ጙᕗცήϞۡШفӖ౪ߜࢺ໔
д߸റ
ҳߏᏰଢ଼Ψᐠడώแف
ᄢ! ौ
ၥҏၥ୰ᚠᏰΰΙࣺ࿋१ौޟ፞ᚠȄၥПਰϞ౪ߜࢺ໔֕౪
้ШفӖᄘ߽ငலџَڗޟȂӔёΰҥ౪ᄂᕗცܚԝڗޟၥଉ܁܁ڎര
ጙՓிȂӰԪȃ࡚ᄺΙৈ၌ؚጙ้ШفӖ౪ߜࢺ໔ޟПݲϚџܖીޟȄҏ Мᔣ௰ᏲюȈӵցȃኵЅ౪ߜࢺ໔ࣱ࣏ጙኵȂи౪ߜࢺ໔ڎۡШفӖ
ᄘਢȂڏᎌҢޟࣺᜰϴԒȂٮሄоᄂٽᇳ݂ڏٺҢПԒȄ ᜰᗤຠȈ ጙӫȃȃۡШفӖȄ
GEOMETRIC SERIES OF CASH FLOWS IN FUZZY ENVIRONMENTS
Chun-Chieh Wang
Department of Mechanical Engineering National Huwei Institute of Technology
Yunlin, Taiwan 632, R.O.C.
Key Words: fuzzy set, finance, geometric series.
ABSTRACT
Capital investment problems are very important topics in finance.
Because the types of cash flows of investment proposals are usually geometric series and the information from the real world is fuzzy, it is essential to construct a geometric series model applicable to a fuzzy environment. In this paper, we will derive the related formulas of cash flows on the condition that interest rate, number of periods, and geometric series of cash flows are fuzzy numbers. How they can be used is illustrated.
Ιȃࠉ! ِ
ၥПਰޟஈޱܖؚ๊ޱӵ౩ၥҏၥПਰਢȂ
ོӑհΙѓࢂցȃኵЅ౪ߜࢺ໔ࣱ࣏ጂۡኵޟ
೩Ȃӵ၎೩ԙҳޟనӇήȂپஈၥПਰؚ๊Ȅԃ
௴ΰक़ПԒ౩ၥҏၥؚ๊Ȃࠌོٺுؚ๊ࠢ፴Ϛᅾ ౩དܖԤѶሳȄڏкौনӰȈרঈܚޟᕗცΙএ ၥଉጙޟᕗცȂ፝ԃȂרঈܖ೨ོ᠙ڗܖөտΡᇳȂߜ
