b)

La empresa tiene un criterio de aceptacion del proyecto siempre y cuando la

Que flujo de efectivo neto deberia tener el arbol en la rama 2 para que se acep

AO 0

AO 1

AO 2

FEN

0.25

500

P
0.4

FEN
600

0.6

200

0.3

1500

0.5

1000

0.2

500

0.4

100

0.6

-100

tasa kd
5%
Inversin
-1000

0.5

0.25

1000

250

del proyecto siempre y cuando la probabilidad de convenienvia del proyecto sea de 65%?
rbol en la rama 2 para que se acepte el proyecto? Asuma una inversion de 1000 en el ao 0
AO 3

VALOR AB ao 0
45

V.ACT AB ao 3
$ 38.87

P
1

FEN
400

-510.0727848654

0.25

450

RAMA 3

0.75

200

RAMA 4

0.4

500

RAMA 5

0.6

250

RAMA 6

0.5

300

RAMA 7

0.5

150

RAMA 8

350

RAMA 9

-100

RAMA 10

RAMA 1
b)

RAMA 2

PROB CON

VAN REAL

van real *prob con

(van real- van esp)^2 * prob con

0.1

$ 404.82

$ 40.48

185.9362539979

0.15

-$ 744.15

-$ 111.62

183434.49016664

0.0375

$ 1,740.52

$ 65.27

71293.8749510742

0.1125

$ 1,524.57

$ 171.51

152129.947826494

0.1

$ 1,330.20

$ 133.02

93800.4557203876

0.15

$ 1,114.24

$ 167.14

84949.0377167895

0.05

$ 703.92

$ 35.20

5855.8665526987

0.05

$ 574.34

$ 28.72

2260.9682708862

0.1

-$ 329.99

-$ 33.00

47842.3340262343

0.15

-$ 900.12

-$ 135.02

238826.316559803

Van esp
Desv estandar

361.6955683146
938.3918307642

880579.228045005

p(van>0)

65%

Van esp

$ 361.70

VAN NETO
$ 365.94
-$ 783.02
$ 1,701.65
$ 1,485.69
$ 1,291.33
$ 1,075.37
$ 665.05
$ 535.47
-$ 368.86
-$ 938.99

50,000.00

27,850.00

Propuesta B

65,000.00

36,205.00

Propuesta C

47,000.00

26,179.00

10%
Propuesta A

A
0
1
2
3

flujo
-50000
27,850.00
27,850.00
27,850.00

Flujo acumu
0
27,850.00
55,700.00
83,550.00

27,850.00

111,400.00

C
0
1
2
3
4

flujo
-47000
26179
26179
26179
26179

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

flujo acum
0
26179
52358
78537
104716

Vna A
61,400.00
58,669.74
56,045.24
53,521.19
51,092.58
48,754.72
46,503.19
44,333.83
42,242.73
40,226.20
38,280.75
36,403.11
34,590.18

Vna B
79,820.00
76,270.66
72,858.82
69,577.55
66,420.36
63,381.14
60,454.15
57,633.98
54,915.55
52,294.06
49,764.98
47,324.05
44,967.23

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%
42%
43%
44%
45%
46%
47%
48%
49%
50%
51%
52%
53%

32,839.03
31,146.89
29,511.15
27,929.33
26,399.10
24,918.22
23,484.61
22,096.26
20,751.28
19,447.89
18,184.37
16,959.11
15,770.56
14,617.27
13,497.84
12,410.95
11,355.34
10,329.80
9,333.20
8,364.43
7,422.46
6,506.30
5,615.00
4,747.65
3,903.39
3,081.38
2,280.85
1,501.04
741.22
0.70
721.17
1,425.05
2,111.52
2,781.18
3,434.58
4,072.25
4,694.72
5,302.47
5,895.98
6,475.69
7,042.06

42,690.73
40,490.95
38,364.49
36,308.13
34,318.82
32,393.69
30,529.99
28,725.14
26,976.67
25,282.25
23,639.68
22,046.84
20,501.73
19,002.45
17,547.19
16,134.24
14,761.94
13,428.74
12,133.16
10,873.76
9,649.20
8,458.19
7,299.50
6,171.94
5,074.40
4,005.80
2,965.11
1,951.35
963.59
0.92
937.53
1,852.56
2,744.97
3,615.53
4,464.95
5,293.93
6,103.13
6,893.21
7,664.77
8,418.40
9,154.67

