1  ie ie  Inf

iR  1 
1  Inf 1  Inf

Interés 7.50% e.a

CDT:
Inflación 6.77% e.a
año:
1  ie ie  Inf
1
1  Inf 1  Inf
Interés
real 0.68% 0.68%

Ie = (1+16%)1/2 (1+10%)1/2 -1 =

(1 + ie)15/12 = (1+0,8%)2 x (1+12%)8/12 x (1+0,03)60 x (1+3%)

(1+0,8%)2 x (1+12%)8/12 x (1+0,03%)60 x (1+3%) =

(1,1492)12/15 =

= 1,1177 - 1 =
VF = (4.000.000 x (1+11,77%)^15/12 =

(1+ie)18/12 = (1+12%)8/12 x (1+20%)4/12 x (1-4%)6/12

=
8/12
(1+12%)

(1+20%)4/12 =

(1-4%)6/12 =

ie =

(1+Inf)18/12 = (1+13%)12/12 x (1+10%)6/12

(1+13%)12/12 =

(1+10%)6/12 =

Inf =
 =
Ir = (i_e-Inf)/(1+Inf) Ir = (8,0341-11,991)/(1+11,991)

1  ie 1  12%
iR1  1  1 =
1  Inf
IR1 = (1+i_e)/(1+Inf)1  13%
"= " (1+0,12)/(1+0,13)-1

1  ie 1  20%
iR 2  1  1
1  Inf
IR2 = (1+i_e)/(1+Inf) "= " (1+0,2)/(1+0,13)-1=
1  13%

1  ie 1  4%
iR 3  1  1 =
1  Inf 1  10%

(1+iR)18/12 = (1-0,885%)8/12 x (1+6,195%)4/12 x (1-12,727%)6/12

(1-0,885%)8/12 =

(1+6,195%)4/12 =

(1-12,727%)6/12 =

iR =
 12.96%

60
x (1+3%)

1.1492

1.1177

11.77% ea

Con matemática Con fórmula excel

4,596,702.78 4,596,702.78

1.0785

1.0627

0.9798

8.034%

1.13

1.0488

11.991%
 -3.533%

ie  Inf 12%  13%

-0.885% -0.885% iR1  
1  Inf 1  13%

ie  Inf 20%  13%

6.195% 6.195% iR 2  
1  Inf 1  13%

ie  Inf 4%  10%

-12.727% -12.727% iR 3  
1  Inf 1  10%

12,727%)6/12

0.9941

1.0202

0.9342

-3.533%
12%  13%
1  13%

20%  13%
1  13%

4%  10%
1  10%