MUHAMMAD IBNU SOIM: Ekonomi Makro

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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">BAB I</span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">PENDAHULUAN</span></b></div>
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: 5.0pt; text-align: justify; text-indent: 42.55pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-themecolor: text1;">Dalam membicarakan
ekonomi pada umumnya, dan ekonomi Islam pada khususnya, rasanya janggal jika
tidak memulainya dengan membahas “uang”. Apalagi, jika pembahasan ekonomi ini
terfokus pada masalah atau topik moneter dan fiskal. Dimana uang adalah alat
untuk memenuhi kebutuhan manusia. Sejak peradaban kuno mata uang logam sudah
menjadi alat pembayaran biasa walaupun belum sesempurna sekarang.</span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
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<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-themecolor: text1;">Oleh karena itu, uang
oleh sebagian penduduk dipandang sebagai sesuatu yang sangat penting. Sebab
uang dapat dijadikan alat pemenuhan kebutuhan manusia, alat pemudah aktivitas
ekonomi. Dengan adanya uang yang berfungsi sebagai alat pembayaran akan
memudahkan pertukaran barang, sehingga pekerjaan dijalankan lebih mudah.
Kebutuhan muncul karena system barter ternyata banyak menimbulkan kesukaran.
Orang tidak bebas memperjual belikan barang-barang yang mereka perlukan.</span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-themecolor: text1;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">BAB II</span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">PEMBAHASAN </span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">ECONOMIC VALUE OF TIME</span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";">    </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">DEFINISI ECONOMIC VALUE OF TIME</span></b></div>
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<i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">Economic value of time</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;"> adalah sebuah konsep dimana
waktulah yang memiliki nilai ekonomi, bukanlah uang memiliki nilai waktu. <i>Economic
value of time</i> memiliki arti memaksimumkan nilai ekonomis suatu dana pada
periodik waktu.</span></div>
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<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">Teori <i>economic value of time</i>
berkembang pada abad ke-7 masehi. Pada masa saat digunakannya emas dan perak
sebagai alat tukar. Logam ini diterima sebagai alat tukar disebabkan nilai
intrinsiknya, bukan karena mekanisme untuk dikembangkan, sehingga hubungan
debetur/kreditur yang muncul bukan kerena akibat transaksi secara lansung,
namun jelas merupakan transaksi “permintaan uang”.</span></div>
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<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">Didalam Islam, keuntungan bukan
saja keuntungan di dunia, namun yang dicari adalah keuntungan di dunia dan di
akhirat. Oleh karena itu, pemanfaatan waktu itu bukan saja harus efektif dan
efisien, namun harus juga didasari dengan keimanan. Keimanan inilah yang akan
mendatangkan keuntungan di akhirat. Sebaliknya, keimanan yang tidak mampu
mendatangkan keuntungan di dunia berarti keimanan yang tidak di amalkan. </span></div>
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<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">Dalam Al-Qur’an disebutkan nilai
waktu, termasuk nilai ekonomi waktu ditentukan oleh keimanan, amal baik, saling
mengingatkan dalam hal kebaikan dan kesabaran. Firman Allah Q.S Al-Ashr yang
berbunyi sebagai berikut: </span></div>
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<span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Î</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">Ž</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ó</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">Ç</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">y</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">è</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ø</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">9</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">$</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">u</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">r</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">Ç</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">Ê</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">È</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">¨</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">b</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Î</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">)</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">z</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">`</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">»</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">|</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">¡</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">S</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">M</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">}</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">$</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">’</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Å</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">"</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">s</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">9</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">A</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">Ž</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ô</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">£</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ä</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">z</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">Ç</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">Ë</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">È</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">ž</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">w</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Î</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">)</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">t</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">û</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">ï</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Ï</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB3; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB3; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB3;">%</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">©</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB3; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB3; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB3;">!</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">$</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">(</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">q</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ã</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">Z</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">t</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">B</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">u</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">ä</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">(</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">q</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">è</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">=</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Ï</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">J</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">t</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">ã</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">u</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">r</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Ï</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">M</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">»</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">y</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">s</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Î</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">=</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">»</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">¢</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">Á</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">9</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">$</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">(</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ö</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">q</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">|</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">¹</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">u</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">q</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">s</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">?</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">u</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">r</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">È</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">d</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">,</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">y</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">s</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ø</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">9</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">$</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">$</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Î</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">/</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">(</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ö</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">q</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">|</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">¹</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">#</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">u</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">q</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">s</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">?</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">u</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">r</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Î</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">Ž</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">ö</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">9</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">¢</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">Á</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">9</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB5; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB5; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB5;">$</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">$</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB4; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB4; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB4;">Î</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB1; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB1; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB1;">/</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span dir="LTR"></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span dir="LTR"></span><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">Ç</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">Ì</span></span><span dir="LTR" lang="IN" style="color: black; font-family: HQPB2; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-bidi-theme-font: major-bidi; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-symbol-font-family: HQPB2; mso-themecolor: text1;"><span style="mso-char-type: symbol; mso-symbol-font-family: HQPB2;">È</span></span><span dir="RTL"></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"><span dir="RTL"></span>
</span><span lang="AR-SA" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-font-size: 14.0pt; mso-ascii-font-family: "$normal text$"; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-font-family: "$normal text$"; mso-themecolor: text1;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .25in; text-align: justify;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-themecolor: text1;">Artinya: <i style="mso-bidi-font-style: normal;">“Demi
masa. Sesungguhnya manusia itu benar-benar dalam kerugian, Kecuali orang-orang
yang beriman dan mengerjakan amal saleh dan nasehat menasehati supaya mentaati
kebenaran dan nasehat menasehati supaya menetapi kesabaran</i>.” (Q.S. Al-Ashr:
1-3).<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-themecolor: text1;">[1]</span></span></span></span></a></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .25in; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Islam tidak mengenal konsep <i>time value of
money</i>, Dasar perhitungan pada kontrak berbasis <i>time value of money</i></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;"> adalah bunga. Sedangkan </span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Dasar
perhitungan pada kontrak berbasis </span><i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">Economic value
of time </span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">adalah nisbah.
