"#$%&'

Qr÷lbkb """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"""""""""""""""""" ##

GDQÀXULB 4. LD XB@D HE HEGJWJBMEW OJMDMGJE^DW """""" #$

4.4. Ld j`pbrtdmgjd he sdner tb`dr hegjsjbmes ojmdmgjerds
%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%#
%%%%%%%%%%%%%#&
&

4.>. Xjpbs he hegjsjbmes ojmdmgjerds """"""""""""""""""""""""""""""""""""""" #'

4.7. Ld vdlbrdgj÷m he e`presds """""""""""""""""""""""""""""""""""""""""""""" #(
4.8. ²Tuê es umd vdlbrdgj÷m he e`presds2 """"""""""""""""""""""" #)
4.5. ²Qdrd quê sjrve umd vdlbrdgj÷m ojmdmgjerd2 """"""""""""""" *#
4.?. @êtbhbs pdrd redljzdr umd vdlbrdgj÷m """""""
"""""""""""""""""""""""""
"""""""""""""""""" **

GDQÀXULB >. EL _DLB^ HEL HJME^B EM EL XJE@QB (UM

WBLB OLUCB) %%%%"%%%%%%
%%%%"%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%"*&
%%%%%%"*&

>.4. ²Qbr quê el tje`pb doegtd dl vdlbr hel hjmerb2 """"""""" *'
>.>. Jmterês sj`ple oremte d jmterês gb`puestb """"""""""""""""""" $*
>.7. ^epresemtdgj÷m kräojgd he lbs olucbs """""""""""""""""""""""""""""" $&
>.8. Xer`jmblbkàd d utjljzdr em Exgel"""""""""""""""""""""""""""""""""""""""" $'
>.5. El vdlbr outurb he um vdlbr dgtudl """""""""""""""""""""""""""""""""""" $(
>.?. El vdlbr dgtudl he um vdlbr outurb """""""""""""""""""""""""""""""""""" $)
>.;. Ecergjgjbs prbpuestbs """""""""""""""""""""""""""""""""""""""""""""""""""""""""" +#
GDQÀXULB 7. EL _DLB^ HEL HJME^B EM EL XJE@QB
(_D^JBW OLUCBW) """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +&

7.4. El vdlbr outurb he umd dmudljhdh """""""""""""""""""""""""""""""""""" +'

7.>. Ld dmudljhdh he um vdlbr outurb """"""""""""""""""""""""""""""""""""" +,
7.7. El vdlbr dgtudl he umd dmudljhdh """"""""""""""""""""""""""""""""""" +(

"
7.8. Ld dmudljhdh he um vdlbr dgtudl """""""""""""""""""""""""""""""""""" &#
7.5. Ld d`brtjzdgj÷m he um prêstd`b """"""""""""""""""""""""""""""""""" &*
7.?. Olucbs que se gdpjtdljzdm vdrjds veges em um dôb """""" &&
7.;. Xdsd he jmterês eoegtjvd dmudl """""""""""""""""""""""""""""""""""""""" &,
7.6. _dlbr dgtudl he perpetujhdhes gbmstdmtes """""""""""""""" &)
7.:. _dlbr dgtudl he perpetujhdhes gregjemtes """"""""""""""""" '#
7.41. Herjvdgj÷m he ld o÷r`uld he Kbrhbm y Wfdpjrb """""""" '$
7.44. Ecergjgjbs prbpuestbs """"""""""""""""""
""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"""""""""""""""""""""""""""""""""""""" '&

GDQÀXULB 8. HEXE^@JMDGJ×M HEL @ECB^ @ÊXBHB

QD^D LD XB@D HE HEGJWJBMEW """""""""""""""""""""""""""""""""""""""""""""""""" ')
8.4. Lds tres ferrd`jemtds `äs usdhds pdrd tb`dr
hegjsjbmes ojmdmgjerds """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,-
8.>. Gdrdgteràstjgds que heojmem ld eojgdgjd he um `êtbhb
pdrd dpbydr ld tb`d he hegjsjbmes ojmdmgjerds """"""""""""""""""" ,$

GDQÀXULB 5. JMX^BHUGGJ×M DL _DM Z LD XJ^ """""""""""""""""" ,+

5.4. El _DM """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,'
5.>. Ld XJ^ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" (-
5.7. ^eldgj÷m emtre _DM, ld tdsd he hesguemtb y ld XJ^ """ (#
5.8. Ecergjgjbs prbpuestbs """""""""""""""""""""""""""""""""""""""""""""""""""""""""" ($
GDQÀXULB ?. GBMWJHE^DGJBMEW EM EL UWB HE _DM Z XJ^
%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(
%%%%%%%%%%%%%('
'

?.4. Gb`pljgdgjbmes gbm lbs olucbs """"""""""""""""""""""""""""""""""""""""" ((

?.>. Gb`pljgdgjbmes gbm ld gbmtdnjljhdh """"""""""""""""""""""""""" )*

?.7. Gb`pdrdgj÷m he prbyegtbs gbm hjstjmtb fbrjzbmte

te`pbrdl """"""""""""""""""""""""""""""""
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" )$

?.8. Gb`pljgdgjbmes gbm ld tdsd he hesguemtb """"""""""""""" )&

#
?.5. Ld preoeremgjd he ld XJ^ fdgjd el gbrtb pldzb """"""""""""" )'
?.?. Ld preoeremgjd he ld XJ^ pbr lds jmversjbmes pequeôds
%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%"
%%%%%%%%%%%%"))
))

?.;. Gldsjojgdgjbmes em gbmoljgtb """"""""""""""""""""""""""""""""""""""""""" #-#

?.6. Qrbyegtbs gbm `óltjples XJ^ """""""
""""""""""""""""""""""""""""""""""""""""""""
""""""""""""""""""""""""""""""""""""" #-*

?.:. Evdludgj÷m hel `êtbhb _DM """"""""""""""""""""""""""""""""""""""""" #-&

'"#-" ./14>1785? ;6 41 :39 7<0< 0=2<;< ;6 /14<A1785? """"""""""""""""" #-'

?.44. Ecergjgjbs prbpuestbs """"""""""""""""""

""""""""""""""""""""""""""""""""""""""""""""""""""""""
"""""""""""""""""""""""""""""""""""" #-,

GDQÀXULB ;. EL QE^ÀBHB HE ^EGUQE^DGJ×M HE LD

JM_E^WJ×M %%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%"
%%%%%%%%%%%%%""%%%%%%##-
"%%%%%%##-

;.4. El perjbhb he reguperdgj÷m """"""""""""""""""""""""""""""""""""""""""" ##*

;.>. El perjbhb he reguperdgj÷m dcustdhb """"""""""""""""""""""""" ##*
,"$" ./14>1785?
./14>1785 ? ;64 D1NG17H 7<0< 0=2<;< ;6 /14<A1785? """"""""""""" ##$

;.8. Ecergjgjbs prbpuestbs """""""""""""""""""""""""""""""""""""""""""""""""""""""" ##&

NJNLJBK^DOÀD """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ##,

$
Àmhjge he ojkurds

Ojkurd 4.4. El estdhb he sjtudgj÷m ojmdmgjerd y ld kestj÷m

ojmdmgjerd ................................................................................. 4;
Ojkurd >.4. Jmterês sj`ple versus jmterês gb`puestb ....... ............
..... 7>
Ojkurd >.>. Gregj`jemtb gb`pdrdtjvb he e`presds sekóm su
remtdnjljhdh.............................................................................. 78
remtdnjljhdh..............................................................................
Ojkurd >.7. ^epresemtdgj÷m kräojgd he um olucb ....... ..............
............
..... 7?
Ojkurd >.8. El vdlbr outurb he um vdlbr dgtudl ....................... 76
Ojkurd >.5. O÷r`uld he vdlbr outurb gbm Exgel....... .............
.............
.........
.. 7:
Ojkurd >.?. El vdlbr dgtudl he um vdlbr outurb ....................... 7:
Ojkurd >.;. O÷r`uld he vdlbr dgtudl he um vdlbr outurb gbm
Exgel ..........................................................................................
............................................................ .............................. 81
Ojkurd 7.4. El vdlbr outurb he umd dmudljhdh ....... .............
.............
...........
.... 8?
Ojkurd 7.>. O÷r`uld he vdlbr outurb he umd dmudljhdh gbm
Exgel ..........................................................................................
............................................................ .............................. 8;
Ojkurd 7.7. El vdlbr outurb he umd dmudljhdh ....... .............
.............
...........
.... 86
Ojkurd 7.8. O÷r`uld he ld dmudljhdh he um vdlbr outurb gbm
Exgel ..........................................................................................
............................................................ .............................. 86
Ojkurd 7.5. El vdlbr dgtudl he umd dmudljhdh ....... .............
.............
..........
... 8:
Ojkurd 7.?. O÷r`uld hel vdlbr dgtudl he umd dmudljhdh gbm
Exgel ..........................................................................................
............................................................ .............................. 51
Ojkurd 7.;. Ld dmudljhdh he um vdlbr dgtudl....... .............
.............
...........
.... 54
Ojkurd 7.6. O÷r`uld he ld dmudljhdh he um vdlbr dgtudl gbm
Exgel ..........................................................................................
............................................................ .............................. 54
Ojkurd 7.:. Usb he ld o÷r`uld QDKBJMX ................................. 57
Ojkurd 7.41. Usb he ld o÷r`uld QDKBQ^JM ............................ 58
Ojkurd 7.44. Usb he ld o÷r`uld QDKB gbm `emsudljhdhes 55
Ojkurd 7.4>. Usb he ld o÷r`uld QDKBJMX gbm `emsudljhdhes
...................................................................................................
..................................................................... .............................. 5?
Ojkurd 7.47. Usb he ld o÷r`uld QDKBQ^JM gbm
`emsudljhdhes ........................................................................ 5?
Ojkurd 7.48. O÷r`uld pdrd gbmvertjr ld tdsd mb`jmdl em tdsd
eoegtjvd .................................................................................... 5;
%
Ojkurd 7.45. Qerpetujhdhes gbmstdmtes y perpetujhdhes
gregjemtes.................................................................................
gregjemtes ................................................................................. ?7
Ojkurd 5.4. El _DM he um olucb gbm um jmkresb y um ekresb em
Exgel ..........................................................................................
............................................................ .............................. ;?
Ojkurd 5.>. El _DM he um olucb gbm um jmkresb y vdrjbs ekresbs
em Exgel .................................................................................... ;6
Ojkurd 5.7. O÷r`uld XJ^ em Exgel ............................................. 61
Ojkurd 5.8. ^eldgj÷m emtre _DM y XJ^ ..................................... 64
Ojkurd ?.4. Gbmtdnjljhdh ojmdmgjerd y gbmtdnjljhdh keremgjdl
...................................................................................................
..................................................................... .............................. :4
Ojkurd ?.>. Qerojles he _DM y el seskb he ld XJ^ dl gbrtb pldzb
...................................................................................................
..................................................................... .............................. ::
Ojkurd ?.7. Qerojles he _DM he prbyegtbs gbm hjstjmtb
hese`nblsb
hese`n blsb jm jmjgjdl
jgjdl .................................................................
............................................................. .... 414
Ojkurd ?.8. Qerojl he _DM he prbyegtb gbm hbnle XJ^ ....... ......... 418

&
Àmhjge he ojkurds

Xdnld >.4. Gälgulb he jmterês sj`ple y gb`puestb ......... .............

.... 77
Xdnld >.>. Gregj`jemtb gb`pdrdtjvb he e`presds sekóm su
remtdnjljhdh..............................................................................
remtdnjljhdh .............................................................................. 75
Xdnld 7.4. Xdnld he d`brtjzdgj÷m he um prêstd`b gbm pdkbs
dmudles .....................................................................................
............................................................................... ...... 5>
Xdnld 7.>. Xdnld he d`brtjzdgj÷m he um prêstd`b gbm pdkbs
`emsudles ................................................................................ 55
Xdnld 7.7. Equjvdlemgjd he tdsd eoegtjvd y tdsd mb`jmdl .... 56
Xdnld 7.8. Gregj`jemtb he lbs hjvjhemhbs he umd e`presd
...................................................................................................
..................................................................... .............................. ?>
Xdnld 8.4. Xdnld gb`pdrdtjvd he jmversjbmes ....... .............
.............
.........
.. ;4
Xdnld 5.4. ^eldgj÷m emtre el _DM y ld XJ^ .............................. 6>
Xdnld 5.>. Ece`plb he ld reldgj÷m emtre el _DM y ld XJ^ ...... 6>
Xdnld ?.4. Estdhb he resultdhbs ecegutdmhb el prbyegtb .. 6:
Xdnld ?.>. Estdhb he resultdhbs sjm ecegutdr el prbyegtb ... 6:
Xdnld ?.7. Dmäljsjs he `drkem he gbmtrjnugj÷m ....... ..............
............
..... :1
Xdnld ?.8. Ece`plb he Gbstb Jmdlterdhb y Gbstb Hjoeremgjdl
...................................................................................................
..................................................................... .............................. :4
Xdnld ?.5. GDUE he prbyegtbs gbm vjhd ótjl hjoeremte....... ......... :5
Xdnld ?.?. Olucbs y XJ^ he prbyegtbs gbm hese`nblsb jmjgjdl
jkudl y olucbs pbsterjbres hjoeremtes ........................................ :;
Xdnld ?.;. _dm he prbyegtbs gbm jkudl hese`nblsb jmjgjdl y
hjoeremtes olucbs ........................................................................ :;
Xdnld ?.6. _DM he prbyegtbs gbm hjstjmtb hese`nblsb jmjgjdl
.................................................................................................
..................................................................... ............................ 411
Xdnld ;.4. Qerjbhb he reguperdgj÷m dcustdhb....... .............
............
...... 447

'(
 Qr÷lbkb
Estj`dhb legtbr3 em sus `dmbs se emguemtrd el `dterjdl que
le dyuhdrä d gb`premher lbs dspegtbs oumhd`emtdles he
ld tb`d he hegjsjbmes ojmdmgjerds. Este fd prbgurdhb
gu`pljr tres bncetjvbs3 d) que sed prägtjgb9 n) que puehd
ser emtemhjhb pbr gudlqujer persbmd gbm um mjvel he
gbmbgj`jemtb näsjgb hel `umhb he lbs mekbgjbs y, g) que
gunrd tbhbs lbs te`ds j`pbrtdmtes pdrd qujem tb`d
hegjsjbmes he jmversj÷m (b hesjmversj÷m) b he
ojmdmgjd`jemtb, sjm que llekue d ser extemsb. Qbr estb el
legtbr mb hene esperdr em este ljnrb umd expbsjgj÷m prbljcd
he lds o÷r`ulds `dte`ätjgds que dgb`pdôdm lbs
gbmgeptbs.
Wj njem este ljnrb puehe ser tb`dhb gb`b um gb`ple`emtb
pdrd um gursb he `dte`ätjgds ojmdmgjerds d mjvel he
prekrdhb, ld jmtemgj÷m dl esgrjnjrlb mb fd sjhb dquelld, sjmb
od`jljdrjzdr dl legtbr gbm te`ds j`pbrtdmtes he ld tb`d he

hegjsjbmes
ld kestj÷m ojmdmgjerds, pdrd dyuhdr
he su e`presd, dl e`presdrjb
e `presdrjb
dl e`premhehbr d `ecbrdr
d vdlbrdr su
prbyegtb, d lbs jmhjvjhubs, od`jljds y e`presds d que tb`em
`ecbres hegjsjbmes he jmversj÷m b he emheuhd`jemtb y, em
óltj`d jmstdmgjd, prbveer dl legtbr he um `drgb he
pemsd`jemtb que le per`jtd dnbrhdr gbrregtd`emte ld
`dybràd he prbnle`ds he àmhble ojmdmgjerd.
Qdrd qujem utjljge este ljnrb gb`b `dterjdl hjhägtjgb se
regb`jemhd prboumhjzdr lbs dspegtbs `dte`ätjgbs em lds
gldses.
El ljnrb gbmstd he sjete gdpàtulbs. El gdpàtulb 4, Ld tb`d he
hegjsjbmes ojmdmgjerds, heojme y gldsjojgd lbs tjpbs he
hegjsjbmes ojmdmgjerds que suelem redljzdr lds persbmds y
e`presds, expljgd em quê gbmsjste umd vdlbrdgj÷m y g÷`b
estd sjrve tdmtb em el ä`njtb persbmdl gb`b e`presdrjdl

''
gb`b ferrd`jemtd pdrd tb`dr hegjsjbmes. Lbs gdpàtulbs > y
7, El vdlbr hel hjmerb em el tje`pb (um sblb olucb) y El vdlbr hel
hjmerb em el tje`pb (vdrjbs olucbs), expljgdm g÷`b el tje`pb
doegtd muestrds hegjsjbmes y el usb he Exgel pdrd resblver
prbnle`ds he gälgulb he vdlbr dgtudl, vdlbr outurb,
dmudljhdhes y perpetujhdhes. El gdpàtulb 8, Heter`jmdgj÷m
hel `ecbr `êtbhb pdrd `ehjr ld remtdnjljhdh he umd
jmversj÷m, se presemtdm lbs prjmgjpdles `êtbhbs pdrd `ehjr
ld remtdnjljhdh he umd jmversj÷m, se hesgrjnem sus
lj`jtdgjbmes y se expljgdm guäles sbm gdrdgteràstjgds
hesednles em um `êtbhb pdrd gbmsjherdrlb eojgdz. Lbs
gdpàtulbs 5 y ?, Jmtrbhuggj÷m dl _DM y ld XJ^ , y
Gbmsjherdgjbmes em el usb hel _DM y ld XJ^ respegtjvd`emte,
expljgdm lds obrtdlezds y henjljhdhes he estbs `êtbhbs he
vdlbrdgj÷m, g÷`b redljzdr sus gälgulbs gbm Exgel y dhvjerte
sbnre errbres gb`umes em el usb he estbs `êtbhbs. El
gdpàtulb ;, El perjbhb he reguperdgj÷m he ld jmversj÷m ,
hesgrjne ld utjljhdh he este `êtbhb, dsà gb`b sus
lj`jtdgjbmes.
Gdhd gdpàtulb gbmtjeme tres seggjbmes j`pbrtdmtes3 4)
bncetjvbs he dpremhjzdce, pdrd que tdmtb el prboesbr gb`b
el estuhjdmte sepdm he dmte`dmb he quê trdtd gdhd
gdpàtulb9 >) ld tebràd, que gbmsjste em ld expljgdgj÷m hel
te`d em guestj÷m y, 7) ld prägtjgd, que gbmsjste em umd serje
he ecergjgjbs prbpuestbs pdrd dojdmzdr ld tebràd expljgdhd.
We exgeptódm lbs gdpàtulbs 4 y 8 em lbs gudles mb se
prbpbmem ecergjgjbs.
Qdrd odgjljtdr ld gb`premsj÷m he lbs te`ds el ljnrb jmgluye 46
tdnlds, 74 ojkurds y >; ecergjgjbs prbpuestbs.
Mjvel pdrd emtemher el ljnrb3 Henjhb d que este ljnrb es he
gdrägter prägtjgb, el mjvel requerjhb he gbmbgj`jemtbs pdrd
su dprbvegfd`jemtb es el he dlkenrd näsjgd y Exgel näsjgb.

')
 GDQÀXULB 4

LD XB@D HE HEGJWJBMEW OJMDMGJE^DW

BNCEXJ_BW HE DQ^EMHJSDCE

• Heojmjr y gldsjojgdr lbs prjmgjpdles tjpbs he hegjsjbmes

ojmdmgjerds.
• Hesgrjnjr pbr quê lds hegjsjbmes he jmversj÷m sbm
gbmsjherdhds lds `äs j`pbrtdmtes.
• Hjstjmkujr heshe el pumtb he vjstd hel hjdkm÷stjgb he
estdhbs ojmdmgjerbs guäles sbm lbs tjpbs he prbnle`ds que
puehe temer umd e`presd.
• Expljgdr quê es umd vdlbrdgj÷m y lds vdrjdnles que jmoluyem
em elld.
• Expljgdr ld reldgj÷m exjstemte emtre ld kestj÷m ojmdmgjerd y ld
vdlbrdgj÷m he umd e`presd.
• Jhemtjojgdr lbs prbp÷sjtbs pdrd redljzdr umd vdlbrdgj÷m.
GDQÀXULB 4. LD XB@D HE HEGJWJBMEW
OJMDMGJE^DW
BNCEXJ_BW HE DQ^EMHJSDCE
• Heojmjr y gldsjojgdr lbs prjmgjpdles tjpbs he hegjsjbmes
ojmdmgjerds.
• Hesgrjnjr pbr quê lds hegjsjbmes he jmversj÷m sbm
gbmsjherdhds lds `äs j`pbrtdmtes.
• Hjstjmkujr heshe el pumtb he vjstd hel hjdkm÷stjgb he
estdhbs ojmdmgjerbs guäles sbm lbs tjpbs he
prbnle`ds que puehe temer umd e`presd.
• Expljgdr quê es umd vdlbrdgj÷m y lds vdrjdnles que
jmoluyem em elld.
• Expljgdr ld reldgj÷m exjstemte emtre ld kestj÷m
ojmdmgjerd y ld vdlbrdgj÷m he umd e`presd.
• Jhemtjojgdr lbs prbp÷sjtbs pdrd redljzdr umd
vdlbrdgj÷m.

“Wer jmteljkemte heshe um pumtb he vjstd ojmdmgjerb mb

gbmsjste sbld`emte em ld gdpdgjhdh he kemerdr jmkresbs,
sjmb td`njêm em ld l d gdpdgjhd
gd pdgjhdh
h he dpremher
dpremhe r d vjvjr hemtrb
he tus pbsjnjljhdhes egbm÷`jgds, gudlesqujerd que estds
sedm, he obr`d tdl, que dl llekdr d gjertd ehdh temkds
pdtrj`bmjb em lukdr he heuhds y que este pdtrj`bmjb
trdndce pbr tj‐. ‗ Hdvjh _jlldgreses Wbrjdmb.

"
4.4. Ld j`pbrtdmgjd he sdner tb`dr hegjsjbmes
ojmdmgjerds
Em dlkóm `b`emtb tbhbs mbs emoremtdre`bs, sj es que mb lb
fe`bs fegfb yd, d temer que tb`dr umd hegjsj÷m que
temhrä umd repergusj÷m ojmdmgjerd j`pbrtdmte em muestrds
vjhds, y puehe hdrse em lbs `äs hjversbs ä`njtbs, pbr
ece`plb3 emheuhdrse pdrd estuhjdr umd `destràd, gb`prdr
um lbgdl gb`ergjdl pdrd luekb dlqujldrlb, reojmdmgjdr umd
heuhd, esgbker quê dutb gb`prdr b e`premher um
mekbgjb. Este tjpb he hegjsjbmes mb sbm exglusjvds he
prboesjbmdles hel `umhb he lds ojmdmzds, pbr lb que tbhbs
hene`bs temer um gbmbgj`jemtb kemerdl sbnre g÷`b
dnbrhdrlds.
Es j`pbrtdmte regbmbger que kemerdl`emte ld estdnjljhdh
ojmdmgjerd he umd persbmd mb hepemhe tdmtb he su
gdpdgjhdh pdrd kemerdr jmkresbs, sjmb `äs njem he g÷`b
lbs dh`jmjstrd. Xbhbs fe`bs esgugfdhb `äs he umd fjstbrjd

he persbmds
ndses pdrd umque kdmdmhb
outurb `ugfb mbestdnle
ojmdmgjerd`emte lbkrdrbm semtdr lds
y ter`jmdrbm
sus hàds em ld pbnrezd. Xd`njêm estäm dquellbs que,
temjemhb jmkresbs ndcbs, pbgb d pbgb ouerbm gregjemhb y
llekdrbm d umd gjertd ehdh gbm ld gdpdgjhdh he hecdr he
trdndcdr y hehjgdrse d hjsorutdr he sus dfbrrbs. Ld hjoeremgjd
emtre umbs y btrbs rdhjgd, emtre btrbs dspegtbs, em su mjvel
he ehugdgj÷m ojmdmgjerd, sed que ld fdydm regjnjhb he sus
pdhres, ld fdydm bntemjhb d trdvês he estuhjbs obr`dles b
he obr`d dutbhjhdgtd. He dfà ld j`pbrtdmgjd he sdner
tb`dr hegjsjbmes ojmdmgjerds, lb que gbmsjste em3
! temer umd obr`d he pemsdr ndsdhd em el vdlbr, y
! `dmecdr um gbmcumtb he ferrd`jemtds que reolece esd
obr`d he pemsdr.

'"
 4.>. Xjpbs he hegjsjbmes ojmdmgjerds
Lbs tjpbs he hegjsjbmes ojmdmgjerds se gldsjojgdm em 43
! Hegjsjbmes he jmversj÷m.
! Hegjsjbmes he ojmdmgjdgj÷m.
! Hegjsjbmes he kestj÷m he dgtjvbs.

Es j`pbrtdmte sdner estb pbrque em ld prägtjgd puehe

bgurrjr que um prbnle`d ojmdmgjerb jmvblugre d lbs tres tjpbs
he hegjsjbmes y ld temhemgjd mdturdl es trdtdrlbs tbhbs d ld
vez, em lukdr he hesgb`pbmer el prbnle`d y dkjljzdr he esd
obr`d su sblugj÷m.
^espegtb he lds hegjsjbmes he jmversj÷m pbhe`bs hegjr que
estds sbm lds `äs j`pbrtdmtes, yd que sj um prbyegtb es
nuemb sje`pre se puehe gbmsekujr el ojmdmgjd`jemtb pdrd
redljzdrlb. Wj se trdtd he um mekbgjb, ld hegjsj÷m rdhjgd em
resblver h÷mhe gblbgd`bs muestrb hjmerb, es hegjr, he
guämtb eoegtjvb hjspbmer em gdcd b em el ndmgb, ele l vblu`em
he lbs grêhjtbs btbrkdhbs, ld gdmtjhdh he jmvemtdrjb
hjspbmjnle pdrd ld vemtd, ld `dqujmdrjd e jmordestrugturd, y
btrbs dgtjvbs. Es ld pdrte jzqujerhd hel ndldmge (_er ojkurd
4.4.).
Lds hegjsjbmes he ojmdmgjd`jemtb gbmsjstem em hegjhjr ld
prbpbrgj÷m he heuhd (H) he ld e`presd em reldgj÷m gbm el
pdtrj`bmjb (E)>, guämtb hene ser d gbrtb pldzb y d ldrkb
pldzb, y heojmjr ld pblàtjgd he hjvjhemhbs, es hegjr, g÷`b
ojmdmgjdr he `ecbr obr`d lbs dgtjvbs he ld e`presd (_er
ojkurd 4.4.).