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%
94%

7,595.49
8,136.39
8,665.14
9,182.12
9,687.69
10,182.19
10,665.95
11,139.30
11,602.53
12,055.96
12,499.85
12,934.49
13,360.14
13,777.06
14,185.49
14,585.68
14,977.84
15,362.21
15,739.00
16,108.42
16,470.65
16,825.91
17,174.36
17,516.20
17,851.60
18,180.72
18,503.73
18,820.79
19,132.05
19,437.65
19,737.75
20,032.47
20,321.95
20,606.32
20,885.72
21,160.25
21,430.03
21,695.19
21,955.84
22,212.07
22,464.00

9,874.13
10,577.30
11,264.68
11,936.76
12,594.00
13,236.85
13,865.74
14,481.09
15,083.30
15,672.74
16,249.80
16,814.83
17,368.18
17,910.18
18,441.14
18,961.38
19,471.20
19,970.88
20,460.70
20,940.94
21,411.85
21,873.68
22,326.67
22,771.06
23,207.08
23,634.94
24,054.85
24,467.03
24,871.66
25,268.95
25,659.07
26,042.21
26,418.53
26,788.22
27,151.43
27,508.32
27,859.04
28,203.75
28,542.59
28,875.69
29,203.20

95%
96%
97%
98%
99%
100%

22,711.72
22,955.34
23,194.95
23,430.64
23,662.50
23,890.63

29,525.24
29,841.94
30,153.43
30,459.83
30,761.25
31,057.81

TIR

27,850.00

###

27,850.00

42%

36,205.00

###

36,205.00

42%

26,179.00

###

26,179.00

42%

Payback

11/8/2015

B
0
1
2
3

flujo
-65000
36205
36205
36205

Tuesday, August 08, 2017

36205

1.80
21.54

meses

payback
1.80
21.54
11/8/2015
Tuesday, August 08, 2017

meses

Si me baso en el payback, tampoco obtengo una soluc

Vna C
57,716.00
55,149.56
52,682.53
50,309.92
48,027.03
45,829.44
43,713.00
41,673.80
39,708.17
37,812.63
35,983.91
34,218.93
32,514.77

Tasa Fisher
100,000.00
80,000.00
60,000.00
40,000.00
20,000.00
-

80,000.00
60,000.00

30,868.68
29,278.07
27,740.48
26,253.57
24,815.15
23,423.13
22,075.53
20,770.48
19,506.21
18,281.01
17,093.31
15,941.56
14,824.33
13,740.23
12,687.97
11,666.29
10,674.02
9,710.01
8,773.21
7,862.57
6,977.12
6,115.92
5,278.10
4,462.79
3,669.18
2,896.50
2,144.00
1,410.98
696.75
0.66
677.90
1,339.54
1,984.83
2,614.31
3,228.50
3,827.92
4,413.04
4,984.32
5,542.22
6,087.15
6,619.53

40,000.00
20,000.00
-

0%

20%

40%

60%

Vna A

Vna B

Vna C

(20,000.00)
(40,000.00)

7,139.76
7,648.20
8,145.23
8,631.20
9,106.43
9,571.26
10,026.00
10,470.94
10,906.38
11,332.60
11,749.86
12,158.42
12,558.53
12,950.43
13,334.36
13,710.54
14,079.17
14,440.48
14,794.66
15,141.91
15,482.41
15,816.35
16,143.90
16,465.23
16,780.50
17,089.88
17,393.51
17,691.54
17,984.13
18,271.39
18,553.48
18,830.52
19,102.63
19,369.94
19,632.57
19,890.63
20,144.23
20,393.48
20,638.49
20,879.35
21,116.16

21,349.02
21,578.02
21,803.25
22,024.80
22,242.75
22,457.19

Vna

Payback
0.00

1.80

0.00

1.80

0.00

1.80

r/

SI SOLO ME BASO EN LA TIR, NO TENGO CONCLU

Flujo acumu
0
36205
72410
108615

payback
1.80
21.54
11/8/2015

144820

Tuesday, August 08, 2017

meses

e baso en el payback, tampoco obtengo una solucin concreta, por tanto lo intentar usando fisher

