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72AZM4HEdCyQOwMR
72AZM4HEdCyQOwMR
COSTO BENEFICIO
CI=
CAO=
BENEFICIO
n=
i=
2,500,000
11,500
11,500
30 aos
12.55% trim
2,500,000
i=
Convensional
Beneficio
x (P/A 12.55
120 )
7.96812
Costo
2,500,000
A= B/C
A= B/C
7.96812
2,591,633
11,500
7.9681200
(P/A
12.55 120
7.96812
0.00
Convensional
B = B-BN-Mtto y Operaciones
Inversin Inicial
2,500,000
100 aos
11,500
13%
681200
2,591,633
0 2,500,000
91,633
-0.04
COSTO BENEFICIO
CI=
CAO=
BENEFICIO
n=
i=
2,500,000
11,500
2,591,632
30 aos
12.00%
11,500
2,500,000
i=
Convensional
Beneficio
x (P/A 12.00
30 )
8.05518
Costo
2,500,000
A= B/C
A= B/C
20,876,064.67031
2,592,635
11,500
(P/A
20,876,064.6703140
12.00
30
8.05518
8.05207
Convensional
B = B-BN-Mtto y Operaciones
Inversin Inicial
20,876,065
2,500,000
100 aos
11,500
12%
064.6703140
2,592,635
0 2,500,000
92,635
8.31
INVERSION
TASA
VAN
TIR
periodo
produccin
precio
ventas
costo
utilidad
inversion inicial
flujos
TIR
-120000
15%
1
60000
2
48000
3
36000
4
25000
$6,433.22
18.06%
1000
3.5
3500
3000
500
1000
3.5
3500
3000
500
1000
3.5
3500
3000
500
1000
3.5
3500
3000
500
500
500
500
500
1500
-1500
24.29%
6
1000
3.5
3500
3000
500
1000
3.5
3500
3000
500
500
500
Costo Inicial
n=
i=
-1000
3
9%
-1000
Aos
anual
-1000
VAN =
-1000
300
1.090
VAN =
-1000
300
1.09
VAN =
-1000
8%
VAN =
1+
-8.9565561852
VAN =
i=
300
VAN =
anual
-1000
300
1+
VAN =
-1000
300
1.080
VAN =
-1000
300
1.08
VAN =
-1000
11.2787684804
VAN =
1.-
VAN
-8.95655619
11.2787685
%
9.0%
8.0%
2.-
Se van a cruzar .
*
11.2787685
*
8.95655619
suma
20.235325
3.-
Calcular TIR
TIR=
i=
8.56%
anual
VAN =
-1000
VAN =
-1000
VAN =
-1000
VAN =
-1000
VAN =
1.731613658
20.23532466
300
1+
300
1.086
300
1.086
+
-0.0808193458
1
300
2
300
300
0.090 ^ 1
300
1.090
^1
300
1.09
275.229357798
3
600
1+
8.55%
300
0.090 ^ 2
300
1.090
^2
1+
600
0.090 ^ 3
600
1.090
^3
300
1.18810
600
1.295029
252.50399798
463.3100880366
TIR debe se = 0
Entonces bajas de 9% a 8%
9565561852
300
0.080 ^ 1
TIR=
1+
300
0.080 ^ 2
1+
600
0.080 ^ 3
300
1.080
^1
300
1.08
277.777777778
300
1.16640
600
1.259712
257.2016460905
476.2993446121
=
=
1.0150891632
0.7165244948
1.7316136581
1.7316136581
20.2353246656
300
0.086 ^ 1
^1
300
1.086
276.351547505
0808193458
^3
TIR debe se = 0
Entonces bajas de 9% a 8%
suma
300
1.086
^2
600
1.080
2787684804
0.090
0.080
300
1.080
0.0855738016
1+
300
0.086 ^ 2
300
1.086
^2
8.56%
+
1+
600
0.086 ^ 3
600
1.086
^3
300
1.17847
600
1.279317
254.5672593607
469.0003737889
TIR debe se = 0
OK, con este resultado de
i=
6% semestral
r=
ie= (1+i )
anual
mensual
quincenal
trimestral
x=
x=
x=
x=
5000
5000
5000
5000
(F/P
(F/P
(F/P
(F/P
12
1
0.0049876
0.030301
,
,
,
,
5
60
20
20
)
)
)
)
ie=
ie=
ie=
ie=
(
(
(
(
1
1
1
1
m
m
-1
+
+
+
+
1+i )
i=
m
-1
=
0.060
0.001
0.010
0.010
(1 + r/m )
)
)
)
)
^
^
^
^
2
12
2
3
r
m
./
-1
Nominal
Efectivo
1
1
1
1
=
0.1236
=
= 0.01206622 =
= 0.004987562 =
=
=
0.030301
12.360%
1.207%
0.499%
3.030%
Interes Simple
Vf= Vp +
Interes C
Vp (i)(n)
Vf = Vp ( 1 + i )^n
P= $ 100
i = 3%
n = 25 aos
F= ?
Vf =
Vp
Vf = $
P= $ 100
i = 3%
n = 25 aos
F= ?
