www.excelavanzado.

com

Excel Avanzado

www.excelavanzado.com
Carlos Mars

o.com

A
B
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VALOR ACTUAL NETO

=VNA(E6;$C$7:$C$10)+$C$6

VAN
$1,500.00

Ao Flujo Caja
0 -$4,000.00
1 $1,400.00
2 $1,300.00
3 $1,200.00
4 $1,100.00
Si alguno de los flujos de
caja intermedios no existe
se debe poner cero, no se
dabe dejar vacia la celda.

10%

$5,000.00
-$4,000.00
$1,000.00

Tasa Dto.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%

VAN
$1,000.00
$940.58
$882.31
$825.15
$769.09
$714.08
$660.10
$607.14
$555.16
$504.14
$454.05
$404.88
$356.60
$309.19
$262.62
$216.89
$171.97
$127.84
$84.48
$41.87
$0.00
-$41.15
-$81.60
-$121.35
-$160.44
-$198.87
-$236.66
-$273.82
-$310.37
-$346.31
-$381.67

$1,000.00
$500.00
$0.00
0.0%
-$500.00

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

-$1,000.00

-$1,500.00
-$2,000.00
-$2,500.00
-$3,000.00
La TIR se puede definir
como el tipo de inters que
hace el VAN = 0

TASA INTERNA DE RENTABILIDAD

TIR

10%

efectivo anual

En la frmula de la TIR no se indica en este caso la estimacin, ya

que no estamos en un caso de TIR mltiple.
Cuando se omite la estimacin, Excel la supone del 10%.

131342215.xls.ms_office

Pgina 3

VAN y TIR no peridicos

Dias
Dias
Acum.
0
0
105 105
138
33
259 121
434 175

Fecha

Flujo Caja

14-Oct-03 -$4,000.00
27-Jan-04 $1,200.00
29-Feb-04 $1,100.00
29-Jun-04 $1,000.00
21-Dec-04
$900.00

Dia Flujo Caja

0
-4,000
1
0
2
0
3
0
4
0
5
0
6
0
7
0
8
0
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Tasa
Dto.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
20.5%
21.0%
21.5%
22.0%
22.5%
23.0%
23.5%
24.0%

VAN
$400.00

$200.00
$187.35
$174.82
$162.39
$150.08
$137.88
$125.78
$113.78
$101.89
$90.10
$78.41
$66.83
$55.34
$43.94
$32.64
$21.44
$10.33
-$0.69
-$11.62
-$22.46
-$33.21
-$43.87
-$54.45
-$64.95
-$75.36
-$85.68
-$95.93
-$106.10
-$116.18
-$126.19
-$136.12
-$145.97
-$155.75
-$165.45
-$175.08
-$184.64
-$194.12
-$203.53
-$212.87
-$222.15
-$231.35
-$240.49
-$249.56
-$258.56
-$267.50
-$276.37
-$285.18
-$293.92
-$302.61

$200.00

$0.00
0.0%
-$200.00

10.0%

20.0%

30.0%

-$400.00
-$600.00
-$800.00

-$1,000.00
-$1,200.00
-$1,400.00

TIR NO PERIDICA
TIR
TIR Diaria
TIR Anual

8.4686%
0.02227%
8.4686%

38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
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60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
36.0%
36.5%
37.0%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
42.5%
43.0%
43.5%
44.0%
44.5%
45.0%
45.5%
46.0%
46.5%
47.0%
47.5%
48.0%
48.5%
49.0%
49.5%
50.0%
50.5%
51.0%
51.5%
52.0%

-$311.23
-$319.79
-$328.29
-$336.73
-$345.11
-$353.43
-$361.69
-$369.90
-$378.05
-$386.15
-$394.19
-$402.17
-$410.10
-$417.98
-$425.81
-$433.58
-$441.30
-$448.97
-$456.59
-$464.16
-$471.68
-$479.15
-$486.57
-$493.94
-$501.27
-$508.55
-$515.78
-$522.97
-$530.11
-$537.20
-$544.26
-$551.26
-$558.22
-$565.14
-$572.02
-$578.85
-$585.65
-$592.40
-$599.11
-$605.77
-$612.40
-$618.99
-$625.54
-$632.05
-$638.52
-$644.95
-$651.34
-$657.70
-$664.02
-$670.30
-$676.54
-$682.75
-$688.92
-$695.06
-$701.16
-$707.22

94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
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115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149

0
0
0
0
0
0
0
0
0
0
0
1200
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1100
0
0
0
0
0
0
0
0
0
0
0

52.5%
53.0%
53.5%
54.0%
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
57.5%
58.0%
58.5%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%
63.0%
63.5%
64.0%
64.5%
65.0%
65.5%
66.0%
66.5%
67.0%
67.5%
68.0%
68.5%
69.0%
69.5%
70.0%
70.5%
71.0%
71.5%
72.0%
72.5%
73.0%
73.5%
74.0%
74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
80.0%

-$713.25
-$719.25
-$725.21
-$731.14
-$737.04
-$742.90
-$748.73
-$754.53
-$760.29
-$766.02
-$771.72
-$777.39
-$783.03
-$788.64
-$794.22
-$799.76
-$805.28
-$810.76
-$816.22
-$821.65
-$827.05
-$832.42
-$837.76
-$843.07
-$848.36
-$853.62
-$858.85
-$864.05
-$869.22
-$874.37
-$879.49
-$884.59
-$889.66
-$894.70
-$899.72
-$904.71
-$909.68
-$914.62
-$919.54
-$924.43
-$929.30
-$934.14
-$938.96
-$943.75
-$948.53
-$953.27
-$958.00
-$962.70
-$967.38
-$972.03
-$976.67
-$981.28
-$985.86
-$990.43
-$994.97
-$999.50

150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

80.5%
81.0%
81.5%
82.0%
82.5%
83.0%
83.5%
84.0%
84.5%
85.0%
85.5%
86.0%
86.5%
87.0%
87.5%
88.0%
88.5%
89.0%
89.5%
90.0%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%

-$1,004.00
-$1,008.48
-$1,012.93
-$1,017.37
-$1,021.79
-$1,026.18
-$1,030.56
-$1,034.91
-$1,039.24
-$1,043.56
-$1,047.85
-$1,052.13
-$1,056.38
-$1,060.61
-$1,064.83
-$1,069.02
-$1,073.20
-$1,077.36
-$1,081.50
-$1,085.62
-$1,089.72
-$1,093.80
-$1,097.87
-$1,101.91
-$1,105.94
-$1,109.95
-$1,113.95
-$1,117.92
-$1,121.88
-$1,125.82
-$1,129.74
-$1,133.65
-$1,137.54
-$1,141.41
-$1,145.27
-$1,149.11
-$1,152.93
-$1,156.73
-$1,160.52
-$1,164.30

206
207
208
209
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212
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221
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224
225
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227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1000
0
0

262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

430
431
432
433
434

0
0
0
0
900

VAN

30.0%

40.0%

50.0%

TIR NO PERIDICA
efectivo anual

efectivo anual

60.0%

70.0%

80.0%

90.0% 100.0%

TIRmultiple.xls

TIR MULTIPLE

Ao
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Flujo Caja
-365
200
200
200
200
200
-200
-200
-200
-200
-200
0
0
0
0
0
0
0
0
0
400

Tasa
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
20.5%
21.0%
21.5%
22.0%

VAN
$35.00
$21.29
$9.93
$0.61
-$6.94
-$12.97
-$17.69
-$21.27
-$23.90
-$25.70
-$26.80
-$27.32
-$27.35
-$26.98
-$26.27
-$25.30
-$24.11
-$22.77
-$21.30
-$19.75
-$18.14
-$16.51
-$14.87
-$13.25
-$11.67
-$10.13
-$8.64
-$7.23
-$5.89
-$4.63
-$3.45
-$2.37
-$1.37
-$0.47
$0.33
$1.04
$1.65
$2.17
$2.60
$2.94
$3.18
$3.34
$3.42
$3.41
$3.32

TIR 1
TIR 2
TIR 3

1.537%
16.788%
26.000%

$50.00

$0.00
0.0%
-$50.00

-$100.00

-$150.00

-$200.00

20.0%

40.0%

22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
36.0%
36.5%
37.0%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
42.5%
43.0%
43.5%
44.0%
44.5%
45.0%
45.5%
46.0%
46.5%
47.0%
47.5%
48.0%

