Universidad Militar Nueva Granada

Daniel Felipe Martinez Grijalba

Brayan García Toloza
Manuel Alejandro Santana
Nestor Amaris Tovar
Natalia Arias Reyes
Tatiana Soler

Docente
Jairo Gonzalez

2021
 $ 200,000 20% 30%

ACTIVOS PASIVOS PATRIMONIO UAII INTERESES UAI IMPUESTOS

$ 10,000,000 $ 10,000,000 $ 2,000,000 $ - $ 2,000,000 $ 600,000

$ 10,000,000 $ 200,000 $ 9,800,000 $ 2,000,000 $ 40,000 $ 1,960,000 $ 588,000
$ 10,000,000 $ 400,000 $ 9,600,000 $ 2,000,000 $ 80,000 $ 1,920,000 $ 576,000
$ 10,000,000 $ 600,000 $ 9,400,000 $ 2,000,000 $ 120,000 $ 1,880,000 $ 564,000
$ 10,000,000 $ 800,000 $ 9,200,000 $ 2,000,000 $ 160,000 $ 1,840,000 $ 552,000
$ 10,000,000 $ 1,000,000 $ 9,000,000 $ 2,000,000 $ 200,000 $ 1,800,000 $ 540,000
$ 10,000,000 $ 1,200,000 $ 8,800,000 $ 2,000,000 $ 240,000 $ 1,760,000 $ 528,000
$ 10,000,000 $ 1,400,000 $ 8,600,000 $ 2,000,000 $ 280,000 $ 1,720,000 $ 516,000
$ 10,000,000 $ 1,600,000 $ 8,400,000 $ 2,000,000 $ 320,000 $ 1,680,000 $ 504,000
$ 10,000,000 $ 1,800,000 $ 8,200,000 $ 2,000,000 $ 360,000 $ 1,640,000 $ 492,000
$ 10,000,000 $ 2,000,000 $ 8,000,000 $ 2,000,000 $ 400,000 $ 1,600,000 $ 480,000
$ 10,000,000 $ 2,200,000 $ 7,800,000 $ 2,000,000 $ 440,000 $ 1,560,000 $ 468,000
$ 10,000,000 $ 2,400,000 $ 7,600,000 $ 2,000,000 $ 480,000 $ 1,520,000 $ 456,000
$ 10,000,000 $ 2,600,000 $ 7,400,000 $ 2,000,000 $ 520,000 $ 1,480,000 $ 444,000
$ 10,000,000 $ 2,800,000 $ 7,200,000 $ 2,000,000 $ 560,000 $ 1,440,000 $ 432,000
$ 10,000,000 $ 3,000,000 $ 7,000,000 $ 2,000,000 $ 600,000 $ 1,400,000 $ 420,000
$ 10,000,000 $ 3,200,000 $ 6,800,000 $ 2,000,000 $ 640,000 $ 1,360,000 $ 408,000
$ 10,000,000 $ 3,400,000 $ 6,600,000 $ 2,000,000 $ 680,000 $ 1,320,000 $ 396,000
$ 10,000,000 $ 3,600,000 $ 6,400,000 $ 2,000,000 $ 720,000 $ 1,280,000 $ 384,000
$ 10,000,000 $ 3,800,000 $ 6,200,000 $ 2,000,000 $ 760,000 $ 1,240,000 $ 372,000
$ 10,000,000 $ 4,000,000 $ 6,000,000 $ 2,000,000 $ 800,000 $ 1,200,000 $ 360,000
$ 10,000,000 $ 4,200,000 $ 5,800,000 $ 2,000,000 $ 840,000 $ 1,160,000 $ 348,000
$ 10,000,000 $ 4,400,000 $ 5,600,000 $ 2,000,000 $ 880,000 $ 1,120,000 $ 336,000
$ 10,000,000 $ 4,600,000 $ 5,400,000 $ 2,000,000 $ 920,000 $ 1,080,000 $ 324,000
$ 10,000,000 $ 4,800,000 $ 5,200,000 $ 2,000,000 $ 960,000 $ 1,040,000 $ 312,000
$ 10,000,000 $ 5,000,000 $ 5,000,000 $ 2,000,000 $ 1,000,000 $ 1,000,000 $ 300,000
$ 10,000,000 $ 5,200,000 $ 4,800,000 $ 2,000,000 $ 1,040,000 $ 960,000 $ 288,000
$ 10,000,000 $ 5,400,000 $ 4,600,000 $ 2,000,000 $ 1,080,000 $ 920,000 $ 276,000
$ 10,000,000 $ 5,600,000 $ 4,400,000 $ 2,000,000 $ 1,120,000 $ 880,000 $ 264,000
$ 10,000,000 $ 5,800,000 $ 4,200,000 $ 2,000,000 $ 1,160,000 $ 840,000 $ 252,000
$ 10,000,000 $ 6,000,000 $ 4,000,000 $ 2,000,000 $ 1,200,000 $ 800,000 $ 240,000
$ 10,000,000 $ 6,200,000 $ 3,800,000 $ 2,000,000 $ 1,240,000 $ 760,000 $ 228,000
$ 10,000,000 $ 6,400,000 $ 3,600,000 $ 2,000,000 $ 1,280,000 $ 720,000 $ 216,000
$ 10,000,000 $ 6,600,000 $ 3,400,000 $ 2,000,000 $ 1,320,000 $ 680,000 $ 204,000
$ 10,000,000 $ 6,800,000 $ 3,200,000 $ 2,000,000 $ 1,360,000 $ 640,000 $ 192,000
$ 10,000,000 $ 7,000,000 $ 3,000,000 $ 2,000,000 $ 1,400,000 $ 600,000 $ 180,000
$ 10,000,000 $ 7,200,000 $ 2,800,000 $ 2,000,000 $ 1,440,000 $ 560,000 $ 168,000
$ 10,000,000 $ 7,400,000 $ 2,600,000 $ 2,000,000 $ 1,480,000 $ 520,000 $ 156,000
$ 10,000,000 $ 7,600,000 $ 2,400,000 $ 2,000,000 $ 1,520,000 $ 480,000 $ 144,000
$ 10,000,000 $ 7,800,000 $ 2,200,000 $ 2,000,000 $ 1,560,000 $ 440,000 $ 132,000
$ 10,000,000 $ 8,000,000 $ 2,000,000 $ 2,000,000 $ 1,600,000 $ 400,000 $ 120,000
$ 10,000,000 $ 8,200,000 $ 1,800,000 $ 2,000,000 $ 1,640,000 $ 360,000 $ 108,000
UTILIDAD NETA APALANCAMIENTO UTILIDAD NETA/PATRIMONIO

