www.excelavanzado.

com

Excel Avanzado

www.excelavanzado.com
Adolfo Aparicio
com
 A B C D E F G H I J K L M N O
1 VanTir.xls
=VNA(E6;$C$7:$C$10)+$C$6
2 VALOR ACTUAL NETO
3
4 VAN
5 Año Flujo Caja Tasa Dto. VAN €1,500
6 0 -4,000 € 0.0% 1,000 €
7 1 1,400 € 0.5% 941 € €1,000
8 2 1,300 € 1.0% 882 €
9 3 1,200 € 1.5% 825 € €500
10 4 1,100 € 2.0% 769 €
11 2.5% 714 € €0
12 3.0% 660 € 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%
13
Si alguno de los flujos de
3.5% 607 € (€500)
caja intermedios no existe
14 se debe poner cero, no se 4.0% 555 €
dabe dejar vacia la celda. 4.5% 504 € (€1,000)
15
16 5.0% 454 €
(€1,500)
17 5.5% 405 €
18 6.0% 357 €
(€2,000)
19 6.5% 309 €
20 7.0% 263 €
(€2,500)
21 7.5% 217 €
22 8.0% 172 €
(€3,000)
23 8.5% 128 €
24 9.0% 84 €
25 9.5% 42 € La TIR se puede definir TASA INTERNA DE RENTABILIDAD
26 10.0% 0€ como el tipo de interés
27 10.5% -41 € que hace el VAN = 0 TIR 10% efectivo anual
28 11.0% -82 €
29 11.5% -121 € En la fórmula de la TIR no se indica en este caso la
30 12.0% -160 € estimación, ya que no estamos en un caso de TIR múltiple.
31 12.5% -199 € Cuando se omite la estimación, Excel la supone del 10%.
32 13.0% -237 €
33 13.5% -274 €
34 14.0% -310 €
35 14.5% -346 €
36 15.0% -382 €

392623448.xlsx Página 3
C9: Si alguno de los flujos de caja intermedios no existe se debe poner cero, no se dabe dejar vacia la celda.

F6: =VNA(E6;$C$7:$C$10)+$C$6

F26: La TIR se puede definir como el tipo de interés que hace el VAN = 0

K27: En la fórmula de la TIR no se indica en este caso la estimación, ya que no estamos en un caso de TIR múltiple.
Cuando se omite la estimación, Excel la supone del 10%.

