A_©vqb m¤úwK©Z MwYZ

Mathematics of Finance 7
f~wgKv
Introduction
Avw_©K wm×všÍ MÖnY, A‡_©i cÖevn, AwbðqZv, cÖKí g~j¨vqb Ges Znwej cwiKíbv MÖn‡Y †h‡Kv‡bv e¨emvq cÖkvmb,
Avw_©K cÖwZôvb Ges mvgvwRK weÁvb wkÿv †ÿ‡Î e¨envwiK MwY‡Zi f~wgKv AZ¨šÍ ¸iæZ¡c~Y©| ZvB Gme wmÜvšÍ ev¯Íevq‡b
MwY‡Zi e¨envi Acwinvh©| wewfbœ miKvwi, †emiKvwi Ges e¨emv cÖwZôv‡bi cwigvYMZ miÄvg (Quantitative tools) Gi
e¨envi w`b w`b †e‡oB Pj‡Q| GKRb Avw_©K e¨e¯’vcK e¨emvwqK wm×všÍ MÖn‡Yi †ÿ‡Î cwigvYMZ miÄv‡gi wnmve Ges
wewfbœ †ÿ‡Î MvwYwZK wewfbœ †KŠkj Aej¤^b K‡i _v‡Kb| GB BDwb‡U A_©vqb m¤ú©Kxq MwY‡Zi wewfbœ wel‡qi ZË¡ I
e¨envi wb‡q Av‡jvPbv Kiv n‡e|

BDwbU mgvwßi mgq BDwbU mgvwßi m‡e©v”P mgq 3 w`b

G BDwb‡Ui cvVmg~n
cvV-7.1: my`
cvV-7.2: evwl©Kx ev evwl©K e„wË
cvV-7.3: AePq, cÖwZc~iK Znwej, wewa, evÆvKiY Ges G¨vgviUvB‡Rmb

A_©vqb, mij my`, Pµe„w× my`, G¨vgviUvB‡Rkb, AwMÖg evwl©K e„wË, fwel¨r g~j¨, cÖwZc~iK
g~L¨ kã Znwej, evwl©K mvaviY e„wË, AePq, cÖwZc~iK Znwej, wewa, evÆvKiY BZ¨vw`|
evsjv‡`k Dš§y³ wek^we`¨vjq e¨e¯’vcKxq wm×všÍ MÖn‡Y MwYZ

my`
cvV-7.1 Interest

D‡Ïk¨

G cvV †k‡l Avcwb-

 mij I Pµe„w× my` Kx Zv e¨vL¨v Ki‡Z cvi‡eb;
 mijmy` m¤úwK©Z mgm¨v mgvavb Ki‡Z cvi‡eb;
 Pµe„w× my` m¤úwK©Z mgm¨v mgvavb Ki‡Z cvi‡eb|
A_©vqb m¤úwK©Z MwYZ Ges AvaywbK e¨emvq wkÿvq Gi ¸iæË¡
Mathematics of finance and its importance in morden business study
GKwU e¨emvq cÖwZôv‡b fwel¨r bM` cÖev‡ni g~j¨vqb, A_©ms¯’vb I FYK…Z g~ja‡bi e¨q wbY©q, cªKí wbe©vPb Ges
Ab¨vb¨ Avw_©K wm×všÍ MÖn‡Yi †ÿ‡Î ÔA‡_©i mgq g~j¨Õ wfwËK †h MvwYwZK c×wZ e¨envi Kiv nq Zv‡K A_©vqb
m¤úwK©Z MwYZ (Mathematics of finance) ejv nq|
AvaywbK e¨emvq wkÿvq A_©vqb m¤úwK©Z MwY‡Zi ¸iæË¡: gy`ªvwùZxi µgea©gvb nvi, Zxeª cÖwZ‡hvMxZv I cÖhyw³i
Dbœq‡bi Kvi‡Y AZx‡Zi Zzjbvq eZ©gv‡b A_©vqb m¤úwK©Z MwY‡Zi ¸iæË¡ e„ w× †c‡q‡Q| wewb‡qvM wm×všÍ MÖn‡Yi
†ÿ‡Î fwel¨r bM` cÖev‡ni g~j¨vqb wbY©q, jvfRbK cÖKí wbe©vPb, †kqvi I dv‡g©i g~j¨vqb BZ¨vw` †ÿ‡Î A_©vqb
MwY‡Zi e¨envi Acwinvh©| wb‡¤œ A_©vqb MwY‡Zi ¸iæË¡ Av‡jvPbv Kiv n‡jv:
1. F‡Yi wKw¯Í wba©viY: M„nxZ FY cwi‡kv‡ai wKw¯Í wba©viY Z_v FY cwi‡kva ZvwjKv cÖ¯‘‡Zi †ÿ‡Î A_©vqb MwY‡Zi
e¨envi Kiv n‡q _v‡K|
2. cÖKí g~j¨vqb: wewb‡qvM wm×v‡šÍi †ÿ‡Î wewfbœ cÖK‡íi ga¨ †_‡K me‡P‡q DËg cÖKí wbe©vP‡bi Rb¨ cÖKímg~‡ni
eZ©gvb evRvi g~j¨ wbY©q Ki‡Z A_©vqb MwY‡Zi e¨envi Acwinvh©|
3. Znwej e¨e¯’vcbv: AvaywbK e¨emvq cÖwZôv‡bi m¤¢ve¨ e¨‡qi K_v wPšÍv K‡i wewfbœ Znwej MVb Kiv nq| †hgb:
FY cwi‡kvaK Znwej, †cbkb Znwej, m¤ú` cÖwZ¯’vcb Znwej BZ¨vw`| Gme Znwej †Kv_vq wewb‡qvM Kiv n‡e,
wKw¯Íi cwigvY KZ n‡e BZ¨vw` wba©vi‡Yi Rb¨ A_©vqb MwY‡Zi e¨envi Kiv nq|
4. cÖK…Z Avq cwigvc: gy`ªvùxwZi Kvi‡Y cÖwZwbqZ A‡_©i g~j¨ cwiewZ©Z n‡”Q, ZvB †h‡Kv‡bv wewb‡qv‡Mi †_‡K
cÖvß bM` AvšÍcÖev‡ni (Cash in flow) cÖK…Z g~j¨ wba©viY Kivi cÖ‡qvRb †`Lv †`q| A_©vqb MwY‡Zi e¨envi K‡i
cÖK…Z Avq cwigvc Kiv m¤¢e|
5. †kqvi I dv‡g©i g~j¨vqb: †kqvi Z_v dv‡g©i g~j¨ wba©vi‡Yi †ÿ‡Î fwel¨‡Z cÖvc¨ jf¨vsk cÖev‡ni g~j¨vq‡bi
Rb¨I A_©vqb MwY‡Zi e¨envi Kiv nq|
6. g~jab e¨q wba©viY: g~ja‡bi wewfbœ Dr‡mi e¨q, FYcÎ I AMÖvwaKvi †kqv‡ii e¨q, mvaviY †kqv‡ii e¨q, cÖf…wZ
wba©vi‡Yi †ÿ‡ÎI A_©vqb MwY‡Zi cÖZ¨ÿ cÖ‡qvM jÿ¨ Kiv hvq|
7. Kvh©Kix my‡`i nvi wba©viY: GK eQ‡i GKvwaKevi my` MYbv Gi †ÿ‡Î cÖK…Z ev Kvh©Kix my‡`i nvi wbY©‡qi Rb¨I
A_©vqb MwYZ e¨eüZ n‡q _v‡K|
8. e¨vswKs I exgv e¨emvi †ÿ‡Î: me ai‡bi cÖwZôv‡bB wewb‡qvM, A_©ms¯’vb I jfvsk wm×v‡šÍi †ÿ‡Î A_©vqb
MwY‡Zi e¨envi i‡q‡Q| Z‡e e¨vswKs I exgv e¨emv‡qi †ÿ‡Î A_©vqb MwY‡Zi e¨vcK e¨envi cwijwÿZ nq|

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evsjv‡`k Dš§y³ wek^we`¨vjq A_©vqb m¤úwK©Z MwYZ

my` ev gybvdv (Interest): hLb †Kvb e¨w³ ev cÖwZôvb ev ms¯’v Avmj ev g~jab (Principal) e‡j AwfwnZ †Kvb A_©
MÖnY K‡i wbR cÖ‡qvR‡b wewb‡qvM K‡i ZLb D³ e¨w³ ev cÖwZôvb ev ms¯’v g~ja‡bi Rb¨ †h A_© cÖ`vb K‡i Zv‡K
my` (Interest) ejv nq| mvaviYZ my` wbw`©ófv‡e D‡jøwLZ mgvb mg‡qi e¨eav‡b cÖ`vb Kiv nq| †hgb: cÖwZ GK
eQi †k‡l (Yearly), cÖwZ Qq gvm †k‡l (Half-yearly), cÖwZ GK gvm †k‡l (Monthly)| Avmj I my‡`i mgwó‡K
my`vmj (Amount) ejv nq| cÖwZ GKK mg‡qi Rb¨ avh© my` Ges Avm‡ji AbycvZ‡K my‡`i nvi ( Rate of
interest) ejv nq| my` `yB cÖKvi| h_v:
1. mij my` ev gybvdv (Simple interest) 2. Pµe„w× my` ev gybvdv (Compound interest)
1. mij my` ev gybvdv (Simple interest): hLb †Kvb e¨w³ ev cÖwZôvb Aci †Kvb e¨w³ ev cÖwZôv‡bi wbKU n‡Z
FY ev avi Ggb kZ© mv‡c‡ÿ MÖnY K‡i †hb ïaygvÎ F‡Yi Dci my` cÖ`vb Ki‡e, ZLb FYK…Z g~ja‡bi Dci cÖ`Ë
A_©‡K mij my` ejv nq| G‡ÿ‡Î my‡`i Dci †Kv‡bv cÖKvi my` MÖnY Kiv nq bv| GQvov FYK…Z A_©‡K Avmj
(Principal Value) ejv nq|
mij my`, I  PV  n
r 