$ 1,400,000 0 0.14
$ 1,372,000 0.02041 0.14
$ 1,344,000 0.04167 0.14
$ 1,316,000 0.06383 0.14
APALANCAMIENTO VS UTILIDAD N./ PATRIM
$ 1,288,000 0.08696 0.14
$ 1,260,000 0.11111 0.14 0.16
$ 1,232,000 0.13636 0.14
$ 1,204,000 0.16279 0.14 0.14
$ 1,176,000 0.19048 0.14
$ 1,148,000 0.21951 0.14 0.12
$ 1,120,000 0.25000 0.14

UTILIDAD NETA / PATRIMONIO

$ 1,092,000 0.28205 0.14 0.10
$ 1,064,000 0.31579 0.14
$ 1,036,000 0.35135 0.14
0.08
$ 1,008,000 0.38889 0.14
$ 980,000 0.42857 0.14
0.06
$ 952,000 0.47059 0.14
$ 924,000 0.51515 0.14
0.04
$ 896,000 0.56250 0.14
$ 868,000 0.61290 0.14 0.02
$ 840,000 0.66667 0.14
$ 812,000 0.72414 0.14 0.00
$ 784,000 0.78571 0.14 0.00000 0.50000 1.00000 1.50000 2.00000 2.50000 3.00000 3.50000

$ 756,000 0.85185 0.14 APALANCAMIENTO

$ 728,000 0.92308 0.14
$ 700,000 1 0.14 $ 1,000,000 20% $ 200,000
$ 672,000 1.08333 0.14
$ 644,000 1.17391 0.14 Michelle $ 1,000,000 20% $ 200,000
$ 616,000 1.27273 0.14
$ 588,000 1.38095 0.14 Michelle $ 500,000 20% $ 100,000
$ 560,000 1.50000 0.14
$ 532,000 1.63158 0.14 Vanessa $ 500,000 20% $ 100,000
$ 504,000 1.77778 0.14
$ 476,000 1.94118 0.14
$ 448,000 2.12500 0.14
$ 420,000 2.33333 0.14
$ 392,000 2.57143 0.14
$ 364,000 2.84615 0.14
$ 336,000 3.16667 0.14
$ 308,000 3.54545 0.14
$ 280,000 4 0.14
$ 252,000 4.55556 0.14
UTILIDAD N./ PATRIMONIO

