Act 1 - Punto 2

PERIODO DE RECUPERACIÓN
DATOS
Inversion
-$800.00
Inicial
(=) Total -$800.00
AÑOS FNE (UTILIDADES)
1 $400.00
2 $1,000.00
3 $1,600.00
4
5
6
7
8
9
10
Total $3,000.00
Año anterior a la Recuperación

PR = +
Total
PR = 1 +
PR = 1 +
PR = 1.4 1 Año, 4 Meses, 24 Días

$3,000.00
$3,000.00
$1,997,000.00
$600.00
$3,000.00
$3,000.00
Inversión No Recuperada al Inicio del Año Años Meses

Flujo Neto de Efectivo del Año siguiente 1 12 X 0.4
1 4.8
$400.00 1 4
$1,000.00 1 4
0.40
1 Año, 4 Meses, 24 Días

Días
30 X 0.8
24
PERIODO DE RECUPERACIÓN VAN =
DATOS
Inversion
-$800.00
Inicial
(=) Total -$800.00
1 $400.00
VAN =
2 $1,000.00
3 $1,600.00
4 $0.00
VAN =
5 $0.00
6
7
8
VAN =
9
10
Total $3,000.00
VAN =
=
VAN
VAN =
FNE 1 FNE 2 FNE 3
- IIN + n
+ n
+ +
(1 + i) (1 + i) (1 + i) n
$400.00 $1,000.00 $1,600.00

-$800.00 + + + +
(1 + i) 1 (1 + i) 2 (1 + i) 3
$400.00 $1,000.00 $1,600.00

-$800.00 + + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 + 0.10) 3
$400.00 $1,000.00 $1,600.00

-$800.00 + + + +
1.10 1 1.10 2 1.10 3
$400.00 $1,000.00 $1,600.00

-$800.00 + + + +
1.10 1.21 1.33
-$800.00 + $363.64 + $826.45 + $1,202.10 +
$1,592.19
Regla de Decisión
VPN (+) Se Acepta

VPN (-) Se Rechaza
Decision = SE ACEPTA EL PROYECTO

FNE 4 FNE 5
n
+
(1 + i) (1 + i) n
$0.00 $0.00
+
(1 + i) 4 (1 + i) 5
$0.00 $0.00
+
(1 + 0.10) 4 (1 + 0.10) 5
$0.00 $0.00
+
1.10 4 1.10 5
$0.00 $0.00
+
1.46 1.61
$0.00 + $0.00
DATOS
VAN =
Inversion Inicial -$800.00
(=) Total -$800.00
AÑOS
VAN =
1 $400.00
2 $1,000.00
3 $1,600.00
4 $0.00
VAN =
5 $0.00
6
7
VAN =
8
9
10 =
VAN
Total
Tasa chica 10% VAN =
Tasa chica 11%
VAN =
VAN =
VAN =
VAN =
=
VAN
VAN =
VAN POSITIVO (TASA CHICA)
$400.00 $1,000.00 $1,600.00

-$800.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$400.00 $1,000.00 $1,600.00

-$800.00 + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 +
$400.00 $1,000.00 $1,600.00

-$800.00 + + +
1 1.10 2
1.10 1.10
$400.00 $1,000.00 $1,600.00

-$800.00 + + +
1.10 1.21 1.33
-$800.00 + $363.64 + $826.45 + $1,202.10
$1,592.19
VAN NEGATIVA (TASA GRANDE)
$400.00 $1,000.00 $1,600.00

-$800.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$400.00 $1,000.00 $1,600.00

-$800.00 + + +
(1 + 0.11) 1 (1 + 0.11) 2 (1 +
$400.00 $1,000.00 $1,600.00

-$800.00 + + +
1.11 1 1.11 2 1.11
$400.00 $1,000.00 $1,600.00
-$800.00 + + +
1.11 1.23 1.37
-$800.00 + $360.36 + $811.62 + $1,169.91
$1,541.89
$1,600.00 $0.00 $0.00 $0.00
+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
$1,600.00 $0.00 $0.00 $0.00

+ + +
0.10) 3 (1 + 0.10) 4 (1 + 0.10) 5 (1 + 0.10) 6
$1,600.00 $0.00 $0.00 $0.00

+ + +
3 1.10 4 5 6
1.10 1.10 1.10
$1,600.00 $0.00 $0.00 $0.00

+ + +
1.33 1.46 1.61 1.77
$1,202.10 + $0.00 + $0.00 + $0.00
ASA GRANDE)
$1,600.00 $0.00 $0.00 $0.00

+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
$1,600.00 $0.00 $0.00 $0.00

