PROGRAMA INTERACTIVO

PROYECCIONES FINANCIER

Derechos Reservados por la Universidad Anáhu

Pasa a Instrucciones
GRAMA INTERACTIVO
CCIONES FINANCIERAS

ados por la Universidad Anáhuac del Sur

1 Utiliza esta herramienta para elaborar Proyecciones Financieras.
2 Antes de comenzar, es importante que tengas información relevante a la mano, tal como
la información de mercado, capacidad instalada, precios, competidores, etc.
3 El orden de las hojas es indispensable, no debes de saltarte incisos, hojas, etc.
Cada parte lleva un número, de tal forma que empieza en el número 1 y continua la numeració
4 Sólo debes rellenar la información de las celdas blancas , las celdas azules se llenan autom
5 Para algunos casos, este formato puede no ser el mejor, por lo que te pedimos que
en caso de ser así, te pongas en contacto con ADNA en www.uas.mx/adna.htm
Las hojas a continuación no están protegidas, por lo que puedes modificarlas.
6 Solicitamos comentarios y sugerencias.

Comienza en la hoja de "Ingresos"

 a la mano, tal como

hojas, etc.
1 y continua la numeración.
das azules se llenan automático
e pedimos que
/adna.htm
De acuerdo a tus datos, tus ventas mensuales para los tres primeros años serían:

$10,000.00
$9,000.00
$8,000.00
$7,000.00
$6,000.00
$5,000.00
$4,000.00
$3,000.00
$2,000.00
$1,000.00
$-
1 2 3 4 5 6 7 8 9 10 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
 ###
###
2 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
###
Sueldos y Salarios:
Comisión Mensual
Sueldo
Número de Nominal por Sueldo base +
Selecciona puesto: Mensual Sueldo Anual Total Nómina
puestos puesto (% comisiones
Nominal
de ventas)

Director general 1 $ 500.00 $ 6,000.00 $ 6,000.00 0.00% $ 500.00

Recepción 1 $ 304.17 $ 3,650.04 $ 3,650.04 0.00% $ 304.17

Otros 3 $ 304.17 $ 3,650.04 $ 10,950.12 0.00% $ 304.17

Otros 0 $ - $ - $ - 0.00% $ -

Otros 0 $ - $ - $ - 0.00% $ -

Otros 0 $ - $ - $ - 0.00% $ -

Contador 1 $ 45.00 $ 540.00 $ 540.00 0.00% $ 45.00

Servicio a proveedores 0 $ - $ - $ - 0.00% $ -

Servicio a clientes 0 $ - $ - $ - 0.00% $ -

Mercadotécnia y relaciones publicas 0 $ - $ - $ - 0.00% $ -

 Total Mensual
Gastos fijos
corporativa.
Renta (m²) $ 150.00
Luz $ 45.00
Agua $ 5.00
Comunicaciones $ -
Seguros y fianzas $ 116.70
Seguridad $ -
Papelería y gastos de
oficina $ 100.00
Otros $ 2,090.00

SubTotal gastos fijos $ 2,506.70

Gastos variables de producción para el primer mes:

Costos Unitarios
No aplica $ 2,090.00
Inventario requerido para
el segundo mes, % de 0%
ventas estimadas

Total Gastos Variables #VALUE!

Gastos de instalación oficinas corporativas: ¿Necesitas hacer más gastos de instalación? OPCIONAL

Primer mes: Mes 2 Mes 2 Mes 2

Terreno $ - $ - $ - $ -
Edificio $ - $ - $ - $ -
Comunicaciones $ - $ - $ - $ -
Mobiliario y equipo $ 60,000 $ - $ - $ -
Acondicionamiento
(m²) $ - $ - $ - $ -
Computadoras y
maquinas $ 425 $ - $ -
Otros $ - $ - $ - $ -
Total gastos de
instalación $ Se asume
60,425 $ constante - $ - $ -
para todos los meses.
Si tus ingresos son por comisión, puedes saltarte esta hoja y pasar a Financiamiento.

Cuentas por Cobrar:

Determina tus ventas a crédito:

Del total de tus ventas, ¿qué porcentaje se vende a crédito? 0%

Con estos datos, tus ventas a contado son: 100%

Determina el plazo promedio de cobro:

Del total de tus ventas a crédito, ¿a qué plazo estas vendiendo? 5 días

Se asume constante para todos los periodos, productos, servicios y puntos de venta.

Inventarios:

Determina el monto de inventarios requeridos para cada periodo:

Tu inventario para el siguiente periodo es del 0.0% de las ventas.

Viene de la hoja de "Gastos"
Se asume constante para todos los meses, para todos los prductos, para todos los servicios

Cuentas por Pagar:

Determina tus compras a crédito:

Del total de tus compras, ¿qué porcentaje se compra a crédito? 100%

Con estos datos, tus compras a contado son: 0%

Determina el plazo promedio de pago:

Del total de tus compras a crédito, ¿a qué plazo estas pagando? 5 días

Se asume constante para todos los periodos.

Esta hoja describe tus fuentes de financiamiento:

De acuerdo a tus datos, para el primer mes:

Tu empresa: REQUIERE financiamiento.

El monto de la inversión inicial es: $65,836 Asume un 10% adicional.

Es importante determinar de donde se obtienen los fondos.

Existen dos fuentes principales, deuda y capital.

Deuda se divide en deuda de corto plazo y de largo plazo.
Capital se divide en capital propio y capital externo.