$3.15
$2.90
$2.59
$2.20
$1.74
$1.22
$0.64
$0.00
-$0.70
-$1.45
-$2.26
-$3.11
-$4.01
-$4.96
-$5.95
-$6.98
-$8.04
-$9.14
-$10.28
-$11.45
-$12.65
-$13.88
-$15.13
-$16.41
-$17.71
-$19.03
-$20.38
-$21.74
-$23.12
-$24.52
-$25.93
-$27.36
-$28.79
-$30.24
-$31.70
-$33.17
-$34.65
-$36.13
-$37.62
-$39.12
-$40.62
-$42.13
-$43.64
-$45.15
-$46.66
-$48.18
-$49.70
-$51.21
-$52.73
-$54.24
-$55.76
-$57.27

48.5%
49.0%
49.5%
50.0%
50.5%
51.0%
51.5%
52.0%
52.5%
53.0%
53.5%
54.0%
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
57.5%
58.0%
58.5%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%
63.0%
63.5%
64.0%
64.5%
65.0%
65.5%
66.0%
66.5%
67.0%
67.5%
68.0%
68.5%
69.0%
69.5%
70.0%
70.5%
71.0%
71.5%
72.0%
72.5%
73.0%
73.5%
74.0%

-$58.78
-$60.29
-$61.79
-$63.29
-$64.79
-$66.28
-$67.77
-$69.26
-$70.74
-$72.21
-$73.68
-$75.14
-$76.60
-$78.05
-$79.49
-$80.93
-$82.36
-$83.79
-$85.20
-$86.61
-$88.02
-$89.41
-$90.80
-$92.18
-$93.55
-$94.92
-$96.28
-$97.62
-$98.97
-$100.30
-$101.62
-$102.94
-$104.25
-$105.55
-$106.84
-$108.13
-$109.40
-$110.67
-$111.93
-$113.18
-$114.43
-$115.66
-$116.89
-$118.10
-$119.31
-$120.52
-$121.71
-$122.89
-$124.07
-$125.24
-$126.40
-$127.55

74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
80.0%
80.5%
81.0%
81.5%
82.0%
82.5%
83.0%
83.5%
84.0%
84.5%
85.0%
85.5%
86.0%
86.5%
87.0%
87.5%
88.0%
88.5%
89.0%
89.5%
90.0%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%

-$128.70
-$129.83
-$130.96
-$132.08
-$133.19
-$134.30
-$135.39
-$136.48
-$137.56
-$138.64
-$139.70
-$140.76
-$141.81
-$142.85
-$143.88
-$144.91
-$145.93
-$146.94
-$147.95
-$148.95
-$149.94
-$150.92
-$151.90
-$152.86
-$153.83
-$154.78
-$155.73
-$156.67
-$157.60
-$158.53
-$159.45
-$160.36
-$161.27
-$162.17
-$163.06
-$163.95
-$164.83
-$165.71
-$166.58
-$167.44
-$168.29
-$169.14
-$169.98
-$170.82
-$171.65
-$172.48
-$173.30
-$174.11
-$174.92
-$175.72
-$176.51
-$177.30

VAN

40.0%

60.0%

80.0%

100.0%

TIR Multiple (caso de dos tir)

Ao Flujo Caja
0
-1,600
1
10,000
2
-10,000

Tasa Dto.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
11.00%
12.00%
13.00%
14.00%
15.00%
16.00%
17.00%
18.00%
19.00%
20.00%
21.00%
22.00%
23.00%
24.00%
25.00%
26.00%
27.00%
28.00%
29.00%
30.00%
31.00%
32.00%
33.00%
34.00%
35.00%
36.00%
37.00%
38.00%
39.00%
40.00%
41.00%
42.00%
43.00%
44.00%
45.00%
46.00%
47.00%
48.00%

VAN
-$1,600.00
-$1,501.97
-$1,407.77
-$1,317.22
-$1,230.18
-$1,146.49
-$1,066.00
-$988.59
-$914.13
-$842.49
-$773.55
-$707.22
-$643.37
-$581.91
-$522.75
-$465.78
-$410.94
-$358.13
-$307.27
-$258.29
-$211.11
-$165.67
-$121.90
-$79.74
-$39.13
$0.00
$37.69
$74.00
$108.98
$142.68
$175.15
$206.42
$236.55
$265.57
$293.52
$320.44
$346.37
$371.34
$395.38
$418.53
$440.82
$462.27
$482.92
$502.79
$521.91
$540.31
$558.00
$575.02
$591.38

$1,500.00
$1,000.00

$500.00
$0.00
0.00%
-$500.00
-$1,000.00
-$1,500.00
-$2,000.00

TIR 1 25%
TIR 2 400%

200.00%

400.00%

49.00%
50.00%
51.00%
52.00%
53.00%
54.00%
55.00%
56.00%
57.00%
58.00%
59.00%
60.00%
61.00%
62.00%
63.00%
64.00%
65.00%
66.00%
67.00%
68.00%
69.00%
70.00%
71.00%
72.00%
73.00%
74.00%
75.00%
76.00%
77.00%
78.00%
79.00%
80.00%
81.00%
82.00%
83.00%
84.00%
85.00%
86.00%
87.00%
88.00%
89.00%
90.00%
91.00%
92.00%
93.00%
94.00%
95.00%
96.00%
97.00%
98.00%
99.00%
100.00%
101.00%
102.00%
103.00%
104.00%

$607.11
$622.22
$636.74
$650.69
$664.09
$676.94
$689.28
$701.12
$712.47
$723.35
$733.77
$743.75
$753.30
$762.44
$771.18
$779.54
$787.51
$795.12
$802.38
$809.30
$815.88
$822.15
$828.10
$833.75
$839.11
$844.18
$848.98
$853.51
$857.79
$861.81
$865.59
$869.14
$872.45
$875.55
$878.43
$881.10
$883.56
$885.84
$887.92
$889.81
$891.53
$893.07
$894.45
$895.66
$896.71
$897.61
$898.36
$898.96
$899.42
$899.74
$899.94
$900.00
$899.94
$899.75
$899.45
$899.04

105.00%
106.00%
107.00%
108.00%
109.00%
110.00%
111.00%
112.00%
113.00%
114.00%
115.00%
116.00%
117.00%
118.00%
119.00%
120.00%
121.00%
122.00%
123.00%
124.00%
125.00%
126.00%
127.00%
128.00%
129.00%
130.00%
131.00%
132.00%
133.00%
134.00%
135.00%
136.00%
137.00%
138.00%
139.00%
140.00%
141.00%
142.00%
143.00%
144.00%
145.00%
146.00%
147.00%
148.00%
149.00%
150.00%
151.00%
152.00%
153.00%
154.00%
155.00%
156.00%
157.00%
158.00%
159.00%
160.00%

$898.51
$897.88
$897.14
$896.30
$895.36
$894.33
$893.21
$891.99
$890.69
$889.30
$887.83
$886.28
$884.66
$882.96
$881.18
$879.34
$877.43
$875.45
$873.41
$871.30
$869.14
$866.91
$864.63
$862.30
$859.91
$857.47
$854.98
$852.44
$849.85
$847.22
$844.55
$841.83
$839.07
$836.27
$833.43
$830.56
$827.64
$824.70
$821.72
$818.70
$815.66
$812.59
$809.48
$806.35
$803.19
$800.00
$796.79
$793.55
$790.29
$787.00
$783.70
$780.37
$777.02
$773.66
$770.27
$766.86

161.00%
162.00%
163.00%
164.00%
165.00%
166.00%
167.00%
168.00%
169.00%
170.00%
171.00%
172.00%
173.00%
174.00%
175.00%
176.00%
177.00%
178.00%
179.00%
180.00%
181.00%
182.00%
183.00%
184.00%
185.00%
186.00%
187.00%
188.00%
189.00%
190.00%
191.00%
192.00%
193.00%
194.00%
195.00%
196.00%
197.00%
198.00%
199.00%
200.00%
201.00%
202.00%
203.00%
204.00%
205.00%
206.00%
207.00%
208.00%
209.00%
210.00%
211.00%
212.00%
213.00%
214.00%
215.00%
216.00%

