Datos

VN 1000 Cupon = TC*VN

TC 10% Cupon 100
n 3
r 10% Con r = 10% Con r = 8%
r 8% $1,000.00 $1,051.54
r 12% Si r=TC, VA=VN Si r<TC, VA>VN
VA ?

Datos
n 14.5 anios 924 Cupon
=
r 6.80% annual
VA 924
VN 1000 924 = Cupon
n 29 semestres
r 3.4% semestral 544.768524 = Cupon
TC ?
Cupon 29.8374178154

TC 3% semestral

TC 6% annual

Datos
R 7% Aproximada Real
h 3.80% R=r+h R=r+h+r*h
r ? r=R-h r = (R - h)/(1 + h)
r 3.2% r

Datos
Do 1.95 Po = D1/(R - g) D1 = Do * (1 + g)
g 6%
R 11% Po 41.34
Po ?
P3 ? P3 = D4/(R - g) D4 = Do * (1 + g)^4

P3 49.24

Datos
t 4 D1 D2
Po = +
D1 11 (1 + R)^1 (1 + R)^2
D2 8
D3 5 D4 * (1 + g)
P4 =
D4 2 R-g 1
g 5% 2
R 12% P4 30 3
P0 ? 4

Datos
g1 30% P3 59.88
t 3
g2 6% D1 2.34
R 13%
Do 1.8 Po 48.70
Po ?
 n Cupon
1 100 0.90909091 90.9090909
2 100 0.82644628 82.6446281
Con r = 12% 3 100 0.7513148 75.1314801
951.963375 248.685199 751.314801 1000
Si r>TC, VA<VN

1.63691192 1000 1
+
0.08965501 2.63691192

18.2578978 + 379.231476

18.2578978

Real r: tasa de interes real

 R=r+h+r*h R: tasa de interes nominal
r = (R - h)/(1 + h) h: tasa de inflacion
3.1%

D1 = Do * (1 + g)

D4 = Do * (1 + g)^4

D3 D4 P4
+ + +
(1 + R)^3 (1 + R)^4 (1 + R)^4

11 9.82142857
8 6.37755102
5 3.55890124
2 1.27103616
30 19.0655424
40.09
Datos
n 9 TIR = ((1 + r)^n-1)*100
TC 8%
VN 10000 TIR 68.95
VA 11368
r 6%

Datos
VA 968 Precio Limpio = VA - (Cupon*Tiempo que paso)/Total
TC 7.40% anual
VN 1000 Precio Limpio 955.666667
TC 3.7% semestral
Cupon 74 anual Precio Limpio 961.83
Cupon 37 semestral

Datos
30000000 VA 1000
N 30
r 8% Bono con cupon 29999000
TC 8%
VN 1000 VP = VN/(1 + r)^n
Cupon 80
VP 99.37733255 #

Cupon Cero 29999900.62

Datos
Po 2.59 P1 = D2/(R - g) D2 = Do*(1 + g)^2
Do 0.1
P1 2.75 0,1*(1 + g)^2
2.75 =
R ? R-g

0,1*(1 + g)^2 (1)

R-g =
2.75

Po = Do(1 + g)/(R - g)

0,1*(1 + g)
2.59 =
R-g

0,1*(1 + g) (2)
R-g =
2.59

(1) = (2)

0,1*(1 + g)^2 0,1*(1 + g)

=
2.75 2.59

1+g = 1.06177606

Datos
g1 30% P3 12.0835
t 3
g2 10% D1 0.65
Do 0.5
R 20% Po 8.76
Po ?

Datos
g1 25% P11 357.86
t 11
g2 6% D1 2.175
R 12%
Do 1.74 Po 142.14
Po ?

Date Open High Low Close Adj Close

11/16/2018 141.1 141.8 137.8 138.5 139.5
11/19/2018 137.6 137.8 131.2 131.6 131.6
11/20/2018 127 134.2 126.8 132.4 132.4
11/21/2018 134.4 137.2 134.1 134.8 134.8
11/23/2018 133.6 134.5 131.3 131.7 131.7
11/26/2018 133 135.4 132.8 135.3 135.3

Rentabilidad Promedio
0.04 Volatilidad

0.02

0
11/16/2018 11/18/2018 11/20/2018 11/22/2018 11/24/2018 11/26/2018
-0.02

-0.04

-0.06

-0.08
on*Tiempo que paso)/Total meses
D2 = Do*(1 + g)^2

g 6%

R 10.28%
Rentabilidad

-0.0582976
0.00606062
0.01796455
-0.0232656
0.02696793

-0.006114
0.03111178
 A.    PREGUNTAS DE CORTAS.

1.       (0,5 puntos c/u) De la información que se detalla a continuación determine:

a)      ¿Cuál activo tiene el mayor riesgo sistemático?
El Activo B tiene mayor riego sistematico ya que el beta=1,4. El riesgo sistemtico es aquel que no se puede divers
o no se puede eliminar, por lo que para el activo b, la prima por riesgo es mayor.

b)      ¿Cuál tiene el mayor riesgo no sistemático?
El Activo A tiene mayor riesgo no sistematico o riesgo diversificable, donde la desviacion estandar es de 35%
esto quiere decir que el activo A es mas volatil que el Activo B

c)       ¿Qué activo tendrá una mayor prima por riesgo?
El Activo B tendra mayor prima por riesgo, ya que el beta es mayor que en el activo A, y debido a que es mas ries
se esperara mayor rendimiento.

