(L. 48,315.

30)
VALOR DEL DINERO EN EL TIEMPO

Interes compuesto : Interes que se gana en un deposito dado y que se vuelve parte del princiapl al
Principal : Cantidad de dinero sobre lo que se pagan intereses

Valor Futuro: Valor de una cantidad presente en una fecha futura, que se obtiene capitalizando dura
Valor presente: Valor monetario actual de una cantidad futura
Valor Futuro de una cantidad unica
Una persona deposita 30,000.00 en una cuenta de ahorra que gana un 10% annual garantizado
Al final de 5 aos .
n
VF= PV*(1+I)

30000

VF
N
I
FV

vp
i
n
vf

1.61

30000
0.1
5
(L. 48,315.30)

Valor Futuro de una serie de combinada

La Cia Triton espera recibir una serie de flujos de efectivo durante los proximos 5 aos de
Si se espera un rendimiento del 12% cuanto recibir
12,000.00

13,000.00

1
2
3
4
5

Flujos de efectivos
12,000.00
13,000.00
15,000.00
16,000.00
14,000.00
70,000.00

Aos

15,000.00
2

1.12^4
1.12^3
1.12^2
1.12^1
0

Valor presente de una cantidad unica

Una persona tiene la opcion de recibir 50,000.00 dentro de 3 aos a una tasa del 8%/ Cuanto es lo
por esa opcion?
VP =

VF

50,000.00

n
(1+I)

3
(1+0.08)

FV
N
I
PV

50,000.00
3
0.08
-39,691.61

Valor presente de una serie combinada

A una empresa se le ha ofrecido una oportunidad de recibir la siguiente serie combinada durante 5
Si la cia debe ganar al menos el 9% sobre sus inversiones.Cuanto es lo mas que debe pagar por e
1
2
3
4
5

Flujo
Flujo
Flujo
Flujo
Flujo

Tasa
1
2
3
4
5
VP

800.00
700.00
600.00
500.00
400.00

1.09^1
1.09^2
1.09^3
1.09^4
1.09^5

1.09
1.1881
1.295029
1.41158161
1.538623955

9%
800.00
700.00
600.00
500.00
400.00
2,400.62

Capitalizaciones en periodos menores de un ao

Una persona invierte 100.00 en una cuenta de ahorro que paga el 8%
100

Capitalizacion semestral

0.08/2

Capitalizaciones trimestral

0.08/4

Capitalizaciones bimensuales

0.08/6

Capitalizaciones mensuales

0.08/12

Capitalizacioes diarias

0.08/360

Tasas de intereses: Nominales y Efectivas

Nominales : Tasa annual contractual de interes cobrada por un prestamista a

Efectiva: o Real: Es la tasa de interes annual pagada o devengada realmente.

Refleja el impacto de la frecuencia de capitalizacion, mientras que la tasa annual nominal no
100.00
m

TE= (1+I/m) - 1
Capitalizacion annual
1
(1+ 0.08/1) - 1

1
(1+0.08)-1= 8%

2
(1+ 0.08/2) - 1

1.0816

4
(1+ 0.08/4) - 1

1.08243216

Anualidades
Serie de flujos de efectivos periodicos iguales durante un periodo determinado.
Flujos postivos y flujos negativos

Tipos de anualidades
Anualidades Ordinarias o vencidas: Cuando el pago se hace al final del periodo considerado
Anualidad anticipada: Cuando el pago se realiza al inicio del periodo.

Anualidad diferida: Cuando el plazo de pago empieza despues de transcurrido cierto periodo de tiem

Ejercicios:

Como encontrar el valor futuro de una anualidad ordinaria

La Cia XY desea determinar cuanto dinero tendra al final de los 5 aos si elige la anualidad Ordinar
Depositos de 1,000.00 anualmente, al final de cada uno de los proximos 5 aos, en una cuenta de
ahorros que paga el 7% interes annual.