 100 
GLv‡b, mij my` (Simple Interest)  I , g~jab (Principal Value)  P or PV
mgq (Time)  n , my`‡i nvi (Rate of Interest) = r% = r
100
my`vm‡ji cwigvY (Future Value), FV  PV  I
D`vniY 1: 8% mij my‡` †gv: Rvgvj mv‡ne 10,000 UvKv 10 eQ‡ii Rb¨ GKwU mgevq mwgwZ †_‡K MÖnY K‡ib|
10 eQi c‡i †gv: Rvgvj mv‡ne mwgwZ‡K KZ UvKv my` w`‡eb Zv wbY©q Kiæb| my`vm‡ji cwigvY wbY©q Kiæb|
mgvavb: GLv‡b †`Iqv Av‡Q,
g~jab (Principal Value)=P or PV =10,000 UvKv, mgq (Time)  n =10 eQi, my`‡i nvi r = 8% = 8
100
Avgiv Rvwb, mij my` ev gybvdv, I  Pn
r  8
  10,000  10   8,000 UvKv
 100  100
myZivs, my`vm‡ji cwigvY (Future Value): FV  PV  I  10,000  8,000  18,000 UvKv
wb‡Y©q my` 8,000 UvKv Ges my`vmj 18,000 UvKv|
D`vniY 2: iwngv †eMg GK e¨w³i wbKU n‡Z wKQz cwigvY UvKv avi K‡i 6% mij my‡` 5 eQi ci my‡` Avm‡j
39,000 UvKv cwi‡kva K‡ib| iwngv †eMg H e¨w³i wbKU n‡Z KZ UvKv avi K‡i wQ‡jb?
mgvavb: GLv‡b, my`vm‡ji cwigvY (Future Value), FV = 39,000 UvKv
mgq n= 5, my‡`i nvi r= 6% = 6 , Avmj ev g~jab PV wbY©q Ki‡Z n‡e| g‡b Kiæb, g~jab PV = x UvKv
100
  r 
Avgiv Rvwb, FV  PV  I  PV  PV  n
r 
  PV 1  n 
 100    100  
  6 
⇒ x  1  5      39,000 [gvb ewm‡q]
  100  
 3
⇒ x  1    39,000
 10 

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 13 
⇒ x     39,000
10 
10
 x  39,000   30,000
13
wb‡Y©q iwngv †eMg H e¨w³ †_‡K avi K‡iwQ‡jb, 30,000 UvKv|
D`vniY 3: 12% mij my‡` 40,000 UvKvq KZ eQ‡i my‡` Avm‡j 78,400 UvKv n‡e Zv wbY©q Kiæb|
mgvavb: GLv‡b,my`vm‡ji cwigvY (Future Value), FV = 78,400 UvKv
Avmj ev g~jab PV= 40,000 UvKv, my‡`i nvi = 12% = 12 mgq n wbY©q Ki‡Z n‡e|
100 ,
 
Avgiv Rvwb, FV  PV  I  PV  PVn r   PV 1  n r  
100   
100  
  3 
⇒ 78,400  40,0001  n   [gvb ewm‡q]
  25  
 25  3n 
⇒ 78,400  40,000  
 25 
78,400
⇒ 25  3n   25  49
40000
⇒ 3n  49  25
24
n  8
3
myZivs, wb‡Y©q mgq 8 eQi|
D`vniY 4: gvwbK evey, A‡kvK eveyi wbKU n‡Z 15000 UvKv FY MÖnY K‡i| 7 eQi ci my`mn gvwbK evey A‡kvK
evey‡K 24450 UvKv cwi‡kva K‡ib| †m A‡kvK eveyi †_‡K kZKiv KZ mij my‡` FY MÖnY K‡iwQj?
mgvavb: GLv‡b, Avmj (Principal Value) = PV  15,000 UvKv
my`vm‡ji cwigvY (Future Value), FV = 24450 UvKv, mgq n = 7, my‡`i nvi r wbY©q Ki‡Z n‡e|
 
Avgiv Rvwb, FV  PV  I  PV  PV  n r   PV 1  n r  
 100    100  
  r 
⇒ 24450  15000 1  7 
  100  
 r  24450 163
⇒1  7   
 100  15000 100
 r  163
⇒ 7  1
 100  100
 r  163  100
⇒ 
 100  100  7
63  100
⇒r  9
100  7
myZivs, gvwbKevey 9 % mij my‡` A‡kvK evey‡K FY cwi‡kva K‡iwQj|

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D`vniY 5: †gv: Zvwgg BKevj GKRb wµ‡KUvi| wZwb XvKv kn‡i GKwU d¬¨vU µq Ki‡Z Pvb| wZwb 48 gv‡mi
Rb¨ 9% mij my‡` c~evjx e¨vsK wjt n‡Z 10,00,000 UvKv FY MÖnY K‡ib| wZwb cÖwZ gv‡m cÖwZ wKw¯Í‡Z KZ UvKv
e¨vs‡K cÖ`vb Ki‡eb Zv wbY©q Kiæb|
mgvavb: GLv‡b g~jab PV= 10,00,000 UvKv, mgq n=48 gvm= 48  4 eQi, my‡`i nvi r%= 9% = 9
12 100
9
AvgivRvwb, I  PV  n  r  10,00,000  4   3,60,000
100
12 gv‡m wZwb cwi‡kva Ki‡eb 3,60,000 UvKv
myZivs, †gv: Zvwgg BKevj cÖwZ gv‡m cÖwZ wKw¯Í‡Z e¨vs‡K cÖ`vb Ki‡eb 3,60,000  12  30,000 UvKv
Pµe„w× my` ev gybvdv ev Pµe„w×KiY (Compound Interest or Compounding): ïaygvÎ cÖv_wgK Avmj
UvKvi DciB bq eis c~e©eZ©x eQ‡i AwR©Z my‡`i DciI my` ev gybvdv cÖ`vb Kiv nq †mwU‡KB Pµe„w×
gybvdv (Compound Interest) ejv nq| Avi †h c×wZ ev cÖwµqvq G Pµe„w× my‡`i aviYv e¨envi K‡i
fwel¨r g~j¨ wbY©q Kiv nq Zv‡K Pµe„w×KiY (Compounding) ejv nq|
Pµe„w× gybvdv wbY©‡qi m~Î n‡jv, me„w× g~j ev fwel¨r my`vmj, FV  PV 1  r n
†hLv‡b, Pµe„w×i †ÿ‡Î me„w× g~j  FV , Avmj ev g~j  P or PV,
GKK mg‡q GKK Avm‡ji Dci gybvdvi nvi  r , mgq (eQ‡i)  n
myZivs, Pµe„w× gybvdv (Compound Interest) CI = FV  PV
eQ‡i GKvwaKevi gybvdv ev my` cÖ`vb (Compounding more frequently than annually): c~‡e© Avcbviv evwl©K
Pµe„w× †R‡b‡Qb| wKš‘ G my` MYbv ev Pµe„w×KiY eQ‡i GKvwaKeviI cÖ`vb Kiv n‡Z cv‡i| eQ‡i GKvwaKevi
my` MYbv Kiv‡K ejv nq Multi-Period Compounding|G Multi-Period Compounding-†K m Øviv wPwýZ Kiv
𝑟 𝑚𝑛
n‡q _v‡K| hLb GKvwaKevi my` cÖ`vb Kiv nq ZLb G myÎwU e¨envi Kiv nq: 𝐹𝑉 = 𝑃𝑉 × (1 + )
𝑚

†hLv‡b, Avmj ev g~j  P or PV, my‡`i nvi  r %  r mgq (eQ‡i)  n , eQ‡i Pµe„w×i msL¨v  m
100 ,
D`vniY 6: kZKiv evwl©K 4 UvKv nv‡i Pµe„w× gybvdvq 12,000 UvKvi 3 eQ‡ii me„w×g~j Ges Pµe„w× gybvdv wbY©q
Kiæb|
mgvavb: GLv‡b, Avmj ev g~j , PV  12000 UvKv, GKK mg‡q GKK Avm‡ji Dci gybvdv  r  4%  4 Ges
100
mgq n  3 eQi
Avgiv Rvwb, Pµe„w× gybvdvi †ÿ‡Î me„w× g~j FV  PV 1  r n
3 3
 4   104 
 FV  PV 1  r   120001    12000 
n

 100   100 
3
 52  52 52 52 12  52  52  52 1687296
 12000   12000       13498.37
 50  50 50 50 555 125
 me„w× g~j13498.37 UvKv
 Pµe„w× gybvdv CI  FVPV= (13498.3712000) UvKv  1498.37 UvKv

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D`vniY 7: 10,000 UvKvi Dci 5% nvi my‡` 4 eQ‡ii Rb¨ wewb‡qvM Kiv n‡j Pµe„w× gybvdv Ges mij gybvdv
wbb©q Kiæb|
mgvavb: GLv‡b, Avmj PV =10,000 UvKv, my‡`i nvi, r  5%  5  1 mgq n  4 eQi,
100 20 ,
Avgiv Rvwb, Pµe„w× my`vmj  FV  PV 1  r 
n

4
 1 
⇒ FV  10,0001  
 20 
4
 21 
⇒ FV  10,000 
 20 
⇒ FV  10,0001.054
⇒ FV  10,000  1.2155  12155
myZivs, Pµe„w× gybvdv (Compound Interest) CI= FV  PV  12,155  10,000  2155 UvKv
mij my`, I  PV  n  
r 

 100 
GLv‡b, g~jab (Principal Value)  P or PV =10,000 UvKv, mgq (Time)  n = 4 eQi
my`‡i nvi (Rate of interest) = r% = r   5  1 mij my` (Simple Interest)  I wbY©q Ki‡Z n‡e|
100 100 20 ,

Avgiv Rvwb, mij my`, I  PV  n  

r 

 100 
 1 
⇒ I  10,000  4     2000 mij my`, I  2000 UvKv
 20 
myZivs, wb‡Y©q Pµe„w× gybvdvCI  2155 UvKv Ges mij my`, I  2000 UvKv
GK eQ‡i GKvwaKevi Pµe„w×KiY (Multiperiod Compounding):
mg‡qie¨eavb e¨eüZ bvg eQ‡i Pµe„w× msL¨v m~Î
6 gvmAšÍi Aa©-evwl©K Pµe„w× 12 gvm  m  2 evi  r
2n

6 FV  PV 1  
 2
4 gvm AšÍi PZzg©vwmK Pµe„w× 12 gvm  m  3 evi  r
3n

4 FV  PV 1  
 3
gvm  m  4 evi
12 4n
3 gvm AšÍi ‰ÎgvwmK Pµe„w×  r
3 FV  PV 1  
 4
gvm  m  6 evi
12 6n
2 gvm AšÍi wØgvwmK Pµe„w×  r
2 FV  PV 1  
 6
1 gvm AšÍi gvwmK Pµe„w× 12 gvm  m  12 evi  r 
12 n