Tasa Fisher

42%

Vna A
Vna B
Vna C

$0
$0
$0

Vna A - Vna b

-$ 0.00

Tasa Fisher

vna a

20%

40%

60%

80%

Vna A

Vna B

Vna C

Tasa Fisher

100%

120%

ME BASO EN LA TIR, NO TENGO CONCLUSIN EXACTA NI CORRECTA, YA QUE ME DECLARO INDIFERENTE BAJO ESE CRITERIO, PERO PUEDO

JO ESE CRITERIO, PERO PUEDO TENER ALGUNA RESPUESTA USANDO LAS HERRAMIENTAS FINANCIERAS PERTINENTES

Tasa de descuento
Inversin
Depreciacin
Impuesto a la rta
Precio

12%
-32000000
4 aos
34%
400

Costo mo
Costo energia
Inflacin
Produccin
Insumos mano de obra
Insumos energa

1
15.3
5.15
5%
100000
2000000
200000
Ao 0

(+)Ingreso
(-)Mano de obra
(-)Energa
(-)Depreciacin
EBIT
(-)Imp. A la rta
Ganancia NETA
Inversin

-32000000

Van proyecto

$ 49,123,676.35

Inversin

-32000000

Fijo
2
15.606
5.3045

3
15.91812
5.463635

4
16.2364824
5.62754405

200000
2000000
200000

200000
2000000
200000

150000
2000000
200000

Ao 1
40000000
30600000
1030000
8000000
370000
125800
8244200

Ao 2
80000000
31212000
1060900
8000000
39727100
13507214
34219886

Ao 3
80000000
31836240
1092727
8000000
39071033
13284151.22
33786882

5
16.561212048
5.7963703715
150000
2000000
200000
Ao 4
60000000
32472965
1125509
8000000
18401526
6256518.9726
20145007

Ao 5
60000000
33122424
1159274
25718302
8744222.622098
16974079

kd

10%

Proyecto a

0
-$ 60,000

1
$ 30,851

2
$ 30,851

Proyecto b

-$ 80,000

$ 41,135

$ 41,135

Proyecto c

-$ 70,000

$ 35,993

$ 35,993

a
0
1
2
3
4

Ir=va/i
Payback
Flujo
-60000
$ 30,851
$ 30,851
$ 30,851
$ 30,851

1.63
1.94
Flujo Acum
0
$ 30,851
$ 61,702
$ 92,553
$ 123,404

Tasa
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%

Vna a
$ 63,404
$ 60,380
$ 57,472
$ 54,676
$ 51,986
$ 49,396
$ 46,902
$ 44,499
$ 42,182
$ 39,949

Vna b
$ 84,540
$ 80,507
$ 76,631
$ 72,903
$ 69,316
$ 65,863
$ 62,537
$ 59,333
$ 56,244
$ 53,266

Vna C
$ 73,972
$ 70,443
$ 67,052
$ 63,790
$ 60,651
$ 57,629
$ 54,720
$ 51,916
$ 49,213
$ 46,607

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%
42%
43%
44%
45%
46%
47%
48%
49%
50%

$ 37,794
$ 35,714
$ 33,705
$ 31,765
$ 29,891
$ 28,079
$ 26,327
$ 24,632
$ 22,991
$ 21,403
$ 19,865
$ 18,375
$ 16,931
$ 15,532
$ 14,174
$ 12,858
$ 11,580
$ 10,340
$ 9,136
$ 7,967
$ 6,831
$ 5,727
$ 4,654
$ 3,610
$ 2,595
$ 1,608
$ 647
-$ 288
-$ 1,199
-$ 2,086
-$ 2,949
-$ 3,791
-$ 4,611
-$ 5,411
-$ 6,191
-$ 6,951
-$ 7,693
-$ 8,417
-$ 9,123
-$ 9,813
-$ 10,486

$ 50,392
$ 47,619
$ 44,941
$ 42,355
$ 39,856
$ 37,440
$ 35,103
$ 32,843
$ 30,656
$ 28,538
$ 26,488
$ 24,501
$ 22,576
$ 20,710
$ 18,900
$ 17,144
$ 15,441
$ 13,788
$ 12,182
$ 10,623
$ 9,108
$ 7,636
$ 6,205
$ 4,814
$ 3,461
$ 2,144
$ 863
-$ 384
-$ 1,598
-$ 2,780
-$ 3,932
-$ 5,054
-$ 6,148
-$ 7,214
-$ 8,254
-$ 9,268
-$ 10,257
-$ 11,222
-$ 12,164
-$ 13,083
-$ 13,981