2.50000 3.00000 3.50000 4.00000 4.50000 5.00000

ALANCAMIENTO
 $ 200,000 15% 30%
ACTIVOS PASIVOS PATRIMONIO UAII INTERESES UAI IMPUESTOS
$ 10,000,000 $ 10,000,000 $ 2,000,000 $ - $ 2,000,000 $ 600,000
$ 10,000,000 $ 200,000 $ 9,800,000 $ 2,000,000 $ 30,000 $ 1,970,000 $ 591,000
$ 10,000,000 $ 400,000 $ 9,600,000 $ 2,000,000 $ 60,000 $ 1,940,000 $ 582,000
$ 10,000,000 $ 600,000 $ 9,400,000 $ 2,000,000 $ 90,000 $ 1,910,000 $ 573,000
$ 10,000,000 $ 800,000 $ 9,200,000 $ 2,000,000 $ 120,000 $ 1,880,000 $ 564,000
$ 10,000,000 $ 1,000,000 $ 9,000,000 $ 2,000,000 $ 150,000 $ 1,850,000 $ 555,000
$ 10,000,000 $ 1,200,000 $ 8,800,000 $ 2,000,000 $ 180,000 $ 1,820,000 $ 546,000
$ 10,000,000 $ 1,400,000 $ 8,600,000 $ 2,000,000 $ 210,000 $ 1,790,000 $ 537,000
$ 10,000,000 $ 1,600,000 $ 8,400,000 $ 2,000,000 $ 240,000 $ 1,760,000 $ 528,000
$ 10,000,000 $ 1,800,000 $ 8,200,000 $ 2,000,000 $ 270,000 $ 1,730,000 $ 519,000
$ 10,000,000 $ 2,000,000 $ 8,000,000 $ 2,000,000 $ 300,000 $ 1,700,000 $ 510,000
$ 10,000,000 $ 2,200,000 $ 7,800,000 $ 2,000,000 $ 330,000 $ 1,670,000 $ 501,000
$ 10,000,000 $ 2,400,000 $ 7,600,000 $ 2,000,000 $ 360,000 $ 1,640,000 $ 492,000
$ 10,000,000 $ 2,600,000 $ 7,400,000 $ 2,000,000 $ 390,000 $ 1,610,000 $ 483,000
$ 10,000,000 $ 2,800,000 $ 7,200,000 $ 2,000,000 $ 420,000 $ 1,580,000 $ 474,000
$ 10,000,000 $ 3,000,000 $ 7,000,000 $ 2,000,000 $ 450,000 $ 1,550,000 $ 465,000
$ 10,000,000 $ 3,200,000 $ 6,800,000 $ 2,000,000 $ 480,000 $ 1,520,000 $ 456,000
$ 10,000,000 $ 3,400,000 $ 6,600,000 $ 2,000,000 $ 510,000 $ 1,490,000 $ 447,000
$ 10,000,000 $ 3,600,000 $ 6,400,000 $ 2,000,000 $ 540,000 $ 1,460,000 $ 438,000
$ 10,000,000 $ 3,800,000 $ 6,200,000 $ 2,000,000 $ 570,000 $ 1,430,000 $ 429,000
$ 10,000,000 $ 4,000,000 $ 6,000,000 $ 2,000,000 $ 600,000 $ 1,400,000 $ 420,000
$ 10,000,000 $ 4,200,000 $ 5,800,000 $ 2,000,000 $ 630,000 $ 1,370,000 $ 411,000
$ 10,000,000 $ 4,400,000 $ 5,600,000 $ 2,000,000 $ 660,000 $ 1,340,000 $ 402,000
$ 10,000,000 $ 4,600,000 $ 5,400,000 $ 2,000,000 $ 690,000 $ 1,310,000 $ 393,000
$ 10,000,000 $ 4,800,000 $ 5,200,000 $ 2,000,000 $ 720,000 $ 1,280,000 $ 384,000
$ 10,000,000 $ 5,000,000 $ 5,000,000 $ 2,000,000 $ 750,000 $ 1,250,000 $ 375,000
$ 10,000,000 $ 5,200,000 $ 4,800,000 $ 2,000,000 $ 780,000 $ 1,220,000 $ 366,000
$ 10,000,000 $ 5,400,000 $ 4,600,000 $ 2,000,000 $ 810,000 $ 1,190,000 $ 357,000
$ 10,000,000 $ 5,600,000 $ 4,400,000 $ 2,000,000 $ 840,000 $ 1,160,000 $ 348,000
$ 10,000,000 $ 5,800,000 $ 4,200,000 $ 2,000,000 $ 870,000 $ 1,130,000 $ 339,000
$ 10,000,000 $ 6,000,000 $ 4,000,000 $ 2,000,000 $ 900,000 $ 1,100,000 $ 330,000
$ 10,000,000 $ 6,200,000 $ 3,800,000 $ 2,000,000 $ 930,000 $ 1,070,000 $ 321,000
$ 10,000,000 $ 6,400,000 $ 3,600,000 $ 2,000,000 $ 960,000 $ 1,040,000 $ 312,000
$ 10,000,000 $ 6,600,000 $ 3,400,000 $ 2,000,000 $ 990,000 $ 1,010,000 $ 303,000
$ 10,000,000 $ 6,800,000 $ 3,200,000 $ 2,000,000 $ 1,020,000 $ 980,000 $ 294,000
$ 10,000,000 $ 7,000,000 $ 3,000,000 $ 2,000,000 $ 1,050,000 $ 950,000 $ 285,000
$ 10,000,000 $ 7,200,000 $ 2,800,000 $ 2,000,000 $ 1,080,000 $ 920,000 $ 276,000
$ 10,000,000 $ 7,400,000 $ 2,600,000 $ 2,000,000 $ 1,110,000 $ 890,000 $ 267,000
$ 10,000,000 $ 7,600,000 $ 2,400,000 $ 2,000,000 $ 1,140,000 $ 860,000 $ 258,000
$ 10,000,000 $ 7,800,000 $ 2,200,000 $ 2,000,000 $ 1,170,000 $ 830,000 $ 249,000
$ 10,000,000 $ 8,000,000 $ 2,000,000 $ 2,000,000 $ 1,200,000 $ 800,000 $ 240,000
$ 10,000,000 $ 8,200,000 $ 1,800,000 $ 2,000,000 $ 1,230,000 $ 770,000 $ 231,000
UTILIDAD NETA APALANCAMIENTO UTILIDAD NETA / PATRIMONIO
$ 1,400,000 0 0.1400
$ 1,379,000 0.02041 0.1407
$ 1,358,000 0.04167 0.1415
$ 1,337,000 0.06383 0.1422
$ 1,316,000 0.08696 0.1430
$ 1,295,000 0.11111 0.1439
$ 1,274,000 0.13636 0.1448
$ 1,253,000 0.16279 0.1457
$ 1,232,000 0.19048 0.1467
$ 1,211,000 0.21951 0.1477
$ 1,190,000 0.25000 0.1488
$ 1,169,000 0.28205 0.1499 APALANCAMIENTO VS UTILIDAD N./ PATRIMONI
$ 1,148,000 0.31579 0.1511
0.3500
$ 1,127,000 0.35135 0.1523
$ 1,106,000 0.38889 0.1536
$ 1,085,000 0.42857 0.1550 0.3000
$ 1,064,000 0.47059 0.1565