+
Vp
100 +
175.000
Vf = $
100
0.030
25
Vf =
Vp
Vf = $ 100
Vf = $209.3778
Carlos abre una cuenta y deposita un monto de $2,400 el banco paga i = 5% nominal anual,
Calcule el saldo de su cuenta despus de 4 aos.
a.- Con interes simple
b.- con interes compuesto capitalizando anualmente
2,400
aos
1
s=?
I
I
I
I
=
=
=
=
Vp
2,400
2,400
480
*
*
*
i
5
0.05
*
*
*
n
4
4
s
s
s
s
=
=
=
=
Vp
Vp
2,400
2880
Vp
Tasa Nominal
24% / 12 meses = 2% mensual
n=
1% =
1+
3.5 x
1+
0.02
0.08333
1
1.0016515813
Efectiva 15.30%
p
ip=
0.07378
9.24%
ef
0.153
ip=
12
ef
ef
1
+
1
+
= 1.146636283
ef
= 0.146636283
7.38%
4.52%
ef
0.092
1.00740
0.00740
trim
sem
ip=
ip=
ip=
3.48%
1.07378
ip=
Tasa Periodica -
sem
ip=
ip=
Periodica
sem
ef
ef
1.09244304
ef
0.09244304
1
0.74%
1
1
+
+
Interes Compuesto
Vp ( 1 + i )^n
aos
1+
1+
0.030
25
$209.3778
5% nominal anual,
Vp= 2,400
i=
5
n=
4
s= ?
+
*
*
%
aos
I
1
1.00
+
*
2880
5
0.05
*
*
4
4
2,400
480
Eefectiva Anual = EA
( 1 + i )n
0.02
0.02
0.08333
1.0016515813
( 1 + i )n
12 =
( 1 + i )1
1/ 12
(1+ i)
1.02
(1+ i)
(1+ i)
2,880
^p
0.035
1.146636283 0.146636283 =
4
1
1
-1
14.66%
^p
0.045
1.09244304
0.09244304
1
-1
1
9.24%
Valor presente
p=
CAO=
Rep=
Vs=
Ingesos=
n=
i=
TIR=
32000
4000
1000
5000
14000
10
?
5%
Gradiente geometrico
A = 600
Gg =
12 %
1v
2v
3v
4v
5v
6v
7v
8v
9v
=
=
=
=
=
=
=
=
=
600.00
672.00
752.64
842.96
944.11
1057.41
1184.29
1326.41
1485.58
8.75% trimestral
3.500 aos
st
65
n
st
= ?
= $
st
14,000
6% mensual
60,000
aos
5.5 aos
(p)
65
65
0.09
Trim =
aos =
65
65
0.09
65
65
0.35
mensual =
65
65
1.58
(p)
(p)
st
st
st
(p)
st
(p)
st
3% mensual
$
2 aos
20,000
n
NOTA:
(p)
st
1 + i
75,000
aos
20,000
$
?
st
0.09
3.5
0.09
0.35
1.58
85.00
99.23
3.5
144.78
18
1,909.80
20,000
$
14,000
75,000
$
60,000
14,000
0.06
60,000
=
5.50
Si guera taza 0
6,000
840.00
15,000
330,000
7.14 meses
0.045
4.5 %
$
1
20,000
+
0.03
24
2 aos * 12 meses de la
tasa
20,000
=
9,838.67
Interes Compuesto
Genera interes de acuerdo a una distinta exponencial ajustada de tal forma que si no se hac
intereses sobre los saldos.
p
n
st
=
=
st
866
2.9000%
anual
7.7843
trimestral
37,591
P (1+i)
$45,000
$ 7,000
7
=
=
6
7/6.
$40,000
$ 6,000
( 1 + 0.02)
n
1.02
( 1 + 0.02)
3 de Febrero de 2015
forma que si no se hace ningn pago previo al lmite de corte del proyecto, se cargaran
3 de Febrero de 2015
Linea Recta
B
Dt
dt
Vlt
n
Vs
Dt =
Dt =1-n
D= 20,000
CA0= 1500
Rep= 3000
Vs= 4500
Ing= 6500
i = 12%
n=
6
D1
d1
20,000
1
6
B-Vs
dt =
n
4500
0.16667
1
n
Vlt =
dt =1-n
B - (t) (Dt)
Vlt 1-n
2,583.33333
D1 ..D6
16.66667%
d1 ..d6
Vl1 =
20,000
2583.33
17416.6666666667
Vl1 =
20,000
2583.33
14833.3333333333
Vl1 =
20,000
2583.33
12250.00000
Vl1 =
20,000
2583.33
9666.6666666667
Vl1 =
20,000
2583.33
7083.3333333333
Vl1 =
20,000
2583.33
4500
16.66667%
20,000
Constante
Const Act.