1000
1

1000
2

1000
3

1000
4

1.31079601

1.225043

1.1449

1.07

1,310.80
Con formula
n
S= R (1+i) - 1
i
5
1000(1+0.07)-1
0.07

1,225.04

1,144.90

1,070.00

A= Valor actual o valor presente de una anualidad

S=Monto o Valor futuro de una anualidad
R=Pago periodico de una anualidad(renta)
m=numero de capitalizaciones en el ano
n=Numero de periodos de pagos anuales

En excell o la calculadora financiera

PMT
1,000.00
N
5
I
0.07
FV
-5,750.74

Como encontrar el valor presente de una anualidad ordinaria

700.00
0.08%

700
1

700
2

700
3

700
4

1.08

1.1664

1.259712

1.36048896

648.15

600.14

En excell
PMT
N
I
PV

555.68

700.00
5
0.08
-2,794.90

Con formula
-n
A= R 1-(1+I)
i
-5
1000(1+0.07)-1
0.07

Calculo de la Renta cuanto se conoce el monto

R=
S
(1+I)n - 1
i

Calculo de la renta cuando se conoce el valor actual

R=

A( I )
-n
1- (1+I)

514.52

De cuanto seria los pagos semestrales iguales sobre un prestamo de 1,000.000.00, pagaderos
durante 5 anos a una tasa de interes del 30% annual
A = 1000,000.00

n= mxn = 2X5 = 10
1000000(0.15)
-10
1-(1+0.15)

150,000.00
0.752815294

1,000,000.00
10%
240
9,650.24
6000
16
0.05
(L. 13,097.25)
Tasa
Renta
tiempo
monto
valor actual

0.02
9000
20
(L. 218,676.33)
(L. 147,162.90)

1000000(0.15)
0.247184706 0.752815294

199,252.06 A
0.15 Tasa
10 Tiempo
(L. 1,000,000.00)
monto del prestamo
tasa
meses
Pmt

dado y que se vuelve parte del princiapl al final de un periodo espeficado

a futura, que se obtiene capitalizando durante un perido espeficicado

Valor futuro
30,000
10.00%
5 meses

a que gana un 10% annual garantizado

30000
0.008333333
5
(L. 31,271.01)

48,315.30
0.0083333

1.008333333
1.042366922
31271.00767

o durante los proximos 5 aos de

16,000.00

14,000.00
4

1.57352
1.40493
1.25440
1.12000
-

18,882.23
12%
18,264.06
18,816.00
17,920.00
14,000.00
87,882.30
Intereses ganados
17,882.30
Inversion de flujos
70,000.00
87,882.30
e 3 aos a una tasa del 8%/ Cuanto es lo mas que debe pagar ahora

50,000.00
1.259712

39,691.61

vp

vf
165000
5
15%
331,873.94

bir la siguiente serie combinada durante 5 aos

s.Cuanto es lo mas que debe pagar por esta oportunidad
733.94
589.18
463.31
354.21
259.97
2,400.62
periodos
1
2
3
4
5
6

800.00
700.00
600.00
500.00
400.00

1
2
3
4
5

0.09
0.09
0.09
0.09
0.09

17% Tasa
VP
1200
0.17 (L. 1,025.64)
3400
0.17 (L. 2,483.75)
5000
0.17 (L. 3,121.85)
3000
0.17 (L. 1,600.95)
4000
0.17 (L. 1,824.44)
2500
0.17
(L. 974.60)
11,031.23
(L. 11,031.23)

paga el 8%
0.221334929
1.04

1.04

104.00

1.02

1.08

108.24

1.01

1.08

108.27

1.01

1.08

108.30

1.00

1.08

108.33

da por un prestamista a

o devengada realmente.
mientras que la tasa annual nominal no la muestra
8.00%
500

(L. 733.94)
(L. 589.18)
(L. 463.31)
(L. 354.21)
(L. 259.97)
(L. 2,400.62)