2.       (0,5 puntos c/u). Suponga que dispone de un excedente de liquidez de 200.000 dólares, los cu

R
N
E

Invertir A 60,000.00 30% Rendimientos esperados

Invertir B 140,000.00 70% E(R(a)
200,000.00 100% E(R(b)

b)      el rendimiento esperado del portafolio según la siguiente información:

Rendimiento Portafolio 0.285

a)      la desviación estándar 
Desviacion Estandar
Recesion 0.015%
Normal 0.087%
Expansion 0.044%
 3.      (0,5 puntos c/u). Suponga que la tasa libre de riesgo es de 4%, la prima de riesgo del merc
CAPM = Rf + B(Rm-Rf)
Rf 4%
(Rm-Rf) 8.6% Doble B
B 1.3 2.6

a)     ¿cuál es el rendimiento esperado de esta acción? 
Rendimiento esperado 0.1518

b)     ¿cuál sería el rendimiento esperado si el coeficiente beta fuera el doble?
Rendimiento esperado 0.2636
ión determine:

Sistematico
o es aquel que no se puede diversificar no diversificable: beta

No Sistematico
sviacion estandar es de 35% diversicable: sigma

ivo A, y debido a que es mas riesgoso

uidez de 200.000 dólares, los cuales desea invertir.  Si selecciona invertir 60.000 dólares en la Acción A y 140.000 dólares en la acción

Probabilidad Rendimiento A Rendimiento B

0.1 -20% 30%
0.6 10% 20%
0.3 70% 50%

Rendimientos esperados
0.25
0.3

guiente información:
4%, la prima de riesgo del mercado es de 8.6% y una acción particular tiene un coeficiente beta de 1.3. Con base en el CAPM

Rf: Rendimiento Libre de Riesgo

B: Beta del Mercado
Rm: Riesgo de Mercado
(Rm-Rf): Prima de Riesgo del Mercado

uera el doble?
y 140.000 dólares en la acción B, determine:
 Con base en el CAPM
B. ANÁLISIS DE PORTAFOLIO (0,5 puntos c/u). Tomando en consideración la información adjunta en EXCEL de las em

a) Calcular la Rentabilidad diaria usando logaritmos

b) Realizar un histograma de la rentabilidad para cada empresa
c) Calcular el Beta de cada empresa
d) Calcular el Beta del portafolio
e) Calcular la rentabilidad de portafolio
f) Analizar cada uno de los resultados claramente