$ 44,093
$ 41,666
$ 39,323
$ 37,060
$ 34,873
$ 32,759
$ 30,715
$ 28,737
$ 26,823
$ 24,971
$ 23,176
$ 21,438
$ 19,754
$ 18,121
$ 16,537
$ 15,001
$ 13,511
$ 12,064
$ 10,659
$ 9,295
$ 7,970
$ 6,681
$ 5,429
$ 4,212
$ 3,028
$ 1,876
$ 755
-$ 336
-$ 1,398
-$ 2,433
-$ 3,441
-$ 4,423
-$ 5,380
-$ 6,313
-$ 7,222
-$ 8,110
-$ 8,975
-$ 9,819
-$ 10,644
-$ 11,448
-$ 12,233

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%

-$ 11,144
-$ 11,786
-$ 12,413
-$ 13,026
-$ 13,625
-$ 14,211
-$ 14,784
-$ 15,344
-$ 15,892
-$ 16,427
-$ 16,952
-$ 17,465
-$ 17,967
-$ 18,459
-$ 18,940
-$ 19,412
-$ 19,874
-$ 20,326
-$ 20,770
-$ 21,204
-$ 21,630
-$ 22,047
-$ 22,456
-$ 22,858
-$ 23,251
-$ 23,637
-$ 24,016
-$ 24,387
-$ 24,752
-$ 25,110
-$ 25,461
-$ 25,806
-$ 26,144
-$ 26,477
-$ 26,803
-$ 27,124
-$ 27,439
-$ 27,748
-$ 28,053
-$ 28,351
-$ 28,645

-$ 14,857
-$ 15,714
-$ 16,550
-$ 17,368
-$ 18,167
-$ 18,948
-$ 19,711
-$ 20,458
-$ 21,188
-$ 21,903
-$ 22,602
-$ 23,286
-$ 23,956
-$ 24,612
-$ 25,254
-$ 25,882
-$ 26,498
-$ 27,101
-$ 27,692
-$ 28,272
-$ 28,839
-$ 29,396
-$ 29,941
-$ 30,476
-$ 31,001
-$ 31,516
-$ 32,021
-$ 32,516
-$ 33,002
-$ 33,479
-$ 33,948
-$ 34,407
-$ 34,859
-$ 35,302
-$ 35,737
-$ 36,165
-$ 36,585
-$ 36,998
-$ 37,403
-$ 37,802
-$ 38,193

-$ 13,000
-$ 13,750
-$ 14,482
-$ 15,197
-$ 15,896
-$ 16,579
-$ 17,247
-$ 17,901
-$ 18,540
-$ 19,165
-$ 19,777
-$ 20,376
-$ 20,962
-$ 21,535
-$ 22,097
-$ 22,647
-$ 23,186
-$ 23,714
-$ 24,231
-$ 24,738
-$ 25,235
-$ 25,722
-$ 26,199
-$ 26,667
-$ 27,126
-$ 27,577
-$ 28,018
-$ 28,452
-$ 28,877
-$ 29,295
-$ 29,704
-$ 30,107
-$ 30,502
-$ 30,889
-$ 31,270
-$ 31,644
-$ 32,012
-$ 32,373
-$ 32,728
-$ 33,077
-$ 33,419

92%
93%
94%
95%
96%
97%
98%
99%
100%

-$ 28,934
-$ 29,218
-$ 29,497
-$ 29,771
-$ 30,041
-$ 30,307
-$ 30,568
-$ 30,824
-$ 31,077

-$ 38,578
-$ 38,957
-$ 39,329
-$ 39,695
-$ 40,055
-$ 40,408
-$ 40,757
-$ 41,099
-$ 41,436

-$ 33,756
-$ 34,087
-$ 34,413
-$ 34,733
-$ 35,048
-$ 35,357
-$ 35,662
-$ 35,962
-$ 36,257

