Cc cng thc cn nh v mt s bi tp mu

CC CNG THC CN NH V MT S BI TP MU
MN TH TRNG CHNG KHON
***
DNG 1: NH GI C PHIU
Gi nh cng ty tng trng 1 nm l g (g < r)
D0 l c tc nm ngoi.
- T l tng trng c tc (g):
g = ROE b
Trong :
ROE: Thu nhp trn vn c phn
b: T l li nhun ti u t
b = 1 T l thanh ton c tc
Xt 3 trng hp:
1) Tng trng u g (tng trng n nh)
P

D0 (1 g )
rg

2) Khng tng trng g = 0 (c phiu u i: thanh ton mc c tc u bng

nhau)
P

D0
r

3) Tng trng 2 giai on:

Giai on 1:
P1

Dt
D1
D2

....
1
2
(1 r ) (1 r )
(1 r )t

D0 (1 g1 ) D0 (1 g1 ) 2
D0 (1 g1 )t

....

(1 r )1
(1 r ) 2
(1 r )t

D (1 g1 )
1 g1
0
1

r g1
1 r

Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

Giai on 2: T sau nm t tr i tc tng trng c tc bt u n nh (g2)

P2

Dt (1 g 2 )
D0 (1 g1 )t (1 g 2 )

(r g 2 ) (1 r )t
(r g 2 ) (1 r )t

Cng 2 giai on.

Bi 1: Cng ty X trong nm trc chi tr mc c tc l 40%. Gi ca c
phiu hin ti trn th trng l 18.000 /cp. Mnh gi 10.00. Trong nm u tin
ngi ta d tnh tc tng trng 30%, nm th hai l 20%, nm th 3 l 15%, t
nm th 4 tr i tc tng trng u n l 10%/nm. nh gi c phiu ny
nu nh li sut yu cu ca nh u t tng ng vi LS ngn hang bit LSNH
hin nay l 20%.
Gii:
C tc nm ngoi:
D0 40% 10.000 4.000

Ta tnh c:
D1 D0 (1 g1 ) 4.000 (1 30%) 5.200
D2 D0 (1 g1 ) (1 g 2 ) 4.000 (1 30%) (1 20%) 5.200 1, 2 6.240

Tng t: D3 D2 (1 g 3 ) 7.176
D4 D3 (1 g 4 ) 7.893, 6

Gi c phiu:
P

D3
D1
D2
D4

1
2
3
(1 r ) (1 r ) (1 r ) (r g 4 ) (1 r )3

Thay s, ta c: P = 58.500
V gi ca c phiu hin ti trn th trng l 18.000 < 58.500 nn ta nn
mua c phiu v gi tr thc ca c phiu cao hn gi hin hnh, do gi c
phiu c kh nng tng ln trong tng lai.
Bi 2: Cho bng chi tr c tc ca cng ty X nh sau:
Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

Nm

2009

2010

2011*

2012*

2013*

C tc ()

1.820

1.600

2.650

1.920

1.960

T nm 2014 tr i, tc tng trng c tc l 10%/nm. Khi u t vo

cng ty X t sut mong i ca nh u t giai on 2008-2012 l 18%/nm, sau
l 15%/nm. nh gi c phiu trn.
Gii:
Gi s nh gi ti nm 2011
Gi c phiu:
P

D3
D1
D2
D4

1
2
3
(1 r ) (1 r ) (1 r ) (r g 4 ) (1 r )3
D1 2.650
D2 1.920

Thay s:

D3 1.960
D4 D3 (1 g 4 ) 2.156
g 4 10%
r 15% / nam

Ta c: P = 33.397
n

Ch : Cng thc: P
t 1

Dt
Pn

t
(1 r ) (1 r ) n

Pn: Gi bn CP d tnh cui nm th n (hay gi CP d on sau n nm)

DNG 2: NH GI TRI PHIU
P

C
C
C
F

....

