CALCULO FINANCIERO

CAPITALIZACIÓN
Régimen Simple

Régimen Compuesto

= eo·i·n

I(O;n)

I(O;n)

=eo{(l+if

-lJ

en =C¿ '(l+if

ACTUALIZACIÓN
Descuento Comercial
D(O;n)

Descuento Compuesto

= Nrd-n

Va=N.(l-d·n)

Va=N.(l-df

Descuento Racional
D(o;n)

=N{l-{l+i.nt]

Va=N.(l+i.nt

RELACIÓN ENTRE TASAS VENCIDAS Y ADELANTADAS
Régimen Simple
d=

i

l+i'n

.

yl=

Régimen Compuesto
d

1-d'n

i
d=-

l+i

.
d
Y 1=-

l-d

TASA APARENTE, TASA REAL Y TASA DE INFLACIÓN

Página 1 de 4

-

=

RENTA CIERTA, TEMPORARIA,

INMEDIATA y DE CUOTA CONSTANTE

Cuotas Vencidas

v:. (l;n;i) = e·

Cuotas Adelantadas

(l+i)n -1

v:. (O;n;i) = e·

.

(l+if

1

1(O; n)

.(l+i)

1-(1 +i)-n

= e .----''---'-.

= v:.( O; n;i) - n . e

Va ( O; n; i)

= e·

l-(l+irn

.

1

1(O;n)

-1

1

1(O;n) = v:. (l;n;i)-n·e
Vo (1', n:, i)

.

.(1 + i)

1

= n- e- Va (l;n;i)

I(O;n) = n-C -Va (O;n;i)

RENTA CIERTA, PERPETUA, INMEDIATA Y DE CUOTA CONSTANTE
Cuotas Vencidas

Cuotas Adelantadas

Va(1;00;i) = e.~

Va ( O;00;i)

= e.~.(1 + i)

1

l.

1

RENTA CIERTA, . TEMPORt\..RIA, INl\1EDIATA y DE CUOTA VARIABLE
.

Proeresión Geométrica

Progresión Aritmética

Sea C, =et_¡'q

Vo (l', n:, i:, q)

l_(~)n
= e¡ . 1 1+
. i
+l-q

Va(l;n;i;q)=e¡._l-

con

q:;t: 1+ i

V'(l.n.¡.r)=(e
o

, , ,

+:.).l-(l+irn
¡.

1

.

1

r _n_
()n
i 1+i

.: n con q=l+i
1+1

RENTA CIERTA, PERPETUA, INMEDIATA Y DE CUOTA VARIABLE
Progresión Geométrica

Va(l;oo;i;q)=e¡.

~
l+l-q

Progresión Aritmética

con q<l+i

V~(l;oo;i;r)

=( el +;};
Página 2 de 4

r- .

SISTEMA DE A~lORTIZACIÓN FRANCÉS
T.T

Yo

r

= C. -'--o
1- (1+ i~

n

1

T; = tI'

t=-I

(l+i)' -1
.
1

1- (1+ ir(n-t)

C

~ = C .-"'--.-'---

(l+if

1

I(a;b)=(b-a)·C-(v"

-V¡,)

~=Va·(l+i)-C

t

(l+iY-l
..
1

1 ( a;b) = (b - a) . C - (~

- ~ )

SISTElVIA DE A~IORTIZACIÓN

t

ALEMÁN

V
=-2....

n

ct -c

t-I

=_V"a.i
n

n+l

I(O·n)=-·Vi
,
2

SISTEMA DE A~10RTIZACIÓN AlVIERICANO PURO

1(O; n)

= n . Va. i

Página 3 de 4

SISTEMA DE A1VfORTIZACIÓN DE TASA DIRECTA
V
T=t·-2..

C, =1 +t

t

n

l(a;b)=(b-a)·Vo·r

SE:GUROS DE VIllA. &REN'l'AS CONTINGENTES
Valor Actual de un Capital
Asegurado de Vida

PPU = CAM-A(x;h;n)

PPU = CAv-E(x;n)
PPU = CAv-

Valor Actual de un Capital
Asegurado de Muerte

D(x n)
'
D(x)

M(x+h)-M(x+h+n)
PPU= CAMD(x)

ValOl' Actual Renta Contingente de cuota R
PPU =R-a(x· h n) =R- N(x+h)-N(x+h+n)

,,

-----D-(~X~)--~

Cálculo de PPA's para cualquier Valor Actual (PPU)
PPU

= PPA.a(x

, h:, n)

= PPA. -----D-(-x~)--~
N(x+h)-N(x+h+n)

Página 4 de 4

p

A
R
I

V

T
M

I
D
A

E

1

R

1

E

S
E

VF,(1;,,;i;R) --[(

Rt+i)"-I
i
i
C+-.

- j'R n . (t

ll

, r(O;,,;i~q)

I

e
I

A

c.

T

-

E

F
1
N

A

e

VF
(1;I1;i:R)

(R)<l+ir-l

= e + -.'
1

R

l.

- -1.