"Ϛ࡞σ"ȂܖೲԝΣӵΠνϯ"ΰή"้้ޟၗȂ
ΰक़Πٽࣱ࣏ڐޟጙၥଉȄณՄȃרঈࠓငல၎้
ጙၥଉࣼԙጂۡޟኵ౩ϞȂӰԪџഅԙၥଉೝ
ႆϷᙏϽܖᇲҢȂՄഅԙϚׇछޟؚ๊Ȅ
༈ಛώแငᔼᏰఀऋਪϛԤϲஅҏϴԒ[1-3]ȂցҢ
၎ϲϴԒџஈ౪ȃತЅԑߜհࣺϣؑϞၼᆗȄ
Buckly[4] ӑବᄇ၎ϲஅҏϴԒඪюጙܒᘗȂณՄ
ٺҢԪᘗ๖ݎپஈၥҏႱᆗؚ๊ོҡΙٲϚӫ౩ޟ
౪ຫȂӰԪWang[5]ѪѴඪюΙಢᘗࡣϞϲஅҏϴԒȄ
Wang[6] ϷݙȈցҢ၎ಢϴԒܚ࡚ᄺޟၥҏႱᆗԒپ౩
ၥҏၥ୰ᚠȂࠌϚོҡϚӫ౩ޟ౪ຫȄณՄȃ࿋רঈ
౩ၥҏၥ୰ᚠਢȂ༉Ԥ௰ࡣϞϲஅҏϴԒٮϚٗ
ஊȂӰ࣏ۦԤڍ੫ᄘϞ౪ߜࢺ໔ौհጙܒϞᘗ
ȂڏϛΙᆍᆎ้࣏৯فӖ౪ߜࢺ໔ȂѪΙᆍࠌ้࣏Шف Ӗ౪ߜࢺ໔Ȅд߸റ[7]ϐׇԙ้৯فӖ౪ߜࢺ໔ϞᘗȂ Մ้ШفӖ౪ߜࢺ໔ۦҐԤᏰޱଆȂӰԪҏМᔣଆ
ጙၥଉᕗცήϞ้ШفӖ౪ߜࢺ໔Ȅζ൷ᇳȂҏМ೩
ၥПਰϞέᡐኵȞ౪ߜࢺ໔ȃցЅፒցኵȟࣱ࣏
ጙኵᐃȂиӨ౪ߜࢺ໔֕౪้ШفӖᄘȂᔖҢ Wang[5] ܚ࡚ҳޟϲጙஅҏϴԒپؑڥڏጙ౪ϴ ԒȂٮᖞٽᇳ݂ԃդၼҢȄ
ΠȃѠڐۡШفӖ౪ߜࢺ໔
ӵհၥҏၥؚ๊ਢȂԤਢঐרঈོڗ้ШفӖ
ᄘϞ౪ߜࢺ໔ȄԃݎӨ౪ߜࢺ໔ӵၥॎგ֕౪࢚
ھۡԻϷШޟᡐȂࠌרঈᆎ၎ᄘ౪ߜࢺ໔فӖ้࣏Ш فӖ[1-3]Ȅх E ߒۡШȂD ߒΙϞ౪ߜࢺ໔ȂA
nߒ
n Ϟ౪ߜࢺ໔Ȃࠌ้Ш౪ߜࢺ໔فӖϞӨ౪ߜࢺ໔ џоήԒߒϞȄ
( 1 + )
−1=
nn
D E
A (1)
ԃݎ E>0 ࠌ၎౪ߜࢺ໔֕౪ሎቨ౪ຫȇІϞȂE<0Ȃ ࠌ၎౪ߜࢺ໔֕౪ሎ౪ຫȄۡШفӖ౪ߜࢺ໔فӖϞ
ࣺᜰϴԒӓԤڍȂΙ࣏ۡШ E ᇄց i ࣺӣϞϴԒȂ ѪΙ࣏ۡШ E ᇄց i ϚӣϞϴԒȂ౪ϷտߒҰԃή [1-3] Ȉ
( ) ( )
i E
i E D P
n n
−
−
+ +
⋅
= 1 1 1
ʳ E ≠ (2) i
E D n P = ⋅ +
1 ! ! ! ! E = (3) i
έȃጙኵᏰஅᙃ
ԃΙࠉِܚक़Ȃ࿋רঈஈၥॎგຟեਢȂ҆
ᇔЅຟեࣺᜰᡐኵȂҥܻ౪ᄂΰܚ౩ޟၥଉԤࣺ࿋
σޟШٽࣥܖӒഋࣱ࣏ጙኵȂӰԪ҆ӑጂҳڎരդ ᆍלᄘኵ࣏ጙኵȄॶӑᄇጙኵȞfuzzy numberȟհۡ
ဎȂՄࡣӔۡဎᝒਿғȞ॒ȟጙኵȞstrictly positive Ȟnegativeȟ fuzzy number, SPȞNȟFNȟȄ
ۡဎ 1 [5]Ȉ A ~ ࣏ᄂኵጣΰϞጙӫȂ A ~
αߒ A ~ Ϟ α ᄠ