1
2
t
(1 r ) (1 r )
(1 r ) (1 r )t

C
1
F
1

t
r
(1 r )
(1 r )t

- Nu l tr li 6 thng/ln:

Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

C/2
1
F
1

2 t
r/2
(1 r / 2)
(1 r / 2) 2t

Trong : P: gi tri phiu

t : s k tr li (bng thi hn tri phiu nu tr li mi nm 1 ln)
C: Khon thanh ton li coupon nh k
C = Mnh gi li coupon (LS danh ngha)
r : Li sut yu cu (LSCK)
F: Mnh gi TP
Note: LS yu cu > Li coupon Gi < Mnh gi v ngc li.
Bi 1: Mt tri phiu c mnh gi 1.000.000, k hn 5 nm, LS coupon l
8%/nm c tr li na nm 1 ln. Ti thi im pht hnh tri phiu, t sut
LN k vng l 9%/nm.
a) Xc nh gi ca TP
b) Nu TP trn ang c bn vi gi 999.780, bn c nn mua TP
khng?
Gii:
a) p dng cng thc tnh gi ca TP:
P

C
C
C
F

....

1
2
t
(1 r ) (1 r )
(1 r ) (1 r )t

C
1
F
1

t
r
(1 r )
(1 r )t

Thay s:
c

MG LS coupon 1.000.000 8%

40.000
2
2

9%
0, 045
2

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Cc cng thc cn nh v mt s bi tp mu

Tr li na nm 1 ln nn t = 2 5 = 10 nm
F = 1.000.000
Ta c: P = 960.436
c) Tri phiu trn th trng ang c bn vi gi 999.780 > 960.436 th
bn khng nn mua tri phiu v gi tr thc ca TP thp hn gi hin
hnh, do gi tri phiu c kh nng gim i trong tng lai.
Bi 2: Mt TP c thi hn 10 nm, LS 10%, MG 100.000 /TP c pht
hnh vo ngy 1/1/2008, li hch ton 6 thng/ln. Tr gi TP hin ti l
110.000 /TP. nh gi TP ? Bit rng LS o hn ca TP tng ng l
12%.
Gii:
Gi s nh gi ti nm 2011:
Gi TP:
P

C
C
C
F

....

1
2
t
(1 r ) (1 r )
(1 r ) (1 r )t

C
1
F
1

t
r
(1 r )
(1 r )t

Thay s:
c

MG LS coupon 100.000 10%

5.000
2
2

12%
6%
2

F = 100.000
Thi hn 10 nm Thi hn cn li l 7 nm
Li hch ton 6 thng/ln nn t = 14
Ta c: P = 90.705

Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

V gi tr hin ti ca TP l 110.000 > 90.705 Khng nn mua TP v

gi tr thc ca TP thp hn gi hin hnh nn gi tri phiu c kh nng gim i
trong tng lai.
DNG 3: U THU TRI PHIU
- u thu tri phiu th cng dn LS t thp n cao
- u thu c phiu th cng dn LS t cao xung thp
Bi 1: Kho bc nh nc pht hnh TP bng hnh thc u thu LS huy
ng 500 t . Mnh gi TP l 500.000, thi hn TP l 10 nm. Vo u gi m
thu i vi t chc u thu nhn c cc n d thu nh sau:
n v

LS t thu (%)

Gi tr t thu (t )

8,21

120

8,19

132

8,18

158

8,08

165

7,98

135

7,95

114

1. Xc nh LS trng thu v khi lng trng thu ca mi n v. Trong trng

hp:
a) u thu kiu H Lan
b) u thu kiu M
2. Nu li sut ch o l 8,17% th kt qu trn s thay i nh th no ?
3. X s lng TP mi n v mua c trong 2 hnh thc u thu trn, bit rng
gi pht hnh theo phng thc chit khu ?
Gii:
n v
Th trng chng khon

LS t thu (%)
Page 6

Gi tr t thu (t )

Tch ly (t )
4/19/2015

Cc cng thc cn nh v mt s bi tp mu

7,95

114

114

7,98

135

249

8,08

165

414

8,18

158

572

8,19

132

704

8,21

120

824

Li sut trng thu l 8,18%

Cc n v t thu mc LS 8,18% s trng thu.
a) u thu kiu H Lan
Bng cc n v trng thu:
n v

LS trng thu (%)

KL trng thu (t )

8,18

500 - 414 = 86

8,18

165

8,18

135

8,18

114
=500

b) u thu kiu M
Bng cc n v trng thu:
n v

LS trng thu (%)

KL trng thu (t )