392623448.xlsx Página 4
 VAN y TIR no periódicos

Dias Tasa
Dias Fecha Flujo Caja VAN VAN
Acum. Dto.
€400.00
0 0 14-Oct-03 -4,000 € 0.0% 200.00 €
105 105 27-Jan-04 1,200 € 0.5% 187.35 € €200.00
138 33 29-Feb-04 1,100 € 1.0% 174.82 €
€0.00
259 121 29-Jun-04 1,000 € 1.5% 162.39 €
0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
434 175 21-Dec-04 900 € 2.0% 150.08 € (€200.00)
2.5% 137.88 €
(€400.00)
3.0% 125.78 €
3.5% 113.78 € (€600.00)
4.0% 101.89 €
4.5% 90.10 € (€800.00)
Dia Flujo Caja 5.0% 78.41 € (€1,000.00)
0 -4,000 € 5.5% 66.83 €
1 0 6.0% 55.34 € (€1,200.00)
2 0 6.5% 43.94 € (€1,400.00)
3 0 7.0% 32.64 €
4 0 7.5% 21.44 €
5 0 8.0% 10.33 €
6 0 8.5% -0.69 €
7 0 9.0% -11.62 €
8 0 9.5% -22.46 €
9 0 10.0% -33.21 € TIR NO PERIÓDICA
10 0 10.5% -43.87 €
11 0 11.0% -54.45 € TIR 8.4686%
12 0 11.5% -64.95 €
13 0 12.0% -75.36 € TIR Diaria 0.02227%
14 0 12.5% -85.68 €
15 0 13.0% -95.93 € TIR Anual 8.4686%
16 0 13.5% -106.10 €
17 0 14.0% -116.18 €
18 0 14.5% -126.19 €
19 0 15.0% -136.12 €
20 0 15.5% -145.97 €
21 0 16.0% -155.75 €
22 0 16.5% -165.45 €
23 0 17.0% -175.08 €
24 0 17.5% -184.64 €
25 0 18.0% -194.12 €
26 0 18.5% -203.53 €
27 0 19.0% -212.87 €
28 0 19.5% -222.15 €
29 0 20.0% -231.35 €
30 0 20.5% -240.49 €
31 0 21.0% -249.56 €
32 0 21.5% -258.56 €
33 0 22.0% -267.50 €
34 0 22.5% -276.37 €
35 0 23.0% -285.18 €
36 0 23.5% -293.92 €
37 0 24.0% -302.61 €
38 0 24.5% -311.23 €
39 0 25.0% -319.79 €
40 0 25.5% -328.29 €
41 0 26.0% -336.73 €
42 0 26.5% -345.11 €
43 0 27.0% -353.43 €
44 0 27.5% -361.69 €
45 0 28.0% -369.90 €
46 0 28.5% -378.05 €
47 0 29.0% -386.15 €
48 0 29.5% -394.19 €
49 0 30.0% -402.17 €
50 0 30.5% -410.10 €
51 0 31.0% -417.98 €
52 0 31.5% -425.81 €
53 0 32.0% -433.58 €
54 0 32.5% -441.30 €
55 0 33.0% -448.97 €
56 0 33.5% -456.59 €
57 0 34.0% -464.16 €
58 0 34.5% -471.68 €
59 0 35.0% -479.15 €
60 0 35.5% -486.57 €
61 0 36.0% -493.94 €
62 0 36.5% -501.27 €
63 0 37.0% -508.55 €
64 0 37.5% -515.78 €
65 0 38.0% -522.97 €
66 0 38.5% -530.11 €
67 0 39.0% -537.20 €
68 0 39.5% -544.26 €
69 0 40.0% -551.26 €
70 0 40.5% -558.22 €
71 0 41.0% -565.14 €
72 0 41.5% -572.02 €
73 0 42.0% -578.85 €
74 0 42.5% -585.65 €
75 0 43.0% -592.40 €
76 0 43.5% -599.11 €
77 0 44.0% -605.77 €
78 0 44.5% -612.40 €
79 0 45.0% -618.99 €
80 0 45.5% -625.54 €
81 0 46.0% -632.05 €
82 0 46.5% -638.52 €
83 0 47.0% -644.95 €
84 0 47.5% -651.34 €
85 0 48.0% -657.70 €
86 0 48.5% -664.02 €
87 0 49.0% -670.30 €
88 0 49.5% -676.54 €
89 0 50.0% -682.75 €
90 0 50.5% -688.92 €
 91 0 51.0% -695.06 €
92 0 51.5% -701.16 €
93 0 52.0% -707.22 €
94 0 52.5% -713.25 €
95 0 53.0% -719.25 €
96 0 53.5% -725.21 €
97 0 54.0% -731.14 €
98 0 54.5% -737.04 €
99 0 55.0% -742.90 €
100 0 55.5% -748.73 €
101 0 56.0% -754.53 €
102 0 56.5% -760.29 €
103 0 57.0% -766.02 €
104 0 57.5% -771.72 €
105 1200 58.0% -777.39 €
106 0 58.5% -783.03 €
107 0 59.0% -788.64 €
108 0 59.5% -794.22 €
109 0 60.0% -799.76 €
110 0 60.5% -805.28 €
111 0 61.0% -810.76 €
112 0 61.5% -816.22 €
113 0 62.0% -821.65 €
114 0 62.5% -827.05 €
115 0 63.0% -832.42 €
116 0 63.5% -837.76 €
117 0 64.0% -843.07 €
118 0 64.5% -848.36 €
119 0 65.0% -853.62 €