$763.44
$760.00
$756.55
$753.08
$749.59
$746.09
$742.58
$739.05
$735.51
$731.96
$728.40
$724.83
$721.24
$717.65
$714.05
$710.44
$706.82
$703.19
$699.56
$695.92
$692.27
$688.62
$684.96
$681.29
$677.62
$673.95
$670.27
$666.59
$662.90
$659.22
$655.52
$651.83
$648.13
$644.44
$640.74
$637.03
$633.33
$629.63
$625.93
$622.22
$618.52
$614.82
$611.11
$607.41
$603.71
$600.01
$596.31
$592.61
$588.92
$585.22
$581.53
$577.84
$574.16
$570.47
$566.79
$563.11

217.00%
218.00%
219.00%
220.00%
221.00%
222.00%
223.00%
224.00%
225.00%
226.00%
227.00%
228.00%
229.00%
230.00%
231.00%
232.00%
233.00%
234.00%
235.00%
236.00%
237.00%
238.00%
239.00%
240.00%
241.00%
242.00%
243.00%
244.00%
245.00%
246.00%
247.00%
248.00%
249.00%
250.00%
251.00%
252.00%
253.00%
254.00%
255.00%
256.00%
257.00%
258.00%
259.00%
260.00%
261.00%
262.00%
263.00%
264.00%
265.00%
266.00%
267.00%
268.00%
269.00%
270.00%
271.00%
272.00%

$559.44
$555.77
$552.10
$548.44
$544.78
$541.12
$537.47
$533.82
$530.18
$526.54
$522.90
$519.27
$515.65
$512.03
$508.41
$504.80
$501.20
$497.60
$494.01
$490.42
$486.84
$483.26
$479.69
$476.12
$472.57
$469.01
$465.47
$461.93
$458.39
$454.86
$451.34
$447.83
$444.32
$440.82
$437.32
$433.83
$430.35
$426.88
$423.41
$419.95
$416.49
$413.05
$409.61
$406.17
$402.75
$399.33
$395.92
$392.51
$389.12
$385.73
$382.34
$378.97
$375.60
$372.24
$368.89
$365.55

273.00%
274.00%
275.00%
276.00%
277.00%
278.00%
279.00%
280.00%
281.00%
282.00%
283.00%
284.00%
285.00%
286.00%
287.00%
288.00%
289.00%
290.00%
291.00%
292.00%
293.00%
294.00%
295.00%
296.00%
297.00%
298.00%
299.00%
300.00%
301.00%
302.00%
303.00%
304.00%
305.00%
306.00%
307.00%
308.00%
309.00%
310.00%
311.00%
312.00%
313.00%
314.00%
315.00%
316.00%
317.00%
318.00%
319.00%
320.00%
321.00%
322.00%
323.00%
324.00%
325.00%
326.00%
327.00%
328.00%

$362.21
$358.88
$355.56
$352.24
$348.93
$345.63
$342.34
$339.06
$335.78
$332.51
$329.25
$326.00
$322.75
$319.51
$316.28
$313.06
$309.85
$306.64
$303.44
$300.25
$297.07
$293.89
$290.72
$287.56
$284.41
$281.27
$278.13
$275.00
$271.88
$268.77
$265.66
$262.56
$259.47
$256.39
$253.32
$250.25
$247.19
$244.14
$241.10
$238.06
$235.03
$232.01
$229.00
$226.00
$223.00
$220.01
$217.03
$214.06
$211.09
$208.14
$205.19
$202.24
$199.31
$196.38
$193.46
$190.55

329.00%
330.00%
331.00%
332.00%
333.00%
334.00%
335.00%
336.00%
337.00%
338.00%
339.00%
340.00%
341.00%
342.00%
343.00%
344.00%
345.00%
346.00%
347.00%
348.00%
349.00%
350.00%
351.00%
352.00%
353.00%
354.00%
355.00%
356.00%
357.00%
358.00%
359.00%
360.00%
361.00%
362.00%
363.00%
364.00%
365.00%
366.00%
367.00%
368.00%
369.00%
370.00%
371.00%
372.00%
373.00%
374.00%
375.00%
376.00%
377.00%
378.00%
379.00%
380.00%
381.00%
382.00%
383.00%
384.00%

$187.65
$184.75
$181.86
$178.98
$176.10
$173.24
$170.38
$167.53
$164.68
$161.85
$159.02
$156.20
$153.38
$150.58
$147.78
$144.99
$142.20
$139.43
$136.66
$133.90
$131.14
$128.40
$125.66
$122.92
$120.20
$117.48
$114.77
$112.07
$109.37
$106.68
$104.00
$101.32
$98.66
$96.00
$93.34
$90.70
$88.06
$85.42
$82.80
$80.18
$77.57
$74.97
$72.37
$69.78
$67.20
$64.62
$62.05
$59.49
$56.93
$54.38
$51.84
$49.31
$46.78
$44.26
$41.74
$39.23

385.00%
386.00%
387.00%
388.00%
389.00%
390.00%
391.00%
392.00%
393.00%
394.00%
395.00%
396.00%
397.00%
398.00%
399.00%
400.00%
401.00%
402.00%
403.00%
404.00%
405.00%
406.00%
407.00%
408.00%
409.00%
410.00%
411.00%
412.00%
413.00%
414.00%
415.00%
416.00%
417.00%
418.00%
419.00%
420.00%
421.00%
422.00%
423.00%
424.00%
425.00%
426.00%
427.00%
428.00%
429.00%
430.00%
431.00%
432.00%
433.00%
434.00%
435.00%
436.00%
437.00%
438.00%
439.00%
440.00%

$36.73
$34.24
$31.75
$29.27
$26.79
$24.32
$21.86
$19.41
$16.96
$14.52
$12.08
$9.65
$7.23
$4.81
$2.40
$0.00
-$2.40
-$4.79
-$7.17
-$9.55
-$11.92
-$14.29
-$16.64
-$19.00
-$21.34
-$23.68
-$26.02
-$28.34
-$30.67
-$32.98
-$35.29
-$37.59
-$39.89
-$42.18
-$44.47
-$46.75
-$49.02
-$51.29
-$53.55
-$55.80
-$58.05
-$60.29
-$62.53
-$64.76
-$66.99
-$69.21
-$71.42
-$73.63
-$75.83
-$78.03
-$80.22
-$82.40
-$84.58
-$86.75
-$88.92
-$91.08

441.00%
442.00%
443.00%
444.00%
445.00%
446.00%
447.00%
448.00%
449.00%
450.00%
451.00%
452.00%
453.00%
454.00%
455.00%
456.00%
457.00%
458.00%
459.00%
460.00%
461.00%
462.00%
463.00%
464.00%
465.00%
466.00%
467.00%
468.00%
469.00%
470.00%
471.00%
472.00%
473.00%
474.00%
475.00%
476.00%
477.00%
478.00%
479.00%
480.00%
481.00%
482.00%
483.00%
484.00%
485.00%
486.00%
487.00%
488.00%
489.00%
490.00%
491.00%
492.00%
493.00%
494.00%
495.00%
496.00%

-$93.24
-$95.39
-$97.54
-$99.68
-$101.81
-$103.94
-$106.06
-$108.18
-$110.29
-$112.40
-$114.50
-$116.59
-$118.68
-$120.77
-$122.85
-$124.92
-$126.99
-$129.05
-$131.11
-$133.16
-$135.21
-$137.25
-$139.29
-$141.32
-$143.35
-$145.37
-$147.38
-$149.39
-$151.40
-$153.40
-$155.40
-$157.39
-$159.37
-$161.35
-$163.33
-$165.30
-$167.26
-$169.22
-$171.18
-$173.13
-$175.07
-$177.01
-$178.95
-$180.88
-$182.80
-$184.72
-$186.64
-$188.55
-$190.46
-$192.36
-$194.26
-$196.15
-$198.03
-$199.92
-$201.79
-$203.67

497.00%
498.00%
499.00%
500.00%
501.00%
502.00%
503.00%
504.00%
505.00%
506.00%
507.00%
508.00%
509.00%
510.00%
511.00%
512.00%
513.00%
514.00%
515.00%
516.00%
517.00%
518.00%
519.00%
520.00%
521.00%
522.00%
523.00%
524.00%
525.00%
526.00%
527.00%
528.00%
529.00%
530.00%
531.00%
532.00%
533.00%
534.00%
535.00%
536.00%
537.00%
538.00%
539.00%
540.00%
541.00%
542.00%
543.00%
544.00%
545.00%
546.00%
547.00%
548.00%
549.00%
550.00%
551.00%
552.00%