10%
Cap. Timestral

8%

8.16%

Semestral

8.24%

Trimestral

periodo determinado.

ce al final del periodo considerado

pues de transcurrido cierto periodo de tiempo

de los 5 aos si elige la anualidad Ordinaria

e los proximos 5 aos, en una cuenta de

1000
5

1,000.00

r presente de una anualidad

o de una anualidad
una anualidad(renta)
zaciones en el ano
s de pagos anuales

Annual

5,750.74

1000
13%
Capit. En 5 bimestres

1.05

Capitalizaciones
10% semestralmente
15% trimestralmente

700
5
1.469328077
476.41

2,794.90

1.1025

restamo de 1,000.000.00, pagaderos

I= 0.30/2= 0.15

R=?

vp
230000
10
20%
37,146.28
vf

4
3
2
1
0

12,000.00
13,000.00
15,000.00
16,000.00
14,000.00
70,000.00

12%
12%
12%
12%
12%

(L. 18,882.23)
(L. 18,264.06)
(L. 18,816.00)
(L. 17,920.00)
(L. 14,000.00)
(L. 87,882.30)
(L. 17,882.30)

1.1025

1000

551.25
51.25
1.1025

Intereses
Tasa de interes efectiva

1,000,000.00
valor presente
10% tasa
240 tiempo
($9,650.22) pago mensual
Abono a capital e intereses

0.008333333
240

Cuota fija nivelada

Cuota fija nivelada
prestamo

Meses
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

$9,650.22
$9,650.22
$9,650.22
$9,650.22
$9,650.22
$9,650.22
$9,650.22
$9,650.22
$9,650.22
$9,650.22
$9,650.22
$9,650.22
$10,150.22
$10,150.22
$10,150.22
$19,650.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$20,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22

Intereses
8,333.33
8,322.36
8,311.29
8,300.14
8,288.89
8,277.54
8,266.10
8,254.57
8,242.94
8,231.21
8,219.38
8,207.46
8,195.44
8,179.15
8,162.72
8,146.16
8,050.29
8,032.79
8,015.15
7,997.36
7,979.42
7,961.33
7,943.08
7,924.69
7,906.15
7,887.45
7,868.59
7,849.58
7,830.40
7,811.07
7,708.25
7,687.90
7,667.38
7,646.69
7,625.82
7,604.79
7,583.57
7,562.19
7,540.62
7,518.87
7,496.94

42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93

$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22

7,474.83
7,452.54
7,430.06
7,407.39
7,384.53
7,361.49
7,338.25
7,314.81
7,291.18
7,267.36
7,243.34
7,219.11
7,194.69
7,170.06
7,145.22
7,120.18
7,094.93
7,069.47
7,043.80
7,017.91
6,991.81
6,965.49
6,938.95
6,912.19
6,885.20
6,857.99
6,830.56
6,802.89
6,775.00
6,746.87
6,718.51
6,689.91
6,661.08
6,632.00
6,602.68
6,573.12
6,543.31
6,513.25
6,482.95
6,452.39
6,421.57
6,390.50
6,359.17
6,327.58
6,295.72
6,263.60
6,231.21
6,198.55
6,165.62
6,132.42
6,098.94
6,065.17

94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
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119
120
121
122
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124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145

$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22

6,031.13
5,996.81
5,962.20
5,927.29
5,892.10
5,856.62
5,820.84
5,784.76
5,748.38
5,711.70
5,674.71
5,637.42
5,599.81
5,561.89
5,523.65
5,485.10
5,446.22
5,407.02
5,367.50
5,327.64
5,287.45
5,246.93
5,206.07
5,164.87
5,123.32
5,081.43
5,039.19
4,996.60
4,953.65
4,910.35
4,866.68
4,822.65
4,778.26
4,733.49
4,688.35
4,642.84
4,596.94
4,550.66
4,504.00
4,456.95
4,409.51
4,361.67
4,313.43
4,264.79
4,215.74
4,166.29
4,116.42
4,066.14
4,015.44
3,964.32
3,912.77
3,860.79