<i>Economic value of time </i>relatif lebih adil dalam perhitungan kontrak yang
bersifat pembiayaan bagi hasil (<i>profit sharing)</i>. </span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .25in; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">Konsep<span style="mso-spacerun: yes;">  </span>bagi hasil (<i>profit sharing)</i> berdampak
pada tingkat nisbah yang menjadi perjanjian kontrak dua belah pihak.</span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-themecolor: text1;"> </span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Transaksi bagi hasil
berbeda dengan transaksi jual beli atau transaksi sewa menyewa, karena dalam
transaksi bagi hasil hubungannya bukan antara penjual dengan pembeli atau
penyewa dengan yang menyewakan.</span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-themecolor: text1;"></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-left: .25in; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .25in; mso-add-space: auto; mso-list: l2 level1 lfo1; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">B.<span style="font: 7.0pt "Times New Roman";">     </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">KRITIK ATAS TIME VALUE OF MONEY<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403" name="more"></a></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .25in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Dalam
ekonomi konvensional <i>time value of money </i>didefinisikan sebagai berikut: <i>A
dollar today is worth more than a dollar in the future because a dollar today
can be invested to get a return.<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[2]</span></b></span></span></span></a>
</i></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .25in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Definisi
ini tidak akurat karena setiap investasi selalu mempunyai kemungkinan untuk
mendapat positive, negative, atau no return. Itu sebabnya dalam teori <i style="mso-bidi-font-style: normal;">finance</i>, selalu dikenal <i style="mso-bidi-font-style: normal;">risk-return</i> <i style="mso-bidi-font-style: normal;">relationship</i>.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .25in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Bagi ekonom konvensional ada dua hal yang menjadi alasan
intuisi mereka akan konsep <i style="mso-bidi-font-style: normal;">time</i> <i style="mso-bidi-font-style: normal;">value of money</i><a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn3" name="_ftnref3" style="mso-footnote-id: ftn3;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: SV; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[3]</span></span></span></span></a>:</span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">     
</span></span></span><i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Presence of inflation</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Katakanlah
tingkat inflasi 10% per tahun.  Seseorang dapat membeli sepuluh potong
goreng pisang hari ini dengan membayar sejumlah Rp10.000,-.  Namun bila ia
membelinya tahun depan, dengan sejumlah uang yang sama yaitu Rp10.000,-, ia
hanya dapat membeli sembilan pisang goreng/  Oleh karena itu, ia akan
meminta kompensasi untuk hilangnya daya beli uangnya akibat
inflasi.   </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">     
</span></span></span><i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Preference present
consumption to future consumption</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Bagi
umumnya individu, present consumption lebih disukai daripada future
consumption.  Katakanlah tingkat inflasi nihil, sehingga dengan uang Rp.10.000,-
seseorang tetap dapat membeli sepuluh pisang goring hari ini maupun tahun
depan.  Bagi kebanyakan orang, mengkonsumsi sepuluh pisang goreng hari ini
lebih disukai daripada mengkonsumsi sepuluh pisang goreng tahun depan. Dengan
argumentasi ini, meskipun suatu perekonomian tingkat inflasinya nihil, seseorang
lebih menyukai Rp10.000,- hari ini dan mengkonsumsi hari ini.  Oleh karena
itu untuk menunda konsumsi, ia meminta kompensasi.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Argumen
yang <i style="mso-bidi-font-style: normal;">pertama</i> tidak dapat diterima
karena tidak lengkap kondisinya <i>(non exhausted condition).</i>  Dalam
setiap perekonomian selalu ada keadaan inflasi dan keadaan deflasi.  Bila
keberadaan inflasi menjadi alasan adanya <i>time value of money</i>, seharusnya
keberadaan deflasi menjadi alasan adanya <i>negative time value of money</i>. </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Katakanlah
tingkat deflasi 10% per tahun.  Seseorang dapat membeli sepuluh potong
goreng pisang hari ini dengan membayar sejumlah Rp10.000,-.  Namun bila ia
membelinya tahun depan, dengan sejumlah uang yang sama yaitu Rp10.000,-,
ia  dapat membeli sebelas pisang goreng.  </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Oleh
karena itu, ia akan memberi kompensasi untuk naiknya daya beli uangnya akibat
deflasi.  Inikah yang berlaku?  Ternyata tidak.  Hanya satu
kondisi saja yang diakomodir oleh konsep <i>time value of money</i>, yaitu
kondisi inflasi; sedangkan kondisi deflasi diabaikan.<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn4" name="_ftnref4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[4]</span></span></span></span></a> 
</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Argumen yang <i style="mso-bidi-font-style: normal;">kedua</i>
