2004 2005

Utilidad antes de impuestos 247.67 266.00

(-) Impuestos -73.06 -78.47
Utilidad Neta 174.61 187.53
(+) Depreciación 100.00 100.00
(-) Cambios en el capital de trabajo 0.00 -9.00
Flujo de Caja Operativo (FCO) 274.61 278.53
(-) Inversiones 0.00 -152.00
Flujo de Caja Libre (FCL) 274.61 126.53

VPN = -$360.74

Costo inicial -1450

2005 126.53
2006 129.15
2007 131.82
2008 134.52
2009 137.25

TIR = -21%

Año Saldo Inicial

2004 1,450.00
2005 1,577.50
2006 1,716.21
2007 1,867.11
2008 2,031.29
2009 2,209.90

Vp = Vf / (1+i)
Vf = 1000
i= 8.793
Vp = 919.18
Vp = 1450
Vf = 1577.50
 Inversión inicial = -1450.00
Tasa = 0.0879

2006 2007 2008 2009

269.72 273.50 277.33 281.21
-79.57 -80.68 -81.81 -82.96
190.15 192.82 195.52 198.25
100.00 100.00 100.00 100.00
-9.00 -9.00 -9.00 -9.00
281.15 283.82 286.52 289.25
-152.00 -152.00 -152.00 -152.00
129.15 131.82 134.52 137.25

i = 8.793

Interés Saldo final

127.50 1,577.50
138.71 1,716.21
150.91 1,867.11
164.18 2,031.29
178.61 2,209.90
194.32 2,404.22

2226.45 2312.92 5500 4595.34

8.793 8.793 8.793 8.793
2046.50 2125.98 5055.47 4223.93
2379.28 7379.71 1313.6 2345.74
2797.70 9326.40 1775.62 3377.04