ӫȂԃݎ A ~ ᅖٗήӖనӇȂࠌרঈᆎ A ~ ࣏
ጙኵȄ
(1) A ~
α࣏ഖӫȂ ∀ α ∈ ( 0 , 1 ] Ȅ (2) A ~
α࣏ԤࣨӫȂ ∀ α ∈ ( 0 , 1 ] Ȅ (3) A ~
α࣏яӫȂ ∀ α ∈ ( 0 , 1 ] Ȅ
(4) Ԇӵ a ∈ Ȃٺு R A ~ ( ) a = 1 Ȅ
ۡဎ 2 [5]Ȉ A ~ ࣏ጙኵȄԃݎᄇӈդ a ≤ a 0 ≥ ( 0 ) Ȃོٺு
0 )
~ ( a =
A Ȃࠌרঈᆎ A ~ ࣏ᝒਿғȞ॒ȟጙኵȄ ҥܻጙኵϞၼᆗПԒԤӻᆍ[8]ȂҏМ௴Ңശೝኄ࣏
ٺҢޟПԒȂհ࣏ጙኵѲࠌၼᆗϞПݲȂ૭ۡဎԃήȄ
ۡဎ 3 [9,10]Ȉ A ~ ȃ B ~ ࣱ࣏ጙኵȂ ) A ~ ( x Ѕ B ~ y ( ) Ϸտ࣏
ڏ៉ᗵ឴࡙ڒኵȂցҢ Zadeh Ϟᘗন ౩[9]Ȃ A ~ ~ ~ ∗ B Ϟᗵ឴࡙ڒኵџҥήԒॎᆗ Մு
{ ~ ( ), ~ ( ) }
min sup )
~ (
~ ~ B z A x B y A ∗ =
z ∗=x yጙኵၼᆗӵஈΰٮϚৠܾȂ࣏ஈၼᆗώհоЅ ၼᆗࡣጙኵყלޟᛲᇧȂџоҥӻᡐኵጙኵಢԙޟ ڒኵȂоୢϷݙȞinterval analysisȟޟПԒپ໌Ȃ໌
ПԒԃήȄ
ԃݎ f ࣏ۡဎӵ n ࡙ު X
1× X
2× L × X
nΰࢎৢڗᄂ ኵΰ R ϞڒኵȂи X ~ , X ~ , X ~
n2
1
L Ϸտߒ X
1, X
2, L X
nϞጙ
ӫȂԃݎ X ~ , X ~ , X ~
n2
1
L ࣏ۡဎ 1 ܚࣨۡޟጙኵȂࠌή ӖȞ4ȟԒ҆ۡԙҳ[11]Ȅ
α α
α
α
, ( ~ ) , , ( ~ ) ] [ ( ~ , ~ , , ~ )]
~ )
[( X
1X
2X
nf X
1X
2X
nf L = L (4)
ҥܻҏМٺҢڗጙԝᕻޟ྅܈ЅѽȂӰԪӵή७ רঈϭಝጙԝᕻᆗυȞcontraction operatorȟޟۡဎȄ
ጙԝᕻϷ࣏ڍȂёጙԝᕻЅॸጙԝᕻȂҥܻר ঈ༉ցҢڗॸጙԝᕻυȂӰԪ༉ۡဎॸጙԝᕻᆗ υԃήȈ
ۡဎ 4 [5]Ȉ A ~ ࣏ӈཎጙኵȂ r~ ࣏ SPFNȂх a
1(α), a
2(α)Ϸ տߒ A ~ Ϟ α ᄠӫ A ~
αϞѾᆒᘈЅѡᆒᘈȂи
] ,
~ [
~
( )) 2 1( ] 1 , 0 ( ]
1 , 0 (
α α α α
α
α A α a a
A = ⋅ = ⋅
∈
∈
U U ȇխӴȂ
r
1(α), r