UTILIDAD NETA / PATRIMONIO

$ 1,043,000 0.51515 0.1580 0.2500

$ 1,022,000 0.56250 0.1597

$ 1,001,000 0.61290 0.1615 0.2000

$ 980,000 0.66667 0.1633

$ 959,000 0.72414 0.1653 0.1500

$ 938,000 0.78571 0.1675

0.1000
$ 917,000 0.85185 0.1698
$ 896,000 0.92308 0.1723
0.0500
$ 875,000 1 0.1750
$ 854,000 1.08333 0.1779
0.0000
$ 833,000 1.17391 0.1811 0.00000 0.50000 1.00000 1.50000 2.00000 2.50000 3.00000 3.50000 4.00000
APALANCAMIENTO
 0.0500

0.0000
0.00000 0.50000 1.00000 1.50000 2.00000 2.50000 3.00000 3.50000 4.00000
$ 812,000 1.27273 0.1845 APALANCAMIENTO
$ 791,000 1.38095 0.1883
$ 770,000 1.50000 0.1925
$ 749,000 1.63158 0.1971 $ 1,000,000 20% $ 200,000
$ 728,000 1.77778 0.2022
$ 707,000 1.94118 0.2079 Michelle $ 1,000,000 20% $ 200,000
$ 686,000 2.12500 0.2144
$ 665,000 2.33333 0.2217 Vanessa $ 500,000 15% $ 75,000
$ 644,000 2.57143 0.2300
$ 623,000 2.84615 0.2396 Michelle $ 500,000 25% $ 125,000
$ 602,000 3.16667 0.2508
$ 581,000 3.54545 0.2641
$ 560,000 4 0.2800
$ 539,000 4.55556 0.2994
TILIDAD N./ PATRIMONIO

