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Riesgo III
Riesgo III
1). 𝐻𝑎𝑙𝑙𝑎𝑟 𝑒𝑙 𝑖𝑛𝑡𝑒𝑟é𝑠 𝑙𝑒𝑔𝑎𝑙, 𝑝𝑜𝑟 𝑒𝑙 𝑎𝑡𝑟𝑎𝑠𝑜 𝑒𝑛 𝑝𝑎𝑔𝑜 𝑑𝑒 𝑙𝑎 𝑉𝐴𝐿#01 = Nov-16 , 𝑒𝑙 𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙
M. Base M. Adel. V1 V2 V3
Si: Jul-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
Im (Ce) 341.95 350.15 355.25 370.60 378.15 385.40
Val. (S/.) 250,000.00 350,000.00 150,000.00
"K" 1.007 1.012 1.015 1.019 1.024
Solución:
NO : Adel = %Amax*MC
〖%
𝑨 〗 _𝑴𝑨�=𝑨_𝑴𝑨�/𝑴� 150,525.08 /
〖 % 𝐴 〗 _𝑀Á𝑋=(
×𝟏𝟎𝟎%
�_𝟏=𝑽_𝟏×(𝑲_𝑶�𝑻− �_1=
𝟏)
�_𝟏
𝑨�=(𝑨�× 〖𝑽𝒂𝒍〗 _𝟏)/𝑴�×(𝑲_𝒂𝒏
𝒕/𝑲_𝒂�𝒆𝒍 −𝟏)
〖��〗 _𝟏=𝑽_𝟏+�_𝟏−�_𝟏
𝑨�−�_𝟏 𝑨𝑴
〖��〗 _𝟏
𝑨�=𝟏𝟎%×𝑽_𝟏 〖� 〖
� _1〗𝐴𝐷=10%∗
〖��〗 _𝟏
𝑨𝑴=𝟐𝟎%×𝑽_𝟏 〖� 〖
� _1〗𝐴𝑀=20%∗
Adel = 20%*MC
Adel = 20%*MC
Adel = %Amax*MC
250,000.00= �/.25,000.00
_1〗𝐴𝐷=10%∗
𝐿𝑜 𝑞𝑢𝑒 𝑚𝑒 𝑝𝑎𝑔𝑎𝑟á𝑛
𝐼𝐺𝑉= 18 %
2). 𝐻𝑎𝑙𝑙𝑎𝑟 𝑒𝑙 𝑖𝑛𝑡𝑒𝑟é𝑠 𝑙𝑒𝑔𝑎𝑙, 𝑝𝑜𝑟 𝑒𝑙 𝑎𝑡𝑟𝑎𝑠𝑜 𝑒𝑛 𝑝𝑎𝑔𝑜 𝑑𝑒 𝑙𝑎 𝑉𝐴𝐿#02 = Dec-16 , 𝑒𝑙 𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙
M. Base M. Adel. V1 V2 V3
Si: Jul-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
Im (Ce) 341.95 350.15 355.25 370.60 378.15 385.40
Val. (S/.) 250,000.00 350,000.00 150,000.00
"K" 1.007 1.012 1.015 1.019 1.024
Solución:
〖%
𝑨 〗 _𝑴𝑨�=𝑨_𝑴𝑨�/𝑴 150,525.08 /
〖 % 𝐴 〗 _𝑀Á𝑋=(
�×𝟏𝟎𝟎%
�_𝟐=𝑽_𝟐×(𝑲_𝑵𝑶𝑽− �_2=
𝟏)
〖��〗 _𝟏=𝑽_𝟏∗(𝑲_𝑵𝑶𝑽
−𝑲_𝑶�𝑻 )
〖��〗 _𝟏=𝑽_𝟏∗(𝑲_𝑵𝑶𝑽
−𝑲_𝑶�𝑻 )
�_𝟐
𝑨�=(𝑨�× 〖𝑽𝒂𝒍〗 _𝟐)/𝑴�×(𝑲_𝒂𝒏
𝒕/𝑲_𝒂�𝒆𝒍 −𝟏)
〖��〗 _𝟐=𝑽_𝟐+�_𝟐+
〖��〗 _𝟏−�_𝟐 𝑨�−�_𝟐 𝑨𝑴
c). Valorización Neta (Vn): 𝑀𝑒𝑠 2: Dec-16
〖��〗 _𝟐
𝑨�=𝟏𝟎%×𝑽_𝟐 〖� 〖
� _2〗𝐴𝐷=10%∗
〖��〗 _𝟐
𝑨𝑴=𝟐𝟎%×𝑽_𝟐 〖� 〖
� _2〗𝐴𝑀=20%∗
Adel = 20%*MC
Adel = 20%*MC
Adel = %Amax*MC
〖� 〖 35,000.00
〗
� _2= + 70,000.00 = �/. 105,000.00
𝐿𝑜 𝑞𝑢𝑒 𝑚𝑒 𝑝𝑎𝑔𝑎𝑟á𝑛
𝐼𝐺𝑉= 18 %
1,271.71
Riesgo III
3). 𝐻𝑎𝑙𝑙𝑎𝑟 𝑒𝑙 𝑖𝑛𝑡𝑒𝑟é𝑠 𝑙𝑒𝑔𝑎𝑙, 𝑝𝑜𝑟 𝑒𝑙 𝑎𝑡𝑟𝑎𝑠𝑜 𝑒𝑛 𝑝𝑎𝑔𝑜 𝑑𝑒 𝑙𝑎 𝑉𝐴𝐿#03 = Jan-17 , 𝑒𝑙 𝑐𝑢𝑎𝑙 𝑓𝑢𝑒 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑑𝑜 𝑒𝑙
