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CALCULO FINANCIERO

Régimen Simple

I(O;n) = eo · i·n

D e scuento Comercial

D(O;n) = Nrd-n

Va= N . (l - d · n)

De s cuento Racional

D(o;n) = N{l - {l+i . nt]

Va= N.(l + i.nt

CAPITALIZACIÓN

Régimen Compuesto

I(O;n) = e o{(l+if - l J

en = C ¿ ' (l + if

ACTUALIZACIÓN

Descuento Compuesto

Va =N.(l - df

RELACIÓN ENTRE TASAS VENCIDAS Y ADELANTADAS

d

Régimen Simple

Régimen Compuesto

 

i

.

d

i

.

d

=

yl=

d=-

Y 1 = -

 

l+i ' n

1-d'n

l +i

l-d

TASA APARENTE, TASA REAL Y TASA DE INFLACIÓN

=

-

RENTA CIERTA, TEMPORARIA, INMEDIATA y DE CUOTA CONSTANTE

Cuotas Vencidas

v:. (l;n;i) =

(

l+ i ) n - 1

.

 

1

1 (O;n) = v:. (l;n ; i) - n· e

V

o

1 - (1 + i ) - n

(1' n: i) = e .---- '' --- ' - -

,

,

.

1

1 (O;n) = n- e - Va ( l ;n ; i)

Cuotas Adelantadas

v:. (O ;n;i) =

(l

+ if

.

1

-1

. ( l + i )

1 ( O; n) = v:. ( O; n; i ) - n . e

Va ( O; n; i) =

l

- (l+irn

1

.

(O ;n ) = n - C -Va (O ; n ;i )

I

.(1 + i)

RENTA CIERTA, PERPETUA, INMEDIATA Y DE CUOTA CONSTANTE

Cuot a s Vencidas

V a(1;00;i) = e.~

1

Cuotas Adelantadas

Va ( O; 00;i) = e .~.(1 + i)

1

l. RENTA CIERTA, TEMPORt\

.

P roeresión Geométrica

Sea C, = et _ ¡'q

RIA, INl\1EDIATA y DE CUOTA VARIABLE

.

Progresión Aritmética

V

o

(l ' n: i: q) = e .

,

,

,

¡

l _(~) n

1

1+ i

.

+l-q

con q :; t : 1+ i

V

'(l . n . ¡.r) = (e

o

,

,

,

¡.

+ :.) .l -(l+ i r n

.

1

1

r _ n _

i

()n

1 + i

Va(l ; n ; i ; q) = e¡

l-

1+ 1

. : n con q=l+i

RENTA CIERTA, PERPETUA, INMEDIATA Y DE CUOTA VARIABLE

Pro gresión Geométrica

a (l;oo;i;q) = e¡.

V

~ l+l - q

con q < l + i

Progresión Aritmética

V~(l;oo;i;r) =( el +;};

Pág in a 2 de 4

r - .

SISTEMA DE A~lORTIZACIÓN FRANCÉS

T.T = C. 1 - (1 + i r n

Yo

- ' -- o ~

1

C

t =- -

I

(l+if

I(a; b)=(b-a) · C-( v " - V¡ , )

1 ( a ;b) = (b - a) . C - ( ~ - ~ )

T; = tI'

(l+i) ' - 1

.

1

1- (1 + ir ( n - t )

~

= C . - " ' - - . - ' -- -

~ = Va · (l+i) - C

1

t

(l+iY - l

1

SISTElVIA DE A~IORTIZACIÓN ALEMÁN

t = -2

V

n

n+l

I(O·n) =- ·V i

,

2

c - c

t

t - I

= _ V"a .i n

SISTEMA DE A~10RTIZACIÓN AlVIERICANO PURO

1 ( O; n) = n . Va. i

SISTEMA DE A1VfORTIZACIÓN DE TASA DIRECTA

C, =1 +t

V

T = t ·- 2

t

n

l ( a ;b)=(b - a)· Vo ·r

S E:GUROS DE V Ill A . &REN'l ' AS C O NT INGENTES

Valor Actual de un Capit a l Asegurado de V ida

PPU = CA v -E(x; n)