2.50000 3.00000 3.50000 4.00000 4.50000 5.00000

ANCAMIENTO
 2.50000 3.00000 3.50000 4.00000 4.50000 5.00000
ANCAMIENTO
 $ 200,000 25% 30%
ACTIVOS PASIVOS PATRIMONIO UAII INTERESES UAI IMPUESTOS
$ 10,000,000 $ 10,000,000 $ 2,000,000 $ - $ 2,000,000 $ 600,000
$ 10,000,000 $ 200,000 $ 9,800,000 $ 2,000,000 $ 50,000 $ 1,950,000 $ 585,000
$ 10,000,000 $ 400,000 $ 9,600,000 $ 2,000,000 $ 100,000 $ 1,900,000 $ 570,000
$ 10,000,000 $ 600,000 $ 9,400,000 $ 2,000,000 $ 150,000 $ 1,850,000 $ 555,000
$ 10,000,000 $ 800,000 $ 9,200,000 $ 2,000,000 $ 200,000 $ 1,800,000 $ 540,000
$ 10,000,000 $ 1,000,000 $ 9,000,000 $ 2,000,000 $ 250,000 $ 1,750,000 $ 525,000
$ 10,000,000 $ 1,200,000 $ 8,800,000 $ 2,000,000 $ 300,000 $ 1,700,000 $ 510,000
$ 10,000,000 $ 1,400,000 $ 8,600,000 $ 2,000,000 $ 350,000 $ 1,650,000 $ 495,000
$ 10,000,000 $ 1,600,000 $ 8,400,000 $ 2,000,000 $ 400,000 $ 1,600,000 $ 480,000
$ 10,000,000 $ 1,800,000 $ 8,200,000 $ 2,000,000 $ 450,000 $ 1,550,000 $ 465,000
$ 10,000,000 $ 2,000,000 $ 8,000,000 $ 2,000,000 $ 500,000 $ 1,500,000 $ 450,000
$ 10,000,000 $ 2,200,000 $ 7,800,000 $ 2,000,000 $ 550,000 $ 1,450,000 $ 435,000
$ 10,000,000 $ 2,400,000 $ 7,600,000 $ 2,000,000 $ 600,000 $ 1,400,000 $ 420,000
$ 10,000,000 $ 2,600,000 $ 7,400,000 $ 2,000,000 $ 650,000 $ 1,350,000 $ 405,000
$ 10,000,000 $ 2,800,000 $ 7,200,000 $ 2,000,000 $ 700,000 $ 1,300,000 $ 390,000
$ 10,000,000 $ 3,000,000 $ 7,000,000 $ 2,000,000 $ 750,000 $ 1,250,000 $ 375,000
$ 10,000,000 $ 3,200,000 $ 6,800,000 $ 2,000,000 $ 800,000 $ 1,200,000 $ 360,000
$ 10,000,000 $ 3,400,000 $ 6,600,000 $ 2,000,000 $ 850,000 $ 1,150,000 $ 345,000
$ 10,000,000 $ 3,600,000 $ 6,400,000 $ 2,000,000 $ 900,000 $ 1,100,000 $ 330,000
$ 10,000,000 $ 3,800,000 $ 6,200,000 $ 2,000,000 $ 950,000 $ 1,050,000 $ 315,000
$ 10,000,000 $ 4,000,000 $ 6,000,000 $ 2,000,000 $ 1,000,000 $ 1,000,000 $ 300,000
$ 10,000,000 $ 4,200,000 $ 5,800,000 $ 2,000,000 $ 1,050,000 $ 950,000 $ 285,000
$ 10,000,000 $ 4,400,000 $ 5,600,000 $ 2,000,000 $ 1,100,000 $ 900,000 $ 270,000
$ 10,000,000 $ 4,600,000 $ 5,400,000 $ 2,000,000 $ 1,150,000 $ 850,000 $ 255,000
$ 10,000,000 $ 4,800,000 $ 5,200,000 $ 2,000,000 $ 1,200,000 $ 800,000 $ 240,000
$ 10,000,000 $ 5,000,000 $ 5,000,000 $ 2,000,000 $ 1,250,000 $ 750,000 $ 225,000
$ 10,000,000 $ 5,200,000 $ 4,800,000 $ 2,000,000 $ 1,300,000 $ 700,000 $ 210,000
$ 10,000,000 $ 5,400,000 $ 4,600,000 $ 2,000,000 $ 1,350,000 $ 650,000 $ 195,000
$ 10,000,000 $ 5,600,000 $ 4,400,000 $ 2,000,000 $ 1,400,000 $ 600,000 $ 180,000
$ 10,000,000 $ 5,800,000 $ 4,200,000 $ 2,000,000 $ 1,450,000 $ 550,000 $ 165,000
$ 10,000,000 $ 6,000,000 $ 4,000,000 $ 2,000,000 $ 1,500,000 $ 500,000 $ 150,000
$ 10,000,000 $ 6,200,000 $ 3,800,000 $ 2,000,000 $ 1,550,000 $ 450,000 $ 135,000
$ 10,000,000 $ 6,400,000 $ 3,600,000 $ 2,000,000 $ 1,600,000 $ 400,000 $ 120,000
$ 10,000,000 $ 6,600,000 $ 3,400,000 $ 2,000,000 $ 1,650,000 $ 350,000 $ 105,000
$ 10,000,000 $ 6,800,000 $ 3,200,000 $ 2,000,000 $ 1,700,000 $ 300,000 $ 90,000
$ 10,000,000 $ 7,000,000 $ 3,000,000 $ 2,000,000 $ 1,750,000 $ 250,000 $ 75,000
$ 10,000,000 $ 7,200,000 $ 2,800,000 $ 2,000,000 $ 1,800,000 $ 200,000 $ 60,000
$ 10,000,000 $ 7,400,000 $ 2,600,000 $ 2,000,000 $ 1,850,000 $ 150,000 $ 45,000
$ 10,000,000 $ 7,600,000 $ 2,400,000 $ 2,000,000 $ 1,900,000 $ 100,000 $ 30,000
$ 10,000,000 $ 7,800,000 $ 2,200,000 $ 2,000,000 $ 1,950,000 $ 50,000 $ 15,000
$ 10,000,000 $ 8,000,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 $ - $ -
$ 10,000,000 $ 8,200,000 $ 1,800,000 $ 2,000,000 $ 2,050,000 -$ 50,000 $ -
UTILIDAD NETA APALANCAMIENTO UTILIDAD NETA / PATRIMONIO
$ 1,400,000 0 0.1400
$ 1,365,000 0.02041 0.1393
$ 1,330,000 0.04167 0.1385
$ 1,295,000 0.06383 0.1378
$ 1,260,000 0.08696 0.1370 APALANCAMIENTO VS UTILIDAD N./ PA
$ 1,225,000 0.11111 0.1361
0.1600
$ 1,190,000 0.13636 0.1352
$ 1,155,000 0.16279 0.1343 0.1400
$ 1,120,000 0.19048 0.1333
$ 1,085,000 0.21951 0.1323 0.1200
$ 1,050,000 0.25000 0.1313
0.1000

UTILIDAD NETA / PATRIMONIO

$ 1,015,000 0.28205 0.1301
$ 980,000 0.31579 0.1289
0.0800
$ 945,000 0.35135 0.1277
$ 910,000 0.38889 0.1264 0.0600
$ 875,000 0.42857 0.1250
$ 840,000 0.47059 0.1235 0.0400
$ 805,000 0.51515 0.1220
0.0200
$ 770,000 0.56250 0.1203
$ 735,000 0.61290 0.1185 0.0000
$ 700,000 0.66667 0.1167 0.00000 0.50000 1.00000 1.50000 2.00000 2.50000 3.00000 3