akan dijelaskan dalam bagian berikutnya bab ini, dengan berbagai skenarionya.<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn5" name="_ftnref5" style="mso-footnote-id: ftn5;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: SV; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[5]</span></span></span></span></a></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .75in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: .25in; mso-add-space: auto; mso-list: l2 level1 lfo1; text-align: justify; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">C.<span style="font: 7.0pt "Times New Roman";">    </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">KETIDAK-PASTIAN RETURN</span></b></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: .25in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Sebenarnya
dalam ekonomi konvensional, penerapan <i>time value of money </i>tidak senaif
yang dibayangkan, misalnya dengan mengabaikan ketidak-pastian return yang akan
diterima.  </span><span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Bila unsur 
ketidak-pastian return ini dimasukkan, ekonom konvensional menyebut
kompensasinya sebagai <i>discount rate</i>.  </span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Jadi
istilah <i>discount rate</i> lebih bersifat umum dibandingkan istilah <i>interest
rate<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn6" name="_ftnref6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[6]</span></b></span></span></span></a></i>.</span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 26.7pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
 <tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
  <td style="background: #E6E6E6; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 212.6pt;" valign="bottom" width="283"><span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; letter-spacing: -.25pt; mso-ansi-language: SV; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;"><br clear="all" style="page-break-before: always;" />
  </span>
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Certainty in Return</span></b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
</td>
  <td style="background: #E6E6E6; border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 165.95pt;" width="221">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Uncertainty in Return</span></b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
</td>
 </tr>
<tr style="mso-yfti-irow: 1;">
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: dotted windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 212.6pt;" valign="top" width="283">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Disebut
  <i>interest rate</i></span></div>
</td>
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: dotted windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 165.95pt;" valign="top" width="221">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Disebut
  <i>discount rate</i></span></div>
</td>
 </tr>
<tr style="mso-yfti-irow: 2;">
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: dotted; mso-border-color-alt: windowtext; mso-border-left-alt: solid; mso-border-right-alt: solid; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted; mso-border-width-alt: .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 212.6pt;" valign="top" width="283">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="mso-bidi-font-style: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Real</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"> <i>interest rate</i>
  ditentukan oleh <i style="mso-bidi-font-style: normal;">preferensi current
  consumption</i> seseorang</span></div>
</td>
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: dotted; mso-border-color-alt: windowtext; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid; mso-border-right-alt: solid; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted; mso-border-width-alt: .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 165.95pt;" valign="top" width="221"><br /></td>
 </tr>
<tr style="mso-yfti-irow: 3;">
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: dotted; mso-border-color-alt: windowtext; mso-border-left-alt: solid; mso-border-right-alt: solid; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted; mso-border-width-alt: .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 212.6pt;" valign="top" width="283">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Nominal
  <i>interest rate</i> = real <i>interest rate</i> + <i style="mso-bidi-font-style: normal;">expected inflation</i></span></div>
</td>
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: dotted; mso-border-color-alt: windowtext; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid; mso-border-right-alt: solid; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted; mso-border-width-alt: .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 165.95pt;" valign="top" width="221"><br /></td>
 </tr>
<tr style="height: 24.05pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
  <td style="border-top: none; border: solid windowtext 1.0pt; height: 24.05pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 212.6pt;" valign="top" width="283"><br /></td>
  <td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 24.05pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 165.95pt;" valign="top" width="221">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Discount
  rate</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">
  = real <i>interest rate</i> + <i style="mso-bidi-font-style: normal;">expected
  inflation</i> + <i style="mso-bidi-font-style: normal;">premium for uncertainty</i></span></div>
</td>
 </tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in;">
<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn7" name="_ftnref7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[7]</span></span></span></span></span></a><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 21.3pt; text-align: justify; text-indent: 14.7pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; letter-spacing: -.25pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Jadi, dalam ekonomi