+ + +
0.11) 3 (1 + 0.11) 4 (1 + 0.11) 5 (1 + 0.11) 6
$1,600.00 $0.00 $0.00 $0.00

+ + +
1.11 3 1.11 4 1.11 5 1.11 6
$1,600.00 $0.00 $0.00 $0.00
+ + +
1.37 1.52 1.69 1.87
$1,169.91 + $0.00 + $0.00 + $0.00

$0.00 $0.00 $0.00 $0.00
+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.10) 7 (1 + 0.10) 8 (1 + 0.10) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.10 7 1.10 8 1.10 9 1.10
$0.00 $0.00 $0.00 $0.00

+ + + +
1.95 2.14 2.36 2.59
+ $0.00 + $0.00 + $0.00 + $0.00
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.11) 7 (1 + 0.11) 8 (1 + 0.11) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.11 7 1.11 8 1.11 9 1.11
$0.00 $0.00 $0.00 $0.00
+ + + +
2.08 2.30 2.56 2.84
+ $0.00 + $0.00 + $0.00 + $0.00

INTERPOLACIÓN
$0.00 Tasa chica + VPN Tch

+ i) 10 TIR = 100 [VPN Tch +
$0.00
+ 0.10) 10 Tasa chica + $1,592.19
TIR = 100 [VPN Tch +
$0.00
1.10 10 10 $1,592.19
TIR = 100 + $1,592.19 +
$0.00
2.59
$1,592.19
$0.00 TIR = 0.1 + $3,134.08
0.508024268259786
TIR = 0.1 +
$0.00 TIR = 0.1 + 0.050802426825979

+ i) 10
TIR = 0.1508024268 X 100
$0.00
+ 0.11) 10 TIR = 15.080242683
TIR = 15.080%
$0.00
1.11 10
$0.00
2.84
$0.00
VPN Tch (Tg - Tch)
VPN Tg]
$1,592.19 (Tg - Tch)

VPN Tg]
$1,592.19 11.0% - 10.0%

$1,541.89
$1,592.19 1.0%
$3,134.08
0.1
508024268259786
0.050802426825979
DATOS
Inversion
-$15,000.00
Inicial
(=) Total -$15,000.00
1 $8,000.00
2 $8,000.00
3 $8,000.00
4 $8,000.00
5 $8,000.00
6
7
8
9
10
Total $40,000.00

PR = +
Total
PR = 1 +
PR = 1 +
PR = 1.875 1 Año, 10 Meses, 17 Días

$40,000.00
$40,000.00
$1,960,000.00
$15,200.00
$40,000.00
$40,000.00

1 10.56
$7,000.00 1 10
$8,000.00 1 10
0.88
1 Año, 10 Meses, 17 Días

Días
30 X 0.56
16.8
DATOS
Inversion
-$15,000.00
Inicial
(=) Total -$15,000.00
1 $8,000.00
VAN =
2 $8,000.00
3 $8,000.00
4 $8,000.00
VAN =
5 $8,000.00
6
7
8
VAN =
9
10
Total $40,000.00
VAN =
=
VAN
VAN =
FNE 1 FNE 2 FNE 3
- IIN + n
+ n
+ +
(1 + i) (1 + i) (1 + i) n
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + + +
(1 + i) 1 (1 + i) 2 (1 + i) 3
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 + 0.10) 3
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + + +
1.10 1 1.10 2 1.10 3
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + + +
1.10 1.21 1.33
-$15,000.00 + $7,272.73 + $6,611.57 + $6,010.52 +
$15,326.29
Regla de Decisión
VPN (+) Se Acepta

