FORMULARIO PRUEBA Nº1 FINANZAS

𝐼𝑛𝑡𝑒𝑟𝑒𝑠 = 𝑐𝑎𝑛𝑡. 𝑑𝑒 𝑑𝑖𝑛𝑒𝑟𝑜 𝑓𝑖𝑛𝑎𝑙 − 𝑐𝑎𝑛𝑡. 𝑑𝑒 𝑑𝑖𝑛𝑒𝑟𝑜 𝑖𝑛𝑖𝑐𝑖𝑎𝑙

𝐼𝑛𝑡𝑒𝑟𝑒𝑠 𝑎𝑐𝑢𝑚𝑢𝑙𝑎𝑑𝑜 𝑝𝑜𝑟 𝑢. 𝑑𝑒 𝑡𝑖𝑒𝑚𝑝𝑜

𝑇. 𝑑𝑒 𝑖𝑛𝑡𝑒𝑟𝑒𝑠 (%) = × 100
𝑠𝑢𝑚𝑎 𝑜𝑟𝑖𝑔𝑖𝑛𝑎𝑙

𝐼𝑛𝑡𝑒𝑟𝑒𝑠 𝑠𝑖𝑚𝑝𝑙𝑒 = 𝑃 × 𝑁º 𝑑𝑒 𝑝𝑒𝑟𝑖𝑜𝑑𝑜𝑠) × (𝑡𝑎𝑠𝑎 𝑑𝑒 𝑖𝑛𝑡𝑒𝑟𝑒𝑠)

𝐼𝑛𝑡𝑒𝑟𝑒𝑠 𝑐𝑜𝑚𝑝𝑢𝑒𝑠𝑡𝑜 = 𝑃 × (1 + 𝑖)𝑛

𝑛
𝐹𝑁
𝑉𝐴𝑁 = −𝐼 + ∑
(1 + 𝑖)𝑛
1

𝑛
𝐹𝑁
𝑇𝐼𝑅 → 𝑉𝐴𝑁 = 0 = −𝐼 + ∑
(1 + 𝑖)𝑛
1

𝑉𝐹 (𝐶𝑎𝑝𝑖𝑡𝑎𝑙𝑖𝑧𝑎𝑑𝑜) = 𝑉𝑃 × (1 + 𝑖)𝑛

𝑉𝐹
𝑉𝑃( 𝐷𝑒𝑠𝑐𝑜𝑛𝑡𝑎𝑑𝑜) =
(1 + 𝑖)𝑛

𝐶
𝑃𝑒𝑟𝑝𝑒𝑡𝑢𝑖𝑑𝑎𝑑 → 𝑉𝑃 =
𝑟
𝐶
𝑃𝑒𝑟𝑝𝑒𝑡𝑢𝑖𝑑𝑎𝑑 𝑐𝑟𝑒𝑐𝑖𝑒𝑛𝑡𝑒 → 𝑉𝑃 =
𝑟−𝑔

𝐶 1
𝐴𝑛𝑢𝑎𝑙𝑖𝑑𝑎𝑑 → 𝑉𝑃 = [1 − ]
𝑟 (1 + 𝑟)𝑇
 𝐶 1+𝑔 𝑇
𝐴𝑛𝑢𝑎𝑙𝑖𝑑𝑎𝑑 𝐶𝑟𝑒𝑐𝑖𝑒𝑛𝑡𝑒 → 𝑉𝑃 = [1 − ( ) ]
𝑟−𝑔 1+𝑟

𝐶 1 𝐹
𝑉𝑎𝑙𝑜𝑟 𝑑𝑒𝑙 𝑏𝑜𝑛𝑜 = [1 − ] +
𝑟 (1 + 𝑟)𝑇 (1 + 𝑟)𝑇

Valor del bono = Valor presente de los cupones

+ Valor presente de Valor Nominal

𝑛
1 𝑉𝑁
𝑃𝑟𝑒𝑐𝑖𝑜 𝑑𝑒𝑙 𝑏𝑜𝑛𝑜 = ∑ +
(1 + 𝑖)𝑡 (1 + 𝑖)𝑛
𝑡=1

(𝐷𝐼𝑉1 ) + 𝑃1
𝑃𝑜 =
1+𝑟
(𝐷𝐼𝑉2 ) + 𝑃2
𝑃1 =
1+𝑟
ENTONCES
∞
(𝐷𝐼𝑉𝑡 )
𝑃𝑜 = ∑
(1 + 𝑟)𝑡
1

(𝐷𝐼𝑉1 ) + 𝑃1 − 𝑃0
𝑟=
𝑃0

(𝐷𝐼𝑉1 ) (𝐷𝐼𝑉2 ) 𝐷𝐼𝑉

𝑐𝑟𝑒𝑐𝑖𝑚𝑖𝑒𝑛𝑡𝑜 𝑐𝑒𝑟𝑜 → 𝑃0 = + + ⋯ =
(1 + 𝑟) (1 + 𝑟)2 𝑟

donde DIV1 = DIV2=…=DIV

 𝑐𝑟𝑒𝑐𝑖𝑚𝑖𝑒𝑛𝑡𝑜 𝑐𝑜𝑛𝑠𝑡𝑎𝑛𝑡𝑒 →
(𝐷𝐼𝑉1 ) (𝐷𝐼𝑉2 )(1 + 𝑔) (𝐷𝐼𝑉2 )(1 + 𝑔)2 𝐷𝐼𝑉
𝑃0 = + + … =
(1 + 𝑟) (1 + 𝑟)2 (1 + 𝑟)2 𝑟−𝑔

Fin de año 1 2 3 4
Dividendo div Div(1+g) Div(1+g)2 Div(1+g)3