1 FV  PV 1  
 12 
1 mßvn AšÍi mvßvwnK Pµe„w× 365 w`b  m  52 evi  r 
52 n

7 FV  PV 1  
 52 
cÖwZw`b ev avivevwnK ‰`wbK Pµe„w× 365 w`b  m  365 evi  r 
365 n

1 FV  PV 1  
 365 

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D`vniY 8: evwl©K 4% nv‡i Pµe„w× gybvdvq 2500 UvKvi 3 eQ‡ii me„w×g~j Ges Pµe„w× my` wbY©q Kiæb hLb
(i) my` eQ‡i 1 evi †`qv n‡j; (ii) my` eQ‡i 4 evi †`qv n‡j; (iii) my` eQ‡i cÖwZ gv‡m †`qv n‡j|
mgvavb: (i) GLv‡b, Avmj PV =2500 UvKv
my‡`invi, r  4%  4  1 , mgq n  3 eQi
100 25
3
Avgiv Rvwb, Pµe„w× my`  FV  PV (1  r ) n  25001  1 
 25 
3
 1 
FV  2500  1    2500  1.1249  2812.16 UvKv
 25 
eQ‡i GK evi Pµe„w× gybvdv CI  FV  PV  2812.16  2500  312.16 UvKv
4 1
(ii) GLv‡b, Avmj P V=2500UvKv, r  4%    0.04 , mgq n  3 eQi, eQ‡i Pµe„w×i msL¨v m  4 evi
100 25
mn
Avgiv Rvwb, Pµe„w× my`  FV  PV 1  
r
 m
34 12
 0.04   4.04 
⇒ FV  2500 1    2500   = 2500 × 1.126825 = 2817.06
 4   4 
eQ‡i Pvi (4) evi Pµe„w× gybvdv n‡j gybvdv CI  FV  P  2817.06  2500  317.06 UvKv

(iii) my` eQ‡i cÖwZgv‡m †`qv n‡j, eQ‡i Pµe„w×i msL¨v, m  12 evi
mn

Avgiv Rvwb, Pµe„w× my`  FV  P 1  

r
 m
312 36
 0.04   12.04 
⇒ FV  2500 1    2500    2818.18
 12   12 
eQ‡i cÖwZgv‡m gybvdv †`Iqv n‡j Pµe„w× gybvdv, CI  FV  PV  2818.18  2500  318.18 UvKv
D`vniY 9: Pµe„w× my‡`i nvi 8 UvKv n‡j 7500 UvKvi GK eQi mvZ gv‡mi gybvdvi cwigvY wbY©q Kiæb|

mgvavb: GLv‡b, Avmj  PV  7500 , my‡`i nvi  r  8%  8  0.08 , mgq n  1 7  19 eQi

100 12 12
19
Avgiv Rvwb, Pµe„w× my`vmj  FV  PV (1  r ) n  7500(1  .08) 12
 8471.92 UvKv
Pµe„w× gybvdv CI  FV  PV  8471.93  7500  971.93 UvKv|
D`vniY 10: GKwU mÂqx wnmv‡e 16,000 UvKv Rgv Av‡Q Ges e¨vs‡K evwl©K 6% nv‡i eQ‡i `yBevi my` †`q| KZ
eQi Av‡M G wnmv‡e 8000 UvKv Rgv wQj Zv wbY©q Kiæb|
mgvavb: GLv‡b, my`vmj, FV  16000 , Avmj, P  8000 , eQ‡i Pµe„w×i msL¨v m  2 evi
mn 2n
my` eQ‡i `yB evi cÖ`Ë n‡j Avgiv Rvwb, FV  PV 1 
r  0.06 
  8000  1  
 m  2 
⇒ 16000  80001.03 2n

⇒ 1.032 n 
16000
2
8000

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⇒ log1.032n  log 2 , [Dfq c‡ÿ log wb‡q]

⇒ 2n  log 1.03  log 2
log 2
⇒n   11.72 eQi
2  log(1.03)
wb‡Y©q mgq 11.72 eQi|
D`vniY 11: Rbve Rv‡f` Avn‡g` e¨vsK †_‡K 50,000 UvKv FY MÖnY K‡i| 6 eQi ch©šÍ †Kvb UvKv †diZ †`qwb|
ZvB e¨vsK Zvi wbKU GLb 110,000 UvKv `vwe Kij| `vweK…Z A‡_©i Dci kZKiv evwl©K Pµe„w× my‡`i nvi wbY©q
Kiæb|
mgvavb: GLv‡b, Pµe„w× my`vmj FV  1,10,000 UvKv, Avmj PV  50,000 UvKv, mgq n  6 eQi
evwl©K my‡`i nvi r wbY©q Ki‡Z n‡e|
Avgiv Rvwb, Pµe„w× my`vmj, FV  PV (1  r )n
⇒ 1,10,000  50,000(1  r )6
110000
⇒ (1  r )6   2.2
50000
1
6
 2.2 6
1
⇒ (1  r ) 6

⇒ 1  r  2.26
1

⇒ r  1.14  1  0.1404
r  14.04%
evwl©K Pµe„w× my‡`i nvi r  14.04% .
D`vniY 12: 75,000 UvKvi Pµe„w× gybvdv KZ n‡e wbY©q Kiæb hw` Pµe„w× gybvdv eQ‡i wZb evi cÖ`vb Kiv nq
Ges cÖ_g `yB eQ‡ii gybvdvi nvi 6% Ges Z…Zxq e‡l© gybvdvi nvi 9% nq|
mgvavb: GLv‡b, Avmj PV  75,000 UvKv, mgq cÖ_g `yB eQi n  2 Ges cieZ©x GK eQi A_©vr n  1
eQ‡i Pµe„w×i msL¨v m  3 evi,
evwl©K my‡`i nvi cÖ_g `yB eQi r  6%  0.06 Ges Z…Zxqe‡l©, r  9%  0.09 |
mn
Avgiv Rvwb, Pµe„w×i my`vmj, FV  PV 1  
i
 m
3 2
 0.06 
⇒ FV  75,0001    84,462.18 UvKv
 3 
cÖ_g `yB eQ‡i Pµe„w×i my` CI1  84,462.18  75,000  9462.18 UvKv
Avevi, Z…Zxq e‡l© g~jab ev Avmj n‡e, PV  84,462.18 UvKv
mn

myZivs, Pµe„w×i my`vmj, FV  PV 1 

r

 m

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evsjv‡`k Dš§y³ wek^we`¨vjq A_©vqb m¤úwK©Z MwYZ

31
 0.09 
⇒ FV  84,462.181    92294.10 UvKv
 3 
Z…Zxq e‡l© Pµe„w×i my` CI 2  92294.10  84,462.18  7831.92 UvKv
wb‡Y©q wZb eQ‡i †gvU cÖvc¨ gybvdv CI  CI1  CI 2  9462.18  7831.92  17294.10  17294 (cÖvq) UvKv|
mij my` Ges Pµe„w× my‡`i g‡a¨ cv_©K¨ (Difference between Simple interest and Compound interest):
mij my` Ges Pµe„w× my` DfqB my‡`i AšÍM©Z n‡jI G‡`i g‡a¨ h‡_ó cv_©K¨ we`¨gvb| wb‡¤œ cv_©K¨¸‡jv eY©bv
Kiv n‡jv:
mij my` Pµe„w× my`
1. cÖwZ eQi g~j ev Avmj UvKvi Dc‡i wbw`©ó nv‡i my` 1. cÖwZeQi my`, Avm‡ji mv‡_ †hvM n‡q e„w× cÖvß
avh© Kiv‡K mij my` ejv nq| Avm‡ji Dci wbw`©ó nv‡i my` avh© Kiv‡K Pµe„w× my`
ejv nq|
2. mij my‡`i †ÿ‡Î my‡`i cwigvY Kg nq| 2. Pµe„w× my‡`i †ÿ‡Î my‡`i cwigvY†ewknq|
3. mij my` me mgq Avm‡ji Dci avh© Kiv nq| 3. Pµe„w× my‡`i †ÿ‡Î my`vm‡ji Dci avh© Kiv nq|
4. my‡`invi I Avmj me mgqwVK _v‡K| 4. Pµe„w× my‡`i †ÿ‡Î my‡`i nvi wVK _v‡K wKš‘ Avmj
cwiewZ©Z n‡Z _v‡K|
5. m~Î: FV  PV  PV  r  n  PV (1  nr ) 5. m~Î: FV  PV (1  r )n

mvims‡ÿc:
 r 
 mij my`, I  PV  n  
 100 
 Pµe„w× my`vmj ev me„w× g~j, FV  PV 1  r 
n

mt
 r
 eQ‡i GKvwaKevi gybvdv ev my` cÖ`vb Kiv n‡j m~ÎwU n‡e, FV  PV 1  
 m

BDwbU mvZ c„ôv 131

evsjv‡`k Dš§y³ wek^we`¨vjq e¨e¯’vcKxq wm×všÍ MÖn‡Y MwYZ

evwl©Kx ev evwl©K e„wË

cvV-7.2 Annuities

D‡Ïk¨

G cvV †k‡l Avcwb-

 evwl©K e„wË Kx Zv eY©bv Ki‡Z cvi‡eb;
 evwl©K e„wËi fvMmg~n wjL‡Z cvi‡eb;
 mvaviY evwl©K e„wËi m~Î e¨envi K‡i mgm¨v mgvavb Ki‡Z cvi‡eb;
 AwMÖg evwl©K e„wËi m~Î e¨envi K‡i mgm¨v mgvavb Ki‡Z cvi‡eb|
evwl©K e„wË
Annuities
wbw`©ó †gqv‡` ev w¯‹‡g cÖwZ eQi GKwU wbw`©ó cwigvY A_© Rgv w`‡q GKwU wbw`©ó †gqv` †k‡l RgvK…Z g~j A_© Ges
Zvi Dci cÖvß Pµe„w× my‡`i mgy`q cÖvw߇K ejv nq evwl©K e„wË ev Annuity| Ab¨fv‡e ejv qvq, wbw`©ó mgq ci
ci mgcwigvY A_© cÖ`vb ev cÖvwßi wmwiR‡K evwl©K e„wË ev Annuity ejv nq| A_©vr, cÖwZ eQi ev wbw`©ó mgq ci
ci wKw¯Í cÖ`vb Ki‡jB †mwU e„wË ev Annuity n‡e bv, cÖwZ wKw¯Í‡Z mg cwigvY A_©I n‡Z n‡e| D`vniY ¯^iƒc:
wKw¯Í‡Z GKwU d¨¬vU µ‡qi Rb¨ cÖwZ gv‡m wbw`©ó cwigvY A_© cÖ`vb wKsev †Kv‡bv evwo wbg©v‡Yi Rb¨ e¨vsK KZ„©K
M„nxZ F‡Yi gvwmK ev ˆÎgvwmK wfwˇZ mgvb A‡¼i `vq cwi‡kva Kiv BZ¨vw`|
†gqv` I mg‡qi Dci wfwË K‡i e„wË wewfbœ cÖKvi n‡Z cv‡i| wb‡¤œ QK AvKv‡i wewfbœ cÖKvi evwl©K e„wËi †kÖwY
wefvM¸‡jv †`Lv‡bv n‡jvÑ evwl©K e„wË