2(α)Ϸտߒ r~ Ϟ α ᄠӫ r~ ϞѾᆒᘈЅѡ
αᆒᘈȂи = ⋅ =
∈ α
α
α r
r ~
~
] 1 , 0
U
(⋅
∈
α
α
U
(0,1][ r
1(α), r
2(α)] Ȅ ԃݎήӖనӇԙҳ
α
α α α α α α α
α α α α α α
2
) (2 ) 1(
) 2( ) 2( ) 2(
) 1( )
1( ) 2(
) 1( ) 1( ) 1(
) 2(
1
max , min ,
a
r a a r r a r
r a r r a r
=
≤
=
и a
1α࣏ሎቨȂa
2αሎȂࠌ
⋅
=
∈) 2( ) 1(
) 2( ) 2( ) 2(
) 1( ] 1 , 0 (
) 1( ) 2(
) 1( ) 1( ) 1(
) 2(
~
, min
, ,
max
~ ) (
α α α α α α α
α α α α α
α
αr a a r r r
r a a r r A r
C
rU
ᆎ࣏ԝᕻ้࣏ r~ ϞॸጙԝᕻᆗυȄ
࿋ۡဎ 4 ϛϞ A ~ ࣏ SPFN ਢȂڏॸጙԝᕻᆗυџ
0 1 2 3 4 n~
D~
D~~×
( )
1~+E~1~D~~×
( )
1~+E~~2D~~×
( )
1~+E~3~…
…
D~~×( )
1~+E~}n~−1ᙏϽԃή[5]Ȉ
( )
( )( ) ( ) ( ) ( ) ( ) ( ]U
0,1 2 2 1 1 1~
~
2,
∈
⋅
=
αα α α α α
α
αa
r a r r A r
C
r(5)
ѲȃጙۡШ౪ߜࢺ໔فӖ
1.౪ᗵ឴࡙ڒኵϞ௰Ᏺ
ጙۡШ౪ߜࢺ໔فӖԒ߽Ѡڐ౪ߜࢺ໔فӖԒ ϞΙૡϽȞgeneralizationȟȂζ൷ᇳȂጙۡШ౪ߜࢺ໔ فӖԒӵܚԤᡐኵࣱ࣏ጂۡϞ੫ۡޑݷήȂ։࣏Ѡڐ ౪ߜࢺ໔فӖԒȄጙۡШ౪ߜࢺ໔فӖԒϞ೩ԃ ήȈ
( Ι) ጙۡШفӖ౪ߜࢺ໔ԒήϞܚԤᡐኵࣱ࣏ጙ ኵȇζ൷ᇳȂցȃፒցኵȃ 1 ~ ౪ߜࢺ໔о ЅۡШȂࣱ࣏ጙኵȄ
( Π) ጙց i~ ȃጙፒցኵ n~ оЅ 1 ~ ౪ߜࢺ໔ D~ Ȃࣱ࣏ SPFNȇՄጙۡШ E ~ Ϛ SPFNȂ൷
SNFN Ȅ
( έ) 1 ~ ଔՍ n ~ ( = n ~ × 1 ~ ) ХȂؐΙϞጙ౪ߜ ࢺ໔ၶࠉΙϞጙ౪ߜࢺ໔ቨё E ~ ॻȄ
( Ѳ) ጙۡШفӖ౪ߜࢺ໔Ԓ௴ґᄛٽȞend-of-period convention ȟȄ
ݧཎȂҥ೩ 3 ޣȂؐΙϞጙ౪ߜࢺ໔ၶࠉΙ
Ϟጙ౪ߜࢺ໔ቨё E ~ ॻȂ࢈ጙ้Ш౪ߜࢺ໔فӖϞ Ө౪ߜࢺ໔џߒ࣏