Determina, del total de la inversión inicial requerida:

Inversión que se debe conseguir: $0
¿Cuánto se financía con capital propio? $0
¿Cuánto se financía con capital externo? $65,836
¿Cuánto se financía con deuda a corto plazo? $0
¿Cuánto se financía con deuda a largo plazo? $0

TOTAL: $65,836
n 10% adicional.
 Mes 1 Mes 2 Mes 3 Mes 4 Mes 5 Mes 6 Mes 7 Mes 8
TRANSUNI, S.A. DE C.V.
Estado de Resultados:

Ingresos:
Nacional:
Ingresos por productos $0 $0 $0 $0 $0 $0 $0 $0
Total Ingresos $3,893 $4,018 $4,147 $4,238 $4,332 $4,427 $4,525 $4,625

Egresos:
Gastos fijos $2,507 $2,512 $2,517 $2,522 $2,527 $2,532 $2,537 $2,542
Sueldos y salarios $1,762 $1,762 $1,762 $1,762 $1,762 $1,762 $1,762 $1,762
Gastos Variables $0 $0 $0 $0 $0 $0 $0 $0
Otros (Gtos de Venta, etc.) $0 $0 $0 $0 $0 $0 $0 $0
Total costos $4,268 $4,273 $4,278 $4,283 $4,288 $4,294 $4,299 $4,304

Ebitda -$375 -$255 -$131 -$45 $43 $134 $226 $321

Depreciación y Amortización $504 $504 $504 $504 $504 $504 $504 $504
Utilidad (perdida) de Operación $129 $248 $372 $459 $547 $637 $730 $825
Gastos financieros corto plazo $0 $0 $0 $0 $0 $0 $0 $0
Gastos financieros largo plazo $0 $0 $0 $0 $0 $0 $0 $0
Utilidad antes de impuestos $129 $248 $372 $459 $547 $637 $730 $825
ISR (35%) $45 $87 $130 $160 $191 $223 $255 $289
PTU (10%) $13 $25 $37 $46 $55 $64 $73 $82
Utilidad (pérdida neta) $71 $137 $205 $252 $301 $351 $401 $453
Margen de utilidades netas: 1.82% 3.40% 4.94% 5.95% 6.94% 7.92% 8.87% 9.81%

TRANSUNI, S.A. DE C.V.

Balance General

Activo circulante
Caja y bancos $5,985 $6,625 $7,334 $8,089 $8,894 $9,748 $10,653 $11,610
Clientes $0 $0 $0 $0 $0 $0 $0 $0
Inventarios. $0 $0 $0 $0 $0 $0 $0 $0
Total activo circulante $5,985 $6,625 $7,334 $8,089 $8,894 $9,748 $10,653 $11,610

Activo Fijo
Terreno $0 $0 $0 $0 $0 $0 $0 $0
 Edificio $0 $0 $0 $0 $0 $0 $0 $0
Comunicaciones $0 $0 $0 $0 $0 $0 $0 $0
Mobiliario y equipo $59,500 $59,000 $58,500 $58,000 $57,500 $57,000 $56,500 $56,000
Acondicionamiento (m²) $0 $0 $0 $0 $0 $0 $0 $0
Computadoras y maquinas $421 $418 $414 $411 $407 $404 $400 $397
Otros $0 $0 $0 $0 $0 $0 $0 $0
Depreciación acumulada: -$504 -$1,007 -$1,511 -$2,014 -$2,518 -$3,021 -$3,525 -$4,028
Total activo fijo $59,921 $59,418 $58,914 $58,411 $57,907 $57,404 $56,900 $56,397

Activo total $65,907 $66,043 $66,248 $66,500 $66,801 $67,152 $67,553 $68,006

Pasivo Circulante
Proveedores $0 $0 $0 $0 $0 $0 $0 $0
Créditos bancarios $0 $0 $0 $0 $0 $0 $0 $0
Total pasivo circulante $0 $0 $0 $0 $0 $0 $0 $0

Pasivo largo plazo $0 $0 $0 $0 $0 $0 $0 $0

Pasivo total $0 $0 $0 $0 $0 $0 $0 $0

Capital Contable
Capital social $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836
Resultados de ejercicios anteriores $0 $71 $207 $412 $664 $965 $1,316 $1,717
Resultado del ejercicio $71 $137 $205 $252 $301 $351 $401 $453
Total Capital Contable $65,907 $66,043 $66,248 $66,500 $66,801 $67,152 $67,553 $68,006

Pasivo + Capital $65,907 $66,043 $66,248 $66,500 $66,801 $67,152 $67,553 $68,006

TRANSUNI, S.A. DE C.V.

Flujo de Efectivo
Utilidad neta $71 $137 $205 $252 $301 $351 $401 $453
+ depreciación y amortización -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504
Generación bruta de efectivo $574 $640 $708 $756 $804 $854 $905 $957
Usos Operativos
Financiamiento a cuentas por cobrar $0 $0 $0 $0 $0 $0 $0 $0
Financiamiento a inventarios $0 $0 $0 $0 $0 $0 $0 $0
Total usos operativos $0 $0 $0 $0 $0 $0 $0 $0
Fuentes Operativas
Financiamiento (amort.) proveedores $0 $0 $0 $0 $0 $0 $0 $0
Total fuentes operativas $0 $0 $0 $0 $0 $0 $0 $0

Generación Neta Operativa $574 $640 $708 $756 $804 $854 $905 $957

Fuentes de Instituciones de Crédito

Financ. (amort.) créditos bancarios corto pl $0 $0 $0 $0 $0 $0 $0 $0
Financ. (amort.) créditos bancarios largo pl $0 $0 $0 $0 $0 $0 $0 $0
Financiamiento neto con costo $0 $0 $0 $0 $0 $0 $0 $0
Usos no operativos
Venta (inversión) en activos fijos -$60,425 $0 $0 $0 $0 $0 $0 $0
Venta (inversión) en activos diferidos $0 $0 $0 $0 $0 $0 $0 $0
Pago de dividendos $0 $0 $0 $0 $0 $0 $0 $0
Total de usos no operativos -$60,425 $0 $0 $0 $0 $0 $0 $0
Fuentes no operativas
Aportaciones (retiros) de capital $65,836 $0 $0 $0 $0 $0 $0 $0
Total fuentes no operativas $65,836 $0 $0 $0 $0 $0 $0 $0