Otra forma
A-b
A-C
B-C

3
$ 30,851

4
$ 30,851

Tir

vna

37%

$ 37,794

$ 41,135

$ 41,135

37%

$ 50,392

$ 35,993

$ 35,993

37%

$ 44,093

b
0
1
2
3
4

Ir=va/i
Payback
Flujo
-$ 80,000
$ 41,135
$ 41,135
$ 41,135
$ 41,135

1.63
1.94
Flujo Acumulado
0
$ 41,135
$ 82,270
$ 123,405
$ 164,540

c
0
1
2
3
4

Ir=va/i
Payback
Flujo
-$ 70,000
$ 35,993
$ 35,993
$ 35,993
$ 35,993
Fisher
Vna A
Vna b
Vna c
Vna a- Vna b

Tasa Fisher
$100,000
$80,000
$60,000
$40,000
$20,000

Tasa Fisher
$100,000
$80,000
$60,000
$40,000
$20,000
$0
0%
($20,000)

20%

40%

60%

80%

($40,000)
($60,000)
Vna a

Vna b

Vna C

Fisher

100%

120%

0
-$ 20,000
$ 10,000
-$ 10,000

1
$ 10,284
-$ 5,142
$ 5,142

2
$ 10,284
-$ 5,142
$ 5,142

3
$ 10,284
-$ 5,142
$ 5,142

4
$ 10,284
-$ 5,142
$ 5,142

R/ hasta el momento me declaro incompetente e indiferente de tomar alguna decisin

1.63
1.94
Flujo Acumulado
0
$ 35,993
$ 71,986
$ 107,979
$ 143,972
36.69%
-$ 2
-$ 2
-$ 2
-$ 0

0%

Ahora puedo sealar que vnab predomina

120%

Tir
37%
37%
37%

kd

10%

A
b
c
d

n
12
9
8
10

Costo
3000000
2000000
2057674
1889075

Ingresos
689569
597849
619009
555000

a) elijo la alternativa c, al tener un pago m

FORMA LARGA

a
Abandono
Flujos
Vna A
TIR A
b
Abandono
Flujos
Vna B
TIR B

c
Abandono
Flujos
Vna c

0
-3000000

1
689569

-3000000
1,857,821.29
21%
0
-2000000

689569

-2000000
1,570,256
27%

597849

0
-2057674

1
619009

-2057674
1,454,622

619009

1
597849

TIR C

d
Abandono
Flujos
Vna d
TIR D

B)

R/

26%

0
-1889075

1
555000

-1889075
1,675,377
27%

555000

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

Flujo
-3000000
689569
689569
689569
689569
689569
689569
689569
689569
689569
689569
689569
1189554

Flujo acum
0
689569
1379138
2068707
2758276
3447845
4137414
4826983
5516552
6206121
6895690
7585259
8774813

C
0
1
2
3
4
5
6
7
8

Flujo
-2057674
619009
619009
619009
619009
619009
619009
619009
1069009

Flujo ac
0
619009
1238018
1857027
2476036
3095045
3714054
4333063
5402072

a
b
c
d

Payback
Sunday, March 08, 2020
Friday, March 08, 2019
Friday, February 08, 2019
Friday, March 08, 2019