konvensional, ketidak-pastian <i style="mso-bidi-font-style: normal;">return</i>
dikonversi menjadi suatu kepastian melalui premium for uncertainty. Dalam
setiap investasi tentu selalu ada probabiliti untuk mendapat <i style="mso-bidi-font-style: normal;">positif return</i>, <i style="mso-bidi-font-style: normal;">negative return</i>, dan <i style="mso-bidi-font-style: normal;">no</i> <i style="mso-bidi-font-style: normal;">return</i>. Adanya probabiliti inilah yang
meninbulkan uncertainty (ketidak-pastian). <i style="mso-bidi-font-style: normal;">Probabiliti</i>
untuk mendapat <i style="mso-bidi-font-style: normal;">negative return</i> dan <i style="mso-bidi-font-style: normal;">no</i> <i style="mso-bidi-font-style: normal;">return</i>
ini yang dipertukarkan (<i style="mso-bidi-font-style: normal;">exchange of
liabilities</i>) dengan sesuatu yang pasti yaitu <i style="mso-bidi-font-style: normal;">premium</i> <i style="mso-bidi-font-style: normal;">for uncertainty.</i></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 21.3pt; text-align: justify; text-indent: 14.7pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 21.3pt; text-align: justify; text-indent: 14.7pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 21.3pt; text-align: justify; text-indent: 14.7pt;">
<span style="mso-ignore: vglayout; position: relative; z-index: 251659264;"><span style="height: 187px; left: 0px; left: 39px; position: absolute; top: -6px; width: 479px;">

</span></span></div>
<table align="left" cellpadding="0" cellspacing="0">
 <tbody>
<tr>
  <td height="0" width="0"><br /></td>
  <td width="169"><br /></td>
  <td width="1"><br /></td>
  <td width="130"><br /></td>
  <td width="7"><br /></td>
  <td width="16"><br /></td>
  <td width="27"><br /></td>
  <td width="1"><br /></td>
  <td width="83"><br /></td>
  <td width="45"><br /></td>
 </tr>
<tr>
  <td height="8"><br /></td>
  <td colspan="6"><br /></td>
  <td align="left" colspan="3" rowspan="6" valign="top"><img alt="Rounded Rectangle: Premium for uncetainy
" height="101" src="file:///C:\DOCUME~1\RUMAHG~1\LOCALS~1\Temp\msohtmlclip1\01\clip_image001.gif" width="129" /></td>
 </tr>
<tr>
  <td height="16"><br /></td>
  <td colspan="2"><br /></td>
  <td align="left" rowspan="2" valign="top"><img alt="Rounded Rectangle: Positive return" height="37" src="file:///C:\DOCUME~1\RUMAHG~1\LOCALS~1\Temp\msohtmlclip1\01\clip_image002.gif" width="130" /></td>
 </tr>
<tr>
  <td height="21"><br /></td>
  <td align="left" rowspan="9" valign="top"><img height="150" src="file:///C:\DOCUME~1\RUMAHG~1\LOCALS~1\Temp\msohtmlclip1\01\clip_image003.gif" width="169" /></td>
 </tr>
<tr>
  <td height="35"><br /></td>
 </tr>
<tr>
  <td height="19"><br /></td>
  <td><br /></td>
  <td align="left" rowspan="4" valign="top"><img alt="Rounded Rectangle: No return" height="38" src="file:///C:\DOCUME~1\RUMAHG~1\LOCALS~1\Temp\msohtmlclip1\01\clip_image004.gif" width="130" /></td>
 </tr>
<tr>
  <td height="2"><br /></td>
  <td><br /></td>
  <td><br /></td>
  <td align="left" rowspan="7" valign="top"><img height="79" src="file:///C:\DOCUME~1\RUMAHG~1\LOCALS~1\Temp\msohtmlclip1\01\clip_image005.gif" width="16" /></td>
 </tr>
<tr>
  <td height="5"><br /></td>
 </tr>
<tr>
  <td height="12"><br /></td>
  <td><br /></td>
  <td><br /></td>
  <td colspan="2"><br /></td>
  <td align="left" rowspan="3" valign="top"><img height="66" src="file:///C:\DOCUME~1\RUMAHG~1\LOCALS~1\Temp\msohtmlclip1\01\clip_image006.gif" width="83" /></td>
 </tr>
<tr>
  <td height="31"><br /></td>
 </tr>
<tr>
  <td height="23"><br /></td>
  <td><br /></td>
  <td align="left" rowspan="4" valign="top"><img alt="Rounded Rectangle: Negative return" height="38" src="file:///C:\DOCUME~1\RUMAHG~1\LOCALS~1\Temp\msohtmlclip1\01\clip_image007.gif" width="130" /></td>
 </tr>
<tr>
  <td height="2"><br /></td>
 </tr>
<tr>
  <td height="4"><br /></td>
 </tr>
<tr>
  <td height="9"><br /></td>
 </tr>
</tbody></table>
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"> </span>

<div class="MsoNormal" style="line-height: 150%; margin-left: 21.3pt; text-align: justify; text-indent: 14.7pt;">
<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn8" name="_ftnref8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[8]</span></span></span></span></span></a><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 21.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 14.7pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Katakanlah <i style="mso-bidi-font-style: normal;">probabiliti</i> <i style="mso-bidi-font-style: normal;">positive return</i>
dan <i style="mso-bidi-font-style: normal;">negative return</i> masing-masing
sebesar 0,4; sedangkan <i style="mso-bidi-font-style: normal;">probabiliti no
return</i> sebesar 0,2. Apa yang dilakukan dalam perhitungan <i>discount rate</i>
adalah mempertukarkan <i style="mso-bidi-font-style: normal;">probabiliti
negative</i> <i style="mso-bidi-font-style: normal;">return</i> (0,4) dan <i style="mso-bidi-font-style: normal;">probabiliti no return</i> (0,2) ini dengan
premium <i style="mso-bidi-font-style: normal;">for</i> <i style="mso-bidi-font-style: normal;">uncertainty</i>, sehingga yang tersisa tinggal <i style="mso-bidi-font-style: normal;">probabiliti</i> untuk <i style="mso-bidi-font-style: normal;">positive
return</i> (1,0).</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 26.7pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
 <tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