4,000
18,000
4500
0.16667
2,583.33
Dt =1-n
D= 22,000
CA0=
Rep=
Vs= 3000
Ing=
i=
n = 10
D1
d1
22,000
1
10
10
3000
0.10000
dt =1-n
Vlt 1-n
1,900.00000
D1 ..D6
10.00%
d1 ..d6
Vl1 =
22,000
1900.00
$20,100.00
Vl2 =
22,000
1900.00
$18,200.00
Vl3 =
22,000
1900.00
$16,300.00
Vl4 =
22,000
1900.00
$14,400.00
Vl5 =
22,000
1900.00
$12,500.00
Vl6 =
22,000
1900.00
$10,600.00
Vl7 =
22,000
1900.00
$8,700.00
Vl8 =
22,000
1900.00
$6,800.00
Vl9 =
22,000
1900.00
$4,900.00
Vl10 =
22,000
10
1900.00
$3,000.00
10.00000%
22,000
Constante
Const Act.
D= 350,000
CA0=
Rep=
Vs= 32500
3000
0.10000
200,000
150,000
Dt =1-n
dt =1-n
Vlt 1-n
1,900.00
Ing=
i=
n=
D1
d1
30
350,000
1
30
30
=
32500
0.03333
10,583.33333
D1 ..D6
3.33%
d1 ..d6
Vl1 =
350,000
10583.3333
$339,416.67
Vl2 =
350,000
10583.3333
$328,833.33
Vl3 =
350,000
10583.3333
$318,250.00
Vl4 =
350,000
10583.3333
$307,666.67
Vl5 =
350,000
10583.3333
$297,083.33
Vl6 =
350,000
10583.3333
$286,500.00
Vl7 =
350,000
10583.3333
$275,916.67
Vl8 =
350,000
10583.3333
$265,333.33
Vl9 =
350,000
10583.3333
$254,750.00
Vl10 =
350,000
10
10583.3333
$244,166.67
Vl11 =
350,000
11
10583.3333
$233,583.33
Vl12 =
350,000
12
10583.3333
$223,000.00
Vl13 =
350,000
13
10583.3333
$212,416.67
Vl14 =
350,000
14
10583.3333
$201,833.33
Vl15 =
350,000
15
10583.3333
$191,250.00
Vl16 =
350,000
16
10583.3333
$180,666.67
Vl17 =
350,000
17
10583.3333
$170,083.33
Vl18 =
350,000
18
10583.3333
$159,500.00
Vl19 =
350,000
19
10583.3333
$148,916.67
Vl20 =
350,000
20
10583.3333
$138,333.33
Vl21 =
350,000
21
10583.3333
$127,750.00
Vl22 =
350,000
22
10583.3333
$117,166.67
Vl23 =
350,000
23
10583.3333
$106,583.33
Vl24 =
350,000
24
10583.3333
$96,000.00
Vl25 =
350,000
25
10583.3333
$85,416.67
Vl26 =
350,000
26
10583.3333
$74,833.33
Vl27 =
350,000
27
10583.3333
$64,250.00
Vl28 =
350,000
28
10583.3333
$53,666.67
Vl29 =
350,000
29
10583.3333
$43,083.33
Vl30 =
350,000
30
10583.3333
$32,500.00
3.33333%
350,000
32500
0.03333
10,583.33
d=
d=
200%
(1/n) ( 2 )
2/n mxima taza de activo para aplicar
d=
d=
1.75
veces que el de LR
(1/n) ( 1.75 )
d=
1.75/ n
d=
35%
B=
d=
Vs =
n=
dt =
Dt =
Vlt =
d=
d=
30000
175%
700
6
175%
1/n
175%
1.75
29.16667%
6
1
2
D1 =
D1 =
0.29166667
30000
0.29166667
0.29166667
30000
0.29166667
29.16667%
0.29166667
^1-1
0.29166667
^2-1
-2552.08333
2997.21535
Intercambio Compensado
n1
P
CAO
Rep
Vs
n
i
Canje
n2
=
=
=
=
=
=
=
Defensor
55000
2700
5000
7
12%
-
Retador
15000
2500
C/4 4000
2000
8
16%
3000
C/3
VA (D)
55000 (AP i, n)
VA (R)
-15000
-3000
=
A/P 16
0
8
-4000
-2000
375
Vidas
n1
P
CAO
Rep
Vs
n
i
Canje
Diferenntes
Este canje se carga al
proveedor
n2
=
=
=
=
=
=
=
Defensor
$2,700
Retador
$4,000
$7,200
c/2
c/4
$5,000
7
12%
-
$3,500
12
12%
$6,000
$857
$500
VA (D)
VA (R)
0 (AP i, n)
-$6,000
-$4,000
lleva ventja
Horizonte de Planeacin
(HP)
Se define como politica de inversion definida por la empresa en cuanto al tiempo maximo para terminar el proyecto
n1
P
CAO
Rep
Vs
n
i
