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n= 10 aos
i= 5% efectivo anual
VF=VA( 1+i )n
VF=1001,628894627
VF=162,8894627
b) al 5% capitalizable mensualmente.
VA = 100
VF=VA( 1+i )
VF=100 1+
n= 10 aos
i= 5% capitalizable trimestralmente.
0,05
12
1210
VF=1001,647009498
VF =164,7009498
c) al 5% capitalizable trimestralmente.
VA = 100
n= 10 aos
i= 5% capitalizable trimestralmente
VF=VA( 1+i )n
VF=100 1+
0,05
4
410
VF=1001,643619463
VF=164,3619463
d) al 5% capitalizable semestralmente
VA = 100
VF=VA( 1+i )
VF=100 1+
n= 10 aos
i= 5% capitalizable semestralmente.
0,05
2
210
VF=1001,63861644
VF=163,861644
( )
(
VF=5.000 1+
0,06
2
220
VF=5.0003,262037792
VF=16.310,18896
( )
VF=VA 1+
VF=4.000 1+
0,07
2
270
VF=4.000123,4948853
VF=493.979,5411
nm
( )
VF=VA 1+
VF=9.000 1+
0,075
4
412
VF=9.0002,439191196
VF=21.952,72077
i = 6 % capitalizable mensual
nm
( )
VF=VA 1+
VF=8.000 1+
0,065
12
1230
VF=8.0006,991797982
VF=55.934,38386
a) Terica:
i
m
nm
( )
VF=VA 1+
(10+
VF=20.000( 1+0,08 )
4
)
12
VF=20.0002,21502589
VF=44.300,51779
i
m
nm
( )
VF=VA 1+
10
VF=20.000( 1+0,08 )
VF=20.0002,158924997
VF=43.178,49995
VF=43.178,49995(1+
0,084
)
12
VF =43.178,49951,026666667
VF=44.329,9 2661
VF=C(1+it)
nm
( )
VF=VA 1+
VF=10.000 1+
0,08
4
130
VF=10.00013,12267367
VF=131.226,7367
VF=131.226,7367 1+
0,0852
360
VF=132.743,1345
i = 6% capitalizable semestral
VF=3.000 1+
0,0669
360
VF=3.0001,0115
V F=3.034,5
nm
( )
0,06
VF=3.034,5(1+
2 )
VF=VA 1+
27
VF=3.034,51,512589725
VF=4.589,95352
VF=4.589,95352 1+
0,06137
360
VF=4.589,953521,022833333
VF=4.694,757459
i
m
nm
( )
VF=VA 1+
0,05
VF=10.000 1+
4
11
VF=10.0001,146424215
VF=11.464,24215
VF=11.464,24215 1+
0,07
2
40
VF=11.464,242153,959259721
VF=45.389,91218
VF=100.000 1+
0,06286
365
VF=100.0001,047013699
VF=104.701,3699
VF=104.701,36991,503630259
VF=157.432,1479
VF=157.432,1479 1+
0,06265
365
VF=157.423,14791,043561644
VF=164.290,1511
VA = 100 i = 6,32%
n = 10 aos 5 meses.