120 0 65.5% -858.85 €
121 0 66.0% -864.05 €
122 0 66.5% -869.22 €
123 0 67.0% -874.37 €
124 0 67.5% -879.49 €
125 0 68.0% -884.59 €
126 0 68.5% -889.66 €
127 0 69.0% -894.70 €
128 0 69.5% -899.72 €
129 0 70.0% -904.71 €
130 0 70.5% -909.68 €
131 0 71.0% -914.62 €
132 0 71.5% -919.54 €
133 0 72.0% -924.43 €
134 0 72.5% -929.30 €
135 0 73.0% -934.14 €
136 0 73.5% -938.96 €
137 0 74.0% -943.75 €
138 1100 74.5% -948.53 €
139 0 75.0% -953.27 €
140 0 75.5% -958.00 €
141 0 76.0% -962.70 €
142 0 76.5% -967.38 €
143 0 77.0% -972.03 €
144 0 77.5% -976.67 €
145 0 78.0% -981.28 €
146 0 78.5% -985.86 €
147 0 79.0% -990.43 €
148 0 79.5% -994.97 €
149 0 80.0% -999.50 €
150 0 80.5% -1,004.00 €
151 0 81.0% -1,008.48 €
152 0 81.5% -1,012.93 €
153 0 82.0% -1,017.37 €
154 0 82.5% -1,021.79 €
155 0 83.0% -1,026.18 €
156 0 83.5% -1,030.56 €
157 0 84.0% -1,034.91 €
158 0 84.5% -1,039.24 €
159 0 85.0% -1,043.56 €
160 0 85.5% -1,047.85 €
161 0 86.0% -1,052.13 €
162 0 86.5% -1,056.38 €
163 0 87.0% -1,060.61 €
164 0 87.5% -1,064.83 €
165 0 88.0% -1,069.02 €
166 0 88.5% -1,073.20 €
167 0 89.0% -1,077.36 €
168 0 89.5% -1,081.50 €
169 0 90.0% -1,085.62 €
170 0 90.5% -1,089.72 €
171 0 91.0% -1,093.80 €
172 0 91.5% -1,097.87 €
173 0 92.0% -1,101.91 €
174 0 92.5% -1,105.94 €
175 0 93.0% -1,109.95 €
176 0 93.5% -1,113.95 €
177 0 94.0% -1,117.92 €
178 0 94.5% -1,121.88 €
179 0 95.0% -1,125.82 €
180 0 95.5% -1,129.74 €
181 0 96.0% -1,133.65 €
182 0 96.5% -1,137.54 €
183 0 97.0% -1,141.41 €
184 0 97.5% -1,145.27 €
185 0 98.0% -1,149.11 €
186 0 98.5% -1,152.93 €
187 0 99.0% -1,156.73 €
188 0 99.5% -1,160.52 €
189 0 ### -1,164.30 €
190 0
191 0
192 0
193 0
194 0
195 0
196 0
197 0
198 0
199 0
200 0
201 0
202 0
203 0
204 0
205 0
206 0
207 0
208 0
209 0
210 0
211 0
212 0
213 0
214 0
215 0
216 0
217 0
218 0
219 0
220 0
221 0
222 0
223 0
224 0
225 0
226 0
227 0
228 0
229 0
230 0
231 0
232 0
233 0
234 0
235 0
236 0
237 0
238 0
239 0
240 0
241 0
242 0
243 0
244 0
245 0
246 0
247 0
248 0
249 0
250 0
251 0
252 0
253 0
254 0
255 0
256 0
257 0
258 0
259 1000
260 0
261 0
262 0
263 0
264 0
265 0
266 0
267 0
268 0
269 0
270 0
271 0
272 0
273 0
274 0
275 0
276 0
277 0
278 0
279 0
280 0
281 0
282 0
283 0
284 0
285 0
286 0
287 0
288 0
289 0
290 0
291 0
292 0
293 0
294 0
295 0
296 0
297 0
298 0
299 0
300 0
301 0
302 0
303 0
304 0
305 0
306 0
307 0
308 0
309 0
310 0
311 0
312 0
313 0
314 0
315 0
316 0
317 0
318 0
319 0
320 0
321 0
322 0
323 0
324 0
325 0
326 0
327 0
328 0
329 0
330 0
331 0
332 0
333 0
334 0
335 0
336 0
337 0
338 0
339 0
340 0
341 0
342 0
343 0
344 0
345 0
346 0
347 0
348 0
349 0
350 0
351 0
352 0
353 0
354 0
355 0
356 0
357 0
358 0
359 0
360 0
361 0
362 0
363 0
364 0
365 0
366 0
367 0
368 0
369 0
370 0
371 0
372 0
373 0
374 0
375 0
376 0
377 0
378 0
379 0
380 0
381 0
382 0
383 0
384 0
385 0
386 0
387 0
388 0
389 0
390 0
391 0
392 0
393 0
394 0
395 0
396 0
397 0
398 0
399 0
400 0
401 0
402 0
403 0
404 0
405 0
406 0
407 0
408 0
409 0
410 0
411 0
412 0
413 0
414 0
415 0
416 0
417 0
418 0
419 0
420 0
421 0
422 0
423 0
424 0
425 0
426 0
427 0
428 0
429 0
430 0
431 0
432 0
433 0
434 900
 VAN