Generación de flujo no operativa $5,411 $0 $0 $0 $0 $0 $0 $0

Generación Neta de Flujo de Efectivo $5,985 $640 $708 $756 $804 $854 $905 $957

Caja inicial $0 $5,985 $6,625 $7,334 $8,089 $8,894 $9,748 $10,653

Caja final $5,985 $6,625 $7,334 $8,089 $8,894 $9,748 $10,653 $11,610

Razones Financieras

Actividad
Ventas netas a activos fijos 6.50% 6.76% 7.04% 7.26% 7.48% 7.71% 7.95% 8.20%
Ventas netas a capital contable 5.91% 6.08% 6.26% 6.37% 6.48% 6.59% 6.70% 6.80%
Gastos a ventas netas 109.63% 106.35% 103.17% 101.06% 99.00% 96.98% 95.00% 93.06%

Apalancamiento
Pasivo total a capital contable 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Productividad
Utilidad de operación a ventas netas -9.63% -6.35% -3.17% -1.06% 1.00% 3.02% 5.00% 6.94%
Utilidad neta a ventas netas 1.82% 3.40% 4.94% 5.95% 6.94% 7.92% 8.87% 9.81%

Integración de activos fijos

 1. Valor de activos fijos
Terreno $0 $0 $0 $0 $0 $0 $0 $0
Edificio $0 $0 $0 $0 $0 $0 $0 $0
Comunicaciones $0 $0 $0 $0 $0 $0 $0 $0
Mobiliario y equipo $59,500 $59,000 $58,500 $58,000 $57,500 $57,000 $56,500 $56,000
Acondicionamiento (m²) $0 $0 $0 $0 $0 $0 $0 $0
Computadoras y maquinas $421 $418 $414 $411 $407 $404 $400 $397
Otros $0 $0 $0 $0 $0 $0 $0 $0
Propiedades, planta y equipo $59,921 $59,418 $58,914 $58,411 $57,907 $57,404 $56,900 $56,397

2. Inversión ($) en activos fijos

Terreno $0 $0 $0 $0 $0 $0 $0 $0
Edificio $0 $0 $0 $0 $0 $0 $0 $0
Comunicaciones $0 $0 $0 $0 $0 $0 $0 $0
Mobiliario y equipo $60,000 $0 $0 $0 $0 $0 $0 $0
Acondicionamiento (m²) $0 $0 $0 $0 $0 $0 $0 $0
Maquinaria $425 $0 $0 $0 $0 $0 $0 $0
Otros $0 $0 $0 $0 $0 $0 $0 $0
Inversión total $60,425 $0 $0 $0 $0 $0 $0 $0

Depreciación activos fijos ($)

Terreno $0 $0 $0 $0 $0 $0 $0 $0
Edificio $0 $0 $0 $0 $0 $0 $0 $0
Comunicaciones $0 $0 $0 $0 $0 $0 $0 $0
Mobiliario y equipo -$500 -$500 -$500 -$500 -$500 -$500 -$500 -$500
Acondicionamiento (m²) $0 $0 $0 $0 $0 $0 $0 $0
Maquinaria -$4 -$4 -$4 -$4 -$4 -$4 -$4 -$4
Otros $0 $0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Depreciación acumulada -$504 -$1,007.08 -$1,510.63 -$2,014.17 -$2,517.71 -$3,021.25 -$3,524.79 -$4,028.33
Depreciación Mensual -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504

Depreciación (%)
Terreno 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Edificio 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Comunicaciones 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Mobiliario y equipo 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Acondicionamiento (m²) 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Maquinaria 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Otros 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Inflación México mensual 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
 AÑO 1
Mes 9 Mes 10 Mes 11 Mes 12 Acumulado Mes 13 Mes 14 Mes 15 Mes 16 Mes 17 Mes 18 Mes 19

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$4,727 $4,831 $4,937 $5,046 $53,746 $5,229 $5,420 $5,617 $5,764 $5,916 $6,071 $6,231

$2,547 $2,552 $2,557 $2,562 $30,414 $2,568 $2,573 $2,578 $2,583 $2,588 $2,593 $2,598
$1,762 $1,762 $1,762 $1,762 $21,140 $1,804 $1,804 $1,804 $1,804 $1,804 $1,804 $1,804
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$4,309 $4,314 $4,319 $4,324 $51,554 $4,372 $4,377 $4,382 $4,387 $4,393 $4,398 $4,403

$418 $517 $618 $722 $2,193 $858 $1,042 $1,234 $1,377 $1,523 $1,674 $1,828
$504 $504 $504 $504 $6,043 $504 $504 $504 $504 $504 $504 $504
$921 $1,020 $1,122 $1,225 $8,235 $1,361 $1,546 $1,738 $1,880 $2,027 $2,177 $2,332
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$921 $1,020 $1,122 $1,225 $8,235 $1,361 $1,546 $1,738 $1,880 $2,027 $2,177 $2,332
$322 $357 $393 $429 $2,882 $476 $541 $608 $658 $709 $762 $816
$92 $102 $112 $123 $824 $136 $155 $174 $188 $203 $218 $233
$507 $561 $617 $674 $4,529 $749 $850 $956 $1,034 $1,115 $1,197 $1,282
10.72% 11.62% 12.50% 13.36% 8.43% 14.31% 15.69% 17.02% 17.94% 18.84% 19.72% 20.58%

$12,620 $13,685 $14,805 $15,983 $15,983 $17,235 $18,589 $20,048 $21,586 $23,204 $24,905 $26,691
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$12,620 $13,685 $14,805 $15,983 $15,983 $17,235 $18,589 $20,048 $21,586 $23,204 $24,905 $26,691