Canje
n2
=
=
=
=
=
=
=
Hp =
Hp =
Defensor
Retador
$20,000
$35,000
$3,000
$2,800
$7,000 c/3 $10,000 c/5
$4,500
$6,500
8
12
6%
6%
15 aos
VA (D)
VA (R)
0 (AP i, n)
-$20,000
-$35,000
15 aos
Precio Justo
Este canje se carga al
proveedor
P
CAO
Rep
Vs
n
i
Canje
=
=
=
=
=
=
=
P
CAO
Rep
Vs
n
i
Canje
TMAR
Hp
=
=
=
=
=
=
=
Defensor
$5,500
$2,700
Retador
$4,000
$7,200
c/3
VA (D)
$5,000
7
12%
-
$1,500
12
12%
$3,000
Defensor
-
Retador
CAO
$1,875,000
$100,000
$3,000
c/3 $4,000 c/5
$3,125,000
$360,000
8
8
$280,000
12%
5
.-X
-$7,200
VA (D)
CI = X
(A/P i, n)
$120,000
A
=
(A/P i, n)
c/5
CI = X
2
$3,000
B
$25,000
12
$4,000
B
$38,000
20
$2,500
Vs
Canje
TMAR
Hp
$0
8%
$1,000
$9,000
$1,000
$9,000
(p/f16,4)
(A/P 16,8)
-5000
A/F
-4000
16 3
P/A
16
2000 A/F 16
-$
4,411.04
6,780.58
-$6,000
(A/P 10,6)
-$2,700
$0
(A/F 10,2)
(P/A 10,4)
(A/P 10,6)
$5,000
-$4,000
(A/P 10,10)
-$7,200
$0
(A/F 10,4)
(P/A 10,8)
(A/P 10,10)
$0
minar el proyecto
-$20,000
-$35,000
(A/P
(A/P 10,10)
-$3,000
-$2,800
-$7,000
-$10,000
(A/F 6,3)
(P/A 6,6)
(A/P 6,8)
$4,500
(A/F 10,4)
(P/A 10,8)
(A/P 10,10)
$0
A/P
Hp
Hp
n
menon
No afecgta a "n"
afecta a "n" (n=Hp)
.-X
A/P 12
-$7,200
-$2,700
P/F
$0
12
$0
5
A/P
P/F
12
10
12
A/P
$1,500
12
A/F
12
12
$5,000
.
-$100,000
(A/P ### 8
-$4,000
(P/F
-$120,000
###
$360,000
5
(A/P
(P/F
#
#
10 +
3
###
(A/P
#
(A/F
6
###
+
8
###
A/F
(A/F 10,6)
-$
5,010.35
(A/F 10,6)
-$
5,010.35
(A/F
(A/F 10,6)
-$
7,507.19
-$
8,146.74
A/F
12
(A/F ###
2,709.30
2,709.30
Sin
1.2.3.4.-
$
$
$
$
964.94
2,497.46
1,856.56
2,689.74
Ingreso
Deducible
Pago Interes
Int
Flujo Neto
2
FNE
7,000
na
1,800
5,200
7,000
-13,000
+ 5,200
(P/A 16.56, 5)
3.23197
2,800
4.-Pago de una sola cantidad que cubre el principal ms los intereses acumulados al fina
Sin
1.2.3.4.-
$
$
$
$
Ingreso
Deducible
Pago Interes
Int
Flujo Neto
964.94
2,497.46
1,856.56
2,689.74
FNE
Ingreso
UAI
VDI
Pago Prestr
Vs
$
$
$
FNE
7,000
na
1,800
5,200
7,000
7,000
7,000
-
+
13,000
7,000
7,000
(P/A 16.56, 5)
3.23197
16,757
COMPROBACION
P
$
$
$
$
$
$
12,000
10,000
8,000
6,000
4,000
2,000
$
$
$
$
$
$
Interes
1,800
1,500
1,200
900
600
300
$
$
$
$
$
$
Vp =
Ingreso
UAI
VDI
Pago Prestr
Vs
$
$
$
$
FNE
Pago + Interes
$
$
$
$
$
$
7,000
7,000
7,000
3,800
$
$
$
$
7,000
7,000
7,000
3,500
$
$
$
$
3,200 $
3,200
3,800
3,500
3,200
2,900
2,600
2,300
+
13,000
Pago
2,000
2,000
2,000
2,000
2,000
2,000
7,000
7,000
7,000
3,200
-
3,500
(P/A 16.56, 5)
3.23197
3,800
300
i max:
AP Emp
P
$
$
AP Banco
P
(i emp)
13,000
25,000
0.18
(i emp)
$
$
12,000
25,000
Problema 3
i max:
AP Emp
P
$
$
13,000
25,000
0.12
AP Banco
P
$
$
12,000
25,000
Problema 4
P
n
Vs
Ingreso
Tmar
Imp
LR o SDA
=
=
=
=
=
=
=
Ingreso
Dep. (Neg)
UAI
Imp
UDF
Dep. (Posit)
FNC
Vs
18,000
4
$
$
$
2,000
5,000
4.4%
500
?
FNE
18,000
4
4,000
2,000
VpLR
18,000
4,500
Lnea Recta
(P/A 4.4, +
3)
2.75416
1
P
n
Vs
Ingreso
Tmar
Imp
LR o SDA
=
=
=
=
=
=
=
Ingreso
Dep. (Neg)
UAI
Imp
UDI
Dep. (Posit)
FNC
Vs
18,000
4
$
$
$
2,000
5,000
4.4%
500
?
