkij_^_

e_gby \ hlebqb_ hl lhqghc jZaghklghc \_jkbbdhlhjZy ^Z_l

nmgdpbxijZ\^hih^h[bykeh`ghcnhjfuH[hkgh\Zggh_kjZ\

g_gb_ dZq_kl\Z ij_^eh`_gguoZiijhdkbfZpbc fh`gh k^_eZlv\b^b



fhlhevdhijbZgZeba_j_Zevguo^ZgguoAZf_lbfebrvqlhijbfZ

euoagZq_gbyoiZjZf_ljZKdh]^Zqe_gZfbihjy^dZHK

fh`ghij_

g_[j_]ZlvihkjZ\g_gbxkKZiijhdkbfZpbyij_\jZsZ_lky\Zi

ijhdkbfZpbxIjb[hevrboagZq_gbyoiZjZf_ljZo

dZd[ueh

ihdZaZgh \ ml\_j`^_gbb  kf_s_ggh_ g_p_gljZevgh_ obd\Z^jZl

jZkij_^_e_gb_ koh^blky d ghjfZevghfm Z nmgdpby ijZ\^hih^h[by

±dnmgdpbbijZ\^hih^h[by^eyghjfZevgh]hjZkij_^_e_gby<

wlhf kemqZ_\b^bfh ij_^ihqlbl_evghc[m^_lZiijhdkbfZpby

lZddZdhgZh[_ki_qb\Z_lkh\iZ^_gb_^bki_jkbbklhoZklbq_kdhc

khklZ\eyxs_ck__lhqgufagZq_gb_fImklv^bki_jkbyklhoZk

lbq_kdhckhklZ\eyxs_c\jZkkfhlj_gguoZiijhdkbfZpbyo\ujZ`Z_l

ky \ \b^_

 



m  Ij_^klZ\e_gb_ dhwnnbpb_glh\



 b



q_j_aiZjZf_ljuG

' o ^eylhcbebbghcZiijhdkbfZpbbe_]dh

hij_^_eblv kjZ\gb\Zy \ujZ`_gb_

 



m  knhjfmehc ^ey

khhl\_lkl\mxs_c^bki_jkbbLh]^ZnmgdpbyijZ\^hih^h[by/

ihem

qZ_fZygZhkgh\_ZiijhdkbfZpbc[m^_lbf_lv\b^

      /+ ' [\ \



 



H[S

 



 

\+\+

½

 T

°°



®¾

VM I

°°

¯¿

SV  M  I





DZdh[uqgh ijbhp_gb\ZgbbiZjZf_ljh\ghjfZevguojZkij_^_

e_gbcm^h[g__ihevah\Zlvkyg_nmgdpb_cZ__eh]Zjbnfhflhq

g__nmgdpb_c

       OQ>        @O+ ' [\ \ /+ ' [\ \T ST





@OQ>





IMV

IMV

T

+\+\



Bkihevamy



nmgdpbx



\f_klh



gZ[hjZ



iZjZf_ljh\





' 

ijhs_



hp_gb\Zlv



gZ[hj



iZjZf_ljh\











Wlh



wd\b\Ze_glgh





kdhevdm



f_`^m



lZdbfb



gZ[hjZfb



iZjZf_ljh\



bf__lky



\aZbfgh



h^gh



agZqgh_



khhl\_lkl\b_



Qlh



dZkZ_lky



iZjZf_ljZ







^ey



ZiijhdkbfZ



pbc





wlhl



iZjZf_lj



jZ\_g



gmex



>ey



ZiijhdkbfZ



pbb



iZjZf_lju



k\yaZgu



f_`^m



kh[hc



khhlghr_gb_f















HKH



Hp_gdZfb



fZdkbfZevgh]h



ijZ\^hih^h[by



















iZjZ



f_ljh\









y\eyxlky



lZdb_



agZq_gby



wlbo



\_ebqbg



dhlhju_



^hklZ\eyxl



fbgbfmf



nmgdpbb

O



>ey



ihemq_gby



wlbo



agZq_gbc



\\_



^_f



kbkl_fm



\kihfh]Zl_evguo



klZlbklbd



¦¦

IM

\\Q































>bnn_j_gpbjmy



nmgdpbx





iZjZf_ljZf









ijbjZ\



gb\Zy



ihemq_ggu_



ijhba\h^gu_



gmex



ihemqZ_f



mjZ\g_gby



^ey



hp_



ghd



KgZqZeZ



m^h[g__



j_rblv



mjZ\g_gb_



^ey



hp_gdb







dhlhjZy





jZ`Z_lky



q_j_a



klZlbklbdb





hp_gdm

+





AZl_f



mjZ\g_gby



^ey



hp_gdb







gZoh^bf



q_j_a



klZlbklbdb

 