VF=VA( 1+i )n
VF=184,5651412 1+
0,065
12
VF=184,56514121,025
VF=189,1792698
( )
1+i= 1+
1+i= 1+
0,08
4
1+i=1,024
1+i=1,08243216
i=0,08243216
j
m
( )
1+i= 1+
j
1+0,08243216= 1+
2
( )
1,08243216=1+
1,0404=1+
j
2
j
2
1,04041=
j
2
20,0404= j
0,0808= j
( )
1+i= 1+
1+12i= 1+
0,07
2
122
1+12i=2,283328487
12i=1,283328487
i=
1,283328487
12
i=0,10694404
nm
( )
VF=VA 1+
x
2
10
( )
12.500=10.000 1+
12.500
x
= 1+
10.000
2
10
( )
10
10
1,25=1+
x
2
1,022565183 = 1 +
1,0225651831=
x
2
x
2
20,022565183=x
0,045130365=x
i= 8,5%
nm
( )
VF=VA 1+
VF=750.000( 1+0,085 )6
n= 6 Aos
VF=750.0001,631467509
VF=1.223.600,632
n=
n=
n=
log VFlog VP
log (1+ i)
log10.000log 6.000
0,08
log ( 1+
)
2
0,221848749
0,017033339
n=13.02438383
nm
( )
VF=VA 1+
VF=4.000 (1+
VF=4.0002,186313733
VF=8.745,254939
VP=1
Sociedad Maderera
i=
i=
1
( VP
VP )
n
10
2
1
1
i=0,071773462
( )
(
1+i= 1+
0,06
4
1+i=1,061363551
i=0,061363551
i=
1
( VP
VP )
n
.000
1
( 1.235
475.000 )
25
i=252,61
i=0,038960254
VP=
VF
( 1+ i )n
VP=
120.000
( 1+ 0,08 )3
VP=
120.000
1,259712
VP=95.259,86892
VF
1+ in
18.000=
20.300
1+i2
i=
2.300
36.000
i=0,0638
i = 5%
Inters Continuo
VF=VAein
VF=20.000e0,0510
VF=20.0001,648721271
VF=32.974,2541
nm
( )
0,05
VF=20.000(1+
12 )
VF=VA 1+
120
VF=20.0001,647009498
VF=32.940,18997
VP=
VF
( 1+ i )n
VP=
10000
( 1+ 0,05 )10
VP=
10.000
1,628894627
VP=6.139,132535
VP=
VP=
VP=
VF
( 1+ i )n
5.000
0,06 64
1+
4
5.000
1,429502812
VP=3.497,719598
VP=
VP=
VP=
VF
( 1+ i )n
8.000
27,5
0,08
1+
2
8.000
1,800943506
VP=4.442,116022
n = 5 aos
7,4%
capitalizable
VP=
VF
( 1+ i )n
VP=
4.000
( 1+ 0,074 )5
VP=
4.000
1,428964392
VP=2.799,230004
i = 6% capitalizable trimestralmente
n= 5 aos 4
meses
n = 21 trimestres 1
mes
a) segn la regla comercial.
VP=
VP=
VP=
VF
( 1+ i )n
6.000
0,06
1+
4
21
6.000
1,367057832
VP=4.388,987694
VP=
VP=
VP=
VF
1+ in
4.388,987694
0,061
1+
12
4.388,987694
1,005
VP=4.367,151934
VP=
VP=
VF
( 1+ i )n
6.000
4
0,06 4(5 + 12 )
1+
4
6.000
1,373859226
VP=4.367,259676
n = 20 aos
i = 8% capitalizacin mensual
VP=
VP=
VP=
VF
( 1+ i )n
96.000
1220
0,08
1+
12
96.000
4,926802775
VP=19.485,2533
VP=
VP=
VF
( 1+ i )n
20.000
410
0,08
1+
4
20.000
2,208039664
VP=9.057,808304
n = 10 aos
i = 8% capitalizacin trimestral
VP=
VP=
VF
( 1+ i )n
35.000
0,10 23
1+
2
35.000
1,340095641
VP=26.117,53888
i = 9% capitalizacin trimestral
nm
( )
VF=VA 1+
VF=50.000 1+
0,09
4
VF=50.0001,194831142
VF=59.741,55709
n = 2 aos
i = 8% acumulacin semestral
n = 5 aos
nm
( )
0,08
VF=60.000( 1+
2 )
VF=VA 1+
25
VF=60.0001,480244285
VF=88.814 .61571
VP=
VF
( 1+ i )n
88.814,61571
0,10 43
1+
4
VP=
88.814,6571