IBM FEMSAUBD ELEKTRA TOTAL

25,000 25,000 50,000 100,000
a)
PRECIOS AJUSTADOS Rentabilidad
IBM FEMSAUBD ELEKTRA SP500 IBM FEMSAUBD ELEKTRA
9.023 34.64 25.32 157.782059 IBM FEMSAUBD ELEKTRA
9.055 35.41 26.96 157.51918 0.00354022 0.02198518 0.06275969
9.075 35.43 30.18 157.821045 0.00220629 0.00056465 0.11282517
9.018 34.95 28.9 159.232925 -0.0063008 -0.0136405 -0.0433379
9.023 35.57 29.36 157.694443 0.00055429 0.01758412 0.01579161
9.05 34.9 29.93 156.477295 0.00298788 -0.0190158 0.01922812
9.075 33.76 31.1 156.224121 0.00275862 -0.0332102 0.0383465
9.067 32.8 31.97 157.119949 -0.0008819 -0.0288482 0.02759014
9.125 31.3 32.23 155.834625 0.00637645 -0.0468104 0.00809973
9.105 29.33 33.25 155.795685 -0.0021942 -0.0650072 0.03115707
9.173 27.72 32.23 156.048843 0.00744067 -0.0564567 -0.0311571
9.233 27.85 31.2 154.870651 0.00651964 0.00467879 -0.0324796
9.348 26.62 30.9 154.461685 0.01237839 -0.0451702 -0.0096619
9.34 25.58 31.46 154.159836 -0.0008562 -0.039852 0.01796071
9.27 24.8 31.2 154.159836 -0.0075229 -0.0309671 -0.0082988
9.137 25.31 31.2 155.211441 -0.0144513 0.02035592 0
9.205 25.49 30.95 154.705109 0.00741471 0.00708664 -0.0080451
9.187 25.14 31.05 155.347763 -0.0019574 -0.013826 0.00322581
9.15 25.18 29.98 155.357513 -0.0040356 0.00158983 -0.0350683
9.08 26.57 30.44 156.13649 -0.0076797 0.05373273 0.01522704
9.147 27.67 32.07 157.392593 0.00735176 0.04056603 0.05216348
9.145 28.04 32.23 154.82196 -0.0002187 0.01328327 0.00497668
9.22 28.84 31.72 151.598953 0.00816776 0.02813125 -0.0159503
9.15 30.02 32.74 154.130615 -0.0076212 0.04010051 0.03165018
9.155 30.29 32.74 151.715775 0.0005463 0.0089538 0
9.16 30.76 32.74 150.002029 0.000546 0.01539752 0
9.205 30.31 32.84 151.569733 0.00490064 -0.0147375 0.00304971
9.162 29.41 31.92 149.797546 -0.0046823 -0.0301429 -0.0284145
9.16 29.06 33.46 150.800476 -0.0002183 -0.0119721 0.04711792
9.13 27.86 32.74 150.39151 -0.0032805 -0.0421707 -0.0217531
 9.11 27.66 33.15 151.443146 -0.002193 -0.0072046 0.01244514
9.082 27.3 33.15 152.007904 -0.0030783 -0.0131006 0
9.101 27.16 33.15 150.907593 0.00208986 -0.0051414 0
9.077 26.67 32.48 149.933868 -0.0026406 -0.018206 -0.0204182
9.098 26.57 33.66 152.650558 0.00231087 -0.0037566 0.03568567
9.13 26.38 33.76 154.130615 0.00351109 -0.0071766 0.00296648
9.072 26.47 34.07 153.955353 -0.0063729 0.00340587 0.00914056
9.09 27.31 35.19 154.675903 0.00198216 0.03124092 0.03234472
9.14 27.56 33.97 152.348709 0.00548548 0.00911251 -0.0352842
9.117 27.8 33 152.952408 -0.0025196 0.00867057 -0.0289702
9.15 27.56 34.79 152.75766 0.00361308 -0.0086706 0.05282243
9.105 27.34 34.68 151.579453 -0.0049302 -0.0080146 -0.0031668
9.135 28.49 33.86 152.893997 0.00328948 0.04120232 -0.0239288
9.095 28.73 33.35 150.72258 -0.0043884 0.00838872 -0.0151766
9.119 28.47 32.33 150.235718 0.00263534 -0.009091 -0.0310622
9.141 28.9 31.61 149.680695 0.00240964 0.01499069 -0.0225221
9.136 29.77 30.95 150.39151 -0.0005471 0.02965958 -0.0211005
9.195 29.53 30.8 150.70311 0.00643721 -0.0080945 -0.0048583
9.197 29.4 30.69 146.759537 0.00021749 -0.004412 -0.0035778
9.187 29.03 31.72 147.285355 -0.0010879 -0.0126649 0.03301053
9.212 28.54 31.61 147.538513 0.00271754 -0.0170232 -0.0034739
9.24 30.02 31.72 145.698181 0.0030349 0.05055721 0.00347387
9.302 30.41 31.67 146.61348 0.00668755 0.01290768 -0.0015775
9.35 30.12 31.61 146.915329 0.00514691 -0.0095821 -0.0018963
9.4 29.77 31.72 147.820892 0.00533335 -0.0116882 0.00347387
9.54 29.54 31.67 149.320435 0.0147838 -0.0077559 -0.0015775
9.421 29.01 32.74 148.599869 -0.0125522 -0.0181047 0.03322771
9.48 29.01 32.69 149.651505 0.00624308 0 -0.0015284
9.51 29.33 32.94 148.775131 0.00315956 0.01097028 0.0076185
9.437 29.82 32.74 147.957199 -0.0077057 0.01656843 -0.0060902
9.42 30.7 33.61 148.36618 -0.001803 0.02908335 0.02622607
9.425 30.51 34.27 148.424576 0.00053064 -0.0062082 0.01944669
9.45 30.54 33.3 151.628143 0.00264901 0.0009828 -0.0287129
9.445 30.61 33.51 152.463318 -0.0005292 0.00228945 0.0062865
9.448 31 33.76 152.109589 0.00031758 0.01266045 0.00743277
9.493 31.69 33.76 157.425232 0.00475161 0.02201397 0
9.54 32.68 34.27 158.456909 0.0049388 0.0307621 0.01499367
9.5 32.97 34.89 155.450287 -0.0042017 0.00883479 0.01792992
9.49 32.92 35.19 155.902267 -0.0010532 -0.0015177 0.0085617
9.462 32.28 34.84 156.511444 -0.0029548 -0.0196325 -0.0099958
9.514 31.74 35.5 157.012558 0.00548062 -0.0168701 0.01876654
9.52 31 36.58 157.592255 0.00063045 -0.0235905 0.02996895
9.59 30.81 37.5 159.930756 0.00732604 -0.0061479 0.02483929
9.55 31.13 36.83 159.832489 -0.0041797 0.01033267 -0.0180282
9.557 31.49 38.37 159.154526 0.00073272 0.01149805 0.04096317
 9.44 31.99 38.67 160.294296 -0.0123179 0.01575332 0.0077882
9.38 32.25 38.37 161.650223 -0.0063762 0.00809469 -0.0077882
9.345 32.97 38.37 160.67749 -0.0037383 0.02208001 0
9.315 32.49 39.13 159.39035 -0.0032154 -0.0146657 0.01961353
9.264 32.08 38.88 157.032227 -0.0054901 -0.0126996 -0.0064095
9.188 31.99 38.83 157.228729 -0.0082376 -0.0028094 -0.0012868
9.24 31.99 38.93 157.051849 0.0056436 0 0.00257202
9.189 30.51 41.59 157.552963 -0.0055348 -0.0473689 0.06609459
9.22 31.39 42 161.915497 0.00336792 0.02843487 0.00980986
9.23 32.97 42.51 162.475571 0.00108401 0.04910869 0.01206972
9.22 32.69 43.23 163.615341 -0.001084 -0.0085288 0.01679536
9.225 31.99 42.97 162.613129 0.00054215 -0.0216459 -0.0060325
9.2475 32.97 42.05 165.354462 0.00243605 0.0301747 -0.0216428
9.232 33.32 42.1 165.570618 -0.0016775 0.01055976 0.00118835
9.264 33.15 42.46 165.089172 0.00346021 -0.0051151 0.00851472
9.248 32.89 42.71 163.821671 -0.0017286 -0.0078741 0.00587063
9.275 32.48 43.58 163.772537 0.0029153 -0.0125441 0.02016524
9.29 33.86 45.32 164.676514 0.00161594 0.04160986 0.03915011
9.263 33.66 45.78 164.411194 -0.0029106 -0.0059242 0.01009888
9.208 34.69 45.12 164.145905 -0.0059553 0.03014127 -0.0145217
9.203 35.05 44.91 163.802017 -0.0005432 0.01032415 -0.0046651
9.208 35.14 45.77 164.224518 0.00054315 0.00256447 0.01896837
9.22 34.64 46.34 163.291107 0.00130237 -0.014331 0.01237666
9.242 35.73 46.13 163.693954 0.00238327 0.03098159 -0.004542
9.279 36.12 48 163.094574 0.00399547 0.01085606 0.03973751
9.245 36.27 49.3 164.273651 -0.0036709 0.00414422 0.02672307
9.19 36.56 50.44 166.307526 -0.0059669 0.00796379 0.02286043
9.213 36.61 49.5 165.757309 0.00249959 0.00136668 -0.0188118
9.197 35.73 51.89 166.57283 -0.0017382 -0.0243308 0.04715342
9.15 36.49 55.01 164.725616 -0.0051235 0.02104758 0.05838889
9.155 36.7 54.64 162.632782 0.0005463 0.0057385 -0.0067488
9.153 36.51 55.78 164.823883 -0.0002185 -0.0051906 0.02064917
9.14 36.22 57.18 165.020386 -0.0014213 -0.0079747 0.0247888
9.152 35.43 55.52 164.421021 0.00131205 -0.0220525 -0.0294609
9.1825 35.38 55.58 164.961441 0.00332706 -0.0014122 0.00108011
9.259 34.79 54.49 163.890457 0.00829655 -0.0168167 -0.0198062
9.263 35.57 51.89 163.900284 0.00043192 0.0221726 -0.0488911
9.28 35.71 50.59 167.575043 0.00183358 0.00392818 -0.0253722
9.215 35.49 49.3 168.046661 -0.007029 -0.0061798 -0.0258298
9.225 35.62 48.73 172.831711 0.0010846 0.00365631 -0.0116292
9.222 35.63 49.19 175.180023 -0.0003253 0.0002807 0.00939549
9.23 35.33 49.19 175.543564 0.00086711 -0.0084555 0
9.241 35.29 48.67 174.207306 0.00119106 -0.0011328 -0.0106275
9.194 35.04 49.92 172.733459 -0.005099 -0.0071094 0.0253589
9.182 34.64 49.56 171.4758 -0.0013061 -0.0114812 -0.0072377