-$205.53
-$207.40
-$209.26
-$211.11
-$212.96
-$214.81
-$216.65
-$218.48
-$220.31
-$222.14
-$223.96
-$225.78
-$227.59
-$229.40
-$231.20
-$233.00
-$234.80
-$236.59
-$238.38
-$240.16
-$241.94
-$243.71
-$245.48
-$247.24
-$249.00
-$250.76
-$252.51
-$254.26
-$256.00
-$257.74
-$259.47
-$261.20
-$262.93
-$264.65
-$266.37
-$268.08
-$269.79
-$271.50
-$273.20
-$274.89
-$276.59
-$278.28
-$279.96
-$281.64
-$283.32
-$284.99
-$286.66
-$288.32
-$289.98
-$291.64
-$293.29
-$294.94
-$296.58
-$298.22
-$299.86
-$301.49

553.00%
554.00%
555.00%
556.00%
557.00%
558.00%
559.00%
560.00%
561.00%
562.00%
563.00%
564.00%
565.00%
566.00%
567.00%
568.00%
569.00%
570.00%
571.00%
572.00%
573.00%
574.00%
575.00%
576.00%
577.00%
578.00%
579.00%
580.00%
581.00%
582.00%
583.00%
584.00%
585.00%
586.00%
587.00%
588.00%
589.00%
590.00%
591.00%
592.00%
593.00%
594.00%
595.00%
596.00%
597.00%
598.00%
599.00%
600.00%
601.00%
602.00%
603.00%
604.00%
605.00%
606.00%
607.00%
608.00%

-$303.12
-$304.75
-$306.37
-$307.99
-$309.60
-$311.21
-$312.81
-$314.42
-$316.02
-$317.61
-$319.20
-$320.79
-$322.37
-$323.95
-$325.52
-$327.10
-$328.66
-$330.23
-$331.79
-$333.35
-$334.90
-$336.45
-$338.00
-$339.54
-$341.08
-$342.61
-$344.15
-$345.67
-$347.20
-$348.72
-$350.24
-$351.75
-$353.26
-$354.77
-$356.27
-$357.77
-$359.27
-$360.76
-$362.25
-$363.74
-$365.22
-$366.70
-$368.18
-$369.65
-$371.12
-$372.59
-$374.05
-$375.51
-$376.97
-$378.42
-$379.87
-$381.31
-$382.76
-$384.20
-$385.63
-$387.07

609.00%
610.00%
611.00%
612.00%
613.00%
614.00%
615.00%
616.00%
617.00%
618.00%
619.00%
620.00%
621.00%
622.00%
623.00%
624.00%
625.00%
626.00%
627.00%
628.00%
629.00%
630.00%
631.00%
632.00%
633.00%
634.00%
635.00%
636.00%
637.00%
638.00%
639.00%
640.00%
641.00%
642.00%
643.00%
644.00%
645.00%
646.00%
647.00%
648.00%
649.00%
650.00%
651.00%
652.00%
653.00%
654.00%
655.00%
656.00%
657.00%
658.00%
659.00%
660.00%
661.00%
662.00%
663.00%
664.00%

-$388.50
-$389.92
-$391.35
-$392.77
-$394.18
-$395.60
-$397.01
-$398.41
-$399.82
-$401.22
-$402.62
-$404.01
-$405.40
-$406.79
-$408.18
-$409.56
-$410.94
-$412.32
-$413.69
-$415.06
-$416.43
-$417.79
-$419.15
-$420.51
-$421.86
-$423.21
-$424.56
-$425.91
-$427.25
-$428.59
-$429.93
-$431.26
-$432.59
-$433.92
-$435.25
-$436.57
-$437.89
-$439.21
-$440.52
-$441.83
-$443.14
-$444.44
-$445.75
-$447.05
-$448.34
-$449.64
-$450.93
-$452.22
-$453.50
-$454.78
-$456.06
-$457.34
-$458.62
-$459.89
-$461.16
-$462.42

665.00%
666.00%
667.00%
668.00%
669.00%
670.00%
671.00%
672.00%
673.00%
674.00%
675.00%
676.00%
677.00%
678.00%
679.00%
680.00%
681.00%
682.00%
683.00%
684.00%
685.00%
686.00%
687.00%
688.00%
689.00%
690.00%
691.00%
692.00%
693.00%
694.00%
695.00%
696.00%
697.00%
698.00%
699.00%
700.00%
701.00%
702.00%
703.00%
704.00%
705.00%
706.00%
707.00%
708.00%
709.00%
710.00%
711.00%
712.00%
713.00%
714.00%
715.00%
716.00%
717.00%
718.00%
719.00%
720.00%

-$463.68
-$464.95
-$466.20
-$467.46
-$468.71
-$469.96
-$471.21
-$472.45
-$473.69
-$474.93
-$476.17
-$477.40
-$478.64
-$479.86
-$481.09
-$482.31
-$483.54
-$484.75
-$485.97
-$487.18
-$488.39
-$489.60
-$490.81
-$492.01
-$493.21
-$494.41
-$495.60
-$496.80
-$497.99
-$499.17
-$500.36
-$501.54
-$502.72
-$503.90
-$505.08
-$506.25
-$507.42
-$508.59
-$509.75
-$510.92
-$512.08
-$513.24
-$514.39
-$515.55
-$516.70
-$517.85
-$518.99
-$520.14
-$521.28
-$522.42
-$523.56
-$524.69
-$525.82
-$526.96
-$528.08
-$529.21

721.00%
722.00%
723.00%
724.00%
725.00%
726.00%
727.00%
728.00%
729.00%
730.00%
731.00%
732.00%
733.00%
734.00%
735.00%
736.00%
737.00%
738.00%
739.00%
740.00%
741.00%
742.00%
743.00%
744.00%
745.00%
746.00%
747.00%
748.00%
749.00%
750.00%
751.00%
752.00%
753.00%
754.00%
755.00%
756.00%
757.00%
758.00%
759.00%
760.00%
761.00%
762.00%
763.00%
764.00%
765.00%
766.00%
767.00%
768.00%
769.00%
770.00%
771.00%
772.00%
773.00%
774.00%
775.00%
776.00%

-$530.33
-$531.45
-$532.57
-$533.69
-$534.80
-$535.91
-$537.02
-$538.13
-$539.24
-$540.34
-$541.44
-$542.54
-$543.64
-$544.73
-$545.82
-$546.91
-$548.00
-$549.08
-$550.17
-$551.25
-$552.33
-$553.40
-$554.48
-$555.55
-$556.62
-$557.69
-$558.75
-$559.82
-$560.88
-$561.94
-$563.00
-$564.05
-$565.10
-$566.15
-$567.20
-$568.25
-$569.30
-$570.34
-$571.38
-$572.42
-$573.45
-$574.49
-$575.52
-$576.55
-$577.58
-$578.61
-$579.63
-$580.65
-$581.67
-$582.69
-$583.71
-$584.72
-$585.74
-$586.75
-$587.76
-$588.76

777.00%
778.00%
779.00%
780.00%
781.00%
782.00%
783.00%
784.00%
785.00%
786.00%
787.00%
788.00%
789.00%
790.00%
791.00%
792.00%
793.00%
794.00%
795.00%
796.00%
797.00%
798.00%
799.00%
800.00%
801.00%
802.00%
803.00%
804.00%
805.00%
806.00%
807.00%
808.00%
809.00%
810.00%
811.00%
812.00%
813.00%
814.00%
815.00%
816.00%
817.00%
818.00%
819.00%
820.00%
821.00%
822.00%
823.00%
824.00%
825.00%
826.00%
827.00%
828.00%
829.00%
830.00%
831.00%
832.00%

-$589.77
-$590.77
-$591.77
-$592.77
-$593.77
-$594.76
-$595.75
-$596.74
-$597.73
-$598.72
-$599.71
-$600.69
-$601.67
-$602.65
-$603.63
-$604.60
-$605.58
-$606.55
-$607.52
-$608.49
-$609.46
-$610.42
-$611.38
-$612.35
-$613.30
-$614.26
-$615.22
-$616.17
-$617.12
-$618.07
-$619.02
-$619.97
-$620.91
-$621.86
-$622.80
-$623.74
-$624.68
-$625.61
-$626.55
-$627.48
-$628.41
-$629.34
-$630.27
-$631.19
-$632.11
-$633.04
-$633.96
-$634.88
-$635.79
-$636.71
-$637.62
-$638.53
-$639.44
-$640.35
-$641.26
-$642.16

