Problema 9

150*(1.2)^2 150*(1.2)^9
VP
150*(1.2)
150

...
0 1 2 3 8

TEA 30%
Crecimiento anual 20%
Flujo neto 150
VP 1500

Problema 10
TEA 20%
Opciones
A 500000 efectivo
B 3000000 al cabo de 5 años
C 40000 al año por siempre
D 1000000 soles durante los próximos 10 años

Evaluando alternativas
VP 500000
B
0 5
VP 1205632.7160494

VP
C 40000 40000 40000 40000
...
0 1 2 3 ∞

VP 200000
VP
D
1001000 1001000 1001000
1001000
...
0 1 2 3 10

Flujo neto 1000000 1000000 1000000 1000000 1000000 1000000

Período 1 2 3 4 5 6

VP S/. 4,192,472.09

Problema 11

Valor a financiar 14400 dólares

Valor del auto 18000 dólares
 Cuota inicial 20%
Pago 390.50 mensual
Plazo 48 meses
TEA 12%
Seguro Desgravamen 0.1%
Gastos notariales 600 dólares
TREA 15.82%

CONVERSIÓN DE TASAS EFECTIVAS

Tengo 360 12% TEA

Quiero 30 0.95% TEM

CALENDARIO DE PAGO
Período Saldo Inicial Capital Interés Cuota Saldo Final Seguro
0 15000 15000
1 15000 248.17 142.33 390.50 14751.83 14.75
2 14751.83 250.53 139.98 390.50 14501.30 14.50
3 14501.30 252.90 137.60 390.50 14248.39 14.25
4 14248.39 255.30 135.20 390.50 13993.09 13.99
5 13993.09 257.73 132.78 390.50 13735.36 13.74
6 13735.36 260.17 130.33 390.50 13475.19 13.48
7 13475.19 262.64 127.86 390.50 13212.55 13.21
8 13212.55 265.13 125.37 390.50 12947.42 12.95
9 12947.42 267.65 122.86 390.50 12679.77 12.68
10 12679.77 270.19 120.32 390.50 12409.58 12.41
11 12409.58 272.75 117.75 390.50 12136.82 12.14
12 12136.82 275.34 115.16 390.50 11861.48 11.86
13 11861.48 277.95 112.55 390.50 11583.53 11.58
14 11583.53 280.59 109.91 390.50 11302.94 11.30
15 11302.94 283.25 107.25 390.50 11019.69 11.02
16 11019.69 285.94 104.56 390.50 10733.74 10.73
17 10733.74 288.65 101.85 390.50 10445.09 10.45
18 10445.09 291.39 99.11 390.50 10153.70 10.15
19 10153.70 294.16 96.35 390.50 9859.54 9.86
20 9859.54 296.95 93.56 390.50 9562.59 9.56
21 9562.59 299.77 90.74 390.50 9262.82 9.26
22 9262.82 302.61 87.89 390.50 8960.21 8.96
23 8960.21 305.48 85.02 390.50 8654.73 8.65
24 8654.73 308.38 82.12 390.50 8346.34 8.35
25 8346.34 311.31 79.20 390.50 8035.04 8.04
26 8035.04 314.26 76.24 390.50 7720.78 7.72
27 7720.78 317.24 73.26 390.50 7403.53 7.40
28 7403.53 320.25 70.25 390.50 7083.28 7.08
29 7083.28 323.29 67.21 390.50 6759.98 6.76
30 6759.98 326.36 64.14 390.50 6433.62 6.43
31 6433.62 329.46 61.05 390.50 6104.17 6.10
32 6104.17 332.58 57.92 390.50 5771.58 5.77
33 5771.58 335.74 54.77 390.50 5435.84 5.44
34 5435.84 338.93 51.58 390.50 5096.92 5.10
35 5096.92 342.14 48.36 390.50 4754.78 4.75
36 4754.78 345.39 45.12 390.50 4409.39 4.41
37 4409.39 348.66 41.84 390.50 4060.72 4.06
38 4060.72 351.97 38.53 390.50 3708.75 3.71
39 3708.75 355.31 35.19 390.50 3353.44 3.35
40 3353.44 358.68 31.82 390.50 2994.75 2.99
41 2994.75 362.09 28.42 390.50 2632.67 2.63
42 2632.67 365.52 24.98 390.50 2267.14 2.27
43 2267.14 368.99 21.51 390.50 1898.15 1.90
44 1898.15 372.49 18.01 390.50 1525.66 1.53
45 1525.66 376.03 14.48 390.50 1149.63 1.15
46 1149.63 379.60 10.91 390.50 770.03 0.77
47 770.03 383.20 7.31 390.50 386.83 0.39
48 386.83 386.83 3.67 390.50 0.00 0.00
1000000 1000000 1000000 1000000
7 8 9 10
CONVERSIÓN DE TASAS EFECTIVAS