  <td style="background: #E6E6E6; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 120.45pt;" valign="top" width="161">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Keadaan</span></div>
</td>
  <td style="background: #E6E6E6; border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.75pt;" valign="top" width="189">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Natural Uncertainty (probabiliti)</span></div>
</td>
  <td style="background: #E6E6E6; border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 117.7pt;" valign="top" width="157">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Discount rate</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"> (probabiliti)</span></div>
</td>
 </tr>
<tr style="mso-yfti-irow: 1;">
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: dotted windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 120.45pt;" valign="top" width="161">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Positive
  return</span></i></div>
</td>
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: dotted windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.75pt;" valign="top" width="189">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">0,4</span></div>
</td>
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: dotted windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 117.7pt;" valign="top" width="157">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">1,0</span></div>
</td>
 </tr>
<tr style="mso-yfti-irow: 2;">
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: dotted; mso-border-color-alt: windowtext; mso-border-left-alt: solid; mso-border-right-alt: solid; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted; mso-border-width-alt: .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 120.45pt;" valign="top" width="161">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">No
  return</span></i></div>
</td>
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: dotted; mso-border-color-alt: windowtext; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid; mso-border-right-alt: solid; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted; mso-border-width-alt: .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.75pt;" valign="top" width="189">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">0,2</span></div>
</td>
  <td style="border-bottom: dotted windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: dotted; mso-border-color-alt: windowtext; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid; mso-border-right-alt: solid; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted; mso-border-width-alt: .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 117.7pt;" valign="top" width="157">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">0,0</span></div>
</td>
 </tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
  <td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 120.45pt;" valign="top" width="161">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Negative
  return</span></i></div>
</td>
  <td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.75pt;" valign="top" width="189">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">0,4</span></div>
</td>
  <td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; mso-border-top-alt: dotted windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 117.7pt;" valign="top" width="157">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">0,0</span></div>
</td>
 </tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 21.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 14.7pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Keadaan inilah yang ditolak dalam ekonomi
syariah, yaitu keadaan <i>al ghunmu bi la ghurmi (gaining return without
responsible for any risk)</i> dan <i>al kharaj bi la dhaman</i> (gaining income
without responsible for any expenses).  Sebenarnya keadaan ini juga
ditolak oleh teori <i style="mso-bidi-font-style: normal;">finance</i>, yaitu
dengan menjelaskan adanya hubungan antara <i style="mso-bidi-font-style: normal;">risk</i>
dan <i style="mso-bidi-font-style: normal;">return</i>;  bukankah <i>return
goes along with risk</i>?</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 21.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 14.7pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Dalam ekonomi syariah, penggunaan sejenis <i>discount
rate</i> dalam menentukan harga <i>mu’ajjal</i> (bayar tangguh) dapat
digunakan. Hal ini dapat dibenarkan karena:</span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 52.05pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l3 level1 lfo3; text-align: justify; text-indent: -30.75pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">              
</span></span></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Jual beli dan sewa menyewa
adalah sektor riil yang menimbulkan <i>economic value added</i> (nilai tambah
ekonomis).</span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 52.05pt; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l3 level1 lfo3; text-align: justify; text-indent: -30.75pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">              
</span></span></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Tertahannya hak si penjual
(uang pembayaran) yang telah melaksanakan kewajibannya (menyerahkan barang atau
jasa), sehingga ia tidak dapat melaksanakan kewajibannya kepada pihak lain.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 21.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 14.7pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Begitu pula penggunaan <i>discount rate</i>
dalam menentukan nisbah bagi hasil, dapat digunakan. Nisbah ini akan dikalikan
dengan <i>actual return</i>, bukan dengan <i>expected return</i>. Transaksi