VPN (-) Se Rechaza

FNE 4 FNE 5
n
+
(1 + i) (1 + i) n
$8,000.00 $8,000.00
+
(1 + i) 4 (1 + i) 5
$8,000.00 $8,000.00
+
(1 + 0.10) 4 (1 + 0.10) 5
$8,000.00 $8,000.00
+
1.10 4 1.10 5
$8,000.00 $8,000.00
+
1.46 1.61
$5,464.11 + $4,967.37
DATOS
VAN =
Inversion Inicial -$15,000.00
(=) Total -$15,000.00
AÑOS
VAN =
1 $8,000.00
2 $8,000.00
3 $8,000.00
4 $8,000.00
VAN =
5 $8,000.00
6
7
VAN =
8
9
10 =
VAN
Total
Tasa chica 11%
VAN =
VAN =
VAN =
VAN =
=
VAN
VAN =
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 +
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + +
1 1.10 2
1.10 1.10
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + +
1.10 1.21 1.33
-$15,000.00 + $7,272.73 + $6,611.57 + $6,010.52
$15,326.29
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + +
(1 + 0.11) 1 (1 + 0.11) 2 (1 +
$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + + +
1.11 1 1.11 2 1.11
$8,000.00 $8,000.00 $8,000.00
-$15,000.00 + + +
1.11 1.23 1.37
-$15,000.00 + $7,207.21 + $6,492.98 + $5,849.53
$14,567.18
$8,000.00 $8,000.00 $8,000.00 $0.00
+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
$8,000.00 $8,000.00 $8,000.00 $0.00

+ + +
0.10) 3 (1 + 0.10) 4 (1 + 0.10) 5 (1 + 0.10) 6
$8,000.00 $8,000.00 $8,000.00 $0.00

+ + +
3 1.10 4 5 6
1.10 1.10 1.10
$8,000.00 $8,000.00 $8,000.00 $0.00

+ + +
1.33 1.46 1.61 1.77
$6,010.52 + $5,464.11 + $4,967.37 + $0.00
ASA GRANDE)
$8,000.00 $8,000.00 $8,000.00 $0.00

+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
$8,000.00 $8,000.00 $8,000.00 $0.00

+ + +
0.11) 3 (1 + 0.11) 4 (1 + 0.11) 5 (1 + 0.11) 6
$8,000.00 $8,000.00 $8,000.00 $0.00

+ + +
1.11 3 1.11 4 1.11 5 1.11 6
$8,000.00 $8,000.00 $8,000.00 $0.00
+ + +
1.37 1.52 1.69 1.87
$5,849.53 + $5,269.85 + $4,747.61 + $0.00

$0.00 $0.00 $0.00 $0.00
+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.10) 7 (1 + 0.10) 8 (1 + 0.10) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.10 7 1.10 8 1.10 9 1.10
$0.00 $0.00 $0.00 $0.00

+ + + +
1.95 2.14 2.36 2.59
+ $0.00 + $0.00 + $0.00 + $0.00
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.11) 7 (1 + 0.11) 8 (1 + 0.11) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.11 7 1.11 8 1.11 9 1.11
$0.00 $0.00 $0.00 $0.00
+ + + +
2.08 2.30 2.56 2.84
+ $0.00 + $0.00 + $0.00 + $0.00

INTERPOLACIÓN

+ i) 10 TIR = 100 [VPN Tch +
$0.00
+ 0.10) 10 Tasa chica + $15,326.29
$0.00
1.10 10 10 $15,326.29
TIR = 100 + $15,326.29 +
$0.00
2.59
$15,326.29
$0.00 TIR = 0.1 + $29,893.47
0.51269705401453
TIR = 0.1 +
$0.00 TIR = 0.1 + 0.051269705401453

+ i) 10
TIR = 0.1512697054 X 100
$0.00
+ 0.11) 10 TIR = 15.12697054
TIR = 15.065%
$0.00
1.11 10
$0.00
2.84
$0.00
VPN Tch (Tg - Tch)
VPN Tg]
$15,326.29 (Tg - Tch)

VPN Tg]
$15,326.29 11.0% - 10.0%

$14,567.18
$15,326.29 1.0%
$29,893.47
0.1
51269705401453
0.051269705401453
DATOS
Inversion
-$12,000.00
Inicial
(=) Total -$12,000.00
1 $14,000.00
2 $20,000.00
3 -$6,000.00
4
5
6
7
8
9
10
Total $28,000.00

PR = +
Total
PR = 0 +
PR = 0 +
PR = 0.857142857142857 0 Años, 10 Meses, 10 Días

$28,000.00
$28,000.00
$1,972,000.00
$33,200.00
$28,000.00
$28,000.00

0 10.32
$12,000.00 0 10
$14,000.00 0 10
0.86
0 Años, 10 Meses, 10 Días

Días
30 X 0.32
9.6
DATOS
Inversion
-$12,000.00
Inicial
(=) Total -$12,000.00
1 $14,000.00
VAN =
2 $20,000.00
3 -$6,000.00
4
VAN =
5
6
7
8
VAN =
9
10
Total $28,000.00
VAN =
=
VAN
VAN =
FNE 1 FNE 2 FNE 3
- IIN + n
+ n
+ +
(1 + i) (1 + i) (1 + i) n
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + + +
(1 + i) 1 (1 + i) 2 (1 + i) 3
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 + 0.10) 3
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + + +
1.10 1 1.10 2 1.10 3
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + + +
1.10 1.21 1.33
-$12,000.00 + $12,727.27 + $16,528.93 + -$4,507.89 +
$12,748.31
Regla de Decisión
VPN (+) Se Acepta