20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

La fórmula TIR.NO.PER
siempre da la TIR anual.

Es necesario poner una

NO PERIÓDICA estimación muy pequeña
pq sino da error.
efectivo anual
La fórmula TIR dará una
TIR mensual si los
periodos son meses,
dará una TIR diaria si lo
periodos son días, o dará
efectivo anual una TIR anual si los
periodos son años.
TIRmultiple.xls

TIR MULTIPLE

TIR 1 1.537%
TIR 2 16.788%
Año Flujo Caja Tasa VAN TIR 3 26.000%
0 -365 0.0% 35.00 €
1 200 0.5% 21.29 €
2 200 1.0% 9.93 €
3 200 1.5% 0.61 €
VAN
€50.00
4 200 2.0% -6.94 €
5 200 2.5% -12.97 €
6 -200 3.0% -17.69 €
7 -200 3.5% -21.27 € €0.00
8 -200 4.0% -23.90 € 0.0% 20.0% 40.0% 60.0%
9 -200 4.5% -25.70 €
10 -200 5.0% -26.80 €
11 0 5.5% -27.32 € (€50.00)
12 0 6.0% -27.35 €
13 0 6.5% -26.98 €
14 0 7.0% -26.27 €
15 0 7.5% -25.30 € (€100.00)
16 0 8.0% -24.11 €
17 0 8.5% -22.77 €
18 0 9.0% -21.30 €
19 0 9.5% -19.75 €
(€150.00)
20 400 10.0% -18.14 €
10.5% -16.51 €
11.0% -14.87 € (€200.00)
11.5% -13.25 €
12.0% -11.67 €
12.5% -10.13 €
13.0% -8.64 €
13.5% -7.23 €
14.0% -5.89 €
14.5% -4.63 €
15.0% -3.45 €
15.5% -2.37 €
16.0% -1.37 €
16.5% -0.47 €
17.0% 0.33 €
17.5% 1.04 €
18.0% 1.65 €
18.5% 2.17 €
19.0% 2.60 €
19.5% 2.94 €
20.0% 3.18 €
20.5% 3.34 €
21.0% 3.42 €
21.5% 3.41 €
22.0% 3.32 €
22.5% 3.15 €
23.0% 2.90 €
23.5% 2.59 €
24.0% 2.20 €
24.5% 1.74 €
25.0% 1.22 €
25.5% 0.64 €
26.0% -0.00 €
26.5% -0.70 €
27.0% -1.45 €
27.5% -2.26 €
28.0% -3.11 €
28.5% -4.01 €
29.0% -4.96 €
29.5% -5.95 €
30.0% -6.98 €
30.5% -8.04 €
31.0% -9.14 €
31.5% -10.28 €
32.0% -11.45 €
32.5% -12.65 €
33.0% -13.88 €
33.5% -15.13 €
34.0% -16.41 €
34.5% -17.71 €
35.0% -19.03 €
35.5% -20.38 €
36.0% -21.74 €
36.5% -23.12 €
37.0% -24.52 €
37.5% -25.93 €
38.0% -27.36 €
38.5% -28.79 €
39.0% -30.24 €
39.5% -31.70 €
40.0% -33.17 €
40.5% -34.65 €
41.0% -36.13 €
41.5% -37.62 €
42.0% -39.12 €
42.5% -40.62 €
43.0% -42.13 €
43.5% -43.64 €
44.0% -45.15 €
44.5% -46.66 €
45.0% -48.18 €
45.5% -49.70 €
46.0% -51.21 €
46.5% -52.73 €
47.0% -54.24 €
47.5% -55.76 €
48.0% -57.27 €
48.5% -58.78 €
49.0% -60.29 €
49.5% -61.79 €
50.0% -63.29 €
50.5% -64.79 €
51.0% -66.28 €
51.5% -67.77 €
52.0% -69.26 €
52.5% -70.74 €
53.0% -72.21 €
53.5% -73.68 €
54.0% -75.14 €
54.5% -76.60 €
55.0% -78.05 €
55.5% -79.49 €
56.0% -80.93 €
56.5% -82.36 €
57.0% -83.79 €
57.5% -85.20 €
58.0% -86.61 €
58.5% -88.02 €
59.0% -89.41 €
59.5% -90.80 €
60.0% -92.18 €
60.5% -93.55 €
61.0% -94.92 €
61.5% -96.28 €
62.0% -97.62 €
62.5% -98.97 €
63.0% -100.30 €
63.5% -101.62 €
64.0% -102.94 €
64.5% -104.25 €
65.0% -105.55 €
65.5% -106.84 €
66.0% -108.13 €
66.5% -109.40 €
67.0% -110.67 €
67.5% -111.93 €
68.0% -113.18 €
68.5% -114.43 €
69.0% -115.66 €
69.5% -116.89 €
70.0% -118.10 €
70.5% -119.31 €
71.0% -120.52 €
71.5% -121.71 €
72.0% -122.89 €
72.5% -124.07 €
73.0% -125.24 €
73.5% -126.40 €
74.0% -127.55 €
74.5% -128.70 €
75.0% -129.83 €
75.5% -130.96 €
76.0% -132.08 €
76.5% -133.19 €
77.0% -134.30 €
77.5% -135.39 €
78.0% -136.48 €
78.5% -137.56 €
79.0% -138.64 €
79.5% -139.70 €
80.0% -140.76 €
80.5% -141.81 €
81.0% -142.85 €
81.5% -143.88 €
82.0% -144.91 €
82.5% -145.93 €
83.0% -146.94 €
83.5% -147.95 €
84.0% -148.95 €
84.5% -149.94 €
85.0% -150.92 €
85.5% -151.90 €
86.0% -152.86 €
86.5% -153.83 €
87.0% -154.78 €
87.5% -155.73 €
88.0% -156.67 €
88.5% -157.60 €
89.0% -158.53 €
89.5% -159.45 €
90.0% -160.36 €
90.5% -161.27 €
91.0% -162.17 €
91.5% -163.06 €
92.0% -163.95 €
92.5% -164.83 €
93.0% -165.71 €
93.5% -166.58 €
94.0% -167.44 €
94.5% -168.29 €
95.0% -169.14 €
95.5% -169.98 €
96.0% -170.82 €
 96.5% -171.65 €
97.0% -172.48 €
97.5% -173.30 €
98.0% -174.11 €
98.5% -174.92 €
99.0% -175.72 €
99.5% -176.51 €
100.0% -177.30 €
 VAN