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$55,500 $55,000 $54,500 $54,000 $54,000 $53,500 $53,000 $52,500 $52,000 $51,500 $51,000 $50,500
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$393 $390 $386 $383 $383 $379 $375 $372 $368 $365 $361 $358
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$4,532 -$5,035 -$5,539 -$6,043 -$6,043 -$6,546 -$7,050 -$7,553 -$8,057 -$8,560 -$9,064 -$9,567
$55,893 $55,390 $54,886 $54,383 $54,383 $53,879 $53,375 $52,872 $52,368 $51,865 $51,361 $50,858

$68,513 $69,074 $69,691 $70,365 $70,365 $71,114 $71,964 $72,920 $73,954 $75,069 $76,266 $77,549

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836
$2,170 $2,677 $3,238 $3,855 $3,855 $4,529 $5,278 $6,128 $7,084 $8,118 $9,233 $10,430
$507 $561 $617 $674 $674 $749 $850 $956 $1,034 $1,115 $1,197 $1,282
$68,513 $69,074 $69,691 $70,365 $70,365 $71,114 $71,964 $72,920 $73,954 $75,069 $76,266 $77,549

$68,513 $69,074 $69,691 $70,365 $70,365 $71,114 $71,964 $72,920 $73,954 $75,069 $76,266 $77,549

$507 $561 $617 $674 $4,529 $749 $850 $956 $1,034 $1,115 $1,197 $1,282
-$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504
$1,010 $1,065 $1,121 $1,178 $5,033 $1,252 $1,354 $1,459 $1,538 $1,618 $1,701 $1,786

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,010 $1,065 $1,121 $1,178 $5,033 $1,252 $1,354 $1,459 $1,538 $1,618 $1,701 $1,786

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 -$60,425 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 -$60,425 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $65,836 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $65,836 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $5,411 $0 $0 $0 $0 $0 $0 $0
$1,010 $1,065 $1,121 $1,178 $10,444 $1,252 $1,354 $1,459 $1,538 $1,618 $1,701 $1,786

$11,610 $12,620 $13,685 $14,805 $15,983 $15,983 $17,235 $18,589 $20,048 $21,586 $23,204 $24,905
$12,620 $13,685 $14,805 $15,983 $26,427 $17,235 $18,589 $20,048 $21,586 $23,204 $24,905 $26,691

8.46% 8.72% 9.00% 9.28% 98.83% 9.71% 10.15% 10.62% 11.01% 11.41% 11.82% 12.25%
6.90% 6.99% 7.08% 7.17% 76.38% 7.35% 7.53% 7.70% 7.79% 7.88% 7.96% 8.03%
91.16% 89.30% 87.48% 85.69% 95.92% 83.60% 80.76% 78.02% 76.11% 74.25% 72.43% 70.66%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

8.84% 10.70% 12.52% 14.31% 4.08% 16.40% 19.24% 21.98% 23.89% 25.75% 27.57% 29.34%
10.72% 11.62% 12.50% 13.36% 8.43% 14.31% 15.69% 17.02% 17.94% 18.84% 19.72% 20.58%
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$55,500 $55,000 $54,500 $54,000 $54,000 $53,500 $53,000 $52,500 $52,000 $51,500 $51,000 $50,500
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$393 $390 $386 $383 $383 $379 $375 $372 $368 $365 $361 $358
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$55,893 $55,390 $54,886 $54,383 $54,383 $53,879 $53,375 $52,872 $52,368 $51,865 $51,361 $50,858

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $60,000 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $425 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $60,425 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$500 -$500 -$500 -$500 -$6,000 -$500 -$500 -$500 -$500 -$500 -$500 -$500
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$4 -$4 -$4 -$4 -$43 -$4 -$4 -$4 -$4 -$4 -$4 -$4
$0.00 $0.00 $0.00 $0.00 $0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$4,531.88 -$5,035.42 -$5,538.96 -$6,042.50 -$6,042.50 -$6,546.04 -$7,049.58 -$7,553.13 -$8,056.67 -$8,560.21 -$9,063.75 -$9,567.29
-$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
 AÑO 2
Mes 20 Mes 21 Mes 22 Mes 23 Mes 24 Acumulado Mes 25 Mes 26 Mes 27 Mes 28 Mes 29 Mes 30

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$6,395 $6,563 $6,735 $6,912 $7,094 $73,947 $7,281 $7,472 $7,669 $7,947 $8,236 $8,536

$2,604 $2,609 $2,614 $2,619 $2,625 $31,152 $2,630 $2,635 $2,640 $2,646 $2,651 $2,656
$1,804 $1,804 $1,804 $1,804 $1,804 $21,653 $1,804 $1,804 $1,804 $1,804 $1,804 $1,804
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$4,408 $4,413 $4,419 $4,424 $4,429 $52,805 $4,434 $4,440 $4,445 $4,450 $4,455 $4,461

$1,987 $2,150 $2,317 $2,489 $2,665 $21,143 $2,846 $3,033 $3,224 $3,497 $3,781 $4,075
$504 $504 $504 $504 $504 $6,043 $504 $504 $504 $504 $504 $504
$2,490 $2,653 $2,820 $2,992 $3,169 $27,185 $3,350 $3,536 $3,727 $4,001 $4,284 $4,578
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$2,490 $2,653 $2,820 $2,992 $3,169 $27,185 $3,350 $3,536 $3,727 $4,001 $4,284 $4,578
$872 $929 $987 $1,047 $1,109 $9,515 $1,172 $1,238 $1,305 $1,400 $1,500 $1,602
$249 $265 $282 $299 $317 $2,719 $335 $354 $373 $400 $428 $458
$1,370 $1,459 $1,551 $1,646 $1,743 $14,952 $1,842 $1,945 $2,050 $2,200 $2,356 $2,518
21.42% 22.23% 23.03% 23.81% 24.57% 20.22% 25.31% 26.03% 26.73% 27.69% 28.61% 29.50%