FNE
18,000
4
4,000
VpSDA
Suma Digitales Aos
$
$
-$
$
-$
$
$
5,000
6,400
1,400
700
700
6,400
5,700
-
5,700
2,000
18,000
5,700
Problema 5
P
n
Vs
Ingreso
Prest.
Int (Banco)
Liq.
Tmar
T. Imp
Dep
=
=
=
=
=
=
=
=
=
=
Ingreso
Dep. (Neg)
UAI
Imp
UDI
Dep. (Posit)
FNC
Vs
32,000
7
$
$
$
4,000
12,000
12,000
15.0%
6 aos
18.0%
50.0%
LR
FNE
Costo inicial
32,000
7
Vs
4,000
n
4,000
Pago =
(A/P 15, 6)
12,000
0.26424
COMPROBACION
1
2
3
4
5
6
$
$
$
$
$
$
Capital
12,000
10,629
8,958
6,987
4,716
2,146
$
$
$
$
$
$
Interes
1,800
+
1,500
+
1,200
+
900
+
600
+
300
$
$
$
$
$
$
Pago
3,170.88 $
+
3,170.88
$
+
3,170.88 $
+
3,170.88
$
+
3,170.88
$
+ -$
3,170.88
Saldo
10,629
8,958
6,987
4,716
2,146
725
$
$
$
7,000
1,800
5,200
6
$
$
$
$
$
$
7,000
1,800
5,200
12,000 Intereses todo el ao
6,800
4,000 Vs
(P/F 16.56, 5)
0.39875
2,689.74
7,000
1,800
5,200
6
$
$
$
-$
$
7,000
7,000
7,000
27,757 12000 + Interes
4,000 Vs
(P/F 16.56, 6)
0.39875
28,942.05
$
$
$
$
$
$
Saldo
10,000
8,000
6,000
4,000
2,000
-
4
$
$
$
$
$
7,000
7,000
7,000
2,900
-
$
$
$
$
4,100
6
7,000
7,000
7,000
2,600
(P/G 16.56, 5) +
5.48333
4,400
8,700
$
$
###
###
###
2,300
4,000
8,700
(P/F 16.56, 6)
0.39875
2,456.43
$1,856.56
este fue resultado en el salon
a terminar.
(i banco)
0.15
16.56%
(i banco)
0.15
13.44%
1
$
$
$
$
$
$
$
$
5,000
4,000
1,000
500
500
4,000
4,500
-
$
$
$
$
$
$
$
4,500
5,000
4,000
1,000
500
500
4,000
4,500
$
$
$
$
$
$
$
5,000
4,000
1,000
500
500
4,000
4,500
-
$
$
$
$
$
$
$
$
4,500
4,500
$ 6,500
5,000
4,000
1,000
500
500
4,000
4,500
2,000
6,500
(P/F 4.4 , 4)
0.84178
-$
134.71
2
$
$
$
-$
$
$
$
$
5,000
4,800
200
100
100
4,800
4,900
-
$
$
$
-$
$
$
$
4,900
800
4
5,000
3,200
1,800
900
900
3,200
4,100
$
$
$
-$
$
$
$
$
4,100
800 $
5,300
5,300
2.67512
20.05
5,000
1,600
3,400
1,700 $
1,700
1,600
3,300
2,000
(P/F 4.4 , 4)
0.84178
20.05
800
Gradiante
$
$
$
$
$
$
$
12,000
4,000
8,000
4,000
4,000
4,000
8,000
-
$
$
$
$
$
$
$
12,000
4,000
8,000
4,000
4,000
4,000
8,000
-
$
$
$
$
$
$
$
8,000
8,000
i max:
AP Emp
P
$
$
20,000
32,000
3,170.88
12,000
4,000
8,000
4,000
4,000
4,000
8,000
-
$ 12,000 $
$ 4,000 $
$ 8,000 $
$ 4,000 $
$ 4,000 $
$ 4,000 $
$ 8,000 $
-
8,000 $
8,000 $
AP Banco
P
$ 14,000
$ 32,000
(i emp)
0.18
12,000
4,000
8,000
4,000
4,000
4,000
8,000
-
6
$
$
$
$
$
$
$
12,000
4,000
8,000
4,000
4,000
4,000
8,000
-
8,000 $
8,000
(i banco)
* 0.15=
17.81%
7
$
$
$
$
$
$
$
$
12,000
4,000
8,000
4,000
4,000
4,000
8,000
4,000
12,000
Analisis de Remplazo
p
CAO
Vs
n
=
=
=
=
19-May-15
30000
2500
5000
8
VA ( R) =
VA ( D1) =
VA ( D2) =
CAO