146
147
148
149
150
151
152
153
154
155
156
157
158
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166
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177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197

$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22

3,808.38
3,755.53
3,702.24
3,648.51
3,594.33
3,539.69
3,484.61
3,429.06
3,373.05
3,316.57
3,259.63
3,202.20
3,144.30
3,085.92
3,027.05
2,967.69
2,907.84
2,847.48
2,786.63
2,725.26
2,663.39
2,601.00
2,538.09
2,474.66
2,410.69
2,346.20
2,281.16
2,215.59
2,149.47
2,082.79
2,015.56
1,947.78
1,879.42
1,810.50
1,741.00
1,670.92
1,600.26
1,529.01
1,457.17
1,384.73
1,311.68
1,238.03
1,163.76
1,088.87
1,013.36
937.22
860.45
783.03
704.97
626.26
546.89
466.87

-29

19

13

198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240

$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22
$10,150.22

386.17
304.80
222.76
140.03
56.61
(27.50)
(112.32)
(197.84)
(284.07)
(371.02)
(458.70)
(547.11)
(636.25)
(726.14)
(816.78)
(908.17)
(1,000.32)
(1,093.24)
(1,186.94)
(1,281.41)
(1,376.68)
(1,472.73)
(1,569.59)
(1,667.26)
(1,765.74)
(1,865.04)
(1,965.16)
(2,066.12)
(2,167.93)
(2,270.58)
(2,374.09)
(2,478.45)
(2,583.69)
(2,689.81)
(2,796.81)
(2,904.70)
(3,013.49)
(3,123.19)
(3,233.80)
(3,345.34)
(3,457.80)
(3,571.20)
(3,685.54)
993,451.73

200,000.00

100,000.00
valor presente
17% tasa
3 tiempo
($45,257.37) pago mensual
Abono a capital e intereses
Cuota fija nivelada
Cuota fija nivelada
prestamo

anos
1
2
3

$45,257.37
$45,257.37
$45,257.37
Cuota fija nivelada

anos

cuota
capital mas intereses
"'17,000+33,333.33
1
$50,333.33
2
$44,666.67
3
$39,000.00
Saldos insolutos
Ahorro

cuota
capital mas intereses

anos
1
2
3

$50,333.33
$50,333.33
$50,333.34
Intereses anticipados

200000
25%

Abono
1,316.88
1,327.86
1,338.93
1,350.08
1,361.33
1,372.68
1,384.12
1,395.65
1,407.28
1,419.01
1,430.84
1,442.76
1,954.78
1,971.07
1,987.50
11,504.06
2,099.93
2,117.43
2,135.07
2,152.86
2,170.80
2,188.89
2,207.14
2,225.53
2,244.07
2,262.77
2,281.63
2,300.64
2,319.82
12,339.15
2,441.97
2,462.32
2,482.84
2,503.53
2,524.40
2,545.43
2,566.65
2,588.03
2,609.60
2,631.35
2,653.28

Saldo
al final del ano
1,000,000.00
$998,683.12
$997,355.26
$996,016.33
$994,666.25
$993,304.91
$991,932.23
$990,548.11
$989,152.46
$987,745.18
$986,326.17
$984,895.33
$983,452.57
$981,497.79
$979,526.72
$977,539.22
$966,035.16
$963,935.24
$961,817.81
$959,682.74
$957,529.88
$955,359.07
$953,170.18
$950,963.04
$948,737.51
$946,493.44
$944,230.66
$941,949.03
$939,648.39
$937,328.57
$924,989.42
$922,547.45
$920,085.12
$917,602.28
$915,098.75
$912,574.35
$910,028.91
$907,462.27
$904,874.23
$902,264.63
$899,633.29
$896,980.01