wbwðZ evwl©K e„wË m¤¢ve¨ evwl©K e„wË Awbw`©ó evwl©K e„wË wejw¤^Z evwl©K e„wË

mvaviY evwl©K e„wË AwMÖg evwl©K e„wË

wb‡¤œ wewfbœ cÖKvi e„wË m¤ú‡K© Av‡jvPbv Kiv n‡jvÑ
1. wbwðZ evwl©K e„wË (Definite Annuity): hLb fwel¨‡Zi †Kvb wbw`©ó mgq ch©šÍ mgnv‡i wKw¯Í cÖ`vb Kiv nq
ZLb Zv‡K wbwðZ evwl©K e„wË ejv nq|wbwðZ e„wË kZ©nxb n‡q _v‡K| e„wË ïiæ Ges †kl nIqvi ZvwiL mywbw`©ó
_v‡K| G‡ÿ‡Î eQ‡ii msL¨v (n) Rvbv _v‡K| †hgb: Aa¨vcK knw`yi ingvb 2020 mvj †_‡K 2025 mvj ch©šÍ
cÖwZeQi 60,000 UvKv K‡i RbZv e¨vs‡K m‡qi wm×všÍ wb‡jb| G †ÿ‡Î e„wË cÖ`v‡bi †gqv` wbw`©ó K‡i ejv
Av‡Q, ZvB GwU wbwðZ e„wË| wbwðZ evwl©K e„wË `yB cÖKvi| h_vÑ
(K) mvaviY evwl©K e„wË (Ordinary or Immediate Annuity): cÖwZwU wKw¯Í wbw`©ó mgqKv‡ji †k‡l (End of the
period) cÖ`vb Kiv nq ev cvIqv hvq Zv‡K mvaviY evwl©K e„wË ejv nq| †hgb: wµ‡KUvi AvKei Lvb 2019 mv‡ji

BDwbU mvZ c„ôv 132

evsjv‡`k Dš§y³ wek^we`¨vjq A_©vqb m¤úwK©Z MwYZ

Rvbyqvwi †_‡K wW‡m¤^i ch©šÍ cÖwZ gv‡mi †k‡l 20,000 UvKv K‡i wmwUe¨vs‡K Rgv iv‡Lb| GwU mvaviY e„wËi
D`vniY| wb‡P Time Line Gi gva¨‡g †`Lv‡bv n‡jvÑ

... ... ... wW‡m¤^i,31

2019 Rvbyqvwi, 31 †deªæqvwi,28 gvP©,31 b‡f¤^i,30
20,000
20,000 20,000 20,000 20,000

(L) AwMÖg e„wË (Annuity Due): hw` cÖwZwU wKw¯Í wbw`©ó mgqKv‡ji ïiæ‡Z (Begining of the period) cÖ`vb Kiv
nq ev cvIqv hvq Zv‡K AwMÖg evwl©K e„wË ejv nq|D`vniY: †gv: Rv‡n` wm×všÍ wb‡jb †h 2021 mv‡ji Rvbyqvwi
†_‡K wW‡m¤^i ch©šÍ cÖwZgv‡mi ïiæ‡Z 3,000 UvKv K‡i c~evjx e¨vs‡K Rgv ivL‡eb|

... ... ... wW‡m¤^i-1

2021 Rvbyqvwi-1 †deªæqvwi-1 gvP©-1 b‡f¤^i-1
3000
3000 3000 3000 3000

2. m¤¢ve¨ ev kZ©hy³ evwl©K e„wË (Posible Annuity): hLb fwel¨‡Z †Kvb NUbv NUv ch©šÍ AwbwðZ mg‡qi Rb¨ e„wË
cÖ`vb Kiv nq, ZLb Zv‡K m¤¢ve¨ ev kZ©hy³ evwl©K e„wË ejv nq| G †ÿ‡Î e„wË cÖ`vb fwel¨‡Z KLb mgq †kl n‡e
†mUv wba©vwiZ _v‡K bv| D`vniY: Rbve Avwgiyj nK Zvi †g‡qi we‡q bv nIqv ch©šÍ cÖwZgv‡m 5000 UvKv K‡i GKwU
gvwmK cÖK‡í Rgv ivL‡eb e‡j wVK Ki‡jb| GLv‡b †g‡qi we‡q hZw`b bv n‡e ZZw`b e„wË Pj‡e, G Rb¨ GUv
m¤¢ve¨ ev kZ©hy³ evwl©K e„wË|
3. Awbw`©ó evwl©K e„wË (Indefinite Annuity): wbw`©ó mgq ci ci mgcwigvY †Kvb e„wËi A_© hw` Awbw`©óKvj ch©šÍ
cÖ`vb Kiv nq ev cvIqv hvq Zv‡K Awbw`©ó evwl©K e„wË ev Indefinite Annuityejv nq| G †ÿ‡ÎI cÖwZwU wKw¯Íi A_©
mgvb _v‡K wKš‘ eQ‡ii msL¨v ev mgqKvj wbw`©ó _v‡K bv| D`vniY: Rbve BgwZqvR cÖwZeQi c~e© †KvUvjxcvov
BDwbqb D”P we`¨vj‡q 1 Rb †gavex Qv·K 10,000 UvKv e„wË cÖ`vb Kivi Rb¨ wKQz UvKv `v‡bi gva¨‡g GKwU
dvÛ MVb Ki‡jb| D³ dvÛ †_‡K cÖvß my‡`i gva¨‡g Awbw`©ó Kvj a‡i e„wË cÖ`vb Pj‡Z _vK‡e| GwU n‡jv Awbw`©ó
evwl©K e„wË|
4. wejw¤^Z evwl©K e„wË (Delayed Annuity): hLb K‡qK eQi ci †_‡K fwel¨‡Zi †Kvb wbw`©ó mgq ch©šÍ
mgcwigvY UvKvi wKw¯Í ev e„wË cÖ`vb Kiv nq, ZLb Zv‡K wejw¤^Z e„wË ejv nq|
0 1 2 3 4 5 6 7 8 9 10

5,000 5,000 5,000 5,000 5,000

Dc‡i D‡jøwLZ UvBg jvB‡j †`Lv hv‡”Q †h, cÖ_g 5 eQ‡i †Kv‡bv wKw¯Í cvIqv hvq bvB| 6ó eQ‡ii †kl †_‡K
cieZ©x 5 eQi 5000 UvKv K‡i cvIqv hv‡e| wej‡¤^ e„wË cÖ`vb ïiæ nIqvq Gi bvgKiY wejw¤^Z evwl©K e„wË|
evwl©K e„wËi eZ©gvb g~j¨ wbY©q (Present Value of an Annuity): fwel¨‡Z wbw`©ó mgq a‡i mgcwigvY UvKvi
GKvwaK wKw¯Í cvIqv hv‡e A_ev cÖ`vb Kiv n‡e Zvi eZ©gvb g~j¨‡KB e„wËi eZ©gvb g~j¨ ejv nq| wewfbœ †emiKvwi
e¨vsK wKQz bZzb ai‡bi webw‡qvM my‡hvM ev w¯‹g cÖ`vb Ki‡Qb| D`vniY: Rbve mv‡jn Avn¤§`‡K eªvK e¨vsK cÖ¯Íve
†`q †h, eZ©gv‡b wbw`©ó cwigvY GKKvjxb wKQz UvKv eªvK e¨vsK‡K cÖ`vb Ki‡Z Ges wbw`©ó mgq a‡i (1 ev 2 ev 5
ev 7 ev 10 eQi) GB g~ja‡bi mv‡c‡ÿ fwel¨‡Z e¨vsK Rbve mv‡jn Avn¤§`‡K cÖwZeQi ev cÖwZgv‡m wbw`©ó cwigvY

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evsjv‡`k Dš§y³ wek^we`¨vjq e¨e¯’vcKxq wm×všÍ MÖn‡Y MwYZ

A_© cÖ`vb Ki‡e| G †ÿ‡Î fwel¨‡Z wbw`©ó cwigvY A‡_©i e„wËmg~n cvIqvi Rb¨ eZ©gv‡b GKKvjxb KZ UvKv
e¨vsK‡K †`Iqv cÖ‡qvRb †mwU Rvbvi Rb¨ Ôe„wËi eZ©gvb g~j¨Õ wbY©q Ki‡Z nq|
cÖwZ †gqv‡`i †k‡l ev ïiæ‡Z cÖvc¨ ev †`Iqvi Dci wfwË K‡i evwl©K e„wËi eZ©gvb g~j¨‡K `yB fv‡M fvM Kiv
n‡q‡Q| h_vÑ(K) evwl©K mvaviY e„wË (Ordinary Annuity) (L) evwl©K AwMÖg e„wË (Annuity Due)
(K) evwl©K mvaviY e„wËi m~Î (Ordinary Annuity): †Kv‡bv cÖwZôvb †_‡K FY MÖnY Ki‡j ev †Kv‡bv cÖwZôv‡b A_©
Rgv ivL‡j eQ‡ii ev mgqKv‡ji (End of the period) †k‡l wKw¯Í cÖ`vb ev cÖvc¨ n‡j Zv‡K evwl©K mvaviY e„wË ejv
A 1 
nq| evwl©K mvaviY e„wËi wbY©q Kivi m~Î: PVA  1  
i  (1  i ) n 
GLv‡b, PVA= e„wËi eZ©gvb g~j¨ (Present Value of Annuity), A= cÖwZ wKw¯Í‡Z A‡_©i cwigvY (Ammount per
installment), n = eQ‡ii msL¨v (Number of Years), i = my‡`i nvi (Interest rate)

D`vniY 1: mwjgv †eMg D”P wkÿvi Rb¨ GKwU Ôwkÿv exgv cwjwmÕ MÖnY K‡i‡Qb| exgv †Kv¤úvwb AvMvgx 4 eQi
mwjgv †eMg‡K cÖwZeQi 100000 UvKv cÖ`vb Ki‡e| my‡`i nvi 5% n‡j fwel¨‡Z cÖvc¨ A‡_©i wKw¯Í mg~‡ni eZ©gvb
g~j¨ wbY©q Kiæb|
mgvavb: GLv‡b, A = fwel¨‡Z cÖvß cÖwZ wKw¯Í‡Z A‡_©i cwigvY=100000 UvKv, n = eQ‡ii msL¨v=4 eQi
5 1
i = my‡`i nvi = 5% =   0.05 , PVA = e„wËi eZ©gvb g~j¨ wbY©q Ki‡Z n‡e|
100 20
A 1 
Avgiv Rvwb, PVA  1  
i  (1  i ) n 
100000  1 
ev, PVA  1  4 
, [gvb ewm‡q]
0.05  (1  0.05) 
ev, PVA  354595.05
eQ‡i GKvwaKevi wKw¯Í cÖ`vb Kiv n‡j evwl©K mvaviY e„wËi Rb¨ wb‡¤œi m~ÎwU e¨envi Ki‡Z n‡eÑ
 