1.34488824
VP=66.038,66097
20.000
VP=
6
40.000
40.000
VF
( 1+ I )n
VP=20.000+
VP=20.000+
40.000
40.000
+
123
0,09
0,09 126
1+
1+
12
12
) (
40.000
40.000
+
1,308645371 1,712552707
VP=20.000+30.565,95842+23.356,94536
VP=73.922,90378
i = 8% acumulacin semestral
VP = 20.000
n = 3 aos
n = 2 aos
Fecha focal = ao 3
los $20.000, como son al contado, los llevamos a la fecha focal
( ao 3)
i
m
nm
( )
0,08
VF=20.000(1+
2 )
VF=VA 1+
23
VF=20.0001,265319018
VF=25.306,38037
VF=50.000 1+
0,08
2
VF=50.0001,0816
VF=54.080
nm
( )
VF=V A 1+
VP=
VF
( 1+ i )n
50.000 1+
0,1 6 60.000
+
4
0,1 5
1+
4
50.0001,159693418+
60.000
1,131408213
57.984,67091+ 53.031,25726
VP=111.015,9282
n = 2 aos
VP = 10.000 n = 5 aos
Fecha focal = ao 5
0
i = 9% convertible semestralmente
2
8.000
i
m
aos
10.000
nm
( )
VF=VA 1+
VP=
VF
( 1+ i )n
10.000+8.000 1+
0,09
2
23
=X 1+
0,09
2
10.000+8.0001.302260125=X1,1411166125
10.000+10.418,081
=X
1,1411166125
20.418 .081
=X
1,1411166125
17.893.07139=X
n = 3 aos
VP = 40.000
n = 5 aos
i = 6% capitalizacin semestral
Fecha Focal = ao 5
x
i
VF=VA 1+
m
20.000
nm
( )
VP=
VF
( 1+ i )n
40.000+20.000 1+
0,06
2
22
=X 1+
0,06
2
23
+ X 1+
0,06
2
40.000+20.0001,12550881=X1,194055297+ X1,0609
62.510,1762=2,255852297X
aos
40.000
62.510.1762
=X
2,254952297
x=27.721,28541
i = 8% capitalizacin semestral
n = 2 y 4 aos
60.000
VP=
VP=
VP=
VF
( 1+ i )n
60.000
60.000
+
22
0,08
0,08 24
1+
1+
2
2
) (
60.000
60.000
+
1,16985856 1,36856905
VP=51.288,25146+ 43.841,41231
VP=95.129,66377
60.000
aos
VP=
VF
( 1+ i )n
x
x
x
+
+
=100.000
1+0,07 ( 1+0,07 )2 ( 1+0,07 )3
x
x
x
+
+
=100.000
1,07 1,1449 1,225943
x=38105
aos
n = 4 aos
VF = 8.000
n = 3 aos
VF = 6.000
n = 2 aos
i = 8%
6.000
VP=
8.000
VF
( 1+ i )n
24.000
6.000
8.000
10.000
=
+
+
x
2
3
( 1+0,08 ) (1+0,08 ) ( 1+ 0,08 ) ( 1+0,08 )4
x
24.000(1,08 ) =5.144,032922+6.350,657928+7.350,298528
24.000(1,08 )x =18.844,98938
1,08x =
x
18.844,98938
24.000
1,08 =0,7852078907
10.000
aos
x=
ln 0,7852078907
ln1,08
x=3,141937332
5.000
VF=VA( 1+i )n
VP=
VF
( 1+ I )n
5.000( 1+ x ) +
8.000
=12.800
1+ x
12.800
8.000
aos
11.000
VP=
aos
11.000
VF
( 1+ i )n
20.000=
11.000 11.000
+
1+ x ( 1+ x )2
20.000=
11.000( 1+ x )+ 11.000
( 1+ x )2
2
20x 11x11=0
b (b 24ac)
2a
112(42011)
11
x=
x=
11 1.001
40
x 1=1,065964601 x 2=0,515964601
10.000
25.000
i
m
30.000
nm
( )
VF=VA 1+
VF=20.000 1+
0,01
2
VF=20.0001,340095641
VF=26.801,91281
aos
ahora los montos a repactar, que son los 10.000 y los 25.000 los
llevamos a la fecha focal para saber su valor
VF=10.000( 1+0,09 )3
VF=10.0001,295029
VF=12.950.29
VF=25.000( 1+0,09 )
VF=25.0001,09
VF=27.250