833.00%
834.00%
835.00%
836.00%
837.00%
838.00%
839.00%
840.00%
841.00%
842.00%
843.00%
844.00%
845.00%
846.00%
847.00%
848.00%
849.00%
850.00%
851.00%
852.00%
853.00%
854.00%
855.00%
856.00%
857.00%
858.00%
859.00%
860.00%
861.00%
862.00%
863.00%
864.00%
865.00%
866.00%
867.00%
868.00%
869.00%
870.00%
871.00%
872.00%
873.00%
874.00%
875.00%
876.00%
877.00%
878.00%
879.00%
880.00%
881.00%
882.00%
883.00%
884.00%
885.00%
886.00%
887.00%
888.00%

-$643.07
-$643.97
-$644.87
-$645.77
-$646.66
-$647.56
-$648.45
-$649.34
-$650.23
-$651.12
-$652.01
-$652.89
-$653.78
-$654.66
-$655.54
-$656.42
-$657.30
-$658.17
-$659.05
-$659.92
-$660.79
-$661.66
-$662.53
-$663.39
-$664.26
-$665.12
-$665.98
-$666.84
-$667.70
-$668.56
-$669.41
-$670.26
-$671.12
-$671.97
-$672.82
-$673.66
-$674.51
-$675.35
-$676.20
-$677.04
-$677.88
-$678.72
-$679.55
-$680.39
-$681.22
-$682.05
-$682.89
-$683.72
-$684.54
-$685.37
-$686.19
-$687.02
-$687.84
-$688.66
-$689.48
-$690.30

889.00%
890.00%
891.00%
892.00%
893.00%
894.00%
895.00%
896.00%
897.00%
898.00%
899.00%
900.00%
901.00%
902.00%
903.00%
904.00%
905.00%
906.00%
907.00%
908.00%
909.00%
910.00%
911.00%
912.00%
913.00%
914.00%
915.00%
916.00%
917.00%
918.00%
919.00%
920.00%
921.00%
922.00%
923.00%
924.00%
925.00%
926.00%
927.00%
928.00%
929.00%
930.00%
931.00%
932.00%
933.00%
934.00%
935.00%
936.00%
937.00%
938.00%
939.00%
940.00%
941.00%
942.00%
943.00%
944.00%

-$691.11
-$691.93
-$692.74
-$693.55
-$694.37
-$695.17
-$695.98
-$696.79
-$697.59
-$698.40
-$699.20
-$700.00
-$700.80
-$701.60
-$702.39
-$703.19
-$703.98
-$704.77
-$705.57
-$706.36
-$707.14
-$707.93
-$708.72
-$709.50
-$710.28
-$711.06
-$711.84
-$712.62
-$713.40
-$714.18
-$714.95
-$715.72
-$716.50
-$717.27
-$718.04
-$718.80
-$719.57
-$720.34
-$721.10
-$721.86
-$722.63
-$723.39
-$724.14
-$724.90
-$725.66
-$726.41
-$727.17
-$727.92
-$728.67
-$729.42
-$730.17
-$730.92
-$731.66
-$732.41
-$733.15
-$733.89

945.00%
946.00%
947.00%
948.00%
949.00%
950.00%
951.00%
952.00%
953.00%
954.00%
955.00%
956.00%
957.00%
958.00%
959.00%
960.00%
961.00%
962.00%
963.00%
964.00%
965.00%
966.00%
967.00%
968.00%
969.00%
970.00%
971.00%
972.00%
973.00%
974.00%
975.00%
976.00%
977.00%
978.00%
979.00%
980.00%
981.00%
982.00%
983.00%
984.00%
985.00%
986.00%
987.00%
988.00%
989.00%
990.00%
991.00%
992.00%
993.00%
994.00%
995.00%
996.00%
997.00%
998.00%
999.00%
1000.00%

-$734.64
-$735.38
-$736.11
-$736.85
-$737.59
-$738.32
-$739.06
-$739.79
-$740.52
-$741.25
-$741.98
-$742.71
-$743.43
-$744.16
-$744.88
-$745.60
-$746.32
-$747.05
-$747.76
-$748.48
-$749.20
-$749.91
-$750.63
-$751.34
-$752.05
-$752.76
-$753.47
-$754.18
-$754.89
-$755.60
-$756.30
-$757.00
-$757.71
-$758.41
-$759.11
-$759.81
-$760.51
-$761.20
-$761.90
-$762.59
-$763.29
-$763.98
-$764.67
-$765.36
-$766.05
-$766.74
-$767.42
-$768.11
-$768.79
-$769.48
-$770.16
-$770.84
-$771.52
-$772.20
-$772.88
-$773.55

400.00%

600.00%

800.00%

1000.00%

Otro Caso de TIR Mltiple

Ao
0
1
2
3
4

TIR 1
TIR 2

Flujo Caja
-17
20
20
15
-40

4.35%
69.45%

TIR 1
TIR 2
TIR 3

TIR MODIFICADA

Ao
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Flujo Caja
-$15,000.00
$10,229.00
$9,609.00
$15,004.00
$3,774.00
-$9,709.00
-$18,097.00
$4,217.00
$18,298.00
-$12,041.00
-$10.00
-$7,500.00
-$11,855.00
-$12,070.00
-$6,349.00
$13,570.00
$377.00
-$10,068.00
$16,642.00
$1,609.00
$10,859.00

Tasa
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
20.5%
21.0%
21.5%
22.0%

VAN
$1,489.00
$967.74
$544.55
$206.06
-$59.46
-$262.31
-$411.53
-$515.02
-$579.73
-$611.72
-$616.30
-$598.10
-$561.15
-$508.97
-$444.61
-$370.72
-$289.60
-$203.22
-$113.28
-$21.24
$71.65
$164.33
$255.91
$345.63
$432.88
$517.12
$597.95
$675.02
$748.07
$816.89
$881.34
$941.32
$996.76
$1,047.65
$1,093.97
$1,135.77
$1,173.08
$1,205.99
$1,234.56
$1,258.90
$1,279.10
$1,295.28
$1,307.55
$1,316.05
$1,320.88

Ao
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Q+
$0.00
$10,229.00
$9,609.00
$15,004.00
$3,774.00
$0.00
$0.00
$4,217.00
$18,298.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$13,570.00
$377.00
$0.00
$16,642.00
$1,609.00
$10,859.00

$0.02
$0.10
$0.40
Q-$15,000.00
$0.00
$0.00
$0.00
$0.00
-$9,709.00
-$18,097.00
$0.00
$0.00
-$12,041.00
-$10.00
-$7,500.00
-$11,855.00
-$12,070.00
-$6,349.00
$0.00
$0.00
-$10,068.00
$0.00
$0.00
$0.00

Tasa Descuento Gastos

Tasa Capitalizacin Ingresos
TIR Modificada

Valor Actual Gastos

Valor Final Ingresos
TIR Modificada

4,000

2,000

0
0.0%
-2,000

-4,000

-6,000

-8,000

-10,000

-12,000

22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
36.0%
36.5%
37.0%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
42.5%
43.0%
43.5%
44.0%
44.5%
45.0%
45.5%
46.0%
46.5%
47.0%
47.5%
48.0%

$1,322.19
$1,320.10
$1,314.73
$1,306.22
$1,294.69
$1,280.28
$1,263.10
$1,243.27
$1,220.92
$1,196.16
$1,169.11
$1,139.88
$1,108.57
$1,075.28
$1,040.13
$1,003.20
$964.60
$924.40
$882.71
$839.60
$795.15
$749.45
$702.57
$654.57
$605.54
$555.53
$504.60
$452.83
$400.27
$346.96
$292.97
$238.35
$183.15
$127.40
$71.17
$14.48
-$42.62
-$100.10
-$157.91
-$216.02
-$274.41
-$333.02
-$391.85
-$450.85
-$510.01
-$569.28
-$628.66
-$688.12
-$747.63
-$807.17
-$866.73
-$926.28

