0.

-100,000,000 -100,000,000 -100

1 15,000,000 13,636,363.6 1 30
2 30,000,000 24,793,388.4 2 30
3 30,000,000 22,539,444.0 3 30
4 35,000,000 23,905,470.9 4 30
5 58,000,000 36,013,436.7 5 50
20,888,104
TIR 16.5% TIR 19.05%

0.1

-100,000,000 -100,000,000
1 36,423,970 33,112,700
2 30,070,000 24,851,240
3 19,000,000 14,274,981
4 18,500,000 12,635,749
5 58,000,000 36,013,437
20,888,107
TIR 17.54%

0.12
-155,400,500 -155,400,500 0 -190,540
1 36,923,970 32,967,830 1 36,923
2 30,070,000 23,971,620 2 8,070
3 29,000,000 20,641,627 3 29,000
4 68,500,600 43,533,370 4 13,500
5 58,000,000 32,910,758 5 58,000
-1,375,295 6 23,700
TIR 11.68% 7 56,800
8 122,300
9 72,400

TIR 14.48%
$35,192.70 11
 0.1 0.1

-100 -100,000,000 -100,000,000 -

27 1 59,000,000 53,636,363.6 59000000 40,000,000
25 2 17,900,000 14,793,388.4 5800000 -10,000,000
23 3 16,690,000 12,539,444.0 3380000 -10,000,000
20 4 20,359,000 13,905,470.9 5718000 -10,000,000
31 5 41,894,900 26,013,436.7 25789800 -10,000,000
26 20,888,104
TIR 18.9%

11% 0.25
-190,540 $-190,540.00 -1,905,400 -1,905,400 -155,400,500
33,264 $33,263.96 1 36,923 29,538 1 36,923,970
6,550 $6,549.79 2 8,070 5,165 2 30,070,000
21,205 $21,204.55 3 29,000 14,848 3 29,000,000
8,893 $8,892.87 4 13,500 5,530 4 68,500,600
34,420 $34,420.18 5 568,000 186,122 5 58,000,000
12,671 $12,670.99 6 237,000 62,128
27,358 $27,358.20 7 568,800 119,286 TIR 11.68%
53,069 $53,069.21 8 1,288,300 216,141
28,303 $28,302.95 9 1,729,400 232,116

35,193 -1,034,526
TIR 12.05%
 12
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###
###
###
###
###
###
 Impuesto
Año Ventas CF1-Cf2 CV Margen bruto
1 -$102,750,000
1 $49,550,000 $10,263,000 $15,588,000 $23,699,000
2 $50,912,625 $10,765,887 $16,679,160 $23,467,578
3 $52,312,722 $11,293,415 $17,846,701 $23,172,606
4 $53,751,322 $11,846,793 $19,095,970 $22,808,559
5 $54,342,587 $10,300,800 $20,432,688 $23,609,098
6 $54,940,355 $10,506,816 $21,862,976 $22,570,563
7 $55,544,699 $10,716,952 $23,393,385 $21,434,362
8 $56,155,691 $10,931,291 $25,030,922 $20,193,478
9 $56,773,403 $11,149,917 $26,783,086 $18,840,400
10 $57,397,911 $11,372,916 $28,657,902 $17,367,093
11 $58,029,288 $11,600,374 $30,663,955 $15,764,958
12 $58,667,610 $11,832,381 $32,810,432 $14,024,796

Van
Tir
 $102,750,000
0.27 0.1 0.1
Margen Neto Actualizado Tasa impositiva
-$102,750,000 -$102,750,000 0.27
$17,300,270 $15,727,518 0.27
$17,131,332 $14,158,126 0.27
$16,916,002 $12,709,243 0.27
$16,650,248 $11,372,343 0.27
$17,234,642 $10,701,357 0.27
$16,476,511 $9,300,561 0.27
$15,647,084 $8,029,428 0.27
$14,741,239 $6,876,897 0.27
$13,753,492 $5,832,823 0.27
$12,677,978 $4,887,909 0.27
$11,508,420 $4,033,631 0.27
$10,238,101 $3,262,175 0.27

$4,142,010 $4,142,010
11% 0 0 0
 Impuesto
Año Ventas CF1-Cf2 CV Margen bruto
1 -$102,750,000
1 $49,550,000 $10,263,000 $15,588,000 $23,699,000
2 $50,912,625 $10,765,887 $16,679,160 $23,467,578
3 $52,312,722 $11,293,415 $17,846,701 $23,172,606
4 $53,751,322 $11,846,793 $19,095,970 $22,808,559
5 $54,342,587 $10,300,800 $20,432,688 $23,609,098
6 $54,940,355 $10,506,816 $21,862,976 $22,570,563
7 $55,544,699 $10,716,952 $23,393,385 $21,434,362
8 $56,155,691 $10,931,291 $25,030,922 $20,193,478
9 $56,773,403 $11,149,917 $26,783,086 $18,840,400
10 $57,397,911 $11,372,916 $28,657,902 $17,367,093
11 $58,029,288 $11,600,374 $30,663,955 $15,764,958
12 $58,667,610 $11,832,381 $32,810,432 $14,024,796

Van
Tir
 $102,750,000
0.27 0.1 0.11
Margen Neto Actualizado Tasa impositiva
-$102,750,000 -$102,750,000 0.27
$17,300,270 $15,727,518 0.27
$17,131,332 $14,158,126 0.27
$16,916,002 $12,709,243 0.27
$16,650,248 $11,372,343 0.27
$17,234,642 $10,701,357 0.27
$16,476,511 $9,300,561 0.27
$15,647,084 $8,029,428 0.27
$14,741,239 $6,876,897 0.27
$13,753,492 $5,832,823 0.27
$12,677,978 $4,887,909 0.27
$11,508,420 $4,033,631 0.27
$10,238,101 $3,262,175 0.27

$4,142,010 $4,142,010
11% 0 0 0
-1000 1120 120 12%
800 -864 -64 8%

-200 256 56 28%

 10%

0 -100,000,000
1 59,000,000 53,636,364
2 20,000,000 16,528,926
3 20,000,000 15,026,296
4 25,000,000 17,075,336
5 48,000,000 29,804,224

van 32,071,145 32,071,145

TIR 23.0%

10%

0 -100,000,000
1 59,000,000 53,636,364
2 60,000,000 49,586,777
3 20,000,000 15,026,296
4 25,000,000 17,075,336
5 8,000,000 4,967,371

van 40,292,143 40,292,143

TIR 30.6%