 
A 1 
PVA  1  nm 
i
 1  i  
m   m  
 
GLv‡b, eQ‡i GKevi wKw¯Í cÖ`vb Kiv n‡j evwl©K mvaviY e„wËi Rb¨†h m~Î e¨envi Kiv nq, †m m~‡Îi mv‡_ bZzb
K‡i ïay m hy³ Kiv n‡q‡Q|
m  eQ‡i cÖ`vbK…Z ev cÖvc¨ wKw¯Íi msL¨v|
D‡jøL¨ †h, A‡bK mgq hw` †Kv‡bv MvwYwZK mgm¨v‡Z eQ‡ii †k‡l ev kyiæ‡Z wKw¯Í cÖ`v‡bi K_v D‡jøL bv _v‡K
Zvn‡j me mgq †k‡l a‡i wb‡Z n‡e| myZivs, mgm¨v mgvav‡b ZLb evwl©K mvaviY e„wËi m~Î e¨envi Ki‡Z n‡e|
(L) evwl©K AwMÖg e„wË (Annuity Due): †Kv‡bv cÖwZôvb †_‡K FY MÖnY Ki‡j ev †Kv‡bv cÖwZôv‡b A_© Rgv ivL‡j
eQ‡ii ïiæ‡Z wKw¯Í cÖ`vb ev cÖvc¨ n‡j Zv‡K evwl©K AwMÖg e„wË ejv nq| evwl©K AwMÖg e„wËi wbY©q Kivi m~Î:
 
PVADue 
A
1  i 1  1 n 
i  (1  i ) 

BDwbU mvZ c„ôv 134

evsjv‡`k Dš§y³ wek^we`¨vjq A_©vqb m¤úwK©Z MwYZ

GLv‡b, PVA= e„wËi eZ©gvb g~j¨ (Present Value of Annuity), A =fwel¨‡Z cÖvß cÖwZ wKw¯Í‡Z A‡_©i cwigvY
(Ammount per installment), n = eQ‡ii msL¨v (Number of Years), i = my‡`i nvi (Interest rate)

eQ‡i GKvwaKevi wKw¯Í cÖ`vb Kiv n‡j evwl©K AwMÖg e„wËi Rb¨ wb‡¤œi m~ÎwU e¨envi Ki‡Z n‡eÑ
 
 
A i  1 
PVADue  1   1  nm 
i  m
 1  i  
m   m  
GLv‡b, eQ‡i GKevi wKw¯Í cÖ`vb Kiv n‡j evwl©K AwMÖg e„wËi Rb¨ †h m~Î e¨envi Kiv nq, †m m~‡Îi mv‡_ bZzb
K‡i ïay m hy³ Kiv n‡q‡Q| m  eQ‡i cÖ`vbK…Z ev cÖvc¨ wKw¯Íi msL¨v|
D`vniY 2: †gv: kvRvnvb Lvb GKwU †gwkb µq Ki‡Z Pvq hvi evRvi g~j¨ 5,00,000 UvKv| †m †gwkb µq g~‡j¨i
mgvb A_© DËiv e¨vsK wjt n‡Z 9% my‡` FY MÖn‡Yi e¨e¯’v K‡i‡Q| F‡Yi A_© ˆÎgvwmK Gi k‡Z© 5 eQ‡i cwi‡kva
Ki‡Z n‡e| Zvn‡j ˆÎgvwmK wKw¯Íi cwigvY wbY©q Kiæb|
mgvavb: GLv‡b, PVADue  5,00,000 UvKv, i  9%  9  0.09 , n  5 eQi Ges m  12  4 evi, A 
100 3
ˆÎgvwmK wKw¯Íi cwigvY wbY©q Ki‡Z n‡e|
 
 
A i  1 
Avgiv Rvwb, PVADue  1   1  nm 
i  m
 1  i  
m   m  

 
 
A  0.09   1 
⇒ 5,00,000   1   1   , [gvb ewm‡q]
0.09  4    0.09 54 
 1  
4
  4  


A
⇒ 5,00,000   1.0225  0.359183528
0.0225

5,00,000  0.0225
⇒A  30,631.82 UvKv
1.0225  0.359183528

myZivs, ‰ÎgvwmK wKw¯Íi cwigvY 30,631.82 UvKv

evwl©K e„wËi fwel¨r g~j¨ wba©viY (Calculation of future value of an annuity): cÖwZ eQi wbw`©ó cwigvY A_©
wbw`©ó nv‡i †Kv_vI wewb‡qvM Ki‡j wbw`©ó mgq c‡i Pµe„w× nv‡i †e‡o Zv Kx cwigvY `vuovq Zv‡KB evwl©K e„wËi
fwel¨r g~j¨ ejv nq| A_©vr, eZ©gv‡b GKvwaKevi mgcwigvY UvKv cÖvwß ev cÖ`v‡bi fwel¨r g~j¨‡KB evwl©K e„wËi
fwel¨r g~j¨ ejv nq|
cÖwZ †gqv‡`i †k‡l ev ïiæ‡Z cÖvc¨ ev †`Iqvi Dci wfwË K‡i evwl©K e„wËi fwel¨r g~j¨‡K `yB fv‡M fvM Kiv
n‡q‡Q| h_vÑ (K) evwl©K mvaviY e„wË (Ordinary Annuity) (L) evwl©K AwMÖg e„wË (Annuity Due)

BDwbU mvZ c„ôv 135

evsjv‡`k Dš§y³ wek^we`¨vjq e¨e¯’vcKxq wm×všÍ MÖn‡Y MwYZ

(K) evwl©K mvaviY e„wËi fwel¨r g~j¨ wbY©‡qi m~Î (Ordinary Annuity): †Kv‡bv cÖwZôvb †_‡K FY MÖnY Ki‡j ev
†Kv‡bv cÖwZôv‡b A_© Rgv ivL‡j eQ‡ii ev mgqKv‡ji †k‡l (end of the period) wKw¯Í cÖ`vb ev cÖvc¨ n‡j Zv‡K
evwl©K mvaviY e„wË ejv nq|
A 
nm
evwl©K mvaviY e„wËi fwel¨r g~j¨ wbY©q Kivi m~Î: FVA  A (1  i ) n  1  
i 
FVA    1    1
i i  m  
 
m
GLv‡b, FVA= e„wËi fwel¨r g~j¨, A = cÖwZ wKw¯Í‡Z A‡_©i cwigvY, n = eQ‡ii msL¨v, i = my‡`i nvi
eQ‡i GKvwaKevi wKw¯Í cÖ`vb Kiv n‡j fwel¨‡Z evwl©K mvaviY e„wËi fwel¨r g~j¨ wbY©‡qi Rb¨ wb‡¤œi m~ÎwU e¨envi
Ki‡Z n‡eÑ
D`vniY 3: †Kv‡bv cÖwf‡W›U dv‡Û Rgv A_© evwl©K 10% Pµe„w× my‡` wewb‡qvM Kiv nq| GK e¨w³ cÖwZgv‡m wbR
†eZ‡bi 12% D³ dv‡Û Rgv †`b Ges wb‡qvMKZ©v cÖwZgv‡m GUvi mv‡_ Zvi †eZ‡bi 10%hy³ K‡ib| H e¨w³i
gvwmK †eZb 60,000 UvKv n‡j 25 eQi Kg© Rxeb †k‡l cÖwf‡W›U dv‡Û RgvK…Z A‡_©i cwigvY wbY©q Kiæb|
mgvavb: GLv‡b, gvwmK e„wËi cwigvY A
H e¨w³ wb‡R Rgv †`b cÖwZ gv‡m 60,000× 12  7200 UvKv
100
10
wb‡qvM KZ©v Rgv‡`b cÖwZgv‡m 60,000×  6000 UvKv
100
myZivs, gvwmK wKwmÍi cwigvY A  13200 UvKv
my‡`i nvi i = 10%  10  0.10 , mgq n = 25 eQi, eQ‡i wKw¯Íi msL¨v m = 12
100
A 
nm

Avgiv Rvwb, FVA  1    1
i 
i  m  
 
m
13200  0.10  
2512

FVA   1    1  1584000  11.0569450  1,75,14, 200.88 UvKv

0.10  12  

12
wb‡Y©q H e¨w³i RgvK…Z A‡_©i cwigvY n‡e 1,75,14,200.88 UvKv|
(L) evwl©K AwMÖg e„wËi fwel¨r g~j¨ (Annuity Due): †Kv‡bv cÖwZôvb †_‡K FY MÖnY Ki‡j ev †Kv‡bv cÖwZôv‡b
A_© Rgv ivL‡j eQ‡ii ïiæ‡Z wKw¯Í cÖ`vb ev cÖvc¨ n‡j Zv‡K evwl©K AwMÖg e„wËi fwel¨r g~j¨ ejv nq| evwl©K AwMÖg
i  
e„wËi fwel¨r g~j¨ wbY©q Kivi m~Î: FVADue  A 1  i 1  i n  1 FVADue  1   1    1
nm
A i
i i  m   m 
m
GLv‡b, FVADue = ewl©K e„wËi fwel¨r g~j¨, A = fwel¨‡Z cÖvß cÖwZ wKw¯Í‡Z A‡_©i cwigvY, n = eQ‡ii msL¨v, i =
my‡`i nvi.
eQ‡i GKvwaKevi wKw¯Í cÖ`vb Kiv n‡j evwl©K AwMÖg e„wËi fwel¨r g~‡j¨i m~Î:

GLv‡b, eQ‡i GKevi wKw¯Í cÖ`vb Kiv n‡j evwl©K AwMÖg e„wËi Rb¨ †h m~Î e¨envi Kiv nq, †m m~‡Îi mv‡_ bZzb
K‡i ïay m hy³ Kiv n‡q‡Q| m  eQ‡i cÖ`vbK…Z ev cÖvc¨ wKw¯Íi msL¨v|

BDwbU mvZ c„ôv 136

evsjv‡`k Dš§y³ wek^we`¨vjq A_©vqb m¤úwK©Z MwYZ

D`vniY 4: Rbve Zvwgg BKev‡ji 28Zg Rb¥ evwl©Kx‡Z Zvi wcZv A½xKvi K‡ib †h 35Zg Rb¥ evwl©Kx‡Z
4,20,000 UvKv cÖ`vb Ki‡eb| G j‡ÿ¨ D³ cwigvY A_© cÖ`v‡bi Rb¨ 10% Pµe„w× my‡` cÖwZeQi †k‡lKx cwigvY
A_© Rgv Ki‡Z n‡e Ges cÖwZeQi ïiæ‡Z Kx cwigvY A_© Rgv Ki‡Z n‡e Zv wbY©q Kiæb|
mgvavb: eQ‡ii †k‡l evwl©K e„wËi †ÿ‡ÎÑ
GLv‡b, A = evwl©K e„wËi eQ‡ii †k‡l fwel¨‡Z cÖvß cÖwZ wKw¯Í‡Z A‡_©i cwigvY wbY©q Ki‡Z n‡e|
10
n = eQ‡ii msL¨v =35 – 28 =7 eQi, i = my‡`invi =10% =  0.10
100
FVA= evwl©K e„wËi 7 eQ‡i †gvU fwel¨r g~j¨ = 4,20,000 UvKv