PPU = CA v -

D(x ' n) D( x )

ValOl' Actual Ren t a Con t ingente de cuota R

PPU =R-a( x · h n) = R- N (x +h)-N( x +h+ n)

,

,

-----D-(~X~)--~

Valo r Actual de un Capital Asegurado de Muerte

PPU = C A M -A( x; h ; n )

M (x +h)-M( x +h+ n ) D(x)

PPU = CA M -

Cálculo de PPA's para cualquier Valor Actual (PPU)

PPU = PPA.a(x h: n) = PPA. N(x+h)-N(x+h + n)

,

,

-----D-( - x~)-- ~

p A R 1 1 E S VF, -[( Rt+i) "- I - j' n
p
A
R
1
1
E
S
VF,
-[(
Rt+i) "- I
- j' n . (t + i) n
R
i
i
C +- .
-
E
(
1 ;, , ; i ; R)
-
N
T
R
V
E
-
G
E
F
(R)<l+ir-l
1
I
N
VF
R
N
=
e + - . '
.
- -
E
(1; I1; i :R)
II
A
1
l
1
.
e
L
O
T
I
p
E
Rf
D
M
R
p
V P .
-(
e + i .i
(l;o<>;i:R)
-
E
M
A
T
E
u
A
p
T
E
R
E
O
S
V1[
- [(
11 rl + i)"- ¡ -i 1 n 11 ]
C + -
i
'
. (l + i r'H I
R
E
O;n;i;R)
-
!
N
T
T
A
i
-
E
I
D
F
E
e
l
I
J
I
Vr¡"""RI ~[( C+ R r
N
+i)" - 1
R
L
i
í
= :: . ( l+i)
A
A
A
l
e
N
p
T
E
R
R) 1
A
p
V
p
_(
e - / - i .¡"(l + i)
(O;oo;i;R)
-
E
A
D
T
u
A
I
A
-

p

e

,

p

e

T

U A

,

,

N

A

l

p

,

,

P

f

,

U A

¡

?D

, r(O;,,;i~q)

. ( 1 +i - =:2 - .(I + i)

)

.

(1

. + 1

.)_ a

:l

ll

" '

;;; : c .

- ~r+ t

I ' P ¡ O"! ; i ;q ) = c . I 1 . (l + ir .(1. + i } : : : C . n

pur a q t- (1+ i)

para q=(l+i)

(l+i)"

~(/ .(l+i)

~ Vl~O;n ;i ;q) = c . (1 + i) _ q .

~ ,

para q : f . (l + i)

vr:

. =c.n.(·I+i)"

\O;n ; , ;q)

:> ~ - ; ' ;' l )

l(

V

.

C

: = ; ~-

(l+i)-q'

(1 . i)

T

para q=(l+i)

(

para q<l+i)

(

1 + i )"_ :: i

v,{J; •••;I! ) =-C'-(i+i)_q

(

l + ir'

para q;< (1+;)

Vil'''"'') '" c.n.(1 +i r ' .(1 + i r ", c:I7.(1 + i r '

p" r a q =(1 + i)

Vf~ . l; h; ¡; .¡ ) ~c .

( J + i)" -q "

(l . ! i ) - q

JT

. " f ''' ' '''I ', " " C . l 1 .

(l

+J

')" ' . '

l.

"

"

 

"

para q :f= (1-1' n

.

)

[lora q =(. I+i)

v¡>

!I; ~ : ¡ ; </) - (1 + i)- ll para q < (1 + i)

_

e

, ~--

.:::

Tabla Mortalidad y Valores de Conmutación - CSO 1941 (i=O,025)

Edad (x)

I(x)

O

1.023.102

1

1.000.000

2

994.230

3

990.114

4

986.767

5

983.817

6

981.102

7

97!:L~4i

8

976.124

9

973.869

10

971.804

11

969.890

 

-

12

968.038

13

966.179

14

964.266

15

962.270

16

960.201

17

958.098

18

955.942

19

953.743

20

951.483

21

949.171

22

946.789

23

944.337

24

941.806

25

939.197

26

936.492

27

933.692

28

930.788

29

927.763

30

924.609

31

921.317

32

917.880

33

914.282

34

910.515

35

906.554

36

902.393

37

898.007

38

893.382

39

888.504

40

883.342

41

877.883

42

872.098

43

865.967

44

859.464

45

852.554

46

845.214

47

837.413

48

829.114

49

820.292

50

810.900

d(x)