Semestres
1
2
3
4
5
6
7
8
9
10

Nominal
Capitalizacion
Tasa efectiva

2,675.39
2,697.68
2,720.16
2,742.83
2,765.69
2,788.73
2,811.97
2,835.41
2,859.04
2,882.86
2,906.88
2,931.11
2,955.53
2,980.16
3,005.00
3,030.04
3,055.29
3,080.75
3,106.42
3,132.31
3,158.41
3,184.73
3,211.27
3,238.03
3,265.02
3,292.23
3,319.66
3,347.33
3,375.22
3,403.35
3,431.71
3,460.31
3,489.14
3,518.22
3,547.54
3,577.10
3,606.91
3,636.97
3,667.27
3,697.83
3,728.65
3,759.72
3,791.05
3,822.64
3,854.50
3,886.62
3,919.01
3,951.67
3,984.60
4,017.80
4,051.28
4,085.05

$894,304.62
$891,606.94
$888,886.78
$886,143.95
$883,378.26
$880,589.53
$877,777.55
$874,942.15
$872,083.11
$869,200.25
$866,293.37
$863,362.26
$860,406.72
$857,426.56
$854,421.56
$851,391.52
$848,336.23
$845,255.48
$842,149.05
$839,016.74
$835,858.33
$832,673.59
$829,462.32
$826,224.29
$822,959.27
$819,667.04
$816,347.38
$813,000.06
$809,624.84
$806,221.49
$802,789.78
$799,329.48
$795,840.34
$792,322.12
$788,774.58
$785,197.49
$781,590.58
$777,953.61
$774,286.34
$770,588.51
$766,859.86
$763,100.14
$759,309.08
$755,486.44
$751,631.94
$747,745.32
$743,826.31
$739,874.64
$735,890.04
$731,872.24
$727,820.96
$723,735.91

4,119.09
4,153.41
4,188.02
4,222.93
4,258.12
4,293.60
4,329.38
4,365.46
4,401.84
4,438.52
4,475.51
4,512.80
4,550.41
4,588.33
4,626.57
4,665.12
4,704.00
4,743.20
4,782.72
4,822.58
4,862.77
4,903.29
4,944.15
4,985.35
5,026.90
5,068.79
5,111.03
5,153.62
5,196.57
5,239.87
5,283.54
5,327.57
5,371.96
5,416.73
5,461.87
5,507.38
5,553.28
5,599.56
5,646.22
5,693.27
5,740.71
5,788.55
5,836.79
5,885.43
5,934.48
5,983.93
6,033.80
6,084.08
6,134.78
6,185.90
6,237.45
6,289.43

$719,616.82
$715,463.41
$711,275.39
$707,052.46
$702,794.34
$698,500.74
$694,171.36
$689,805.91
$685,404.07
$680,965.55
$676,490.04
$671,977.24
$667,426.83
$662,838.50
$658,211.93
$653,546.81
$648,842.82
$644,099.62
$639,316.90
$634,494.32
$629,631.55
$624,728.26
$619,784.11
$614,798.76
$609,771.86
$604,703.07
$599,592.04
$594,438.42
$589,241.86
$584,001.99
$578,718.45
$573,390.88
$568,018.92
$562,602.19
$557,140.32
$551,632.94
$546,079.66
$540,480.10
$534,833.88
$529,140.61
$523,399.90
$517,611.34
$511,774.55
$505,889.12
$499,954.64
$493,970.71
$487,936.91
$481,852.83
$475,718.06
$469,532.15
$463,294.70
$457,005.27