$28,564 $30,527 $32,582 $34,731 $36,977 $36,977 $39,323 $41,772 $44,325 $47,029 $49,889 $52,911
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$28,564 $30,527 $32,582 $34,731 $36,977 $36,977 $39,323 $41,772 $44,325 $47,029 $49,889 $52,911

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$50,000 $49,500 $49,000 $48,500 $48,000 $48,000 $47,500 $47,000 $46,500 $46,000 $45,500 $45,000
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$354 $351 $347 $344 $340 $340 $336 $333 $329 $326 $322 $319
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$10,071 -$10,574 -$11,078 -$11,581 -$12,085 -$12,085 -$12,589 -$13,092 -$13,596 -$14,099 -$14,603 -$15,106
$50,354 $49,851 $49,347 $48,844 $48,340 $48,340 $47,836 $47,333 $46,829 $46,326 $45,822 $45,319

$78,918 $80,378 $81,929 $83,575 $85,317 $85,317 $87,160 $89,105 $91,155 $93,355 $95,711 $98,230

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836
$11,713 $13,082 $14,542 $16,093 $17,739 $17,739 $19,481 $21,324 $23,269 $25,319 $27,519 $29,875
$1,370 $1,459 $1,551 $1,646 $1,743 $1,743 $1,842 $1,945 $2,050 $2,200 $2,356 $2,518
$78,918 $80,378 $81,929 $83,575 $85,317 $85,317 $87,160 $89,105 $91,155 $93,355 $95,711 $98,230

$78,918 $80,378 $81,929 $83,575 $85,317 $85,317 $87,160 $89,105 $91,155 $93,355 $95,711 $98,230

$1,370 $1,459 $1,551 $1,646 $1,743 $14,952 $1,842 $1,945 $2,050 $2,200 $2,356 $2,518
-$504 -$504 -$504 -$504 -$504 -$1,007 -$504 -$504 -$504 -$504 -$504 -$504
$1,873 $1,963 $2,055 $2,149 $2,246 $15,959 $2,346 $2,448 $2,554 $2,704 $2,860 $3,022

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,873 $1,963 $2,055 $2,149 $2,246 $15,959 $2,346 $2,448 $2,554 $2,704 $2,860 $3,022

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$1,873 $1,963 $2,055 $2,149 $2,246 $15,959 $2,346 $2,448 $2,554 $2,704 $2,860 $3,022

$26,691 $28,564 $30,527 $32,582 $34,731 $36,977 $36,977 $39,323 $41,772 $44,325 $47,029 $49,889
$28,564 $30,527 $32,582 $34,731 $36,977 $52,936 $39,323 $41,772 $44,325 $47,029 $49,889 $52,911

12.70% 13.17% 13.65% 14.15% 14.68% 152.97% 15.22% 15.79% 16.38% 17.16% 17.97% 18.83%
8.10% 8.17% 8.22% 8.27% 8.32% 86.67% 8.35% 8.39% 8.41% 8.51% 8.61% 8.69%
68.93% 67.25% 65.60% 64.00% 62.43% 71.41% 60.90% 59.41% 57.96% 55.99% 54.09% 52.26%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

31.07% 32.75% 34.40% 36.00% 37.57% 28.59% 39.10% 40.59% 42.04% 44.01% 45.91% 47.74%
21.42% 22.23% 23.03% 23.81% 24.57% 20.22% 25.31% 26.03% 26.73% 27.69% 28.61% 29.50%
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$50,000 $49,500 $49,000 $48,500 $48,000 $48,000 $47,500 $47,000 $46,500 $46,000 $45,500 $45,000
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$354 $351 $347 $344 $340 $340 $336 $333 $329 $326 $322 $319
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$50,354 $49,851 $49,347 $48,844 $48,340 $48,340 $47,836 $47,333 $46,829 $46,326 $45,822 $45,319

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$500 -$500 -$500 -$500 -$500 -$6,000 -$500 -$500 -$500 -$500 -$500 -$500
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$4 -$4 -$4 -$4 -$4 -$43 -$4 -$4 -$4 -$4 -$4 -$4
$0.00 $0.00 $0.00 $0.00 $0.00 $0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$10,070.83 -$10,574.38 -$11,077.92 -$11,581.46 -$12,085.00 -$12,085.00 -$12,588.54 -$13,092.08 -$13,595.63 -$14,099.17 -$14,602.71 -$15,106.25
-$504 -$504 -$504 -$504 -$504 -$1,007 -$504 -$504 -$504 -$504 -$504 -$504

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
 AÑO 3
Mes 31 Mes 32 Mes 33 Mes 34 Mes 35 Mes 36 Acumulado Mes 37 Mes 38 Mes 39 Mes 40 Mes 41

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$8,760 $8,990 $9,227 $9,469 $9,718 $9,974 $103,278 $10,024 $10,074 $10,124 $10,175 $10,226

$2,662 $2,667 $2,672 $2,678 $2,683 $2,688 $31,907 $2,694 $2,699 $2,704 $2,710 $2,715
$1,804 $1,804 $1,804 $1,804 $1,804 $1,804 $21,653 $1,804 $1,804 $1,804 $1,804 $1,804
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$4,466 $4,471 $4,477 $4,482 $4,487 $4,493 $53,561 $4,498 $4,503 $4,509 $4,514 $4,520