V.abandono
499985
300000
450000
400000

Va
$ 1,857,821
$ 1,570,255.92
$ 1,454,621.65
$ 1,675,377.06

VAN
$ 1,857,821
$
$
$

1,570,256
1,454,622
1,675,377

Pago(anualidad)
$ 272,660.01
$ 272,660.08
$ 272,660.13
$ 272,659.90

a) elijo la alternativa c, al tener un pago mayor

FORMA LARGA

2
689569

3
689569

4
689569

5
689569

689569

689569

689569

689569

2
597849

3
597849

4
597849

5
597849

597849

597849

597849

597849

2
619009

3
619009

4
619009

5
619009

619009

619009

619009

619009

2
555000

3
555000

4
555000

5
555000

555000

555000

555000

555000

Ir=va/-i
Payback

1.619273762
4.3505436004
52.2065232051
11/8/2015
Sunday, March 08, 2020

Aos
Meses
Fecha actual
Fecha de recup

Ir=va/-i
Payback

1.7069252233
3.3241422984
39.889707581
11/8/2015
Friday, February 08, 2019

Aos
Meses
Fecha actual
Fecha de recup

Va desde inf
$ 2,726,600.11
$ 2,726,600.84
$ 2,726,601.26
$ 2,726,599.01

6
689569

7
689569

8
689569

9
689569

10
689569

11
689569

689569

689569

689569

689569

689569

689569

6
597849

7
597849

8
597849

597849

597849

597849

9
597849
300000
897849

6
619009

7
619009

619009

619009

8
619009
450000
1069009

6
555000

7
555000

8
555000

9
555000

555000

555000

555000

555000

B
0
1
2
3
4
5
6
7
8
9

Flujo
-2000000
597849
597849
597849
597849
597849
597849
597849
597849
897849

Flujo Ac
0
597849
1195698
1793547
2391396
2989245
3587094
4184943
4782792
5680641

D
0
1
2
3
4
5
6
7
8
9
10

Flujo
-1889075
555000
555000
555000
555000
555000
555000
555000
555000
555000
955000

Flujo ac
0
555000
1110000
1665000
2220000
2775000
3330000
3885000
4440000
4995000
5950000

10
555000
400000
955000

Ir=va/-i
Payback

Ir=va/-i
Payback

12
689569
499985
1189554

1.7851279575
3.3453263282
40.1439159386
11/8/2015
Friday, March 08, 2019

Meses
Fecha actual
Fecha de recup

1.8868769421
3.4037387387
40.8448648649
11/8/2015
Friday, March 08, 2019

Aos
Meses
Fecha actual
Fecha de recup

A)
A
B
C
D

n
12
9
8
10

Inversion
3000000
2000000
1850000
1600000

Ingresos
689569
596561
619009
555000

Valor de abandono
500000
300000
450000
400000

kd

10%

n
12
9
8
10
360

Inversion
3000000
2000000
1850000
1600000

Ingresos
689569
596561
627127.150745725
555000

Valor de abandono
500000
300000
450000
400000

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

Flujo
-3000000
689569
689569
689569
689569
689569
689569
689569
689569
689569
689569
689569
1189569

Flujo acum
0
689569
1379138
2068707
2758276
3447845
4137414
4826983
5516552
6206121
6895690
7585259
8774828

Flujo

Flujo Acumulado

B)
A
B
C
D
MCD

0
1
2
3
4
5
6
7
8
9

-2000000
596561
596561
596561
596561
596561
596561
596561
596561
896561

0
596561
1193122
1789683
2386244
2982805
3579366
4175927
4772488
5669049

C
0
1
2
3
4
5
6
7
8

Flujo
-1850000
619009
619009
619009
619009
619009
619009
619009
1069009

Flujo Acumulado
0
619009
1238018
1857027
2476036
3095045
3714054
4333063
5402072

D
0
1
2
3
4
5
6
7
8
9
10

Flujo
-1600000
555000
555000
555000
555000
555000
555000
555000
555000
555000
955000

Flujo Ac
0
555000
1110000
1665000
2220000
2775000
3330000
3885000
4440000
4995000
5950000

van(x form.va)
$ 1,857,826.07
$ 1,562,838.29
$ 1,662,295.65
$ 1,964,452.06

Van forma larga

$ 1,857,826.07
$ 1,562,838.29
$ 1,662,295.65
$ 1,964,452.06

Pago
$ 272,660.71
$ 271,372.08
$ 311,587.38
$ 319,705.53

van(x form.va)
$ 1,857,826.07
$ 1,562,838.29
$ 1,705,605.39
$ 1,964,452.06

Van forma larga

$ 1,857,826.07
$ 1,562,838.29
$ 1,705,605.39
$ 1,964,452.06

Pago
$ 272,660.71
$ 271,372.08
$ 319,705.53
$ 319,705.53
Diferencia

R/ Digo segn el criterio de la anualidad equivalente, que elijo el proyecto c , debido a que obtengo mayores ingresos qu