Vs
i
25000
1
2
3
4
2000 2800 3600 5000
22000 19000 15000 12000
30000
(A/P
-25000 (A/P
En el uno me quedo un ao m
-22000 (A/P
VA (DR)
5
7000
6000
El activo defensor
12%
Tarea
p
CAO
Vs
n
Rep=
=
=
=
=
=
CAO
Vs
Rep
i
19 Mayo 2015
30000
3500
5000
8
4000 c/4
21000
1
2
3
2500 3000 3500
17000 14000 11000
1500
15%
VA ( R) =
VA ( D1) =
VA ( D2) =
30000
-21000 (A/P
En el uno me quedo un ao m
-17000 (A/P
VA (DR)
4
4000
9000
1800
5
4500
7000
5
5000
4000
(A/P
El activo defensor
9-May-15
12
2500
-5000
(A/F
12
-8132.5
12
1
-2000
+
22000 (A/F
12
1
=
o me quedo un ao mas con el, no lo cambio porque es menor que el retador
12
1
-2800 +
19000 (A/F
12
1
=
-22000
(A/P
12
2000
(P/F
12
-8000
-8440
+
+
+
+
15
3500
-5000
(A/F
15
15
1
-2500
+
17000 (A/F
15
1
=
o me quedo un ao mas con el, no lo cambio porque es menor que el retador
12
1
-3000 +
14000 (A/F
12
1
=
-17000
(A/P
15
2500
(P/F
12
3600 (P/F
12
5000 (P/F
12
7000 (P/F
12
(A/P
3500 (P/F
12
4000 (P/F
12
4500 (P/F
12
(A/P
12
6000 (A/F
12
-10392.06
12
7000 (A/F
12
-10392.06
1
Lnea Recta= 1/n
d=
d=
d=
###
(1/n) * 2
2/n
Mxima taza de activo para aplicar
d=
d=
d=
(1/n)* 1.75
1.75/n
Mxima taza de activo para aplicar
3
d=
B=
Vs=
n=
35%
80000
20000
20 aos
SD
n
1
2
3
4
5
6
7
8
9
10
11
12
13
Dt
--------5357.36
4998.59
4663.85
4351.53
4060.12
3788.23
3534.54
3297.84
3077.00
2870.94
2678.68
2499.30
Vlt
80000
74642.64
69644.05
64980.19
60628.66
56568.54
52780.32
49245.78
45947.93
42870.94
40000.00
37321.32
34822.02
14
15
16
17
18
19
20
2331.93
2175.76
2030.06
1894.11
1767.27
1648.92
1538.50
dimplicita=
1
1
d=
Dt1=
32490.10
30314.33
28284.27
26390.16
24622.89
22973.97
21435.47
1 - (Vs/B)^1/n
20000
0.25000
0.06697
80000
^
20
0.0500
(1 - d )
n-1
0.06697 *
80000 *
0.06697
1-1.
5357.36
0.06697 *
80000 *
0.06697
2-1.
4998.59
0.06697 *
80000 *
0.06697
3-1.
4663.85
0.06697 *
80000 *
0.06697
4-1.
4351.53
0.06697 *
80000 *
0.06697
5-1.
4060.12
0.06697 *
80000 *
0.06697
6-1.
3788.23
0.06697 *
80000 *
0.06697
7-1.
3534.54
0.06697 *
80000 *
0.06697
8-1.
3297.84
0.06697 *
80000 *
0.06697
9-1.
3077.00
10
0.06697 *
80000 *
0.06697
10-1.
2870.94
11
0.06697 *
80000 *
0.06697
9-1.
2678.68
12
0.06697 *
80000 *
0.06697
10-1.
2499.30
13
0.06697 *
80000 *
0.06697
9-1.
2331.93
14
0.06697 *
80000 *
0.06697
10-1.
2175.76
15
0.06697 *
80000 *
0.06697
9-1.
2030.06
16
0.06697 *
80000 *
0.06697
10-1.
1894.11
17
0.06697 *
80000 *
0.06697
9-1.
1767.27
18
0.06697 *
80000 *
0.06697
10-1.
1648.92
19
0.06697 *
80000 *
0.06697
9-1.
1538.50
20
0.06697 *
80000 *
0.06697
10-1.