VPN (-) Se Rechaza

FNE 4 FNE 5
n
+
(1 + i) (1 + i) n
$0.00 $0.00
+
(1 + i) 4 (1 + i) 5
$0.00 $0.00
+
(1 + 0.10) 4 (1 + 0.10) 5
$0.00 $0.00
+
1.10 4 1.10 5
$0.00 $0.00
+
1.46 1.61
$0.00 + $0.00
DATOS
VAN =
(=) Total -$12,000.00
AÑOS
VAN =
1 $14,000.00
2 $20,000.00
3 -$6,000.00
4
VAN =
5
6
7
VAN =
8
9
10 =
VAN
Total
Tasa chica 11%
VAN =
VAN =
VAN =
VAN =
=
VAN
VAN =
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 +
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + +
1 1.10 2
1.10 1.10
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + +
1.10 1.21 1.33
-$12,000.00 + $12,727.27 + $16,528.93 + -$4,507.89
$12,748.31
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + +
(1 + 0.11) 1 (1 + 0.11) 2 (1 +
$14,000.00 $20,000.00 -$6,000.00

-$12,000.00 + + +
1.11 1 1.11 2 1.11
$14,000.00 $20,000.00 -$6,000.00
-$12,000.00 + + +
1.11 1.23 1.37
-$12,000.00 + $12,612.61 + $16,232.45 + -$4,387.15
$12,457.91
-$6,000.00 $0.00 $0.00 $0.00
+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
-$6,000.00 $0.00 $0.00 $0.00

+ + +
0.10) 3 (1 + 0.10) 4 (1 + 0.10) 5 (1 + 0.10) 6
-$6,000.00 $0.00 $0.00 $0.00

+ + +
3 1.10 4 5 6
1.10 1.10 1.10
-$6,000.00 $0.00 $0.00 $0.00

+ + +
1.33 1.46 1.61 1.77
-$4,507.89 + $0.00 + $0.00 + $0.00
ASA GRANDE)
-$6,000.00 $0.00 $0.00 $0.00

+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
-$6,000.00 $0.00 $0.00 $0.00

+ + +
0.11) 3 (1 + 0.11) 4 (1 + 0.11) 5 (1 + 0.11) 6
-$6,000.00 $0.00 $0.00 $0.00

+ + +
1.11 3 1.11 4 1.11 5 1.11 6
-$6,000.00 $0.00 $0.00 $0.00
+ + +
1.37 1.52 1.69 1.87
-$4,387.15 + $0.00 + $0.00 + $0.00

$0.00 $0.00 $0.00 $0.00
+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.10) 7 (1 + 0.10) 8 (1 + 0.10) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.10 7 1.10 8 1.10 9 1.10
$0.00 $0.00 $0.00 $0.00

+ + + +
1.95 2.14 2.36 2.59
+ $0.00 + $0.00 + $0.00 + $0.00
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.11) 7 (1 + 0.11) 8 (1 + 0.11) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.11 7 1.11 8 1.11 9 1.11
$0.00 $0.00 $0.00 $0.00
+ + + +
2.08 2.30 2.56 2.84
+ $0.00 + $0.00 + $0.00 + $0.00

INTERPOLACIÓN

+ i) 10 TIR = 100 [VPN Tch +
$0.00
+ 0.10) 10 Tasa chica + $12,748.31
$0.00
1.10 10 10 $12,748.31
TIR = 100 + $12,748.31 +
$0.00
2.59
$12,748.31
$0.00 TIR = 0.1 + $25,206.22
0.5057604139543
TIR = 0.1 +
$0.00 TIR = 0.1 + 0.05057604139543

+ i) 10
TIR = 0.1505760414 X 100
$0.00
+ 0.11) 10 TIR = 15.05760414
TIR = 15.057%
$0.00
1.11 10
$0.00
2.84
$0.00
VPN Tch (Tg - Tch)
VPN Tg]
$12,748.31 (Tg - Tch)