GZdhg_p



j_rZ_lky



mjZ\g_gb_



^ey



hp_gdb







dhlhjZy



hij_^_ey_lky



q_j_a



klZlbklbdb







m`_



gZc^_ggu_



hp_gdb













Wlh



ijb\h^bl



lhfm



qlh



hp_gdb



fZdkbfZevgh]h



ijZ\^hih^h[by



iZjZf_ljh\









\ujZ`Z



xlky



q_j_a



klZlbklbdb



ke_^mxsbf



h[jZahf









6+6









666

6666









T V

 6+6+6+6











6++6+

TT











Ih^klZ\eyy



hp_gdb







fh`gh



ihemqblv



eh]Z



jbnfbq_kdmx



nmgdpbx



ijZ\^hih^h[by

O



dZd



nmgdpbx



lhevdh



h^gh]h



iZjZf_ljZ







O\\

OQ>



 M

@Q\\









iZjZf_lj



y\ey_lky



g_aZ\bkbfuf





hij_^_ey_lky



nhjfme_





q_j_a





 



OQ







FbgbfbaZpbx





iZjZf_ljm





fh`gh



hkms_kl\blv



lhevdh



qbke_ggh



Ih^klZgh\dhc



qbke_ggh]h



agZq_gby



hp_gdb







\ujZ`_gby







aZ\_jrZ_lky



ijhp_^mjZ



hp_gb\Zgby



iZjZf_ljh\



 



±









Ihke_



wlh]h



hklZ_lky



\ujZablv

' 



q_j_a



gZc



^_ggu_



hp_gdb



>ey



ZiijhdkbfZpbb



hp_gdb



wlbo



iZjZf_ljh\



bf_xl



\b^











TMV

 



[ 

>ey



ZiijhdkbfZpbb



bf__f















TMV

 



[ 

>ey



ZiijhdkbfZpbb





ihfhsvx



nhjfmeu



ihemqZ_f















TMV









[





T



GZdhg_p



^ey



ZiijhdkbfZpbb



hp_gdb



ihemqZxlky



\b^_





 *++

TMV



















[





M



]^_



bkihevah\Zgh



h[hagZq_gb_























LZdbf



h[jZahf



jZaghklgu_



ZiijhdkbfZpbb





iha\heyxl



hp_gb\Zlv



iZjZf_lju

N

' 

[ 

fh^_eb



klZ\db



^hoh^gh



klb

 

?keb



hp_gdZ



[





bf__l



l_g^_gpbx



[ulv



[_kdhg_qgh



[hev



rhc



lh]^Z



fh^_ev



[ebadZ



fh^_eb



<Zkbq_dZ



?keb



hp_gdZ



[





bf__l



l_g^_gpbx



[ulv



hdheh



gmey



lh]^Z



fh^_ev



[ebadZ



fh^_



&,5

GZdhg_p





^jm]bo



kemqZyo



fh^_ev



[ebadZ



fh^_eb

0&

KjZ\gbl_evgh_



dZq_kl\h



\ur_mihfygmluo



ZiijhdkbfZpbc



fh`_l



[ulv



ijh\_j_gh



lhevdh



ZgZebahf



j_Zevguo



nbgZgkh\uo



^Zgguo





jZlbf



\gbfZgb_



lhevdh





qlh



ZiijhdkbfZpbb





^Zxl



h^bgZdh\u_



hp_gdb

'





ijb[eb`_gby





^Zxl



h^bgZdh\u_



hp_gdb

 [



Wfibjbq_kdh_



bkke_^h\Zgb_



j_Zevguo



^Zgguo



ihdZau\Z_l



qlh



iZjZf_lj

 K N

W

^hklZlhqgh



fZe





gZijbf_j

 3HDUVRQ 6XQ



Ke_^h\Zl_evgh



\k_



ljb



ijb[eb`_gby



^Zxl



hq_\b^gh



hq_gv



[ebadb_



j_amevlZlu





dZq_kl\_



beexkljZpbb



ijbf_g_gby



hp_ghd



fZdkbfZevgh]h



ijZ\^hih^h[by



jZkkfhljbf



\j_f_ggu_



jy^u



^hoh^gh



klb



ih]Zr_gby



DZagZq_ckl\Z



KR:



DZagZq_ckl\h



KR:



\uimkdZ_l



ljb



lbiZ



jughqguo





[be_lu



\_dk_ey



h[eb]Zpbb



^ey



^_kylb



kjhdh\



ih]Zr_gby



Hgh



ijh^Z_l



wlb



\uimkdb



q_j_a



Zmdpbhg



dhlhjuc



ijh\h^blky



hkgh\_



^hoh^ghklb



DZagZq_ckdZy



djb\Zy



^hoh^ghklb



[Zabjm_lky



l_dmsbo



jughqguo



jZkp_gdZo



ij_^eh`_gby



gZb[he__



Zdlb\gh



lhj]mxsb_ky



dZ`



^uc



^_eh\hc



^_gv



G_dhlhjZy



hibkZl_evgZy



klZlbklbdZ



wlbo



^Zgguo



ijb\_^_gZ



lZ[e



LZ[ebpZ



HibkZl_evgZyklZlbklbdZ^Zgguo^hoh^ghklbp_gguo[mfZ]