Avgiv Rvwb, FVA  A (1  i ) n  1

i

ev, 4,20,000  A (1  0.10)7  1, [gvb ewm‡q]

0.10

ev, 4,20,000  A  0.9487171

0.10

ev, A  4,20,000  0.10  44270.31

0.9487171
myZivs, eQ‡ii †k‡l cÖwZ wKw¯Íi cwigvY 44270.31 UvKv|
eQ‡ii ïiæ‡Z evwl©K e„wËi †ÿ‡Î, A = evwl©K e„wËi eQ‡ii ïiæ‡Z fwel¨‡Z cÖvß cÖwZ wKw¯Í‡Z A‡_©i cwigvY wbY©q
Ki‡Z n‡e| n = eQ‡ii msL¨v = 35 – 28 =7 eQi, i = my‡`i nvi =10% = 10  0.10 , FVADue = evwl©K e„wËi 7
100
eQ‡i †gvU fwel¨r g~j¨ = 4,20,000 UvKv
Avgiv Rvwb, FVADue  A 1  i 1  i n  1
i

ev, 4,20,000  A
0.10

1  0.10 1  0.107  1 
ev, 4,20,000  A 1.10  0.9487171
0.10

ev, A  4,20,000  0.10  40245.74

1.10  0.9487171
myZivs, eQ‡ii ïiæ‡Z cÖwZ wKw¯Íi cwigvY 44270.31 UvKv|

mvims‡ÿc:
 wbw`©ó mgq ci ci mg cwigvY A_© cÖ`vb ev cÖvwßi wmwiR‡K evwl©K e„wË ev Annuity ejv nq|
A 1 
 evwl©K mvaviY e„wËi m~Î: PVA  1  
i  (1  i ) n 
 1 
 evwl©K AwMÖg e„wËi m~Î: PVA  1  i 1 
A

i  (1  i ) n 

BDwbU mvZ c„ôv 137

evsjv‡`k Dš§y³ wek^we`¨vjq e¨e¯’vcKxq wm×všÍ MÖn‡Y MwYZ

AePq, cÖwZc~iK Znwej, wewa, evÆvKiY Ges G¨vgviUvB‡Rmb

cvV-7.3 Depreciation, Sinking fund, Rules,Discounting and Amartization

D‡Ïk¨

G cvV †k‡l Avcwb-

 AeP‡qi m~Î e¨envi K‡i †Kvb m¤úwËi Avqy®‹vj wbY©q Ki‡Z cvi‡eb;
 cÖwZc~iK Znwej m¤ú‡K© wjL‡Z cvi‡eb;
 wewfbœ wewa e¨envi K‡i mgm¨v mgvavb Ki‡Z cvi‡eb;
 evÆvKiY Kx e¨vL¨v Ki‡Z cvi‡eb;
 G¨vgviUvB‡Rmb Kx e¨vL¨v Ki‡Z cvi‡eb|

AePq
Depreciation
AePq ej‡Z m¤úwËi e¨envi RwbZ ÿq‡K eySvq| G †ÿ‡Î Avmj g~j¨ cÖwZ eQi Kg‡Z _v‡K GKwU wbw`©ó nv‡i, G
wbw`©ó nvi‡K AeP‡qi nvi ejv nq| cieZ©x eQi G n«vm cÖvß g~j¨ Avevi Avmj wn‡m‡e e¨eüZ nq| AePq hw`
cÖwZeQi mgvb nv‡i nq Zvn‡j Pµe„w× my‡`i i n‡q hv‡e d Ges m~ÎwU n‡e wb¤œiƒc: SA  P(1  d )n ,
SA  m¤úwËi fMœve‡kl g~j¨, P  m¤úwËi µq g~j¨, d  AeP‡qi nvi, n  m¤úwËi Avqy®‹vj|
D`vniY 1: GKwU †gwk‡bi µq g~j¨ 30,000 UvKv Ges Avqy¯‹vj 10 eQi| hw` n«vmK…Z g~‡j¨i Dci 12% nv‡i AePq
avh© Kiv nq, Zvn‡j m¤úwËi fMœve‡kl g~j¨ KZ n‡e Zv wbY©q Kiæb|
mgvavb: GLv‡b, m¤úwËi µqg~j¨ P =30,000 UvKv
AeP‡qi nvi d = 12%  12  0.12 , Avqy®‹vj n =10 eQi Ges fMœve‡kl g~j¨ SA wbY©q Ki‡Z n‡e|
100
Avgiv Rvwb, SA  P(1  d )n
ev, SA  30,000  (1  0.12)10
ev, SA  8355.03
wb‡Y©q, fMœve‡kl g~j¨ SA= 8355.03 UvKv
D`vniY 2: GKwU d¬¨v‡Ui cÖv_wgK g~j¨ wQj 45,00,000 UvKv| d¬vUwUi AewPwZi nvi 2.5%| eZ©gv‡b d¬¨vUwU
30,00,000 UvKvq g~j¨vwqZ n‡j, d¬¨vUwU KZ eQi c~‡e© cÖwZwôZ n‡qwQj wbY©q Kiæb|
mgvavb: GLv‡b, m¤úwËi µqg~j¨ P = 45,000 UvKv
AewPwZi nvi d = 2.5%  2.5  0.025
100
fMœve‡kl g~j¨ SA= 30,00,000UvKv
Avqy®‹vj n wbY©q Ki‡Z n‡e|
Avgiv Rvwb, SA  P(1  d )n
ev, 30,00,000  45,00,000(1  0.025)n

BDwbU mvZ c„ôv 138

evsjv‡`k Dš§y³ wek^we`¨vjq A_©vqb m¤úwK©Z MwYZ

30,00,000
ev, (0.975) n   0.6666667
45,00,000
ev, log( 0.975)n  log 0.6666667 , [Dfq c‡ÿ log wb‡q]
ev, n log(0.975)  log0.6666667
log 0.6666667
ev, n 
log(0.975)
ev, n  16.02
wb‡Y©q d¬¨vUwU 16.02 eQi c~‡e© wbwg©Z|

cÖwZc~iK Znwej (Sinking Fund): GKwU wbw`©ó mgqv‡šÍ †Kvb `vq cwi‡kva Kivi Rb¨ A_ev m¤úwË cÖwZ¯’vc‡bi
Rb¨ GKwU wbw`©ó cwigvY UvKv Kvievi n‡Z mwi‡q cÖwZeQi wbqwgZfv‡e Pµe„w× my‡` wewb‡qvM K‡i †h mwÂwZ
Znwej m„wó Kiv nq Zv‡K cÖwZc~iK Znwej ejv nq| cÖwZc~iK Znwe‡ji A_© wbY©‡qi Rb¨ evwl©K e„wËi mvaviY m~Î
e¨envi Kiv nq| KviY wbw`©ó mgq AšÍi wbw`©ó A_© evwl©K e„wËi D`vniY|
cÖwZc~iK Znwej m„wói D‡Ïk¨:
(i) FY ev FYcÎ cwi‡kv‡ai Rb¨
(ii) ÿwqòz m¤úwË cÖwZ¯’vc‡bi Rb¨
(iii) AePq‡hvM¨ m¤úwËi cÖwZ¯’vc‡bi Rb¨; Ges
(iv) BRvivc‡Îi cybb©exKiY (Renewal of lease) Gi Rb¨

69 wewa (Rule of 69): Pµe„w×Ki‡Yi †ÿ‡Î KZ % my‡`i nv‡i ev KZ eQ‡i †Kvb Avmj UvKv wظY n‡e †mUv
AvbygvwbKfv‡e Ges `ªæZ wbY©q Kivi GKwU †KŠkj n‡jv Rule of 69|
Rule of 69-Gi gva¨‡g wba©vwiZ my‡`i nvi Ges eQ‡ii msL¨v m¤ú~Y© mwVK bv n‡jI cÖK…Z gv‡bi wbKUeZ©x n‡q
_v‡K|
69
Rule of 69 n‡jv, n  0.35  , GLv‡b, n = eQi msL¨v, i= my‡`i nvi
i
72 wewa (Rule of 72): evwl©K Pµe„w×Ki‡Yi †ÿ‡Î (eQ‡i GK (1) evi my` MYbv) KZ eQ‡i ev KZ % my‡`i nv‡i
†Kvb Avmj UvKv wظY n‡e †mwU `ªæZ wbY©q Kivi Ab¨Zg GKwU †KŠkj n‡jv Rule of 72|
Rule of 72-Gi gva¨‡g KZeQ‡i ev KZ % my‡`i nv‡i †h †Kvb cwigvY wewb‡qvMK…Z A_© wظY n‡e Zv mn‡RB
ej‡Z cviv hvq| Rule of 69 Gi gZ ÔRule of 72Õ my‡`i nvi Ges eQ‡ii msL¨v m¤ú~Y© mwVK bv n‡jI cÖK…Z gv‡bi
Lye KvQvKvwQ n‡q _v‡K|
72
Rule of 72 n‡jvÑ KZ eQ‡i wظY n‡e, n  Ges KZ % my‡` wظY n‡e, i  72
i n
D`vniY 3: 9%evwl©K Pµe„w× my‡`i nv‡i 1,00,000 UvKv wewb‡qvM Kiv n‡jv, KZ eQ‡i G wewb‡qv‡Mi cwigvY
wظY n‡e?
mgvavb: GLv‡b, i= 9% Ges n= mgq wbY©q Ki‡Z n‡e|
72
72 Rule cÖ‡qvM K‡i, n 
i
ev, n  72  8
9
72 wewa Abymv‡i cvIqv hv‡”Q †h 8 eQ‡i UvKv wظY n‡e|