1435.47
3
VL= Vs
Dt = 0
Dt = 0
VL= Vs
Vs Implicito= VLt= B(1-d)n*
70,000= 30,000 (1 - 0.291667)
n* = (In 70,000/30,000)/In (1- 0.291667)
n* = 4.2201693 aos
.2201693 * 12 meses = 2.64 Feb
0.64 * 30 dias = 19
19-Feb-04
SDD
n
1
2
3
4
5
6
7
8
9
10
11
12
13
Dt
--------8000
7200
6480
5832
5248.8
4723.92
4251.53
3826.38
3443.74
3099.36
2789.43
2510.48
d
Vlt
80000
72000
64800
58320
52488
47239.2
42515.28
38263.75
34437.38
30993.64
27894.28
25104.85
22594.36
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
=
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
14
15
16
17
18
19
20
5357.36
4998.59
4663.85
4351.53
4060.12
3788.23
3534.54
3297.84
3077.00
2870.94
2678.68
2499.30
2331.93
2175.76
2030.06
1894.11
1767.27
1648.92
1538.50
1435.47
2259.44
2033.49
1830.14
1647.13
1482.42
1334.17
1200.76
20334.93
18301.43
16471.29
14824.16
13341.75
12007.57
10806.81
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
Dt=
0.1
0.1
0.1
0.1
0.1
0.1
0.1
2/n
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
*
*
*
*
*
*
*
*
*
*
*
*
*
=
80000
80000
80000
80000
80000
80000
80000
80000
80000
80000
80000
80000
80000
20 =
0.1
*
*
*
*
*
*
*
*
*
*
*
*
*
112345678910 11 12 -
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
^
^
^
^
^
^
^
^
^
^
^
^
^
1
2
3
4
5
6
7
8
9
10
11
12
13
1
1
1
1
1
1
1
1
1
1
1
1
1
=
=
=
=
=
=
=
=
=
=
=
=
=
8000
7200
6480
5832
5248.8
4723.92
4251.53
3826.38
3443.74
3099.36
2789.43
2510.48
2259.44
0.1
0.1
0.1
0.1
0.1
0.1
0.1
*
*
*
*
*
*
*
80000
80000
80000
80000
80000
80000
80000
*
*
*
*
*
*
*
13 14 15 16 17 18 19 -
0.1
0.1
0.1
0.1
0.1
0.1
0.1
^
^
^
^
^
^
^
14
15
16
17
18
19
20
1
1
1
1
1
1
1
=
=
=
=
=
=
=
2033.49
1830.14
1647.13
1482.42
1334.17
1200.76
1080.68
8000
7200
6480
5832
5248.8
4723.92
4251.53
3826.38
3443.74
3099.36
2789.43
2510.48
2259.44
2033.49
1830.14
1647.13
1482.42
1334.17
1200.76
1080.68
Tasa de inters
n
12
n
4
(F/P,i,n)
2.01220
(P/F,i,n)
0.49697
(A/F,i,n)
0.05928
(F/A,i,n)
16.86994
(F/P,i,n)
1.18796
Tasa de inters
(P/F,i,n)
(A/F,i,n)
0.84178
0.16763
(F/A,i,n)
3.13267
Alternativa B
11,000.00
CAO
(CAO)
3,200.00
13,000.00
2
0.00000000%
2,500.00
A' de gradiente %
G(CAO)
REP
4,500.00
VS
2,000.00
3,000.00
4.00
4.00
3.00000000%
3.00000000%
Incremento en %
Cada cundo?
6,000.00
ING
n
i
TIR
20.00000%
1.50000
1.00000
Valor Presente y Valor Anual
Alternativa A
Vp(A)
Va(A)
Sin reparaciones
21,117.74
5,681.24
Con reparaciones
25,359.42
6,822.37
TIR
.=
1,776.97
.=
-21,117.74
Diferencia
Va(A)
6,159.30
.=
478.05
.=
-5,681.24341
-70.790797%
Diferencia
Se termino, la i* =
Decisin:
-73.79080%
-70.790797%
Se rechaza la Alternativa
DERECHOS DE AUTOR: MC. ARMANDO NUNCIO GONZLEZ
INSTITUTO TECNOLGICO DE SALTILLO
P
CAO
(CAO)
G(CAO)
VP =
VA =
REP
VS
ING
n
i
Otros
22,000.00
202439.2943671
P=
P=
A=
G=
.-A=
.-F=
x
10000 X=
-61218.9587558
8000
500
4000
5000
NOTAS:
Slo se puede editar en las celdas de color amarillo y en el recuadro de color rojo
Las celdas de color verde, son resultados de los clculos.
Las frmulas slo aplica para series y gradientes completos (de 1 a "n")
Las frmulas no aplican para el concepto de reinversin y vida infinita
TABLAS PARA EL CLCULO DEL VALOR DEL DINERO A TRAVS DEL TIEM
Tablas para realizar clculos de ecuaciones manualmente
6.00%
(A/P,i,n)
0.11928
(P/A,i,n)
8.38384
(P/G,i,n)
40.33686
(A/G,i,n)
4.81126
n
10
4.40%
(A/P,i,n)
0.27809
(P/A,i,n)
3.59594
(P/G,i,n)
5.20046
(A/G,i,n)
7.48784
n
2
40243.9294367
aB
Valores cuando i = 0%
n
0.00000000%
A' de gradiente %
Incremento en %
Cada cundo?
Alternativa A
GRADIENTE GEOM
e y Valor Anual
Incremento
Alternativa B
Vp(B)
0.00%
Va(B)
Sin reparaciones
19,627.28
5,280.27
Con reparaciones
25,118.13
6,757.46
27,136.40
.=
1,776.97
.=
-25,359.42
Va(A)
Diferencia
7,300.42
.=
478.05
.=
-6,822.37
-71.76136% ###
Se termino, la i* =
Decisin:
Se rechaza la Alternativa
5,000.00
-71.76136%
3.71710
$
1.0584068406
ciones manualmente
Tasa de inters
3.00%
(F/P,i,n)
1.34392
(P/F,i,n)
0.74409
(F/P,i,n)
2.07360
Tasa de inters
(P/F,i,n)
(A/F,i,n)
0.48225
0.40984
ores cuando i = 0%
(A/F,i,n)
0.08723
(F/A,i,n)
11.46388
(A/P,i,n)
0.11723
(P/A,i,n)
8.53020
(F/A,i,n)
2.44000
44.00%
(A/P,i,n)
0.84984
(P/A,i,n)
1.17670
Tasa de inters
(F/P,i,n)
(P/F,i,n)
1
0.00%
(A/F,i,n)
1
(F/A,i,n)
0.14286
(A/P,i,n)
7.00
(P/A,i,n)
0.14286
Tasa de inters
7.00
5.00%
(F/P,i,n)
(P/F,i,n)
(A/F,i,n)
(F/A,i,n)
(A/P,i,n)
(P/A,i,n)
0.00000
0.00000
0.05000
20.00000
Alternativa B
GRADIENTE GEOMTRICO
GRADIENTE GEOMTRICO
Incremento
4.00
3.00%
3.71710
0.00%
$0.00
4.00
3.71710
Interpolacin
Valor
Defensor
Tasa (i)
Tasa menor
Sin Rep.