VPN Tg]
$12,748.31 11.0% - 10.0%

$12,457.91
$12,748.31 1.0%
$25,206.22
0.1
.5057604139543
0.05057604139543
DATOS
Inversion
-$6,000.00
Inicial
(=) Total -$6,000.00
1 $2,500.00
2 $2,500.00
3 $2,500.00
4
5
6
7
8
9
10
Total $7,500.00

PR = +
Total
PR = 2 +
PR = 2 +

$7,500.00
$7,500.00
$1,992,500.00
$4,200.00
$7,500.00
$7,500.00

2 4.8
$1,000.00 2 4
$2,500.00 2 4
0.40

Días
30 X 0.8
24
DATOS
Inversion
-$6,000.00
Inicial
(=) Total -$6,000.00
1 $2,500.00
VAN =
2 $2,500.00
3 $2,500.00
4
VAN =
5
6
7
8
VAN =
9
10
Total $7,500.00
VAN =
=
VAN
VAN =
FNE 1 FNE 2 FNE 3
- IIN + n
+ n
+ +
(1 + i) (1 + i) (1 + i) n
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + + +
(1 + i) 1 (1 + i) 2 (1 + i) 3
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 + 0.10) 3
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + + +
1.10 1 1.10 2 1.10 3
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + + +
1.10 1.21 1.33
-$6,000.00 + $2,272.73 + $2,066.12 + $1,878.29 +
$217.13
Regla de Decisión
VPN (+) Se Acepta

VPN (-) Se Rechaza

FNE 4 FNE 5
n
+
(1 + i) (1 + i) n
$0.00 $0.00
+
(1 + i) 4 (1 + i) 5
$0.00 $0.00
+
(1 + 0.10) 4 (1 + 0.10) 5
$0.00 $0.00
+
1.10 4 1.10 5
$0.00 $0.00
+
1.46 1.61
$0.00 + $0.00
DATOS
VAN =
(=) Total -$6,000.00
AÑOS
VAN =
1 $2,500.00
2 $2,500.00
3 $2,500.00
4
VAN =
5
6
7
VAN =
8
9
10 =
VAN
Total
Tasa chica 11%
VAN =
VAN =
VAN =
VAN =
=
VAN
VAN =
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 +
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + +
1 1.10 2
1.10 1.10
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + +
1.10 1.21 1.33
-$6,000.00 + $2,272.73 + $2,066.12 + $1,878.29
$217.13
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + +
(1 + 0.11) 1 (1 + 0.11) 2 (1 +
$2,500.00 $2,500.00 $2,500.00

-$6,000.00 + + +
1.11 1 1.11 2 1.11
$2,500.00 $2,500.00 $2,500.00
-$6,000.00 + + +
1.11 1.23 1.37
-$6,000.00 + $2,252.25 + $2,029.06 + $1,827.98
$109.29
$2,500.00 $0.00 $0.00 $0.00
+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
$2,500.00 $0.00 $0.00 $0.00

+ + +
0.10) 3 (1 + 0.10) 4 (1 + 0.10) 5 (1 + 0.10) 6
$2,500.00 $0.00 $0.00 $0.00

+ + +
3 1.10 4 5 6
1.10 1.10 1.10
$2,500.00 $0.00 $0.00 $0.00

+ + +
1.33 1.46 1.61 1.77
$1,878.29 + $0.00 + $0.00 + $0.00
ASA GRANDE)
$2,500.00 $0.00 $0.00 $0.00

+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
$2,500.00 $0.00 $0.00 $0.00

+ + +
0.11) 3 (1 + 0.11) 4 (1 + 0.11) 5 (1 + 0.11) 6
$2,500.00 $0.00 $0.00 $0.00

+ + +
1.11 3 1.11 4 1.11 5 1.11 6
$2,500.00 $0.00 $0.00 $0.00
+ + +
1.37 1.52 1.69 1.87
$1,827.98 + $0.00 + $0.00 + $0.00

$0.00 $0.00 $0.00 $0.00
+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.10) 7 (1 + 0.10) 8 (1 + 0.10) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.10 7 1.10 8 1.10 9 1.10
$0.00 $0.00 $0.00 $0.00

+ + + +
1.95 2.14 2.36 2.59
+ $0.00 + $0.00 + $0.00 + $0.00
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.11) 7 (1 + 0.11) 8 (1 + 0.11) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.11 7 1.11 8 1.11 9 1.11
$0.00 $0.00 $0.00 $0.00
+ + + +
2.08 2.30 2.56 2.84
+ $0.00 + $0.00 + $0.00 + $0.00