<u[hjhqgu_



IZjZf_lju



]ZffZ



jZkij_^_e_gby



Kjhd



ih]Zr_gby



nhjfu



fZkrlZ[Z



kj_^g__



(

^bki_jkby



9

<_jhylghklv



\



X Y



f_kypZ

   (  



f_kyp_\

   (  



]h^

   (  



]h^Z

   (  



]h^Z

   (  



e_l

   (  



e_l

   (  



e_l

     



e_l

     



e_l

     



DZ`^Zy



kljhdZ



lZ[e

 

kh^_j`bl



^Zggu_



hlghkbl_evgh



klZ\db



^hoh^ghklb



^ey



g_dhlhjh]h



kjhdZ



ih]Zr_gby

±



f_kyp_\





e_l





dhehgdZo



ijb\h^ylky



ke_^mxsb_



^Zggu_



Kjhd



ih]Zr_gby

±

kjhdb



ih]Zr_gby



DZagZq_ckl\Z



KR:



<u[hjhqgu_



kj_^g__



^bki_jkby

±

kj_^g__

(

\u[hjhqgh]h



fgh



`_kl\Z



^bki_jkbb

9

\u[hjhqgh]h



fgh`_kl\Z



ijhp_glguo



klZ\hd





oh^ghklb



DZagZq_ckl\Z



KR:



<_jhylghklv

 1^\`±

\_jhylghklv



lh]h



qlh



ghjfZevgZy



kem



qZcgZy



\_ebqbgZ



kj_^gbf

(



^bki_jkb_c

9

lZdbfb





dZd



^ey





[hjhqgh]h



fgh`_kl\Z



ijhp_glguo



klZ\hd



^hoh^ghklb



DZagZq_ckl





KR:



ijbgbfZ_l



hljbpZl_evgu_



agZq_gby



IZjZf_lju



]ZffZ



jZkij_^_e_gby



nhjfu



fZkrlZ[Z

±

iZjZ



f_lj



nhjfu

X



iZjZf_lj



fZkrlZ[Z

Y

]ZffZ



jZkij_^_e_gby



ijhp_gl



guo



klZ\hd



^hoh^ghklb



^ey



dhlhjuo



kj_^g__



^bki_jkby



jZ\gu



khhl



\_lkl\_ggh



kj_^g_fm

 (



^bki_jkbb

 9

\u[hjhqgh]h



fgh`_kl\Z



ijh



p_glguo



klZ\hd



^hoh^ghklb



Ba\_klgh



qlh



wlb



iZjZf_lju



fh]ml



[ulv



jZkkqblZgu



nhjfmeZf

X (

9Y (9

>Zggu_



lZ[e



ihdZau\Zxl



qlh



ghjfZevgh_



jZkij_^_e_gb_





`_l



bkihevah\Zlvky



dZd



h^gh



\hafh`guo



jZkij_^_e_gbc



^ey



hibkZ



gby



ijhp_kkh\



klZ\hd



^hoh^ghklb



DZagZq_ckl\Z



KR:



ihkdhevdm



\_jhylghklv



lh]h



qlh



ijhp_kk



klZ\hd



^hoh^ghklb



kj_^gbf



^bk



i_jkb_c



dZd



^ey



\u[hjhqgh]h



fgh`_kl\Z



ijhp_glguo



klZ\hd



^hoh^gh



klb



ijbgbfZ_l



hljbpZl_evgu_



agZq_gby



hq_gv



g_agZqbl_evgZ



Wlh





gZqZ_l



qlh



ijb[eb`_gby

  

 

fh]ml



[ulv



ijbgylu



dZd



hkgh\Z



^ey



hp_gb\Zgby



g_ba\_klguo



iZjZf_ljh\



H[jZlbf



\gbfZgb_



lZd`_



qlh



^ey



iZjZf_ljh\



lZ[e



jZaebqb_



f_`^m



ghjfZevguf



]ZffZ



jZkij_^_e_gb_f



fbgbfZevgh



Wlh



ihdZ



aZgh



jbk



Ke_^h\Zl_evgh



fh`gh



bkihevah\Zlv



iehlghklv



\_jh



ylghklb



beb



^ey



hp_gdb



iZjZf_ljh\



fh^_eb



LZdb_



hp_gdb



ij_^klZ\e_gu



lZ[e





[ueb



hij_^_e_gu



ihfhsvx





ijhdkbfZpbb

 

Ihkdhevdm



h[eb]Zpbb



DZagZq_ckl\Z



KR:



kjhdZ



ih]Zr_gby



e_l



[ueb



\\_^_gu



lhevdh



gZqbgZy





hdly[jy



]



^Zggu_



lZ[e



[ueb



jZkkqblZgu



^ey



i_jbh^Z





hdly[jy



]







hdly[jy



]



^_eh\uo



^g_c