bagi hasil berbeda dengan transaksi jual beli atau transaksi sewa menyewa,
karena dalam transaksi bagi hasil hubungannya bukan antara penjual dan pembeli,
atau penyewa dan yang menyewakan. </span><span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Yang
ada adalah hubungan antara pemodal dan yang memproduktifkan modal tersebut. </span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 21.3pt; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: 14.7pt;">
<span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Jadi</span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">,</span><span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"> tidak ada pihak yang telah melaksanakan kewajibannya
namun masih tertahan haknya. Si pemodal telah melaksanakan kewajibannya yaitu
memberikan sejumlah modal, yang memproduktifkan modal juga telah melaksanakan
kewajibannya yaitu memproduktifkan modal tersebut. Hak bagi mereka berdua akan
timbul ketika usaha memproduktifkan modal tersebut telah menghasilkan
pendapatan atau keuntungan. Hak mereka adalah berbagi hasil atas pendapatan
atau keuntungan tersebut, sesuai kesepakatan awal apakah bagi hasil itu akan
dilakukan atas pendapatan atau keuntungan.</span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0in 0in 0in 0in; mso-table-anchor-horizontal: column; mso-table-anchor-vertical: paragraph; mso-table-left: 10.75pt; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-yfti-tbllook: 1184; width: 546px;">
 <tbody>
<tr style="height: .25in; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
  <td colspan="2" style="background: #E6E6E6; border: solid windowtext 1.0pt; height: .25in; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 190.5pt;" valign="top" width="254">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Certainty
  in Return</span></b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
</td>
  <td colspan="2" style="background: #E6E6E6; border-left: none; border: solid windowtext 1.0pt; height: .25in; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 218.9pt;" valign="top" width="292">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Uncertainty
  in Return</span></b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
</td>
 </tr>
<tr style="height: 21.0pt; mso-yfti-irow: 1;">
  <td style="background: #F3F3F3; border-top: none; border: solid windowtext 1.0pt; height: 21.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.55pt;" valign="top" width="130">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Conventional</span></div>
</td>
  <td style="background: #F3F3F3; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 21.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 92.95pt;" valign="top" width="124">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Islamic</span></div>
</td>
  <td style="background: #F3F3F3; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 21.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 112.05pt;" valign="top" width="149">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Conventional</span></div>
</td>
  <td style="background: #F3F3F3; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 21.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.85pt;" valign="top" width="142">
  <div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Islamic</span></div>
</td>
 </tr>
<tr style="height: 82.0pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
  <td style="border-top: none; border: solid windowtext 1.0pt; height: 82.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.55pt;" valign="top" width="130">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Interest rate</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">
  ditentukan oleh:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-indent: -17.75pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">1.    <i style="mso-bidi-font-style: normal;">Preferensi current consumption</i></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-indent: -17.75pt;">
<i style="mso-bidi-font-style: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">2.   
  Expected inflation</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
</td>
  <td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 82.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 92.95pt;" valign="top" width="124">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Keuntungan dalam jual
  beli / sewa secara tangguh bayar ditentukan oleh:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; tab-stops: list 16.95pt; text-indent: -16.95pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">1.    Tingkat keuntungan
  setiap kali transaksi</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; tab-stops: list 16.95pt; text-indent: -16.95pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">2.    Frekuensi transaksi
  dalam satu periode</span></div>
</td>
  <td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 82.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 112.05pt;" valign="top" width="149">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Discount rate</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">
  ditentukan oleh:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-indent: -17.75pt;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">1.    <i style="mso-bidi-font-style: normal;">Preferensi current consumption</i></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-indent: -17.75pt;">
<i style="mso-bidi-font-style: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">2.   
  Expected inflation</span></i></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-indent: -17.75pt;">
<i style="mso-bidi-font-style: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">3.   