Con Rep.
Tasa mayor
Retador
i*=
#DIV/0! %
Sin Rep.
Con Rep.
Beneficio/Costo
Alternativa A
B/C
Vp (Eg)
Va (Eg)
Vp (Utl/Pr)
Sin reparaciones
0.000000
21,117.74
5,681.24
21,117.74
Con reparaciones
0.000000
25,359.42
6,822.37
25,359.42
Utilidades/Prdidas
%Recuperacin
Sin reparaciones
100.0000% De Prdida
Con reparaciones
100.0000% De Prdida
Alternativa B
B/C
Vp (Eg)
Va (Eg)
Vp (Utl/Pr)
Sin reparaciones
Con reparaciones
0.000000
19,627.28
5,280.27
19,627.28
0.000000
25,118.13
6,757.46
25,118.13
Utilidades/Prdidas
%Recuperacin
Sin reparaciones
100.0000% De Prdida
Con reparaciones
100.0000% De Prdida
0.00000%
Periodos (m)
12
#DIV/0!
20.00000%
#DIV/0!
0.00000%
#DIV/0!
1.530947%
Interpolacin
Valor numrico de un factor de acuerdo "i" o "n" desconocido
Tasa o periodo menor
26
27
0.117035 Resultado
28
(P/G,i,n)
36.30879
(A/G,i,n)
4.25650
(P/G,i,n)
0.48225
(A/G,i,n)
0.40984
(P/G,i,n)
(A/G,i,n)
21.00000
3.00000
(P/G,i,n)
(A/G,i,n)
400.0000
20.00000
GRADIENTE GEOMTRICO
$
3.0%
3.71710
$0.00
Clculo del costo inicial
CI =
-1,490.46
CI =
-241.29
CI =
1,490.46
CI =
241.29
Va (Utl/Pr)
Util/Pr
5,681.24 De Prdida
6,822.37 De Prdida
Decisin
Se rechaza
Se rechaza
Va (Utl/Pr)
Util/Pr
5,280.27 De Prdida
6,757.46 De Prdida
Decisin
Se rechaza
Se rechaza
Tasa nominal ( r)
Periodos (m)
Periodos menores a 1/m
Tasa efectiva por periodo (i)
Tasa efectiva mayor al periodo (ie)
Tasa efectiva menor al periodo (i)
5000
i=
20%
VI
n
0
1
2
3
4
5
6
C MTTO
6000
3000
2500
1000
500
0
0
CAO
2000
2500
3000
3500
4000
5000
VA (1)
VA (1)
VA (1)
-5000
A/P
20
-2000
3000
A/F
20
-5000
A/P
20
-2000
2000
A/F
20
-5000
A/P
20
-2000
500
A/G
20
a.- Se mantiene el defensor hasta el final del periodo 2 y el inicio 3 se compra retador.
-5,000
-4,364
1000
A/F
20
-4,516.83
3,000
2,500
1,000
2,000
2,500
3,000
3,000
2,500
1,000
2,000
2,000
2,000
0
50
0
00
1,
1,000
3,000
1,000
VA2
2,000
VA3
0
00
1,
a.-
1
7,000.00
7,000.00
7,000.00
3,170.88
3,829.12
-
Ingresos
Costo
Dep
Costo Fin
Utilidad
Rep util
Utilidad
Dep
Pagos Prest
Flujo Neto
Vs
$ 3,829.12
$
$
$
$
$
$
$
$
2
7,000.00
7,000.00
7,000.00
3,170.88
3,829.12
-
$ 3,829.12
$
$
$
$
3
7,000.00
7,000.00
7,000.00
3,170.88
3,829.12
-
$ 3,829.12
$
$
$
$
4
7,000.00
7,000.00
7,000.00
3,170.88
3,829.12
-
$ 3,829.12
$
$
$
$
4
7,000.00
7,000.00
7,000.00
3,170.88
3,829.12
-
$ 3,829.12
$
$
$
$
5
7,000.00
7,000.00
7,000.00
3,170.88
3,829.12
-
$ 3,829.12
$
$
$
$
$
6
7,000.00
7,000.00
7,000.00
3,170.88
3,829.12
4,000.00
$ 7,829.12
COA
1500
1600
1700
1800
1900
2000
2100
2200
2300
2400
C MTTO
2000
2000
2000
2000
2000
2100
2700
3300
3900
4500
VA (T)
3500
3600
3700
3800
3900
4100
4800
5500
6200
6900
-3500