BDwbU mvZ c„ôv 139

evsjv‡`k Dš§y³ wek^we`¨vjq e¨e¯’vcKxq wm×všÍ MÖn‡Y MwYZ

GLb mgm¨vwU Avevi Pµe„w× m~‡Îi gva¨‡g †`Lv‡bv n‡jvÑ

GLv‡b, PV  1,00,000 UvKv, myZivs, FV  2,00,000 UvKv, my‡`i nvi i  9%  0.09 , mgq = n eQi wbY©q
Ki‡Z n‡e|
Avgiv Rvwb, FV  PV (1  i )n
ev, 2,00,000  1,00,000(1  0.09)n
ev, (1.09)n  2
ev, log(1.09)n  log 2
ev, n  log 1.09  log 2
log 2
myZivs n   8.0432
log 1.09
myZivs, G †ÿ‡ÎI †`Lv hv‡”Q D³ g~ja‡bi wظY n‡Z mgq jvM‡e 8 eQi|
D`vniY 4: eªvK e¨vsK cÖ¯Íve w`j 7 eQ‡i 5,00,000 UvKv wظY n‡e Zvn‡j my‡`i nvi wbY©q Kiæb|
mgvavb: GLv‡b, mgq, n = 7 eQi Ges i my‡`i nvi wbY©q Ki‡Z n‡e|
72
72 Rule cÖ‡qvM K‡i, i 
n
ev, i  72  10.2857
7
72 wewa Abymv‡i cvIqv hv‡”Q †h 10.29% my‡` 7 eQi UvKv wظY n‡e|
GLb mgm¨vwU Avevi Pµe„w× m~‡Îi gva¨‡g †`Lv‡bv n‡jvÑ
GLv‡b, PV  5,00,000 UvKv, myZivs, FV  10,00,000 UvKv, mgq, n = 7eQi Ges my‡`i nvi i wbY©q Ki‡Z n‡e|
Avgiv Rvwb, FV  PV (1  i )n
ev, 10,00,000  5,00,000(1  i )7
ev, (1  i )7  2
ev, 1  i  7 2
ev, i  27  1  0.1040
1

myZivs i  0.1040 100%  10.40%

G †ÿ‡Î my‡`i nvi 10.40% hv 72 wewa Abymv‡i cvIqv my‡`i nvi 10.29% Gi Lye KvQvKvwQ gvb|
myZivs, Lye `ªæZ Ges mn‡RB 72 Rule cÖ‡qvM K‡i †h‡Kv‡bv g~jab wظY n‡Z KZ mgq Ges my‡`i nvi cÖ‡qvRb Zv
wbY©q Kiv m¤¢e|
Amgvb wKw¯Íi fwel¨r Ges eZ©gvb g~j¨ wbY©q: eZ©gv‡b GKvwaKevi mgcwigvY UvKvi wKw¯Í †c‡j ev cÖ`vb Ki‡j Zvi
fwel¨r g~‡j¨ KZ n‡e †mUv Avgiv Annuity ev e„wËi m~Î e¨envi K‡i wbY©q Ki‡Z cvwi| wKš‘ eZ©gv‡bi wKw¯Í¸‡jvi
cwigvY hw` Amgvb nq †m †ÿ‡Î GKKvjxb A‡_©i fwel¨r g~‡j¨i m~Î, FV  PV (1  i )n
D`vniY 5: Ge e¨w³ AvMvgx 5 eQ‡ii ïiæ‡Z h_vµ‡g 1,00,000 UvKv, 2,00,000 UvKv, 4,00,000 UvKv, 8,00,000
UvKv Ges 10,00,000 UvKv wewb‡qvM Ki‡eb| Zvi cÖZ¨vwkZ cÖwZ`v‡bi ev Av‡qi nvi 10% n‡j 5eQi ci jvfmn
†gvU KZ UvKv wZwb cv‡eb Zv wbY©q Kiæb|
mgvavb: GLv‡b, PV1= 1,00,000UvKv, PV2= 2,00,000 UvKv, PV3= 4,00,000UvKv, PV4= 8,00,000UvKv Ges
PV5 = 10,00,000 UvKv Ges n1= 5 eQi, n2 = 4 eQi, n3= 3 eQi, n4 = 2 eQi, n5 = 1eQi|

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evsjv‡`k Dš§y³ wek^we`¨vjq A_©vqb m¤úwK©Z MwYZ

Avgiv Rvwb, FV  PV1 (1  i )n  PV2 (1  i )n  PV3 (1  i )n  PV4 (1  i )n  PV5 (1  i )n

1 2 3 4 5

 1,00,000(1  0.10)5  2,00,000(1  0.10)4  4,00,000(1  0.10)3  8,00,000(1  0.10)2  10,00,000(1  0.10)1
 161,051  292,820  532,400  968,000  1100,000  30,54,271
H e¨w³ 5 eQi ci Zvi wewb‡qvM †_‡K jvf mn 30,54,271 UvKv cv‡eb|

D`vniY 6: GKRb FY`vZv 10,000UvKv 5 eQ‡ii Rb¨, 20,000 UvKv 4 eQ‡ii Rb¨, 30,000 UvKv 3 eQ‡ii Rb¨
40,000 UvKv 2 eQ‡ii Rb¨ Ges 50,000 UvKv 1 eQ‡ii Rb¨ wewb‡qvM K‡i‡Qb| my‡`i nvi 5% n‡j eZ©gvb g~j¨
wbY©q Kiæb|
mgvavb: GLv‡b, FV1= 10000UvKv, FV2= 20,000 UvKv FV3= 30,000 UvKv FV4= 40,000 UvKv Ges FV5 =
50,000 UvKv Ges n1= 5 eQi, n2 = 4 eQi, n3= 3 eQi, n4 = 2 eQi, n5 = 1 eQi Ges i =5%
FV1 FV2 FV3 FV4 FV5
Avgiv Rvwb, PV     
(1  i ) n1
(1  i ) n2
(1  i ) n3
(1  i ) n4
(1  i ) n5
10000 20000 30000 40000 50000
    
(1  0.05) 5
(1  0.05) 4
(1  0.05) 3
(1  0.05) 2
(1  0.05)1
 7835 . 261665  16454 . 0495  25915 . 12796  36218 . 179104  47619 . 04762
 134104.6659
myZivs wb‡Y©q eZ©gvb g~j¨ 134104 . 67 UvKv|
evÆvKiY (Discounting): evÆvKiY ej‡Z Ggb GKwU cÖwµqv †evSvq, hvi gva¨‡g fwel¨‡Z m¤¢ve¨ wbw`©ó mgq ci
AwR©Z †gvU UvKvi eZ©gvb g~j¨ wbY©q Kiv hvq A_ev fwel¨‡Z GKwU wbw`©ó mgq c‡i †Kv‡bv wbw`©ó nvi my‡` wbw`©ó
cwigvY UvKv †c‡Z PvB‡j eZ©gv‡b †gvU KZ UvKv Rgv ivL‡Z n‡e Zv wbY©q Kiv hvq|
evÆvKiY Avm‡j Pµe„w×i wVK wecixZ cÖwµqv| 100 UvKv 10% nv‡i 1 eQi ci n‡e 110 UvKv Ges 2 eQi c‡i
n‡e 121 UvKv, GwU n‡jv Pµe„w×KiY| †Zgwb GK eQi c‡i cÖvc¨ 110 UvKv 10% nv‡i evÆvi eZ©gvb g~j¨ n‡e 100
UvKv| Avevi `yB eQi ci cÖvc¨ 121 UvKv 10% nv‡i evÆvi eZ©gvb g~j¨ n‡e 100 UvKv| GwUB n‡jv evÆvKiY ZvB
evÆvKi‡Yi †ÿ‡Î Pµe„w×i wVK D‡ëv m~Î e¨envi Ki‡Z n‡e|
FV
PV 
1  i n
GLv‡b, PV (Present Value) = eZ©gvb g~j¨
FV (Future Value) = fwel¨‡Z cÖ‡`q ev cvIqv hv‡e †h UvKv
n (Time) = eQ‡ii
i (Discount rate) = UvKv cÖwZ evÆvi nvi
evÆv `yB cÖKvi| h_vÑ (K) e¨vsK evÆv (Bank Discount) (L) cÖK…Z evÆv (True Discount)
(K) e¨vsK evÆv (Bank Discount): Ggb A‡bK FY Av‡Q hvi M„nxZ A‡_©i Dci my` avh© bv K‡i FY`vZv
fwel¨‡Z cwi‡kva¨ A‡_©i Dci my` avh© K‡i _v‡K| Gfv‡e avh©K…Z my`‡K e¨vsK evÆv ev Bank Discountejv nq|
Bank Discount  FV  i  n , GLv‡b, FV  cwi‡kva¨ A_© i = mij my‡`i nvi, n  eQ‡ii msL¨v|
A_©vr F‡Yi cwi‡kva¨ A‡_©i Dci wbw`©ó nv‡i avh©K…Z mij my`‡K e¨vsK evÆv ev Bank Discount ejv nq|

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evsjv‡`k Dš§y³ wek^we`¨vjq e¨e¯’vcKxq wm×všÍ MÖn‡Y MwYZ

(L) cÖK…Z evÆv (True Discount): †h A_© FY`vZv, FYMÖnxZv‡K cÖ`vb K‡i Zvi Dci avh©K…Z my`‡K FY MÖnxZv
KZ©„K cwi‡kvwaZ A‡_©i cÖK…Z evÆv ev True Discount ejv nq|
g‡b Kiæb, FY`vZv, FYMÖnxZv‡K GK eQ‡ii Rb¨ 100 UvKv cÖ`vb K‡i hvi Dci 5% nv‡i my` avh© Kiv n‡e,
Zvn‡j fwel¨‡Z cwi‡kva Ki‡Z n‡e (100+5) ev 105 UvKv| A_©vr, 105 UvKvi cÖK…Z evÆv ev True Discount n‡e
(105100) ev 5 UvKv| wb‡P cÖK…Z evÆvi m~Î †`Iqv n‡jv:
True Discount = FV  PV, †hLv‡b, PV = cwi‡kvwaZ A_©, PV = FY`vZv KZ©„K cÖ`Ë A_©
Avevi, FV  PV  PV  i  n
 PV (1  i  n)