INTERPOLACIÓN

+ i) 10 TIR = 100 [VPN Tch +
$0.00
+ 0.10) 10 Tasa chica + $217.13
$0.00
1.10 10 10 $217.13
TIR = 100 + $217.13 +
$0.00
2.59
$217.13
$0.00 TIR = 0.1 + $326.42
0.665192477920859
TIR = 0.1 +
$0.00 TIR = 0.1 + 0.066519247792086

+ i) 10
TIR = 0.1665192478 X 100
$0.00
+ 0.11) 10 TIR = 16.651924779
TIR = 16.651%
$0.00
1.11 10
$0.00
2.84
$0.00
VPN Tch (Tg - Tch)
VPN Tg]
$217.13 (Tg - Tch)

VPN Tg]
$217.13 11.0% - 10.0%

$109.29
$217.13 1.0%
$326.42
0.1
665192477920859
0.066519247792086
DATOS
Inversion
-$1,600.00
Inicial
(=) Total -$1,600.00
1 $1,000.00
2 $0.00
3 $3,000.00
4 $0.00
5 $4,000.00
6
7
8
9
10
Total $8,000.00

PR = +
Total
PR = 2 +
PR = 2 +

$8,000.00
$8,000.00
$1,992,000.00
$200.00
$8,000.00
$8,000.00

2 2.4
$600.00 2 2
$3,000.00 2 2
0.20

Días
30 X 0.4
12
DATOS
Inversion
-$1,600.00
Inicial
(=) Total -$1,600.00
1 $1,000.00
VAN =
2 $0.00
3 $3,000.00
4 $0.00
VAN =
5 $4,000.00
6
7
8
VAN =
9
10
Total $8,000.00
VAN =
=
VAN
VAN =
FNE 1 FNE 2 FNE 3
- IIN + n
+ n
+ +
(1 + i) (1 + i) (1 + i) n
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + + +
(1 + i) 1 (1 + i) 2 (1 + i) 3
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 + 0.10) 3
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + + +
1.10 1 1.10 2 1.10 3
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + + +
1.10 1.21 1.33
-$1,600.00 + $909.09 + $0.00 + $2,253.94 +
$4,046.72
Regla de Decisión
VPN (+) Se Acepta

VPN (-) Se Rechaza

FNE 4 FNE 5
n
+
(1 + i) (1 + i) n
$0.00 $4,000.00
+
(1 + i) 4 (1 + i) 5
$0.00 $4,000.00
+
(1 + 0.10) 4 (1 + 0.10) 5
$0.00 $4,000.00
+
1.10 4 1.10 5
$0.00 $4,000.00
+
1.46 1.61
$0.00 + $2,483.69
DATOS
VAN =
(=) Total -$1,600.00
AÑOS
VAN =
1 $1,000.00
2 $0.00
3 $3,000.00
4 $0.00
VAN =
5 $4,000.00
6
7
VAN =
8
9
10 =
VAN
Total
Tasa chica 11%
VAN =
VAN =
VAN =
VAN =
=
VAN
VAN =
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + +
(1 + 0.10) 1 (1 + 0.10) 2 (1 +
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + +
1 1.10 2
1.10 1.10
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + +
1.10 1.21 1.33
-$1,600.00 + $909.09 + $0.00 + $2,253.94
$4,046.72
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + +
(1 + i) 1 (1 + i) 2 (1 +
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + +
(1 + 0.11) 1 (1 + 0.11) 2 (1 +
$1,000.00 $0.00 $3,000.00

-$1,600.00 + + +
1.11 1 1.11 2 1.11
$1,000.00 $0.00 $3,000.00
-$1,600.00 + + +
1.11 1.23 1.37
-$1,600.00 + $900.90 + $0.00 + $2,193.57
$3,868.28
$3,000.00 $0.00 $4,000.00 $0.00
+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
$3,000.00 $0.00 $4,000.00 $0.00

+ + +
0.10) 3 (1 + 0.10) 4 (1 + 0.10) 5 (1 + 0.10) 6
$3,000.00 $0.00 $4,000.00 $0.00

+ + +
3 1.10 4 5 6
1.10 1.10 1.10
$3,000.00 $0.00 $4,000.00 $0.00

+ + +
1.33 1.46 1.61 1.77
$2,253.94 + $0.00 + $2,483.69 + $0.00
ASA GRANDE)
$3,000.00 $0.00 $4,000.00 $0.00

+ + +
i) 3 (1 + i) 4 (1 + i) 5 (1 + i) 6
$3,000.00 $0.00 $4,000.00 $0.00

+ + +
0.11) 3 (1 + 0.11) 4 (1 + 0.11) 5 (1 + 0.11) 6
$3,000.00 $0.00 $4,000.00 $0.00