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'#
Umd vez dhqujrjhbs lbs dgtjvbs megesdrjbs y prbvjstds lds
ouemtes he ojmdmgjd`jemtb dhegudhds, lbs dgtjvbs henem
ser dh`jmjstrdhbs he `dmerd eojgjemte. Kemerdl`emte ld
respbmsdnjljhdh bperdtjvd he lbs dgtjvbs ojcbs regde em lbs
dh`jmjstrdhbres que bperdm hjgfbs dgtjvbs, pbr ece`plb3
ceoes b ke
keremtes
remtes he prbhuggj
prbhuggj÷m
÷m b `dmtemj`
`dmtemj`jemtb9
jemtb9 `jemtrd
`jemtrdss
que ld respbmsdnjljhdh he lbs dgtjvbs gbrrjemtes suele regder
em el dh`jmjstrdhbr ojmdmgjerb (GOB)7. Mbs reoerj`bs d
hegjsjbmes gb`b estdnleger el sdlhb ÷ptj`b he eoegtjvb8 he
ld e`presd (guemtd gdcd-ndmgbs), lds gbmhjgjbmes pdrd
btbrkdr grêhjtbs (guemtds pbr gbnrdr) y btrds reldgjbmdhds
dl dgtjvb gbrrjemte.
Ojkurd 4.4. El estdhb he sjtudgj÷m ojmdmgjerd y ld kestj÷m ojmdmgjerd

!"#$% '!(
!"#$%$&'"% )" !"#$%$&'"% )"
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$'."/%$1' *$'+'#$+,$"'-&
)%*+,-./,.
'1(

Ld hegjsj÷m `äs j`pbrtdmte he ld e`presd gbmsjste em sdner

em quê dgtjvbs jmvertjr. Estb es dsà pbr hbs
h bs rdzbmes3
! Lbs dgtjvbs sbm lbs que kemerdm lds utjljhdhes. Gudmhb
vd`bs d gb`prdr dlkb, sed um njem b um servjgjb, mb mbs
ojcd`bs em guäm emheuhdhd estä ld e`presd que mbs
redljzd ld vemtd, mj sus pblàtjgds he hjvjhemhbs, mj su gdrkd
j`pbsjtjvd u btrbs dsumtbs sj`jldres. Lb que mbs jmteresd es el
prbhugtb em sà9 y sus dtrjnutbs, nuembs b `dlbs, tjemem que
ver gbm ld obr`d em que ld e`presd
e `presd utjljz÷ sus regursbs pdrd
pdrd

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-2J9.9CG,-21, X @+,+.G+ B9.-.69+,17
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9.CIB969+.G+C7

'$
prbveermbs he hjgfb prbhugtb. Wj ld e`presd fd jmvertjhb
njem, pbhrä prbveermbs he um nuem prbhugtb y kemerdrä
utjljhdhes. We puehe hegjr que, heshe el pumtb he vjstd hel
hjdkm÷stjgb he estdhbs ojmdmgjerbs, estd e`presd mb temhrä
prbnle`ds he remtdnjljhdh, es hegjr, su estdhb he resultdhbs
`bstrdrä utjljhdhes.
!
Lbs prbnle`ds ojmdmgjerbs que mb estäm ljkdhbs d ld
remtdnjljhdh puehem resblverse gbm `dybr odgjljhdh . ²D
quê btrbs tjpbs he prbnle`ds mbs reoerj`bs2 D lbs
reldgjbmdhbs gbm ld ljqujhez9 d g÷`b lds emtrdhds y sdljhds
he eoegtjvb doegtdm d ld e`presd.
e` presd. Qerb `jemtrds ld e`presd
sed remtdnle (y sustemtdnle em el tje`pb) sje`pre
pbhre`bs3
! gbmvemger d lbs jmversjbmjstds dgtudles pdrd que jmvjertdm
eoegtjvb em ld e`presd,
! dtrder muevbs jmversjbmjstds,
! emheuhdrmbs gbm dlkóm jmter`ehjdrjb ojmdmgjerb
! emheuhdrmbs d trdvês he lbs `ergdhbs nursätjles,
e`jtjemhb nbmbs, pbr ece`plb, b
! redljzdr umd gb`njmdgj÷m he lds dmterjbres dltermdtjvds.

4.7. Ld vdlbrdgj÷m he e`presds

Exjstem tres `êtbhbs `uy gbmbgjhbs pdrd `ehjr ld
remtdnjljhdh egbm÷`jgd he umd hegjsj÷m3 el vdlbr dgtudl
metb, ld tdsd jmtermd he retbrmb y el perjbhb he
reguperdgj÷m. Xbhbs estbs `êtbhbs nusgdm respbmher d ld
prekumtd ²kdmb dl redljzdr estd jmversj÷m2, gdhd umb heshe
su emobque. Lbs tres óltj`bs gdpàtulbs he este ljnrb estäm
hehjgdhbs d gb`premher lbs prbs y gbmtrds he estbs
`êtbhbs. El vdlbr dgtudl metb mb sblb jmhjgd sj se kdmd dl

'%
redljzdr umd jmversj÷m, sjmb td`njêm que tdmtb se kdmd pbr
lb que su `etbhblbkàd es usdhd dl vdlbrdr e`presds pbr
estb gbmsjherd`bs gbmvemjemte gb`emtdr dlkumds
guestjbmes näsjgds.

4.8. ²Tuê es umd vdlbrdgj÷m he e`presds2

Heshe umd perspegtjvd d`pljd, umd vdlbrdgj÷m gbmsjste em
ld dpljgdgj÷m l÷kjgd he um gbmcumtb he gbmgeptbs y
ferrd`jemtds temhjemtes d estj`dr el vdlbr he dlkóm njem,
tdmkjnle b jmtdmkjnle. Qbhe`bs vdlbrdr umd e`presd, um
prbyegtb, um nbmb, umd dggj÷m, um njem `uenle b
jm`uenle, um heregfb d regjnjr dlkb, rekdlàds, pdtemtes,
heregfbs he dutbr, etg.
Gdhd umd he estds vdlbrdgjbmes temhrä sus
pdrtjguldrjhdhes, perb lds vdrjdnles oumhd`emtdles sbm
gb`umes d tbhds. Lds vdrjdnles que heojmem el vdlbr he um
dgtjvb, sed tdmkjnle b jmtdmkjnle sbm3
! el `bmtb he lbs olucbs he eoegtjvb que kemerd (sedm
gbnrbs b pdkbs),
! ld oreguemgjd gbm ld que se redljzdm lbs olucbs,
! el fbrjzbmte te`pbrdl,
! ld tdsd he jmterês b he hesguemtb dpljgdnle d lbs olucbs,
! ld psjgblbkàd he lbs jmversjbmjstds.
Z em el gdsb he lds e`presds3
! ld gb`umjgdgj÷m que ld e`presd tjeme gbm el `ergdhb.
El `bmtb he lbs olucbs he eoegtjvb3 pbhe`bs hegjr que estbs
puehem ser gbmstdmtes, gb`b, pbr ece`plb3 el dlqujler
`emsudl he um njem jm`uenle9 gregjemtes, gb`b se supbmem
henem ser lbs hjvjhemhbs he umd e`presd que tjeme um

'&
nuem hese`peôb9 b jrrekuldres, gb`b seràdm lbs olucbs he um
prbyegtb que se estä e`premhjemhb.
Ld oreguemgjd gbm que se redljzdm lbs olucbs3 se reojere d sj lbs
gbnrbs b pdkbs se redljzdm he `dmerd `emsudl, se`estrdl,
dmudl, etg.
El fbrjzbmte te`pbrdl3 gbrrespbmhe dl tje`pb he dmäljsjs em
el que bgurrem lbs jmkresbs b ekresbs he eoegtjvb. Qbr
ece`plb3 ld hurdgj÷m he umd gbmgesj÷m que mbs btbrkd el
kbnjermb pdrd gbnrdr pedce sbnre umd gdrreterd que
fe`bs gbmstrujhb, el tje`pb pbr el que se btbrkd um
prêstd`b, etg.
Ld tdsd he jmterês b hesguemtb dpljgdnle d lbs olucbs3
olucbs 3 estä em
reldgj÷m hjregtd gbm el rjeskb que el `ergdhb dsu`e pdrd
um prbyegtb b e`presd. D `dybr rjeskb pergjnjhb, `dybr ld
remtdnjljhdh que lbs jmversjbmjstds hesedm bntemer.
Ld psjgblbkàd he lbs jmversjbmjstds3 ld tebràd egbm÷`jgd
trdhjgjbmdl jmhjgd que tbhb jmversjbmjstd se gb`pbrtd he
umd `dmerd rdgjbmdl, sjm e`ndrkb, lb bnservdhb em lds
nblsds he vdlbres he tbhb el `umhb em lbs óltj`bs gjem dôbs
pdrege jmhjgdr lb gbmtrdrjb. Zd em 4:7? Ieymes gb`emtdnd
em su ljnrb Xebràd kemerdl he ld bgupdgj÷m el jmterês y el
hjmerb que3
Fdgjemhb d um ldhb ld jmestdnjljhdh
jmestdnjljhdh henjhd d ld espeguldgj÷m,
fdy btrd jmestdnjljhdh que resultd he lds gdrdgteràstjgds he ld
mdturdlezd fu`dmd3 que krdm pdrte he muestrds dgtjvjhdhes
pbsjtjvds hepemhem `äs hel bptj`js`b espbmtämeb que he umd
expegtdtjvd `dte`ätjgd, yd sed `brdl, fehbmjstd b egbm÷`jgd.
Tujzä ld `dybr pdrte he muestrds hegjsjbmes he fdger dlkb
pbsjtjvb, guyds gbmseguemgjds gb`pletds se jräm presemtdmhb em

`ugfbs hàds
resultdhb pbrespàrjtus
he lbs vemjr, dmj`dles
s÷lb puehem
‘he gbmsjherdrse gb`b el
um resbrte espbmtämeb
que j`pulsd d ld dggj÷m he preoeremgjd d ld qujetuh, y mb gb`b
gbmseguemgjd he um prb`ehjb pbmherdhb he lbs nemeojgjbs

)(
gudmtjtdtjvbs `ultjpljgdhbs pbr lds prbndnjljhdhes gudmtjtdtjvds
(Ieymes, >148).
Ld gb`umjgdgj÷m que tjeme ld e`presd gbm el `ergdhb3 mb
estä reldgjbmdhd gbm ld gdpdgjhdh he ld e`presd pdrd
kemerdr olucbs he eoegtjvb9 sjm e`ndrkb, sus dggjbmes b sus
nbmbs gbtjzdräm `ecbr gudmtb `ecbr sepd ld e`presd

kestjbmdr sus reldgjbmes gbm dquellds jmstjtugjbmes b

persbmds que puehdm jmolujr em lds hegjsjbmes he lbs
jmversjbmjstds, pbr ece`plb3 lbs dmdljstds ojmdmgjerbs pbhràdm
regb`emhdr ld gb`prd he dggjbmes b nbmbs he umd
e`presd fdgjemhb que su vdlbr em el `ergdhb se ved
doegtdhb, pbr estb es j`pbrtdmte que se hesjkme d um
respbmsdnle em ld e`presd pdrd kestjbmdr lds reldgjbmes
gbm hjgfbs dmdljstds, lds gdsds he vdlbres, lbs evdludhbres
he rjeskb, lds revjstds espegjdljzdhds, etg.
Lds gudtrb prj`erds vdrjdnles se vem reolecdhds em lds
o÷r`ulds que `jhem el vdlbr hel hjmerb em el tje`pb, lds
óltj`ds hbs mb, pbrque mb exjste obr`d he bntemer hdtbs
bnservdnles he lds reldgjbmes he lds e`presds gbm el
`ergdhb b sbnre g÷`b pjemsdm lbs jmversjbmjstds. Wjm
e`ndrkb, dumque estds vdrjdnles mb dpdrezgdm em ld
o÷r`uld he obr`d explàgjtd, jmoluyem em ld estj`dgj÷m
dhegudhd sbnre ld tdsd he jmterês b tdsd he hesguemtb
dpljgdnle d lbs olucbs.

4.5. ²Qdrd quê sjrve umd vdlbrdgj÷m ojmdmgjerd2

(Oermämhez, >114) expbme dlkumds rdzbmes pdrd redljzdr umd
vdlbrdgj÷m3
!
Estdnleger el vdlbr (que mb es lb `js`b que pregjb) he um
njem gbm el prbp÷sjtb he gb`prdrlb b vemherlb. Wj es pdrd
gb`prdr ld vdlbrdgj÷m mbs prbpbrgjbmd umd jhed hel pregjb
`äxj`b d pdkdr, sj es pdrd vemher, ld vdlbrdgj÷m mbs dyuhd

)'
d estdnleger el pregjb `àmj`b d regjnjr (hegjsjbmes he
jmversj÷m b hesjmversj÷m,
he sjmversj÷m, respegtjvd`emte).
! Gudmhb se sbljgjtd ojmdmgjd`jemtb em lbs `ergdhbs he
gdpjtdles per`jte custjojgdr el pregjb dl que se boregem
dggjbmes b nbmbs (hegjsjbmes he ojmdmgjd`jemtb).
! Gb`pdrdr el vdlbr bntemjhb em ld vdlbrdgj÷m gbm ld
gbtjzdgj÷m he ld dggj÷m em el `ergdhb y hegjhjr vemher,
gb`prdr b `dmtemer dggjbmes.
! Dyuhdr d estdnleger sjste`ds he gb`pemsdgj÷m ndsdhbs
em ld gredgj÷m he vdlbr pdrd lbs dggjbmjstds5 (hegjsjbmes he
kestj÷m).
! Jhemtjojgdr lbs j`pulsbres he vdlbr? que sbm dquellbs
odgtbres gràtjgbs que prbveem he umd vemtdcd gb`petjtjvd d
ld e`presd.

4.?. @êtbhbs pdrd redljzdr umd vdlbrdgj÷m

Umb he lbs te`ds `äs gbmtrbversjdles y dpdsjbmdmtes hel
`umhb he lds ojmdmzds es custd`emte g÷`b redljzdr umd
vdlbrdgj÷m. Em lbs óltj`bs gjemtb gjmguemtd dôbs he
dvdmges em ld tebràd ojmdmgjerd dpdregjerbm `ugfbs
`êtbhbs, pbr gjtdr dlkumbs he lbs `äs mbtdnles teme`bs3
! vdlbr gbmtdnle,
! vdlbr gbmtdnle dcustdhb,
! vdlbr he ljqujhdgj÷m,
! vdlbr he repbsjgj÷m,

" A- 6,+-69Z. 2+ _-H1, E-,- H1C -6691.9CG-C 61.C9CG+ +. WI+ H1C -6691.9CG-C ,+69[-.
I.- 61JE+.C-69Z. CIE+,91, - H- ,+WI+,92- 2+ -6I+,21 61. +H ,9+C@1 -CIJ9217
# L. H- H9G+,-GI,- 2+ .+@1691C +C 61JQ. +.61.G,-,C+ 61. +H GM,J9.1 9.@HMC 9%)"'

$8.9'8*7

))
! prjge/edrmjmks rdtjb (rdtjb pregjb/nemeojgjb),

! `óltjplb he lds vemtds,

! obmhb he gb`ergjb b kbbhwjll, y,
! hesguemtb he olucbs he obmhbs.
He tbhbs estbs, el ómjgb `êtbhb gbmgeptudl`emte
gbrregtb es el hesguemtb he olucbs he obmhbs. Este `êtbhb
gbmsjherd d umd e`presd gb`b um emte kemerdhbr he olucb
he obmhbs, y pdrd bntemer el vdlbr he ld e`presd se gdlguld
el vdlbr dgtudl metb he hjgfbs olucbs utjljzdmhb umd tdsd he
hesguemtb dprbpjdhd. Em lbs sjkujemtes gdpàtulbs
dpremhere`bs d gdlguldr el vdlbr dgtudl he lbs olucbs he
obmhbs, tdmtb pdrd ld tb`d he hegjsjbmes e`presdrjdles
gb`b persbmdles.
Exjstem td`njêm `êtbhbs que nusgdm estj`dr el du`emtb
hel vdlbr pdrd lbs dggjbmjstds;, emtre estbs estäm3
! Egbmb`jg _dlue Dhheh

! Nemeojgjb egbm÷`jgb
! @driet _dlue
_d lue Dhheh
Dhh eh

! Gdsf _dlue Dhheh

! Gdsf Olbw ^eturm bm Jmvest`emt.

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H- ,9WI+<- WI+ E1C++. -H B9.-H 2+ I. -Y1 5 H- WI+ E1C+\-. +H -Y1 -.G+,91,7

)K
 GDQÀXULB >

EL _DLB^ HEL HJME^B EM EL XJE@QB (UM WBLB OLUCB)

BNCEXJ_BW HE DQ^EMHJSDCE

• Heojmjr el gbmgeptb he vdlbr he hjmerb em el tje`pb.

• Heojmjr ld reldgj÷m emtre vdlbr dgtudl y vdlbr outurb.
• Expljgdr g÷`b puehem utjljzdrse lds tdsds he jmterês pdrd
dcustdr el vdlbr
heter`jmdhb em elhe lbs olucbs
tje`pb, sed emhe eoegtjvb
el outurb b em em um pumtb
el presemte.
• Gdlguldr el vdlbr dgtudl y outurb he um sblb olucb he eoegtjvb
utjljzdmhb o÷r`ulds em Exgel.
GDQÀXULB >. EL _DLB^ HEL HJME^B EM
EL XJE@QB (UM WBLB OLUCB)

BNCEXJ_BW HE DQ^EMHJSDCE
•
Heojmjr el gbmgeptb he vdlbr he hjmerb em el tje`pb.
• Heojmjr ld reldgj÷m emtre vdlbr dgtudl y vdlbr outurb.
• Expljgdr g÷`b puehem utjljzdrse lds tdsds he jmterês
pdrd dcustdr el vdlbr he lbs olucbs he eoegtjvb em um
pumtb heter`jmdhb em el tje`pb, sed em el outurb b
em el presemte.
• Gdlguldr el vdlbr dgtudl y outurb he um sblb olucb he
eoegtjvb utjljzdmhb o÷r`ulds em Exgel.

“El tje`pb es hjmerb‐. ‗ Nemcd`jm Ordmiljm.

#$
 >.4. ²Qbr quê el tje`pb doegtd dl vdlbr hel
hjmerb2
Qbr dlkumds rdzbmes3
! Jmoldgj÷m3 Wupbmkd`bs que usteh vd dl gjme y prekumtd
guämtb guestdm hjez emtrdhds, ld gdcerd le jmobr`d que sbm
$ 411 y usteh tjeme el eoegtjvb, perb em vez he kdstdrlb
hegjhe dfbrrdrlb y lb kudrhd em um gdc÷m he su esgrjtbrjb.
Hespuês he um dôb dnre su gdc÷m, tb`d lbs $ 411 y vd d ld
nbleteràd hel gjme y muevd`emte pjhe hjez emtrdhds. Lb `äs
prbndnle es que el hjmerb yd mb le dlgdmge. ²Tuê fd
pdsdhb2 Ques su hjmerb fd perhjhb vdlbr prbhugtb he ld
jmoldgj÷m6, es hegjr, megesjtd `äs hjmerb pdrd pbher
gb`prdr lb `js`b que dmtes.
! Gbstb he bpbrtumjhdh3 Usteh tjeme umd heuhd que
gbnrdr y boregem pdkdrle $ 411 fby b $ 411 hemtrb he um
dôb9 usteh vd d preoerjr que le pdkuem fby pbrque pbhràd
jmvertjr ese hjmerb y kdmdr jmtereses. Wj mb lb fdge jmgurrjràd
em um gbstb he bpbrtumjhdh: (custd`emte lbs jmtereses que
hecdràd he kdmdr).
Wed pbr ld jmoldgj÷m b pbr lbs gbstbs he bpbrtumjhdh usteh
sje`pre vd d preoerjr temer su hjmerb lb `äs prbmtb pbsjnle,
sed pdrd kdstdrlb, pdkdr heuhds b jmvertjrlb. Qbr btrb ldhb,
usteh estdràd hjspuestb d retrdsdr ld hjspbmjnjljhdh he su
hjmerb d gd`njb he estdr `ecbr em el outurb. Wdgrjojgdr dlkb
fby d gd`njb he estdr `ecbr em el outurb es lb que se
gbmbge gb`b jmvertjr. Em el presemte gdpàtulb y lbs
sjkujemtes heojmjre`bs sj lb que vd`bs d regjnjr em el outurb
gb`pemsd el sdgrjojgjb que fdy que redljzdr.

% %()*+,-.( +C +H -IJ+.G1 @+.+,-H9<-21 5 C1CG+.921 2+ H1C E,+691C 2+ H1C [9+.+C 5 C+,_9691C

+V9CG+.G+C +. +H J+,6-21 2I,-.G+ I. E+,\121 2+ G9+JE14 @+.+,-HJ+.G+ C+ +VE,+C- 2+ B1,J- -.I-H7
& PM,J9.1 -6IY-21 E1, T,9+2,96: *1. ;+9C+, +. CI H9[,1 <0',8=% $' )% '/,#,&=% *,/.%)24 '&'U7 S+

,+B9+,+ - -WI+HH1 2+ H1 WI+ I. -@+.G+ C+ E,9_- 1 ,+.I.69- 6I-.21 G1J- I.- 2+69C9Z.7

)#
Fdstd el `b`emtb fe`bs estdnlegjhb que el fegfb he que
el tje`pb trdmsgurrd mbs fdge perher rjquezd sj mb fdge`bs
dlkb gbm el hjmerb hel que hjspbme`bs. ²Tuê fdger2 Umd
he lds bpgjbmes que teme`bs es jmvertjrlb, perb ²g÷`b
sdner sj es umd nuemd hegjsj÷m el jmvertjr muestrb hjmerb em
dlkóm prbyegtb b e`presd2 Qdrd sdner sj es umd nuemd jhed

jmvertjr,
muestrb el resultdhb he
pdtrj`bmjb. Em muestrd hegjsj÷mlbs
btrds pdldnrds, heneràd dgregemtdr
nemeojgjbs h enem
henem
exgeher d lbs gbstbs. E`pezd`bs d pemsdr em lbs gälgulbs
que hene`bs redljzdr3 jmkresbs `embs gbstbs y kdstbs9
regbrhdmhb que pdrd pbher fdger muestrbs gälgulbs
hene`bs temer em guemtd el vdlbr hel hjmerb em el tje`pb.
Qbr ece`plb3 sj hegjhj`bs jmvertjr $ 4.111 fby em um mekbgjb
gbm ld esperdmzd he kdmdr $ 4.151 hemtrb he um dôb,
pbhràd`bs estdr temtdhbs d redljzdr ld sjkujemte restd pdrd
gdlguldr muestrd kdmdmgjd3 $ 4.151 - $ 4.111 0 $ 519
bperdgj÷m sekóm ld gudl muestrd kdmdmgjd seràd he $ 51.
Estb seràd um errbr, pues equjvdlhràd d restdr perds he

`dmzdmds.
que $ 4.111 Wj
hefe`bs
mtrb hedgbrhdhb
hemtrb que $ 4.111gdlguldr
um dôb, heneràd`bs fby vdlem `äs
guämtb
`äs vdlem. Qbr el `b`emtb pemse`bs que fe`bs
emgbmtrdhb ld obr`d he estj`dr ese vdlbr y que fe`bs
llekdhb d ld gbmglusj÷m que $ 4.111 fby equjvdlem d $ 4.181
hemtrb he um dôb. Wj estb es verhdh emtbmges el gälgulb
pdrd estj`dr muestrd kdmdmgjd heneràd ser3 $ 4.151 hemtrb
he um dôb - $4.181 hemtrb he um dôb (equjvdlemtes d $ 4.111
fby) 0 $ 41. Es hegjr, sblb fdnràd`bs kdmdhb $ 41 y mb $ 51
gb`b brjkjmdl`emte fdnràd`bs greàhb.
Qdrd pbher su`dr b restdr vdlbres, es megesdrjb que
hjgfbs vdlbres se emguemtrem em ld `js`d oegfd. Ld
ferrd`jemtd que mbs per`jte redljzdr estbs gälgulbs, estb es,
llevdr lbs $ 4.111 he fby dl outurb hemtrb he um dôb, es ld tdsd
he jmterês. Em el ece`plb dmterjbr fe`bs dsu`jhb que ld
tdsd he jmterês dmudl es hel 8 %. Hjgfb he btrb `bhb, sj

)$
hepbsjtd`bs muestrb hjmerb em el ndmgb pdrd kdmdr
jmtereses y el ndmgb mbs pdkd um 8 % dmudl9 dl jmvertjr $ 4.111
4 .111
hurdmte um dôb, bntemhre`bs $ 81 he jmtereses. ($ 4.111 ! 8
% ! 4 dôb 0 $ 81 b td`njêm $ 4.111 ! 4,18 0 $ 4.181 vdlbr que
jmgluye el gdpjtdl jmvertjhb y lbs jmtereses). Fdger estd
bperdgj÷m tjeme l÷kjgd, puestb que 8 % es muestrb gbstb he

bpbrtumjhdh
muestrb hjmerb (lbem
que
el hecdràd`bs
ndmgb) y eshegb`b
kdmdr`àmj`b
pbr mblbpbmer
que
heneràd`bs kdmdr. Wjm blvjhdr que mb es lb `js`b hepbsjtdr
el hjmerb em um ndmgb que jmvertjrlb em um mekbgjb. Um
mekbgjb tjeme `dybr rjeskb y, pbr lb tdmtb, hesedràd`bs
kdmdr `äs que um 8 %. Dl `embs esb es lb que hesedràd
gudlqujer jmversjbmjstd rdgjbmdl que tjeme dversj÷m dl
rjeskb41. Qbr lb prbmtb mbs vd`bs d blvjhdr hel rjeskb ‘que
es dlkb que vere`bs em gdpàtulbs pbsterjbres‘ y mbs
gemtrdre`bs em el eoegtb que tjeme el tje`pb em muestrds
hegjsjbmes.
Btrb gälgulb que pbhràd`bs fdner redljzdhb gbmsjste em
trder lbs $ 4.151 d regjnjr hemtrb he um dôb dl hàd he fby y
gb`pdrdrlbs gbm lbs $ 4.111 jmvertjhbs9 pdrd estb td`njêm
utjljzdràd`bs ld tdsd hel 8 %, sblb que estd vez mb se lld`dràd
tdsd he jmterês sjmb tdsd he hesguemtb. Ld tdsd he jmterês
llevd um vdlbr dgtudl d um vdlbr outurb, ld tdsd he hesguemtb
fdge lb gbmtrdrjb. Ld oegfd que se eljke pdrd fdger um
dmäljsjs ojmdmgjerb he este tjpb se lld`d oegfd obgdl. Em el
ece`plb hel pärrdob dmterjbr ld oegfd obgdl seràd hemtrb he
um dôb (t04) pbrque lbs $ 4.111 jmvertjhbs fby se llevdrbm dl
outurb, exdgtd`emte hemtrb he um dôb, pdrd que gbjmgjhdm
em oegfd gbm lbs $ 4.151 y pbher restdrlbs.

'(LH 61.6+EG1 2+ +/14>-.( +* 4-1>78 +C JI5 IG9H9<-21 +. B9.-.<-C 5 C+ ,+B9+,+ -H

:+6:1 2+ WI+ H- J-51,\- 2+ H-C E+,C1.-C E,+B9+,+. -H@1 2+ I.- B1,J- C+@I,- -.G+C
WI+ -,,9+C@-,C+ E1, -H@1 J+]1, 6I5- 1[G+.69Z. .1 +C C+@I,-5 A- J-51,\- 2+ H-C
E+,C1.-C -,,9+C@-. C1H-J+.G+ 6I-.21 H-C E1C9[H+C @-.-.69-C C1. C9@.9B96-G9_-J+.G+
J-51,+C - H-C E1C9[H+C EM,292-C7

)%
Qbr lb prbmtb fe`bs redljzdhb um dmäljsjs semgjllb he gälgulb
he jmtereses, fe`bs llevdhb um vdlbr dgtudl dl outurb um dôb.
Ld obr`d que vj`bs es ld hel jmterês sj`ple, perb em redljhdh
exjstem hbs obr`ds he gdlguldr lbs jmtereses kemerdhbs em
umd trdmsdggj÷m3 ld hel jmterês sj`ple y ld hel jmterês
gb`puestb.