8,18

500 - 414 = 86

8,08

165

7,98

135

7,95

114
=500

2. Nu LS ch o l 8,17% th cc n v t LS di 8,17% th hp l.

Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

Ch c 3 n v D, E, F c gii quyt, cn khi lng trng thu khng p ng

nhu cu cn huy ng ca KBNN (thiu 86 t)
Bng cc n v trng thu:
n v

LS trng thu (%)

KL trng thu (t )

8,17

165

8,17

135

8,17

114
=414

3. Xc nh s lng TP mi n v mua c (gi pht hnh theo phng thc

CK)
a) u thu kiu H Lan
PTP

MG
500.000

227.772
n
(1 LS trung thau )
(1 8,18%)10

S lng TP trng thu = Gi tr trng thu / PTP

- S lng TP mi n v mua c:
86 109
390.742 TP
C:
227.772

D:

165 109
724.409 TP
227.772

E:

135 109
592.698 TP
227.772

F:

114 109
500.501 TP
227.772

b) u thu kiu M:
PTP

MG
(1 LS ) n

S lng TP mi n v mua c = Gi tr trng thu / PTP

n v

PTP ()

Th trng chng khon

S lng TP mua c (TP)

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Cc cng thc cn nh v mt s bi tp mu

500.000
227.772
(1 8,18%)10

86 109
390.742
227.772

500.000
229.888
(1 8, 08%)10

165 109
717.741
229.888

500.000
232.026
(1 7,98%)10

135 109
581.831
232.026

500.000
232.672
(1 7,95%)10

114 109
489.960
232.672

Bi 2: Cty CP X pht hnh c phiu bng cch u thu 10 triu c phn,

nhn c cc n t thu sau:
n v

Gi ()

KL (triu CP)

Ly k (tr.CP)

34.800

3,5

3,5

23.900

1,9

5,4

22.600

2,5

7,9

21.200

7,2

15,1

20.900

1,7

16,8

10.800

1,8

18,6

a. Xc nh gi v khi lng trng thu ca mi n v trng thu, bit u thu

theo c ch a gi (Kiu M)
Gi trng thu l 21.200
Cc n v t thu mc gi 21.200 s trng thu.
Bng cc n v trng thu (kiu M)
n v

Gi trng thu ()

34.800

3,5

23.900

1,9

22.600

2,5

21.200

7,2

Th trng chng khon

KL trng thu (triu CP)

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Cc cng thc cn nh v mt s bi tp mu

b. Tnh s tin m NT B phi np thm, bit gi khi im l 11.500, t l t

cc l 10%.
S tin t cc: 1,9 11.500 10% = 2.185 tr
S tin m NT D phi np thm:
1,9 23.900 2.185 = 43.225 tr
DNG 4: HON TR TRI PHIU
TH1: Hon tr nhiu ln, phn gc bng nhau:
S tri phiu hon tr mi nm (mi k)
N1 = N2 = .=

N
n

(N: Tng s TP pht hnh; n: S ln hon tr)

TH2: Hon tr nhiu ln, mi ln c phn gc + li bng nhau
S tin hon tr (gc + li) mi nm (mi k)

N . C. i
1 (1 i) n

Trong : C: Mnh gi ca TP
i: LS danh ngha (coupon) ca TP
n: S ln hon tr
Bng hon tr:
S

S TP

S TP hon tr

S gc hon tr

Li hng k

Tng s hon tr

u k

trong k (TP)

trong k (tr.)

(tr.)

trong k (tr.)

Ni

Mi

Li

ai

- S tin tr li ca nm th nht:
L1 = N. C. i
(Li hng k = S TP u k Mnh gi LS danh ngha)
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Cc cng thc cn nh v mt s bi tp mu

- S tin gc tr nm th nht:
M1 = a L 1
- S TP tr nm th nht:
N1 =

M1
C

(S TP hon tr trong k = S tin gc hon tr trong k / Mnh gi)

M k 1 M k .(1 i )
C th: S tin gc, s tin tr li, s TP tr t nm 2 n nm n:
M 2 M 1.(1 i)
L2 a M 2
N2

M2
C

M 3 M 2 .(1 i)
L3 a M 3
N3

M3
C

..
( Ni N )
(Dng ny bi tp d lm nn ko cn v d u)
DNG 5: QUYN MUA
Vn iu l = Mnh gi CP S lng CP pht hnh
- Gi tr l thuyt ca quyn mua:
Qm p0 p1
p1