+ + +
1.11 3 1.11 4 1.11 5 1.11 6
$3,000.00 $0.00 $4,000.00 $0.00
+ + +
1.37 1.52 1.69 1.87
$2,193.57 + $0.00 + $2,373.81 + $0.00

$0.00 $0.00 $0.00 $0.00
+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.10) 7 (1 + 0.10) 8 (1 + 0.10) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.10 7 1.10 8 1.10 9 1.10
$0.00 $0.00 $0.00 $0.00

+ + + +
1.95 2.14 2.36 2.59
+ $0.00 + $0.00 + $0.00 + $0.00
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + i) 7 (1 + i) 8 (1 + i) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
(1 + 0.11) 7 (1 + 0.11) 8 (1 + 0.11) 9 (1
$0.00 $0.00 $0.00 $0.00

+ + + +
1.11 7 1.11 8 1.11 9 1.11
$0.00 $0.00 $0.00 $0.00
+ + + +
2.08 2.30 2.56 2.84
+ $0.00 + $0.00 + $0.00 + $0.00

INTERPOLACIÓN

+ i) 10 TIR = 100 [VPN Tch +
$0.00
+ 0.10) 10 Tasa chica + $4,046.72
$0.00
1.10 10 10 $4,046.72
TIR = 100 + $4,046.72 +
$0.00
2.59
$4,046.72
$0.00 TIR = 0.1 + $7,915.00
0.511272282080061
TIR = 0.1 +
$0.00 TIR = 0.1 + 0.051127228208006

+ i) 10
TIR = 0.1511272282 X 100
$0.00
+ 0.11) 10 TIR = 15.112722821
TIR = 15.112%
$0.00
1.11 10
$0.00
2.84
$0.00
VPN Tch (Tg - Tch)
VPN Tg]
$4,046.72 (Tg - Tch)

VPN Tg]
$4,046.72 11.0% - 10.0%

$3,868.28
$4,046.72 1.0%
$7,915.00
0.1
511272282080061
0.051127228208006
2. Ordenar o jerarquizar la lista de inversiones de mayor a menor preferencia según cada uno de los criterios.
En base a su Pay-Back
1 Inversión C. Con un Periodo de Recuperación de 10 meses y 10 días.
2 Inversión A. Con un Periodo de Recuperación de 1 año, 4 meses y 24 días.
3 Inversión B. Con un Periodo de Recuperación de 1 año, 10 meses y 17 días.
4 Inversión E. Con un Periodo de Recuperación de 2 años, 2 meses y 12 días.
5 Inversión D. Con un Periodo de Recuperación de 2 años, 6 meses y 24 días.
En base a la VAN
1 Inversión E. Con una VAN de 4,046.72 y una inversión de 1,600
2 Inversión A. Con una VAN de 1,592.19 y una inversión de 800
3 Inversión C. Con una VAN de 12,748.31 y una inversión de 12,000
4 Inversión B. Con una VAN de 15,326.29 y una inversión de 15,000
5 Inversión D. Con una VAN de 217.13 y una inversión de 6,000
En base a la TIR
1 Inversión C. Con una TIR de 15.057%
2 Inversión B. Con una TIR de 15.065%
3 Inversión A. Con una TIR de 15.080%
4 Inversión E. Con una TIR de 15.112%
5 Inversión D. Con una TIR de 16.651%
3. Relación de las inversiones que según su criterio, a la empresa le interesa llevar a cabo ( Si tuviese
que elegir solamente uno ¿cuál sería su mejor elección? Y ¿por qué?
Si pudiese elegir una inversión sería la C, porque es la que recupera en periodo de tiempo más corto que las
demás, recuperándose en 10 meses y 10 días. Además cuenta con la TIR más rentable al ser la más baja con
15.057% y se ubica en tercer puesto en lo que respecta a su VAN con 12,748.31 y una inversión de 12,000. Por
lo anterior, es la opción más viable para la empresa.
4. Explique brevemente las ventajas e inconvenientes de los métodos aplicados en la valoración de