}~
~
~ ~ ( 1 ~ ~ )
1~
n= D × + E
n−A (6)
ڧ३ܻጡᒮᡝђϚٗȂ࣏ᗗջᇲ၌Ȟ6ȟԒޟཎဎȂ घۡߒ }
~B ߒ B~ Ȃڏϛ B ३࣏ۡΙߝၼᆗԒȂٽԃ Bɶ3ɮ6 ܖ BɶKɮ1Ȅਲ਼ᐃΰक़೩Ȟ1ȟՍ೩Ȟ4ȟȂרঈጙ
ۡШفӖ౪ߜࢺ໔ԒყҰ࣏ყ 1Ȅ
ӈΙ๋ጙ౪ߜࢺ໔ F~ Ȃڏ n~ ࠉϞΙԩЛп౪
P~ ȂџҥήӖϴԒॎᆗ[5-7]Ȉ
( )
( )
= +
+i
i
nC F
P
1~~n1 ~ ~
~~ ~
~
(7)
ӰԪȂጙۡШفӖ౪ߜࢺ໔Ϟ౪џоήӖПแԒ ёоॎᆗȈ
( )
( )
( )( ) ( )
( )
( )
}( )
+
+ + ×
+
+
+ + ×
= +
− +
+ +
n n i
i i
i E C D
i E C D
i C D P
n ~
1
~~ 1
2~
~~ 1 1
~ ~ 1~
~ ~ 1
~ ~
~ 1
~ ~
~ ~ 1 ~
~ ~
~ 1
~ ~
~ ~ 1
~ ~
~
~
2~ 1~
L
(8)
ყ 1! ጙۡШفӖ౪ߜࢺ໔ყ
ցҢȞ5ȟԒЅୢϷݙၼᆗПԒȂџоȞ8ȟԒӵ ӈཎᗵ឴࡙ α ∈ [ ] 0 , 1 ਢϞ߬ᒦୢȞinterval of confidenceȟ Ͻᙏ࣏Ȉ
( )
(
( ))
( )( ) ( )
(
( ))
( )
+
−
⋅ +
−
+
+ ,
1 1 1
1 1
1
1 1
1 1
1 1
1
1 α α
α α
α α
α
i e
d i
e
n
( )
(
( ))
( )( ) ( )
(
( ))
( )
+
−
⋅ +
−
+
+
α
α α α
α α
α
2
2 1
2 2
2 1
2 2
1 1 1
1 1
i e
d i
e
n
! ! (9)
ҥܻȞ9ȟԒޟѾᆒᘈӵ 1 + e
1(α)= ( 1 + i
1(α))
1(1α)ਢฒཎ ဎȇխӴȞ9ȟԒޟѡᆒᘈӵ 1 + e
2(α)= ( 1 + i
2(α))
1(2α)ਢһฒ ཎဎȂ࢈ԪΠᆍޑݷȂџցҢᛳ҆ႀݲࠌȞL’Hospital Ruleȟ [12] پ౩ȂџϷտᡐ࣏ nd
1(α)1 + e
1(α)Ѕ nd
2(α)1 + e
(2α)Ȃᆣ ӫΰक़Ϸݙ๖ݎுޣȂۡШفӖ౪ߜࢺ໔౪ȂོӰጙ
ۡШϞᗵ឴࡙ڒኵᇄጙցϞᗵ឴࡙ڒኵࣺҺᇄ֏Մ ԤϚӣޟॎᆗПԒȂרঈџڏϷ࣏έᆍޑݷȄή७Ӗю
၎έᆍޑݷӵӈΙᗵ឴࡙ α ήϞ߬ᒦୢȈ
(1) ࿋ 1+ ~ E~ ޟѾᗵ឴࡙ڒኵᇄ ( 1 ~ + ~ i )