Np0 np
N n

n
n
( p0 p ) ( p1 p )
M n
N

Trong :
N: S CP trc khi tng vn

Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

n: S CP pht hnh mi
p0: Gi tr CP trc khi tng vn
p1: Gi tr CP sau khi tng vn
p: Gi c phiu pht hnh mi
(Dng ny cng th)
DNG 6: KHP LNH NH K
- ATO, LO th ATO u tin trc (nn xp gi t cao xung thp)
- ATC, LO th ATC u tin trc
- LO, MP th MP u tin trc
+ u tin khp lnh: gi trc, thi gian sau.
+ Nguyn tc khp lnh mua cao, bn thp
+ Gi khp lnh l gi c khi lng giao dch Max
Ph mi gii = KLGD Gi giao dch % Ph mi gii
Bi 1: u gi phin giao dch SGDCK TPHCM tp hp cc lnh mua, bn
CP SAM nh sau:
Lnh bn

Gi ()

Lnh mua

5.000

ATO

4.000

5.200

38.000

8.000

8.300

37.700

18.000

15.000

37.400

15.000

18.500

37.100

13.400

36.800

5.000

5.600

36.500

4.500

4.000

36.200

3.500

Yu cu:
Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

1) Xc nh gi m ca ca CP SAM. Bit rng gi ng ca ca CP SAM

phin giao dch ngy hm trc l 37.200.
2) Nhn xt vic thc hin lnh theo gi m ca. Cho bit, ti mc gi
37.100 c KH t bn:
KH

Thi gian

8h30

8h35

8h37

Lng bn(CP)

6.000

8.000

10.000

3) Tnh ph mi gii m cc cng ty chng khon thu c trong phin giao

dch trn bit rng cc cng ty u p dng mc ph mi gii l 0,5% v

trong s lnh mua c thc hin t l giao dch t doanh l 10% v trong
s lnh bn c thc hin t l giao dch t doanh l 5%.
Gii:
H thng giao dch s tnh ton khi lng khp lnh ti tng mc gi nh
sau:
TL mua

Lnh mua

Gi ()

4.000

4.000

ATO

12.000

8.000

38.000

30.000

18.000

45.000

Lnh bn
-

TL bn

KLGD

4.000

5.200

75.000

12.000

37.700

8.300

69.800

30.000

15.000

37.400

15.000

61.500

45.000

45.000

37.100

18.500

46.500

45.000

50.000

5.000

36.800

13.400

28.000

28.000

54.500

4.500

36.500

5.600

14.600

14.600

59.000

3.500

36.200

4.000

9.000

9.000

ATO

5.000

5.000

5.000

Gi m ca ca CP SAM l 37.100 v ti mc gi ny khi lng giao dch

l ln nht (45.000) v do gi tham chiu l 37.200
2. Nhn xt vic thc hin lnh:
Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

a) Bn mua:
- Cc lnh t mua c gi 37.100 th c thc hin
- Cc lnh t mua c gi < 37.100 th ko c thc hin
b) Bn bn:
- Cc lnh t bn c gi 36.800 th c thc hin
- Cc lnh t bn c gi > 37.100 th ko c thc hin
Ti mc gi 37.100 c 18.500 CP c cho bn nhng ch bn c
45.000 28.000 = 17.000 CP
S lng CP ny s c phn b cho nhng ngi t bn ti mc gi
37.100 theo th t u tin v thi gian v khi lng:
KHA bn c 6.000
KHB bn c 8.000
KHC bn c 3.000
3. Tng ph mi gii = KLGD Gi GD % ph mi gii 2
= 45.000 37.100 0,5% 2
= 16.695.000
Ph t doanh mua = KLGD Gi GD t l GD t doanh mua % ph mi gii
= 45.000 37.100 10% 0,5%
= 834.750
Ph t doanh bn = KLGD Gi GD t l GD t doanh bn % ph mi gii
= 45.000 37.100 5% 0,5%
= 417.375
Ph thu c = Tng ph mi gii (Ph t doanh mua + Ph t doanh bn)

= 16.695.000 (834.750 + 417.375 ) = 15.442.875

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Cc cng thc cn nh v mt s bi tp mu