 9.131 33.86 49.3 171.249786 -0.0055698 -0.0227747 -0.00526
9.135 34.2 49.3 171.534744 0.00043797 0.00999127 0
9.0875 35.82 47.22 172.753128 -0.0052133 0.04628075 -0.0431065
9.1 35.44 47.64 172.792419 0.00137457 -0.0106653 0.00885521
9.105 36.12 47.22 175.347061 0.0005493 0.0190056 -0.0088552
9.088 37.4 47.27 174.465668 -0.0018689 0.03482398 0.00105831
9.1225 37.4 47.01 175.495621 0.00378903 0 -0.0055155
9.17 39.17 47.07 176.951385 0.0051934 0.04624044 0.00127551
9.128 38.21 47.01 177.624817 -0.0045907 -0.0248139 -0.0012755
9.1 38.59 46.96 178.387375 -0.0030722 0.00989591 -0.0010642
9.1 38.38 48 179.922363 0 -0.0054567 0.02190484
9.129 38.52 48 179.674789 0.00318175 0.0036411 0
9.137 38.19 47.48 178.922134 0.00087594 -0.0086039 -0.0108924
9.17 38.38 46.91 178.516098 0.00360518 0.00496279 -0.0120777
9.148 38.88 46.39 179.397491 -0.002402 0.01294349 -0.011147
9.099 39.62 44.63 179.892654 -0.0053708 0.01885406 -0.0386776
9.106 40.35 43.74 179.595566 0.00076902 0.01825735 -0.0201433
9.166 40.45 42.03 177.664429 0.00656745 0.00247525 -0.0398794
9.145 41.73 45.04 178.080368 -0.0022937 0.03115365 0.06916733
9.183 40.84 41.51 180.189758 0.00414667 -0.0215583 -0.0816166
9.2125 40.99 43.69 178.783493 0.00320731 0.00366614 0.05118488
9.265 41.29 43.8 178.308136 0.0056826 0.00729221 0.00251457
9.2 42.35 43.49 178.724075 -0.0070404 0.02534808 -0.0071028
9.2155 41.34 42.55 178.634949 0.00168336 -0.0241379 -0.0218512
9.175 39.86 43.23 177.713943 -0.0044045 -0.0364572 0.01585484
9.18 39.78 44.63 175.465897 0.00054481 -0.002009 0.03187158
9.111 40.55 45.41 176.109619 -0.0075447 0.01917151 0.01732607
9.137 40.88 43.85 174.752884 0.00284963 0.00810517 -0.0349576
9.127 41.54 44.11 174.020035 -0.0010951 0.01601587 0.0059118
9.145 42.97 44.11 174.109161 0.00197023 0.03384538 0
9.131 42.52 43.33 175.52533 -0.0015321 -0.0105276 -0.0178413
9.125 42.64 43.33 173.950699 -0.0006573 0.00281823 0
9.1442 42.71 42.81 174.000214 0.0021019 0.0016403 -0.0120735
9.1643 42.81 42.55 172.19783 0.0021957 0.00233864 -0.0060919
9.21 43.11 42.76 173.089127 0.00497435 0.00698327 0.00492323
9.146 42.52 43.59 173.128738 -0.0069732 -0.0137804 0.01922468
9.144 42.12 42.81 172.148315 -0.0002187 -0.0094519 -0.018056
9.16 41.83 42.08 172.088898 0.00174825 -0.0069089 -0.0171992
9.1605 42.91 39.44 172.821732 5.4584E-05 0.02549111 -0.064792
9.1223 44.07 40.22 172.257248 -0.0041788 0.02667438 0.01958385
9.104 44.05 41.51 172.178024 -0.0020081 -0.0004539 0.03156998
9.154 45.27 41.51 172.455322 0.00547706 0.02731921 0
9.0761 43.5 43.49 172.811829 -0.0085464 -0.0398836 0.04659666
9.084 44.29 42.81 172.83165 0.00087004 0.01799798 -0.0157593
9.059 44.78 43.59 171.207504 -0.0027559 0.01100269 0.01805605
 9.07 43.92 40.48 170.781662 0.00121353 -0.0193918 -0.0740197
9.073 44.67 38.4 170.47467 0.00033071 0.01693234 -0.0527506
9.047 43.3 35.7 169.543762 -0.0028698 -0.0311495 -0.0729068
9.0575 44.26 40.63 168.929764 0.00115993 0.0219287 0.12935602
9.0826 42.37 41.51 169.008987 0.00276735 -0.0436408 0.02142765
9.0703 41.67 41.51 167.889908 -0.0013552 -0.0166591 0
9.083 42.27 40.37 168.404892 0.00139919 0.01429617 -0.0278474
9.094 42.27 39.33 160.125763 0.00121032 0 -0.0260993
9.063 42.47 37.88 160.729858 -0.0034147 0.00472033 -0.0375643
9.0935 42.62 39.7 158.828445 0.00335968 0.00352568 0.04692792
9.0925 42.84 41.51 159.194855 -0.00011 0.00514862 0.04458317
9.121 42.32 43.17 158.838333 0.00312955 -0.0122125 0.03921145
9.0853 41.73 42.81 158.51152 -0.0039217 -0.0140395 -0.0083741
9.074 41.79 42.55 158.769028 -0.0012445 0.00143678 -0.0060919
9.0723 42.32 43.54 158.739304 -0.0001874 0.01260271 0.0230002
9.068 43.2 43.43 157.560822 -0.0004741 0.02058071 -0.0025296
9.069 42.94 42.55 157.095367 0.00011027 -0.0060367 -0.0204706
9.0713 41.93 43.07 157.511307 0.00025358 -0.0238022 0.01214684
9.056 40.65 39.7 153.550003 -0.0016881 -0.0310027 -0.0814755
9.09 40.51 40.11 153.029999 0.00374739 -0.00345 0.01027449
9.102 40.52 39.23 152.110001 0.00131926 0.00024682 -0.0221839
9.1125 40.31 40.89 151.25 0.00115293 -0.0051961 0.04144377
9.067 40.34 39.07 150.649994 -0.0050056 0.00074396 -0.0455306
9.07 40.27 38.3 150.369995 0.00033082 -0.0017368 -0.019905
9.059 39.63 36.9 151.509995 -0.0012135 -0.0160204 -0.0372383
9.07 40.41 38.66 153.679993 0.00121353 0.01949087 0.04659392
9.0425 40.21 37.8 150.929993 -0.0030366 -0.0049616 -0.0224964
9.042 40.45 39 150.779999 -5.5296E-05 0.00595092 0.03125254
9.0063 40.7 39.5 151.979996 -0.0039561 0.00616145 0.01273903
9.027 40.1 39.5 152.639999 0.00229575 -0.0148518 0
9.0038 40.2 39.5 152.029999 -0.0025734 0.00249066 0
8.997 40.05 36.9 152.509995 -0.0007555 -0.0037383 -0.0680891
9 39.4 35 153.199997 0.00033339 -0.0163629 -0.0528635
9.002 39.35 31.99 152.490005 0.0002222 -0.0012698 -0.0899247
9.02 38.37 32.1 151.729996 0.00199756 -0.0252201 0.00343268
9.03 37.3 30.65 152.630005 0.00110803 -0.0282826 -0.0462234
9.022 37.3 31.2 152.669998 -0.0008863 0 0.01778543
8.999 37.7 32 152.050003 -0.0025526 0.01066677 0.02531781
9.021 36.97 34.2 152.410004 0.00244173 -0.0195533 0.06648974
9.0225 38.9 34.1 152.369995 0.00016626 0.05088748 -0.0029283
9.042 38.96 33.2 150.979996 0.00215893 0.00154123 -0.0267475
9.094 39.25 34.5 152.100006 0.00573447 0.00741597 0.03840945
9.1432 39.86 34.62 154.100006 0.00539558 0.01542187 0.00347223
9.167 39.9 34.94 155.179993 0.00259965 0.00100301 0.00920075
9.158 39.85 35.2 154.25 -0.0009823 -0.0012539 0.00741378
 9.22 40.35 35.5 153.809998 0.00674722 0.01246899 0.00848661
9.23 41.29 35.8 154.220001 0.00108401 0.02302895 0.0084152
9.27 40.3 36.2 155.380005 0.00432433 -0.0242689 0.01111123
9.255 40.4 36 154.839996 -0.0016194 0.00247832 -0.0055402
9.25 40.14 37.3 154.949997 -0.0005404 -0.0064564 0.03547439
9.279 40 36.8 153.789993 0.00313023 -0.0034939 -0.0134955
9.32 39.69 37.45 154.399994 0.00440885 -0.0077802 0.01750886
9.344 39.7 37.7 154.110001 0.0025718 0.00025192 0.00665338
9.3675 40.13 38.1 155.229996 0.00251183 0.010773 0.01055419
9.407 40.75 38.22 154.75 0.00420784 0.01533166 0.00314466
9.405 40.1 38.4 155.320007 -0.0002126 -0.0160795 0.00469852
9.465 39.2 38.85 154.130005 0.00635932 -0.0226996 0.01165062
9.48 37.2 38.79 153.830002 0.00158353 -0.052368 -0.0015456
9.4825 38.09 38.7 155.580002 0.00026368 0.02364302 -0.0023229
9.482 38 36.3 153.669998 -5.273E-05 -0.0023656 -0.0640219
9.414 35.19 34 152.360001 -0.0071973 -0.0768242 -0.0654572
9.47 36.65 32 152.940002 0.00593096 0.04065148 -0.0606246
9.502 36.6 31 153.419998 0.0033734 -0.0013652 -0.0317487
9.539 37.15 29.05 153.190002 0.00388636 0.01491553 -0.0649687
9.48 35.9 30.55 153.699997 -0.0062043 -0.0342265 0.0503462
9.4575 34.36 29.5 153.630005 -0.0023762 -0.0438442 -0.0349744
9.455 34 28.7 154.240005 -0.0002644 -0.0105326 -0.0274931
9.457 34.9 28.5 153.009995 0.00021151 0.0261263 -0.006993
9.493 36.41 28.8 154 0.00379948 0.04235663 0.0104713
9.497 38.25 29.12 147.529999 0.00042127 0.0493001 0.01104984
9.533 37.15 27.6 147.660004 0.0037835 -0.0291798 -0.0536095
9.535 37.49 26.1 147.080002 0.00020978 0.00911046 -0.0558805
9.57 36.7 25.4 145.990005 0.00366397 -0.0212975 -0.0271861
9.543 38.6 26.45 146.190002 -0.0028253 0.05047552 0.04050698
9.57 38.65 25.6 145.360001 0.0028253 0.0012945 -0.0326638
9.695 37.9 24.2 145.070007 0.01297708 -0.0195957 -0.0562397
djunta en EXCEL de las empresas internacionales y el SP500 (datos simulados para fines didácticos):