Tengo 30 1.23% TIR mens

Quiero 360 15.82% TREA

TIR Mensual
Cargos del mes Pago por mes Flujo Neto 1.23%
600 14400
405.26 -405.26
405.01 -405.01
404.75 -404.75
404.50 -404.50
404.24 -404.24
403.98 -403.98
403.72 -403.72
403.45 -403.45
403.18 -403.18
402.91 -402.91
402.64 -402.64
402.37 -402.37
402.09 -402.09
401.81 -401.81
401.52 -401.52
401.24 -401.24
400.95 -400.95
400.66 -400.66
400.36 -400.36
400.07 -400.07
399.77 -399.77
399.46 -399.46
399.16 -399.16
398.85 -398.85
398.54 -398.54
398.23 -398.23
397.91 -397.91
397.59 -397.59
397.26 -397.26
396.94 -396.94
396.61 -396.61
396.28 -396.28
395.94 -395.94
395.60 -395.60
395.26 -395.26
394.91 -394.91
394.57 -394.57
394.21 -394.21
393.86 -393.86
393.50 -393.50
393.14 -393.14
392.77 -392.77
392.40 -392.40
392.03 -392.03
391.65 -391.65
391.27 -391.27
390.89 -390.89
390.50 -390.50
 DATOS:
Inversión = 1,000,000
Plazo = Infinito Perpetuo
Costo de Oportunidad = 10% TEA
Flujo = 150,000.00 Incremental

Valor Actual = 1,500,000

Inversión = 1,000,000
Valor Generado = 500,000
 Financiamiento $3,000,000.00 dólares CONVERSIÓN DE TASAS EFECTIVAS
Tasa 10% TEA
Pago $386,269.54 semestral Tengo 360
Plazo 10 semestres Quiero 180

Cronograma con cuotas constantes y sin período de gracia A

Período Saldo Inicial Capital Interés Cuota Saldo Final

0 $3,000,000.00 $3,000,000.00
1 $3,000,000.00 $239,842.99 $146,426.54 $386,269.54 $2,760,157.01
2 $2,760,157.01 $251,549.45 $134,720.08 $386,269.54 $2,508,607.56
3 $2,508,607.56 $263,827.29 $122,442.25 $386,269.54 $2,244,780.27
4 $2,244,780.27 $276,704.40 $109,565.14 $386,269.54 $1,968,075.87
5 $1,968,075.87 $290,210.02 $96,059.52 $386,269.54 $1,677,865.85
6 $1,677,865.85 $304,374.84 $81,894.70 $386,269.54 $1,373,491.02
7 $1,373,491.02 $319,231.02 $67,038.51 $386,269.54 $1,054,259.99
8 $1,054,259.99 $334,812.32 $51,457.22 $386,269.54 $719,447.67
9 $719,447.67 $351,154.12 $35,115.41 $386,269.54 $368,293.55
10 $368,293.55 $368,293.55 $17,975.98 $386,269.54 $0.00
TOTAL $3,000,000.00 $862,695.36 $3,862,695.36

Cronograma con cuotas constantes y un período de gracia C

Período Saldo Inicial Capital Interés Cuota Saldo Final

0 $3,000,000.00 $3,000,000.00
1 $3,000,000.00 $146,426.54 $146,426.54 $3,000,000.00
2 $3,000,000.00 $146,426.54 $146,426.54 $3,000,000.00
3 $3,000,000.00 $315,506.45 $146,426.54 $461,933.00 $2,684,493.55
4 $2,684,493.55 $330,905.96 $131,027.04 $461,933.00 $2,353,587.59
5 $2,353,587.59 $347,057.10 $114,875.90 $461,933.00 $2,006,530.49
6 $2,006,530.49 $363,996.55 $97,936.44 $461,933.00 $1,642,533.94
7 $1,642,533.94 $381,762.81 $80,170.19 $461,933.00 $1,260,771.13
8 $1,260,771.13 $400,396.21 $61,536.79 $461,933.00 $860,374.92
9 $860,374.92 $419,939.09 $41,993.91 $461,933.00 $440,435.83
10 $440,435.83 $440,435.83 $21,497.17 $461,933.00 $0.00
TOTAL $3,000,000.00 $988,317.06 $3,988,317.06
 Orden creciente de interés pagado por cada plan de pago
Plan Interés Descripción
D $805,345.99 Cronograma con amortización constante y sin período de gracia
A $862,695.36 Cronograma con cuotas constantes y sin período de gracia
B $951,772.54 Cronograma con amortización constante y con 1 período de gracia
C $988,317.06 Cronograma con cuotas constantes y un período de gracia