20.0% 40.0% 60.0% 80.0% 100.0%

 TIR Multiple (caso de dos tir)
Año Flujo Caja Tasa Dto. VAN
0 -1,600 0.00% -1,600.00 €
€1,500.00
1 10,000 1.00% -1,501.97 €
2 -10,000 2.00% -1,407.77 €
3.00% -1,317.22 € €1,000.00
4.00% -1,230.18 €
5.00% -1,146.49 € €500.00
6.00% -1,066.00 €
7.00% -988.59 € €0.00
8.00% -914.13 € 0.00% 200.00% 400.00% 600.00%
9.00% -842.49 € (€500.00)
10.00% -773.55 €
11.00% -707.22 €
(€1,000.00)
12.00% -643.37 €
13.00% -581.91 €
14.00% -522.75 € (€1,500.00)
15.00% -465.78 €
16.00% -410.94 € (€2,000.00)
17.00% -358.13 €
18.00% -307.27 €
19.00% -258.29 € TIR 1 25%
20.00% -211.11 € TIR 2 400%
21.00% -165.67 €
22.00% -121.90 €
23.00% -79.74 €
24.00% -39.13 €
25.00% 0.00 €
26.00% 37.69 €
27.00% 74.00 €
28.00% 108.98 €
29.00% 142.68 €
30.00% 175.15 €
31.00% 206.42 €
32.00% 236.55 €
33.00% 265.57 €
34.00% 293.52 €
35.00% 320.44 €
36.00% 346.37 €
37.00% 371.34 €
38.00% 395.38 €
39.00% 418.53 €
40.00% 440.82 €
41.00% 462.27 €
42.00% 482.92 €
43.00% 502.79 €
44.00% 521.91 €
45.00% 540.31 €
46.00% 558.00 €
47.00% 575.02 €
 48.00% 591.38 €
49.00% 607.11 €
50.00% 622.22 €
51.00% 636.74 €
52.00% 650.69 €
53.00% 664.09 €
54.00% 676.94 €
55.00% 689.28 €
56.00% 701.12 €
57.00% 712.47 €
58.00% 723.35 €
59.00% 733.77 €
60.00% 743.75 €
61.00% 753.30 €
62.00% 762.44 €
63.00% 771.18 €
64.00% 779.54 €
65.00% 787.51 €
66.00% 795.12 €
67.00% 802.38 €
68.00% 809.30 €
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821.00% -632.11 €
822.00% -633.04 €
823.00% -633.96 €
824.00% -634.88 €
825.00% -635.79 €
826.00% -636.71 €
827.00% -637.62 €
828.00% -638.53 €
829.00% -639.44 €
830.00% -640.35 €
831.00% -641.26 €
832.00% -642.16 €
833.00% -643.07 €
834.00% -643.97 €
835.00% -644.87 €
836.00% -645.77 €
837.00% -646.66 €
838.00% -647.56 €
839.00% -648.45 €
840.00% -649.34 €
841.00% -650.23 €
842.00% -651.12 €
843.00% -652.01 €
844.00% -652.89 €
845.00% -653.78 €
846.00% -654.66 €
847.00% -655.54 €
848.00% -656.42 €
849.00% -657.30 €
850.00% -658.17 €
851.00% -659.05 €
852.00% -659.92 €
853.00% -660.79 €
854.00% -661.66 €
855.00% -662.53 €
856.00% -663.39 €
857.00% -664.26 €
858.00% -665.12 €
859.00% -665.98 €
860.00% -666.84 €
861.00% -667.70 €
862.00% -668.56 €
863.00% -669.41 €
864.00% -670.26 €
865.00% -671.12 €
866.00% -671.97 €
867.00% -672.82 €
868.00% -673.66 €
869.00% -674.51 €
870.00% -675.35 €
871.00% -676.20 €
872.00% -677.04 €
873.00% -677.88 €
874.00% -678.72 €
875.00% -679.55 €
876.00% -680.39 €
877.00% -681.22 €
878.00% -682.05 €
879.00% -682.89 €
880.00% -683.72 €
881.00% -684.54 €
882.00% -685.37 €
883.00% -686.19 €
884.00% -687.02 €
885.00% -687.84 €
886.00% -688.66 €
887.00% -689.48 €
888.00% -690.30 €
889.00% -691.11 €
890.00% -691.93 €
891.00% -692.74 €
892.00% -693.55 €
893.00% -694.37 €
894.00% -695.17 €
895.00% -695.98 €
896.00% -696.79 €
897.00% -697.59 €
898.00% -698.40 €
899.00% -699.20 €
900.00% -700.00 €
901.00% -700.80 €
902.00% -701.60 €
903.00% -702.39 €
904.00% -703.19 €
905.00% -703.98 €
906.00% -704.77 €
907.00% -705.57 €
908.00% -706.36 €
909.00% -707.14 €
910.00% -707.93 €
911.00% -708.72 €
912.00% -709.50 €
913.00% -710.28 €
914.00% -711.06 €
915.00% -711.84 €
916.00% -712.62 €
917.00% -713.40 €
918.00% -714.18 €
919.00% -714.95 €
920.00% -715.72 €
921.00% -716.50 €
922.00% -717.27 €
923.00% -718.04 €
924.00% -718.80 €
925.00% -719.57 €
926.00% -720.34 €
927.00% -721.10 €
928.00% -721.86 €
929.00% -722.63 €
930.00% -723.39 €
931.00% -724.14 €
932.00% -724.90 €
933.00% -725.66 €
934.00% -726.41 €
935.00% -727.17 €
936.00% -727.92 €
937.00% -728.67 €
938.00% -729.42 €
939.00% -730.17 €
940.00% -730.92 €
941.00% -731.66 €
942.00% -732.41 €
943.00% -733.15 €
944.00% -733.89 €
945.00% -734.64 €
946.00% -735.38 €
947.00% -736.11 €
948.00% -736.85 €
949.00% -737.59 €
950.00% -738.32 €
951.00% -739.06 €
952.00% -739.79 €
953.00% -740.52 €
954.00% -741.25 €
955.00% -741.98 €
956.00% -742.71 €
957.00% -743.43 €
958.00% -744.16 €
959.00% -744.88 €
960.00% -745.60 €
961.00% -746.32 €
962.00% -747.05 €
963.00% -747.76 €
964.00% -748.48 €
965.00% -749.20 €
 966.00% -749.91 €
967.00% -750.63 €
968.00% -751.34 €
969.00% -752.05 €
970.00% -752.76 €
971.00% -753.47 €
972.00% -754.18 €
973.00% -754.89 €
974.00% -755.60 €
975.00% -756.30 €
976.00% -757.00 €
977.00% -757.71 €
978.00% -758.41 €
979.00% -759.11 €
980.00% -759.81 €
981.00% -760.51 €
982.00% -761.20 €
983.00% -761.90 €
984.00% -762.59 €
985.00% -763.29 €
986.00% -763.98 €
987.00% -764.67 €
988.00% -765.36 €
989.00% -766.05 €
990.00% -766.74 €
991.00% -767.42 €
992.00% -768.11 €
993.00% -768.79 €
994.00% -769.48 €
995.00% -770.16 €
996.00% -770.84 €
997.00% -771.52 €
998.00% -772.20 €
999.00% -772.88 €
1000.00% -773.55 €
400.00% 600.00% 800.00% 1000.00%
 Otro Caso de TIR Múltiple