6,341.84
6,394.69
6,447.98
6,501.71
6,555.89
6,610.53
6,665.61
6,721.16
6,777.17
6,833.65
6,890.59
6,948.02
7,005.92
7,064.30
7,123.17
7,182.53
7,242.38
7,302.74
7,363.59
7,424.96
7,486.83
7,549.22
7,612.13
7,675.56
7,739.53
7,804.02
7,869.06
7,934.63
8,000.75
8,067.43
8,134.66
8,202.44
8,270.80
8,339.72
8,409.22
8,479.30
8,549.96
8,621.21
8,693.05
8,765.49
8,838.54
8,912.19
8,986.46
9,061.35
9,136.86
9,213.00
9,289.77
9,367.19
9,445.25
9,523.96
9,603.33
9,683.35

$450,663.43
$444,268.74
$437,820.75
$431,319.04
$424,763.15
$418,152.62
$411,487.00
$404,765.84
$397,988.67
$391,155.02
$384,264.43
$377,316.41
$370,310.50
$363,246.20
$356,123.03
$348,940.50
$341,698.12
$334,395.38
$327,031.79
$319,606.84
$312,120.01
$304,570.79
$296,958.66
$289,283.09
$281,543.56
$273,739.54
$265,870.48
$257,935.85
$249,935.10
$241,867.67
$233,733.01
$225,530.57
$217,259.77
$208,920.05
$200,510.83
$192,031.53
$183,481.57
$174,860.37
$166,167.32
$157,401.82
$148,563.28
$139,651.09
$130,664.63
$121,603.28
$112,466.42
$103,253.42
$93,963.65
$84,596.46
$75,151.21
$65,627.25
$56,023.92
$46,340.57

9,764.05
9,845.42
9,927.46
10,010.19
10,093.61
10,177.72
10,262.54
10,348.06
10,434.29
10,521.24
10,608.92
10,697.33
10,786.47
10,876.36
10,967.00
11,058.39
11,150.54
11,243.46
11,337.16
11,431.63
11,526.90
11,622.95
11,719.81
11,817.48
11,915.96
12,015.26
12,115.38
12,216.34
12,318.15
12,420.80
12,524.31
12,628.67
12,733.91
12,840.03
12,947.03
13,054.92
13,163.71
13,273.41
13,384.02
13,495.56
13,608.02
13,721.42
13,835.76
1,456,101.06

$36,576.52
$26,731.11
$16,803.65
$6,793.46
($3,300.15)
($13,477.87)
($23,740.41)
($34,088.47)
($44,522.76)
($55,044.00)
($65,652.92)
($76,350.25)
($87,136.72)
($98,013.08)
($108,980.07)
($120,038.46)
($131,189.00)
($142,432.46)
($153,769.62)
($165,201.25)
($176,728.15)
($188,351.11)
($200,070.92)
($211,888.40)
($223,804.35)
($235,819.61)
($247,934.99)
($260,151.34)
($272,469.49)
($284,890.28)
($297,414.59)
($310,043.26)
($322,777.18)
($335,617.21)
($348,564.24)
($361,619.16)
($374,782.87)
($388,056.28)
($401,440.31)
($414,935.86)
($428,543.88)
($442,265.30)
($456,101.06)

240

cuota
Abono

Intereses
17,000.00
12,196.25
6,575.86

28,257.37
33,061.12
38,681.51

Saldo
al final del ano
100,000.00
$71,742.63
$38,681.51
$0.00

35,772.10

cuota
Intereses
17,000.00
11,333.33
5,666.67

Abono
33,333.33
33,333.33
33,333.34

Saldo
al final del ano
100,000.00
$66,666.67
$33,333.34
$0.00

33333.33333

34,000.00
1,772.10

Intereses
17,000.00
17,000.00
17,000.00
51,000.00
15,227.90

Abono
33,333.33
33,333.33
33,333.34

Saldo
al final del ano
100,000.00
$66,666.67
$33,333.34
$0.00

17000
17000
17000
51,000.00
100,000.00
151,000.00
50333.33333

0.15

Cuota fija nivelada

prestamo
$199,252.06
$199,252.06
$199,252.06
$199,252.06
$199,252.06
$199,252.06
$199,252.06
$199,252.06
$199,252.06
$199,252.06