e¨vsKvim evÆv (Banker’s Discount) Ges cÖK…Z evÆv (True Discount)-Gi g‡a¨ †h cv_©K¨ i‡q‡Q Zv‡K e¨vs‡Ki
jvf (Banker’s Gain) ejv nq|
A_©vr, Banker’s Gain = Bank Discount - True Discount
D`vniY 7: Rbve mvjvnDwÏb 30,000 UvKvi wej 8% mij my‡` A`¨ †_‡K 8 eQi c‡i cwi‡kva Ki‡e e‡j wVK
Kij, Zvn‡j Zvi cwi‡kvwaZ cÖK…Z evÆv Ges e¨vsK evÆv wbY©q Kiæb Ges e¨vs‡Ki jvf KZ n‡e Zv wbY©q Kiæb|
mgvavb: GLv‡b, eZ©gvb g~j¨,PV= 30,000 UvKv
mij my‡`i nvi i = 8% =0.08
eQ‡ii msL¨v = 8 eQi
Avgiv Rvwb, FV = PV(1+ i×n)
⇒ FV=30,000×(1+0.08×8)
⇒ FV=49,200 UvKv
myZivs, cÖK…Z evÆv (True Discount) =FVPV=49,20030,000=19,200UvKv
e¨vsK evÆv (Bank Discount) = FV  i  n
= 49,200  0.08  8
= 31,488 UvKv
e¨vs‡Ki jvf (Banker’s Gain) = Bank DiscountTrue Discount = 31,488 19,200 =12,288 UvKv
myZivs, cÖK…Z evÆv (True Discount) =19,200, e¨vsK evÆv (Bank Discount) = 31,488 UvKv Ges e¨vs‡Ki jvf
(Banker’s Gain) = 12,288 UvKv|
G¨vgviUvB‡Rmb (Amortisation): hLb F‡Yi A_© mgvb wKw¯Í‡Z †diZ †`Iqv nq, ZLb cÖ‡Z¨K wKw¯Íi g‡a¨
Avm‡ji GKwU Ask I my` AšÍf©y³ _v‡K| cÖwZwU wKw¯Íi g‡a¨ Avm‡ji †h Ask AšÍf©y³ _v‡K Zv‡K Amortisation
ejv nq|
A‡bK Kvievwi cÖwZôvb Ab¨ †Kv‡bv e¨vsK ev Avw_©K cÖwZôvb †_‡K GKKvjxb FY MÖnY K‡i _v‡K| FY`vZv‡K
F‡Yi A_© I Zvi my` eve` wbw`©ó mg‡qi g‡a¨ wKw¯Í‡Z wK cwigvY A_© cwi‡kva Ki‡Z n‡e Zv wbY©‡qi Rb¨ evwl©K
e„wËi eZ©gvb g~j¨ c×wZi †bqv nq|
FY cwi‡kva ZvwjKv (Loan Amortisation Schedule): †hme ai‡bi FY wKw¯Í‡Z cwi‡kva Kiv nq, †mme †ÿ‡Î
cÖwZ wKw¯Í‡Z A‡_©i cwigvY wbY©‡qi Rb¨ A‡_©i mgqg~‡j¨i aviYv e¨envi Kiv nq| wKw¯Í‡Z cwi‡kva‡hvM¨ F‡Yi
cÖavb ˆewkó¨ n‡jv: 1. cÖwZwU wKw¯Íi cwigvY mgvb| 2. wbw`©ó mgq ci ci wKw¯Í cÖ`vb Kiv nq| 3. cÖwZ wKw¯Í‡Z

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evsjv‡`k Dš§y³ wek^we`¨vjq A_©vqb m¤úwK©Z MwYZ

cwi‡kva¨ A‡_©i g‡a¨ Avmj UvKv Ges my` DfqB _v‡K| A_©vr, wKw¯Íi cwigvY (Installment) = Avmj (Principal
Value)+ my` (Interest), G c×wZ‡K Capital Recovery Method c×wZI ejv n‡q _v‡K|

FY cwi‡kva ZvwjKv cÖ¯‘‡Zi c×wZ: avc 1: A‡_©i mgq g~‡j¨i aviYv e¨envi Kiv ev ewl©K e„wËi eZ©gvb g~‡j¨i m~Î
e¨envi K‡i cÖwZ wKw¯Í‡Z cwi‡kva A‡_©i cwigvY wbY©q Kiv|
avc 2: cÖwZ wKw¯Í‡Z cwi‡kva¨ †gvU A‡_©i cwigvY‡K †f‡½ Avmj UvKv I my‡`i cwigvY Avjv`v K‡i ZvwjKv cÖ¯‘Z
Kiv|
D`vniY 8: c~evjx e¨vsK wjwg‡UW n‡Z Rbve dvwng 1,00,000 UvKv 10% my‡` 5 eQ‡ii Rb¨ FY MªnY Ki‡jb|
mgvb cuvPwU wKw¯Í‡Z G FY cwi‡kva Ki‡Z n‡j FY cwi‡kv‡ai ZvwjKv (Loan Amortisation Schedule) cÖ¯‘Z
Kiæb|
mgvavb: avc 1: cÖwZ wKw¯Í‡Z cwi‡kva¨ A‡_©i cwigvY wbY©q (Amount per Installment):
A 1 
PVA  1   GLv‡b,PVA= 1,00,000 UvKv
i  (1  i ) n 
A  1  10
⇒ 1,00,000  1  5
i = 10%   0.10
0.10  (1  0.10)  100
 1 
⇒ 1,00,000  (0.10)  A1   n = 5 eQi
 (1.10)5 
10,000
⇒A  26,379.75
0.379078676
cÖwZ wKw¯Í‡Z cwi‡kva¨ A‡_©i cwigvY(Amount per Installment) 26380 UvKv (cÖvq)
avc 2: FY cwi‡kv‡ai ZvwjKv (Loan Amortisation Schedule):GLv‡b, Col: = Column
eQ‡ii ïiæ‡Z eQ‡ii †k‡l
Col:1 Col:2 Col:3 Col:4 = Col:2×10% Col:5 = Col:3Col:4 Col:6=Col:2Col:5
Year Loan at the Installment Interest Payment Principal Repayment Loan at the end of
Beginning of Payment the Year
the year
Tk. Tk. Tk. Tk. Tk.
1 1,00,000 26,380 10,000 16,380 83,620
2 83,620 26,380 8,362 18,018 65602
3 65602 26,380 6560.2 19819.8 45782.2
4 45782.2 26,380 4578.22 21801.78 23980.42
5 23980.42 26,380 2399.58 23980.42 _____

mvims‡ÿc:

 AePq ej‡Z m¤úwËi e¨envi RwbZ ÿq‡K †evSvq| AePq, SA  P(1  d )

n

 e¨vsK evÆv (Bank Discount)  FV  i  n

 hLb F‡Yi A_© mgvb wKw¯Í‡Z †diZ †`Iqv nq, ZLb cÖ‡Z¨K wKw¯Íi g‡a¨ Avm‡ji GKwU Ask I my`
AšÍf©y³ _v‡K| cÖwZwU wKw¯Íi g‡a¨ Avm‡ji †h Ask AšÍf©y³ _v‡K Zv‡K Amortisation ejv nq|

BDwbU mvZ c„ôv 143

evsjv‡`k Dš§y³ wek^we`¨vjq e¨e¯’vcKxq wm×všÍ MÖn‡Y MwYZ

BDwbU g~j¨vqb

mswÿß cÖkœ:
1. (K) mij my` Kx?
(L) Pµe„w× my` Kx?
(M) evwl©K e„wË Kx?
(N) AwMÖg evwl©K e„wË Kx?
(O) G¨vgviUvB‡Rkb Kx?
(P) cÖwZc~iK Znwej Kx?
2. (K) gvwmK Pµe„w× my‡`i m~ÎwU wjLyb|
(L) fwel¨r g~‡j¨i m~ÎwU wjLyb|
(M) 72 Rule Gi e¨vL¨v Ges m~ÎwU wjLyb|
3. mij my‡`i mvaviY m~Î wb‡Pi †KvbwU?
(K) r  PV  i  n (L) i  PV  r  n (M) i  PV  r  n (N) i  FV  n  r
FV PV
4. 10%mij my‡`10,000 UvKvi10 eQ‡ii my‡`i cwigvb Ges my`vmj KZ n‡e Zv wbY©q Kiæb|
5. Rbve `yjvj GK e¨w³i wbKU n‡Z wKQz cwigvY UvKv FY K‡i 8% mij my‡` 2 eQi ci my‡` Avm‡j 2,32,000
UvKv cwi‡kva K‡ib| Rbve `yjvj H e¨w³i wbKU n‡Z KZ UvKv FY K‡i wQ‡jb?
6. 10% mij my‡` 25,000 UvKvq KZ eQ‡i my‡` Avm‡j 40,000 UvKv n‡e Zv wbY©q Kiæb|
7. wkgyj,cvwcqvi wbKU n‡Z 10,000 UvKv FY MÖnY K‡i| 10 eQi ci my`mn wkgyj cvwcqv‡K 17,000 UvKv
cwi‡kva K‡i| †m cvwcqvi wbKU n‡Z kZKiv KZ mij my‡` FY MÖnY K‡iwQj?
8. 8%nvi my‡` 2 eQi ci 10,000UvKv cÖ‡`q n‡j Zvi eZ©gvb g~j¨ wbY©q Kiæb| hw` Pµe„w× my` ( i) evwl©K Ges
(ii) Aa©evwl©Kx‡Z cÖ`Ë nq|
9. evwl©K 5%nvi my‡` 50,000UvKvi 4 eQ‡ii Pµe„w× my` KZ n‡e wbY©q Kiæb|
10. GKRb e¨emvqx 37,908 UvKvi GKwU †gwkb µq Kivi Rb¨ e¨vsK †_‡K 10% my‡` FY MÖnY K‡ib| e¨emvqx
D³ FY 5 eQ‡ii my`mn mgvb wKw¯Í‡Z cwi‡kva Ki‡e e‡j wjwLZ cÖ`vb K‡ib|cÖwZwU wK¯Í‡Z G¨vgviUvB‡Rkb Gi
cwigvY Ges FY cwi‡kva ZvwjKv wbY©q Kiæb|
11. GKRb e¨w³ †mvbvjx e¨vsK n‡Z 9% my‡` 40,000 UvKv FY †bq| hw` cÖwZ eQ‡ii ïiæ‡Z 4wU wKw¯Í‡Z FY
cwi‡kva‡hvM¨ nq Z‡e F‡Yi wKw¯Í wbY©q Kiæb Geq FY cwi‡kva ZvwjKv wbY©q Kiæb|
12. GKwU †gwkb wKw¯Í‡Z µq Kiv n‡jv Ggb k‡Z© †h, Pzw³ ¯^vÿ‡ii w`‡b10,000UvKv cwi‡kva Ki‡Z n‡e| Aewkó
A_© 6000 UvKv ewl©K wKw¯Í‡Z ci ci 5 eQ‡ii †k‡l cwi‡kva Ki‡Z n‡e| hw` evwl©K my‡`i nvi 6% nq, Zvn‡j
†gwk‡bi eZ©gvb g~j¨ wbY©q Kiæb|

DËigvjv-
3. (L) 4. mij my`= 10,000 UvKv Ges my`vmj = 20,000 UvKv 5.F‡Yi cwigvY ev Avmj wQj = 2,00,000 UvKv
6. mgq cÖ‡qvRb = 6 eQi 7. kZKiv my‡`i nvi = 7% 8. evwl©K: 8573 UvKv, Aa©evwl©Kx‡Z: 4548 UvKv|
9. my`vmj:10,775.5 UvKv 10. 1,000 UvKv 11. 12183.24 UvKv 12. 35274.18 UvKv

BDwbU mvZ c„ôv 144