48.5%
49.0%
49.5%
50.0%
50.5%
51.0%
51.5%
52.0%
52.5%
53.0%
53.5%
54.0%
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
57.5%
58.0%
58.5%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%
63.0%
63.5%
64.0%
64.5%
65.0%
65.5%
66.0%
66.5%
67.0%
67.5%
68.0%
68.5%
69.0%
69.5%
70.0%
70.5%
71.0%
71.5%
72.0%
72.5%
73.0%
73.5%
74.0%

-$985.80
-$1,045.29
-$1,104.71
-$1,164.07
-$1,223.34
-$1,282.50
-$1,341.55
-$1,400.48
-$1,459.27
-$1,517.91
-$1,576.38
-$1,634.69
-$1,692.82
-$1,750.77
-$1,808.52
-$1,866.06
-$1,923.40
-$1,980.52
-$2,037.41
-$2,094.08
-$2,150.51
-$2,206.70
-$2,262.64
-$2,318.34
-$2,373.78
-$2,428.97
-$2,483.89
-$2,538.55
-$2,592.94
-$2,647.07
-$2,700.92
-$2,754.49
-$2,807.79
-$2,860.81
-$2,913.54
-$2,966.00
-$3,018.17
-$3,070.06
-$3,121.66
-$3,172.97
-$3,224.00
-$3,274.74
-$3,325.19
-$3,375.35
-$3,425.22
-$3,474.81
-$3,524.10
-$3,573.10
-$3,621.82
-$3,670.25
-$3,718.39
-$3,766.24

74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
80.0%
80.5%
81.0%
81.5%
82.0%
82.5%
83.0%
83.5%
84.0%
84.5%
85.0%
85.5%
86.0%
86.5%
87.0%
87.5%
88.0%
88.5%
89.0%
89.5%
90.0%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%

-$3,813.80
-$3,861.08
-$3,908.07
-$3,954.78
-$4,001.20
-$4,047.34
-$4,093.19
-$4,138.77
-$4,184.06
-$4,229.07
-$4,273.81
-$4,318.26
-$4,362.45
-$4,406.35
-$4,449.99
-$4,493.35
-$4,536.43
-$4,579.25
-$4,621.80
-$4,664.09
-$4,706.11
-$4,747.86
-$4,789.35
-$4,830.58
-$4,871.55
-$4,912.26
-$4,952.72
-$4,992.92
-$5,032.86
-$5,072.55
-$5,112.00
-$5,151.19
-$5,190.13
-$5,228.83
-$5,267.29
-$5,305.50
-$5,343.47
-$5,381.20
-$5,418.70
-$5,455.95
-$5,492.97
-$5,529.76
-$5,566.32
-$5,602.64
-$5,638.74
-$5,674.61
-$5,710.25
-$5,745.68
-$5,780.87
-$5,815.85
-$5,850.61
-$5,885.15

100.5%
101.0%
101.5%
102.0%
102.5%
103.0%
103.5%
104.0%
104.5%
105.0%
105.5%
106.0%
106.5%
107.0%
107.5%
108.0%
108.5%
109.0%
109.5%
110.0%
110.5%
111.0%
111.5%
112.0%
112.5%
113.0%
113.5%
114.0%
114.5%
115.0%
115.5%
116.0%
116.5%
117.0%
117.5%
118.0%
118.5%
119.0%
119.5%
120.0%
120.5%
121.0%
121.5%
122.0%
122.5%
123.0%
123.5%
124.0%
124.5%
125.0%
125.5%
126.0%

-$5,919.47
-$5,953.58
-$5,987.48
-$6,021.17
-$6,054.64
-$6,087.91
-$6,120.97
-$6,153.82
-$6,186.47
-$6,218.92
-$6,251.17
-$6,283.21
-$6,315.06
-$6,346.72
-$6,378.18
-$6,409.44
-$6,440.51
-$6,471.39
-$6,502.08
-$6,532.59
-$6,562.91
-$6,593.04
-$6,622.99
-$6,652.75
-$6,682.34
-$6,711.74
-$6,740.97
-$6,770.02
-$6,798.90
-$6,827.60
-$6,856.12
-$6,884.48
-$6,912.66
-$6,940.68
-$6,968.53
-$6,996.21
-$7,023.73
-$7,051.08
-$7,078.27
-$7,105.30
-$7,132.16
-$7,158.87
-$7,185.42
-$7,211.82
-$7,238.05
-$7,264.14
-$7,290.07
-$7,315.85
-$7,341.47
-$7,366.95
-$7,392.28
-$7,417.46

126.5%
127.0%
127.5%
128.0%
128.5%
129.0%
129.5%
130.0%
130.5%
131.0%
131.5%
132.0%
132.5%
133.0%
133.5%
134.0%
134.5%
135.0%
135.5%
136.0%
136.5%
137.0%
137.5%
138.0%
138.5%
139.0%
139.5%
140.0%
140.5%
141.0%
141.5%
142.0%
142.5%
143.0%
143.5%
144.0%
144.5%
145.0%
145.5%
146.0%
146.5%
147.0%
147.5%
148.0%
148.5%
149.0%
149.5%
150.0%
150.5%
151.0%
151.5%
152.0%

-$7,442.50
-$7,467.39
-$7,492.13
-$7,516.73
-$7,541.19
-$7,565.51
-$7,589.69
-$7,613.73
-$7,637.63
-$7,661.40
-$7,685.03
-$7,708.52
-$7,731.88
-$7,755.11
-$7,778.21
-$7,801.17
-$7,824.01
-$7,846.72
-$7,869.30
-$7,891.75
-$7,914.08
-$7,936.28
-$7,958.35
-$7,980.31
-$8,002.14
-$8,023.85
-$8,045.44
-$8,066.91
-$8,088.26
-$8,109.49
-$8,130.61
-$8,151.61
-$8,172.49
-$8,193.26
-$8,213.92
-$8,234.46
-$8,254.90
-$8,275.22
-$8,295.43
-$8,315.53
-$8,335.52
-$8,355.41
-$8,375.18
-$8,394.85
-$8,414.42
-$8,433.88
-$8,453.24
-$8,472.49
-$8,491.64
-$8,510.69
-$8,529.64
-$8,548.48

152.5%
153.0%
153.5%
154.0%
154.5%
155.0%
155.5%
156.0%
156.5%
157.0%
157.5%
158.0%
158.5%
159.0%
159.5%
160.0%
160.5%
161.0%
161.5%
162.0%
162.5%
163.0%
163.5%
164.0%
164.5%
165.0%
165.5%
166.0%
166.5%
167.0%
167.5%
168.0%
168.5%
169.0%
169.5%
170.0%
170.5%
171.0%
171.5%
172.0%
172.5%
173.0%
173.5%
174.0%
174.5%
175.0%
175.5%
176.0%
176.5%
177.0%
177.5%
178.0%

-$8,567.23
-$8,585.88
-$8,604.43
-$8,622.88
-$8,641.24
-$8,659.50
-$8,677.66
-$8,695.73
-$8,713.71
-$8,731.59
-$8,749.38
-$8,767.07
-$8,784.68
-$8,802.19
-$8,819.62
-$8,836.95
-$8,854.20
-$8,871.36
-$8,888.43
-$8,905.41
-$8,922.30
-$8,939.11
-$8,955.84
-$8,972.48
-$8,989.04
-$9,005.51
-$9,021.90
-$9,038.21
-$9,054.43
-$9,070.58
-$9,086.64
-$9,102.62
-$9,118.53
-$9,134.35
-$9,150.10
-$9,165.77
-$9,181.36
-$9,196.87
-$9,212.31
-$9,227.67
-$9,242.96
-$9,258.17
-$9,273.31
-$9,288.37
-$9,303.36
-$9,318.28
-$9,333.13
-$9,347.90
-$9,362.60
-$9,377.23
-$9,391.79
-$9,406.28

178.5%
179.0%
179.5%
180.0%
180.5%
181.0%
181.5%
182.0%
182.5%
183.0%
183.5%
184.0%
184.5%
185.0%
185.5%
186.0%
186.5%
187.0%
187.5%
188.0%
188.5%
189.0%
189.5%
190.0%
190.5%
191.0%
191.5%
192.0%
192.5%
193.0%
193.5%
194.0%
194.5%
195.0%
195.5%
196.0%
196.5%
197.0%
197.5%
198.0%
198.5%
199.0%
199.5%
200.0%