>.4.4. El jmterês sj`ple

Qbhe`bs hegjr que el jmterês sj`ple es el jmterês que kemerd
umd trdmsdggj÷m egbm÷`jgd em que lbs jmtereses bntemjhbs
dl vemgj`jemtb mb se su`dm dl gdpjtdl pdrd kemerdr muevbs
jmtereses, es hegjr, que mb se gdpjtdljzdm lbs jmtereses.
Wu o÷r`uld es ld sjkujemte3
J 0 (_D ! j ! t ) Wj el vemgj`jemtb es em t dôbs (>.4)

(_D ! j ! t )
J 0 Wj el vemgj`jemtb es em t `eses (>.>)
4>

(_D ! j ! t )
J 0 Wj el vemgj`jemtb es em t hàds (>.7)
7?1

Hbmhe3
J es el vdlbr em h÷ldres d regjnjr b pdkdr pbr gbmgeptb he
jmtereses.
_D es el _dlbr Dgtudl he ld trdmsdggj÷m, em gdsb he umd
bperdgj÷m grehjtjgjd seràd el gdpjtdl jmjgjdl, td`njêm lld`dhb

prjmgjpdl.
j es ld tdsd he jmterês dmudl.

t es el mó`erb he perjbhbs.

)&
Ece`plb 43
Usteh regjne fby um prêstd`b pbr $ 41.111 y hene
gdmgeldrlb redljzdmhb um ómjgb pdkb dl ojmdljzdr el terger
dôb (gbmtdhbs heshe fby). Ld heuhd gbmtrdàhd es dl 41 %
he jmterês dmudl. Wekóm ld o÷r`uld (>.4), el jmterês
dsgemheràd d3
J 0 $41.111 ! 41% ! 7 0 $7.111 El _dlbr Outurb tbtdl d pdkdr
seràd $ 47.111.
Ece`plb >3
Usteh regjne fby um prêstd`b pbr $ 41.111 y hene
gdmgeldrlb em ? `eses, redljzdmhb um ómjgb pdkb. Ld heuhd
gbmtrdàhd es dl 41 % he jmterês dmudl. Wekóm ld o÷r`uld (>.>),
el jmterês dsgemheràd d3
$41.111 ! 41% ! ?
J 0 0 $511
4>

>.4.>. El jmterês gb`puestb

El jmterês gb`puestb es dquel que gbm heter`jmdhd
oreguemgjd gdpjtdljzd lbs jmtereses, es hegjr, que su`d dl
gdpjtdl jmjgjdl lbs jmtereses kemerdhbs fdstd ld oegfd gbm el
prbp÷sjtb he gdlguldr lbs jmtereses hel sjkujemte perjbhb.
Este es el tjpb he jmterês que se utjljzd pdrd lds bperdgjbmes
grehjtjgjds gb`umes he ndmgbs y e`presds gb`ergjdles.
Kemerdl`emte se hesed sdner guäl es el vdlbr d pdkdr (b
gbnrdr) dl vemgj`jemtb em um prêstd`b. Hdhb um gdpjtdl
(_dlbr Dgtudl), jmvertjhbs hurdmte m dôbs d ld tdsd j, el vdlbr
ojmdl serä3
_O 0 _D(4 + j) m (>.8)
Em estd o÷r`uld m estä hdhb em dôbs.

K(
Em el gdsb hel ece`plb dmterjbr, sj lbs jmtereses se
gdpjtdljzdrdm he obr`d dmudl, dl gdnb he tres dôbs
temhràd`bs um tbtdl he3
_O 0 $41.111 ! (4 + 41%)7 0 $47.741

Wj el prêstd`b ouese d ser gdmgeldhb em ? se`estres dl 41%

he jmterês dmudl, ld obr`d gbrregtd he prbgeher seràd he
dguerhb d ld o÷r`uld (>.5), hbmhe ` es ld oreguemgjd he
gdpjtdljzdgj÷m pbr dôb.
m! `
' j $
_O 0 _D ! %4 + " (>.5)
& `#
Gb`b el ecergjgjb jmhjgd que se pdkdrä em ? se`estres,
hene`bs emtemher que ld gdpjtdljzdgj÷m es se`estrdl. D
pesdr he que lbs pdkbs sbm se`estrdles ld tdsd se jmhjgd he
obr`d dmudl, estb es pbrque ld gbstu`nre (d esgdld
`umhjdl) es expresdr lds tdsds he obr`d dmudl, sdlvb que se
jmhjque lb gbmtrdrjb. Gb`b exjstem > se`estres em um dôb, ld
oreguemgjd he gdpjtdljzdgj÷m es >, pbr lb que pdrd bntemer
ld tdsd hjvjhj`bs 41 %/> y pdrd sdner ld gdmtjhdh he
perjbhbs `ultjpljgd`bs 7 dôbs pbr >.
7->
& , 41% )#
_O 0 $41.111 - 4 + * '! $47.811,:?
$ 0
% + > ("

Ld respuestd $ 47.811,:? es umd gjord `dybr d $ 47.741,11 hel

ecergjgjb dmterjbr d pesdr he trdtdrse em d`nbs gdsbs he ld
`js`d tdsd y hel `js`b perjbhb. Ld hjoeremgjd estä em ld
oreguemgjd he gdpjtdljzdgj÷m, dmtes erd dmudl y dfbrd es
se`estrdl. Gudmhb `äs räpjhb se gdpjtdljgem lbs jmtereses,
`dybr serä el jmterês tbtdl que kemerd.
keme rd.

K'
>.>. Jmterês sj`ple oremte d jmterês gb`puestb
Exjste umd hjoeremgjd sustdmgjdl emtre el jmterês sj`ple y el
gb`puestb. El fegfb he que em el jmterês gb`puestb
gdpjtdljge`bs lbs jmtereses gdhd gjertb tje`pb kemerd
hjoeremgjds j`pbrtdmtes em el ldrkb pldzb.

_ed`bs el gdsb expuestb em ld ojkurd >.4. hbmhe se puehe

bnservdr d tres jmversjbmjstds gbm lbs sjkujemtes remhj`jemtbs3
(d) 5 % he jmterês sj`ple dmudl, (n) 5 % gdpjtdljzdnle
dmudl`emte y (g) 41 % gdpjtdljzdnle dmudl`emte. Lbs tres
jmjgjdm gbm um `bmtb jkudl he $ 4.111, dl gdnb he 41 dôbs
el prj`erb fd dgu`uldhb $ 4.511, el sekumhb $ 4.?>6,6: y el
tergerb $ >.5:7,;8.
Ojkurd >.4. Jmterês sj`ple versus jmterês gb`puestb

)7%((4(( R.G+,MC 61JEI+CG1

'(a
)7#((4(( R.G+,MC C9JEH+ "a

)7U((4((
)7)((4((
)7(((4((
'7%((4((
'7#((4((
'7U((4((
'7)((4((
'7(((4((
( ' ) K U " # $ % & '(
?;8

Lbs hdtbs gbrrespbmhem d lbs he ld tdnld >.4.

K)
 Xdnld >.4. Gälgulb he jmterês sj`ple y gb`puestb
Jmterês sj`ple Jmterês gb`puestb Jmterês gb`puestb
m 5% 5% 41 %
4.111+(4,111) (5 %)
4.111 (4+5 %)]m 4.111 (4+41 %)]m
(m)
1 4.111,11 4.111,11 4.111,11
4 4.151,11 4.151,11 4.411,11
> 4.411,11 4.41>,51 4.>41,11
7 4.451,11 4.45;,?7 4.774,11
8 4.>11,11 4.>45,54 4.8?8,41
5 4.>51,11 4.>;?,>6 4.?41,54
? 4.711,11 4.781,41 4.;;4,5?
; 4.751,11 4.81;,41 4.:86,;>
6 4.811,11 4.8;;,8? >.487,5:
: 4.851,11 4.554,77 >.75;,:5
41 4.511,11 4.?>6,6: >.5:7,;8

Gb`b pbhe`bs bnservdr

es j`pergeptjnle, em lbs prj`erbs
perb gbmobr`e pdsd eldôbs, ld hjoeremgjd
tje`pb, el terger
jmversjbmjstd dvemtdcd d lbs he`äs em dgu`uldgj÷m he
rjquezd.
Estd es ld rdz÷m pbr ld gudl lds e`presds presjbmdm tdmtb d
sus ecegutjvbs pdrd bntemer um pumtb `äs he remtdnjljhdh,
yd que ld rjquezd outurd he ld e`presd hepemhe em krdm
`ehjhd he su remtdnjljhdh. J`dkjme`bs hbs e`presds, umd
pequeôd gbm dgtjvbs vdlbrdhbs em $ 4?.???,?; y btrd gbm
dgtjvbs vdlbrdhbs em $ ??.???,?;, ld prj`erd kemer÷
utjljhdhes pbr $ 4.111 el óltj`b dôb y ld sekumhd kemer÷ $
>.111. Qbr lb que ld e`presd `äs pequeôd es `äs` äs remtdnle
(megesjtd `embs jmversj÷m pdrd kemerdr um h÷ldr he
utjljhdh). Ld remtdnjljhdh he ld e`presd pequeôd es hel ? %

KK
y ld he ld btrd es hel 7 % 44. He gbmtjmudr dsà, em el ldpsb he
>5 dôbs ld e`presd pequeôd kemerdrä `äs utjljhdhes que
ld e`presd krdmhe. _ejmtjgjmgb dôbs pdrege d `ugfb
tje`pb, perb em redljhdh mb lb es pdrd umd e`presd, pues
estäm hjseôdhds pdrd sbnrevjvjr d sus oumhdhbres, pbr btrb
ldhb, >5 dôbs es `embs hel tje`pb he trdndcb que megesjtd
umd persbmd pdrd cunjldrse y regjnjr umd pemsj÷m dl 411 %.
Bnserve em ld ojkurd >.>. g÷`b ld e`presd pequeôd dgbrtd
hjstdmgjds d `ehjhd que pdsdm lbs dôbs. We dsu`e que
hurdmte ese ldpsb d`nds e`presds rejmvjrtjerbm tbhds sus
utjljhdhes4>.
Ojkurd >.>. Gregj`jemtb gb`pdrdtjvb he e`presds sekóm su remtdnjljhdh

)(7(((4((
d+.G-[9H92-2 -.I-H Ka '%7U)(4'"
'%7(((4((
'#7(((4(( d+.G-[9H92-2 -.I-H #a
'U7(((4((
')7(((4((
'(7(((4(( %7$#$4%'
%7(((4((
#7(((4((
U7(((4((
)7(((4((
-
( '( )( K( U( "( #(
?;8

'' d+.G-[9H92-2 n IG9H92-2 .+G-X9._+,C9Z.7 g '7(((Xg '#7###4#$ n # a

') R._9G-J1C -H H+6G1, - WI+,+-H96+ +. LV6+H +H C9@I9+.G+ +]+,69691D E-,G9+.21
2+ I. -6G9_1 2+ g '#7###4#$ WI+ @+.+,- I.- IG9H92-2 2+ g '7(((4((4 CIJ+
296:- IG9H92-2 - H1C -6G9_1C 5 6-H6IH+ .I+_-J+.G+ I. # a 2+ ,+.G-[9H92-24
,+-H96+ +CG1 "( _+6+C 5 61JE-,+ H-C 69B,-C 61. H-C 2+ H- G-[H- )7)7

KU
Lbs hdtbs sbm tb`dhbs he ld tdnld >.>.
Xdnld >.>. Gregj`jemtb gb`pdrdtjvb he e`presds sekóm su remtdnjljhdh
% he utjljhdh
^emtdnjljhdh ^emtdnjljhdh
m e`presd
dmudl ? % dmudl 7 %
krdmhe/pequeôd
1 4.111,11 >.111,11 >11,11 %
5 4.776,>7 >.746,55 4;7,>? %
41 4.;:1,65 >.?6;,67 451,1: %
45 >.7:?,5? 7.445,:7 471,1> %
>1 7.>1;,48 7.?4>,>> 44>,?7 %
>5 8.>:4,6; 8.46;,5? :;,5; %
71 5.;87,8: 8.658,5> 68,5> %
75 ;.?6?,1: 5.?>;,;> ;7,>> %
81 41.>65,;> ?.5>8,16 ?7,87 %
85 47.;?8,?4 ;.5?7,4: 58,:5 %
51 46.8>1,45 6.;?;,64 8;,?1 %

>.7. ^epresemtdgj÷m kräojgd he lbs olucbs

^epresemtdr lbs olucbs he um prbnle`d he obr`d kräojgd mbs
puehe dyuhdr d emtemher el prbnle`d y quê o÷r`uld utjljzdr
em su resblugj÷m.
Qdrd represemtdr um prbnle`d utjljzd`bs umd làmed hel
tje`pb (umd regtd fbrjzbmtdl) hendcb he ld gudl gblbgd`bs
lbs perjbhbs. Gudmhb fdy um jmkresb se gblbgd umd olegfd
fdgjd drrjnd em ld làmed hel tje`pb custb sbnre el perjbhb em
el que bgurre el jmkresb y gbm el vdlbr gbrrespbmhjemte.
Gudmhb fdy um ekresb se gblbgd umd olegfd fdgjd dndcb
em ld làmed hel tje`pb custb hendcb hel perjbhb em el que
bgurre el ekresb y gbm el vdlbr gbrrespbmhjemte.
Em el sjkujemte ece`plb um jmversjbmjstd hepbsjtd fby $ 4.111
(olegfd fdgjd dndcb) gbm el prbp÷sjtb he bntemer $ 411 em
lbs hbs sjkujemtes perjbhbs y $ 4.411 em el tergerb (olegfds

K"
fdgjd drrjnd). Lbs mó`erbs 4, > y 7 sbm lbs perjbhbs em lbs
que bgurrem lbs jmkresbs b ekresbs y puehem ser `eses,
se`estres, dôbs b gudlqujer perjbhb que querd`bs, em
gudlqujer gdsb, sje`pre se reoerjräm d um `js`b jmtervdlb he
tje`pb emtre gdhd perjbhb. Ld j 0 41 % jmhjgd que ld tdsd
he jmterês (b he hesguemtb) d dpljgdrse d hjgfbs olucbs es hel
41 % y que serä gbmstdmte pdrd tbhbs lbs perjbhbs
krdojgdhbs em ld làmed hel tje`pb.
Ojkurd >.7. ^epresemtdgj÷m kräojgd he um olucb
j041%

411 411 4411

4 > 7

4111

>.8. Xer`jmblbkàd d utjljzdr em Exgel

Gb`b este ljnrb es he gdrägter prägtjgb mb vd`bs d
gb`pljgdrmbs resblvjemhb d `dmb o÷r`ulds ojmdmgjerds, mj
vd`bs d dpremher d utjljzdr umd gdlguldhbrd ojmdmgjerd
(gjertd`emte yd em hesusb). Em lukdr he dquellb,
dpremhere`bs d utjljzdr lds oumgjbmes ojmdmgjerds näsjgds he
Exgel.
Fdy que jmhjgdr que Exgel tjeme umd l÷kjgd jmtermd `uy oägjl
he gb`premher y que umd vez dpremhjhd ld obr`d em que
Exgel bperd pbhe`bs dpljgdrld d ld resblugj÷m he `ugfbs
prbnle`ds.
Lbs prj`erbs gb`dmhbs he Exgel que utjljzdre`bs sbm lbs
sjkujemtes3

K#
_D 0 _dlbr dgtudl. Es el hjmerb que temhràd`bs que
jmvertjr/prestdr fby pdrd regjnjr hjvjhemhbs/jmtereses em el
outurb, b em el gdsb he pehjr prestdhb, el hjmerb que
regjnjràd`bs fby pbr fdger pdkbs em el outurb. Exgel
regbmbge ld hjoeremgjd emtre um jmkresb y um ekresb he
hjmerb pbr el sjkmb que dgb`pdôd d ld gjord. Wj el sjkmb es
mekdtjvb, pbr ece`plb -$ 411 qujere hegjr que estd`bs
jmvjrtjemhb b prestdmhb $ 411. Qbr el gbmtrdrjb, sj ld gjord es
pbsjtjvd, pbr ece`plb $ 411 qujere hegjr que fe`bs pehjhb
prestdhb y mbs estäm jmkresdmhb $ 411.
411 .
_O 0 _dlbr outurb. Es el vdlbr outurb he umd jmversj÷m redljzdhd
fby (_dlbr Dgtudl) gdlguldhb sbnre umd tdsd he jmterês
gbmstdmte. Xd`njêm hevuelve vdlbr outurb he umd serje he
pdkbs b gbnrbs gdlguldhbs sbnre umd tdsd he jmterês
gbmstdmte.
XDWD 0 Xdsd he jmterês (b he hesguemtb) pbr perjbhb.
Kemerdl`emte lds tdsds he jmterês, remhj`jemtbs b

hesguemtbs se expresdmdsbnre
sje`pre gbrrespbmhem umdbndse
jmkresbs dmudl
ekresbs y lbs olucbs
dmudles, pbrmb
lb
que sj lbs olucbs sbm `emsudles hjvjhjre`bs ld tdsd dmudl pdrd
4>, sj lbs olucbs sbm trj`estrdles hjvjhjre`bs ld tdsd dmudl pdrd
8 (pbrque fdy gudtrb trj`estres em um dôb) y dsà
sugesjvd`emte. We dsu`e que estd tdsd es gbmstdmte d lb
ldrkb hel perjbhb pbr el gudl redljzd`bs lbs gälgulbs. We
expresd em pbrgemtdces.
MQE^ 0 Mó`erb he perjbhbs. Wj lbs olucbs sbm dmudles se
emtjemhe que el mó`erb he perjbhbs estä hdhb em dôbs. Wj
lbs olucbs sbm `emsudles se emtjemhe que el mó`erb he
perjbhbs estä hdhb em `eses. Z dsà sugesjvd`emte. MQE^
gbrrespbmhe d ld `ultjpljgdgj÷m hel expbmemte !"# he ld
o÷r`uld (>.5).
QDKB 0 _dlbr que se pdkd b gbnrd he obr`d gbmstdmte.
Ece`plbs he QDKB seràdm lds gubtds `emsudles que

K$
pdkd`bs pbr um prêstd`b b lbs jmtereses se`estrdles que
regjnj`bs pbr um nbmb. Xjeme que ser sje`pre el `js`b vdlbr.

>.5. El vdlbr outurb he um vdlbr dgtudl

Hesed`bs sdner guämtb hjmerb temhràd`bs hemtrb he um
dôb sj jmvertj`bs $ 4.111 dl 4> % he jmterês dmudl.
Qrj`erb, krdojque`bs el prbnle`d.
Ojkurd >.8. El vdlbr outurb he um vdlbr dgtudl

j04>%
_O 0 2

4111

Dfbrd, resblvd`bs em Exgel. Hene`bs jmkresdr lbs hdtbs

gb`b se bnservd em ld ojkurd >.5. Em ld gelhd N4 esgrjnj`bs
ld XDWD he jmterês (j) 0 4>% que es ld tdsd he jmterês d ld que
se jmvjertem lbs $ 4.111. Em ld gelhd N> pbme`bs lbs perjbhbs
(MQE^) em que jmvertj`bs el hjmerb, es hegjr,
he gjr, 4. Ld gelhd N7 se
hecd em nldmgb b gblbgd`bs um gerb, yd que pbr el
`b`emtb mb mbs serä he utjljhdh. Em ld gelhd N8 el vdlbr
dgtudl (_D), es hegjr, lbs $ 4.111 que se jmvjertem fby. Estbs
$ 4.111 heneräm jr gbm um sjkmb mekdtjvb dmtepuestb, lb que
jmhjgd que es um ekresb he hjmerb y em ld gelhd N5 vd`bs d
esgrjnjr ld o÷r`uld que mbs hdrä ld respuestd. Hjkjtd`bs 0
_O(N49N>9N79N8) (tdl gb`b se bnservd em ld ojkurd >.5, dl
fdger estb Exgel mbs jmhjgdrä el brhem em que hene`bs
jmkresdr lbs hdtbs3 XDWD9 MQE^9 QDKB9 _D 9 XJQB. M÷tese que lbs
hdtbs que fdy que jmkresdr estäm sepdrdhbs gbm pumtb y
gb`d (9) estd sepdrdgj÷m he hdtbs hepemherä he ld
gbmojkurdgj÷m he Exgel9 em dlkumds gb`putdhbrds se

K%
henerä utjljzdr umd gb`d (,) pdrd sepdrdr lbs hdtbs. Qbr lb
prbmtb mb es megesdrjb utjljzdr lbs gd`pbs QDKB mj XJQB.
Ojkurd >.5. O÷r`uld he vdlbr outurb gbm Exgel

Wj ld respuestd que bntuvb oue $ 4.>11 qujere hegjr que

sjkuj÷ lbs pdsbs dhegudhd`emte. Ld o÷r`uld utjljzdhd es ld
(>.8).
m
_O (4 + j)
0 _D (>.8)

>.?. El vdlbr dgtudl he um vdlbr outurb

D gbmtjmudgj÷m, ved`bs guäl es el vdlbr dgtudl he $ 441 d
regjnjr em um dôb gbm umd tdsd he jmterês hel 41 %.
Qrj`erb krdojgd`bs el prbnle`d.
Ojkurd >.?. El vdlbr dgtudl he um vdlbr outurb
j041% _O 0 441

_D 0 2

Dfbrd resblvd`bs gbm Exgel. Hene`bs jmkresdr lbs hdtbs

gb`b gbmstdm em ld ojkurd >.;.

K&
 Ojkurd >.;. O÷r`uld he vdlbr dgtudl he um vdlbr outurb gbm Exgel

Ld respuestd es -$ 411.11. Dl jkudl que em el gdsb dmterjbr mb

fe`bs temjhb que utjljzdr mjmkóm vdlbr em lds vdrjdnles QDKB
b XJQB.
Ld o÷r`uld utjljzdhd es3
_O
_D 0 (>.?)
(4 + j ) m

U(
>.;. Ecergjgjbs prbpuestbs
Jmvjtd`bs dl legtbr d que dmtes he gbmtjmudr gbm ld legturd
hel gdpàtulb 7 redljge lbs sjkujemtes ecergjgjbs em Exgel pdrd
dojdmzdr lbs gbmbgj`jemtbs.
4. ²$ 411 jmvertjhbs pbr 41 dôbs dl 4> % he jmterês es `äs em
_dlbr Outurb que $ >11 jmvertjhbs pbr 41 dôbs dl 8 % he
jmterês2
>. Gldri I. hesed gb`prdr um s`drtpfbm e he lucb y pldmed
s`drtpfbme
hdr gldses he jmklês lbs ojmes he se`dmd pdrd pdkdrlb. Wj el
ndmgb he Gldri le pdkd umd tdsd hel ? % dmudl, ²Guämtb
heneràd temer reumjhb fby pdrd gb`prdr el s`drtpfbme pbr
$ >.111 hemtrb he um dôb2
7. Qeter dgdnd he regjnjr umd feremgjd em eoegtjvb he $
51.111 he pdrte he su tàb Nem. Êl qujere ser respbmsdnle y
`dmtemerlb em reservd pdrd pdkdr ld ehugdgj÷m
umjversjtdrjd he su pequeôd fjcd @dry Cdme. @dry Cdme
gb`emzdrä ld umjversjhdh em 41 dôbs y el dsesbr ojmdmgjerb
he Qeter hjge que elld puehe kdmdr ?,5 % he jmterês
jmvjrtjemhb em um obmhb umjversjtdrjb espegjdl. ²Guämtb
temhrä Qeter em el obmhb gudmhb @dry Cdme gb`jemge ld
umjversjhdh2
8. Nruge [. se estä prepdrdmhb pdrd gb`prdr um dutb.
Xjeme $ >1.111 em jmversjbmes que kdmdm um 8,: % dmudl. El
dutb td`njêm guestd $ >1.111. Nruge puehe esgbker emtre
pdkdr em eoegtjvb b pdkdr gbm um prêstd`b d um jmterês hel
>,: % hurdmte 5 dôbs. El prêstd`b estä estrugturdhb he
obr`d que Nruge redljge um sblb pdkb dl ojmdl he lbs 5 dôbs.
El pdkb ojmdl jmgluye el gdpjtdl `äs tbhbs lbs jmtereses
dgu`uldhbs hurdmte esbs 5 dôbs. Wj Nruge tb`d el
prêstd`b, ²temhrä suojgjemte hjmerb hjspbmjnle em sus
jmversjbmes pdrd fdger el pdkb ojmdl (sj/mb)2 ²Guämtb le
odltdràd / sbnrdràd2

U'
5. Lbkdm sdne que prbmtb temhrä que ree`pldzdr umd
`äqujmd em su mekbgjb. Wj ree`pldzd ld `äqujmd dfbrd, le
vd d gbstdr $ 41.111. Xd`njêm pbhràd esperdr 5 dôbs, perb
emtbmges el gbstb serä he $>1.111. ²D quê tdsd estds
bpgjbmes sbm equjvdlemtes2 (El gälgulb hene temer um errbr
he `embs he $ 4. ^edljzdr pruend y errbr le dyuhdrä).
?. Ndrry D. estä nusgdmhb um dutb muevb. Fd rehugjhb su
nósquehd d > `bhelbs. El `bhelb D tjeme um gbstb he $
>1.111 y el `bhelb N, $46.111. Em d`nbs gdsbs tjeme prevjstb
pdkdr em eoegtjvb y gbmservdr el dutb hurdmte 5 dôbs dmtes
vemherlb pbr umb muevb. Wu jmvestjkdgj÷m jmhjgd que el vdlbr
gb`ergjdl pdrd el `bhelb D hespuês he 5 dôbs es hel 51 %
hel pregjb he gb`prd jmjgjdl y el vdlbr gb`ergjdl pdrd el
`bhelb N es hel >5 %. Ndrry mb tjeme mjmkóm dpekb
e`bgjbmdl d umb u btrb `bhelb y qujere tb`dr umd hegjsj÷m
estrjgtd`emte ojmdmgjerd. Ld tdsd he jmterês es hel ? %. Qdrd
sj`pljgjhdh he lbs gälgulbs vd`bs d dsu`jr que lbs gbstbs
he bperdgj÷m y `dmtemj`jemtb he lbs `bhelbs sbm jhêmtjgbs
gdhd dôb. ²Tuê `bhelb es el `äs ndrdtb y d guämtb
dsgjemhe el vdlbr dfbrrdhb pbr su gb`prd em gb`pdrdgj÷m
gbm el btrb `bhelb2
;. Ld pemsj÷m umjversjtdrjd fd du`emtdhb d um rjt`b hel ; %
dmudl. Dgtudl`emte, el prb`ehjb he pemsj÷m he umd
umjversjhdh prjvdhd es he $ :,511 pbr dôb. El fjcb he Nruge,
Hdvjh, gb`emzdrä ld umjversjhdh em 4> dôbs. El pbrtdobljb
he jmversjbmes he Nruge tjeme umd remtdnjljhdh hel 5 %
dmudl. ²Guämtb megesjtd sepdrdr fby Nruge pdrd pbher
pdkdr pbr 8 dôbs he umjversjhdh he Hdvjh2 (Mbtd3 Ld
pemsj÷m sekujrä sunjemhb dmudl`emte y el pbrtdobljb he
Nruge sekujrä dgu`uldmhb jmtereses `jemtrds Hdvjh gursd
esgueld y gblekjb. Ld pemsj÷m se hene pdkdr dl jmjgjb he
gdhd dôb).

