1

Las dos intervenciones

Tesorero
Gerente
-170
Compra en
-50
50
-220
140
-80
Anlisis de la nueva inversin
Inversion
-70
Valor Actual de los
140
ingresos netos
VPN
70
La compaa debera explotar el Filn ella misma, en lugar de venderlo al Gerente

$4,000,000
$750,000

Opcin 1:
Equipo de reproduccin
-5,000,000

9,500,000

Opcin 2:
Lote
-5,000,000

Perodo
0
1
2
3
4
5

VPN

A
-5,000,000
750,000
750,000
750,000
750,000
4,750,000

30%

B
-5,000,000
0
0
0
0
9,500,000
TIR (B-A)

$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
-$1,000,000
-$2,000,000
-$3,000,000
-$4,000,000
-$5,000,000

VPN
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%

A
$2,750,000
$2,445,936
$2,158,018
$1,885,216
$1,626,575
$1,381,212
$1,148,306
$927,093
$716,865
$516,964
$326,775

B
$4,500,000
$4,038,924
$3,604,443
$3,194,783
$2,808,308
$2,443,499
$2,098,953
$1,773,369
$1,465,540
$1,174,348
$898,753

0
-750,000
-750,000
-750,000
-750,000
4,750,000
19.26%

-$2,096,006 -$2,441,374

$5,000,000

B-A

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%
51%
52%
53%
54%
55%
56%
57%
58%
59%
60%
61%
62%
63%
64%
65%
66%

$145,728
-$26,710
-$191,037
-$347,715
-$497,177
-$639,828
-$776,046
-$906,185
-$1,030,576
-$1,149,531
-$1,263,339
-$1,372,273
-$1,476,590
-$1,576,531
-$1,672,320
-$1,764,171
-$1,852,282
-$1,936,842
-$2,018,028
-$2,096,006
-$2,170,934
-$2,242,959
-$2,312,221
-$2,378,851
-$2,442,975
-$2,504,710
-$2,564,166
-$2,621,449
-$2,676,659
-$2,729,889
-$2,781,229
-$2,830,762
-$2,878,569
-$2,924,726
-$2,969,304
-$3,012,371
-$3,053,993
-$3,094,230
-$3,133,141
-$3,170,782
-$3,207,205
-$3,242,460
-$3,276,596
-$3,309,657
-$3,341,686
-$3,372,726
-$3,402,814
-$3,431,989
-$3,460,286
-$3,487,740
-$3,514,381
-$3,540,242
-$3,565,352
-$3,589,740
-$3,613,431
-$3,636,453

$637,788
$390,555
$156,219
-$65,998
-$276,821
-$476,926
-$666,944
-$847,462
-$1,019,031
-$1,182,163
-$1,337,339
-$1,485,007
-$1,625,588
-$1,759,476
-$1,887,040
-$2,008,625
-$2,124,555
-$2,235,136
-$2,340,653
-$2,441,374
-$2,537,552
-$2,629,424
-$2,717,213
-$2,801,130
-$2,881,372
-$2,958,125
-$3,031,566
-$3,101,860
-$3,169,163
-$3,233,623
-$3,295,378
-$3,354,561
-$3,411,294
-$3,465,697
-$3,517,879
-$3,567,946
-$3,615,997
-$3,662,127
-$3,706,423
-$3,748,971
-$3,789,851
-$3,829,138
-$3,866,905
-$3,903,219
-$3,938,145
-$3,971,746
-$4,004,078
-$4,035,198
-$4,065,158
-$4,094,009
-$4,121,798
-$4,148,571
-$4,174,370
-$4,199,236
-$4,223,210
-$4,246,327

67%
68%
69%
70%
71%
72%
73%
74%
75%
76%

-$3,658,828
-$3,680,582
-$3,701,737
-$3,722,313
-$3,742,332
-$3,761,814
-$3,780,777
-$3,799,240
-$3,817,219
-$3,834,732

-$4,268,623
-$4,290,133
-$4,310,888
-$4,330,919
-$4,350,255
-$4,368,924
-$4,386,954
-$4,404,369
-$4,421,194
-$4,437,451

8
Opcin 1:
Mquina nueva

Opcin 2:
Continuar con la
mquina vieja

$165,000

$30,000

$37,500

$70,000

Opcin
VA
PAGO
NPER
TASA
VPN

1
-165,000
-30,000
10
30%
-$257,746

2
-37,500
-70,000
10
-$253,908

La mejor opcin es continuar con la mquina vieja

$1,300,000

Opcin 1:
continuar con el
Carro viejo

$120,000

$1,200,000

$260,000
$1,900,000
Opcin 2:
Comprar carro
nuevo

$100,000
$1,700,000

Opcin
VA
PAGO
NPER
VF
TASA
VPN

1
- 1,460,000
- 120,000
3
1,300,000

20%
-$960,463

La mejor opcin es comprar el carro nuevo

2
1,700,000
100,000
3
1,900,000
-$811,111

TIRP

Perodo
0
1
2
3
4
5
TIR
VPN 0.20

Paso 1
Paso 2

A
-2,200,000
750,000
750,000
750,000
750,000
4,750,000
41.37%
1,650,469

B
-2,300,000
300,000
200,000
100,000
0
9,500,000
37.44%
1,964,596

TIR Ponderada
Calculo la diferencia entre los
proyectos
Llevo a VF las diferencias a la
T.D.

B-A
-100,000
-450,000
-550,000
-650,000
-750,000
4,750,000
28.20%

T.D.

20%

-$100,000

$0

$248,832

$0

Llevo los valores intermedios a VF a la T.D.