1~ޟѾᗵ឴࡙ڒኵϚࣺ
ҺȂи 1+ ~ E~ ޟѡᗵ឴࡙ڒኵᇄ ( 1 ~ + ~ i )
1~ޟѡᗵ឴࡙ڒኵ һϚࣺҺਢ
( )
(
( ))
( )( ) ( )
(
( ))
( )
+
−
⋅ +
−
+
+ ,
1 1 1
1 1
1
1 1
1 1
1 1
1
1 α α
α α
α α
α
i e
d i
e
n
( )
(
( ))
( )( ) ( )
(
( ))
( )
+
−
⋅ +
−
+
+
α
α α α
α α
α
2
2 1
2 2
2 1
2 2
1 1 1
1 1
i e
d i
e
n
! ! (10)
(2) ࿋ 1+ ~ E~ ᇄ ( 1 ~ + ~ i )
1~१᠒ਢ
+ +
2( )) 2( ) 1(
) 1(
, 1
1
αα α α
e nd e
nd (11)
(3) ࿋ 1+ ~ E~ ޟѾᗵ឴࡙ڒኵᇄ ( 1 ~ + ~ i )
~1ޟѾᗵ឴࡙ڒኵࣺ
ҺȂܖ 1+ ~ E~ ޟѡᗵ឴࡙ڒኵᇄ ( 1 ~ + ~ i )
1~ޟѡᗵ឴࡙ڒኵ
ࣺҺਢ
( )
(
( ))
( )( ) ( )
(
( ))
( )
+
−
⋅ +
−
+
+ ( լઌٌរ ) ࢨ
1 1 1
1 1
1
1 1
1 1
1 1
1
1 α α
α α
α α
α
i e
d i
e
n
( ) ( )
( )
(
( ))
( )
−
+
+
+ 1
1 ), 1
1 (
122 2 1
1
n
i e e
nd
α α
α α
α
ࣺҺᘈ
( ) ( )
(
( ))
( )( )
( )
+ +
−
⋅ + ( )
) 1 1 (
1
22 1
2 2
2
2
ϚࣺҺᘈ ܖ
ααࣺҺᘈ
α α
α
α
e
nd i
e d
(12) ӰԪభؑጙۡШفӖ౪ߜࢺ໔౪ყȂџࡸ 1+ ~ E~ ᇄ
1~
~ ) 1 ~
( + i ࣺҺޑݷȂپᘈᒵΰक़έᆍޑݷޟ࢚ΙಢϴԒپॎ
ᆗӈΙᗵ឴࡙ α ޟѾȃѡᆒᘈȄܚԤ α ޟѾᆒᘈȂ
։џᛲюѾᗵ឴࡙ڒኵȇܚԤ α ޟѡᆒᘈȂ։џᛲ юѡᗵ឴࡙ڒኵȄα ޟᒵڥູȂࠌܚᛲᇧᗵ឴࡙ڒ ኵζཕҁྤȄ
2.ጙ౪ԒϞᓺؾܒ
ҥጂۡኵܚॎᆗՄுϞጙۡШفӖ౪ߜࢺ໔౪
࣏ΙጂۡȂณՄҥጙኵܚॎᆗՄுϞጙۡШفӖ ౪ߜࢺ໔౪ࠓ࣏ΙጙኵȄҥܻרঈџᕕுϞၥଉ ငல࣏ጙኵȂӰԪࠎо௰กܖեॎՄுϞጂۡኵ
پեᆗ౪Ȃࠌџོഅԙᒿᇲޟؚ๊ȂӰ࣏೨ӻџี
ҡиԤҢϞၥଉȂӵௌоጂۡܒԒپեᆗ౪ਢȂϐೝ
ᙏϽΟȂӰԪܚॎᆗՄுϞ౪ȞጂۡȟོԤᇲᏲؚ๊