U)
^espuestds
4. Wà.
>. $ 4.66?,;:
7. $ :7.65?,6;

8. Wà, le sbnrdrä $ >.774,4?

5. 48,6; %
?. Em vdlbr dgtudl el `bhelb D es $ >.41:,:> `äs ndrdtb.
;. $ 8:.178,:8

UK
 GDQÀXULB 7

HJME^B EM EL XJE@QB (_
_DLB^ HEL HJ
EL _D OLUCBW)
(_D^JBW OLUC

BNCEXJ_B
BNCEXJ_ DQ^EMHJSDCE
BW HE DQ^E

• Gdlguldr u sdmhb Exg

usdmhb Exgel el vdlbr dgtudl y outu
dgtudl rb he3
outurb
lucbs he eoe
Umd serje he oolucbs
d) Um gtjvb
eoegtjvb
serje he olucbs he eoegtjvb h
) umd serje hee vdlbres q ue gregem
que gregem
n d um rjt`b gbmst dmte.
gbmstdmte.
• Heojm gbmgeptb he dmu
jr el gbmge
Heojmjr dmudljhdh.
•H eojmjr el gbm
Heojmjr geptb he perpetujh
gbmgeptb perpetujhddh.
• Gbmstruj tdnld he d`brt
ujrr umd tdnld d`brtjzdgj÷m prêstd`b que
he um prêstd`
jzdgj÷m he
tjeme p dkbs perj÷
pdkbs hjgbs pbr
j÷hjgbs um `js`b vdlbr.
pbr um
•G dlguldr ld tdsd he jmt
Gdlguldr jmterês eoegtjv
eoegtjvdd d pdrtjr h
he tdsd he
e umd tdsd
mb`jmdl.
jmterês mb
GDQÀXULB 7. EL _DLB^ HEL HJME^B EM
EL XJE@QB (_D^JBW OLUCBW)

BNCEXJ_BW HE DQ^EMHJSDCE
• Gdlguldr usdmhb Exgel el vdlbr dgtudl y outurb he3

b d) umd serje he olucbs he eoegtjvb,

b n) umd serje he olucbs he eoegtjvb he vdlbres

que gregem d um rjt`b gbmstdmte.

• Heojmjr el gbmgeptb he dmudljhdh.

• Heojmjr el gbmgeptb he perpetujhdh.

• Gbmstrujr umd tdnld he d`brtjzdgj÷m he um prêstd`b

que tjeme pdkbs perj÷hjgbs pbr um `js`b vdlbr.

• Gdlguldr ld tdsd he jmterês eoegtjvd d pdrtjr he umd

tdsd he jmterês mb`jmdl.

“²Guämtds persbmds gbmbges que se fjgjerbm `jllbmdrjbs

jmvjrtjemhb em guemtds he dfbrrb2 Mb megesjtb hegjr `äs‐. -
^bnert K. Dllem.

%#
7.4. El vdlbr outurb he umd dmudljhdh
Dfbrd vd`bs d dpremher um muevb gbmgeptb3 dmudljhdh.
Umd dmudljhdh es um pdkb regurremte que se fdge gdhd
dôb y sje`pre es el `js`b vdlbr, tjeme um dôb he jmjgjb y um
dôb ojmdl.
_ed`bs um ece`plb3
Cudm dgdnd he gu`pljr >5 dôbs y hegjhe jmvertjr em um
pbrtdobljb hjversjojgdhb, fd pldmjojgdhb redljzdr um hep÷sjtb
pbr dôb hurdmte 81 dôbs fdstd el hàd em que se cunjle (?5
dôbs), gdhd hep÷sjtb serä he $ 41.111 (redljzdhbs dl ojmdl he
gdhd dôb, gbm el prj`er hep÷sjtb gudmhb gu`pld >? dôbs),
sj se esperd bntemer um remhj`jemtb hel : %, ²guämtb hjmerb
temhrä gudmhb gu`pld ?5 dôbs y redljge el óltj`b hep÷sjtb2
Qrj`erb krdojgd`bs el prbnle`d3
Ojkurd 7.4. El vdlbr outurb he umd dmudljhdh

j0 :% _O 2

4 > 7 8 ... 81 MQE^

_Q 0 1 41 41 41 41
41 41 41 ( Em `jles )
Fby >? >; >6 >: ... ?5 Ehdh

U#
Luekb resblve`bs em Exgel.
Ojkurd 7.>. O÷r`uld he vdlbr outurb he umd dmudljhdh gbm Exgel

Em ld gelhd N5 gbrrespbmhjemte d _dlbr Dgtudl ( _D) mb

jmkresd`bs vdlbr pbrque em el ece`plb se jmhjgd que mb se
redljzdm pdkbs el hàd he fby. Ld respuestd es $ 7.7;6.6>8,85.
Ld o÷r`uld hel vdlbr outurb he umd dmudljhdh es3
m
(4 + j ) ! 4
_O 0 QDKB
QDKB (7.4)
j

7.>. Ld dmudljhdh he um vdlbr outurb

D veges hesed`bs sdner lbs pdkbs dmudles que
heneràd`bs redljzdr pdrd pbher temer umd gjertd gdmtjhdh
he hjmerb em el outurb.
Ece`plb3
Wupbmkd`bs que usteh qujsjerd rekdldrle d su fjcb regjêm
mdgjhb um dutb pdrd gudmhb gu`pld 46 dôbs, y estj`d que
el vdlbr hel vefàgulb hemtrb he 46 dôbs serä he $ 51.111 pbr
lb que hesed sdner guämtb hene dfbrrdr gdhd dôb, sj lb
dfbrrdhb kdmd um jmterês hel 6,5 % dmudl. (E`pezdmhb gbm
el prj`er hep÷sjtb em um dôb gbmtdhb d pdrtjr he fby).

U$
D gbmtjmudgj÷m, el krdojgb respegtjvb3
Ojkurd 7.7. El vdlbr outurb he umd dmudljhdh

j0 6,5% _O 0 51,111

Fby 4 > 7 8 ... 46 MQE^

_Q 0 1 2 2 2 2 2 2 ( Em `jles )

^esblvjemhb em Exgel.
Ojkurd 7.8. O÷r`uld he ld dmudljhdh he um vdlbr outurb gbm Exgel

Em N8, _dlbr Outurb (_O) jmkresd`bs $ 51.111,11 que es lb que

gbstdrä el dutb em 46 dôbs. Ld respuestd es -$ 4.>;4,5>.
Ld o÷r`uld he ld dmudljhdh he um vdlbr outurb es3
(j " _O )
QDKB 0 (7.>)
(4 + j ) m ! 4

7.7. El vdlbr dgtudl he umd dmudljhdh

Em este gdsb se hesed sdner guäl es el vdlbr dgtudl he umd
serje he pdkbs/gbnrbs em el outurb.
Ece`plb3

U%
Fdge 8 dôbs usteh vemhj÷ lbs heregfbs he dutbr he um ljnrb
pbr ld gjord he $ ?1.111 pdkdherbs d 41 dôbs d um rjt`b he
$ ?.111 pbr dôb. Ld e`presd que dhqujrj÷ sus heregfbs le
ojr`÷ um pdkdrê pbr ld heuhd. Dgtudl`emte usteh requjere
hjmerb pdrd um prbyegtb j`pbrtdmte y fd esgugfdhb he
umd e`presd que le puehe gb`prdr su pdkdrê gbm um
hesguemtb hel 5 % dmudl. Wj vemhe el pdkdrê, ²d guämtb
dsgemheràd el vdlbr d regjnjr2 (mbtd3 lbs vdlbres
gbrrespbmhjemtes d lbs 8 prj`erbs dôbs ouerbm gbnrdhbs em
su `b`emtb pumtudl`emte, pbr lb que mb henem ser
gbmsjherdhbs em ld pbsjnle mekbgjdgj÷m hel pdkdrê).
Qrbgehe`bs d redljzdr el kräojgb3

Ojkurd 7.5. El vdlbr dgtudl he umd dmudljhdh

j05%

? ? ? ? ? ? ( Em `jles )

4 > 7 8 5 ? MQE^

Fby
_Q 0 2

U&
D gbmtjmudgj÷m, resblve`bs em Exgel.
Ojkurd 7.?. O÷r`uld hel vdlbr dgtudl he umd dmudljhdh gbm Exgel

Em N8, _dlbr Outurb (_O) mb jmkresd`bs vdlbr. Ld respuestd es

-$ 71.858,45. Ld respuestd es mekdtjvd pbrque Exgel
jmterpretd que fby hecd he regjnjr $71.858,45 (que pdrd
Exgel equjvdle d um ekresb) pdrd temer jmkresbs he $?.111,11
em el outurb.
Ld o÷r`uld hel vdlbr dgtudl he umd dmudljhdh es3
!m
4 ! (4 + j )
_D 0 QDK
QDKB
B" (7.7)
j

"(
 7.8. Ld dmudljhdh he um vdlbr dgtudl
Em este gdsb se hesed sdner guämtb hjmerb se gbnrdrä
perj÷hjgd`emte em el outurb pbr umd jmversj÷m redljzdhd fby,
b guämtb hjmerb se pdkdrä perj÷hjgd`emte pbr um
prêstd`b redljzdhb fby.
Dmdljge`bs el sjkujemte ece`plb3
El ndmgb le prestd $ 411.111 pdrd que redljge sus estuhjbs
umjversjtdrjbs y le exjke que fdkd pdkbs dl ojmdljzdr gdhd
dôb he estuhjb (su gdrrerd tjeme umd hurdgj÷m he 8 dôbs),
el prêstd`b tjeme um jmterês hel 8 % dmudl. ²D guämtb
dsgjemhe el vdlbr he ld gubtd dmudl que hene gdmgeldr dl
ndmgb2
Ojkurd 7.;. Ld dmudljhdh he um vdlbr dgtudl

j08%

_Q 0 411.111

4 > 7 8 MQE^

Fby

2 2 2 2 ( Em `jles )

Ojkurd 7.6. O÷r`uld he ld dmudljhdh he um vdlbr dgtudl gbm Exgel

"'
Em _dlbr Outurb (_O) mb jmkresd`bs vdlbr. Ld respuestd es -$
>;.58:,11 y es mekdtjvd pbrque se trdtd he pdkbs que fdy
que redljzdr em el outurb.
Ld o÷r`uld he ld dmudljhdh he um vdlbr dgtudl es3
(_D " j)
QDKB 0 (7.8)
!
4 ! (4 + j ) m

7.5. Ld d`brtjzdgj÷m he um prêstd`b

Qdrd fdger tdnlds he d`brtjzdgj÷m he um prêstd`b
megesjtd`bs dpremher d utjljzdr hbs o÷r`ulds he Exgel3
QDKBQ^JM y QDKBJMX.

_ed`bs el sjkujemte ece`plb3

Usteh hegjhe gursdr um hbgtbrdhb em ojmdmzds, pdrd
pdkdrlb jmgurre em um prêstd`b pbr $ 51.111 pdkdherbs d 5
dôbs d umd tdsd he jmterês hel 5 % dmudl.
Ld tdnld hel prêstd`b es ld sjkujemte3
Xdnld 7.4. Xdnld he d`brtjzdgj÷m he um prêstd`b gbm pdkbs dmudles
(4) (>) (7) (8) (5)
Dôb Wdlhb dl Qdkb dmudl Jmterês hel Dnbmb dl
jmjgjb he dôb dôb gdpjtdl

0QDKB 0QDKBJMX 0QDKBQ^JM

4 $ 51.111,11 -$ 44.586,;8 -$ >.511,11 -$ :.186,;8
> $ 81.:54,>? -$ 44.586,;8 -$ >.18;,5? -$ :.514,46
7 $ 74.:8>,81 -$ 44.586,;8 -$ 4.5;>,51 -$ :.:;?,>8
8 $ >>.17>,?5 -$ 44.586,;8 -$ 4.1;7,?: -$ 41.8;5,15
5 $ 44.474,:7 -$ 44.586,;8 -$ 58:,:8 -$ 41.::6,61

Ld gblu`md (4) jmhjgd el dôb pbr el gudl se estäm redljzdmhb

lbs gälgulbs, dsà teme`bs que em el dôb 4 el sdlhb que se
dheuhdnd dl jmjgjb hel dôb erd el seôdldhb em ld gblu`md

")
(>), es hegjr, $ 51.1119 dl ojmdljzdr hjgfb dôb se redljzd el pdkb
jmhjgdhb em ld gblu`md (7), $44.586,;8. Hjgfb vdlbr se fd
bntemjhb `ehjdmte ld o÷r`uld he QDKB. Lds gblu`mds (8) y
(5) gbrrespbmhem dl hesklbse he ld gubtd pdkdhd, gb`b se
puehe bnservdr el prj`er dôb lbs jmtereses sbm dltbs, $ >.111
que gbrrespbmhem dl 5 % he $ 51.111 y dôb d dôb
hjs`jmuyem, pdrd redljzdr lbs gälgulbs he estd gblu`md
utjljzd`bs ld o÷r`uld QDKBJMX. Ojmdl`emte, ld gblu`md (5)
jmhjgd ld pdrte hel pdkb que gbrrespbmhe d dnbmb dl
gdpjtdl dheuhdhb, em estd gblu`md usd`bs ld o÷r`uld
QDKBQ^JM .
Ojkurd 7.:. Usb he ld o÷r`uld QDKBJMX

Gb`b se puehe dpregjdr em ld ojkurd 7.:. ld o÷r`uld he

Exgel QDKBJMX tjeme gdsj lbs `js`bs gd`pbs pdrd jmkresdr lbs
hdtbs que lds o÷r`ulds dmterjbr`emte expljgdhds, sblb fdy
um gd`pb dhjgjbmdl3 QE^JBHB. @jemtrds MQE^ sjrve pdrd
jmhjgdr el tbtdl he dôbs hel prêstd`b (que em el ece`plb
sje`pre serä jkudl d 5), QE^JBHB sjrve pdrd jmhjgdrle d Exgel
pdrd quê dôb em pdrtjguldr hesed`bs gdlguldr lbs jmtereses
(dôb 4 he 5).
Dpdregem mbvehdhes em estd o÷r`uld, se puehe bnservdr
que pdrd el gd`pb MQE^ se fd esgbkjhb ld gelhd D? que
gbrrespbmhe dl tbtdl he dôbs hel prêstd`b, este gd`pb
dpdrege gb`b $D$?. ²Tuê sjkmjojgdm esbs sjkmbs he
h÷ldres2 Ques sjrvem pdrd “ojcdr‐ ld o÷r`uld em Exgel dl

"K
`b`emtb he “drrdstrdrld‐, es hegjr, `jemtrds que dl drrdstrdr
ld o÷r`uld lbs vdlbres hel gd`pb QE^JBHB jräm gd`njdmhb
dôb d dôb (4 pdrd ld gelhd H>, > pdrd ld gelhd H7…), el
vdlbr he MQE^ sekujrä sjemhb el `js`b pdrd lds gelhds H>,
H7, H8, H5 y H?.

Ojkurd 7.41. Usb he ld o÷r`uld QDKBQ^JM

_erjoàquese que lb `js`b bgurre gbm el gd`pb vdlbr dgtudl

_D, que se emguemtrd “ojcdhb‐, pues el vdlbr brjkjmdl he ld
heuhd sje`pre es el `js`b, dumque el sdlhb dheuhdhb
gd`nje dôb d dôb.
Qdrd “ojcdr‐ umd vdrjdnle sblb ndstd gbm presjbmdr ld tegld O8
umd vez que ld fdyd`bs jmkresdhb hemtrb he ld o÷r`uld. Wj
tjeme dlkumd huhd he g÷`b ojcdr gelhds jmkrese em jmtermet
y nusque tutbrjdles dl respegtb. Mb vd d temer `dybres
hjojgultdhes.
Um gb`emtdrjb ojmdl respegtb he ld tdnld es que gb`b se
puehe bnservdr mb exjste el dôb 1 y estb es pbrque el dôb 1
mb exjste, lb que `ugfds persbmds lld`dm 1 es em redljhdh
Fby y Fby es el prj`er hàd hel dôb que ter`jmd 7?5 hàds
hespuês, es hegjr, el dôb 4. Qbr lb que sj quere`bs sdner d
guämtb dsgjemhe ld heuhd hespuês he redljzdr el terger
pdkb, hene`bs `jrdr em ld tdnld ld gblu`md (>), gudrtd ojld3
$ >4.8;7,65.

"U
7.?. Olucbs que se gdpjtdljzdm vdrjds veges em
um dôb
Lb que bgurre gbm `äs oreguemgjd em el gdsb he lbs
prêstd`bs es que hendm pdkdrse gbm vdrjds gubtds dl dôb.
Qdrd expljgdr g÷`b utjljzdr Exgel em estbs gdsbs ved`bs um
ece`plb gb`b el dmterjbr, perb gbm umd `bhjojgdgj÷m.
Ece`plb3 usteh hegjhe gursdr um hbgtbrdhb em ojmdmzds,
pdrd pdkdrlb jmgurre em um prêstd`b pbr $ 51.111,11
pdkdherbs d 5 dôbs d umd tdsd he jmterês hel 5 % dmudl.
Dfbrd lbs pdkbs heneräm redljzdrse he obr`d `emsudl.

Xdnld 7.>. Xdnld he d`brtjzdgj÷m he um prêstd`b gbm pdkbs `emsudles

Dôb Wdlhb dl Qdkb Jmterês Dnbmb dl

jmjgjb he dôb dmudl hel dôb gdpjtdl
4 $ 51.111,11 -$ :87,5? -$ >16,77 -$ ;75,>7

…> $ 8:.>?8,;;
… -$ :87,5?
… -$ >15,>;
… -$ ;76,>:
…
5: $ 4.6;5,7: -$ :87,5? -$ ;,64 -$ :75,;5
?1 $ :7:,?5 -$ :87,5? -$ 7,:> -$ :7:,?5

Ojkurd 7.44. Usb he ld o÷r`uld QDKB gbm `emsudljhdhes

""
Em el gdsb he `emsudljhdhes, ld o÷r`uld hene gbmtemer lbs
hdtbs he XDWD y MQE^ expresdhbs em `eses. Qdrd estb
hjvjhj`bs ld tdsd dmudl hel 5 % pdrd 4> y lbs dôbs, que sbm
5, lbs gbmvertj`bs em `eses `ultjpljgämhblbs pbr 4>, b
esgbke`bs hjregtd`emte ld gelhd hbmhe estä el óltj`b
perjbhb he ld tdnld y lb “ojcd`bs‐ usdmhb ld tegld O8.
6-7:4+ 359<5 0>8 =1 *+ ).42:*+ A?DN%#G ,8( 21(>:+*-=+=1>

6-7:4+ 35935 0>8 =1 *+ ).42:*+ A?DNAH%# ,8( 21(>:+*-=+=1>

Jkudl que em el gdsb he QDKB lds o÷r`ulds QDKBJMX y

QDKBQ^JM henem gbmtemer lbs hdtbs he XDWD y MQE^
expresdhbs em `eses. Em lds ojkurds 7.4>. y 7.47. se esgrjnj÷
hjregtd`emte ?1 em el gd`pb gbrrespbmhjemte d MQE^.

"#
7.;. Xdsd he jmterês eoegtjvd dmudl
Lbs hbs ece`plbs prevjd`emte expuestbs he ld d`brtjzdgj÷m
he um prêstd`b umjversjtdrjb, em el prj`er gdsb he obr`d
dmudl y el sekumhb he obr`d `emsudl (ver tdnlds 7.4. y 7.>.),
seôdldm que ld tdsd es hel 5 % dmudl, perb emtbmges surke
ld prekumtd, ²g÷`b puehe ser que redljzdmhb pdkbs
`emsudles b dmudles ld tdsd sed ld `js`d2 Lb que
dpremhj`bs hel vdlbr hel hjmerb em el tje`pb mbs fdge
supbmer que, sj se redljzdm pdkbs gbm `dybr oreguemgjd que
ld dmudl, emtbmges ld tdsd hene ser superjbr d ld seôdldhd
pdrd pdkbs dmudles.
Ld respuestd es ld sjkujemte3 lds tdsds he jmterês sje`pre se
expresdm he obr`d dmudl, dsà que pdrd el prj`er ece`plb
(tdnld 7.4.) gudmhb se jmhjgd que lbs pdkbs se redljzdm he
obr`d dmudl d umd tdsd hel 5 % dmudl estä njem, y pdrd el
sekumhb gdsb (tdnld 7.>.) gudmhb se jmhjgd que lbs pdkbs
sbm `emsudles d umd tdsd hel 5 % dmudl td`njêm estä njem.
D`nds tdsds he jmterês se hemb`jmdm tdsds mb`jmdles. Qerb
sdne`bs que em redljhdh ld tdsd que redljzd lbs pdkbs
`emsudles hene ser `dybr, esd tdsd `dybr, se lld`d tdsd
eoegtjvd y em Exgel es `uy oägjl gdlguldrld.

Ojkurd 7.48. O÷r`uld pdrd gbmvertjr ld tdsd mb`jmdl em tdsd eoegtjvd

Ld o÷r`uld utjljzdhd es JMX.EOEGXJ_B, estd o÷r`uld requjere el

llemdhb he hbs gd`pbs3 el he ld XDWD MB@JMDL y el he
MÓ@RQE^RDÔB que gbrrespbmhe d ld oreguemgjd gbm ld que

"$
se gdpjtdljzdm lbs jmtereses. Ld respuestd es 5,4> % (gjord sjm
rehbmhedr 5,44?46:;664;778 %). ²Guäl es ld jmterpretdgj÷m
que se le hene hdr d este resultdhb2 Ques pbhe`bs hegjr
que $ 41.111 d um dôb dl 5,4> % he jmterês eoegtjvb dmudl y
$ 41.111 pdkdherbs em 4> `eses dl 5 % he jmterês mb`jmdl
dmudl sbm equjvdlemtes. Lb expljgd`bs em ld sjkujemte tdnld.
Xdnld 7.7. Equjvdlemgjd he tdsd eoegtjvd y tdsd mb`jmdl

_O he lbs Qdkbs Kdmd

Dôb @eses 5,4>%* 5,11% (65?,1; kdmdmhb jmtereses pbr
jmtereses dl 5%) RRRR `eses

fby fby $ 41.111,11 $ 41.111,11

4 $ - $ 65?,1; $ 6:?,48 44
> $ - $ 65?,1; $ 6:>,8> 41
7 $ - $ 65?,1; $ 666,;> :

8 $ - $ 65?,1; $ 665,17 6
5 $ - $ 65?,1; $ 664,7? ;
?
? $ - $ 65?,1; $ 6;;,;1
; $ - $ 65?,1; $ 6;8,1? 5
6 $ - $ 65?,1; $ 6;1,87 8
: $ - $ 65?,1; $ 6??,6> 7
41 $ - $ 65?,1; $ 6?7,>> >
44 $ - $ 65?,1; $ 65:,?8 4

4 4> $ 41.544,?> $ 65?,1; $ 65?,1; 1

$ 41.544,?>

*Qdrd redljzdr el gälgulb se utjljzdrbm tbhbs lbs hegj`dles.

Ld tdnld he`uestrd que, dumque se regjnd (b pdkue)
sblb $ 65?,1; ! 4> 0 $ 41.>;>,68 em el gdsb he gdpjtdljzdgj÷m
`emsudl, em lukdr he $ 41.544,?> d`nds gjords sbm
equjvdlemtes pbrque lbs $ 65?,1; que se regjnem gdhd `es
puehem ser jmvertjhbs d ld tdsd hel 5 % kemerdmhb muevbs
jmtereses y tbtdljzdmhb he estd obr`d lbs $ 41.544,?>.

"%
Ld o÷r`uld pdrd gbmvertjr umd tdsd mb`jmdl em umd tdsd
eoegtjvd es3
`
' j $
XDWD.EOEGXJ_D 0 %4 + " !4 (7.5)
& ` #

Hbmhe j es ld tdsd he jmterês mb`jmdl dmudl y ` ld

oreguemgjd he gdpjtdljzdgj÷m he lbs jmtereses b oreguemgjd
he pdkb pbr dôb.

7.6. _dlbr dgtudl he perpetujhdhes gbmstdmtes

Umd perpetujhdh es umd serje he pdkbs que se redljzdm gbm
umd heter`jmdhd oreguemgjd y su pldzb es jmojmjtb. Quehem
ser gbmstdmtes, que sjkmjojgd que se pdkd sje`pre ld `js`d
gdmtjhdh, b gregjemtes que sjkmjojgd que lbs pdkbs gregem
d um heter`jmdhb rjt`b.

Gudmhb
`dte`ätjgds se ojmdmgjerds
estuhjdm blds perpetujhdhes,
em ojmdmzds sedy umb
gbrpbrdtjvds em
dpremhe el gbmgeptb, lb prj`erb que vjeme d ld `emte es
que se trdtd he umd sj`ple gurjbsjhdh `dte`ätjgd. ²G÷`b
vdlbrdr um jmstru`emtb ojmdmgjerb que pdkd um jmterês fdstd
ld etermjhdh sjm que cd`äs llekue el hàd he vemgj`jemtb2 Wjm
e`ndrkb, mb se trdtd he umd gurjbsjhdh `dte`ätjgd, he
fegfb, hjgfb jmstru`emtb he ojmdmgjd`jemtb exjste em ld
vjhd redl, se trdtd he lbs Nbmbs Gbmsbl (Qrbyegtb Dyuhd d
E`presds, >146). Em 4;87, gudmhb Wjr Femry Qelfd` oue
elekjhb prj`er `jmjstrb he Krdm Nretdôd, hurdmte el rejmdhb
he Cbrke JJ, se emgbmtr÷ gbm umd sjtudgj÷m gd÷tjgd, yd que

el pdàs fdnàd
vdrjdhb pldzb, e`jtjhb
tdsd y `ugfbs
`bmehdtàtulbs
y dómheseheuhd dl `äs
emgbmtrdndm
vjkemtes pbr lb que tb`÷ ld hegjsj÷m he gbmsbljhdr tbhds lds
heuhds em umd sbld, dl 7,5 % he jmterês dmudl, em ljnrds
esterljmds y pbr pldzb, ld etermjhdh. He dfà su mb`nre3

"&
Gbmsbl (Gbmsbljhdteh Nbmh). Fdstd ld oegfd, y d pesdr he
lds kuerrds mdpble÷mjgds, ld Wekumhd Kuerrd @umhjdl, ld
kuerrd he lds @dlvjmds, lds regesjbmes egbm÷`jgds, lbs
dtdques terrbrjstds y he`äs, Krdm Nretdôd se fd dcustdhb
pdrd pdkdr gbm ld regbmbgjhd pumtudljhdh jmklesd hjgfbs
nbmbs.
Ld o÷r`uld hel vdlbr dgtudl he umd perpetujhdh gbmstdmte
es3
& QDKB #
_D 0 $ ! (7.?)
% j "
_ed`bs um ece`plb3
Usteh hesed gb`prdr um nbmb Gbmsbl que prb`ete pdkdr
£ 4.111 gdhd dôb. Custb fby Krdm Nretdôd redljz÷ el pdkb
gbrrespbmhjemte dl presemte dôb pbr lb que temhrä que
esperdr um dôb pdrd gbnrdr su prj`er jmterês. Wj ld tdsd que
el `ergdhb exjke d este tjpb he jmversjbmes es hel 8 %,
²guämtb hene pdkdr fby pbr el nbmb2
£4.111
^espuestd _D 0 0 £>5.111,11
8%

Lbs nbmbs que tjemem um vemgj`jemtb `uy lecdmb em el

tje`pb td`njêm puehem ser vdlbrdhbs he estd obr`d, yd
que el vdlbr dgtudl he um `bmtb gudlqujerd que se
emguemtrd em el outurb lecdmb es jmsjkmjojgdmte. Gbmsjhêrese
pbr ece`plb que el vdlbr dgtudl he $ 4.111.111 hesgbmtdhbs
dl 41 % dmudl pbr 411 dôbs es $ ;>,5;. Dsà que um nbmb gb`b
el que e`jtj÷ ld e`presd hdmesd Brsteh em el >14;, gbm um
vemgj`jemtb he 4111 dôbs pbhràd ser vdlbrdhb usdmhb ld
o÷r`uld (7.?).

