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Y1 = ½ M2
Y3 : M3= (1 + 0,05)^3-1 Y1 : (1 + 0,1)^3-1 M1
= 1,1025 Y1 : 1,21 M1
= 1,1025 × 0,5M1 : 1,21 M1 = 0,455
= 0,46 = 46%