INVERSION =

100

FINANCIAMIENTO
APORTE PROPIO (PAT) =
PRESTAMO (P) =
TOTAL FINANCIAMIENTO =

100
0
100

-100
0

160
1

R = ((160-100)/100)*100%

60%

R = 60/100 +(0/100)*() = 0.6

(1) R = UAI/PAT
(2) R = UAI/A + (P/PAT)*(UAI/A - Int/P)
de (1)
de (2)

TASA INTERNA DE RETORNO ECONOMICO (TIRE)

ES AQUELLA Q MIDE EL VALOR INTRINSECO DEL PROYECTO, ES DECIR EL VALOR QUE DA POR S
PROYECTO, SU MERITO INTERNO, EXCEPTO INTERESES, BAJO EL SUPUESTO QUE SE CALCULA S
DECIR INVERSION PROPIA, INTERES O.
TIRE
VANE
TIMR

60%
VALOR ACTUAL NETO ECONOMICO
40%

TIRF
VANF

ES LO MISMO PERO AHORA SE CONSIDERA PRESTAMOS

INVERSION =

100

ALT 1
APORTE PROPIO (PAT) =
PRESTAMO (P) =
TOTAL FINANCIAMIENTO =

70
30
100

a la tasa de 40%

-100
0

160
1

-70
0

118
1

R = ((118-70)/70)*100%
R = 60/100 + (30/70)*(60/100 - 12/30)

S DECIR EL VALOR QUE DA POR SI MISMO EL

EL SUPUESTO QUE SE CALCULA SIN PRESTAMO, ES

SI TIRE ES MAYOR QUE TIMR, VA A

CONVENIR EL PROYECTO

E CONSIDERA PRESTAMOS

P=
Int =

68.6%
68.6%

LIBROdocx.docx
PAG 98

INVERSION =

100

ALT 2
APORTE PROPIO (PAT) =
PRESTAMO (P) =
TOTAL FINANCIAMIENTO =

160
-30
-12
118

ROdocx.docx
PAG 98

30
70
100

-100
0
(30*0.4)

-30
0
de (1) R = ((62-30)/30)*100%
de (2) R = 60/100 + (70/30)*(60/100 - 28/70)

106.7%
106.7%

a la tasa de 40%

160
1

62
1

P=
Int =

160
-70
-28
62

(70*0.4)

1)

Maq
A=INVERSION
P=PRESTAMO
PAT=PATRIMONMIO

320
120
200

Cap
n
Salv
Deprec

Inv
Ingreso
Costo
Deprec
Uop
Imp
UN
Deprec
Val. Salv

Inv
-S/.
Ingreso
Costo
Deprec y amort
Uop
Imp
UN
Deprec y amort
Val. Salv
-S/.

0
-320

100
40
40
20
7
13
40

100
40
40
20
7
13
40

100
40
40
20
7
13
40

-320

53

53

53

0
320.00

S/. 100.00 S/. 100.00 S/. 100.00

S/.
40.00 S/.
40.00 S/.
40.00
S/.
71.48 S/.
79.34 S/.
89.18
-S/.
11.48 -S/.
19.34 -S/.
29.18
-S/.
4.02 -S/.
6.77 -S/.
10.21
-S/.
7.46 -S/.
12.57 -S/.
18.97
S/.
71.48 S/.
79.34 S/.
89.18
320.00

S/.

64.02

S/.

66.77 S/.

70.21

Maq
250
5
50

1
2
3

S/. 120.00
S/.
88.52
S/.
49.18

Amort
Interes
S/.
31.48 S/.
30.00
S/.
39.34 S/.
22.13
S/.
49.18 S/.
12.30

40
4
100
40
40
20
7
13
40

53

100
40
40
20
7
13
40
50
103

S/. 100.00 S/. 100.00

S/.
40.00 S/.
40.00
S/.
40.00 S/.
40.00
S/.
20.00 S/.
20.00
S/.
7.00 S/.
7.00
S/.
13.00 S/.
13.00
S/.
40.00 S/.
40.00
S/.
40.00
S/.
53.00 S/.
93.00

0
Cuot inicial
S/.
Amortiz
Inter
Ahorr depreci
Val salv
Erogaci neta S/.

0%

3%

S/.0.00

S/.
S/.
S/.

Cuota
88.52 S/.
61.48
49.18 S/.
61.48
S/.
61.48

1
S/.
S/.
-S/.

31.48 S/.
19.50 S/.
14.00 -S/.

2
39.34 S/.
14.39 S/.
14.00 -S/.

Ingreso
CAO
Tasa imp
TMAR

100
40
35%
30%

3
49.18 S/.
7.99
14.00 -S/.

4
-

5
S/.

14.00 -S/.
14.00
-S/.
50.00
S/.
36.98 S/.
39.73 S/.
43.17 -S/.
14.00 -S/.
64.00
S/.28.44
S/.23.51
S/.19.65
-S/.4.90
-S/.17.24

-15%
S/.49.46