Año Flujo Caja

0 -17
1 20
2 20
3 15
4 -40

TIR 1 4.35%
TIR 2 69.45%
 TIR 1 1.88%
TIR MODIFICADA
TIR 2 9.61% Tasa Descuento Gastos
TIR 3 40.13% Tasa Capitalización Ingresos

Año Flujo Caja Tasa VAN Año Q+ Q- TIR Modificada

0 -15,000 € 0.0% 1,489.00 € 0 0€ -15,000 €
1 10,229 € 0.5% 967.74 € 1 10,229 € 0€
2 9,609 € 1.0% 544.55 € 2 9,609 € 0€ Valor Actual Gastos
3 15,004 € 1.5% 206.06 € 3 15,004 € 0€ Valor Final Ingresos
4 3,774 € 2.0% -59.46 € 4 3,774 € 0€
5 -9,709 € 2.5% -262.31 € 5 0€ -9,709 € TIR Modificada
6 -18,097 € 3.0% -411.53 € 6 0€ -18,097 €
7 4,217 € 3.5% -515.02 € 7 4,217 € 0€
8 18,298 € 4.0% -579.73 € 8 18,298 € 0€ 4,000
9 -12,041 € 4.5% -611.72 € 9 0€ -12,041 €
10 -10 € 5.0% -616.30 € 10 0€ -10 €
2,000
11 -7,500 € 5.5% -598.10 € 11 0€ -7,500 €
12 -11,855 € 6.0% -561.15 € 12 0€ -11,855 €
13 -12,070 € 6.5% -508.97 € 13 0€ -12,070 € 0
14 -6,349 € 7.0% -444.61 € 14 0€ -6,349 € 0.0% 20.0% 40.0% 60.0%
15 13,570 € 7.5% -370.72 € 15 13,570 € 0€ -2,000
16 377 € 8.0% -289.60 € 16 377 € 0€
17 -10,068 € 8.5% -203.22 € 17 0€ -10,068 €
-4,000
18 16,642 € 9.0% -113.28 € 18 16,642 € 0€
19 1,609 € 9.5% -21.24 € 19 1,609 € 0€
20 10,859 € 10.0% 71.65 € 20 10,859 € 0€ -6,000
10.5% 164.33 €
11.0% 255.91 € -8,000
11.5% 345.63 €
12.0% 432.88 €
-10,000
12.5% 517.12 €
13.0% 597.95 €
13.5% 675.02 € -12,000
14.0% 748.07 €
14.5% 816.89 €
15.0% 881.34 €
15.5% 941.32 €
16.0% 996.76 €
16.5% 1,047.65 €
17.0% 1,093.97 €
17.5% 1,135.77 €
18.0% 1,173.08 €
18.5% 1,205.99 €
19.0% 1,234.56 €
19.5% 1,258.90 €
20.0% 1,279.10 €
20.5% 1,295.28 €
21.0% 1,307.55 €
21.5% 1,316.05 €
22.0% 1,320.88 €
22.5% 1,322.19 €
23.0% 1,320.10 €
23.5% 1,314.73 €
24.0% 1,306.22 €
24.5% 1,294.69 €
25.0% 1,280.28 €
25.5% 1,263.10 €
26.0% 1,243.27 €
26.5% 1,220.92 €
27.0% 1,196.16 €
27.5% 1,169.11 €
28.0% 1,139.88 €
28.5% 1,108.57 €
29.0% 1,075.28 €
29.5% 1,040.13 €
30.0% 1,003.20 €
30.5% 964.60 €
31.0% 924.40 €
31.5% 882.71 €
32.0% 839.60 €
32.5% 795.15 €
33.0% 749.45 €
33.5% 702.57 €
34.0% 654.57 €
34.5% 605.54 €
35.0% 555.53 €
35.5% 504.60 €
36.0% 452.83 €
36.5% 400.27 €
37.0% 346.96 €
37.5% 292.97 €
38.0% 238.35 €
38.5% 183.15 €
39.0% 127.40 €
39.5% 71.17 €
40.0% 14.48 €
40.5% -42.62 €
41.0% -100.10 €
41.5% -157.91 €
42.0% -216.02 €
42.5% -274.41 €
43.0% -333.02 €
43.5% -391.85 €
44.0% -450.85 €
44.5% -510.01 €
45.0% -569.28 €
45.5% -628.66 €
46.0% -688.12 €
46.5% -747.63 €
47.0% -807.17 €
47.5% -866.73 €
48.0% -926.28 €
48.5% -985.80 €
49.0% -1,045.29 €
49.5% -1,104.71 €
50.0% -1,164.07 €
50.5% -1,223.34 €
51.0% -1,282.50 €
51.5% -1,341.55 €
52.0% -1,400.48 €
52.5% -1,459.27 €
53.0% -1,517.91 €
53.5% -1,576.38 €
54.0% -1,634.69 €
54.5% -1,692.82 €
55.0% -1,750.77 €
55.5% -1,808.52 €
56.0% -1,866.06 €
56.5% -1,923.40 €
57.0% -1,980.52 €
57.5% -2,037.41 €
58.0% -2,094.08 €
58.5% -2,150.51 €
59.0% -2,206.70 €
59.5% -2,262.64 €
60.0% -2,318.34 €
60.5% -2,373.78 €
61.0% -2,428.97 €
61.5% -2,483.89 €
62.0% -2,538.55 €
62.5% -2,592.94 €
63.0% -2,647.07 €
63.5% -2,700.92 €
64.0% -2,754.49 €
64.5% -2,807.79 €
65.0% -2,860.81 €
65.5% -2,913.54 €
66.0% -2,966.00 €
66.5% -3,018.17 €
67.0% -3,070.06 €
67.5% -3,121.66 €
68.0% -3,172.97 €
68.5% -3,224.00 €
69.0% -3,274.74 €
69.5% -3,325.19 €
70.0% -3,375.35 €
70.5% -3,425.22 €
71.0% -3,474.81 €
71.5% -3,524.10 €
72.0% -3,573.10 €
72.5% -3,621.82 €
73.0% -3,670.25 €
73.5% -3,718.39 €
74.0% -3,766.24 €
74.5% -3,813.80 €
75.0% -3,861.08 €
75.5% -3,908.07 €
76.0% -3,954.78 €
76.5% -4,001.20 €
77.0% -4,047.34 €
77.5% -4,093.19 €
78.0% -4,138.77 €
78.5% -4,184.06 €
79.0% -4,229.07 €
79.5% -4,273.81 €
80.0% -4,318.26 €
80.5% -4,362.45 €
81.0% -4,406.35 €
81.5% -4,449.99 €
82.0% -4,493.35 €
82.5% -4,536.43 €
83.0% -4,579.25 €
83.5% -4,621.80 €
84.0% -4,664.09 €
84.5% -4,706.11 €
85.0% -4,747.86 €
85.5% -4,789.35 €
86.0% -4,830.58 €
86.5% -4,871.55 €
87.0% -4,912.26 €
87.5% -4,952.72 €
88.0% -4,992.92 €
88.5% -5,032.86 €
89.0% -5,072.55 €
89.5% -5,112.00 €
90.0% -5,151.19 €
90.5% -5,190.13 €
91.0% -5,228.83 €
91.5% -5,267.29 €
92.0% -5,305.50 €
92.5% -5,343.47 €
93.0% -5,381.20 €
93.5% -5,418.70 €
94.0% -5,455.95 €