Periodo 1

$1,555,200

$622,080

Periodo 2

$1,296,000

$345,600

Periodo 3

$1,080,000

$144,000

Periodo 4

$900,000

$0

Paso 3

Total

$9,581,200 $10,611,680

Paso 4

Sumo los VF de la inversin y

las diferencias

$9,830,032 $10,611,680

Paso 5

Calculo la TIR

33.71%

$9,000,000
$8,000,000
$7,000,000
$6,000,000
$5,000,000

$4,000,000
$3,000,000
$2,000,000
$1,000,000

$0
-$1,000,000

VPN
0%

A
$5,550,000

B
$7,800,000

35.77%

1%
3%
5%
7%
9%
11%
13%
15%
17%
19%
21%
23%
25%
27%
29%
31%
33%
35%
37%
39%
41%
43%

$5,395,882
$4,819,789
$4,302,287
$3,836,283
$3,415,663
$3,035,143
$2,690,142
$2,376,678
$2,091,282
$1,830,921
$1,592,940
$1,375,006
$1,175,069
$991,318
$822,154
$666,158
$522,073
$388,781
$265,284
$150,692
$44,210
-$54,877

$7,561,059
$6,672,521
$5,881,142
$5,174,675
$4,542,611
$3,975,905
$3,466,750
$3,008,388
$2,594,956
$2,221,355
$1,883,138
$1,576,416
$1,297,787
$1,044,259
$813,204
$602,303
$409,508
$233,006
$71,191
-$77,367
-$213,936
-$339,649

BOLSA

Alternativa #1
Inversin:
Tasa Nominal:

Alternativa #2

100,000,000
Inversin:
DTF+4% Tasa Nominal:

Plazo:
Modalidad de pago:
Amortizaciones:

5 aos Plazo:
AV Modalidad de pago:
AV Amortizaciones:

100,000,000
DTF+4%
5 aos
AV
Al vencimiento

DTF:13.5% NATA TD: 13%

Tasa de inters que pagan los ttulos
DTF

17.50%

Tasa Peridica Anticipada

4.38%

Tasa Peridica Vencida

4.58%

Tasa NATV

18.30%

Tasa EA

#NAME?
Flujo de caja de 1

Perodo

Saldo inicial deuda

Amortizacin
Saldo final deuda

100,000,000

Intereses
Flujo de caja de A

VPN 13%

100,000,000
#NAME?

1
100,000,000
20,000,000
80,000,000
#NAME?
#NAME?

2
80,000,000
20,000,000
60,000,000
#NAME?
#NAME?

Flujo de caja de B

Perodo

Intereses
Amortizacin
Flujo de caja de B

2
#NAME?
#NAME?

100,000,000
#NAME?
#VALUE!
Note que aunque las dos alternativas tienen la misma rentabilidad efectiva, el VPN de B es mejor que el de A
VPN 13%

1
#NAME?
#NAME?

Flujo de caja de 1

3
60,000,000
20,000,000
40,000,000
#NAME?
#NAME?

4
40,000,000
20,000,000
20,000,000
#NAME?
#NAME?

5
20,000,000
20,000,000
#NAME?
#NAME?

3
#NAME?
#NAME?

4
#NAME?
#NAME?

5
#NAME?
100,000,000
#NAME?

Flujo de caja de B

el VPN de B es mejor que el de A

USD
Forma de clculo 1
Inversin:
Tasa Nominal:
Plazo:
Modalidad de pago:
Amortizaciones:
Dlar (hoy)
Devaluacin:

$1,000,000,000
10.50%
2 aos
SV
Al vencimiento
$2,250
10% EA

Forma de clculo 2
Intereses Moneda dura
Devaluacin
Tasa

Devaluacin semestral
Devaluacin semestral
#NAME?
Tasa NASV
10.500%
Periodica
5.3%
Inversin en US$

0
1
2
3
4

-$444,444
$23,333
$23,333
$23,333
$467,778

Flujo en pesos
Flujo en pesos

Perodo
0
1
2
3
4

-$1,000,000,000
#NAME?
#NAME?
#NAME?
#NAME?
TIR semestral
TIR EA

TRM
$2,250
#NAME?
#NAME?
#NAME?
#NAME?
#VALUE!
#NAME?

Como la tasa de oportunidad es del 18% E. A., el inversionista debe comprar el ttulo

#NAME?
10%
#NAME?

SOLVER
Valor Invertido

VPN

CDT 1

8,908,118

2,844,332

CDT 2
CDT 3

171,965
10,859,393

45,996
788,120

CDT 4
CDT 5
CDT 6

7,325,330
1,593,603
8,586,294

852,520
316,923
2,702,758

CDT 7
CDT 8
CDT 9
CDT 10
CDT 11
CDT 12
CDT 13
CDT 14
CDT 15
CDT 16
CDT 17
CDT 18
CDT 19
CDT 20
CDT 21
CDT 22
CDT 23
CDT 24
CDT 25
CDT 26

6,789,713
6,618,906
14,730,171
14,732,527
8,912,821
13,514,913
12,380,802
9,557,524
13,356,365
907,342
1,576,681
12,859,123
6,790,766
3,185,201
7,708,856
2,520,822
6,756,373
13,775,770
2,069,223
12,769,423

1,500,505
1,830,858
2,677,144
432,722
2,174,945
3,944,712
1,383,528
2,678,715
305,474
84,255
271,832
2,175,372
796,785
709,657
1,172,421
569,158
1,878,041
3,063,897
256
3,313,550