Payback

4.3505436004
52.2065232051
11/8/2015
Sunday, March 08, 2020

aos
meses
Fecha actual
Fecha payback

Payback

3.3525490268
40.2305883221
11/8/2015
Friday, March 08, 2019

aos
meses
Fecha actual
Fecha payback

Payback

2.9886479841
35.8637758094
11/8/2015
Monday, October 08, 2018

aos
meses
Fecha actual
Fecha payback

Payback

2.8828828829
34.5945945946
11/8/2015
Saturday, September 08, 2018

aos
meses
Fecha actual
Fecha payback

Va desde el infinito
$ 2,726,607.12
$ 2,713,720.84
$ 3,115,873.75
$ 3,197,055.26

Va desde el infinito
$ 2,726,607.12
$ 2,713,720.84
$ 3,197,055.26
$ 3,197,055.26
$ 0.00

o c , debido a que obtengo mayores ingresos que en el proyecto d

A
Flujo
Abandono
Flujo total
Van A
Tir a
B
Flujo
Abandono
Flujo total
Vna B
TIR B

0
-3000000

1
689569

2
689569

-3000000
1,857,826.07
21%

689569

689569

0
-2000000

1
596561

2
596561

-2000000
1,562,838.29
27%

596561

596561

Me dio Flojera hacer el c y el d xd

3
689569

4
689569

5
689569

6
689569

7
689569

8
689569

689569

689569

689569

689569

689569

689569

3
596561

4
596561

5
596561

6
596561

7
596561

8
596561

596561

596561

596561

596561

596561

596561

9
689569

10
689569

11
689569

689569

689569

689569

9
596561
300000
896561

12
689569
500000
1189569

Flujos

-700

-300

-1500

1
2
3
4
5
6
7
8
TASA
Presupuesto

300
300
300
300
300
300
300

140
140
140
140
140
140
140

350
350
350
350
350
350
350

12%
3200

Vna
Inversin

669.13 $
-700

Van
A
B
C
D
E
F
G
Max Van comb

$
$
$
$
$
$
$

669.13
338.93
97.31
477.85
140.94
88.93
60.54
total inv
1687.3806092633

338.93 $
-300

Inversin
700
300
1500
800
1000
550
300
3100

97.31
-1500

Participa
1
1
0
1
1
0
1

-800

-1000

-550

-300

280
280
280
280
280
280
280

250
250
250
250
250
250
250

140
140
140
140
140
140
140

79
79
79
79
79
79
79

477.85 $
-800

140.94 $
-1000

88.93 $
-550

60.54
-300

Se escogen
A
B
D
E
G
Ppto

3200

Inversin debe ser mayor al ppto, debido a que si se planifica algo, siempre se debe buscar un valor
Inversin= Costo, siempre en la empresa, uno de los objetivos es producir la mxima utilidad, con un
En sntesis, se debe buscar un costo (inversin) que sea igual o menor que el valor de la inversin

siempre se debe buscar un valor igual o menor a ste

roducir la mxima utilidad, con un mnimo costo
enor que el valor de la inversin

Proyecto
1
2
3
4
5
6

Tipo
Prolongar el telefrico 3
construir tienda de deporte
Prolongar el telefrico 4
Construir nuevo restaurant
Construir ms habitaciones
Construir pista de patinar

Inversin
500000
150000
350000
450000
200000
400000

Ir
1.22
0.95
1.2
1.18
1.19
1.05

1
2
3
4
5
6

Van
110000
-7500
70000
81000
38000
20000

Inversin
500000
150000
350000
450000
200000
400000

Participa
1
0
0
1
0
0

Total inv

950000

Max van comb

191000

R/ Como administrador fianciero prefiero aquellos proyectos que rentan ms dada la restriccin presupuestaria
Por lo tanto prefiero los proyectos "1 y 4 ", ofreciendo un VAN conjunto de $191.000 con un presupuesto de capital $95

Van
110000
-7500
70000
81000
38000
20000

Se escoge
1

PPTO

1000000

s dada la restriccin presupuestaria

$191.000 con un presupuesto de capital $950.000.

PPTO

555555

Inversin
Maximo van comb
Comb

554550
110550
1,2,3,5

a.

Nueva inv
Maximo van comb
Comb

555550
113770
2,3,4,5

+ en 1000

Variacin

2.913%

+ en % el van

Nueva inv

554555
-5

- la inv

b.

Pero esto no afecta a la combinacin inicial 1,2,3,5, se mantiene hasta 554550

Proyectos

VAN

1
2
3
4
5
6

20125
35500
12000
23345
42925
20999

11004

110550
113770

1racomb
2dacomb