b)
lidad Clase Frecuencia % acumulado
SP500 -0.014451276 1 0.42% Distribucion de Rentabilida
SP500 -0.012502271 1 0.83% 60
-0.0016675 -0.010553266 1 1.25%
50
0.00191454 -0.008604261 0 1.25%
0.0089063 -0.006655256 11 5.83% 40
-0.0097088 -0.004706252 15 12.08% 30
-0.0077483 -0.002757247 22 21.25%
Frecuencia
20
-0.0016193 -0.000808242 33 35.00%
10
0.00571787 0.0011407627 54 57.50%
-0.0082142 0.0030897675 44 75.83% 0
-0.0002499 0.0050387723 30 88.33% 7 56 2 66 5 64 4 69 6 27 7 23 8 18
0.00162362 0.0069877771 19 96.25% 5 12 5 53 5 52 5 72 4 07 3 87 3 67 3 47
44 10 66 27 11 50 89 28
-0.0075788 0.0089367818 6 98.75% .0
1 .0 .0
0
.0
0 00 00 00 01
-0 -0 -0 -0 0. 0. 0. 0.
-0.0026442 0.0108857866 0 98.75%
-0.0019561 0.0128347914 1 99.17% Clase
0 y mayor... 2 100.00%
0.00679836
-0.0032675
0.00414545 Clase Frecuencia % acumulado
6.276E-05 -0.076824208 1 0.42% Distribucion de Rentabilidad FE
0.00500156 -0.068120412 0 0.42%
0.00801272 -0.059416616 1 0.83%
50
-0.0164675 -0.05071282 2 1.67% 45
-0.0210372 -0.042009025 6 4.17% 40
35
0.01656183 -0.033305229 4 5.83% 30
25
-0.0157915 -0.024601433 10 10.00% 20
Frecuencia