$ 665,000 0.72414 0.1147 -0.0200

$ 630,000 0.78571 0.1125
-0.0400
$ 595,000 0.85185 0.1102 APALANCAMIENTO
$ 560,000 0.92308 0.1077 Michelle $ 10,000,000 20% $ 2,000,000
$ 525,000 1 0.1050
$ 490,000 1.08333 0.1021 Michelle $ 10,000,000 20% $ 2,000,000
$ 455,000 1.17391 0.0989
 $ 420,000 1.27273 0.0955 Vanessa $ 4,000,000 25% $ 1,000,000
$ 385,000 1.38095 0.0917
$ 350,000 1.50000 0.0875 Michelle $ 6,000,000 17% $ 1,000,000
$ 315,000 1.63158 0.0829
$ 280,000 1.77778 0.0778
$ 245,000 1.94118 0.0721
$ 210,000 2.12500 0.0656
$ 175,000 2.33333 0.0583
$ 140,000 2.57143 0.0500
$ 105,000 2.84615 0.0404
$ 70,000 3.16667 0.0292
$ 35,000 3.54545 0.0159
$ - 4 0.0000
-$ 50,000 4.55556 -0.0278
VS UTILIDAD N./ PATRIMONIO

.00000 2.50000 3.00000 3.50000 4.00000 4.50000 5.00000

APALANCAMIENTO
 1.0% $ 200,000
TASA DE INTERES ACTIVOS PASIVOS PATRIMONIO UAII INTERESES UAI
10% $ 10,000,000 $ 10,000,000 $ 2,000,000 $ - $ 2,000,000
11% $ 10,000,000 $ 200,000 $ 9,800,000 $ 2,000,000 $ 22,000 $ 1,978,000
12% $ 10,000,000 $ 400,000 $ 9,600,000 $ 2,000,000 $ 48,000 $ 1,952,000
13% $ 10,000,000 $ 600,000 $ 9,400,000 $ 2,000,000 $ 78,000 $ 1,922,000
14% $ 10,000,000 $ 800,000 $ 9,200,000 $ 2,000,000 $ 112,000 $ 1,888,000
15% $ 10,000,000 $ 1,000,000 $ 9,000,000 $ 2,000,000 $ 150,000 $ 1,850,000
16% $ 10,000,000 $ 1,200,000 $ 8,800,000 $ 2,000,000 $ 192,000 $ 1,808,000
17% $ 10,000,000 $ 1,400,000 $ 8,600,000 $ 2,000,000 $ 238,000 $ 1,762,000
18% $ 10,000,000 $ 1,600,000 $ 8,400,000 $ 2,000,000 $ 288,000 $ 1,712,000
19% $ 10,000,000 $ 1,800,000 $ 8,200,000 $ 2,000,000 $ 342,000 $ 1,658,000
20% $ 10,000,000 $ 2,000,000 $ 8,000,000 $ 2,000,000 $ 400,000 $ 1,600,000
21% $ 10,000,000 $ 2,200,000 $ 7,800,000 $ 2,000,000 $ 462,000 $ 1,538,000
22% $ 10,000,000 $ 2,400,000 $ 7,600,000 $ 2,000,000 $ 528,000 $ 1,472,000
23% $ 10,000,000 $ 2,600,000 $ 7,400,000 $ 2,000,000 $ 598,000 $ 1,402,000
24% $ 10,000,000 $ 2,800,000 $ 7,200,000 $ 2,000,000 $ 672,000 $ 1,328,000
25% $ 10,000,000 $ 3,000,000 $ 7,000,000 $ 2,000,000 $ 750,000 $ 1,250,000
26% $ 10,000,000 $ 3,200,000 $ 6,800,000 $ 2,000,000 $ 832,000 $ 1,168,000
27% $ 10,000,000 $ 3,400,000 $ 6,600,000 $ 2,000,000 $ 918,000 $ 1,082,000
28% $ 10,000,000 $ 3,600,000 $ 6,400,000 $ 2,000,000 $ 1,008,000 $ 992,000
29% $ 10,000,000 $ 3,800,000 $ 6,200,000 $ 2,000,000 $ 1,102,000 $ 898,000
30% $ 10,000,000 $ 4,000,000 $ 6,000,000 $ 2,000,000 $ 1,200,000 $ 800,000
31% $ 10,000,000 $ 4,200,000 $ 5,800,000 $ 2,000,000 $ 1,302,000 $ 698,000
32% $ 10,000,000 $ 4,400,000 $ 5,600,000 $ 2,000,000 $ 1,408,000 $ 592,000
33% $ 10,000,000 $ 4,600,000 $ 5,400,000 $ 2,000,000 $ 1,518,000 $ 482,000
34% $ 10,000,000 $ 4,800,000 $ 5,200,000 $ 2,000,000 $ 1,632,000 $ 368,000
35% $ 10,000,000 $ 5,000,000 $ 5,000,000 $ 2,000,000 $ 1,750,000 $ 250,000
36% $ 10,000,000 $ 5,200,000 $ 4,800,000 $ 2,000,000 $ 1,872,000 $ 128,000
37% $ 10,000,000 $ 5,400,000 $ 4,600,000 $ 2,000,000 $ 1,998,000 $ 2,000
38% $ 10,000,000 $ 5,600,000 $ 4,400,000 $ 2,000,000 $ 2,128,000 -$ 128,000
39% $ 10,000,000 $ 5,800,000 $ 4,200,000 $ 2,000,000 $ 2,262,000 -$ 262,000
40% $ 10,000,000 $ 6,000,000 $ 4,000,000 $ 2,000,000 $ 2,400,000 -$ 400,000
41% $ 10,000,000 $ 6,200,000 $ 3,800,000 $ 2,000,000 $ 2,542,000 -$ 542,000
42% $ 10,000,000 $ 6,400,000 $ 3,600,000 $ 2,000,000 $ 2,688,000 -$ 688,000
43% $ 10,000,000 $ 6,600,000 $ 3,400,000 $ 2,000,000 $ 2,838,000 -$ 838,000
44% $ 10,000,000 $ 6,800,000 $ 3,200,000 $ 2,000,000 $ 2,992,000 -$ 992,000
45% $ 10,000,000 $ 7,000,000 $ 3,000,000 $ 2,000,000 $ 3,150,000 -$ 1,150,000
46% $ 10,000,000 $ 7,200,000 $ 2,800,000 $ 2,000,000 $ 3,312,000 -$ 1,312,000
47% $ 10,000,000 $ 7,400,000 $ 2,600,000 $ 2,000,000 $ 3,478,000 -$ 1,478,000
48% $ 10,000,000 $ 7,600,000 $ 2,400,000 $ 2,000,000 $ 3,648,000 -$ 1,648,000
49% $ 10,000,000 $ 7,800,000 $ 2,200,000 $ 2,000,000 $ 3,822,000 -$ 1,822,000
50% $ 10,000,000 $ 8,000,000 $ 2,000,000 $ 2,000,000 $ 4,000,000 -$ 2,000,000
51% $ 10,000,000 $ 8,200,000 $ 1,800,000 $ 2,000,000 $ 4,182,000 -$ 2,182,000
 30%
IMPUESTOS UTILIDAD NETA APALANCAMIENTO UTILIDAD NETA / PATRIMONIO
$ 600,000 $ 1,400,000 0 0.1400
$ 593,400 $ 1,384,600 0.02041 0.1413
$ 585,600 $ 1,366,400 0.04167 0.1423
$ 576,600 $ 1,345,400 0.06383 0.1431
$ 566,400 $ 1,321,600 0.08696 0.1437
$ 555,000 $ 1,295,000 0.11111 0.1439
$ 542,400 $ 1,265,600 0.13636 0.1438
$ 528,600 $ 1,233,400 0.16279 0.1434
$ 513,600 $ 1,198,400 0.19048 0.1427 APALANCAMIENTO VS UTILIDAD N.
$ 497,400 $ 1,160,600 0.21951 0.1415
0.4000
$ 480,000 $ 1,120,000 0.25000 0.1400
$ 461,400 $ 1,076,600 0.28205 0.1380
0.2000
$ 441,600 $ 1,030,400 0.31579 0.1356
$ 420,600 $ 981,400 0.35135 0.1326 0.0000
$ 398,400 $ 929,600 0.38889 0.1291 0.00000 0.50000 1.00000 1.50000 2.00000 2.50000 3.00