L

p
E
R
p
E
T

VP.(l;o<>;i:R) --(

e

+

G
E
O

II

iRf.i

M

E
T
R

u
p
R

E
S
E

V1[ O;n;i;R) -- [(

11
i'
C +-

rl+
i)"-1
¡-in
...!..

11 ]

.(l+ir'HI

A

T
i..-E

D
F

E
L
A
N

A

T

p
E

A
D

A

I
N

Vr¡"""RI ~[( C+ Ri

l

(l+i)"

p
E

pura

para

+ i}::: C.n

~(/ .(l+i)

r

e-/-

(l + i)

para q=(l+i)

p

,e

Vl(:>

.

~-;';'l)

C

:=; ~-

(1 . i) para q<l+i)
(

(l+i)-q'

T

e
T

U A

(1+ i)"_::i..(l +

v,{J; ••••;I!) =-C'-(i+i)_q

ir'

para q;<

Vil'''"'') '" c.n.(1 +ir' .(1 + ir", c:I7.(1 +ir'

p"ra

l

e

=::J .(l+i)

+i)"í -1

R

A

,
,

Vf~.l;h;¡;.¡)

(J+i)"-q"
~c. (l.! i)-q

(1+;)
q =(1 + i)

para

q.

:f=

iR) .¡"1 (l + i)

A
l

JT
. "f'''''''I',

""C.l1.

"

(l +J')"'.'

[lora

q =(.I+i)

"

,
,

p

P
f

,

u

-

(1-1' n

N

"
Vp(O;oo;i;R) _(
-

q=(l+i)

para q:f.

_q

vr:\O;n;,;q)
. =c.n.(·I+i)"

q t- (1+ i)

I

T
A

.

~,

l.

R

ir .(1.

= c. (1 + i)

~ Vl~O;n;i;q)

p

A

O

= c.I1.(l +

I'P¡O"!;i;q)

-~r+t

:l

+i) -n

N

T

;;;:

N

E
N

. "'

. (1+i -=:2-.(I+i)
(1. + 1.)_ a
)

¡?D

U A

v¡>

_

!I;~:¡;</)-

e

(1 +i)-ll

para q <

(1 + i)

)

,

~-.:::

Tabla Mortalidad

I(x)

Edad (x)

O
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
37
38
39
40
41
42
43
44
45
46
47
48
49
50

-

1.023.102
1.000.000
994.230
990.114
986.767
983.817
981.102
97!:L~4i
976.124
973.869
971.804
969.890
968.038
966.179
964.266
962.270
960.201
958.098
955.942
953.743
951.483
949.171
946.789
944.337
941.806
939.197
936.492
933.692
930.788
927.763
924.609
921.317
917.880
914.282
910.515
906.554
902.393
898.007
893.382
888.504
883.342
877.883
872.098
865.967
859.464
852.554
845.214
837.413
829.114
820.292
810.900

y Valores de Conmutación - CSO 1941 (i=O,025)
D(x)

d(x)

23.102
5.770
4.116
3.347
2.950
2.715
2.561
2.41/
2.255
2.065
1.914
1.852
1.859
1.913
1.996
2.069
2.103
2.156
2.199
2.260
2.312
2.382
2.452
2.531
2.609
2.705
2.800
2.904
3.025
3.154
3.292
3.437
3.598
3.767
3.961
4.161
4.386
4.625
4.878
5.162
5.459
5.785
6.131
6.503
6.910
7.340
7.801
8.299
8.822
9.392
9.990

N(x)

1.023.10200
31.374.229 78
30.351.12778
975.60976
946.322 43
29.375.518 02
919.41928
28.429.19560
27.509.776 32
893.96220
869.55087
26.615.814 12
846.001 18
25.746.26324
823.21252
24.900.262 06 '
801.150,43
24.077.049 54
779.80453
23.275.899 11
22.496.09459
759.171 73
21.736.92285
739.19660
719.79035
20.997.72625
700.88593
20.277.935 90
682.43727
19.577.049 97
664.41429
18.894.612 69
646.815 33
18.230.19840
629.65727
17.583.38307
-;16.953.725 80
- 612.91742
596.592,68
16.340.808,38
580.66243
15.744.21570
565.12340
15.163.55327
14.598.429,87
549.95628
14.048.473 59
535.153 17
13.513.32042
520.70133
••12.992.619 10
506.59402
12.486.025 07
492.81461
11.993.21047
479.35722
' '. 466.211 03 '" 11.513.853 25
11.047.64222
453.36183
440.80058
10.594.280 39
10.153.47981
428.518 19
416.506 91
9.724.96163
9.308.454 71
404.75536
393.25629
8.903.699 35
381.99563
8.510.443 06
8.128.447,43
370.968 10
7.757.479 33
360.16102
7.397.318 32
349.56691
339.178,75
7.047.751,41
328.983 61
6.708.572 66
6.379.589 04
318.976 11
309.14551
6.060.612 93
5.751.46742
299.48~iL04
5.451. 982 39
289.986,39
5.161.99600
280.63895
271.43689
4.881.35704
4.609.920 15
262.372 33
253.43624
4.347.547 82
244.62400
4.094.111 59
3.849.487 58
235.92504

C(x)