M. Base M. Adel. V1 V2 V3
Si: Jul-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
Im (Ce) 341.95 350.15 355.25 370.60 378.15 385.40
Val. (S/.) 250,000.00 350,000.00 150,000.00
"K" 1.007 1.012 1.015 1.019 1.024
Solución:
〖%
𝑨 〗 _𝑴𝑨�=𝑨_𝑴𝑨�/𝑴� 150,525.08 /
〖 % 𝐴 〗 _𝑀Á𝑋=(
×𝟏𝟎𝟎%
�_𝟑=𝑽_𝟑×(𝑲_�𝑰�−𝟏 �_3=
)
〖��〗 _𝟐=𝑽_𝟐∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )
〖��〗 _𝟐=𝑽_𝟐∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )
〖��〗 _𝟏=𝑽_𝟏∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )
�_𝟑
𝑨�=(𝑨�× 〖𝑽𝒂𝒍〗 _𝟑)/𝑴�×(𝑲_𝒂𝒏
𝒕/𝑲_𝒂�𝒆𝒍 −𝟏)
〖��〗 _𝟑
𝑨�=𝟏𝟎%×𝑽_𝟑 〖� 〖
� _3〗𝐴𝐷=10%∗
〖��〗 _𝟑
𝑨𝑴=𝟐𝟎%×𝑽_𝟑 〖� 〖
� _3〗𝐴𝑀=20%∗
Adel = 20%*MC
Adel = 20%*MC
Adel = %Amax*MC
〖� 〖 250,000.00
〗
�� _1= ∗( 1.019 − 1.015 )= �/. 1,000.00
150,000.00= �/.15,000.00
_3〗𝐴𝐷=10%∗
〖� 〖 15,000.00
〗
� _3= + 30,000.00 = �/. 45,000.00
𝐿𝑜 𝑞𝑢𝑒 𝑚𝑒 𝑝𝑎𝑔𝑎𝑟á𝑛
𝐼𝐺𝑉= 18 %
328.34
Riesgo III - PC2
2). 𝑃𝑎𝑟𝑎 𝑢𝑛𝑎 𝑂𝑏𝑟𝑎 𝑒𝑛 𝑇𝑎𝑐𝑛𝑎, 𝑞𝑢𝑒 𝑠𝑒 𝑖𝑛𝑖𝑐𝑖ó 𝑒𝑛 Nov-16 𝑐𝑜𝑛 𝐴𝑑𝑒𝑙𝑎𝑛𝑡𝑜 𝑒𝑛 𝐸𝑓𝑒𝑐𝑡𝑖𝑣𝑜, 𝑙𝑎 𝐸𝑛𝑡𝑖𝑑𝑎𝑑 𝑠𝑒 𝑑𝑒𝑚𝑜𝑟ó 𝑝𝑜
𝑑𝑒𝑙 𝐼𝑛𝑡𝑒𝑟é𝑠 𝑝𝑜𝑟 𝑀𝑜𝑟𝑎. 𝐻𝑎𝑙𝑙𝑎𝑟 𝑒𝑙 𝐼𝑛𝑡𝑒𝑟é𝑠 𝑐𝑎𝑢𝑠𝑎𝑑𝑜 (𝐹𝑎𝑐𝑡𝑢𝑟𝑎𝑑𝑜), �𝐼:
ADEMÁS:
M. Ad. Efec. M1 M2 M3 M4
Mes Jul-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
VaL (S/.) 865,750.00 892,750.00 965,750.00 878,750.00
K 1.052 1.063 1.069 1.076 1.082 1.089
Solución:
a). Adelantos:
�_𝟑=𝑽_𝟑×(𝑲_�𝑰�− �_3=
𝟏)
〖��〗 _𝟐=𝑽_𝟐∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )
〖��〗 _𝟏=𝑽_𝟏∗(𝑲_�𝑰�−
𝑲_𝑵𝑶𝑽 )
�_𝟑
𝑨�=(𝑨�× 〖𝑽𝒂𝒍〗 _𝟑)/𝑴�×(𝑲_𝒂
𝒏𝒕/𝑲_𝒂�𝒆𝒍 −𝟏)
〖��〗 _𝟑
𝑨�=𝟏𝟎%×𝑽_𝟑 〖� 〖
� _3〗𝐴𝐷=10%∗
, 𝑙𝑎 𝐸𝑛𝑡𝑖𝑑𝑎𝑑 𝑠𝑒 𝑑𝑒𝑚𝑜𝑟ó 𝑝𝑜𝑟 𝑒𝑞𝑢𝑖𝑣𝑜𝑐𝑎𝑐𝑖ó𝑛 114 𝑑í𝑎𝑠 𝑒𝑛 𝑐𝑎𝑛𝑐𝑒𝑙𝑎𝑟 𝑠𝑢 𝑉𝑎𝑙𝑜𝑟𝑖𝑧𝑎𝑐𝑖ó𝑛 𝑁º 03, 𝑎𝑛𝑡𝑒 𝑒𝑠𝑡𝑜 𝑒𝑙 𝐶𝑜𝑛𝑡𝑟𝑎𝑡𝑖𝑠𝑡𝑎 𝑠𝑜𝑙𝑖𝑐𝑖𝑡ó 𝑒𝑙
𝐷_3 𝐴𝐷=[ (┤576,480.00 ∗ 965,750.00)/ 3,603,000.00├ ]∗[ (┤ 1.076 / 1.052 )−1├ ]=�/.3,525.17
𝐼𝐺𝑉= 18 %
Jan-17 )
𝑎𝑙=𝐹 𝑚𝑎𝑥 𝑃𝑎𝑔𝑜−#𝑑í𝑎𝑠+1
8,020.28