UTILIDAD NETA / PATRIMONIO

$ 375,000 $ 875,000 0.42857 0.1250 -0.2000
$ 350,400 $ 817,600 0.47059 0.1202
$ 324,600 $ 757,400 0.51515 0.1148 -0.4000
$ 297,600 $ 694,400 0.56250 0.1085
$ 269,400 $ 628,600 0.61290 0.1014 -0.6000
$ 240,000 $ 560,000 0.66667 0.0933
$ 209,400 $ 488,600 0.72414 0.0842 -0.8000

$ 177,600 $ 414,400 0.78571 0.0740

-1.0000
$ 144,600 $ 337,400 0.85185 0.0625
$ 110,400 $ 257,600 0.92308 0.0495 -1.2000
$ 75,000 $ 175,000 1 0.0350
$ 38,400 $ 89,600 1.08333 0.0187 -1.4000
$ 600 $ 1,400 1.17391 0.0003 APALANCAMIENTO
$ - -$ 128,000 1.27273 -0.0291
 -1.4000

APALANCAMIENTO

$ - -$ 262,000 1.38095 -0.0624

$ - -$ 400,000 1.50000 -0.1000
$ - -$ 542,000 1.63158 -0.1426
$ - -$ 688,000 1.77778 -0.1911
$ - -$ 838,000 1.94118 -0.2465
$ - -$ 992,000 2.12500 -0.3100
$ - -$ 1,150,000 2.33333 -0.3833
$ - -$ 1,312,000 2.57143 -0.4686
$ - -$ 1,478,000 2.84615 -0.5685
$ - -$ 1,648,000 3.16667 -0.6867
$ - -$ 1,822,000 3.54545 -0.8282
$ - -$ 2,000,000 4 -1.0000
$ - -$ 2,182,000 4.55556 -1.2122
MIENTO VS UTILIDAD N./ PATRIMONIO

