Problema A

PROYECTO A

IO -$16,000,000.00

Periodo FEN TR VPN

0 -$16,000,000.00 -$16,000,000.00 -$16,000,000.00
1 $18,500,000.00 $2,500,000.00 $16,398,165.18
2 $0.00 $2,500,000.00 $0.00
3 $0.00 $2,500,000.00 $0.00
4 $0.00 $2,500,000.00 $0.00
5 $0.00 $2,500,000.00 $0.00
6 $0.00 $2,500,000.00 $0.00
7 $0.00 $2,500,000.00 $0.00
8 $0.00 $2,500,000.00 $0.00
9 $0.00 $2,500,000.00 $0.00
10 $0.00 $2,500,000.00 $0.00
$398,165.18

IR 1.0249

ROI 1.56%

TIR 15.63%

TREMA 12.82%

CLASIFICACIONES TIR
Proyecto primer lugar A
Proyecto segundo lugar B

CLASIFICACIONES TIR
Proyecto primer lugar A
Proyecto segundo lugar B

CLASIFICACIONES TIR
Proyecto primer lugar A
Proyecto segundo lugar B

CLASIFICACIONES TIR
Proyecto primer lugar A
Proyecto segundo lugar B

TASA DE INTERSECCIÓN DE FISHER Tasa de descuento asociada a dos perfiles

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 Problema A

PROYECTO B

IO -$16,000,000.00

Periodo FEN TR VPN

0 -$16,000,000.00 -$16,000,000.00 -$16,000,000.00
1 $3,000,000.00 -$13,000,000.00 $2,659,161.92
2 $3,000,000.00 -$10,000,000.00 $2,357,047.37
3 $3,000,000.00 -$7,000,000.00 $2,089,256.87
4 $3,000,000.00 -$4,000,000.00 $1,851,890.77
5 $3,000,000.00 -$1,000,000.00 $1,641,492.48
6 $3,000,000.00 $2,000,000.00 $1,454,998.10
7 $3,000,000.00 $5,000,000.00 $1,289,691.84
8 $3,000,000.00 $8,000,000.00 $1,143,166.48
9 $3,000,000.00 $11,000,000.00 $1,013,288.26
10 $3,000,000.00 $14,000,000.00 $898,165.85
$398,159.94

IR 1.0249

ROI 8.75%

TIR 13.43%

TREMA 12.82%

VPN 12.8175% IR 12.8175% ROI

A A-B B
B A-B A

VPN 8% IR 8% ROI
B B B
A A A

VPN 15% IR 15% ROI

A A B
X X A

VPN 15% IR 15% ROI

X X B
X X A

Tasa de descuento asociada a dos perfiles en los que se tienen VP idéntico

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 Problema B

IO -$520,000.00
VR $52,000.00 FEN =
T -35.00%
D

Periodo FE Depreciación Ingreso Gravable Impuestos

0
1 $135,000.00 -$93,600.00 $41,400.00 -14490
2 $135,000.00 -$93,600.00 $41,400.00 -14490
3 $135,000.00 -$93,600.00 $41,400.00 -14490
4 $135,000.00 -$93,600.00 $41,400.00 -14490
5 $135,000.00 -$93,600.00 $41,400.00 -14490
-$468,000.00

IO -$900,000.00
VR $90,000.00 FEN =
T -35.00%
D

Periodo FE Depreciación Ingreso Gravable Impuestos

0
1 $310,000.00 -$162,000.00 $148,000.00 -51800
2 $310,000.00 -$162,000.00 $148,000.00 -51800
3 $310,000.00 -$162,000.00 $148,000.00 -51800
4 $310,000.00 -$162,000.00 $148,000.00 -51800
5 $310,000.00 -$162,000.00 $148,000.00 -51800
-$810,000.00

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 Problema B

(Utilidad Neta + Depreciación)*(1-T%)-Depreciación

IO-VR/T -$93,600.00

FEN Pay Back VPN

-$520,000.00 -$520,000.00 -$520,000.00
$120,510.00 -$399,490.00 $114,771.43
$120,510.00 -$278,980.00 $109,306.12
$120,510.00 -$158,470.00 $104,101.07
$120,510.00 -$37,960.00 $99,143.88
$120,510.00 $82,550.00 $94,422.74
$1,745.23

TRC 57.94%

ROI 3.18%

TIR 5.12%

K 5.00%

(Utilidad Neta + Depreciación)*(1-T%)-Depreciación

IO-VR/T -$162,000.00

FEN Pay Back VPN

-$900,000.00 -$900,000.00 -$900,000.00
$258,200.00 -$641,800.00 $232,612.61
$258,200.00 -$383,600.00 $209,560.91
$258,200.00 -$125,400.00 $188,793.61
$258,200.00 $132,800.00 $170,084.34
$258,200.00 $391,000.00 $153,229.13
$54,280.61

TRC 71.72%

ROI 8.69%

TIR 13.37%

K 11.00%

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 Problema D

PROYECTO GASTO INICIAL DE EFECTIVO TIR VPN IR

A $50,000.00 15.00% $12,000.00 1.24
B $35,000.00 19.00% $15,000.00 1.43
C $30,000.00 28.00% $42,000.00 2.4
D $25,000.00 26.00% $1,000.00 1.04
E $15,000.00 20.00% $10,000.00 1.67
F $10,000.00 37.00% $11,000.00 2.1
G $10,000.00 25.00% $13,000.00 2.3
H $1,000.00 18.00% $100.00 1.1

PROYECTO GASTO INICIAL DE EFECTIVO TIR VPN IR

F $10,000.00 37.00% $11,000.00 2.1
C $30,000.00 28.00% $42,000.00 2.4
D $25,000.00 26.00% $1,000.00 1.04

$65,000.00 $54,000.00

PROYECTO GASTO INICIAL DE EFECTIVO TIR VPN IR

C $30,000.00 28.00% $42,000.00 2.4
B $35,000.00 19.00% $15,000.00 1.43

$65,000.00 $57,000.00

PROYECTO GASTO INICIAL DE EFECTIVO TIR VPN IR

C $30,000.00 28.00% $42,000.00 2.4
G $10,000.00 25.00% $13,000.00 2.3
F $10,000.00 37.00% $11,000.00 2.1
E $15,000.00 20.00% $10,000.00 1.67

$65,000.00 $76,000.00

IR Se obtienen los mayores beneficios monetarios

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