  Premium for uncertainty</span></i></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Dengan kata lain, <i style="mso-bidi-font-style: normal;">actual return</i> dipaksakan harus sama
  dengan <i style="mso-bidi-font-style: normal;">expected return</i> nya.</span></div>
</td>
  <td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 82.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.85pt;" valign="top" width="142">
  <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<i><span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Discount
  rate</span></i><span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"> ditentukan atas dasar ekspektasi keuntungan, dan
  digunakan untuk menentukan nisbah bagi hasil.  </span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="SV" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: SV; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Bagi
  hasil yang harus dibayar adalah nisbah bagi hasil dikalikan dengan <i style="mso-bidi-font-style: normal;">actual return</i> nya.</span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: .15in; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Dengan kata lain, <i style="mso-bidi-font-style: normal;">actual return</i> tidak harus sama dengan <i style="mso-bidi-font-style: normal;">expected return</i> nya.</span></div>
</td>
 </tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l2 level1 lfo1; text-align: justify; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">D.<span style="font: 7.0pt "Times New Roman";">    </span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">PERUBAHAN PADA ENDOWMENT
POINT DAN DAMPAKNYA TERHADAP <span style="mso-spacerun: yes;"> </span>PERMINTAAN</span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<i style="mso-bidi-font-style: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Endowment point </span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-spacerun: yes;"> </span>ditentukan oleh beberapa besar <i style="mso-bidi-font-style: normal;">current income </i><span style="mso-spacerun: yes;"> </span>dan beberapa besar <i style="mso-bidi-font-style: normal;">future income.</i> Oleh karena itu, setiap perubahan pada <i style="mso-bidi-font-style: normal;">current income</i> atau setiap perubahan
pada <i style="mso-bidi-font-style: normal;">future income </i>atau setiap
perubahan pada <i style="mso-bidi-font-style: normal;">current </i><span style="mso-spacerun: yes;"> </span>dan <i style="mso-bidi-font-style: normal;">future
income </i>akan megubah <i style="mso-bidi-font-style: normal;">endowment point.</i>
</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Kita
telah menjelaskan bahwa dari <i style="mso-bidi-font-style: normal;">endowment
point </i>inilah kita dapat menentukan <i style="mso-bidi-font-style: normal;">budget
line. </i>Pada <i style="mso-bidi-font-style: normal;">budget line </i>itu kita
akan mendapatkan titik konsumsi optimal. Nah, karena kurva permintaan
diturunkan dari titik-titik optimal pda <i style="mso-bidi-font-style: normal;">budged
line, </i>maka setiap perubahan pada <i style="mso-bidi-font-style: normal;">endowment
point </i>akan mengubah kurva permintaan.<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn9" name="_ftnref9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[9]</span></span></span></span></a></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">     
</span></span></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Perubahan dalam <i style="mso-bidi-font-style: normal;">Current Income </i></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify; text-indent: .5in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Bayangkan
<i style="mso-bidi-font-style: normal;">endowment point </i><span style="mso-spacerun: yes;"> </span>Hafizh sebesar 1000 Kg beras saat ini dan 1000
kg beras tahun depan. Secara garis besar, ini digrafikan oleh titik Y (1000,1000).
Satu-satunya pedagang beras di daerah itu adalah Barri. Berdasarkan
pengalamannya berdagang beras, Barri menawarkan beras kepada Hafizh dengan
rasio Pt/Po = 1,25. Dengan rasio ini kita daat menggambarkan <i style="mso-bidi-font-style: normal;">budged line </i>Hafizh. </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify; text-indent: .5in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Pada
<i style="mso-bidi-font-style: normal;">budget line, </i><span style="mso-spacerun: yes;"> </span>ini titik optimal bagi Hafizh terjadi pada
titik O (800, 1250) yaitu pola konsumsi optimal baginya adalah mengkonsumsi 800
kg beras<span style="mso-spacerun: yes;">  </span>tahun ini, dan mengkonsumsi
1250 kg beras tahun depan.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify; text-indent: .5in;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">     
</span></span></span><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Perubahan dalam <i style="mso-bidi-font-style: normal;">Future Income</i></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; text-align: justify; text-indent: .25in;">
<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Bayangkan
<i style="mso-bidi-font-style: normal;">endowment <span style="mso-spacerun: yes;"> </span>point </i><span style="mso-spacerun: yes;"> </span>mutia sebesar 1000 kg jagung saat ini, dan
1000 kg jagung tahun depan. Secara garis besar, ini diperlihatkan oleh titik Y
(1000, 1000). Satu-satunya pedagang jagung di daerah itu adalah Barri.