1.50000 2.00000 2.50000 3.00000 3.50000 4.00000 4.50000 5.00000

APALANCAMIENTO
APALANCAMIENTO
Precio de venta $ 100
Costo variable $ 60
$ 20,000 $ 40 A B A
Gastos Gastos Número de
Ventas UAII
financieros financieros acciones
$ - -$ 10,000,000 $ 1,000,000 $ - 30000
$ 20,000 -$ 9,200,000 $ 1,000,000 30000
$ 40,000 -$ 8,400,000 $ 1,000,000 30000
$ 60,000 -$ 7,600,000 $ 1,000,000 30000
$ 80,000 -$ 6,800,000 $ 1,000,000 30000
$ 100,000 -$ 6,000,000 $ 1,000,000 30000
$ 120,000 -$ 5,200,000 $ 1,000,000 30000
$ 140,000 -$ 4,400,000 $ 1,000,000 30000
$ 160,000 -$ 3,600,000 $ 1,000,000 30000
$ 180,000 -$ 2,800,000 $ 1,000,000 30000
$ 200,000 -$ 2,000,000 $ 1,000,000 30000
$ 220,000 -$ 1,200,000 $ 1,000,000 30000
$ 240,000 -$ 400,000 $ 1,000,000 30000
$ 260,000 $ 400,000 $ 1,000,000 30000
$ 280,000 $ 1,200,000 $ 1,000,000 30000
$ 300,000 $ 2,000,000 $ 1,000,000 30000
$ 320,000 $ 2,800,000 $ 1,000,000 30000
$ 340,000 $ 3,600,000 $ 1,000,000 30000
$ 360,000 $ 4,400,000 $ 1,000,000 30000
$ 380,000 $ 5,200,000 $ 1,000,000 30000
$ 400,000 $ 6,000,000 $ 1,000,000 30000
$ 420,000 $ 6,800,000 $ 1,000,000 30000
 30% 30%
B A B A B A
Número de
UAI UAI Impuestos Impuestos Utilidad neta
acciones
50000 -$ 11,000,000 -$ 10,000,000 $ - $ - -$ 11,000,000
50000 -$ 10,200,000 -$ 9,200,000 $ - $ - -$ 10,200,000
50000 -$ 9,400,000 -$ 8,400,000 $ - $ - -$ 9,400,000
50000 -$ 8,600,000 -$ 7,600,000 $ - $ - -$ 8,600,000
50000 -$ 7,800,000 -$ 6,800,000 $ - $ - -$ 7,800,000
50000 -$ 7,000,000 -$ 6,000,000 $ - $ - -$ 7,000,000
50000 -$ 6,200,000 -$ 5,200,000 $ - $ - -$ 6,200,000
50000 -$ 5,400,000 -$ 4,400,000 $ - $ - -$ 5,400,000
50000 -$ 4,600,000 -$ 3,600,000 $ - $ - -$ 4,600,000
50000 -$ 3,800,000 -$ 2,800,000 $ - $ - -$ 3,800,000
50000 -$ 3,000,000 -$ 2,000,000 $ - $ - -$ 3,000,000
50000 -$ 2,200,000 -$ 1,200,000 $ - $ - -$ 2,200,000
50000 -$ 1,400,000 -$ 400,000 $ - $ - -$ 1,400,000
50000 -$ 600,000 $ 400,000 $ - $ 120,000 -$ 600,000
50000 $ 200,000 $ 1,200,000 $ 60,000 $ 360,000 $ 140,000
50000 $ 1,000,000 $ 2,000,000 $ 300,000 $ 600,000 $ 700,000
50000 $ 1,800,000 $ 2,800,000 $ 540,000 $ 840,000 $ 1,260,000
50000 $ 2,600,000 $ 3,600,000 $ 780,000 $ 1,080,000 $ 1,820,000
50000 $ 3,400,000 $ 4,400,000 $ 1,020,000 $ 1,320,000 $ 2,380,000
50000 $ 4,200,000 $ 5,200,000 $ 1,260,000 $ 1,560,000 $ 2,940,000
50000 $ 5,000,000 $ 6,000,000 $ 1,500,000 $ 1,800,000 $ 3,500,000
50000 $ 5,800,000 $ 6,800,000 $ 1,740,000 $ 2,040,000 $ 4,060,000

Chart Title
$200

$100

$-
$- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $4
$(100)

$(200)

$(300)

$(400)

Column N Column O
 B A B
Utilidad por Utilidad por
Utildad Neta GAF
acción acción
-$ 10,000,000 -$ 367 -$ 200
-$ 9,200,000 -$ 340 -$ 184
-$ 8,400,000 -$ 313 -$ 168
-$ 7,600,000 -$ 287 -$ 152
-$ 6,800,000 -$ 260 -$ 136
-$ 6,000,000 -$ 233 -$ 120
-$ 5,200,000 -$ 207 -$ 104
-$ 4,400,000 -$ 180 -$ 88
-$ 3,600,000 -$ 153 -$ 72
-$ 2,800,000 -$ 127 -$ 56
-$ 2,000,000 -$ 100 -$ 40
-$ 1,200,000 -$ 73 -$ 24
-$ 400,000 -$ 47 -$ 8
$ 280,000 -$ 20 $ 6
$ 840,000 $ 5 $ 17
$ 1,400,000 $ 23 $ 28
$ 1,960,000 $ 42 $ 39
$ 2,520,000 $ 61 $ 50
$ 3,080,000 $ 79 $ 62
$ 3,640,000 $ 98 $ 73
$ 4,200,000 $ 117 $ 84
$ 4,760,000 $ 135 $ 95

hart Title

0,000 $250,000 $300,000 $350,000 $400,000 $450,000

mn N Column O