#(
7.:. _dlbr dgtudl he perpetujhdhes gregjemtes
^egbrhe`bs que lds dggjbmes, dl gbmtrdrjb he um prêstd`b,
mb tjemem oegfd he vemgj`jemtb. Tujem gb`prd dggjbmes
lb fdge dsu`jemhb que ld e`presd mb quenrdrä mumgd y
que pbhrä kemerdr tbhbs lbs dôbs umd kdmdmgjd, ld gudl,
gudmhb sed pertjmemte se hjstrjnujrä d lbs dggjbmjstds. Hjgfb
vdlbr se gbmbge gb`b hjvjhemhb47.
Exjstem gdsbs espegjdles em lbs que umd e`presd se gred
gbm um pldzb lj`jtdhb pdrd gu`pljr gbm um prbp÷sjtb
espegàojgb y luekb se ljqujhd. Ld vdlbrdgj÷m he este tjpb he
e`presd mb emtrdôd `dybr gbmbgj`jemtb que el dpremhjhb
fdstd el `b`emtb9 sjm e`ndrkb, sbm pbgds lds e`presds
que se gredm pdrd ser ljqujhdhds em um tje`pb heojmjhb, pbr
lb kemerdl lds e`presds se gredm gbm el prbp÷sjtb he que
sedm etermds y que repdrtdm hjvjhemhbs d sus dggjbmjstds
tbhbs lbs dôbs. Xd`njêm se esperd que ld e`presd puehd

hjstrjnujr
sjtudgj÷m`dybres hjvjhemhbs
se hjge que lbsgdhd dôb. Gudmhb
hjvjhemhbs que se hd estd
regjne el
dggjbmjstd sbm perpetubs y gregjemtes.
Ld o÷r`uld pdrd gdlguldr el vdlbr dgtudl he umd
perpetujhdh gregjemte es3

- QDKB1 . (4 + k ) * & QDKB4 #

_D 0 +
' ( 0 $$ j ' k !! (7.;)
, j k ) % "
Hbmhe $%&'( es el `bmtb que regjnjre`bs hemtrb he um dôb
y es jkudl d QDKB1 ! (4 + k ) y ( k ) es ld tdsd he gregj`jemtb
QDKB
que se estj`d d perpetujhdh.

'Kh E+C-, 2+ WI+ +C H- @-.-.69- H- WI+ C+ 29CG,9[I5+4 H1 WI+ C+ +.G,+@- - H1C

-6691.9CG-C .1 C-H+ 2+ H- 6I+.G- eIG9H92-2+C 2+H +]+,69691o4 ed+CIHG-21C
-6IJIH-21C 2+ -Y1C -.G+,91,+Co I 1G,-C 6I+.G-C E1, +H +CG9H1 21.2+ C+
-6IJIH- +H [+.+B9691 2+ H- +JE,+C-7 A1C 29_92+.21C C+ E-@-. 61. 6:+WI+C4
+C 2+69,4 61. H- 6I+.G- [-.61C7

#'
 Dmdljge`bs gbm um ece`plb3
Ld e`presd Ndmdmbs Xrbpjgdles e`jtj÷ em ld Nblsd he
_dlbres he Kudydqujl dggjbmes fdge 5 dôbs. Fby pdk÷ um
hjvjhemhb he $ 8.111,11 y se esperd que gbmtjmóe pdkdmhb
hjvjhemhbs em el outurb, lbs gudles se prbmbstjgd gregeräm d
umd tdsd dmudl hel 7 %. Lbs pdkbs he hjvjhemhbs se redljzdm
gbm oreguemgjd dmudl. Em ld tdnld 7.8. pbhe`bs bnservdr lbs
hjvjhemhbs que se estj`d pdkdrä lbs pr÷xj`bs 5 dôbs. Ld
remtdnjljhdh exjkjhd d lds dggjbmes es hel 8 %.
Xdnld 7.8. Gregj`jemtb he lbs hjvjhemhbs he umd e`presd
A14E1O:-=+= ,8(
A14E1O:-=+=
P ,41,-2-1(O8 +(:+* A+78
,8(>O+(O1
=1* 3K
/15 95FFFJFF 95FFFJFF $%&')
' 95FFFJFF 95F3FJFF $%&'(
) 95FFFJFF 95FCFJIF $%&'*
K 95FFFJFF 95FI<JL3 $%&'+
U 95FFFJFF 959<@J@9 $%&',
" 95FFFJFF 959@IJ<L $%&'-

^esblve`bs dpljgdmhb ld o÷r`uld (>.47)483

& QDKB4 # & $4.171,11 #
_D 0 $$ !! $
0 ! $417.111,11
0

% j ' k " % 8% ' 7% "

Wj gb`pdrd`bs el vdlbr dgtudl he ld perpetujhdh gbmstdmte
hel ece`plb dmterjbr $ >5.111, gbm lbs $ 417.111 he ld
perpetujhdh gregjemte pbhe`bs gbmglujr que ld hjoeremgjd
emtre d`nds, es hegjr, $ ;6.111,
; 6.111, es prbhugtb hel gregj`jemtb
gbmstdmte he lbs pdkbs he hjvjhemhbs. Gjertd`emte el
gregj`jemtb es `uy j`pbrtdmte y es ld rdz÷m pbr que lds

'UL. H- H9G+,-GI,- B9.-.69+,- +H 29_92+.21 WI+ ,+69[+ +H -6691.9CG- .1 C+ 2+C9@.- 61. +H

GM,J9.1 NhF^ C9.1 61. +H GM,J9.1 kR* 1 kNh 029_92+.21 E1, -669Z.=7

#)
e`presds se esouerzdm pbr greger sje`pre. ¡El j`pdgtb d
ldrkb pldzb es kjkdmte!
D gbmtjmudgj÷m, ld kräojgd em que se bnservd el pdkb he
perpetujhdhes gbmstdmtes oremte dl pdkb he perpetujhdhes
gregjemtes (pbr lbs prj`erbs 41 dôbs).
Ojkurd 7.45. Qerpetujhdhes gbmstdmtes y perpetujhdhes gregjemtes

'7#((4(( N+,E+GI92-2 61.CG-.G+

'7U((4(( N+,E+GI92-2 61. 6,+69J9+.G1

-.I-H 2+H Ka '7KUK4&)
'7)((4((

'7(((4(( '7(((4((

%((4((

#((4((

U((4((

)((4((
-
( ) U # % '( ')
')
hY1

7.41. Herjvdgj÷m he ld o÷r`uld he Kbrhbm y

Wfdpjrb
Wekóm Kbrhbm y Wfdpjrb pdrd estdnleger el vdlbr ( Q1 ) he
umd dggj÷m guybs hjvjhemhbs ( HQD) se esperdm que

grezgdm d umd tdsd he gregj`jemtb gbmstdmte ( k ) y se le

exjke um remhj`jemtb ( Ie) , se tjeme que3

HQD1 Es el hjvjhemhb que fby pdk÷ ld dggj÷m.

#K
HQD4 Es el hjvjhemhb que se esperd pdkue ld dggj÷m em um
dôb y es jkudl d HQD1 (4 + k )

El vdlbr he ld dggj÷m serä jkudl dl vdlbr dgtudl he lbs

hjvjhemhbs que se esperd repdrtd ld e`presd em el outurb,
es hegjr3
HQD4 HQD> HQD
HQD7 HQD8
Q1 0 + + + + ... 0K7%=
4 + Ie (4 + Ie) > (4 + Ie) 7 (4 + Ie) 8

Z yd que
>
HQD> 0 HQD1 (4 + k ) 0 HQD4 (4 + k )

m m !4
HQDm 0 HQD1 (4 + k ) 0 HQD4 (4 + k )

Emtbmges ld egudgj÷m (7.6) puehe esgrjnjrse gb`b3

HQD4 HQD4 (4 + k ) HQD4 (4 + k ) > HQD4 (4 + k ) 7
Q1 0 + + + + ...
> 7 8
(4 + Ie) (4 + Ie) (4 + Ie) (4 + Ie)

(4 + k )
Wj `ultjpljgd`bs d`nbs ldhbs he ld egudgj÷m pbr 3
(4 + Ie)
> 7
(4 + k ) HQD4 (4 + k ) HQD4 (4 + k ) HQD4 (4 + k )
Q1 0 + + + ...
(4 + Ie) (4 + Ie) > (4 + Ie) 7 (4 + Ie) 8

Qbr lb que jkudldmhb lds hbs egudgjbmes dmterjbres

HQD4 (4 + k )
Q1 0 0 Q1
(4 + Ie) (4 + Ie)

^esblvjemhb
(4 + k ) HQD4
Q1 ! Q1 0
(4 + Ie) (4 + Ie)

Emtbmges sj `ultjpljgd`bs ld egudgj÷m pbr (4 + Ie)

#U
Q1 (4 + Ie) ! Q1 (4 + k ) 0 HQD
HQD4

Q1 + Q1 Ie ! Q1 ! Q1 k 0 HQD
HQD4

Q1 Ie ! Q1 k 0 HQD
HQD4 sdgdmhb odgtbr gb`óm

Q1 ( Ie ! k ) 0
HQD4

Qbr gbmsjkujemte3

( HQD4 )
Q1 0 que es jkudl d ld egudgj÷m (7.;)
( Ie ! k )

7.44. Ecergjgjbs prbpuestbs

Jmvjtd`bs dl legtbr d que dmtes he gbmtjmudr gbm ld legturd
hel gdpàtulb 8 redljge lbs sjkujemtes ecergjgjbs em Exgel pdrd
dojdmzdr lbs gbmbgj`jemtbs.
4. El Hr. Wfelhbm hesed bntemer um prêstd`b ndmgdrjb y
puehe esgbker emheuhdrse gbm el ndmgb D b el ndmgb N.
El ndmgb D le prestd d umd tdsd he jmterês eoegtjvd dmudl
hel 44,:6 %, y el ndmgb N d umd tdsd eoegtjvd mb`jmdl hel
44,51 % gbm pdkbs trj`estrdles. ²Guäl es ld bpgj÷m `äs
ndrdtd2
>. Dl gu`pljr >1 dôbs, Qemmy tb`÷ ld hegjsj÷m he dfbrrdr
gdhd dôb $ 5.111 Dgdnd he gu`pljr >: y he redljzdr um
óltj`b hep÷sjtb em su obmhb he jmversjbmes, el gudl fd
remhjhb um 5,5 % dmudl. ²Guämtb tjeme Qemmy dfbrrdhb em
su obmhb he jmversj÷m2
7. Lebmdrh estä pemsdmhb em su cunjldgj÷m. Estj`d que vd d
megesjtdr retjrdr he su obmhb he cunjldgj÷m $ >8.111 pbr dôb
e`pezdmhb dl gu`pljr ?? y luekb he esb henerä redljzdr 4:
retjrbs `äs fdstd gu`pljr 65, hàd em que redljzd el óltj`b

#"
retjrb hecdmhb el sdlhb he su obmhb em gerb. ²Guämtb hjmerb
hene temer dfbrrdhb Lebmdrh em su obmhb he cunjldgj÷m d
lbs ?5 dôbs sj se esperd que este bntemkd umd remtdnjljhdh
hel ; % dmudl2
8. Fbwdrh estä gb`prdmhb su prj`erd gdsd. Ld gdsd
guestd $ >11.111 fd hdhb umd emtrdhd hel >1 % y ojmdmgjdrä
el sdlhb gbm um grêhjtb fjpbtegdrjb dl 5,5 % he jmterês
mb`jmdl dmudl gbm pdkbs ojcbs `emsudles. El grêhjtb
bntemjhb es d >5 dôbs. ²D guämtb dsgjemhe el `bmtb he ld
prj`erd gubtd2
5. D`y fd jmvertjhb $ ;5,111 em um obmhb ehugdtjvb pdrd su
fjcb, qujem dóm estä em ld esgueld. El obmhb prb`ete um
remhj`jemtb hel : % y ld umjversjhdh hel fjcb gbstdrä
$ 71.111 pbr dôb hurdmte 8 dôbs. El prj`er pdkb hene
redljzdrse em ; dôbs gbmtdhbs heshe fby. ²Guäl serä el
`bmtb que quehe em el obmhb he ehugdgj÷m dl ojmdl hel dôb
41, custb hespuês he que el fjcb fdyd redljzdhb el óltj`b
retjrb2
?. ^dcesf gb`pr÷ umd gdsd fdge 41 dôbs pbr $ 411,111. Ld
emtrdhd oue hel 41 % y ojmdmgj÷ el restb gbm umd fjpbtegd d
umd tdsd ojcd d 45 dôbs. Ld tdsd he jmterês mb`jmdl dmudl erd
hel 41 % y estdnd bnljkdhb d fdger pdkbs `emsudles.
^dcesf dgdnd he fdger el pdkb he su 4>1. " gubtd. Um muevb
ndmgb fd boregjhb reojmdmgjdr el sdlhb restdmte hel
prêstd`b y le jmobr`d que temhrä que pdkdr $ :11 pbr `es
hurdmte lbs pr÷xj`bs 5 dôbs sj hegjhe reojmdmgjdr. Qdrd
dggeher d ld reojmdmgjdgj÷m henerä pdkdr dlkumbs trä`jtes
dh`jmjstrdtjvbs que su`dm $ 4.111. ²Heneràd reojmdmgjdr2
²Guämtb kdmd b pjerhe em h÷ldres he fby sj lb fdge2 (Mbtd3
Lds tdsds he jmterês sjkuem sjemhb hel 41 %).
;. Fdge 41 dôbs usteh gb`pr÷ umd gdsd em $ 711.111. Em
ese emtbmges hjb umd emtrdhd hel >1 % y ojmdmgj÷ el 61 %
restdmte gbm um prêstd`b d 45 dôbs d umd tdsd ojcd hel : %.

##
Em lbs óltj`bs dôbs lds tdsds he jmterês fdm hjs`jmujhb he
obr`d gbmstdmte y dgtudl`emte se emguemtrdm em el ? % y
usteh pjemsd que es el `b`emtb he reojmdmgjdr el sdlhb.
Dgdnd he pdkdr ld 4>1. " gubtd y tjeme ld bpbrtumjhdh he
gd`njdr ld heuhd d um muevb ndmgb gbm um jmterês `embr,

perb este ndmgb

reojmdmgjdr le gbnrd ²Guämtb
su prêstd`b. umd tdrjoddfbrrdràd/perheràd
ojcd he $ 8.111 pdrd
sj
hegjhe reojmdmgjdr2
6. We dgdnd he `uhdr he gjuhdh pbr su trdndcb y hesed
equjpdr su muevb dpdrtd`emtb. Qdrd fdgerlb tjeme lds
sjkujemtes bpgjbmes3 (4) Gb`prdr tbhbs lbs
elegtrbhb`êstjgbs em el dl`dgêm gbm grêhjtb hjregtb d umd
tdsd hel 5 % dmudl (que es ld tdsd hel `ergdhb). El vdlbr hel
prêstd`b es he $ ?.111 y hene ser pdkdhb `emsudl`emte
hurdmte 8 dôbs. (>) Dlqujler gbm bpgj÷m d gb`prd dl `js`b
dl`dgêm. Em estd bpgj÷m usteh pdkd um dlqujler `emsudl he
$ 4>5 pbr 86 `eses y sj hesed redljzdr ld bpgj÷m he gb`prd
hene gdmgeldr $ 4.111 cumtb gbm ld óltj`d gubtd. ²Guäl es
el gbstb metb dgtudl he ld bpgj÷m `äs ndrdtd2

^espuestds
4. El ndmgb D es `äs ndrdtb. El ndmgb N prestd d 4>,14 %.
>. $ ;;.>5>,4>.
7. $ >58.>5?,78.
8. $ :6>,58.
5. $ 81.756,84.
?. Wà heneràd reojmdmgjdr, dfbrrd $ >.4?1,4:.
;. $ 8.?8?,66.
6. $ ?.111.

#$
 GDQÀXULB 8

HEXE^@JMDGJ×M HEL @ECB^ @ÊXBHB QD^D LD XB@D HE

HEGJWJBMEW

BNCEXJ_BW HE DQ^EMHJSDCE

• Hesgrjnjr he
remtdnjljhdh lbs prbyegtbs
`êtbhbsb `äs usdhbs pdrd evdludr ld
e`presds.
• Hesgrjnjr lds gdrdgteràstjgds que heojmem ld eojgdgjd he um
`êtbhb pdrd evdludr dhegudhd`emte prbyegtbs b
e`presds.
 GDQÀXULB 8. HEXE^@JMDGJ×M HEL
@ECB^ @ÊXBHB QD^D LD XB@D HE
HEGJWJBMEW

BNCEXJ_BW HE DQ^EMHJSDCE
! Hesgrjnjr lbs `êtbhbs `äs usdhbs pdrd evdludr ld
remtdnjljhdh he prbyegtbs b e`presds.

! Hesgrjnjr lds gdrdgteràstjgds que heojmem ld eojgdgjd he um

`êtbhb pdrd evdludr dhegudhd`emte prbyegtbs b
e`presds.

"Le hjrê g÷`b llekdr d ser rjgb. Gjerre lds puertds. Wed
te`erbsb gudmhb btrbs sbm gbhjgjbsbs y sed gbhjgjbsb
gudmhb btrbs sbm te`erbsbs" - [drrem Nuooett.

&'
 8.4. Lds tres ferrd`jemtds `äs usdhds pdrd
tb`dr hegjsjbmes ojmdmgjerds
Lds tres ferrd`jemtds `äs usdhds pdrd heter`jmdr ld
remtdnjljhdh egbm÷`jgd he umd jmversj÷m sbm3
!
El _dlbr Dgtudl Metb b _DM,
! ld Xdsd Jmtermd he ^etbrmb b XJ^, y,
! el perjbhb he reguperdgj÷m b pdyndgi.
Gdhd umd he ellds nusgd ‘heshe su emobque‘ respbmher
d ld prekumtd he gudlqujer jmversjbmjstd3 ²Tuê tdm
remtdnle es, heshe el pumtb he vjstd egbm÷`jgb, redljzdr
estd jmversj÷m2 El _DM respbmhe d trdvês he um vdlbr que
`jhe lds umjhdhes `bmetdrjds kdmdhds b perhjhds em el
presemte. Ld XJ^ respbmhe gbm um pbrgemtdce he
remtdnjljhdh que se dsu`e es `ecbr gudmtb `dybr sed45.
El emobque hel perjbhb he reguperdgj÷m b pdyndgi estä
hdhb em tje`pb3 gudmtb `embs tje`pb tdrhe um
jmversjbmjstd em reguperdr su hjmerb, `äs remtdnle es ld
jmversj÷m.
We puehe dojr`dr que el _DM es tdmtb umd ferrd`jemtd pdrd
heter`jmdr ld remtdnjljhdh he umd jmversj÷m gb`b um
`êtbhb he vdlbrdgj÷m he näsjgd`emte gudlqujer tjpb he
dgtjvbs, sedm estbs pónljgbs b prjvdhbs, tdmkjnles b
jmtdmkjnles, jmstru`emtbs he heuhd b gdpjtdl e`presdrjdl.
Ld XJ^ y el pdyndgi sbm ferrd`jemtds que pretemhem
heter`jmdr ld remtdnjljhdh he umd jmversj÷m, perb mb sbm
`êtbhbs he vdlbrdgj÷m.
Hurdmte lbs prj`erbs sesemtd dôbs hel sjklb pdsdhb, `ugfbs
egbmb`jstds, ojmdmgjerbs, e`presdrjbs y dgdhê`jgbs
hjsgutjerbm d`pljd`emte sbnre guäl seràd ld `ecbr obr`d he

'" L. H1C C9@I9+.G+C 6-E\GIH1C C+ +VEH96-,f WI+ +CG1 .1 C9+JE,+ +C -C\7

$(
tb`dr umd hegjsj÷m he jmversj÷m. Ld tebràd ojmdmgjerd dvdmz÷
`ugfb gbm lbs trdndcbs he Jrvjmk Ojsfer '#, Drtfur Wtbme
Hewjmk4;, Orjehrjgf Lutz, _erd Lutz46 y Cbel Hedm4:. El
verehjgtb ojmdl oue que ld `ecbr ferrd`jemtd pdrd redljzdr ld
evdludgj÷m egbm÷`jgd he um prbyegtb b e`presd es el
_DM, yd que ld XJ^ mb sje`pre reolecd ld remtdnjljhdh redl he
umd jmversj÷m y el pdyndgi pbr su pdrte mb respbmhe d ld
prekumtd3 ²Guämtb kdmb b pjerhb sj redljzb estd jmversj÷m2
Qese d lb expuestb, lds tres `etbhblbkàds se sjkuem
emseôdmhb em lds umjversjhdhes y gbmtjmódm sjemhb
utjljzdhds pbr dsesbres b keremtes ojmdmgjerbs dl evdludr
pbsjnles jmversjbmes. Ld hjoeremgjd es que `jemtrds em el
pdsdhb estbs `êtbhbs gb`petàdm, dgtudl`emte se
gb`ple`emtdm. Gb`b se verä em lbs pr÷xj`bs gdpàtulbs el
estuhjb hel _DM y ld XJ^ vdm he ld `dmb y el perjbhb he
reguperdgj÷m sekujrä presemtdmhb jmobr`dgj÷m ótjl dl
jmversjbmjstd. He fegfb, es he supbmer que gudlqujer
e`presd serjd dl presemtdr um jmobr`e sbnre pbsjnles
prbyegtbs, lb fdkd `bstrdmhb lbs tres `êtbhbs gb`b se
bnservd em ld tdnld d gbmtjmudgj÷m.
Xdnld 8.4. Xdnld gb`pdrdtjvd he jmversjbmes
jmversjbmes

Q^BZEGXB _DM XJ^ QDZNDGI

Qrbyegtb D
Qrbyegtb N
Qrbyegtb G
Qrbyegtb H

'# T9C:+,4 R7 0'&(#=7 <0:' A%("8' ,- 6%D.(%) %#$ N#/,&'2 7 P:+ ?-6J9HH-. 81JE-.57

j+3
'$ c1,i7
k+39.@4 h7S7 0'&)(=7 <0:' !.#%#/.%) D,)./; ,- /,8D,8%(.,#*27 0*1H7 '=7 P:+ d1.-H2
N,+CC 81JE-.57 j+3 c1,i7
'% AIG<4 T7 h74 l AIG<4 *7 87 0'&"'=7 <0:' 0:',8; ,- N#9'*(&'#( ,- (:' !.8&2 7 N,9.6+G1.

`.9_+,C9G5 N,+CC7 j+3 >+,C+57

'&k+-.4 >7 0'&"'=7 6%D.(%) G"$1'(.#1H 0,DEO%#%1'&'#( K,)./; ,# K)%#(7 81HIJ[9-
`.9_+,C9G5 N,+CC7

$'
D pesdr he ld supre`dgàd hel _DM sbnre ld XJ^ y el pdyndgi,
fdy que dgldrdr que el `êtbhb
` êtbhb mb gdrege he lj`jtdgjbmes.
Lb prj`erd es que el _DM dsu`e gbmhjgjbmes he
gertjhu`nre, es hegjr, se supbme que tdmtb el vdlbr he lbs
olucbs gb`b lbs perjbhbs em lbs que bgurrem sbm exdgtbs, se
trdtd he umd sj`pljojgdgj÷m `uy ótjl, pbrque em `ugfbs
gdsbs mb `erege ld pemd gb`pljgdr um dmäljsjs
exgesjvd`emte. Wj dlkujem hesed `ehjr ld remtdnjljhdh
egbm÷`jgd he um prbyegtb ndcb gbmhjgjbmes he
jmgertjhu`nre henerä regurrjr d ld sj`uldgj÷m prbndnjlàstjgd
he esgemdrjbs. Ld sekumhd lj`jtdgj÷m rdhjgd em que el _DM
mb resultd dprbpjdhb gudmhb se pretemhe heter`jmdr quê
prbyegtbs henem ecegutdrse gudmhb exjstem lj`jtdgjbmes he
obmhbs>1. Em este gdsb lb dprbpjdhb es regurrjr dl Àmhjge he
^emtdnjljhdh (J^) b d ld prbkrd`dgj÷m ljmedl. Ojmdl`emte, el
_DM td`pbgb es dprbpjdhb pdrd vdlbrdr ld olexjnjljhdh he
umd bpgj÷m, sed estd ld bpgj÷m he d`pljdr um prbyegtb,
dpldzdrlb b utjljzdr ld jmversj÷m pdrd usbs dltermdtjvbs.>4Qdrd
estbs gdsbs se regurre d ld tebràd he bpgjbmes . Ld
sj`uldgj÷m prbndnjlàstjgd he esgemdrjbs, el àmhjge he
remtdnjljhdh, ld prbkrd`dgj÷m ljmedl y ld tebràd he bpgjbmes
mb sbm te`ds he este ljnrb.
Hjgfb estb, se evdludrä d lbs `êtbhbs `emgjbmdhbs
prevjd`emte ndcb lbs supuestbs he3
! Gb`pletd gertjhu`nre sbnre lbs olucbs.
! Mb fdy restrjggjbmes presupuestdr
presupuestdrjds.
jds.