94.5% -5,492.97 €
95.0% -5,529.76 €
95.5% -5,566.32 €
96.0% -5,602.64 €
96.5% -5,638.74 €
 97.0% -5,674.61 €
97.5% -5,710.25 €
98.0% -5,745.68 €
98.5% -5,780.87 €
99.0% -5,815.85 €
99.5% -5,850.61 €
100.0% -5,885.15 €
100.5% -5,919.47 €
101.0% -5,953.58 €
101.5% -5,987.48 €
102.0% -6,021.17 €
102.5% -6,054.64 €
103.0% -6,087.91 €
103.5% -6,120.97 €
104.0% -6,153.82 €
104.5% -6,186.47 €
105.0% -6,218.92 €
105.5% -6,251.17 €
106.0% -6,283.21 €
106.5% -6,315.06 €
107.0% -6,346.72 €
107.5% -6,378.18 €
108.0% -6,409.44 €
108.5% -6,440.51 €
109.0% -6,471.39 €
109.5% -6,502.08 €
110.0% -6,532.59 €
110.5% -6,562.91 €
111.0% -6,593.04 €
111.5% -6,622.99 €
112.0% -6,652.75 €
112.5% -6,682.34 €
113.0% -6,711.74 €
113.5% -6,740.97 €
114.0% -6,770.02 €
114.5% -6,798.90 €
115.0% -6,827.60 €
115.5% -6,856.12 €
116.0% -6,884.48 €
116.5% -6,912.66 €
117.0% -6,940.68 €
117.5% -6,968.53 €
118.0% -6,996.21 €
118.5% -7,023.73 €
119.0% -7,051.08 €
119.5% -7,078.27 €
120.0% -7,105.30 €
120.5% -7,132.16 €
121.0% -7,158.87 €
121.5% -7,185.42 €
122.0% -7,211.82 €
122.5% -7,238.05 €
123.0% -7,264.14 €
123.5% -7,290.07 €
124.0% -7,315.85 €
124.5% -7,341.47 €
125.0% -7,366.95 €
125.5% -7,392.28 €
126.0% -7,417.46 €
126.5% -7,442.50 €
127.0% -7,467.39 €
127.5% -7,492.13 €
128.0% -7,516.73 €
128.5% -7,541.19 €
129.0% -7,565.51 €
129.5% -7,589.69 €
130.0% -7,613.73 €
130.5% -7,637.63 €
131.0% -7,661.40 €
131.5% -7,685.03 €
132.0% -7,708.52 €
132.5% -7,731.88 €
133.0% -7,755.11 €
133.5% -7,778.21 €
134.0% -7,801.17 €
134.5% -7,824.01 €
135.0% -7,846.72 €
135.5% -7,869.30 €
136.0% -7,891.75 €
136.5% -7,914.08 €
137.0% -7,936.28 €
137.5% -7,958.35 €
138.0% -7,980.31 €
138.5% -8,002.14 €
139.0% -8,023.85 €
139.5% -8,045.44 €
140.0% -8,066.91 €
140.5% -8,088.26 €
141.0% -8,109.49 €
141.5% -8,130.61 €
142.0% -8,151.61 €
142.5% -8,172.49 €
143.0% -8,193.26 €
143.5% -8,213.92 €
144.0% -8,234.46 €
144.5% -8,254.90 €
145.0% -8,275.22 €
145.5% -8,295.43 €
146.0% -8,315.53 €
146.5% -8,335.52 €
147.0% -8,355.41 €
147.5% -8,375.18 €
148.0% -8,394.85 €
148.5% -8,414.42 €
149.0% -8,433.88 €
149.5% -8,453.24 €
150.0% -8,472.49 €
150.5% -8,491.64 €
151.0% -8,510.69 €
151.5% -8,529.64 €
152.0% -8,548.48 €
152.5% -8,567.23 €
153.0% -8,585.88 €
153.5% -8,604.43 €
154.0% -8,622.88 €
154.5% -8,641.24 €
155.0% -8,659.50 €
155.5% -8,677.66 €
156.0% -8,695.73 €
156.5% -8,713.71 €
157.0% -8,731.59 €
157.5% -8,749.38 €
158.0% -8,767.07 €
158.5% -8,784.68 €
159.0% -8,802.19 €
159.5% -8,819.62 €
160.0% -8,836.95 €
160.5% -8,854.20 €
161.0% -8,871.36 €
161.5% -8,888.43 €
162.0% -8,905.41 €
162.5% -8,922.30 €
163.0% -8,939.11 €
163.5% -8,955.84 €
164.0% -8,972.48 €
164.5% -8,989.04 €
165.0% -9,005.51 €
165.5% -9,021.90 €
166.0% -9,038.21 €
166.5% -9,054.43 €
167.0% -9,070.58 €
167.5% -9,086.64 €
168.0% -9,102.62 €
168.5% -9,118.53 €
169.0% -9,134.35 €
169.5% -9,150.10 €
170.0% -9,165.77 €
170.5% -9,181.36 €
171.0% -9,196.87 €
171.5% -9,212.31 €
172.0% -9,227.67 €
172.5% -9,242.96 €
173.0% -9,258.17 €
173.5% -9,273.31 €
174.0% -9,288.37 €
174.5% -9,303.36 €
175.0% -9,318.28 €
175.5% -9,333.13 €
176.0% -9,347.90 €
176.5% -9,362.60 €
177.0% -9,377.23 €
177.5% -9,391.79 €
178.0% -9,406.28 €
178.5% -9,420.70 €
179.0% -9,435.06 €
179.5% -9,449.34 €
180.0% -9,463.56 €
180.5% -9,477.70 €
181.0% -9,491.78 €
181.5% -9,505.80 €
182.0% -9,519.75 €
182.5% -9,533.63 €
183.0% -9,547.44 €
183.5% -9,561.19 €
184.0% -9,574.88 €
184.5% -9,588.50 €
185.0% -9,602.06 €
185.5% -9,615.56 €
186.0% -9,628.99 €
186.5% -9,642.36 €
187.0% -9,655.67 €
187.5% -9,668.91 €
188.0% -9,682.10 €
188.5% -9,695.22 €
189.0% -9,708.28 €
189.5% -9,721.29 €
190.0% -9,734.23 €
190.5% -9,747.11 €
191.0% -9,759.94 €
191.5% -9,772.71 €
192.0% -9,785.41 €
192.5% -9,798.06 €
193.0% -9,810.66 €
193.5% -9,823.19 €
194.0% -9,835.67 €
194.5% -9,848.09 €
195.0% -9,860.46 €
195.5% -9,872.77 €
196.0% -9,885.03 €
196.5% -9,897.23 €
197.0% -9,909.37 €
197.5% -9,921.46 €
198.0% -9,933.50 €
198.5% -9,945.48 €
199.0% -9,957.41 €
199.5% -9,969.29 €
200.0% -9,981.12 €
 Lo que cambia entre las
tres TIR es la
estimación.
8%
10%