$4,294 $4,519 $4,750 $4,987 $5,231 $5,481 $49,718 $5,525 $5,570 $5,615 $5,660 $5,706
$504 $504 $504 $504 $504 $504 $6,043 $504 $504 $504 $504 $504
$4,798 $5,023 $5,254 $5,491 $5,734 $5,985 $55,760 $6,029 $6,074 $6,119 $6,164 $6,209
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$4,798 $5,023 $5,254 $5,491 $5,734 $5,985 $55,760 $6,029 $6,074 $6,119 $6,164 $6,209
$1,679 $1,758 $1,839 $1,922 $2,007 $2,095 $19,516 $2,110 $2,126 $2,142 $2,157 $2,173
$480 $502 $525 $549 $573 $598 $5,576 $603 $607 $612 $616 $621
$2,639 $2,762 $2,889 $3,020 $3,154 $3,291 $30,668 $3,316 $3,341 $3,365 $3,390 $3,415
30.12% 30.73% 31.32% 31.89% 32.45% 33.00% 29.69% 33.08% 33.16% 33.24% 33.32% 33.40%

$56,053 $59,319 $62,712 $66,236 $69,893 $73,688 $73,688 $77,507 $81,352 $85,220 $89,114 $93,033
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$56,053 $59,319 $62,712 $66,236 $69,893 $73,688 $73,688 $77,507 $81,352 $85,220 $89,114 $93,033

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$44,500 $44,000 $43,500 $43,000 $42,500 $42,000 $42,000 $41,500 $41,000 $40,500 $40,000 $39,500
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$315 $312 $308 $305 $301 $298 $298 $294 $290 $287 $283 $280
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$15,610 -$16,113 -$16,617 -$17,120 -$17,624 -$18,128 -$18,128 -$18,631 -$19,135 -$19,638 -$20,142 -$20,645
$44,815 $44,312 $43,808 $43,305 $42,801 $42,298 $42,298 $41,794 $41,290 $40,787 $40,283 $39,780

$100,868 $103,631 $106,520 $109,540 $112,694 $115,985 $115,985 $119,301 $122,642 $126,007 $129,397 $132,813

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836
$32,394 $35,032 $37,795 $40,684 $43,704 $46,858 $46,858 $50,149 $53,465 $56,806 $60,171 $63,561
$2,639 $2,762 $2,889 $3,020 $3,154 $3,291 $3,291 $3,316 $3,341 $3,365 $3,390 $3,415
$100,868 $103,631 $106,520 $109,540 $112,694 $115,985 $115,985 $119,301 $122,642 $126,007 $129,397 $132,813

$100,868 $103,631 $106,520 $109,540 $112,694 $115,985 $115,985 $119,301 $122,642 $126,007 $129,397 $132,813

$2,639 $2,762 $2,889 $3,020 $3,154 $3,291 $30,668 $3,316 $3,341 $3,365 $3,390 $3,415
-$504 -$504 -$504 -$504 -$504 -$504 -$1,511 -$504 -$504 -$504 -$504 -$504
$3,142 $3,266 $3,393 $3,523 $3,657 $3,795 $32,179 $3,819 $3,844 $3,869 $3,894 $3,919

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$3,142 $3,266 $3,393 $3,523 $3,657 $3,795 $32,179 $3,819 $3,844 $3,869 $3,894 $3,919

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$3,142 $3,266 $3,393 $3,523 $3,657 $3,795 $32,179 $3,819 $3,844 $3,869 $3,894 $3,919

$52,911 $56,053 $59,319 $62,712 $66,236 $69,893 $73,688 $73,688 $77,507 $81,352 $85,220 $89,114
$56,053 $59,319 $62,712 $66,236 $69,893 $73,688 $105,867 $77,507 $81,352 $85,220 $89,114 $93,033

19.55% 20.29% 21.06% 21.87% 22.71% 23.58% 244.17% 23.98% 24.40% 24.82% 25.26% 25.71%
8.68% 8.68% 8.66% 8.64% 8.62% 8.60% 89.04% 8.40% 8.21% 8.03% 7.86% 7.70%
50.98% 49.73% 48.52% 47.33% 46.17% 45.05% 51.86% 44.88% 44.71% 44.54% 44.37% 44.20%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

49.02% 50.27% 51.48% 52.67% 53.83% 54.95% 48.14% 55.12% 55.29% 55.46% 55.63% 55.80%
30.12% 30.73% 31.32% 31.89% 32.45% 33.00% 29.69% 33.08% 33.16% 33.24% 33.32% 33.40%
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$44,500 $44,000 $43,500 $43,000 $42,500 $42,000 $42,000 $41,500 $41,000 $40,500 $40,000 $39,500
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$315 $312 $308 $305 $301 $298 $298 $294 $290 $287 $283 $280
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$44,815 $44,312 $43,808 $43,305 $42,801 $42,298 $42,298 $41,794 $41,290 $40,787 $40,283 $39,780

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$500 -$500 -$500 -$500 -$500 -$500 -$6,000 -$500 -$500 -$500 -$500 -$500
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$4 -$4 -$4 -$4 -$4 -$4 -$43 -$4 -$4 -$4 -$4 -$4
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0 $0.00 $0.00 $0.00 $0.00 $0.00
-$15,609.79 -$16,113.33 -$16,616.88 -$17,120.42 -$17,623.96 -$18,127.50 -$18,127.50 -$18,631.04 -$19,134.58 -$19,638.13 -$20,141.67 -$20,645.21
-$504 -$504 -$504 -$504 -$504 -$504 -$1,511 -$504 -$504 -$504 -$504 -$504

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
 AÑO 4
Mes 42 Mes 43 Mes 44 Mes 45 Mes 46 Mes 47 Mes 48 Acumulado Mes 49 Mes 50 Mes 51 Mes 52

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$10,277 $10,328 $10,380 $10,432 $10,484 $10,536 $10,589 $123,646 $10,615 $10,642 $10,668 $10,695

$2,721 $2,726 $2,732 $2,737 $2,743 $2,748 $2,754 $32,682 $2,759 $2,765 $2,770 $2,776
$1,804 $1,804 $1,804 $1,804 $1,804 $1,804 $1,804 $21,653 $1,804 $1,804 $1,804 $1,804
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$4,525 $4,531 $4,536 $4,541 $4,547 $4,552 $4,558 $54,335 $4,563 $4,569 $4,574 $4,580