22.538,54
5.49197
3.822 12
3.03222
2.60737
2.341 14
2.15448
1.983 74
1.80564
1.613 17
1.458 75
1.377 07
1.34856
1.353,88
1.378 17
1.39373
1.38208
1.38235
1.37554
1.37921
1.37653
1.38362
1.38954
1.399 33
1.40727
1.42346
1.43752
1.45455
1.47820
1.50365
1.531 16
1.55961
1.59285
1.62699
1.66905
1.710 56
1.75908
1.80969
1.862 13
1.92249
1.983 51
2.05069
2.120,34
2.194 14
2.27460
2.35721
2.44415
2.53676
2.63086
2.732,53
·2.83562

M(x)

257.87688
235.33835
229.84638
226.02426
222.99205
220.38468
218.04354
21').88906
213.90531
212.09967
210.48650
209..02775
207.65069
206.302 13
204.94825
203.570,08
202.17635
200.79427
199.411 91
198.03638
196.65717
195.28063
193.89701
192.50747
191.10814
189.700,87
188.277 41
186.83989
185.38534
183.90714
182.40349
180.872 34
179.31273
177.71988
176.09289
174.42384
172.71328
170.95420
169.14451
167.282 38
165.359,89
163.376,38
161.32568
159.20534
157.011 21
154.73661
152.37940
149.93525
147.39848
144.76762
142.035 10

,.

Tabla Mortalidad y Valores de Conmutación - CSO 1941 0=0,025)

Edad

-f-..

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
91
92
93
94
95
96
97
98
99

(x)

I(x)
800.910
790.282
778.981
766.961
754.191
740.631
726.241
710.990
694.843
677.771
659.749
640.761
620.782
599.824
577.882
554.975
531.133
506.403
480.850
454.548
427.593
400.112
372.240
344.136
315.982
287.973
260.322
233.251
206.989
181.765
157.799
135.297
114.440
95.378
78.221
63.036
49.838
38.593
29.215
21.577
15.514
10.833
7.327
4.787
3.011
1.818
1.005
454
125

d(x)
-

10.628
11.301
12.020
12.770
13.560
14.390
15.251
16.147
17.072
18.022
18.988
19.979
20.958
21.942
22.907
23.842
24.730
25.553
26.302
26.955
27.481
27.872
28.104
28.154
28.009
27.651
27.071
26.262
25.224
23.966
22.502
20.857
19.062
17.157
15.185
13.198
11.245
9.378
7.638
6.063
4.681
3.506
2.540
1.776
1.193
813
551
329
125

D(x)
227.335 15
218.847 25
210.456,33
202.15503
193.94061
185.80843
177.75443
169.777.17
161.874 57
154.04622
146.292 80
138.61697
131.01940
123.50839
116.088 16
108.767 29
101.555,70
94.46554
87.51105
80.70662
74.06894
67.618 15
61.373 50
55.35592
49.587,53
44.08979
38.88421
33.99085
29.42808
25.211 64
21.353,60
17.86205
14.73998
11.98515
9.58947
7.539,39
5.81546
4.39348
3.24475
2.33799
1.64003
1.11726
73724
469,92
28837
16986
9161
4038
10 85

N(x)
3.613.562 55
3.386.227 40
3.167.380 15
~ 2.956.92382
2.754.76879
2.560.828 19
2.375.01975
-..2.197.26532
2.027.488 15
1.865.613 58
1.711.56735
1.565.274 55
1.426.657 58
1.295.638 18
@ 1.172.12979
1.056.041,63
947.27435
845.71865
751.253 10
663.74205
583.03543
508.96649
441.34834
379.97484
324.61892
275.03140
230.94161
192.05740
158.066.55
128.63848
103.42684
82.073 24
,64.2 !J.¡J.?
49.471 21
37.48606
27.896,58
20.35719
14.541 73
10.14825
6.90350
4.56550
2.92547
1.808 21
1.07098
60106
31270
14283
5122
10 85
6

C(x)

2.943 14
3.053 18
3.16822
3.28381
3.401 91
3.52209
3.641 78
3.761 70
3.880 19
3.99620
4.10771
4.21668
4.31541
4.40783
4.48945
4.55873
4.613 19
4.65045
4.67001
4.66923
4.64424
4.59543
4.52066
4.41825
4.28829
4.13022
3.94496
3.73373
3.49868
3.243 12
2.97074
2.68640
2.39532
2.103,36
1.81619
1.54004
1.280 15
1.041 56
82762
64094
48277
35277
24934
17009
11147
7411
4900
2855
1058

M(x)
139.19947
136.25634
133.203 16
130.03494
126.75112
123.34921
119.827 12
116.18534
112.42364
108.54345
104.54725
100.43955
96.22287
91.90746
87.49963
83.010 18
78.45145
73.83826
69.18781
64.517J9
59.84857
55.20433
50.60890
46.08824
41.66999
37.381 70
33.25148
29.30652
25.572 80
22.07411
18.831 00
15.86026
13.17386
10.77854
8.675 18
6.85899
5.31895
4.03880
2.99724
2.16961
1.52868
1.04590
69313
44379
27371
16224
8813
3913
1058

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