Bi 2: (Trch t thi) Vo u phin giao dch x gi m ca ngy

14/11/200X Trung tm giao dch CK TPHCM tp hp c cc lnh mua v lnh
bn SGH nh sau:
Lnh bn

P ()

Lnh mua

( S liu nh phn li gii)

Bit rng gi ng ca ca CP BBC ngy hm trc l 32.400 , bin giao
ng gi l 5%
Yu cu:
1) Xc nh gi m ca ca CP BBC ngy 14/11/200X
2) Tnh ph mi gii m cty CK VCBS thu c, bit rng ph mi gii l
0,45% v u gi phin giao dch c cc KH sau t lnh mua CP SGH ti
cty:
KH

Gi

32.200

32.300

32.500

32.600

900

1.200

800

900

S lng

Gii:
H thng giao dch s tnh ton khi lng khp lnh ti tng mc gi nh
sau:
TL mua

Lnh mua

Gi ()

1.000

1.000

ATO

4.500

3.500

32.800

9.300

4.800

12.800

Lnh bn

KLGD

1.000

5.200

27.700

4.500

32.600

1.200

22.500

9.300

3.500

32.500

2.500

21.300

12.800

15.000

2.200

32.300

6.300

18.800

15.000

16.200

1.200

32.200

5.000

12.500

12.500

20.200

4.000

31.900

1.300

7.500

7.500

21.700

1.500

31.700

5.500

6.200

6.200

Th trng chng khon

TL bn

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Cc cng thc cn nh v mt s bi tp mu

ATO

700

700

700

Gi m ca ca CP BBC ngy 14/11/200X l 32.300 v ti mc gi ny

khi lng giao dch l ln nht bng 15.000
Vi gi ng ca ca CP BBC ngy hm trc l 32.400 < 49.900 v bin
giao ng gi l 5% Cc mc gi phi giao ng trong (30.780; 34.020)
v cch nhau l 100. Tc l 30.800; 30.900;.;34.000
Do , gi 32.300 l hp l
2. Tnh ph mi gii m cty CK VCBS thu c:
KH
A
B
C
D

Gi
S lng t SL khp
32.200
900
0
32.300
1.200
1.200
32.500
800
800
32.600
900
900
Tng ph mi gii

Ph mi gii ()
0
1.200 32.300 0,45% = 174.420
800 32.300 0,45% = 116.280
900 32.300 0,45% = 130.815
421.515

DNG 7: KHP LNH LIN TC

- Ch tn ti lnh LO, MP: Lnh MP u tin trc
- Nguyn tc khp lnh:
+ Gi mua phi cao hn hoc bng gi bn (Khp theo gi ca ngi t lnh
trc)
+ Mua cao, bn thp
- u tin t lnh trc theo nguyn tc gi, thi gian
- Theo quy nh mi, p dng cho HOSE (TPHCM)
+ Phin 1: 8h30 n 8h45
+ Phin 2: 8h45 n 10h30
+ Phin 3: 10h30 n 10h45
- Ht phin giao dch khp lnh lin tc, nu lnh MP cha c khp th s
c chuyn thnh lnh LO theo nguyn tc mua nhy ln, bn nhy
xung 1 n v gi (n v yt gi)
Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

n v yt gi:
- Ti s GDCK TPHCM hin nay:
Mc gi

n v yt gi

49.900

100

50.000 95.500

500

100.000

1.000

- Ti HN: v yt gi l 100 vi CP v chng ch qu. Tri phiu ko quy

nh.
Bi 1: Trong t khp lnh lin tc ngyHOSE nhn c cc lnh mua
bn chng khon KHA nh sau:
Thi gian

NT

Lnh mua

Lnh bn

Gi (1.000) S lng

Gi (1.000) S lng

9h20

30,6

500

9h22

30,4

300

9h24

9h25

30,8

500

9h27

9h28

MP

1.000

30,7

1.000

MP

1.000

Yu cu: X gi v khi lng giao dch ca mi nh u t mua, bn c

Tnh ph mi gii NT F phi tr. Bit rng t l ph mi gii l 0,5%.
Gii:
Khung gi t 9h20 n 9h29 nm trong phin khp lnh lin tc theo quy
nh mi hin nay l 8h45 n 10h30.
Gi s lnh bn ca nh u t A cha c khp ti phin 1
9h20: Ch c lnh bn, ko c lnh mua Khng khp lnh
9h22: nh trn