inversiones.
TIR
Ventajas: Incorpora el valor de las oportunidades de crecimiento, el valor del dinero en el tiempo y el costo del
capital.
Desventajas: Trabaja sobre un escenario futuro incierto, lo que hace necesario plantear supuestos subjetivos.
No se puede utilizar cuando incorpora períodos con flujos negativos. No entrega un monto de valorización
propiamente tal, sino que evalúa la conveniencia o no de una inversión a una tasa dada.
VAN
capital.
Desventajas: Trabaja sobre un escenario futuro incierto, lo que hace necesario plantear supuestos subjetivos. Se
enfoca en los flujos de caja ignorando otros aspectos relevantes de la valorización (pasivos, contingencias,
información histórica de la empresa).
capital.
Desventajas: Trabaja sobre un escenario futuro incierto, lo que hace necesario plantear supuestos subjetivos. Se
enfoca en los flujos de caja ignorando otros aspectos relevantes de la valorización (pasivos, contingencias,
información histórica de la empresa).
PAY BACK
Una de las principales ventajas del método del período de recuperación de la inversión es la simplicidad de su
cálculo y sus principales desventajas son que no toma en cuenta los flujos netos después de la recuperación, así
como el descuento de los flujos considerando el valor del dinero en el tiempo. Veamos con más detalle.
ada uno de los criterios.
r a cabo ( Si tuviese
ué?
mpo más corto que las

al ser la más baja con
nversión de 12,000. Por
en la valoración de
el tiempo y el costo del
r supuestos subjetivos.
monto de valorización
a tasa dada.
el tiempo y el costo del
supuestos subjetivos. Se
asivos, contingencias,
es la simplicidad de su
s de la recuperación, así
mos con más detalle.

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PERIODO DE RECUPERACIÓN

Año anterior a la Recuperación

PR = 1.4 1 Año, 4 Meses, 24 Días

Inversión No Recuperada al Inicio del Año Años Meses

1 Año, 4 Meses, 24 Días

$400.00 $1,000.00 $1,600.00

$400.00 $1,000.00 $1,600.00

$400.00 $1,000.00 $1,600.00

$400.00 $1,000.00 $1,600.00

-$800.00 + $363.64 + $826.45 + $1,202.10 +

VPN (+) Se Acepta

Decision = SE ACEPTA EL PROYECTO

$400.00 $1,000.00 $1,600.00

$400.00 $1,000.00 $1,600.00

$400.00 $1,000.00 $1,600.00

$400.00 $1,000.00 $1,600.00

-$800.00 + $363.64 + $826.45 + $1,202.10

VAN NEGATIVA (TASA GRANDE)

$400.00 $1,000.00 $1,600.00

$400.00 $1,000.00 $1,600.00

$400.00 $1,000.00 $1,600.00

-$800.00 + $360.36 + $811.62 + $1,169.91

$1,600.00 $0.00 $0.00 $0.00

$1,600.00 $0.00 $0.00 $0.00

$1,600.00 $0.00 $0.00 $0.00

$1,202.10 + $0.00 + $0.00 + $0.00

$1,600.00 $0.00 $0.00 $0.00

$1,600.00 $0.00 $0.00 $0.00

$1,600.00 $0.00 $0.00 $0.00

$1,169.91 + $0.00 + $0.00 + $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

+ $0.00 + $0.00 + $0.00 + $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

+ $0.00 + $0.00 + $0.00 + $0.00

$0.00 Tasa chica + VPN Tch

$0.00 TIR = 0.1 + 0.050802426825979

$1,592.19 (Tg - Tch)

$1,592.19 11.0% - 10.0%

Año anterior a la Recuperación

PR = 1.875 1 Año, 10 Meses, 17 Días

Inversión No Recuperada al Inicio del Año Años Meses

1 Año, 10 Meses, 17 Días

$8,000.00 $8,000.00 $8,000.00

$8,000.00 $8,000.00 $8,000.00

$8,000.00 $8,000.00 $8,000.00

$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + $7,272.73 + $6,611.57 + $6,010.52 +

VPN (+) Se Acepta

Decision = SE ACEPTA EL PROYECTO

$8,000.00 $8,000.00 $8,000.00

$8,000.00 $8,000.00 $8,000.00

$8,000.00 $8,000.00 $8,000.00

$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + $7,272.73 + $6,611.57 + $6,010.52

VAN NEGATIVA (TASA GRANDE)

$8,000.00 $8,000.00 $8,000.00

$8,000.00 $8,000.00 $8,000.00

$8,000.00 $8,000.00 $8,000.00

-$15,000.00 + $7,207.21 + $6,492.98 + $5,849.53