-$9,420.70
-$9,435.06
-$9,449.34
-$9,463.56
-$9,477.70
-$9,491.78
-$9,505.80
-$9,519.75
-$9,533.63
-$9,547.44
-$9,561.19
-$9,574.88
-$9,588.50
-$9,602.06
-$9,615.56
-$9,628.99
-$9,642.36
-$9,655.67
-$9,668.91
-$9,682.10
-$9,695.22
-$9,708.28
-$9,721.29
-$9,734.23
-$9,747.11
-$9,759.94
-$9,772.71
-$9,785.41
-$9,798.06
-$9,810.66
-$9,823.19
-$9,835.67
-$9,848.09
-$9,860.46
-$9,872.77
-$9,885.03
-$9,897.23
-$9,909.37
-$9,921.46
-$9,933.50
-$9,945.48
-$9,957.41
-$9,969.29
-$9,981.12

asa Descuento Gastos

asa Capitalizacin Ingresos

8%
10%

TIR Modificada

alor Actual Gastos

alor Final Ingresos

9.3498%

56,285.27
336,321.08

TIR Modificada

9.3498%

VAN

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

200.0%

TIRmodificada

TIR MODIFICADA

Ao Flujo Caja
0 -15,000
1
10,229
2
9,609
3
15,004
4
3,774
5
-9,709
6 -18,097
7
4,217
8
18,298
9 -12,041
10
-10
11
-7,500
12 -11,855
13 -12,070
14
-6,349
15
13,570
16
377
17 -10,068
18
16,642
19
1,609
20
10,859

Interseccin de Fisher
Year
0
1
2
3
4
IRR

Project A
-1000
500
400
300
100
14.49%

Project B
-1000
100
300
400
600
11.79%

Difference
0
-400
-100
100
500
7.17%

NPV(A)

NPV(B)

0.00%

300.00

400.00

0.50%

287.11

378.73

1.00%

274.44

357.92

1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%
10.50%
11.00%
11.50%
12.00%
12.50%
13.00%
13.50%
14.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
18.00%
18.50%
19.00%
19.50%
20.00%
20.50%
21.00%
21.50%
22.00%
22.50%
23.00%
23.50%
24.00%

261.99
249.74
237.71
225.87
214.22
202.77
191.51
180.42
169.52
158.79
148.23
137.84
127.62
117.55
107.64
97.89
88.28
78.82
69.50
60.33
51.29
42.39
33.62
24.98
16.47
8.08
-0.18
-8.33
-16.36
-24.27
-32.08
-39.77
-47.35
-54.83
-62.20
-69.47
-76.65
-83.72
-90.70
-97.58
-104.37
-111.07
-117.68
-124.20
-130.63
-136.98

337.56
317.63
298.12
279.02
260.31
242.00
224.07
206.50
189.30
172.44
155.93
139.75
123.89
108.35
93.11
78.18
63.53
49.18
35.10
21.29
7.75
-5.53
-18.56
-31.35
-43.89
-56.20
-68.28
-80.14
-91.78
-103.21
-114.42
-125.44
-136.25
-146.87
-157.30
-167.55
-177.61
-187.50
-197.21
-206.76
-216.14
-225.35
-234.41
-243.31
-252.06
-260.67

24.50%
25.00%
25.50%
26.00%
26.50%
27.00%
27.50%
28.00%
28.50%
29.00%
29.50%
30.00%
30.50%
31.00%
31.50%
32.00%
32.50%
33.00%
33.50%
34.00%
34.50%
35.00%
35.50%
36.00%
36.50%
37.00%
37.50%
38.00%
38.50%
39.00%
39.50%
40.00%
40.50%
41.00%
41.50%
42.00%
42.50%
43.00%
43.50%
44.00%
44.50%
45.00%
45.50%
46.00%
46.50%
47.00%
47.50%
48.00%
48.50%
49.00%
49.50%
50.00%

-143.25
-149.44
-155.55
-161.58
-167.53
-173.40
-179.20
-184.93
-190.59
-196.17
-201.69
-207.14
-212.52
-217.83
-223.08
-228.27
-233.39
-238.46
-243.46
-248.40
-253.28
-258.11
-262.88
-267.60
-272.26
-276.86
-281.42
-285.92
-290.37
-294.77
-299.11
-303.42
-307.67
-311.87
-316.03
-320.14
-324.21
-328.23
-332.21
-336.15
-340.04
-343.90
-347.71
-351.48
-355.21
-358.90
-362.55
-366.16
-369.74
-373.28
-376.78
-380.25

-269.12
-277.44
-285.62
-293.66
-301.57
-309.34
-316.99
-324.52
-331.92
-339.20
-346.37
-353.42
-360.36
-367.19
-373.91
-380.52
-387.03
-393.44
-399.75
-405.96
-412.08
-418.10
-424.03
-429.87
-435.62
-441.29
-446.87
-452.37
-457.78
-463.12
-468.37
-473.55
-478.66
-483.69
-488.64
-493.53
-498.34
-503.09
-507.77
-512.38
-516.93
-521.41
-525.83
-530.19
-534.49
-538.72
-542.90
-547.03
-551.09
-555.10
-559.06
-562.96

El VAN de dos proyectos se cruza

600.00
400.00

Fisher
Intersection

200.00
-
-200.00

0%

10%

20%

30%

-400.00
-600.00
-800.00
Tasa de descuento

40%

50%

NPV(A)

50%

NPV(B)

Determinar la Interseccin de Fisher

Year
0
1
2
3

Project A

Project B
$

(8,000.00)

Flujo 1

2,000.00

Flujo 2

3,000.00

5,000.00

-1200

-1200

1000

100

500

600

100

1080

Flujo 3
5%
4%
8%
12%
3%
1%

VAN

$900.04

$1,097.81

$363.92

($235.54)

$1,306.06

$1,756.47

Seleccin de proyectos bajo racionamiento de capital

VALOR PRESENTE NETO
PROYECTO Inv.Inicial
TIR
VPN a 10%
B
$ 70,000.00
20%
C
$100,000.00
16%
E
$60,000.00
15%
A
$80,000.00
12%
F
$ 110,000.00
11%
D
$40,000.00
8%
PRESUPUESTO
$250,000.00
COSTO DE CAPITAL
$0.10

Mes
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
TOTAL

Proyectos seleccionados
1.00
1
1.00

INVERSION TOTAL
230000

Supera el presupuesto]?
No excede el presupuesto

Flujo caja
-1200
700
700
700
700
700
-700
-700
-700
-700
-700
0
0
0
0
0
0
0
0
0
1300

TASA
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%
10.50%
11.00%

VAN
$
100.00
$
61.51
$
30.30
$
5.39
$
(14.10)
$
(28.93)
$
(39.77)
$
(47.21)
$
(51.77)
$
(53.90)
$
(53.99)
$
(52.39)
$
(49.41)
$
(45.29)
$
(40.29)
$
(34.58)
$
(28.35)
$
(21.74)
$
(14.89)
$
(7.90)
$
(0.86)
$
6.14
$
13.04

11.50%
12.00%
12.50%
13.00%
13.50%
14.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
18.00%
18.50%
19.00%
19.50%
20.00%
20.50%
21.00%
21.50%
22.00%
22.50%
23.00%
23.50%
24.00%
24.50%
25.00%
25.50%
26.00%
26.50%
27.00%
27.50%
28.00%
28.50%
29.00%
29.50%
30.00%
30.50%
31.00%
31.50%
32.00%
32.50%
33.00%
33.50%
34.00%
34.50%
35.00%
35.50%
36.00%
36.50%
37.00%
37.50%
38.00%
38.50%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

19.77
26.30
32.57
38.57
44.26
49.62
54.64
59.31
63.61
67.55
71.12
74.33
77.16
79.64
81.75
83.52
84.95
86.04
86.80
87.25
87.39
87.23
86.79
86.07
85.08
83.84
82.35
80.63
78.68
76.51
74.14
71.58
68.83
65.89
62.79
59.53
56.12
52.56
48.87
45.04
41.10
37.04
32.87
28.60
24.24
19.78
15.25
10.63
5.94
1.19
(3.63)
(8.50)
(13.43)
(18.40)
(23.42)

39.00%
39.50%
40.00%
40.50%

Proyecto A
0
1
2
3
4
5

-42000
12500
12500
12500
12500
12500
913.51
14.90%

Van
TIR
Proyecto "A"
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%
31%
32%
33%
34%
35%
36%