-0.01136 -0.015897637 25 20.42% 15

10
0.01039698 -0.007193841 33 34.17% 5
-0.0117611 0.0015099553 46 53.33% 0
0.00667292 0.0102137513 39 69.58% 4 5 5 6 6 3 2
2 08 6 16 0 24 4 32 8 40 7 51 3 43 93
-0.0027157 0.0189175473 29 81.67% 24 16 09 01 93 13 21 02
8
7 68 94 4 20 2 46 71 02 76 5
.0 .0
5
.0 .0 .0
0 01 02 04
-0 -0 -0 -0 -0 0. 0. 0.

Clase
 5

Frec
0

0 84 1 65 2 45 3 26 4 06 5 13 4 32
42 66 90 14 38 37 13 8 93
6 82 9 41 2 00 4 60 7 19 0 21 7 62 5 02
0.00696832 0.0276213432 18 89.17% 7 5 4 2 0 01 02 04
.0 .0 .0 .0 .0 0. 0. 0.
-0 -0 -0 -0 -0
0.00372224 0.0363251392 12 94.17%
-0.0072648 0.0450289352 6 96.67% Clase
-0.0064734 y mayor... 8 100.00%
0.01795706
0.00964902
-0.0011377 Clase Frecuencia % acumulado
0.00466933 -0.089924708 1 0.42% Distribucion de Rentabilidad E
-0.0151599 -0.075305992 2 1.25%
80
0.00395478 -0.060687277 7 4.17% 70
-0.0012741 -0.046068562 8 7.50% 60
-0.0077428 -0.031449847 14 13.33% 50
0.00863492 -0.016831131 31 26.25% 40
-0.0143039 -0.002212416 39 42.50% 30

Frecuencia
-0.0032354 0.0124062992 69 71.25% 20
-0.0037012 0.0270250145 32 84.58% 10
0.00473764 0.0416437297 20 92.92% 0
0.00206978 0.056262445 10 97.08% 0 75 2 77 4 65 4 16 1 45 4 45 7 55
-0.0265163 0.0708811602 5 99.17% 2 47 6 87 4 98 2 12 2 50 2 62 9 98 7 37
99 60 14 02 70 56 54 14
0.00357645 0.0854998755 0 99.17% .0
8 .0 .0
3 .0 02 0.
0 08 0.
1
-0 -0 -0 -0 0. 0.
0.00171735 0.1001185907 0 99.17%
-0.012552 0.114737306 1 99.58% Clase
0.00626251 y mayor... 1 100.00%
0.00205669
0.00614492
0.01009322
-0.0048373 IBM FEMSAUBD ELEKTRA SP500
0.00705204 Promedio 0.00029931 0.00037476 -0.0001885 -0.00035
-0.0058733 Desv. Estand. 0.00420493 0.02191015 0.0310667 0.00922637
-0.0055129 Varianza 1.7681E-05 0.00048005 0.00096514 8.5126E-05
0.00276037 Covarianza 1.6826E-06 1.6648E-05 2.9791E-05 8.5126E-05
0.00039352 c) Betas 0.01976581 0.19557312 0.3499629 1
0.02135417
0.00549293
-0.0023228 IBM FEMSAUBD ELEKTRA TOTAL
0.03434939 25,000 25,000 50,000 100,000
0.00653206 25% 25.00% 50% 100%
-0.0191567
0.00290333
0.00389981 d) Beta Portafolio 0.22881618
0.00319666
0.00368524 e) Rendimiento del Portafolio 0.00743%
0.01472991
-0.0006146 Inversion 100,000
-0.0042507
0.00713588 Rendimiento Inversion 7.42619957
0.00842341
-0.0060357 Total Rendimiento 100,007
-0.008043
-0.0149052
0.00125057 f) Análisis
-0.0011256 Rendimiento Promedio
Se obserrva que el rendimiento de la empresa ELEKTRA y del mercado es negativo.
0.00318568
0.0273129 Desviacion Estandar
0.00345308 La desviacion estandar muestra el riesgo no sistematico que tiene cada empresa, e
disminuir con buena diversificacion del portafolio, segun esto, la empresa ELEKTRA
0.00699053 riesgo sistematico, donde afirma que su mayor volatilidad en precios es mayor que
-0.0061443 empresas y que el mercado.
0.01671749 Betas
0.00130637 Se observa que el riesgo sistematico no es tan alto en las empresas ya que es meno
-0.002912 Los betas muestran el riesgo sistematico que tiene cada empresa, el cual no es dive
esto quiere decir que ELEKTRA y FEMSAUBD tiene mayor riesgo sistematico que la
-0.0077073 por lo que la prima por riesgo sera mayor, y asi mismo se espera que a mayor riesg
-0.0003 el rendimiento.
0.00550453
Beta Portafolio
-0.0016125 el riesgo sistematico del portafolio no es tan grande, por lo que la prima por riesgo
-0.0016149 que los betas de las empresas son menores a 1, por lo cual no se espera un rendim
-0.0020972 grande.
0.00257602 Rendimiento Portafolio
-0.0057 El rendimiento total es minimo debido a que el riesgo sistematico es bajo, por lo ta
0.00246401 rendimiento total es de 100007,43
-0.0036683
0.0072034
0.012305
-0.0033139
0.00490791
-0.0111515
-0.0127864
0.01338274
0.00119149
-0.0036387
0.00328142
-0.0065135
5.9959E-05
0.02217305
0.00281042
0.02807667
0.0134958
0.00207309
-0.0076412
-0.0084963
-0.0073076
-0.0013189
0.00166261
0.00707773
0.00022741
0.01467623
-0.0050392
0.00588611
0.00826094
0.00379852
0.00428389
0.00856799
-0.001377
-0.0041978
-0.0022719
0.00492518
0.00275634
-0.0016528
-0.0108109
0.00233841
0.01177555
-0.007835
-0.0026624
0.00232998
-0.0004988
-0.0051691
-0.0127305
0.00366193
-0.0077338
-0.0042024
0.00051203
0.0081009
-0.0090114
0.00028461
-0.0104125
0.00516266
0.00022882
-0.0056791
-0.0003452
0.00424942
-0.0032716
-0.00046
0.00160924
0.00206511
0.00011469
-0.0094417
-0.0024904
-0.0017992
-0.0054756
-0.003628
0.00046886
-0.0066434
0.0030627
-0.0504116
0.00376553
-0.0119004
0.0023043
-0.002242
-0.0020596
0.00162322
-0.0001872
-0.0074517
-0.0029585
0.00264419
-0.025471
-0.0033923
-0.00603
-0.0056699
-0.0039749
-0.0018603
0.00755271
0.01422088
-0.0180564
-0.0009943
0.00792709
0.00433329
-0.0040043
0.00315227
0.0045141
-0.0046452
-0.0049965
0.00591413
0.00026199
-0.0040693
0.00236485
-0.0002625
-0.0091644
0.00739089
0.01306354
0.00698391
-0.006011
-0.0028566
0.0026621
0.0074936
-0.0034815
0.00071016
-0.0075145
0.00395861
-0.00188
0.00724122
-0.003097
0.00367664
-0.0076911
-0.0019483
0.01131197
-0.0123526
-0.0085613
0.00379955
0.00313354
-0.0015003
0.00332364
-0.0004555
0.00396272
-0.0080066
0.00644936
-0.0429211
0.00088082
-0.0039357
-0.0074385
0.001369
-0.0056937
-0.001997
ion de Rentabilidad IBM