)( *+, A1,9+ >7/ l S-_-@+ A7>7 0'&""= eP:,++ N,1[H+JC 9. d-G91.9.@ 8-E9G-Ho7
F,"8#%) ,- G"*.#'**J CIL@M 4 ))&O)K&7
)' *+, mH-6i4 T74 l S6:1H+C4 ?7 0'&$K=7 P:+ E,969.@ 1B 1EG91.C -.2 61,E1,-G+

H9-[9H9G9+C7 F,"8#%) ,- D,).(./%) '/,#,&;4 I>0K=4 #K$O#"U7 ?6k1.-H24 d74 l

S9+@+H4 k7 0'&%#=7 P:+ _-HI+ 1B 3-9G9.@ G1 9._+CG7 0:' ?"%8('8); B,"8#%) ,-
'/,#,&./* 4 >Q>0U=4 $($O$)$7 ?-,@,-[+4 ;7 0'&$%=7 P:+ _-HI+ 1B -. 1EG91. G1
+V6:-.@+ 1.+ -CC+G B1, -.1G:+,7 0:' B,"8#%) ,- -.#%#/'4 770'=4 '$$O'%#7

$)
! Mb exjste ld pbsjnjljhdh he d`pljdr, dpldzdr b hdr um usb
dltermdtjvb dl prbyegtb.

8.>. Gdrdgteràstjgds que heojmem ld eojgdgjd he

um `êtbhb pdrd dpbydr ld tb`d he hegjsjbmes
ojmdmgjerds
Qdrd que um `êtbhb sed gbmsjherdhb eojgdz hene gu`pljr
gbm lbs sjkujemtes grjterjbs3
• Xemer semtjhb3 el `êtbhb hene he`bstrdr que lbs
nemeojgjbs exgehem d lbs gbstbs.
• Qbseer umd umjhdh he `ehjhd sjkmjojgdtjvd3 ld umjhdh
he `ehjhd hene expresdr gldrd`emte el nemeojgjb dl
jmversjbmjstd.
• Xemer um gb`pdrdnle bnvjb3 el resultdhb que hê ld
utjljzdgj÷m he um `êtbhb hene jmhjgdr`e sj ld
jmversj÷m es remtdnle b mb, estb j`pljgd que el
resultdhb hene pbher gb`pdrdrse sje`pre gbm
dlkóm estämhdr.
• Wer oägjl he jmterpretdr3 pdrd temer êxjtb em lbs
mekbgjbs, que es um gd`pb su`d`emte prägtjgb, lbs
resultdhbs henem ser oägjles he
h e jmterpretdr.
• Qer`jtjr ld gb`pdrdgj÷m he jheds b prbyegtbs3 um
nuem `êtbhb he evdludgj÷m hene per`jtjr`e
gb`pdrdr emtre hjoeremtes bpgjbmes guäl es ld `ecbr.

$K
 GDQÀXULB 5

JMX^BHUGGJ×M DL _DM Z LD XJ^

BNCEXJ_BW HE DQ^EMHJSDCE

• Hesgrjnjr lbs prjmgjpjbs sbnre lbs que se ndsdm lbs `êtbhbs

hel _DM y ld XJ^.
• Gdlguldr el _DM
_DM y ld XJ^ he olucbs `ehjdmte el usb he Exgel.
• Hesgrjnjr lbs supuestbs em el usb hel _DM y XJ^.
• Jmterpretdr ld reldgj÷m emtre el _DM
_DM y ld XJ^.
 GDQÀXULB 5. JMX^BHUGGJ×M DL _DM
Z LD XJ^
BNCEXJ_BW HE DQ^EMHJSDCE
!

Hesgrjnjr lbs prjmgjpjbs sbnre lbs que se ndsdm lbs `êtbhbs

hel _DM y ld XJ^.

! Gdlguldr el _DM y ld XJ^ he

h e olucbs `ehjdmte el usb he Exgel.

! Hesgrjnjr lbs supuestbs em el usb hel _DM y XJ^.

! Jmterpretdr ld reldgj÷m emtre el _DM y ld XJ^.

"El `ergdhb he vdlbres estä llemb he persbmds que gbmbgem

el pregjb he tbhb, perb el vdlbr he mdhd" - Qfjlljp Ojsfer.

'%
5.4. El _DM
El _DM es ld su`d, d vdlbr dgtudl, he tbhbs lbs olucbs he
obmhbs hel prbyegtb b e`presd d evdludr. El vdlbr dgtudl he
gdhd olucb se gdlguld dpljgdmhb umd tdsd he hesguemtb
dprbpjdhd, ld gudl hepemhe hel rjeskb dsu`jhb pbr el
jmversjbmjstd. Ld utjljhdh he estd ferrd`jemtd rdhjgd em que
gbmvjerte lbs olucbs outurbs em um sblb vdlbr em el presemte,
`b`emtb em el que se estä tb`dmhb ld hegjsj÷m.
Ece`plb3
Usteh tjeme umd jhed he mekbgjb que presemtd lbs sjkujemtes
olucbs (em dôbs)3
Mper Olucb
fby -4.111,11
4 4.>11,11
²Guäl es el vdlbr dgtudl metb he su jhed, dsu`jemhb que el
rjeskb hel mekbgjb fdge que usteh qujerd kdmdr um 41 %2
Qdrd resblver utjljzd`bs ld o÷r`uld _MD he Exgel.
Ojkurd 5.4. El _DM he um olucb gbm um jmkresb y um ekresb em Exgel

Hjkjtd`bs 0 _MD >> y sekujhd`emte Exgel requerjrä que

jmkrese`bs ld tdsd
olucbs d lbs que y luekb
hesed`bs que
trder seleggjbme`bs
dl vdlbr tbhbs
dgtudl. Em este lbs
gdsb
sblb es megesdrjb que trdjkd`bs d vdlbr dgtudl lbs $ 4.>11
(gelhd N7) yd que lbs $ 4.111 yd se emguemtrdm em el

)) LV6+H HH-J- *jh - H1 WI+ +. B9.-.<-C C+ 61.16+ 61J1 *hj7

$#
presemte. Qbr óltj`b, fdy que su`dr lbs -$ 4.111 que ekresdm
(gbmsjherdr el sjkmb mekdtjvb). Ld respuestd es $ :1,:4. Qdrd
el usb he estd o÷r`uld es j`pbrtdmte regbrhdr lb sjkujemte3
! Ld tdsd hene gbrrespbmher d ld oreguemgjd he lbs olucbs3
sj lbs olucbs sbm dmudles, ld tdsd hene ser dmudl9 sj lbs olucbs sbm
`emsudles, ld tdsd dmudl hene ser hjvjhjhd emtre 4>.
! El sjkmb he lbs olucbs j`pbrtd `ugfb, sekóm ld ojkurd 5.4. el
sjkmb (-) heldmte hel vdlbr $ 4.111 j`pljgd que se
hese`nblsd $ 4.111. Wj se blvjhd pbmer este sjkmb, Exgel
gbmsjherdrä d`nbs vdlbres gb`b jmkresbs y el resultdhb mb
seràd $ :1,:4, sjmb $ >.1:1,:4.
²Guäl es ld jmterpretdgj÷m que hene hdrse dl resultdhb2
Gudmhb el _DM es gerb b um vdlbr pbsjtjvb, hene`bs
dgeptdr el prbyegtb. @ugfds veges surke ld prekumtd he
²pbr quê dgeptdr um prbyegtb guyb vdlbr dgtudl es gerb2
Ld respuestd es que um _DM gerb qujere hegjr que el
jmversjbmjstd reguper÷ su hjmerb y kdm÷ custb lb que
hesednd kdmdr, em el gdsb hel ece`plb sj el vdm funjese
sjhb gerb, querràd hegjr que el jmversjbmjstd kdm÷ um 41 % he
remtdnjljhdh. Gb`b ld respuestd mb oue gerb sjmb $ :1,:4, ld
jmterpretdgj÷m es que el jmversjbmjstd reguper÷ su hjmerb y
kdm÷ `äs he lb que hesednd kdmdr, d estb se gbmbge
gb`b gredr vdlbr pdrd el jmversjbmjstd.
El fegfb he que em el ece`plb el _DM sed superjbr d gerb
hd d emtemher que ld remtdnjljhdh hel prbyegtb es superjbr
dl 41 %.
Dl usdr ld o÷r`uld hel _DM hene`bs temer gujhdhb gbm lbs
perjbhbs em lbs que mb bgurrem mj sdljhds mj emtrdhds he
hjmerb, yd que el vdlbr gerb hene jmkresdrse gb`b pdrte he
lbs olucbs em lbs perjbhbs he gdpjtdljzdgj÷m gbrrespbmhjemtes.
Hecdr umd gelhd vdgàd sjm jmkresdr el vdlbr gerb, le jmhjgd d

$$
Exgel que mb exjste um perjbhb he gdpjtdljzdgj÷m. Qdrd
dgldrdr este pumtb se expbme el sjkujemte ece`plb3
D ^dgfel le fdgem odltd $ 4.>11 pdrd gb`prdr el gdrrb que
hesed, sus pdpäs hegjhjerbm prestdrle el hjmerb, perb
qujerem emseôdrle dgergd hel vdlbr hel hjmerb em el tje`pb,
pbr lb que le gbnrdrdm $ 451 `äs. Elld fd prb`etjhb
pdkdrles gbm el hjmerb que regjne em su gu`pledôbs y em
sus vdgdgjbmes y temhrä que pdkdr $ 4.751 em 7 gubtds, ld
prj`erd he $ 811, ld sekumhd he $ 851 y ld óltj`d he $ 511.
Estds gubtds seräm pdkdhds d 7, ? y 45 `eses. El prêstd`b
es dl ; % y ld gdpjtdljzdgj÷m es `emsudl. ²Guäl es el _DM hel
prêstd`b2

Ojkurd 5.>. El _DM he um olucb gbm um jmkresb y vdrjbs ekresbs em Exgel

$%
Gb`b puehe bnservdrse em ld ojkurd 5.>. em tbhbs lbs
perjbhbs em lbs que mb funb hese`nblsb he hjmerb se
jmkres÷ el vdlbr $ 1,11, he mb fdnerlb fegfb dsà, Exgel
funjese gbmsjherdhb que lbs tres hese`nblsbs se redljzdndm
em lbs perjbhbs 4, > y 7 respegtjvd`emte. Gb`pruene que
redljz÷ njem lbs pdsbs. Ld respuestd es -$ 65,6;. Lb que
sjkmjojgd que em h÷ldres dgtudles el prêstd`b le gbst÷ d
^dgfel $ 65,6;. Este ece`plb, d hjoeremgjd hel prj`erb, es
`ugfb `äs oägjl he resblver usdmhb ld o÷r`uld he _MD que
ld o÷r`uld he _D, puestb que em este gdsb lbs “QDKBW‐ mb
bgurrem d umd oreguemgjd heter`jmdhd mj el vdlbr es
gbmstdmte. Btrd hjoeremgjd j`pbrtdmte gbm respegtb d ld
o÷r`uld he _dlbr Dgtudl es que, em estd, sj se jmkresd em el
gd`pb he vdlbr outurb umd gdmtjhdh pbsjtjvd, ld respuestd
serä mekdtjvd y vjgeversd, gbm ld o÷r`uld he _DM mb bgurre
dquellb, em el ece`plb he ld Ojkurd 5.>. lbs olucbs he -$ 811, -
$ 851 y -$ 511 tjemem um _DM he -$ 4.>65,6;. Ld o÷r`uld hel
_DM es3
GO4 GO> GO7
_DM 0 GO + + + + ... (5.4)
(4 + I ) (4 + I ) >
(4 + I )7

B lb que es lb `js`b3
m
!t
_DM 0 " GO (4 + I )
t
(5.>)
t 01

Hbmhe GOt es el olucb he obmhbs (td`njêm lld`dhb olucb he

gdcd b Gdsf Olbw) kemerdhb pbr ld e`presd em el perjbhb t
y I es ld tdsd he hesguemtb dprbpjdhd pdrd el rjeskb he lbs
olucbs he obmhb.

$&
5.>. Ld XJ^
Em el dpdrtdhb dmterjbr jmhjgd`bs pbr quê gudmhb um
prbyegtb tjeme um _DM jkudl d gerb hene dgeptdrse. Ques
njem, ld tdsd jmtermd he retbrmb, es dquelld tdsd he

hesguemtb que fdge que el vdlbr dgtudl metb sed jkudl d

gerb. Ece`plb3
²Guäl es ld XJ^ he um prbyegtb gbm lbs sjkujemtes olucbs (em
dôbs)2
Mper Olucb
fby -4.111,11
4 4.>11,11

Ojkurd 5.7. O÷r`uld XJ^ em Exgel

We hjkjtd em Exgel 0XJ^ y luekb se jmkresdm lbs hdtbs he lbs

olucbs, es hegjr he N> d N7. Em el gd`pb EWXJ@D^ mb se jmkresdm
hdtbs. Em el sjkujemte gdpàtulb se expljgd ld utjljhdh hel
gd`pb EWXJ@D^. Wj fe`bs jmkresdhb gbrregtd`emte lds gjords
ld respuestd hene ser >1 %. Em el gdsb he ld XJ^, y d
hjoeremgjd hel _DM, hene jmglujrse el vdlbr que se emguemtrd
em el perjbhb gerb (fby). Ld sekumhd guestj÷m j`pbrtdmte
respegtb dl usb he ld o÷r`uld XJ^ y que td`njêm es umd
hjoeremgjd respegtb he ld hel _DM es que pdrd que
oumgjbme hene fdner dl `embs um gd`njb he sjkmb em lbs
olucbs. Wj se jmkresdm sblb gjords pbsjtjvds b sblb mekdtjvds, XJ^
mbs `bstrdrä gb`b respuestd # ¡MU@! que sjkmjojgd errbr.

%(
5.7. ^eldgj÷m emtre _DM, ld tdsd he hesguemtb
y ld XJ^
Ld reldgj÷m emtre el _DM y ld tdsd he hesguemtb es jmversd,
es hegjr, d `dybr tdsd `embr es el _DM. Estb es oägjl he
he`bstrdr gdlguldmhb el _DM hel sjkujemte olucb, utjljzdmhb
hjstjmtds tdsds he hesguemtb.

Mper Olucb
fby -411,11
4 441,11

Ojkurd 5.8. ^eldgj÷m emtre _DM y XJ^

M?#
g')4((
'E-O
g'(4(( $%&E K#-
g%4((
g#4((
gU4(( !"#E#-O
$%&E K-
g)4((
g(4((
Og)4(( #$ %$ &#$ &%$ '#$

OgU4((
Og#4((
B

Gb`b se bnservd em el kräojgb, d `dybr tdsd he hesguemtb,

`embr es el _DM. Wj el hjmerb mb tuvjese vdlbr em el tje`pb
(I01) emtbmges el _DM seràd $ 41, sj ld tdsd he hesguemtb
ouese 41 % emtbmges el _DM seràd $ 1 y sj ld tdsd he
hesguemtb ouese superjbr d ld XJ^, emtbmges el _DM seràd

%'
mekdtjvb, lb que j`pljgd que el jmversjbmjstd estdràd
perhjemhb hjmerb. Ld reldgj÷m emtre _DM y XJ^ puehe
resu`jrse em ld sjkujemte tdnld3
Xdnld 5.4. ^eldgj÷m emtre el _DM y ld XJ^

WJ EL _DM Z LD XJ^ EMXBMGEW…

Lbs jmversjbmjstds reguperdm su jmversj÷m
_DM = 1 XJ^ = 1 y kdmdm `äs que lb que heneràdm he
dguerhb gbm el rjeskb dsu`jhb.
Lbs jmversjbmjstds reguperdm su jmversj÷m
_DM 0 1 XJ^ = 1 y kdmdm lb gbrrespbmhjemte he
dguerhb gbm el rjeskb dsu`jhb.
Lbs jmversjbmjstds reguperdm su jmversj÷m
_DM < 1 XJ^ = 1 perb kdmdm `embs he lb que heneràdm
he dguerhb gbm rjeskb dsu`jhb.
Lbs jmversjbmjstds reguperdm sblb su
_DM < 1 XJ^ 0 1
jmversj÷m, mb fdy kdmdmgjds.
Lbs jmversjbmjstds mb reguperdm su
_DM < 1 XJ^ < 1
jmversj÷m, pjerhem hjmerb.
Estb se puehe gb`prbndr gbm el sjkujemte ece`plb.
Xdnld 5.>. Ece`plb he ld reldgj÷m emtre el _DM y ld XJ^

QE^JBHB OLUCB I _DM XJ^ _DM XJ^

Fby -$411,11
41% $:,1: >1% _DM = 1 XJ^ = 1
4 $4>1,11
Fby -$411,11
41% $1,11 41% _DM 0 1 XJ^ = 1
4 $441,11
Fby -$411,11
41% -$8,55 5% _DM < 1 XJ^ = 1
4 $415,11
Fby -$411,11
41% -$:,1: 1% _DM < 1 XJ^ 0 1
4 $411,11
Fby -$411,11
41% -$46,46 -41% _DM < 1 XJ^ < 1
# K)-F--

%)
5.8. Ecergjgjbs prbpuestbs
4. @÷mjgd tjeme ld bpbrtumjhdh he gb`prdr um terremb
ndlhàb `uy gergd he um gb`plecb he bojgjmds. El pregjb hel
terremb es he $ 51.111. Elld pldmed gb`prdr ld prbpjehdh e

jmvertjr $ ?1.111
estdgjbmd`jemtb. pdrd dhegudrld
Fd gbmversdhb y fdgerhe lds
gbm lbs prbpjetdrjbs um
bojgjmds gergdmds y tjeme dlkumbs jmteresdhbs em dlqujldr lds
pldzds he dpdrgd`jemtb. Lbs nemeojgjbs he lbs gbmtrdtbs le
kemerdräm jmkresbs pbr $ >1.111 dl dôb y temhräm umd
hurdgj÷m he 41 dôbs. ²Guäl es el vdlbr dgtudl metb hel pldm
he @÷mjgd sj ld tdsd he hesguemtb es hel 6,5 %2
>. Gfdmhler tjeme ld bpbrtumjhdh he jmvertjr em umd
pdpeleràd. Ld jmversj÷m jmjgjdl es he $ 51.111 y lbs olucbs he
gdcd esperdhbs sbm lbs sjkujemtes3 dôb 43 $ >.511, dôb >3 $
5.111, dôb 73 $ 5.111, dôb 83 $ ;.511, dôb 53 $ 41.111, dôb ?3
$ 41.111, dôb ;3 $ 45.111, dôb 63 $ 45.111. ²Guäl es ld XJ^ he
Gfdmhler em estd jmversj÷m2
7. ^bss es prbpjetdrjb he umd gdoeteràd y estä pemsdmhb em em
d`pljdr su mekbgjb pdrd jmglujr em el `emó tbrtds feldhds9
pdrd estb megesjtd dlqujldr espdgjb dhjgjbmdl guyb gbste
serä $ 5.111 pbr dôb. El vdlbr hel dlqujler se pdkd dl ojmdl he
gdhd dôb. Xd`njêm requerjrä equjpb dhjgjbmdl, guyb gbstb
es he $ :.111 y que hene pdkdr gbmtrd emtrekd. Lds tbrtds
feldhds prbpbrgjbmdräm um jmkresb dhjgjbmdl he $ 41.111
(pdrd odgjljtdr lbs gälgulbs dsu`j`bs que bgurrem dôb dl ojmdl
he gdhd dôb). We esperd que el mekbgjb puehd hurdr >1
dôbs ndcb lds gbmhjgjbmes `emgjbmdhds. Ld tdsd he
hesguemtb pdrd el muevb mekbgjb he ^bss es hel 41 %.
²Guäl es el vdlbr dgtudl metb hel prbyegtb he tbrtds
feldhds2 (Wupbmkd que mb fdy j`puestbs).
8. El prj`er olucb he gdcd es OG y el sjkujemte es OG (4+k),
hbmhe k es ld tdsd he gregj`jemtb hel olucb. ²Guäl es el _DM

%K
he um muevb prbyegtb, guyd jmversj÷m dsgjemhe d $ 411.111,
sj tjeme um olucb he eoegtjvb he $ 45.111 em el dôb 4, que
grege d um 8 % dmudl fdstd el dôb 4>2 Jmversjbmes sj`jldres
kdmdm ;,5 % pbr dôb.
5. Cbey dgdnd he gu`pljr 46 dôbs, jkudl que `ugfbs
c÷vemes he su ehdh se prekumtd sbnre ld gbmvemj gbmvemjemgjd
emgjd
egbm÷`jgd he bntemer um tàtulb umjversjtdrjb. Êl sdne que em
su prj`er dôb su pemsj÷m serä he $ 4>.111, pdkdherbs dl
gb`jemzb hel dôb (es hegjr, he jm`ehjdtb). Wbnre ld ndse
he lds temhemgjds fjst÷rjgds estj`d que ld pemsj÷m se
jmgre`emtdrä em um ? % dl dôb y estb bgurrjrä hurdmte lbs 8
dôbs que hurd su gdrrerd. Wdne que ld vjhd umjversjtdrjd
gbmllevd kdstbs dhjgjbmdles (vjhd sbgjdl, vjdces, reumjbmes,
rekdlbs, etg.) y `jemtrds hurem sus estuhjbs temhrä ese kdstb
dhjgjbmdl, el gudl fd estj`dhb serä he $ 5.111 pdrd el prj`er
dôb y du`emtdrä $ 511 gdhd dôb pbr eoegtbs he ld
jmoldgj÷m. Cbey mb tjeme pldmes he trdndcdr em dnsblutb
`jemtrds dsjste d ld umjversjhdh, perb sj remumgjd dl pldm
umjversjtdrjb se pbmhràd d trdndcdr jm`ehjdtd`emte y seràd
gdpdz he kdmdr $ 6.111 el prj`er dôb y estj`d que su suelhb
grezgd d um rjt`b hel 7 % dmudl. Em gd`njb, sj se tjtuld
gdlguld que kdmdrä $ 46.111 dl dôb y e`pezdràd d trdndcdr
custb dl sdljr he ld umjversjhdh,
umjversj hdh, he jkudl obr`d
obr`d,, gbm 7 % dmudl
he du`emtbs he suelhb. Wed que jmkrese d ld umjversjhdh b
mb, Cbey pjemsd trdndcdr fdstd lbs ?1 (gbmsjherdr que sj
hegjhe jr d ld umjversjhdh lb fdrä he jm`ehjdtb). Wj ld tdsd
he hesguemtb es hel ? %. ²Guäl es el vdlbr dgtudl metb he su
ehugdgj÷m umjversjtdrjd2 (Mbtd3 Qbr sj`pljojgdgj÷m
gbmsjherdr que tbhbs lbs olucbs he eoegtjvb, exgeptb lbs
pdkbs he pemsj÷m se prbhugem dl ojmdl hel dôb).

%U
^espuestds
4. $ >4.>>?,:?
>. ?,78 %.
7. $ >8.158,>5.
8. $ 81.865,;>.
5. $ ?4.144,88.

%"
 GDQÀXULB ?

GBMWJHE^DGJBMEW EM EL UWB HE _DM Z XJ^

BNCEXJ_BW HE DQ^EMHJSDCE

• Hesgrjnjr lds prjmgjpdles gb`pljgdgjbmes em el usb hel _DM.

• Gb`pdrdr prbyegtbs gbm hjstjmtb fbrjzbmte te`pbrdl.
• Hjstjmkujr lbs gdsbs em lbs que ld XJ^ mb es eojgdz pdrd
heter`jmdr ld remtdnjljhdh egbm÷`jgd he um prbyegtb.
• Hesgrjnjr lbs prbs y gbmtrds em el usb hel _DM y ld XJ^.
GDQÀXULB ?. GBMWJHE^DGJBMEW EM EL
UWB HE _DM Z XJ^
BNCEXJ_BW HE DQ^EMHJSDCE
•
Hesgrjnjr lds prjmgjpdles gb`pljgdgjbmes em el usb hel
_DM.
• Gb`pdrdr prbyegtbs gbm hjstjmtb fbrjzbmte te`pbrdl.
• Hjstjmkujr lbs gdsbs em lbs que ld XJ^ mb es eojgdz pdrd
heter`jmdr ld remtdnjljhdh egbm÷`jgd he um
prbyegtb.
• Hesgrjnjr lbs prbs y gbmtrds em el usb hel _DM y ld XJ^.

"Mb se trdtd he guämtb hjmerb kdmds, sjmb he guämtb hjmerb

te quehd, quê tdmtb te sjrve y guämtds kemerdgjbmes lb
`dmtemer". - ^bnert Ijybsdij.
lbkrds `dmtemer".