$5,752 $5,797 $5,844 $5,890 $5,937 $5,984 $6,031 $69,311 $6,052 $6,073 $6,094 $6,115
$504 $504 $504 $504 $504 $504 $504 $6,043 $504 $504 $504 $504
$6,255 $6,301 $6,347 $6,394 $6,440 $6,487 $6,534 $75,354 $6,555 $6,576 $6,597 $6,619
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$6,255 $6,301 $6,347 $6,394 $6,440 $6,487 $6,534 $75,354 $6,555 $6,576 $6,597 $6,619
$2,189 $2,205 $2,222 $2,238 $2,254 $2,271 $2,287 $26,374 $2,294 $2,302 $2,309 $2,317
$626 $630 $635 $639 $644 $649 $653 $7,535 $656 $658 $660 $662
$3,440 $3,466 $3,491 $3,516 $3,542 $3,568 $3,594 $41,444 $3,605 $3,617 $3,629 $3,640
33.48% 33.55% 33.63% 33.71% 33.79% 33.86% 33.94% 33.52% 33.96% 33.99% 34.01% 34.04%

$96,977 $100,946 $104,940 $108,960 $113,006 $117,077 $121,175 $121,175 $125,284 $129,405 $133,537 $137,680
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$96,977 $100,946 $104,940 $108,960 $113,006 $117,077 $121,175 $121,175 $125,284 $129,405 $133,537 $137,680

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$39,000 $38,500 $38,000 $37,500 $37,000 $36,500 $36,000 $36,000 $35,500 $35,000 $34,500 $34,000
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$276 $273 $269 $266 $262 $259 $255 $255 $251 $248 $244 $241
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$21,149 -$21,652 -$22,156 -$22,659 -$23,163 -$23,666 -$24,170 -$24,170 -$24,674 -$25,177 -$25,681 -$26,184
$39,276 $38,773 $38,269 $37,766 $37,262 $36,759 $36,255 $36,255 $35,751 $35,248 $34,744 $34,241

$136,253 $139,718 $143,209 $146,726 $150,268 $153,836 $157,430 $157,430 $161,035 $164,652 $168,281 $171,921

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836
$66,977 $70,417 $73,882 $77,373 $80,890 $84,432 $88,000 $88,000 $91,594 $95,199 $98,816 $102,445
$3,440 $3,466 $3,491 $3,516 $3,542 $3,568 $3,594 $3,594 $3,605 $3,617 $3,629 $3,640
$136,253 $139,718 $143,209 $146,726 $150,268 $153,836 $157,430 $157,430 $161,035 $164,652 $168,281 $171,921

$136,253 $139,718 $143,209 $146,726 $150,268 $153,836 $157,430 $157,430 $161,035 $164,652 $168,281 $171,921

$3,440 $3,466 $3,491 $3,516 $3,542 $3,568 $3,594 $41,444 $3,605 $3,617 $3,629 $3,640
-$504 -$504 -$504 -$504 -$504 -$504 -$504 -$2,014 -$504 -$504 -$504 -$504
$3,944 $3,969 $3,994 $4,020 $4,046 $4,072 $4,097 $43,459 $4,109 $4,121 $4,132 $4,144

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$3,944 $3,969 $3,994 $4,020 $4,046 $4,072 $4,097 $43,459 $4,109 $4,121 $4,132 $4,144

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$3,944 $3,969 $3,994 $4,020 $4,046 $4,072 $4,097 $43,459 $4,109 $4,121 $4,132 $4,144

$93,033 $96,977 $100,946 $104,940 $108,960 $113,006 $117,077 $121,175 $121,175 $125,284 $129,405 $133,537
$96,977 $100,946 $104,940 $108,960 $113,006 $117,077 $121,175 $164,634 $125,284 $129,405 $133,537 $137,680

26.17% 26.64% 27.12% 27.62% 28.14% 28.66% 29.21% 341.05% 29.69% 30.19% 30.71% 31.23%
7.54% 7.39% 7.25% 7.11% 6.98% 6.85% 6.73% 78.54% 6.59% 6.46% 6.34% 6.22%
44.03% 43.87% 43.70% 43.54% 43.37% 43.21% 43.04% 43.94% 42.99% 42.93% 42.88% 42.82%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

55.97% 56.13% 56.30% 56.46% 56.63% 56.79% 56.96% 56.06% 57.01% 57.07% 57.12% 57.18%
33.48% 33.55% 33.63% 33.71% 33.79% 33.86% 33.94% 33.52% 33.96% 33.99% 34.01% 34.04%
 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$39,000 $38,500 $38,000 $37,500 $37,000 $36,500 $36,000 $36,000 $35,500 $35,000 $34,500 $34,000
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$276 $273 $269 $266 $262 $259 $255 $255 $251 $248 $244 $241
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$39,276 $38,773 $38,269 $37,766 $37,262 $36,759 $36,255 $36,255 $35,751 $35,248 $34,744 $34,241

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$500 -$500 -$500 -$500 -$500 -$500 -$500 -$6,000 -$500 -$500 -$500 -$500
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
-$4 -$4 -$4 -$4 -$4 -$4 -$4 -$43 -$4 -$4 -$4 -$4
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0 $0.00 $0.00 $0.00 $0.00
-$21,148.75 -$21,652.29 -$22,155.83 -$22,659.38 -$23,162.92 -$23,666.46 -$24,170.00 -$24,170.00 -$24,673.54 -$25,177.08 -$25,680.63 -$26,184.17
-$504 -$504 -$504 -$504 -$504 -$504 -$504 -$2,014 -$504 -$504 -$504 -$504