Frecuencia

64 69 27 23 18 14
25 72
4
07
6
87
7
67
8
47
9
5 4 3 3 3
0 2 7 0 11 0 50 0 89 12 8
.0 0.
0
0.
0
0.
0
0.
0

Clase

de Rentabilidad FEMSAUBD

Frecuencia

45 32
6
40
6
51
3
43
2
35
2
02 4 8 7 3 9
01 93 13 21 28
46 71 02 76 50
02 .0
0 01 02 04
-0 0. 0. 0.

Clase
 45 26 06 13 32 52
02 14
3
38
4
37
5
13
4
89
3
4 60 9 1 2
71 10 2 27 6 4 50
2
02 .0
0 0 0 0
-0 0. 0. 0.

Clase

n de Rentabilidad ELEKTRA

Frecuencia

65 4 16 45 45 55 06
84 12 50
1
62
4
98
7
37
3
22 02 62 49 47
00 02
7 05 08
5 11
0. 0. 0. 0. 0.

Clase
RA y del mercado es negativo.

co que tiene cada empresa, este puede

un esto, la empresa ELEKTRA tiene mayor
idad en precios es mayor que las otras

las empresas ya que es menor a 1.

da empresa, el cual no es diversificable,
yor riesgo sistematico que la otra empresa,
o se espera que a mayor riesgo, sera mayor

por lo que la prima por riesgo es menor, ya

o cual no se espera un rendimiento tan

sistematico es bajo, por lo tanto el

C. ANALISIS DE SENSIBILIDAD – (0,5 puntos c/u)

Complete el Flujo de Efectivo que se presenta en el archivo de Excel y haga un análisis considerando que las venta

a) Valor Presente Neto con una tasa del 12%. ¿Es conveniente invertir?
b) Calcule la TIR. Incluya su análisis
c) Calcule de Período de Recuperación con flujos descontados al 12%. ¿Se recupera la inversión?
d) Haga un análisis comparativo con TODOS los resultados obtenidos previamente si las ventas crecen en 1% an

PASO 13
FLUJO DE FONDOS
AÑOS
RUBROS /AÑO
0 1 2 3
FLUJO DE BENEFICIOS
Ingreso por ventas 0 680000 693600.00 707472
Valor Libros
Recuperación Capital Trabajo
TOTAL FLUJO DE BENEFICIOS 0 680000 693600 707472
FLUJO DE COSTOS
COSTO DE PRODUCCIÓN 314949.08 314949.08 314949.08
GASTO DE ADMINISTRACIÓN 104089.96 101089.96 101089.96
GASTO DE VENTAS 98815.6 98815.6 98815.6
GASTOS FINANCIEROS 30000 25277.7080418 19988.7410485
Inversión Activo Fijo 500000
Inversión Activo Diferido 150000
Inversión Capital de Trabajo 41116.8197
Depreciones 47600 47600 47600
TOTAL FLUJO DE COSTOS 691116.82 500254.64 492532.348042 487243.381049
FLUJO DE FONDO ECONOMICO -691116.82 179745.36 201067.651958 220228.618951
Más: Credito 250000
Menos:
Amortización deuda 39352.432985262 44074.7249435 49363.6919367
15% Trabajadores 0 12730.1477937 36960.9928427
22% impuestos 0 15870.2509162 46078.0377439
FLUJO DE FONDOS FINANCIEROS -441116.82 140392.92701474 128392.528305 87825.8964281

a) TMAR 12%
VALOR
AÑOS FE
PRESENTE
0 -441,116.8197
1 140,392.93 125,350.83
2 128,392.53 102,353.74
 3 87,825.90 62,512.74
4 26,958.76 17,132.78
5 233,596.79 132,549.09
VAN ### -1,217.6448

b) TMAR 12%
VALOR
AÑOS FE
PRESENTE
0 -441,116.8197
1 140,392.9270 125,350.83
2 128,392.5283 102,353.74
3 87,825.8964 62,512.74
4 26,958.7562 17,132.78
5 233,596.7943 132,549.09