20500
18667.89049
16918.24386
15246.33984
13647.77914
12118.45838
10654.54732
9252.467949
7908.875463
6620.640792
5384.834618
4198.712721
3059.702529
1965.390769
913.5121107
-98.06127486
-1071.329329
-2008.172966
-2910.362238
-3779.563877
-4617.348251
-5425.195799
-6204.502981
-6956.587778
-7682.694799
-8384
-9061.615067
-9716.591485
-10349.92431
-10962.55569
-11555.3781
-12129.23741
-12684.93569
-13223.23386
-13744.8541
-14250.48221
-14740.76968

Proyecto B
-45000
25000
15000
15000
10000
8000
8672.16
23.66%
Proyecto "B"
26237.30
24546.47
22923.65
21365.21
19867.76
18428.14
17043.38
15710.68
14427.44
13191.19
11999.65
10850.64
9742.11
8672.16
7638.98
6640.85
5676.17
4743.43
3841.20
2968.11
2122.89
1304.33
511.28
-257.34
-1002.56
-1725.36
-2426.65
-3107.32
-3768.20
-4410.09
-5033.73
-5639.83
-6229.09
-6802.14
-7359.61
-7902.07
-8430.10

$
$
$
$

(28.49)
(33.58)
(38.72)
(43.88)

14%

37%
38%
39%
40%

-15216.3357
-15677.76905
-16125.62981
-16560.451

-8944.22
-9444.95
-9932.77
28000.00

TIR MULTIPLE
Anual
Mes
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
TOTAL

tir no.
1
2
3

Flujo caja
Flujo +
Flujo -1200
0
-1200
700
700
0
700
700
0
700
700
0
700
700
0 VA 700
700
0 VF +
-700
0
-700
-700
0
-700
-700
0
-700
-700
0
-700
-700
0
-700
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1300
1300
0
100

Tsa gastos
Tsa Ingresos
TIR modificada

-1317.6974022125

Mensual
Anual
1.626%
10.061%
36.1242%

TIR MULTIPLE
$120.00
$100.00
$80.00
$60.00
$40.00
$20.00

TIR MULTIPLE

$$(20.00)0.00%
$(40.00)
$(60.00)
$(80.00)

10.00%

20.00%

30.00%

40.00%

7%
10%
86124%

$(80.00)

30000
25000
20000
15000
10000

Proyecto A

5000

Proyecto B

0
-5000
-10000
-15000
-20000

0%

10%

20%

30%

40%

Mensual
56.540%
79.740%
0.76

Determinacion del VAN

Costo del Cpaital de Empresa
10%
Flujo de Efectivo final del ao
Ao
Proyecto A
Proyecto B
0
-42000
-45000
1
14000
28000
2
14000
12000
3
14000
10000
4
14000
10000
5
14000
10000
NPV
$11,071.01
$10,924.40
TIR
19.9%
21.7%
La TIR es la tasa de descuento el cual el VPN = 0
VAN =
$0.00
$0.00

TASA
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%
31%
32%
33%
34%
35%

VPN A
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

28,000.00
25,948.04
23,988.43
22,115.90
20,325.51
18,612.67
16,973.09
15,402.76
13,897.94
12,455.12
11,071.01
9,742.56
8,466.87
7,241.24
6,063.13
4,930.17
3,840.11
2,790.85
1,780.39
806.89
(131.43)
(1,036.22)
(1,909.04)
(2,751.38)
(3,564.62)
(4,350.08)
(5,109.01)
(5,842.58)
(6,551.92)
(7,238.06)
(7,902.02)
(8,544.75)
(9,167.13)
(9,770.02)
(10,354.24)
(10,920.54)

VPN B
$ 25,000.00
$ 23,316.69
$ 21,703.99
$ 20,157.99
$ 18,675.03
$ 17,251.68
$ 15,884.76
$ 14,571.28
$ 13,308.44
$ 12,093.63
$ 10,924.40
$
9,798.43
$
8,713.58
$
7,667.81
$
6,659.22
$
5,686.01
$
4,746.50
$
3,839.10
$
2,962.32
$
2,114.73
$
1,295.01
$
501.90
$
(265.78)
$
(1,009.16)
$
(1,729.30)
$
(2,427.20)
$
(3,103.81)
$
(3,760.04)
$
(4,396.74)
$
(5,014.71)
$
(5,614.72)
$
(6,197.50)
$
(6,763.74)
$
(7,314.11)
$
(7,849.21)
$
(8,369.66)

Diagrama de los flujo del Proyec

Io
CF1
CF2
CF3
CF4
CF5
VPN

-42000
12727.27
11570.25
10518.41
9562.19
8692.90
11071.01

Io
CF1
CF2
CF3
CF4
CF5
VPN

45000
-45000
25454.55
9917.36
7513.15
6830.13
6209.21
10924.40

$30,000.00
$25,000.00
$20,000.00
$15,000.00
$10,000.00
$5,000.00
$0%
$(5,000.00)
$(10,000.00)
$(15,000.00)

5%

36%
37%
38%
39%
40%
41%
42%
43%
44%
45%
46%
47%
48%
49%
50%
51%
52%
53%
54%
55%
56%
57%
58%
59%
60%
61%
62%
63%
64%
65%
66%
67%
68%
69%
70%
71%
72%
73%
74%
75%
76%
77%
78%
79%
80%
81%
82%
83%
84%
85%
86%
87%
88%
89%
90%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

(11,469.66)
(12,002.30)
(12,519.10)
(13,020.71)
(13,507.71)
(13,980.67)
(14,440.14)
(14,886.63)
(15,320.63)
(15,742.62)
(16,153.03)
(16,552.30)
(16,940.84)
(17,319.03)
(17,687.24)
(18,045.84)
(18,395.16)
(18,735.52)
(19,067.24)
(19,390.62)
(19,705.93)
(20,013.46)
(20,313.47)
(20,606.21)
(20,891.91)
(21,170.81)
(21,443.13)
(21,709.08)
(21,968.86)
(22,222.68)
(22,470.72)
(22,713.16)
(22,950.18)
(23,181.93)
(23,408.59)
(23,630.31)
(23,847.23)
(24,059.50)
(24,267.26)
(24,470.64)
(24,669.76)
(24,864.76)
(25,055.74)
(25,242.83)
(25,426.14)
(25,605.76)
(25,781.81)
(25,954.38)
(26,123.57)
(26,289.48)
(26,452.18)
(26,611.77)
(26,768.33)
(26,921.94)
(27,072.67)

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

(8,876.01)
(9,368.80)
(9,848.54)
(10,315.72)
(10,770.81)
(11,214.25)
(11,646.46)
(12,067.85)
(12,478.80)
(12,879.69)
(13,270.85)
(13,652.64)
(14,025.36)
(14,389.34)
(14,744.86)
(15,092.20)
(15,431.64)
(15,763.43)
(16,087.83)
(16,405.07)
(16,715.38)
(17,018.97)
(17,316.06)
(17,606.86)
(17,891.54)
(18,170.31)
(18,443.33)
(18,710.78)
(18,972.83)
(19,229.64)
(19,481.35)
(19,728.12)
(19,970.08)
(20,207.38)
(20,440.15)
(20,668.51)
(20,892.58)
(21,112.49)
(21,328.34)
(21,540.25)
(21,748.32)
(21,952.66)
(22,153.37)
(22,350.53)
(22,544.24)
(22,734.60)
(22,921.68)
(23,105.57)
(23,286.35)
(23,464.10)
(23,638.89)
(23,810.80)
(23,979.90)
(24,146.25)
(24,309.92)

91%
92%
93%
94%
95%
96%
97%
98%
99%
100%

$
$
$
$
$
$
$
$
$
$

(27,220.61)
(27,365.83)
(27,508.39)
(27,648.37)
(27,785.83)
(27,920.84)
(28,053.45)
(28,183.72)
(28,311.72)
(28,437.50)

$
$
$
$
$
$
$
$
$
$

(24,470.98)
(24,629.49)
(24,785.50)
(24,939.08)
(25,090.28)
(25,239.16)
(25,385.78)
(25,530.17)
(25,672.39)
(25,812.50)

Diagrama de los flujo del Proyecto A

14000
14000

28000

14000

14000

14000

Diagrama de los flujo del Proyecto B

12000
10000
10000

10000

Proyecto A
Proyecto B

5%

10%

15%

20%

25%

30%

35%

40%