Berdasarkan pengalamannya berdagang jagung, Barri menawarkan jagung kepada
Mutia dengan rasio Pt/Po = 1,25. Dengan ratio ini, kita dapat menggambar <i style="mso-bidi-font-style: normal;">budged line </i><span style="mso-spacerun: yes;"> </span>Mutia. </span></div>
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<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-themecolor: text1;">Pda
<i style="mso-bidi-font-style: normal;">budged line </i><span style="mso-spacerun: yes;"> </span>ini, titik optimal bagi mutia terjadi pada
titik O (1100, 875) yaitu pola konsumsi optimal baginya adalah mengkonsumsi
1100 kg jagung tahun ini dan mengkonsumsi 875 kg jagung di tahun depan.<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftn10" name="_ftnref10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US; mso-themecolor: text1;">[10]</span></span></span></span></a></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">BAB III</span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">KESIMPULAN</span></b></div>
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<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-themecolor: text1;">Dari penjelasan makalah diatas, maka dapat
kami simpulkan bahwa </span><i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">Economic value of time</span></i><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;"> adalah sebuah konsep dimana waktulah yang memiliki nilai ekonomi, bukanlah
uang memiliki nilai waktu. <i>Economic value of time</i> memiliki arti
memaksimumkan nilai ekonomis suatu dana pada periodik waktu.</span></div>
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<span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ascii-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN; mso-hansi-theme-font: major-bidi; mso-themecolor: text1;">Teori <i>economic value of time</i>
berkembang pada abad ke-7 masehi. Pada masa saat digunakannya emas dan perak
sebagai alat tukar. Logam ini diterima sebagai alat tukar disebabkan nilai
intrinsiknya, bukan karena mekanisme untuk dikembangkan, sehingga hubungan
debetur/kreditur yang muncul bukan kerena akibat transaksi secara lansung,
namun jelas merupakan transaksi “permintaan uang”.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-themecolor: text1;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
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<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[1]</span></span></span></span></span></a><span lang="IN" style="font-family: "Times New Roman","serif";"> Departemen Agama RI, <i style="mso-bidi-font-style: normal;">Al-Qur’an dan Terjemahnya, </i>(Semarang:
Al-Waah, 1989), hal. 1099.</span></div>
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<div class="MsoFootnoteText" style="text-align: justify; text-indent: .5in;">
<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftnref2" name="_ftn2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[2]</span></span></span></span></span></a><span lang="IN" style="font-family: "Times New Roman","serif";"> Lihat Aswath Damodaran, <i style="mso-bidi-font-style: normal;">Corporate Finance: Theory and Practive, </i>(New
York: John Willey & Sons, 2001).</span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftnref4" name="_ftn4" style="mso-footnote-id: ftn4;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[4]</span></span></span></span></span></a><span lang="IN" style="font-family: "Times New Roman","serif";"> Adiwarman Azwar Karim, <i style="mso-bidi-font-style: normal;">Ekonomi Makro Islam, </i>(Jakarta: Raja
Grafindo Persada, 2011), hal. 112.</span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftnref6" name="_ftn6" style="mso-footnote-id: ftn6;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[6]</span></span></span></span></span></a><span lang="IN" style="font-family: "Times New Roman","serif";"> Damodaran, <i style="mso-bidi-font-style: normal;">Op Cit, </i>hal. 175.</span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftnref7" name="_ftn7" style="mso-footnote-id: ftn7;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[7]</span></span></span></span></span></a><span lang="IN" style="font-family: "Times New Roman","serif";"> Adiwarman Azwar Karim, <i style="mso-bidi-font-style: normal;">Op Cit, </i>hal. 113.</span></div>
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<div class="MsoFootnoteText" style="text-indent: .5in;">
<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftnref8" name="_ftn8" style="mso-footnote-id: ftn8;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[8]</span></span></span></span></span></a><span lang="IN" style="font-family: "Times New Roman","serif";"> Adiwarman Azwar Karim, <i style="mso-bidi-font-style: normal;">Op Cit.</i></span></div>
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<div class="MsoFootnoteText" style="text-align: justify; text-indent: .5in;">
<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftnref9" name="_ftn9" style="mso-footnote-id: ftn9;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[9]</span></span></span></span></span></a><span lang="IN" style="font-family: "Times New Roman","serif";"> Adiwarman Azwar Karim, <i style="mso-bidi-font-style: normal;">Op Cit, </i>hal. 121.</span></div>
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<div class="MsoFootnoteText" style="text-align: justify; text-indent: .5in;">
<a href="https://www.blogger.com/blogger.g?blogID=3762076589651408403#_ftnref10" name="_ftn10" style="mso-footnote-id: ftn10;" title=""><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif";"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">[10]</span></span></span></span></span></a><span lang="IN" style="font-family: "Times New Roman","serif";"> Adiwarman Azwar Karim, <i style="mso-bidi-font-style: normal;">Log Cit, </i>hal. 123.</span></div>
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BAB I ECONOMIC VALUE OF TIME

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