TASAS EFECTIVAS

10% TEA
4.88% TES

Cronograma con amortización constante y con 1 período de gracia B

Período Saldo Inicial Capital Interés Cuota Saldo Final

0 $3,000,000.00 $3,000,000.00
1 $3,000,000.00 $0.00 $146,426.54 $146,426.54 $3,000,000.00
2 $3,000,000.00 $0.00 $146,426.54 $146,426.54 $3,000,000.00
3 $3,000,000.00 $375,000.00 $146,426.54 $521,426.54 $2,625,000.00
4 $2,625,000.00 $375,000.00 $128,123.23 $503,123.23 $2,250,000.00
5 $2,250,000.00 $375,000.00 $109,819.91 $484,819.91 $1,875,000.00
6 $1,875,000.00 $375,000.00 $91,516.59 $466,516.59 $1,500,000.00
7 $1,500,000.00 $375,000.00 $73,213.27 $448,213.27 $1,125,000.00
8 $1,125,000.00 $375,000.00 $54,909.95 $429,909.95 $750,000.00
9 $750,000.00 $375,000.00 $36,606.64 $411,606.64 $375,000.00
10 $375,000.00 $375,000.00 $18,303.32 $393,303.32 $0.00
TOTAL $3,000,000.00 $951,772.54 $3,951,772.54

Cronograma con amortización constante y sin período de gracia D

Período Saldo Inicial Capital Interés Cuota Saldo Final

0 $3,000,000.00 $3,000,000.00
1 $3,000,000.00 $300,000.00 $146,426.54 $446,426.54 $2,700,000.00
2 $2,700,000.00 $300,000.00 $131,783.89 $431,783.89 $2,400,000.00
3 $2,400,000.00 $300,000.00 $117,141.24 $417,141.24 $2,100,000.00
4 $2,100,000.00 $300,000.00 $102,498.58 $402,498.58 $1,800,000.00
5 $1,800,000.00 $300,000.00 $87,855.93 $387,855.93 $1,500,000.00
6 $1,500,000.00 $300,000.00 $73,213.27 $373,213.27 $1,200,000.00
7 $1,200,000.00 $300,000.00 $58,570.62 $358,570.62 $900,000.00
8 $900,000.00 $300,000.00 $43,927.96 $343,927.96 $600,000.00
9 $600,000.00 $300,000.00 $29,285.31 $329,285.31 $300,000.00
10 $300,000.00 $300,000.00 $14,642.65 $314,642.65 $0.00
TOTAL $3,000,000.00 $805,345.99 $3,805,345.99
Período Flujo neto Plazo VP VA S/ 5,001,851.32
0 0 0 0
1 S/ 500,000.00 1 S/ 485,829.96
2 S/ 500,000.00 2 S/ 472,061.50
3 S/ 500,000.00 3 S/ 458,683.24
4 S/ 500,000.00 4 S/ 445,684.12
5 S/ 500,000.00 5 S/ 433,053.39
6 S/ 500,000.00 6 S/ 420,780.63
7 S/ 500,000.00 7 S/ 408,855.67
8 S/ 500,000.00 8 S/ 397,268.67
9 S/ 500,000.00 9 S/ 386,010.04
10 S/ 500,000.00 10 S/ 375,070.48
11 S/ 500,000.00 11 S/ 364,440.96
12 S/ 500,000.00 12 S/ 354,112.67
TOTAL S/ 5,001,851.32
Pago S/ 500,000.00 CONVERSIÓN DE TASAS
Tasa 35% TNA
Plazo 12 meses Tengo 12 35% TNA
Quiero 1 2.9167% TNM o TEM
Tasa 10% anual
Aporte de Wa 5000000 dólares
Socio compra 6000000 dólares
Ganancia anu 800000 dólares

Período Flujo Neto Plazo Valor Actual

0 -5000000 0 -5000000
1 800000 1 727272.7273
2 800000 2 661157.0248
3 800000 3 601051.8407
4 800000 4 546410.7643
5 6800000 5 4222264.997
A) TOTAL 1758157.354

B) Es conveniente participar en el proyecto porque hay una buena ganancia de dinero.

C) Hay una ganancia de dinero superior al millón y medio de dólares

a buena ganancia de dinero.
Ejercicio 14

DATOS:
alor Actual =
Plazo = 12 Meses
T. Real = 15% Anual
T. Real = 1.17% Mensual
Inflación = 14% Mensual
Cuota (FC) = -
ldo Mínimo = 27,092
sta Mínima = 135,460

CONVERSIÓN DE TASAS EFECTIVAS

Tasa Tiempo
Tasa Efectiva Tengo 12 15.00% T.Real
Tasa Efectiva Quiero 1 1.17% T.RealMens

DETERMINACIÓN DE LA TASA NOMINAL

T. Nominal = 15.3%

DETERMINACIÓN DEL VALOR PRESENTE DE LOS FLU

N° FLUJO DE CAJAVALOR ACTUAL

0 FC Inf Con InflaciónSin Inflación
1
2
3
4
5
6
7
8
9
10
11
12
DETERMINACIÓN DEL VALOR PRESENTE CON FLUJOS

N° FLUJO DE CAJAVALOR ACTUAL

0
1
2
3
4
5
6
7
8
9
10
11
12