ޱϞџȄࣺІޟȂԃݎௌоᎌҢܻጙᕗცϞԒپե ᆗ౪ਢȂܚӖΣॎᆗϞኵϑѓ֤࿋ਢܚԤޟၥଉȂӰ ԪϚོԤᇲᏲؚ๊ޱϞџܒȄ
ࢋณоᎌҢܻጙᕗცϞԒپեᆗ౪ၶ࣏࿋Ȃ רঈᔖԃդپஈڹȉרঈޣၾȂӈཎጙኵϞ α ᄠ
ӫȂߒ၎ጙኵϞ߬ᒦ࡙࣏ α Ϟୢጒ൜Ȃһߒ၎௰ۡϞ
ኵ࣏ α [13]ȂӰԪרঈџоࡸএਰޑݷȂᎌ࡙Ӵᒵᐅᎌ ӫޟ௰ۡኵ α پॎᆗጙۡШفӖ౪ߜࢺ໔౪Ϟ߬ᒦ
࡙ୢȂоցၥؚ๊Ȅ
Ϥȃភ! ٽ
ή७רঈᖞΙএٽυᇳ݂ԃդॎᆗٮᛲᇧጙۡШ౪ ߜࢺ໔فӖ౪Ϟᗵ឴࡙ڒኵȄ
೩࢚ၥПਰϞࣺᜰኵᐃࣱ࣏ጙኵȂϷտԃήȈ
170000 17500 18000 18500 19000 19500 20000 0.1
0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1
ყ 2! ጙۡШفӖ౪ߜࢺ໔౪ყ
1 ~ ԑۻϞጙ౪ߜࢺ໔ D~ Ȉ
≤
≤
−
≤
≤
= −
200 , 2
$ 000 , 2 200 $ 11 1
000 , 2
$ 800 , 1
$ 200 9
~ 1
x x
x
D x !
ጙց i~ Ȉ
−
= −
x i x
100 8
6
~ 100 !
08 . 0 07 . 0
07 . 0 06 . 0
≤
≤
≤
≤ x x
ጙፒցኵ n ~ = n × ~ 1 ~ Ȉ
−
= − x n x
11
~ 9 !
11 10
10 9
≤
≤
≤
≤ x x
ጙۡШ E~ Ȉ
−
= −
x E x
100 8
6
~ 100 !
08 . 0 07 . 0
07 . 0 06 . 0
≤
≤
≤
≤ x x
؏ΙȈॶӑॎᆗ 1+ ~ E~ ޟѾȞѡȟᗵ឴࡙ڒኵ֏ᇄ
1~
~ ) 1 ~
( + i ޟѾȞѡȟᗵ឴࡙ڒኵࣺҺȄ
ҥΰ७ܚޟኵᐃޣ 1+ ~ E~ ޟѾȃѡᗵ឴࡙ڒኵϷտ࣏
106 100 −
= x
α ʳ 1 . 06 ≤ x ≤ 1 . 07 (13) x
100 108 −
α = ʳ 1 . 07 ≤ x ≤ 1 . 08 (14) Մ ( 1 ~ + ~ i )
1~ޟѾȃѡᗵ឴࡙ڒኵฒݲоᡗڒኵߒҰȂՄ
ѫоᗴڒኵϷտߒҰ࣏
0 )
06 . 1 01 . 0
( α +
0.1α+0.9− x = ! 1 . 06
0.9≤ x ≤ 1 . 07 (15) 0
) 01 . 0 08 . 1
( − α
1.1−0.1α− x = ! 1 . 07 ≤ x ≤ 1 . 08