('
?.4. Gb`pljgdgjbmes gbm lbs olucbs
Gudmhb se usd el _DM pdrd evdludr ld remtdnjljhdh he um
prbyegtb se hene temer gujhdhb dl heter`jmdr lbs olucbs,
pues dlkumds emtrdhds b sdljhds he hjmerb que bgurrem mb
heneràdm ser tb`dhds em guemtd, `jemtds btrds que mb
bgurrem, sà heneràdm serlb. Estb puehe pdreger gbmousb, perb
mbs reoerj`bs d3
! Lbs gbstbs fumhjhbs9
! lbs gbstbs jmdlterdhbs y hjoeremgjdles9 y,
! lbs gbstbs he bpbrtumjhdh (jmkresbs hjoeremgjdles).
Dmtes he hesgrjnjr gdhd umb he estbs gdsbs es megesdrjb
dgldrdr que sj el bncetjvb es `ehjr el resultdhb egbm÷`jgb
he umd hegjsj÷m hespuês he bgurrjhbs lbs fegfbs (dmäljsjs ex
pbst) regurrjre`bs d ld gbmtdnjljhdh ojmdmgjerd em ld que lbs
gbstbs fjst÷rjgbs sbm relevdmtes. Wj el bncetjvb es tb`dr umd
hegjsj÷m he explbtdgj÷m b jmversj÷m>7, regurrjre`bs d ld
gbmtdnjljhdh keremgjdl, hbmhe gbmgeptbs gb`b gbstbs
fumhjhbs, gbstbs jmdlterdhbs, gbstbs hjoeremgjdles, jmkresbs
jmdlterdhbs e jmkresbs hjoeremgjdles gbnrdm j`pbrtdmgjd.
! Lbs gbstbs fumhjhbs3 el têr`jmb se reojere d dquellbs
gbstbs que bgurrjerbm em el pdsdhb y que, dumque sbm pdrte
hel prbyegtb, mb tjemem relevdmgjd em el presemte pdrd
tb`dr umd hegjsj÷m. Ec.3 Fdge um `es se gbmtrdt÷ um estuhjb
he `ergdhb pdrd heter`jmdr ld vjdnjljhdh he hesdrrblldr,
prbhugjr y gb`ergjdljzdr el prbhugtb “DNG‐. El estuhjb
heter`jm÷ que el td`dôb hel `ergdhb es `ugfb `embr dl

prbmbstjgdhb pbr ld keremgjd brjkjmdl`emte. We estj`d que

se pbhràdm vemher >11 umjhdhes he hjgfb prbhugtb d

)K S+HH-J- 2+69C9Z. 2+ +VEH1G-69Z. - -WI+HH- 6I5-C 61.C+6I+.69-C -B+6G-. -

I. E+,\121 61,G14 @+.+,-HJ+.G+ J+.1C 2+ I. -Y1b 54 2+69C9Z. 2+ 9._+,C9Z.
- -WI+HH- 6I5-C 61.C+6I+.69-C -[-,6-. I. E+,\121 J-51, WI+ I. -Y17

%%
$ 4.111 y guyb gbstb he prbhuggj÷m tbtdl dsgemheràd d
$ 451.111. We dsu`e que tbhbs lbs gbstbs he prbhuggj÷m sbm
vdrjdnles. El estuhjb gbst÷ $ 61.111. Usteh hesed sdner sj
hene e`premher b mb gbm ld prbhuggj÷m, sj lb fdge el
estdhb he resultdhbs seràd el sjkujemte3

Xdnld ?.4. Estdhb he resultdhbs ecegutdmhb el prbyegtb

%(741>8> Q <FF5FFFJFF
*+.G- 2+ E,12I6G1 g )((7(((4((

&8>O8> Q <3F5FFFJFF
2+ E,12I669Z. g '"(7(((4((
+CGI291 2+ J+,6-21 g %(7(((4((

H1>:*O+=8 =1* 1T14,-,-8 ^Q 3F5FFFJFF

Qbr lb que, sj dmdljzd`bs ld remtdnjljhdh hel prbyegtb,

llekdre`bs d ld gbmglusj÷m he que se pjerhe hjmerb y
estdràd`bs temtdhbs d mb ecegutdrlb, perb dquellb seràd um
errbr, pbrque el estuhjb he `ergdhb es um gbste fumhjhb y
pbr tdmtb mb es relevdmte em el presemte pdrd tb`dr ld
hegjsj÷m. _ed`bs quê pdsd sj ld e`presd mb redljzd el
prbyegtb.
Xdnld ?.>. Estdhb he resultdhbs sjm ecegutdr el prbyegtb
Jmkresbs $ 1,11
_emtd he prbhugtb

Gbstbs
he prbhuggj÷m
prbhuggj ÷m $ 1,11 $ 61.111,11
estuhjb he `ergdhb $ 61.111,11

^esultdhb hel ecergjgjb -$ 61.111,11

%&
Bnvjd`emte es preoerjnle ecegutdr el prbyegtb y perher
$ 71.111,11 d mb ecegutdrlb y perher $ 61.111,11.
Dl evdludr umd hegjsj÷m he este tjpb hene`bs ojcdrmbs em el
`drkem he gbmtrjnugj÷m>8 y mb em el `drkem metb>5, `jemtds

el `drkem he
el prbyegtb. Xdlgbmtrjnugj÷m sed pbsjtjvb
gb`b se `uestrd hene`bs
em ld tdnld ?.7. ecegutdr
Xdnld ?.7. Dmäljsjs he `drkem he gbmtrjnugj÷m
Jmkresbs $ >11.111,11
$
_emtd he prbhugtb >11.111,11

Gbstbs $ 451.111,11
$
Gbstb _drjdnle 451.111,11
Gbstb ojcb $ 1,11

@drkem he gbmtrjnugj÷m $ 51.111,11

Emtbmges, sj quere`bs `ehjr el resultdhb egbm÷`jgb tbtdl

hel hesdrrbllb, prbhuggj÷m y gb`ergjdljzdgj÷m hel prbhugtb,
hene`bs dguhjr d ld gbmtdnjljhdh ojmdmgjerd, es hegjr, d ld
tdnld ?.4. Wj hesed`bs sdner sj hene`bs ecegutdr ld
prbhuggj÷m regurrj`bs d ld gbmtdnjljhdh keremgjdl y redljzdr

)U
LH J-,@+. 2+ 61.G,9[I69Z. I.9G-,91 +C 9@I-H -H E,+691 2+ _+.G- I.9G-,91
J+.1C 61CG1 _-,9-[H+ I.9G-,914 ?7 87 n N*N ` p 8*`4 5 +H J-,@+. 2+

61.G,9[I69Z.
61.G,9[I69
)" Z..+G1
LH J-,@+. G1G-H+C
+C9@I-H
9@I-H--H-C
*+.G-C p 81CG1C
_+.G-C J+.1C_-,9-[H+C G1G-H+C7 5
61CG1C 61JEH+G1C4 H1C 61CG1C
61JEH+G1C C1. 9@I-H - H- CIJ-G1,9- 2+ 61CG1C 29,+6G1C 5 61CG1C 9.29,+6G1C7
jZG+C+ WI+ -WI\ .1 C+ J+.691.-. H1C 61CG1C B9]1C .9 _-,9-[H+C4 E1,WI+
6I-.21 :-[H-J1C 2+ 29,+6G1C + 9.29,+6G1C +CG-J1C :-[H-.21 2+ 61CG1C E-,-
_-H1,-, H-C J+,6-.6\-C4 5 6I-.21 :-[H-J1C 2+ B9]1C 5 _-,9-[H+C :-[H-J1C 2+
61CG1C E-,- H- G1J- 2+ 2+69C91.+C7 T9.-HJ+.G+ -2_+,G9J1C -H H+6G1, WI+
61CG1 B9]1 .1 +C 9@I-H - 61CG1 9.29,+6G17

&(
um dmäljsjs he `drkem he gbmtrjnugj÷m ‘gb`b se bnservd
em ld tdnld ?.7‘. Kräojgd`emte pbhràd hesgrjnjrse dsà3
Ojkurd ?.4. Gbmtdnjljhdh ojmdmgjerd y gbmtdnjljhdh keremgjdl

81.G-[9H92-2
81.G-[9H92-2 T9.-.69+,-
T9.-.69+,-

81.G-[9H92-2 F+,+.69-H

N-C-21
N,+C+.G+ TIGI,1
0d+@9CG,- 61CG1
0G1J- 2+ 2+69C9Z.=
:9CGZ,961=

! Lbs gbstbs jmdlterdhbs y hjoeremgjdles3 gudmhb se hene

elekjr emtre vdrjds bpgjbmes y tbhds ellds jmgluyem um gbstb
jhêmtjgb, d hjgfb vdlbr se lb lld`d gbstb jmdlterdhb9 gudmhb
lbs gbstbs sbm hjstjmtbs em gdhd bpgj÷m se lbs lld`d gbstbs
hjoeremgjdles. Ec.3 Usteh requjere repdrdr umd `äqujmd y
tjeme hbs bpgjbmes pdrd fdgerlb3 (4) gb`prdr um repuestb
muevb pbr $ 4.511 b (>) gb`prdr umb usdhb pbr $ ;11. Em
gudlqujerd he lbs hbs gdsbs el gbstb he `dmb he bnrd pbr
ld jmstdldgj÷m es he $ 811.
Xdnld ?.8. Ece`plb he Gbstb Jmdlterdhb y Gbstb Hjoeremgjdl

Gbstb repuestb muevb Gbstb repuestb usdhb

Hetdlle Gbstb Gbstb Gbstb Gbstb
jmdlterdhb hjoeremgjdl jmdlterdhb hjoeremgjdl
^epuestb $ ;11,11 $ 611,11 $ ;11,11 $ 1,11
@dmb he
$ 811,11 $ 1,11 $ 811,11 $ 1,11
bnrd Xbtdl $ 4.411,11 $ 611,11 $4.411,11 $1,11
Em gdsb he que se use el repuestb muevb pdrd repdrdr ld
`äqujmd, estd puehe hurdr > dôbs sjm megesjhdh he que se
vuelvd d jmvertjr em elld, em gd`njb sà se utjljzd el repuestb

&'
usdhb hemtrb he um dôb requerjrä um muevb `dmtemj`jemtb.
Qrekumtd3 ²Heshe el pumtb he vjstd he ld tb`d he
hegjsjbmes guämtb guestd gb`prdr el repuestb muevb2 Le
nrjmhd`bs umd pjstd3 sjm j`pbrtdr ld bpgj÷m que eljcd, dl
`embs kdstdrä $ 4.411.
Ld exjstemgjd he estbs gbstbs mbs bnljkd d pemsdr em gdhd
hegjsj÷m que tb`d`bs, ²quê es lb hjoeremgjdl2 Zd que esb
es lb hene`bs tb`dr em guemtd.
! Lbs gbstbs he bpbrtumjhdh (jmkresbs hjoeremgjdles)3 gb`b
vj`bs em el gdpàtulb >, um gbstb he bpbrtumjhdh es dlkb he
lb que se prjvd um dkemte gudmhb redljzd umd eleggj÷m.
Gudmhb se evdlód umd bpgj÷m he jmversj÷m fdy que
gbmsjherdr d quê pbsjnles jmkresbs estd`bs remumgjdmhb.
_ed`bs um ece`plb. Usteh es hueôb he um terremb y puehe
pbmer em êl um mekbgjb jmvjrtjemhb $ ;1.111, pbr btrd pdrte,
pbhràd vemher el terremb em $ 75.111. Dl `b`emtb he
evdludr ld jmversj÷m heneràd`bs gbmsjherdr el vdlbr hel
terremb, pbrque, dumque mb represemtd umd sdljhd he
hjmerb, el jmkresb pbr ld vemtd mb redljzdhd, pbhràd fdner
sjhb utjljzdhb em btrd jmversj÷m que kemere umd remtdnjljhdh.

?.>. Gb`pljgdgjbmes gbm ld gbmtdnjljhdh

Gudmhb tb`d`bs lbs hdtbs he ld gbmtdnjljhdh he umd
e`presd pdrd estj`dr lbs olucbs hene`bs temer em guemtd
que exjstem rekjstrbs he jmkresbs y ekresbs que sbm `erbs
dpumtes gbmtdnles y que mb represemtdm sdljhds b emtrdhds
he hjmerb.
Ece`plbs he jmkresbs que mb sbm olucb3
^evdlbrjzdgj÷m he dgtjvbs ojcbs.
Kdmdmgjds pbr `ehjgj÷m d vdlbr rdzbmdnle `embs gbstbs
he vemtd.

&)
Kdmdmgjd mb redljzdhd pbr tjpb he gd`njb he `bmehd.

Ece`plbs he ekresbs que mb sbm olucb3

Hepregjdgjbmes.
D`brtjzdgjbmes.
Qrbvjsjbmes cunjldres y pdtrbmdles.
Qrbvjsjbmes pbr vdlbr metb redljzdnle he jmvemtdrjb.
Qrbvjsjbmes pbr pêrhjhds esperdhds em gbmtrdtbs he
gbmstruggj÷m.
Estd ljstd mb es, he mjmkóm `bhb, exfdustjvd, jmvjtd`bs dl
legtbr d emgbmtrdr `äs rekjstrbs gbmtdnles que mb
gbmstjtuyem jmkresbs b ekresbs he eoegtjvb>?.

?.7. Gb`pdrdgj÷m he prbyegtbs gbm hjstjmtb

fbrjzbmte te`pbrdl
Gudmhb hene`bs esgbker emtre hjstjmtds bpgjbmes dl
redljzdr um prbyegtb y hjgfds bpgjbmes tjemem hjoeremtes
fbrjzbmtes te`pbrdles, el _DM mb mbs sjrve pdrd evdludr guäl
es ld `ecbr bpgj÷m. _ed`bs pbr quê.
Wupbmkd`bs que teme`bs que gb`prdr umd `äqujmd y
pbhe`bs esgbker emtre ld `äqujmd V y ld `äqujmd Z. Ld
prj`erd gbm um pregjb he $ 71.111 y um gbstb he
`dmtemj`jemtb dmudl he $ >.111. Ld sekumhd gbm um pregjb
he $ 75.111 y um gbstb he `dmtemj`jemtb dmudl he $ 4.111.
Ld prj`erd `äqujmd tjeme umd vjhd ótjl he 7 dôbs, tje`pb
trds el gudl fdy que hesegfdr ld `äqujmd y dhqujrjr umd

)# S9. :-[+, ,+-H9<-21 I. -.fH9C9C E,1BI.21 2+ H-C jRRT4 H1C -IG1,+C

92+.G9B96-,1. JfC 2+ G,+9.G- E1C9[H+C ,+@9CG,1C 61.G-[H+C WI+ .1
,+E,+C+.G-. .9 ,+E,+C+.G-,f. 9.@,+C1C 1 +@,+C1C 2+ +B+6G9_17

&K
muevd. Ld sekumhd tjeme umd vjhd ótjl he 8 dôbs y luekb
hene hesegfdrse pdrd dhqujrjr umd muevd. Em d`nbs gdsbs
el `dmtemj`jemtb hene redljzdrse he obr`d dmudl, gbm el
prj`er `dmtemj`jemtb d eoegtudrse dl dôb he fdner
dhqujrjhb ld `äqujmd. Ld tdsd he hesguemtb que dpljgd ld
e`presd es hel 41 %. Lbs olucbs y el _DM se presemtdm d
gbmtjmudgj÷m3

Gb`emtdrjb Gb`emtdrjb
Dôb @äqujmd V @äqujmd Z
@äqujmd V @äqujmd Z
Fby -$ 71.111,11 -$ 75.111,11 Gb`prd he `äqujmd Gb`prd he `äqujmd
4 -$ >.511,11 -$ >.111,11 4.( `dmtemj`jemtb 4.( `dmtemj`jemtb
> -$ >.511,11 -$ >.111,11 >.( `dmtemj`jemtb >.( `dmtemj`jemtb
7 $ 1,11 -$ >.111,11 We hesegfd `äqujmd 7.( `dmtemj`jemtb
8 $ 1,11 $ 1,11 We hesegfd `äqujmd

_DM -$ 78.776,68 -$ 7:.:;7,;1

Dpdremte`emte dhqujrjr ld `äqujmd Z es `äs gdrb, puestb

que el vdlbr dgtudl he su pregjb y sus `dmtemj`jemtbs es
`dybr que el he ld `äqujmd V9 sjm e`ndrkb, fdy que
regbrhdr que ld `äqujmd Z hurd um dôb `äs que ld
`äqujmd V, pbr lb que lb gbrregtb seràd hjstrjnujr ese gbstb
emtre lbs dôbs he vjhd ótjl he gdhd `äqujmd, es hegjr,
bntemer el gbstb dmudl umjobr`e equjvdlemte (GDUE) . El
GDUE, d hjoeremgjd hel _DM, mbs per`jte gb`pdrdr
prbyegtbs gbm vjhd ótjl hjstjmtd pbrque estdmhdrjzd lbs
gbstbs d umd `ehjhd gb`pdrdnle, que es el gbstb dmudl.
Estd bperdgj÷m se redljzd em Exgel dpljgdmhb ld o÷r`uld
QDKB dl _DM he gdhd `äqujmd, pdrd el prj`er gdsb
MQE^07, pdrd el sekumhb MQE^08. Gbm estb se bntjeme ld
dmudljhdh hel gbstb dgtudljzdhb he gdhd umd he ellds. D
gbmtjmudgj÷m, el GDUE he d`nds `äqujmds.

&U
 Xdnld ?.5. GDUE he prbyegtbs gbm vjhd ótjl hjoeremte

Dôb @äqujmd V @äqujmd Z

_DM -$ 78.776,68 -$ 7:.:;7,;1

GDUE $ 47.616,4? $ 4>.?41,58

Gb`b se puehe dpregjdr em ld Xdnld ?.8., dumque ld
`äqujmd Z tjeme umd _DM `dybr, su GDUE es `embr y es,
pbr tdmtb, ld bpgj÷m `äs ndrdtd.

?.8. Gb`pljgdgjbmes gbm ld tdsd he hesguemtb

Gudmhb se qujere estj`dr el vdlbr he `ergdhb he lds
dggjbmes he umd e`presd este se bntjeme hesgbmtdmhb el
olucb he gdcd hjspbmjnle pdrd lbs dggjbmjstds d ld tdsd
exjkjhd pbr lbs dggjbmjstds d hjgfd e`presd ( ./).
Xdsd exjkjhd pbr lbs dggjbmjstds (td`njêm remtdnjljhdh
exjkjhd d lds dggjbmes)3 este es umb he lbs pumtbs he `dybr
hjsgusj÷m tdmtb pdrd lbs dgdhê`jgbs gb`b pdrd lbs
ecegutjvbs. ²Guäl es ld tdsd dprbpjdhd d ld que se hene
hesgbmtdr um prbyegtb2 Ld ljterdturd ojmdmgjerd dl respegtb
es embr`e, gbm `ugfds gb`pljgdgjbmes y dspegtbs
guestjbmdnles. Lb que el legtbr hene sdner es que lds
hjversds tebràds prbpbmem que ld tdsd sed dgbrhe dl rjeskb
dsu`jhb pbr el jmversjbmjstd. Em el gdsb he gbmtrder umd
heuhd gbm el ndmgb ld tdsd estä hdhd, el prbnle`d surke
gbm lds jmversjbmes. ²Guäl es ld remtdnjljhdh que se le hene

exjkjr d umndmdmerd2
fdgjemhd restdurdmte,Lddtebràd
umd tjemhd he zdpdtbs
`äs hjoumhjhd b d umd
y dgeptdhd
(dumque mb exemtd he `ugfbs prbnle`ds) es ld tebràd hel

&"
Gdpjtdl Dsset Qrjgjmk @bhel (GDQ@)>; b gb`b se ld gbmbge
em espdôbl @bhelb he _dlbrdgj÷m he Dgtjvbs Ojmdmgjerbs,
estd pbstuld que ld remtdnjljhdh exjkjhd d ld pbr lbs
dggjbmjstds d ld e`presd (Ie), es jkudl d ld tdsd sjm rjeskb
(^O) `äs ld prj`d he rjeskb he ld e`presd. _er egudgj÷m ?.4.
14 > 78 5 ?;6:3 <0 ;60=2A <0 D3 0:?;0=3 6 (?.4)
Ld prj`d he rjeskb he ld e`presd es oumgj÷m hel rjeskb que
se pergjne he ld e`presd y que el `bhelb gudmtjojgd gb`b
" (^ @ ‗ ^O). Hbmhe " (netd) es um gbeojgjemte que jmhjgd el
rjeskb he ld jmversj÷m ("01 pdrd jmversjbmes sjm rjeskb, "
`dybr gudmtb `äs rjeskb tjeme ld jmversj÷m).
14 > 78 5 N" 7G H 78 (?.>)
Mb es he jmterês he este ljnrb fdger umd expljgdgj÷m extemsd
sbnre este `bhelb, perb jmvjtd`bs dl legtbr d que nusque
em jmtermet ld evblugj÷m y estdhb dgtudl he estd tebràd. Em
mjmkumb he lbs ecergjgjbs pehj`bs dl legtbr estdnleger ld
tdsd he hesguemtb.

?.5. Ld preoeremgjd he ld XJ^ fdgjd el gbrtb

pldzb
Umb he lbs prbnle`ds dl gb`pdrdr bpgjbmes `ehjdmte el
usb he ld XJ^ es que estd tjeme um seskb fdgjd el gbrtb pldzb,
es hegjr3 ld XJ^ pre`jd d lbs prbyegtbs guybs olucbs he
jmkresbs se emguemtrem `äs gergdmbs dl presemte,
jmhepemhjemte`emte he sj kemerdm `dybr rjquezd dl
jmversjbmjstd b mb.
D gbmtjmudgj÷m, um gdsb que ece`pljojgd lb hjgfb3

)$ S:-,E+4 ;7T7 0'&#U=7 8-E9G-H -CC+G E,96+CD h G:+1,5 1B J-,i+G +WI9H9[,9IJ

I.2+, 61.29G91.C 1B ,9Ci7 0:' B,"8#%) ,- -.#%#/'4 '&0K=4 U)"OUU)7 P,-[-]1 E1,
+H WI+ ;9HH9-J S:-,E+ @-.Z +H N,+J91 j1[+H 2+ L61.1J\- +. '&&(7

&#
Umd e`presd estä evdludmhb sj ecegutd el Qrbyegtb D b el
Qrbyegtb N. Mb puehe fdger d`nbs pbrque sbm prbyegtbs
`utud`emte exgluyemtes>6. Dsà que hegjhe utjljzdr ld XJ^
pdrd evdludr quê prbyegtb es `ecbr. Lbs olucbs y ld XJ^ he
d`nbs prbyegtbs sbm lbs he ld tdnld d gbmtjmudgj÷m.
Xdnld ?.?. Olucbs y XJ^ he prbyegtbs gbm hese`nblsb jmjgjdl jkudl y olucbs
pbsterjbres hjoeremtes

Dôb Qrbyegtb D Qrbyegtb N

Fby -$ 4.111,11 -$ 4.111,11
4 $ >11,11 $ 4.111,11
> $ 4.>11,11 $ 7>1,11
XJ^ >1,11 % >5,51 %
Gb`b se puehe bnservdr, el Qrbyegtb N tjeme umd `dybr XJ^.
Wekóm lb dpremhjhb fdstd dfbrd sbnre ld reldgj÷m emtre ld
tdsd he hesguemtb y el vdlbr dgtudl metb (ver dpdrtdhb 5.7),
heneràd`bs esgbker el prbyegtb N, sjm e`ndrkb, sj
hesgbmtd`bs d`nbs prbyegtbs dl 5 %, vere`bs que lb `äs
remtdnle es ecegutdr el Qrbyegtb D.

Xdnld ?.;. _dm he prbyegtbs gbm jkudl hese`nblsb jmjgjdl y hjoeremtes

olucbs

Xdsd _dm Qrbyegtb D _dm Qrbyegtb N

5,11 % $ >;6,:4 $ >8>,?7

41,11 % $ 4;7,55 $ 4;7,55
>1,11 % $ 1,11 $ 55,5?

)% k1C1 JfC E,15+6G1C C1. JIGI-J+.G+ +V6HI5+.G+C 6I-.21 H- ,+-H9<-69Z.

2+ I.1 2+ +HH1C 9JE92+ H- +]+6I69Z. 2+ H1C 2+JfC7 N1, +]+JEH1D G+.+J1C I.
G+,,+.14 +. +H E12+J1C :-6+, I.- 6-C- 1 I. H16-H 61J+,69-H4 E+,1 .1 -J[1C
-H J9CJ1 G9+JE17

&$
Wj hesgbmtd`bs lbs prbyegtbs dl 41 %, el _DM es el `js`b
pdrd d`nbs y, pbr tdmtb, mbs hdràd lb `js`b ecegutdr el
Qrbyegtb D b el N. Wj hesgbmtd`bs dl >1 % el Qrbyegtb N
temhrä `dybr _DM. Ld tdsd que fdge que hbs prbyegtbs
jkudlem su _DM se gbmbge gb`b ld tdsd Ojsfer>:. Em ld ojkurd
?.>. pbhe`bs bnservdr lbs perojles he _DM71 he d`nbs
prbyegtbs, pdrd gudlqujer tdsd pbr hendcb hel 41 % es
preoerjnle ecegutdr el Qrbyegtb D y pdrd gudlqujer tdsd pbr
emgj`d hel 41 % es preoerjnle ecegutdr el N. Gdne
prekumtdrse3 ²guäl es ld utjljhdh he que ld XJ^ `e jmhjque
que um prbyegtb puehe ser hesgbmtdhb fdstd um >5 %, sj el
`ergdhb gbmsjherd que ld tdsd he hesguemtb dprbpjdhd
pdrd ld jmversj÷m es hel 6 %2
Estb bgurre pbrque el olucb `dybr hel Qrbyegtb N bgurre em
el dôb 4, `jemtrds que el olucb `dybr hel Qrbyegtb D bgurre
em el dôb >. Ld XJ^ tjeme um seskb fdgjd el gbrtb pldzb
gudmhb em ld prägtjgd lbs krdmhes prbyegtbs b e`presds
tjemem `ecbres resultdhbs em el ldrkb pldzb.

)& T9C:+,4 R7 0'&K(= 0:',8; ,- .#('8'*( %* $'('8&.#'$ T; .&D%(.'#/' (, *D'#$

.#/,&' %#$ ,DD,8("#.(; (, .#9'*( .(4 j+3 c1,i7 P:+ ?-6J9HH-. 81JE-.57
K( LH E+,B9H 2+H *hj +C I.- @,fB96- WI+ ,+E,+C+.G- +H _-H1, E,+C+.G+ .+G1 2+

I. E,15+6G1 +. ,+H-69Z. 61. 29_+,C-C G-C-C 2+ 2+C6I+.G17

&%
 Ojkurd ?.4. Qerojles
Qerojles he _DM y el seskb he ld XJ^ dl gbrtb pldzb

gU((4((
gK((4(( !()( *+
-.)/1+4E#-O
g)((4((
g'((4((
g(4((
Og'((4(( $O &O (O #-O #$O #&O #(O *-O *$O *&O

*-. N,15+6G1 h *-. N,15+6G1 m

?.?. Ld preoeremgjd he ld XJ^ pbr lds jmversjbmes

pequeôds
Btrd gb`pljgdgj÷m dl gb`pdrdr bpgjbmes `ehjdmte el usb
he ld XJ^ es que se requjere que lds bpgjbmes temkdm
jhêmtjgb hese`nblsb jmjgjdl. Gudmhb estb mb bgurre puehem
hdrse gjertds jmgbmsjstemgjds.
_ed`bs um ece`plb3
Usteh puehe esgbker emtre hbs prbyegtbs `utud`emte
exgluyemtes que presemtdm lbs sjkujemtes olucbs y XJ^3

Dôb Qrbyegtb D Qrbyegtb N

Fby -$ 8.111,11 -$ 81.111,11
4 $ 5.?11,11 $ 86.111,11
XJ^ 81,11 % >1,11 %
Dpdremte`emte ld `ecbr bpgj÷m seràd ecegutdr el Qrbyegtb
D, pues tjeme umd `dybr XJ^9 sjm e`ndrkb, sj hesgbmtd`bs
d`nbs prbyegtbs dl 48 %, el Qrbyegtb N seràd el kdmdhbr,
gb`b se bnservd em ld Xdnld ?.?. Wj lbs prbyegtbs sbm
hesgbmtdhbs dl 4;,;6 % d`nbs temhràdm el `js`b _DM y sj

&&
sbm hesgbmtdhbs dl >> % ele l Qrbyegtb D es preoerjnle. Ld tdsd
he Ojsfer es 4;,;6 % em este gdsb.
Xdnld ?.6. _DM he prbyegtbs gbm hjstjmtb hese`nblsb jmjgjdl

Xdsd he
hesguemtb Qrbyegtb D Qrbyegtb N
48,11 % $ :4>,>6 $ >.415,>?
4;,;6 % $ ;58,;> $ ;58,;>
>>,11 % $ 5:1,4? -$ ?55,;8
Em ld ojkurd ?.7. pbhe`bs bnservdr lbs perojles he _DM he
d`nbs prbyegtbs. Qdrd gudlqujer tdsd he hesguemtb que
utjljge`bs jmoerjbr d ld tdsd he Ojsfer (4;,;6 %) es preoerjnle
ecegutdr el Qrbyegtb N y pdrd gudlqujer tdsd he hesguemtb
que utjljge`bs superjbr d ld tdsd he Ojsfer, es `ecbr ecegutdr
el Qrbyegtb D. Muevd`emte surke ld prekumtd3 ²guäl es ld
utjljhdh he ld XJ^ em este gdsb2 Ld XJ^, gb`b su mb`nre lb

jmhjgd,
utjljzd`bsesumd
umdtdsd
`ehjhd jmtermd ldhel
he hesguemtb prbyegtb,
`ehjhd gudmhb
es extermd, es
lb que el `ergdhb jmhjgd d lbs jmversjbmjstds que henem
exjkjr. Em estb rdhjgd el êxjtb hel
he l _DM em gb`njmdr lbs olucbs
que pertemegem dl prbyegtb y ld tdsd he hesguemtb que
pbme el `ergdhb. Em este gdsb ld XJ^ odlld pbrque tjeme um
seskb fdgjd lds jmversjbmes pequeôds.