D(x)

N(x)

23.102

1.023.10200

31.374.229 78

5.770

975.60976

30.351.12778

4.116

946.322 43

29.375.518 02

3.347

919.41928

28.429.19560

2.950

893.96220

27.509.776 32

2.715

869.55087

26.615.814 12

2.561

846.001 18

25.746.26324

2.41/

823.21252

24.900.262 06 '

2.255

801.150,43

24.077.049 54

2.065

779.80453

23.275.899 11

1.914

759.171 73

22.496.09459

1.852

739.19660

21.736.92285

1.859

719.79035

20.997.72625

1.913

700.88593

20.277.935 90

1.996

682.43727

19.577.049 97

2.069

664.41429

18 . 894.612 69

2.103

646.815 33

18.230.19840

2.156

629.65727

17.583.38307

2.199

- 612.91742

- ; 16.953.725 80

2.260

596.592,68

16.340.808,38

2.312

580.66243

15.744.21570

2.382

565.12340

15.163.55327

2.452

549.95628

14.598.429,87

2.531

535.153 17

14.048.473 59

2.609

520.70133

13.513.32042

2.705

506.59402

•• 12.992.619 10

2.800

492.81461

12.486.025 07

2.904

479.35722

11.993.21047

3.025

' ' . 466.211 03 '" 11.513.853 25

3.154

453.36183

11.047.64222

3.292

440.80058

10.594.280 39

3.437

428.518 19

10.153.47981

3.598

416.506 91

9.724.96163

3.767

404.75536

9.308.454 71

3.961

393.25629

8.903.699 35

4.161

381.99563

8.510.443 06

4.386

370.968 10

8.128.447,43

4.625

360.16102

7.757.479 33

4.878

349.56691

7.397.318 32

5.162

339.178,75

7.047.751,41

5.459

328.983 61

6.708.572 66

5.785

318.976 11

6.379.589 04

6.131

309.14551

6.060.612 93

6.503

299.48~iL04

5.751.46742

6.910

289.986,39

5.451. 982 39

7.340

280.63895

5.161.99600

7.801

271.43689

4.881.35704

8.299

262.372 33

4.609.920 15

8.822

253.43624

4.347.547 82

9.392

244.62400

4.094.111 59

9.990

235.92504

3.849.487 58

C(x)

M(x)

22.538,54

257.87688

5.49197

235.33835

3.822 12

229.84638

3.03222

226.02426

2.60737

222.99205

2.341 14

220.38468

2.15448

218.04354

1.983 74

21').88906

1.80564

213.90531

1.613 17

212.09967

1.458 75

210.48650

1.377 07

209

.

.02775

1.34856

207.65069

1.353,88

206.302 13

1.378 17

204.94825

1.39373

203.570,08

1.38208

202.17635

1.38235

200.79427

1.37554

199.411 91

1.37921

198.03638

1.37653

196.65717

1.38362

195.28063

1.38954

193.89701

1.399 33

192.50747

1.40727

191.10814

1.42346

189.700,87

1.43752

188.277 41

1.45455

186.83989

1.47820

185.38534

1.50365

183.90714

1.531 16

182.40349

1.55961

180.872 34

1.59285

179.31273

1.62699

177.71988

1.66905

176.09289

1.710 56

174.42384

1.75908

172.71328

1.80969

170.95420

1.862 13

169.14451

1.92249

167.282 38

1.983 51

165.359,89

2.05069

163.376,38

2.120,34

161.32568

2.194 14

159.20534

2.27460

157.011 21

2.35721

154.73661

2.44415

152.37940

2 . 53676

149.93525

2.63086

147.39848

2.732,53

144.76762

· 2.83562

142.035 10

,.