1.1(16) ҥ(13)ԒЅ(15)Ԓؑ၌џு x = 1 . 07 , α = 1 ȇӔҥȞ14ȟ ԒЅȞ16ȟԒؑ၌һџு x = 1 . 07 , α = 1 Ȅ࢈ x = 1 . 07 , α = 1
࣏ 1 + ~ E~ ᇄ ( 1 ~ + ~ i )
1~Ϟ୲ΙࣺҺᘈȄ
؏ΠȈᛲᇧጙۡШ౪ߜࢺ໔فӖ౪Ϟᗵ឴࡙ڒኵ
ҥ؏ΙϷݙޣȂጙۡШ౪ߜࢺ໔فӖ౪ϞѾȃ ѡᗵ឴࡙ڒኵӵᗵ឴࡙ α = 1 ਢԤ 1 + ~ E~ ᇄ ( 1 ~ + ~ i )
1~ԤࣺҺ ϞޑݷȂ࢈רঈџޢٺҢѲϛέᆍޑݷϞᅋᆗ ݲȄӵᗵ឴࡙ α = 1 ਢޟѾȃѡᆒᘈϷտ࣏ 18691.6 Ѕ 18691.6 ȇ ӵ ᗵ ឴ ࡙ α = 0 . 9 ਢ ޟ Ѿ ȃ ѡ ᆒ ᘈ Ϸ տ ࣏ 18590.11 Ѕ 18789.89Ȅҽΰक़հݲȂӔϷտؑюᗵ឴࡙࣏
0.8 Ȃ0.7Ȃ...Ȃ0.1 ਢϞѾȃѡᆒᘈȄՄࡣܚԤ α ޟ ѾᆒᘈȂ։џᛲюѾᗵ឴࡙ڒኵȂܚԤ α ޟѡᆒᘈȂ
։џᛲюѡᗵ឴࡙ڒኵȂ࿋ณȂα ޟᒵڥູȂࠌܚ ᛲᇧᗵ឴࡙ڒኵζཕҁྤȄ၎ጙۡШفӖ౪ߜࢺ໔౪
Ϟᗵ឴࡙ڒኵყҰԃყ 2Ȅ
ϲȃ๖! ፣
רঈܚޟᕗცΙএၥଉጙޟᕗცȂӰԪ࣏հؚ
๊ՄᇔڗޟၥଉȂ܁܁ڎጙ੫፴Ȅӵጙၥଉޟᕗც ήȂԃݎרঈభ౩ޟၥҏႱᆗ୰ᚠȂڏ౪ߜࢺ໔֕౪้
ШفӖᄘȂо༈ಛၥҏၥϷݙПԒ܁܁Йฒ๊ȂӰ ԪҏМ࡚ᄺΙৈ၌ؚጙ้ШفӖ౪ߜࢺ໔ޟПݲȄৈҢ ӵѲϛܚ௰ᏲՄுޟέϴԒȂ։Ϛᜲؑюጙ้Ш فӖ౪ߜࢺ໔౪ӵӨᗵ឴࡙ϞѾѡᆒᘈȂ໌Մؑюጙ
้ШفӖ౪ߜࢺ໔Ϟ౪Ѕ౪ყȂڏܚு๖ݎԤցܻӵ
ጙၥଉᕗცήȂհюၶ༈ಛПԒӫ౩ᇄᆠጂޟၥҏ Ⴑᆗؚ๊Ȅ
ಒဴષЕ
P ౪ߜࢺ໔Ϟ౪
A
n n ౪ߜࢺ໔ D ΙϞ౪ߜࢺ໔
E ౪ߜࢺ໔ംԙߝޟԻϷШȂܖᆎۡШ
i ցȂܖശճџڧൢႍ
n
ፒցኵ 1~ ጙ 1
P~ ጙ౪ߜࢺ໔Ϟ౪
F~ ጙ౪ߜࢺ໔Ϟತ
( ) a
A~ ጙኵ A~ ӵ a Ϟᗵ឴࡙
A~
αӈཎጙኵ A~ Ϟ α ᄠӫ A ~
n~ n~ ౪ߜࢺ໔
D~ 1~ Ϟጙ౪ߜࢺ໔ E~ ጙۡШ
i~ ጙցȂܖጙശճџڧൢႍ
n~ ጙፒցኵ
( )α
d
1D~ Ϟ α ᄠӫޟѾᆒᘈ
( )α
d
2D~ Ϟ α ᄠӫޟѡᆒᘈ
( )α
e
1E~ Ϟ α ᄠӫޟѾᆒᘈ
( )α
e
2E~ Ϟ α ᄠӫޟѡᆒᘈ
( )α
i
1i~ Ϟ α ᄠӫޟѾᆒᘈ
( )α
i
2i~ Ϟ α ᄠӫޟѡᆒᘈ
( )α
1
11~ Ϟ α ᄠӫޟѾᆒᘈ
( )α
`2