'((
Ojkurd ?.>. Qerojles he _DM he prbyegtbs gbm hjstjmtb hese`nblsb jmjgjdl

gK7(((4((
!()( *+
g)7(((4((
-.)/1+4E#,F,(O
g'7(((4((
g(4((
Og'7(((4(( !"# !%# !&# '(# ''# '"# '%# '&# )(#

Og)7(((4((
OgK7(((4((
OgU7(((4((

N,15+6G1 h N,15+6G1 m

?.;. Gldsjojgdgjbmes em gbmoljgtb

Gb`b se puhb bnservdr em lbs dpdrtdhbs ?.5. y ?.?. fdy
gdsbs em lbs que el _DM y ld XJ^ emtrdm em gbmoljgtb dl
gldsjojgdr prbyegtbs, estb se hene d lds hjoeremgjds em ld
`dkmjtuh he ld jmversj÷m y ld eleggj÷m hel `b`emtb em que
se redljzdm lbs olucbs he eoegtjvb. Ld rdz÷m que sunydge d
este gbmoljgtb es ld supbsjgj÷m j`plàgjtd he que lds emtrdhds
he eoegtjvb jmter`ehjds74, se rejmvjertem d umd tdsd
heter`jmdhd. El _DM dsu`e que lds emtrdhds he eoegtjvb
jmter`ehjds se rejmvjertem dl gbstb he gdpjtdl7>, `jemtrds que
ld XJ^ dsu`e que lds emtrdhds he eoegtjvb jmter`ehjds se

K' A-C +.G,-2-C 2+ +B+6G9_1 9.G+,J+29-C C1. H1C BHI]1C 2+ +B+6G9_1 WI+
16I,,+. HI+@1 2+H 2+C+J[1HC1 9.969-H 5 WI+ 9.@,+C-. -.G+C 2+H GM,J9.1 2+H
E,15+6G17
K) LH 61CG1 2+ 6-E9G-H +C 9@I-H - H- d+.G-[9H92-2 +V9@92- - H-C -6691.+C 0^ = +.
'
-IC+.69- 2+ 2+I2-7 8I-.21 :-5 2+I2- +H 61CG1 2+ 6-E9G-H C+,f +H E,1J+291
2+H 61CG1 2+ H- 2+I2- 0 ^$= 5 2+ H- ,+.G-[9H92-2 +V9@92- - H-C -6691.+C 0^'=
E1.2+,-2-C E1, H- E,1E1,69Z. 2+ 6-2- I.- +. +H B9.-.69-J9+.G1 2+ H-
+JE,+C-7 81CG1 2+ 8-E9G-H n ^ W 0^'=0LXLqk= q 0^$=0kXLqL= 0'OP=4 21.2+ P
+C H- G-C- 9JE1C9G9_-7

'('
rejmvjertem d umd tdsd jhêmtjgd d ld XJ^ hel prbyegtb. Em
tebràd, el gbstb he gdpjtdl suele ser um vdlbr rdzbmdnle he ld
tdsd d ld gudl ld e`presd pbhràd redl`emte rejmvertjr lds
emtrdhds he eoegtjvb jmter`ehjds, lb que fdge dl _DM
preoerjnle dmte ld XJ^.

?.6. Qrbyegtbs gbm `óltjples XJ^

Exjstem gdsbs espegjdles em lbs gudles es j`pbsjnle
heter`jmdr ld XJ^ he um prbyegtb pbr el fegfb he que mb
exjste umd ómjgd XJ^ sjmb hbs b `äs. Estbs gdsbs se hdm
gudmhb lbs olucbs mb sjkuem um pdtr÷m gbmvemgjbmdl. Lb
mbr`dl es que um prbyegtb temkd umb b vdrjbs perjbhbs he
ekresbs y luekb umb b vdrjbs perjbhbs he jmkresbs, perb fdy
gdsbs espegjdles, pbr ece`plb, lbs que se hdm em ld jmhustrjd
petrblerd b `jmerd. Kemerdl`emte em estds jmhustrjds lbs
gbmtrdtbs he explbtdgj÷m suelem exjkjr d ld e`presd que
explbtd lbs gd`pbs petrblerbs b lds `jmds que umd vez
ojmdljzdhd su explbtdgj÷m, hesjmstdle su oänrjgd y
`dqujmdrjds y redljge dlkóm trdndcb he reobrestdgj÷m em el
lukdr. Qbr tdmtb, em estds jmhustrjds exjste um perjbhb he
jmversj÷m, sekujhb he um perjbhb he explbtdgj÷m y
ojmdl`emte um perjbhb he kdstbs he hes`dmteld`jemtb.
Dmdljge`bs el sjkujemte ece`plb. Ld e`presd Gfjmd Bjl
presemtd lbs sjkujemtes olucbs y XJ^.
_DM Gfjmd Bjl
Fby -$ 4.111,11

4> -$$ >.711,11

4.741,11
XJ^ 7,6> %
Ld respuestd que bnteme`bs he ld XJ^ es hel 7,6> %, perb mb
es ld ómjgd XJ^. Dfbrd vere`bs pdrd quê sjrve el gd`pb
EWXJ@D^ he ld o÷r`uld XJ^. Exgel gdlguld ld XJ^ pbr um prbgesb

'()
 he jterdgj÷m77, es hegjr, eljke umd tdsd he hesguemtb
preheter`jmdhd pbr el prbkrd`d (41 %) y redljzd umd
dgtudljzdgj÷m he lbs olucbs, sj el _DM mb es gerb, repetjrä el
prbgesb umd y btrd vez jmtemtdmhb gbm hjoeremtes tdsds
fdstd gbmsekujr um _DM he gerb. Wj dl prj`er jmtemtb el _DM
oue mekdtjvb, Exgel jmterpretdrä que ld tdsd he hesguemtb
utjljzdhd oue `uy dltd y em el sjkujemte jmtemtb utjljzdrä umd
tdsd `embr. ^edljzdrä pruend y errbr umd y btrd vez `jles
` jles he
veges, he obr`d gdhd vez `äs reojmdhd (ndsämhbse em quê
tdm lecbs estuvb ld respuestd bntemjhd respegtb hel _DM
gerb), fdstd hdr gbm ld XJ^. Ques njem, mbsbtrbs pbhe`bs
dyuhdr d Exgel d gdlguldr ld XJ^, sj gree`bs que ld tdsd mb
se emguemtrd gergd hel 41 % preheter`jmdhb pbr el
prbkrd`d, pbhe`bs jmkresdr el hdtb he dlkumd tdsd que
gred`bs `äs gbmvemjemte y Exgel pdrtjrä he ese vdlbr pdrd
redljzdr sus gälgulbs. _ed`bs lb que pdsd sj em el gd`pb
EWXJ@D^ jmkresd`bs >5 %.

Em este gdsb ld respuestd que mbs hdrä Exgel serä he XJ^ 0

>?,46 %. Emtbmges, ²guäl es ld XJ^ he Gfjmd Bjl2, ²es 7,6> %
b >?,46 %2 Gjertd`emte ld hjoeremgjd es gbmsjherdnle.

_ed`bs el perojl he _DM he este olucb.

KK RG+,-69Z. +C +H -6G1 2+ ,+E+G9, I. E,16+C1 61. H- 9.G+.69Z. 2+ -H6-.<-, I. 1[]+G9_17

'(K
 Ojkurd ?.7. Qerojl
Qerojl he _DM he prbyegtb gbm hbnle XJ^

g)(4((
g'(4((
g(4((
Og'(4(( -O (O #'O *+O $*O +-O

Og)(4((
OgK(4((

*hj

Em el ece`plb que dgdnd`bs he expbmer ld gurvd hel h el _DM

jmtersegtd el ece he ld tdsd he hesguemtb em hbs pumtbs. Este
oem÷`emb he ld hbnle XJ^ bgurre pbrque exjstem hbs
gd`njbs he sjkmb em lbs olucbs, he jmversj÷m (-) d explbtdgj÷m
(+), y he explbtdgj÷m (+) d kdstbs he hes`dmteld`jemtb (-).
He fegfb, exjstjräm tdmtds respuestds `dte`ätjgds d ld XJ^
gb`b gd`njbs he sjkmbs exjstdm em lbs olucbs.
Ojmdl`emte quehd pdrd reolexjbmdr ²guäl es ld utjljhdh he ld
XJ^, sed estd 7,6> % b >?,46 %, sj ld tdsd he hesguemtb que
heneràd`bs exjkjrle dl prbyegtb es hel 46 %2

'(U
?.:. Evdludgj÷m hel `êtbhb _DM
Gb`b fdnàd`bs hesgrjtb em el gdpàtulb 8 pdrd sdner sj umd
ferrd`jemtd es nuemd b mb pdrd dpbydrmbs em ld tb`d he
hegjsjbmes, hene gu`pljr gjertbs grjterjbs.
G^JXE^JB GB@EMXD^JB
²Xjeme semtjhb2 Wà, pbrque tb`d em
gbmsjherdgj÷m el vdlbr hel hjmerb
em el tje`pb y evdlód sj lbs
nemeojgjbs exgehem lbs
sdgrjojgjbs redljzdhbs.
²Qbsee umd umjhdh Ld respuestd que hd el _DM es
he `ehjhd em h÷ldres (b gudlqujer btrd
sjkmjojgdtjvd2 `bmehd), umd `ehjhd
gb`premsjnle pdrd tbhb
jmversjbmjstd y que respbmhe lds

prekumtds ²Kdmb2 y ²guämtb2

²Xjeme um Wà. El gb`pdrdnle bnvjb es el
gb`pdrdnle bnvjb2 gerb. Gb`b hjcj`bs um _dm gerb
j`pljgd que el prbyegtb hene
dgeptdrse.
²Es oägjl he jmterpretdr Wà. We jmvjerte V gdmtjhdh y esb
y gb`umjgdr2 equjvdle d tdmtbs h÷ldres el hàd
he fby.
²Wjrve pdrd gb`pdrdr Wà. Wj henb esgbker emtre hbs
jheds b prbyegtbs2 prbyegtbs que requjerem ld
`js`d gdmtjhdh he jmversj÷m
henb quehdr`e gbm dquel que
temkd `dybr _DM.

'("
C59F5 '/+*:+,-.( =1 *+ G%H ,828 2WO8=8 =1
/+*84+,-.(

G^JXE^JB GB@EMXD^JB
²Xjeme semtjhb2 Tujzä `ugfds persbmds se
sjemtem dtrdàhds fdgjd el usb he
pbrgemtdces em lbs mekbgjbs y el
`êtbhb d prj`erd vjstd tjeme
l÷kjgd, perb pbr lb expuestb em
lbs dpdrtdhbs dmterjbres, exjstem
`ugfds odllds que mb mbs
per`jtem gb`pdrdr
gbrregtd`emte el nemeojgjb he
umd jmversj÷m gbm el usb he

regursbs he estd.
²Qbsee umd umjhdh Ld umjhdh he `ehjhd es um
he `ehjhd pbrgemtdce, lb gudl es umd
sjkmjojgdtjvd2 vemtdcd em gjertds bgdsjbmes, yd
que um pbrgemtdce, dl ser um
vdlbr reldtjvb, em tebràd elj`jmd
lbs seskbs he usdr gjords krdmhes
b pequeôds. Em ld prägtjgd ld XJ^
`uestrds seskbs em gjertds
gbmhjgjbmes. Xemer umd XJ^ hel
71 % puehe sbmdr jmteresdmte,
perb sj ese 71 % mb tjeme

reldgj÷m gbm el du`emtb he ld

rjquezd pdrd el jmversjbmjstd,
²quê utjljhdh tjeme2
²Xjeme um Ld XJ^, que es umd `ehjhd
gb`pdrdnle bnvjb2 jmtermd, hene gb`pdrdrse gbm
umd `ehjhd extermd pdrd que

'(#
 su vdlbr dhqujerd um sjkmjojgdhb
egbm÷`jgb. Ld `ehjhd extermd
es ld remtdnjljhdh exjkjhd d ld
jmversj÷m. Wj el `ergdhb le exjke

d
%,umd
puesjmversj÷m que dl
ld XJ^ hene rjmhd el 46
`embs
dlgdmzdr ese pbrgemtdce.
²Es oägjl he jmterpretdr Wuperojgjdl y djsldhd`emte, sà, em
y gb`umjgdr2 el gbmtextb dprbpjdhb he
gredgj÷m he vdlbr, mb.
²Wjrve pdrd gb`pdrdr Mb. Fdger gb`pdrdgjbmes
jheds b prbyegtbs2 hjregtds ndsdhds em ld XJ^
puehe llevdrmbs d gbmglusjbmes
err÷meds.

?.44. Ecergjgjbs prbpuestbs

4. Dlbmsb Tujcdmb jmvjrtj÷ $ 511.111 em umbs `bljmbs he
vjemtb ? dôbs dträs. We supbmàd que el mekbgjb jnd d
kemerdr um olucb he gdcd he $ 6,111 gdhd `es pbr lbs
pr÷xj`bs >4 dôbs (hjspbmjnles pdrd Dlbmsb). Ld tdsd he
hesguemtb pdrd este tjpb he mekbgjbs es hel : %. ²Guäl es
el vdlbr hel mekbgjb fby2
>. Ljbm [bbhs W. D. (L[WD) es um odnrjgdmte he pdlbs he kblo
he gdljhdh superjbr espegjdljzdhb em putters. Dgtudl`emte,
gdhd putter se vemhe d $ >11 y tjeme um gbstb vdrjdnle he $
451. El dôb pdsdhb, se vemhjerbm 4.111 putters y se esperd
que estd gdmtjhdh grezgd gdhd dôb d um rjt`b hel 4> %
fdstd que este `bhelb se gbmvjerte em bnsbletb dl gdnb he
41 dôbs. El keremte he prbhuggj÷m he L[WD regjemte`emte
hesgunrj÷ umd muevd obr`d he odnrjgdgj÷m que pbhràd
rehugjr el gbstb he prbhuggj÷m. Estd tegmblbkàd requjere
umd jmversj÷m ojcd jmjgjdl he $ 411.111 y tjeme ld gdpdgjhdh

'($
he prbhugjr tbhbs lbs putters que hesed vemher ld e`presd
d um gbstb umjtdrjb he $ 475. Hespuês he 41 dôbs ld
tegmblbkàd usdhd mb temhrä mjmkóm vdlbr. ²Guäl es el vdlbr
dgtudl metb he ld jmversj÷m em ld muevd tegmblbkàd2 Dsu`d

que mb: fdy

es hel j`puestb
%. (Qjstd3 d ld
pjemse heremtd y que
obr`d ld tdsd heldhesguemtb
jmgre`emtdl, hjoeremgjd
emtre ld oänrjgd sjm y gbm estd muevd tegmblbkàd).
7. Eh`umhb Hdmtes dgdnd he dsu`jr ld kestj÷m he umd
e`presd od`jljdr. Êl qujere dsekurdrse he que tjeme semtjhb
ojmdmgjerb `dmtemer el mekbgjb em `drgfd. Qbhràd vemher
el mekbgjb dgtudl pbr $ 5>1.111, pbr btrb ldhb, `dmtemerlb
em `drgfd requerjrä umd jmversj÷m he $ 51.111 he jm`ehjdtb
y he estd obr`d el mekbgjb prbhugjràd um nemeojgjb dmudl
he $ ;>.111 pbr lbs pr÷xj`bs >1 dôbs (pdrd sj`pljojgdr se
supbme se prbhugem d ojm he dôb). Ld tdsd he hesguemtb es
hel 41 %2 ²Guäl es el _DM y ld XJ^ he estd hegjsj÷m2
8. [dl`drt estä gbmsjherdmhb dnrjr um super`ergdhb
experj`emtdl em ld gjuhdh he Kudydqujl. Dumque se esperd
que este temkd umd ldrkd vjhd egbm÷`jgd, el fbrjzbmte he
vdlbrdgj÷m hel prbyegtb es he 41 dôbs. We estj`d que el
super`ergdhb kemere vemtds he $ 77.111.111 em el prj`er
dôb y que estbs grezgdm dl 5 % dmudl. El gbstb he lds
`ergdmgàds vemhjhds es he $ 4>.111.111 em el dôb 4 y se
esperd que grezgd em um 8 % dmudl d pdrtjr he emtbmges. Lbs
kdstbs he dh`jmjstrdgj÷m sbm he $ 4.111.111 ojcbs tbhbs lbs
dôbs. Ld jmversj÷m jmjgjdl he [dl`drt es he $ 8>.111.111. El
ehjojgjb, guyb vdlbr es he $ 4?.111.111, puehe ser
hepregjdhb em làmed regtd d 41 dôbs. [dl`drt fd estj`dhb
que el vdlbr ter`jmdl hel dl`dgêm em dôb 41 h÷ldres es he
$ 411.111.111, este vdlbr es el _DM he tbhbs lbs olucbs he
eoegtjvb pdrd ld e`presd gbrrespbmhjemtes dl dôb 44 d ld
etermjhdh. Ld tdsd j`pbsjtjvd es hel >> % sbnre ld utjljhdh
metd ²Guäl es el vdlbr dgtudl metb he ld dperturd he estd

'(%
muevd tjemhd, sj ld tdsd he hesguemtb dhegudhd
dheg udhd es hel 5 %2
(Xbhbs lbs olucbs he eoegtjvb, exgeptb lds jmversjbmes jmjgjdles
bgurrem dl ojmdl hel dôb).
5. ^bnjmsbm Grusbe megesjtd gb`prdr um muevb `btbr pdrd
su ydte. El `btbr D guestd $ >5.111 y sus gbstbs dmudles he
`dmtemj`jemtb sbm he $ >.611 pdrd el prj`er dôb y
du`emtdräm um 5 % gdhd dôb hurdmte lbs ; dôbs he vjhd
ótjl hel `btbr. El `btbr N guestd $ 45.111 y sus gbstbs dmudles
he `dmtemj`jemtb sbm he $ 7.111 pdrd el prj`er dôb, hjgfbs
gbstbs du`emtdräm um 41 % gdhd dôb hurdmte lbs 8 dôbs he
vjhd hel `btbr. ²Tuê `btbr heneràd elekjr ^bnjmsbm2 ²Guäl
es su gbstb dmudljzdhb2 Dsu`d umd tdsd he hesguemtb hel
4> %.
^espuestds
4. $ ;66.;8;,>;.
>. $ ;8.?66.55.
7. _dm $ 8>.:;?,5:. XJ^ 44,1: %.
8. $ 454.414.654,;>.
C5 El `btbr D es `äs ndrdtb. Wu GDUE es he $ 6,??7.:4.

'(&
 GDQÀXULB ;

EL QE^ÀBHB HE ^EGUQE^DGJ×M HE LD JM_E^WJ×M

BNCEXJ_BW HE DQ^EMHJSDCE

• Hesgrjnjr em quê gbmsjste el `êtbhb hel Qerjbhb he

reguperdgj÷m.
• Hesgrjnjr em quê gbmsjste el `êtbhb hel Qerjbhb he
reguperdgj÷m dcustdhb.
• Jhemtjojgdr lds lj`jtdgjbmes he d`nbs `êtbhbs.
 GDQÀXULB ;. EL QE^ÀBHB HE
^EGUQE^DGJ×M HE LD JM_E^WJ×M
BNCEXJ_BW HE DQ^EMHJSDCE
! Hesgrjnjr em quê gbmsjste el `êtbhb hel Qerjbhb he
reguperdgj÷m.
! Hesgrjnjr em quê gbmsjste el `êtbhb hel Qerjbhb he
reguperdgj÷m dcustdhb.
! Jhemtjojgdr lds lj`jtdgjbmes he d`nbs `êtbhbs.

"El jmversbr jmhjvjhudl hene dgtudr gbmstdmte`emte gb`b

um jmversbr y mb gb`b um espeguldhbr" - Nem Krdfd`.

$$#
;.4. El perjbhb he reguperdgj÷m
El Qerjbhb he reguperdgj÷m b pdyndgi es um `êtbhb que
sjrve pdrd respbmher d ld prekumtd ²em guämtb tje`pb
reguperb `j jmversj÷m2
Ece`plb3
Usteh estä gbmsjherdmhb jmvertjr em um mekbgjb que
presemtd lbs sjkujemtes olucbs (em dôbs)3

Mper Olucb
Fby -41.111,11
4 >.>11,11
> 8.611,11
7 ?.111,11
8 6.111,11

²Guäl
Wekóm es el perjbhb
este `êtbhb he reguperdgj÷m
hene`bs helolucbs
su`dr lbs prbyegtb2
que jmkresdm
fdstd que jkudlem el `bmtb hese`nblsdhb. Em el ece`plb ld
jmversj÷m es he $ 41.111, pbr lb que hene`bs su`dr >,5 dôbs
pdrd jkudldr hjgfd gjord ($ >.>11 + 8.611 + ?.111/> 0 41.1111).
Em este gdsb el perjbhb he reguperdgj÷m es >,5 dôbs.
Ld hesvemtdcd he este `êtbhb es que mb gbmsjherd el vdlbr
hel hjmerb em el tje`pb.

;.>. El perjbhb he reguperdgj÷m dcustdhb

El perjbhb he reguperdgj÷m dcustdhb es umd `ecbrd hel

`êtbhb,
tje`pb. puestb que gbmsjherd el vdlbr hel hjmerb em el
Ece`plb. Gbm lbs `js`bs hdtbs hel ece`plb dmterjbr dsu`d
umd tdsd he hesguemtb hel 45 %.

'')
 Xdnld ;.4. Qerjbhb he reguperdgj÷m dcustdhb
_dlbr
Mper Olucb O÷r`uld
dgtudl
Fby -41.111,11
4 >.>11,11 >.>11/(4+45%)]
>.>11/(4+45%)]44 4.:47,18
> 8.611,11 8.611/(4+45%)]
8.611/(4+45%)]>> 7.?>:,8:
7 ?.111,11 ?.111/(4+45%)]
?.111/(4+45%)]77 7.:85,41
8 6.111,11 6.111/(4+45%)]
6.111/(4+45%)]88 8.5;8,17

Em este gdsb el perjbhb he reguperdgj÷m es he 7,44> dôbs

($ 4.:47,18 + 7.?>:,8: + 7.:85,41 +8.5;8,17*1,44> 0 41.1111).
Gb`pdrdhb gbm el pdyndgi brjkjmdl sbm ; `eses `äs
custd`emte
custd`emt e pb
pbrr el eoegtb he gbmsjhe
gbmsjherdr
rdr qu
queee
ell hj
hjmerb
merb tjeme
um vdlbr em el tje`pb.

L535 '/+*:+,-.( =1* !"#$"%& ,828 2WO8=8 =1

/+*84+,-.(
G^JXE^JB GB@EMXD^JB
²Xjeme semtjhb2 Mb. Tujzäs gb`b um
gb`ple`emtb dl _DM, perb
djsldhd`emte mb jmhjgd sj umd
jmversj÷m heneràd redljzdrse b mb.
²Qbsee umd umjhdh Ld umjhdh he `ehjhd es el
he `ehjhd tje`pb, perb mb vjvj`bs em umd
sjkmjojgdtjvd2 egbmb`àd que se `jhd em
tje`pb. Muestrds hegjsjbmes se
`jhem em h÷ldres (b gudlqujer
btrd `bmehd).
²Xjeme um Mb. ²We puehe hegjr dgdsb que
gb`pdrdnle bnvjb2 tbhd jmversj÷m em ld que se
reguperd dmtes hel dôb es
nuemd2, ²b que tbhd jmversj÷m
em ld que se reguperd pdsdhb

''K
 lbs tres dôbs es `dld2 El
pdyndgi mb mbs jmhjgd sj ld
jmversj÷m es nuemd b mb.
²Es oägjl he jmterpretdr Dpdremte`emte sà, perb se trdtd
y gb`umjgdr2 he umd odlsd semsdgj÷m he que
es oägjl gb`umjgdr lbs resultdhbs.
²Wjrve pdrd gb`pdrdr Mb. D sj`ple vjstd umd jmversj÷m
jheds b prbyegtbs2 em ld que se reguperd dmtes el
hjmerb es `ecbr que umd hbmhe
se reguperd hespuês, perb
pbhràd`bs gder em el errbr
e rrbr
expljgdhb em el dpdrtdhb ?.5. Ld
preoeremgjd pbr el gbrtb pldzb.
Quehe ser que um prbyegtb gbm
um perjbhb he reguperdgj÷m
ldrkb gree `ugfd rjquezd pdrd
el jmversjbmjstd y pbr tdmtb sed
um nuem prbyegtb.

''U
;.8. Ecergjgjbs prbpuestbs
4. Hesed dyuhdr d su `d`ä d tb`dr umd hegjsj÷m
ojmdmgjerd. Elld hene gb`prdr um muevb sjste`d he
gdleodggj÷m pdrd su gdsd y estä gbmsjherdmhb dhqujrjr um
sjste`d kebtêr`jgb he óltj`d tegmblbkàd, perb qujere sdner
guämtb tje`pb se tdrhdrä em reguperdr el gbstb hel sjste`d.
El sjste`d kebtêr`jgb guestd $ >1.111 y um sjste`d
gbmvemgjbmdl dpemds $ ;.111. Usteh estj`d que el sjste`d
kebtêr`jgb puehe kemerdr dfbrrbs he $ 4.511 pbr dôb em
gb`pdrdgj÷m gbm el sjste`d gbmvemgjbmdl. Dsu`d que lbs
dfbrrbs bgurrem d ojm he dôb. Ld tdsd he hesguemtb he este
prbyegtb es hel ; %. ²Guämtb tje`pb tjeme que utjljzdr el
sjste`d kebtêr`jgb pdrd custjojgdr el kdstb dhjgjbmdl2
>. Usteh puehe jmvertjr sblb em umb he lbs hbs sjkujemtes
prbyegtbs. El prbyegtb D tjeme requjere umd jmversj÷m he
$ 41.111, y sus olucbs he eoegtjvb hurdmte lbs pr÷xj`bs 7 dôbs
sbm he $ ?.111, $ ?,111 y $ ;,111. El prbyegtb N requjere umd
jmversj÷m he $ >1.111, y olucbs he $ 41.111, $ 4>.111 y $48.111.
²Tuê prbyegtb heneràd elekjr2

^espuestds
4. 5,65 dôbs.
>. Mb se puehe heter`jmdr sjm sdner ld tdsd he hesguemtb
dprbpjdhd.

''"
Njnljbkrdoàd
X%XU%NDH?6"?

T+,.f.2+<4 N7 0)(('=7 X%),8%/.U# $' 5&D8'*%* 0r)7s +27 ,+_7 5 -JE7t

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>-J+C 87 *-. /1,.+4 >7 ?7 0)((%=7 !"#$%&'#(%)* ,- -.#%#/.%)

&%#%1'&'#( 0'K7s +27=7 A1.21.D N,+.G96+ /-HH7

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29.+,17 !,#$, $' /")("8% '/,#U&./%4 '#&7

K8,;'/(, _;"$% % 5&D8'*%*7 0(' 2+ J-,<1 2+ )('%=7 ^[G+.921 2+

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[1.1COE+,E+GI1CO+J9G921CO+.O'$UKO5O_9@+.G+CO:15O+.O29-X

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