20%
2
21.00%

Intereses

Abono

150,000.00
142,612.19
134,116.21
124,345.83
113,109.90
100,188.57
85,329.05
68,240.60
48,588.88
25,989.40

49,252.06
56,639.87
65,135.85
74,906.23
86,142.17
99,063.49
113,923.01
131,011.47
150,663.19
173,262.66

992,520.63

1,000,000.00

20%
4
21.55%

20%
6
21.74%
2*2

500,000.00
0.14
10
(L. 25,856.77) Anualidad

L. 25,856.77
6
0.14
(L. 220,700.95) Valor futuro
1.145^4

1.718786551 Interes
(L. 379,337.82)
L. 120,662.18
Valor futuro
0.145
4
(L. 24,341.05)
Anualidad

Saldo
al final
1,000,000.00
$950,747.94
$894,108.07
$828,972.21
$754,065.98
$667,923.82
$568,860.33
$454,937.31
$323,925.85
$173,262.66
($0.00)

20%
360
22.13%
4

CASO No. 1
Inversin inicial L

85,000.00

Costo de capital

60,000.00

130,000.00

15.00%

Aos
1
2
3
4
5
6
7
8

Flujos
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00

proyecto a
Factor
VP
0.8700
0.7560
0.6580
0.5720
0.4970
0.4320
0.3760
0.3270

Valor
Presente
15,660.00
13,608.00
11,844.00
10,296.00
8,946.00
7,776.00
6,768.00
5,886.00

Aos
1
2
3
4
5
6
7
8

proyecto b
Factor
Flujos
VP
12,000.00
0.8700
14,000.00
0.7560
16,000.00
0.6580
18,000.00
0.5720
20,000.00
0.4970
25,000.00
0.4320
0.00
0.3760
0.00
0.3270

80,784.00

Respuesta A
Respuesta B

proyecto c
Valor
Presente
10,440.00
10,584.00
10,528.00
10,296.00
9,940.00
10,800.00
0.00
0.00

Aos
1
2
3
4
5
6
7
8

Flujos
50,000.00
30,000.00
20,000.00
20,000.00
20,000.00
30,000.00
40,000.00
50,000.00

Factor
VP
0.8700
0.7560
0.6580
0.5720
0.4970
0.4320
0.3760
0.3270

62,588.00

Valor
Presente
43,500.00
22,680.00
13,160.00
11,440.00
9,940.00
12,960.00
15,040.00
16,350.00
145,070.00

Inversin inicial

85,000.00

Inversin inicial

60,000.00

Inversin inicial

130,000.00

Valor presente neto

(4,216.00)

Valor presente neto

2,588.00

Valor presente neto

15,070.00

De acuerdo con el tcnica del VPN del proyecto ms atractiva resulta ser la C

Respuesta C

Clasificando los proyectos de la mejor a la peor tenemos

B
C
A
La C constituye la mejor ya que nos d un VPN positivo en menor tiempo de recuperacin.
Cual es es el mejor proyecto de los tres
En bases al VPN y la TIR
1
2
3
4
5
6

0.15

-85000

(85,000.00)

1
2
3
4
5
6
7
8
TIR

1
2
3
4
5
6
7
8
VPN

18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00

0.1347

18,000.00
18,000.00
18,000.00
18,000.00

TIR

18,000.00

(60,000.00)
12,000.00
14,000.00
16,000.00
18,000.00
20,000.00
25,000.00
16.40%

0.15
(60,000.00)
12,000.00
14,000.00
16,000.00
18,000.00
20,000.00
25,000.00

1
2
3
4
5
6

2,584.34

VPN

- 130,000.00
50,000.00
1
30,000.00
2
20,000.00
3
20,000.00
4
20,000.00
5
30,000.00
6
40,000.00
7
50,000.00
8
18.54% VPN

1
2
3
4
5
6
7
8

18,000.00

TIR

18,000.00

0.15
- 130,000.00
50,000.00
30,000.00
20,000.00
20,000.00
20,000.00
30,000.00
40,000.00
50,000.00
15,043.89