Tabl a Mortalidad y Valores de Conmutación - CSO 1941 0=0,025)

Edad (x)

I(x)

--

f-

51 800.910

52 790.282

53 778.981

54 766.961

55 754.191

56 740.631

57 726.241

58 7 1 0 . 990

59 694.843

60 677.771

61 659.749

62 640.761

63 620.782

64 599 . 824

65 577.882

66 554.975

67 531.133

68 506.403

69 480 . 850

70 454 . 548

71 427.593

72 400 . 112

73 372 . 240

74 344 . 136

75 315.982

76 287.973

77 260.322

78 233.251

79 206.989

80 181.765

81 157.799

82 135.297

83 114.440

84 95.378

85 78.221

86 63 . 036

87 49 . 838

38.593

88

89 29 . 215

90 21.577

91 15.514

92 10 . 833

93 7.327

94 4.787

95 3 . 011

96 1.818

97 1.005

454

125

99

98

d(x)

D(x)

N(x)

C(x)

M(x)

 

10.628

227.335 15

3 . 613.562

55

2.943 14

139 . 19947

-

 

11.301

218.847 25

3.386.227 40

3.053 18

136 . 25634

12.020

210.456,33

 

3 . 167.380

15

3 . 16822

133.203 16

12 . 770

202.15503

~ 2.956.92382

3.28381

130.03494

13.560

193.94061

6 2.754.76879

3.401 91

126.75112

14.390

185.80843

2.560 . 828 19

3 . 52209

123.34921

15.251

177 . 75443

-

2.375.01975 3.641 78

119.827 12

1 6 . 1 47

169 . 777.17

2 . 197.26532

3 . 761 70

1 1 6 . 18534

17.072

161.874 57

2.027.488

15

3.880 19

112.42364

18.022

154.0 4 622

1.865.613 58

3.99620

108.54345

18.988

146.292 80

1.711.56735

4.10771

104.54725

19.979

138.61697

 

1.565.274 55

4.21668

100.43955

20.958

131.01940

1.426.657 58

4.31541

96.22287

21. 9 42

123.50839

1.295.638 18

4.40783

91.90746

22.907

116.088 16 @ 1.172.12979

4.48945

87.49963

23.842

108.767 29

1.056.041,63

4.55873

83.010 18

24.730

101.555,70

947.27435

4.613 19

78.45145

25.553

94.46554

 

8 4 5.71865

4.65045

73.83826

26.302

87.51105

751.253 10

4.67001

69.18781

26.955

80.70662

663 . 74205

4.66923

64.517J9

27.481

74.06894

583.03543

4.64424

59.84857

27.872

67.618 15

508.96649

4 . 59543

55.20433

28 . 104

61.373 50

441.34834

4.52066

50 . 60890

28.154

55.35592

 

379.97484

4.41825

46.08824

28.009

49 . 587,53

324.61892

4.28829

41.66999

27.651

44 . 08979

275.03140

4.13022

37.381 70

27.071

38 . 88421

230 .9 4161

3.94496

33.25148

26.262

33.99085

192.05740

3.73373

29.30652

25.224

29.42808

158.066.55

3.49868

25.572 80

23.966

25 . 211 64

128.63848

3.243 12

22.07411

22.502

21.353,60

 

103.42684

2.97074

18.831 00

20.857

17.86205

82.073 24

2.68640

15.86026

19.062

14 . 73998

,64.2 !J.¡J.?

2.39532

13 . 17386

17.157

11.98515

49.471 21

2.103,36

10.77854

15.185

9.58947

37.48606

1.81619

8.675 18

13 . 198

7.539 , 39

27 . 896,58

1.54004

6.85899

11.245

5.81546

20.35719

1.280 15

5.31895

9.378

4.39348

14.541 73

1.041 56

4.03880

7.638

3.24475

10.14825

82762

2.99724

6.063

2.33799

6.90350

64094

2.16961

4.681

1.64003

4.56550

48277

1.52868

3.506

1.11726

2.92547

35277

1.04590

2.540

7 3 724

1.808 21

24934

69313

1.776

469 , 92

1.07098

17009

44379

1.193

28837

60106

11147

27371

813

16986

31270

7411

16224

551

9

1 61

14283

4900

8813

329

4

038

5122

2855

3913

125

10 85

10 85

1058

1058