Tir Modificada
9.3498% calculada con TIRM

56,285.27 €
336,321.08 €
Tir Modificada calculada
9.3498% acudiendo al concepto

VAN

20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 180.0% 200.0%
TIRmodificada

TIR MODIFICADA

Año Flujo Caja

0 -15,000 €
1 10,229 €
2 9,609 €
3 15,004 €
4 3,774 €
5 -9,709 €
6 -18,097 €
7 4,217 €
8 18,298 €
9 -12,041 €
10 -10 €
11 -7,500 €
12 -11,855 €
13 -12,070 €
14 -6,349 €
15 13,570 €
16 377 €
17 -10,068 €
18 16,642 €
19 1,609 €
20 10,859 €
 Intersección de Fisher
Year Project A Project B Difference k NPV(A) NPV(B)
0 -1000 -1000 0 0.00% 300.00 € 400.00 €
1 500 100 -400 0.50% 287.11 € 378.73 €
2 400 300 -100 1.00% 274.44 € 357.92 €
3 300 400 100 1.50% 261.99 € 337.56 €
4 100 600 500 2.00% 249.74 € 317.63 €
2.50% 237.71 € 298.12 €
IRR 14.49% 11.79% 7.17% 3.00% 225.87 € 279.02 €
3.50% 214.22 € 260.31 €
4.00% 202.77 € 242.00 €
4.50% 191.51 € 224.07 €
5.00% 180.42 € 206.50 €
5.50% 169.52 € 189.30 €
6.00% 158.79 € 172.44 €
6.50% 148.23 € 155.93 €
7.00% 137.84 € 139.75 €
7.50% 127.62 € 123.89 €
8.00% 117.55 € 108.35 €
8.50% 107.64 € 93.11 €
9.00% 97.89 € 78.18 €
9.50% 88.28 € 63.53 €
10.00% 78.82 € 49.18 €
10.50% 69.50 € 35.10 €
11.00% 60.33 € 21.29 €
11.50% 51.29 € 7.75 €
12.00% 42.39 € -5.53 €
12.50% 33.62 € -18.56 €
13.00% 24.98 € -31.35 €
13.50% 16.47 € -43.89 €
14.00% 8.08 € -56.20 €
14.50% -0.18 € -68.28 €
15.00% -8.33 € -80.14 €
15.50% -16.36 € -91.78 €
16.00% -24.27 € -103.21 €
16.50% -32.08 € -114.42 €
17.00% -39.77 € -125.44 €
17.50% -47.35 € -136.25 €
18.00% -54.83 € -146.87 €
18.50% -62.20 € -157.30 €
19.00% -69.47 € -167.55 €
19.50% -76.65 € -177.61 €
20.00% -83.72 € -187.50 €
20.50% -90.70 € -197.21 €
21.00% -97.58 € -206.76 €
21.50% -104.37 € -216.14 €
22.00% -111.07 € -225.35 €
22.50% -117.68 € -234.41 €
23.00% -124.20 € -243.31 €
23.50% -130.63 € -252.06 €
24.00% -136.98 € -260.67 €
24.50% -143.25 € -269.12 €
25.00% -149.44 € -277.44 €
25.50% -155.55 € -285.62 €
26.00% -161.58 € -293.66 €
26.50% -167.53 € -301.57 €
27.00% -173.40 € -309.34 €
27.50% -179.20 € -316.99 €
28.00% -184.93 € -324.52 €
28.50% -190.59 € -331.92 €
29.00% -196.17 € -339.20 €
29.50% -201.69 € -346.37 €
30.00% -207.14 € -353.42 €
30.50% -212.52 € -360.36 €
31.00% -217.83 € -367.19 €
31.50% -223.08 € -373.91 €
32.00% -228.27 € -380.52 €
32.50% -233.39 € -387.03 €
33.00% -238.46 € -393.44 €
33.50% -243.46 € -399.75 €
34.00% -248.40 € -405.96 €
34.50% -253.28 € -412.08 €
35.00% -258.11 € -418.10 €
35.50% -262.88 € -424.03 €
36.00% -267.60 € -429.87 €
36.50% -272.26 € -435.62 €
37.00% -276.86 € -441.29 €
37.50% -281.42 € -446.87 €
38.00% -285.92 € -452.37 €
38.50% -290.37 € -457.78 €
39.00% -294.77 € -463.12 €
39.50% -299.11 € -468.37 €
40.00% -303.42 € -473.55 €
40.50% -307.67 € -478.66 €
41.00% -311.87 € -483.69 €
41.50% -316.03 € -488.64 €
42.00% -320.14 € -493.53 €
42.50% -324.21 € -498.34 €
43.00% -328.23 € -503.09 €
43.50% -332.21 € -507.77 €
44.00% -336.15 € -512.38 €
44.50% -340.04 € -516.93 €
45.00% -343.90 € -521.41 €
45.50% -347.71 € -525.83 €
46.00% -351.48 € -530.19 €
46.50% -355.21 € -534.49 €
47.00% -358.90 € -538.72 €
47.50% -362.55 € -542.90 €
48.00% -366.16 € -547.03 €
48.50% -369.74 € -551.09 €
49.00% -373.28 € -555.10 €
49.50% -376.78 € -559.06 €
50.00% -380.25 € -562.96 €
 El VAN de dos proyectos se cruza

€600.00

€400.00 Fisher
Intersection

€200.00

€0.00 NPV(
0% 10% 20% 30% 40% 50% A)
(€200.00)

(€400.00)

(€600.00)

(€800.00)
Tasa de descuento
 NPV(
50% A)
 Determinar la Intersección de Fisher

Year Project A Project B

0 -1200 -1200
1 1000 100
2 500 600
3 100 1080