18,000.00

-4,228.21

EJERCICIO # 1
Inversin inicial L
Costo de capital

85,000.00

60,000.00

130,000.00

15.00%

Aos
1
2
3
4
5
6
7
8

PERFORADORA A
Factor
Flujos
VP
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00

Inversin inicial

Valor
Presente

Aos
1
2
3
4
5
6
7
8

85,000.00

PERFORADORA B
Factor
Flujos
VP
12,000.00
14,000.00
16,000.00
18,000.00
20,000.00
25,000.00
0.00
0.00

Inversin inicial

Valor presente neto

Valor
Presente

Aos
1
2
3
4
5
6
7
8

PERFORADORA C
Factor
Flujos
VP
50,000.00
30,000.00
20,000.00
20,000.00
20,000.00
30,000.00
40,000.00
50,000.00

60,000.00

Inversin inicial

Valor presente neto

TIR

Valor presente neto

TIR

TIR

EJERCICIO # 1
Inversin inicial L
Costo de capital

500,000.00

325,000.00

15.00%

Aos
1
2
3
4
5

PROYECTO X
Factor
Flujos
VP
100,000.00
120,000.00
150,000.00
190,000.00
250,000.00

Valor
Presente

Aos
1
2
3
4
5

PROYECTO Y
Factor
VP

Flujos
140,000.00
120,000.00
95,000.00
70,000.00
50,000.00

Valor
Presente

Aos
1
2
3
4
5
6

PROYECTO A
Factor
VP

Flujos
2,200.00
2,200.00
2,200.00
2,200.00
2,200.00
2,200.00

Valor
Presente

339,920.00
Inversin inicial
Valor presente neto
TIR
Cual es es el mejor proyecto de los tres
En bases al VPN y la TIR

500,000.00

Inversin inicial

325,000.00

Inversin inicial

Valor presente neto

TIR

Valor presente neto

TIR

8,000.00

Valor
Presente

130,000.00

Valor futuro
10,000.00
0.022%
30
-10,066.88

10,000.00
0.022%
60
-10,134.21

10,000.00
0.022%
90
-10,201.99

15000
1
0.83333%
-14,876.03

15000
2
0.83333%
-14,753.09

15000
3
0.83333%
-14,631.16

Valor presente

Calculo del valor futuro con interes compuesto

Monto
6,000.00
Plazo
8 aos
Capitalizable 10% semestralmente

6,000.00
16.00
0.05
-13,097.25

ANUALIDAD VENCIDA

CUANDO NACIO SU HIJA, UN PADRE EMPIEZA DEPOSITANDO EN UN BANCO 2,000.00 EN CADA

, RECIBIENDO EN COMPENSACION EL PAGO DE UNA TASA DE INTERES DEL 12% ANNUAL. EST
LOS CONTINUA REALIZANDO HASTA QUE CUMPLE 12 ANOS, SIN EMBARGO PARA EL SIGUIENT
LOS DEPOSITOS A 3,500.00
CUAL SERIA EL MONTO ACUMULADO CUANDO ESTA NINA CUMPLA 18 ANOS

Primer paso
pmt
tiempo
Tasa
vf

12
2000
12
0.12
-48,266.27

18
3500
6
0.12
-28,403.16

1.973822685
-95269.0518

-95,269.05 -123,672.21

10,000.00
0.022%
120 Dias
-10,270.22

8%

15000
4 Meses
0.83333%
10%
-14,510.25

N UN BANCO 2,000.00 EN CADA CUMPLEANOS

NTERES DEL 12% ANNUAL. ESTOS DEPOSITOS
N EMBARGO PARA EL SIGUIENTE CUMPLEANOS AUMENTA

PLA 18 ANOS