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
 AÑO 5
Mes 53 Mes 54 Mes 55 Mes 56 Mes 57 Mes 58 Mes 59 Mes 60 Acumulado

$0 $0 $0 $0 $0 $0 $0 $0 $0
$10,722 $10,749 $10,776 $10,802 $10,829 $10,857 $10,884 $10,911 $129,150

$2,781 $2,787 $2,792 $2,798 $2,803 $2,809 $2,815 $2,820 $33,475

$1,804 $1,804 $1,804 $1,804 $1,804 $1,804 $1,804 $1,804 $21,653
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$4,586 $4,591 $4,597 $4,602 $4,608 $4,613 $4,619 $4,625 $55,128

$6,136 $6,158 $6,179 $6,200 $6,222 $6,243 $6,265 $6,286 $74,022

$504 $504 $504 $504 $504 $504 $504 $504 $6,043
$6,640 $6,661 $6,682 $6,704 $6,725 $6,747 $6,768 $6,790 $80,064
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$6,640 $6,661 $6,682 $6,704 $6,725 $6,747 $6,768 $6,790 $80,064
$2,324 $2,331 $2,339 $2,346 $2,354 $2,361 $2,369 $2,376 $28,022
$664 $666 $668 $670 $673 $675 $677 $679 $8,006
$3,652 $3,664 $3,675 $3,687 $3,699 $3,711 $3,722 $3,734 $44,035
34.06% 34.08% 34.11% 34.13% 34.16% 34.18% 34.20% 34.23% 34.10%

$141,836 $146,003 $150,182 $154,372 $158,575 $162,789 $167,015 $171,253 $171,253

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$141,836 $146,003 $150,182 $154,372 $158,575 $162,789 $167,015 $171,253 $171,253

$0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$33,500 $33,000 $32,500 $32,000 $31,500 $31,000 $30,500 $30,000 $30,000
$0 $0 $0 $0 $0 $0 $0 $0 $0
$237 $234 $230 $227 $223 $220 $216 $213 $213
$0 $0 $0 $0 $0 $0 $0 $0 $0
-$26,688 -$27,191 -$27,695 -$28,198 -$28,702 -$29,205 -$29,709 -$30,213 -$30,213
$33,737 $33,234 $32,730 $32,227 $31,723 $31,220 $30,716 $30,213 $30,213

$175,573 $179,237 $182,912 $186,599 $190,298 $194,009 $197,731 $201,465 $201,465

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836 $65,836

$106,085 $109,737 $113,401 $117,076 $120,763 $124,462 $128,173 $131,895 $131,895
$3,652 $3,664 $3,675 $3,687 $3,699 $3,711 $3,722 $3,734 $3,734
$175,573 $179,237 $182,912 $186,599 $190,298 $194,009 $197,731 $201,465 $201,465

$175,573 $179,237 $182,912 $186,599 $190,298 $194,009 $197,731 $201,465 $201,465

$3,652 $3,664 $3,675 $3,687 $3,699 $3,711 $3,722 $3,734 $44,035

-$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$2,518
$4,155 $4,167 $4,179 $4,191 $4,202 $4,214 $4,226 $4,238 $46,553

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0 $0 $0

$4,155 $4,167 $4,179 $4,191 $4,202 $4,214 $4,226 $4,238 $46,553

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$4,155 $4,167 $4,179 $4,191 $4,202 $4,214 $4,226 $4,238 $46,553

$137,680 $141,836 $146,003 $150,182 $154,372 $158,575 $162,789 $167,015 $171,253

$141,836 $146,003 $150,182 $154,372 $158,575 $162,789 $167,015 $171,253 $217,806

31.78% 32.34% 32.92% 33.52% 34.14% 34.77% 35.43% 36.11% 427.47%

6.11% 6.00% 5.89% 5.79% 5.69% 5.60% 5.50% 5.42% 64.11%
42.77% 42.71% 42.66% 42.60% 42.55% 42.50% 42.44% 42.39% 42.69%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

57.23% 57.29% 57.34% 57.40% 57.45% 57.50% 57.56% 57.61% 57.31%

34.06% 34.08% 34.11% 34.13% 34.16% 34.18% 34.20% 34.23% 34.10%
 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$33,500 $33,000 $32,500 $32,000 $31,500 $31,000 $30,500 $30,000 $30,000
$0 $0 $0 $0 $0 $0 $0 $0 $0
$237 $234 $230 $227 $223 $220 $216 $213 $213
$0 $0 $0 $0 $0 $0 $0 $0 $0
$33,737 $33,234 $32,730 $32,227 $31,723 $31,220 $30,716 $30,213 $30,213

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
-$500 -$500 -$500 -$500 -$500 -$500 -$500 -$500 -$6,000
$0 $0 $0 $0 $0 $0 $0 $0 $0
-$4 -$4 -$4 -$4 -$4 -$4 -$4 -$4 -$43
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0
-$26,687.71 -$27,191.25 -$27,694.79 -$28,198.33 -$28,701.88 -$29,205.42 -$29,708.96 -$30,212.50 -$30,212.50
-$504 -$504 -$504 -$504 -$504 -$504 -$504 -$504 -$2,518

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
 VALUACIÓN DE LA EMPRESA
TRANSUNI, S.A. DE C.V.
Inv Inicial Año 1 Año 2 Año 3 Año 4 Año 5

Flujos reales: $15,983 $20,994 $36,711 $47,487 $217,004

80 Flujos reales con probabilidad de éxito del: 80% -$65,836 $12,786 $16,796 $29,369 $37,990 $173,603
C
E
N
VPN $85,325 T
R
15 Tasa 15%
O
TIR 42.69%
D
E

C
O
M
P
U
T
O
:
I
n
c
o
r
p
o
r
a

u
n
C
E
N
T
R
O

D
E

C
O
M
P
U
T
O
:
I
n
c
o
r
p
o
r
a

u
n