Th trng chng khon

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Cc cng thc cn nh v mt s bi tp mu

A d bn 500 CP gi 30,6
B d bn 300 CP gi 30,4
9h24: C B : 300 CP gi 30,4
C A : 500 CP gi 30,6
C d mua 200 CP gi 30,7
9h25: ko c giao dch v gi bn > gi mua
C d mua 200 CP gi 30,7
D d bn 500 CP gi 30,8
9h27: E D : 500 CP gi 30,8
C d mua 200 CP gi 30,7
E d bn 500 CP gi MP
9h28: E F : 500 CP gi MP
C F : 200 CP gi 30,7
F d bn 300 CP gi MP
Lnh MP n cui phin khp lnh lin tc chuyn thnh lnh LO vi gi
30,6
Ph mi gii m NT F phi tr l:
(500 30,6 + 200 30,7) 0,5% = 107,2 (nghn )
Bi 2: Trong t khp lnh lin tc ngyHOSE nhn c cc lnh mua
bn chng khon KHA nh sau:
Thi gian

NT

Lnh mua

Lnh bn

Gi (1.000) KL (CP)
8h46

9h32

9h35

9h40

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37,8
37,9

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Gi (1.000)

KL (CP)

300
37,6

1.900

37,2

100

1.000

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Cc cng thc cn nh v mt s bi tp mu

9h45

37,8

200

1) Xc nh kt qu khp lnh
2) Tnh ph mi gii cty CK thu c bit ph mi gii 0,4%
3) Tnh s tin m nh u t B thu c bit thu TNCN p dng trong u
t chng khon l 0,1%
4) Nu nh u t B p dng nghip v ng trc tin bn, tnh s tin NT
ny thu c, bit rng mc ph p dng ca nghip v ny l 0,5%/ngy,
thi gian ng ti thiu l 3 ngy, k c th 7, CN, ph mi gii ti thiu l
30.000 /ln ng. Ngy khp lnh thnh cng l ngy th 6
Gii:
1) Khung gi t 8h46 n 9h45 nm trong phin khp lnh lin tc theo quy
nh mi hin nay l 8h45 n 10h30.
Gi s lnh mua ca nh u t A cha c khp ti phin 1
8h46: Ch c lnh mua, ko c lnh bn Khng khp lnh
9h32: A B : 300 CP gi 37,8
B d bn 1.600 CP gi 37,6
9h35: C B : 1.000 CP gi 37,6
B d bn 600 CP gi 37,6
9h40: Ch c lnh bn, ko c lnh mua Khng khp lnh
B d bn 600 CP gi 37,6
D d bn 100 CP gi 37,2
9h45: E D : 100 CP gi 37,2
E B : 100 CP gi 37,6
B d bn 500 CP gi 37,6
2) Ph mi gii cty chng khon thu c:
Ph mi gii = KLGD Gi GD % ph mi gii 2

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Cc cng thc cn nh v mt s bi tp mu

= (300 37,8 + 1.000 37,6 + 100 37,2 + 100 37,6) 0,4% 2

= 4.513,6 nghn
3. Tnh s tin m nh T B thu c:
- S tin B thu c sau khi tr i ph mi gii:
X = KLGD Gi GD (1 - % ph mi gii)
- S tin B thu c sau khi tr i ph mi gii v thu TNCN:
Y = KLGD Gi GD (1 - % ph mi gii) (1 Thu sut thu TNCN)
= (300 37,8 + 1.000 37,6 + 100 37,2 + 100 37,6) (1 - 0,4%) (1 0,1%)
= 52.436,71 nghn
5) S tin m nh T B thu c:
Z = Y Ph ng trc
Ph ng trc = Y 0,5% 5 = 52.436,71 0,5% 5
= 1.310,92 nghn
Ph ng trc nu 30k th ly 30k
> 30k th ly ph ng trc
Ph ng trc = 1.310,92 nghn > 30k nn ly ph ng trc.
Z = Y Ph ng trc = 52.436,71 1.310,92 = 51.125,79 nghn
(S cn b sung thm dng bi tp khc)

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