TIR 12%

c) TMAR 12%

FE Acumulado VALOR
AÑOS FE
PRESENTE

0 -441,116.8197
1 140,392.9270
2 128,392.5283
3 87,825.8964
4 26,958.7562
5 233,596.7943
140,392.9270 125,350.83
268,785.4553 102,353.74
356,611.3517 62,512.74
383,570.1080 17,132.78
617,166.9023 132,549.09

d)
PASO 13
FLUJO DE FONDOS
AÑOS
RUBROS /AÑO
0 1 2 3
FLUJO DE BENEFICIOS
Ingreso por ventas 0 680000 686800.00 693668
Valor Libros
Recuperación Capital Trabajo
TOTAL FLUJO DE BENEFICIOS 0 680000 686800 693668
FLUJO DE COSTOS
COSTO DE PRODUCCIÓN 314949.08 314949.08 314949.08
GASTO DE ADMINISTRACIÓN 104089.96 101089.96 101089.96
GASTO DE VENTAS 98815.6 98815.6 98815.6
GASTOS FINANCIEROS 30000 25277.7080418 19988.7410485
Inversión Activo Fijo 500000
Inversión Activo Diferido 150000
Inversión Capital de Trabajo 41116.8197
Depreciones 47600 47600 47600
TOTAL FLUJO DE COSTOS 691116.82 500254.64 492532.348042 487243.381049
FLUJO DE FONDO ECONOMICO -691116.82 179745.36 194267.651958 206424.618951
Más: Credito 250000
Menos:
Amortización deuda 39352.432985262 44074.7249435 49363.6919367
15% Trabajadores 0 12730.1477937 36960.9928427
22% impuestos 0 15870.2509162 46078.0377439
FLUJO DE FONDOS FINANCIEROS -441116.82 140392.92701474 121592.528305 74021.8964281

TMAR 12%
VALOR
AÑOS FE
PRESENTE
0 -441,116.8197
1 140,392.93 125,350.83
2 121,592.53 96,932.82
3 74,021.90 52,687.32
4 5,942.00 3,776.25
5 205,153.65 116,409.69
VAN 395,156.91 -45,959.9112

TIR 8%

TMAR 12%

FE Acumulado VALOR
AÑOS FE
PRESENTE

0 -441,116.8197
1 140,392.9270 140,392.9270 125,350.83
2 121,592.5283 261,985.4553 96,932.82
3 74,021.8964 336,007.3517 52,687.32
4 5,941.9962 341,949.3480 3,776.25
5 205,153.6523 547,103.0003 116,409.69

Definitivamente no es recuperable
nsiderando que las ventas crecen al 2% anual:

ventas crecen en 1% anual.

4 5

721621.44 736053.869 Ventas crecen al 2% annual

228400
41116.8197
721621.44 1005570.69

314949.08 314949.08
101089.96 101089.96
98815.6 98815.6
14065.098 7430.61782
7200

47600 47600
488519.738 474685.258
233101.702 530885.431

55287.335 61921.8152
67146.4143 104762.68
83709.1965 130604.141
26958.7562 233596.794

-1,217.6448

No es conveniente invertir ya que el Valor Presente Neto es

Negativo (VAN<0), y esto quiere decir que la inversion no es
recuperable y por lo tanto el proyecto no seria viable.
 No es conveniente invertir ya que el Valor Presente Neto es
Negativo (VAN<0), y esto quiere decir que la inversion no es
recuperable y por lo tanto el proyecto no seria viable.

Esto muestra que la tasa Interna de Retorno es igual a la Tasa de

rendimiento, se consideria posible invertir ya que la TIR no es
menor a la TMAR, pero debido a que el criterio del VAN es mas
fuerte que la TIR, no es posible invertir.

FE
Acumula
do
Descont
ado

125,350.83 La inversion no se recupera en 5 años, debido a que

la acumulacion de flujos descontados es menor que
227,704.57 la inversion inicial en el 5to año.
290,217.30
307,350.08
439,899.17

4 5

700604.68 707610.727 Ventas crecen al 1% annual

228400
41116.8197
700604.68 977127.547

314949.08 314949.08
 101089.96 101089.96
98815.6 98815.6
14065.098 7430.61782
7200

47600 47600
488519.738 474685.258
212084.942 502442.289

55287.335 61921.8152
67146.4143 104762.68
83709.1965 130604.141
5941.99623 205153.652

###

Debido a que las ventas crecen en un

porcentaje menor, el VPN es mas
negativo

VPN
se observa que al disminuir las ventas en 1% , el VPN es negativo mayor que
FE cuando las ventas crecen en 2%, esto quiere decir que la inversion no es
Acumula recuperable, definitivamente.
do TIR
asi mismo en la TIR, cuando el flujo es de 2%, la TIR= TMAR =12%, pero si
Descont disminuye a 1% las ventas, entonces la TMAR>TIR, lo que quiere decir que el
ado proyecto no es rentable.

entonces observamos que la sensibilidad del VPN cuando las ventas varian si
125,350.83 es muy significativo en el proyecto, donde las ventas juegan un rol muy
222,283.65 importante
274,970.97
278,747.22
395,156.91
mayor que
n no es

, pero si
decir que el

tas varian si
l muy
D. PUNTO DE EQUILIBRIO (0,5 Puntos c/u)

1. Cálculo de costos y punto de equilibrio Night Shades Inc. (NSI), produce lentes para sol de biotecnología. El

a) ¿Cuál es el costo variable unitario?

CV
Mano de obra 3.13
Materia prima 5.43
Total CVU 8.56

b) Suponga que NSI incurre en costos fijos de 720 000 dólares durante un año en el que la producción total es d

Costos Fijos 720000

Produccion 280000
Costos Variables 2396800
Costos Totales 3116800 anuales

c) Si el precio de venta es 19.99 dólares por unidad, ¿alcanzará NSI el punto de equilibrio en efectivo? Si la depr

P 19.99 Punto de Equilibrio del Efectivo

D 220000 CF + FEO
Q=
P-v
Ingreso de Eq 5597200
Q 62992

la cantidad de equilibrio para alcanzar

el punto de equilibrio efectivo es de
62.992 unidades.
para sol de biotecnología. El costo variable de los materiales es de 5.43 dólares por unidad y el costo variable de mano de obra es de 3.13 d

que la producción total es de 280 000 unidades. ¿Cuáles son los costos totales anuales?

ilibrio en efectivo? Si la depreciación es de 220 000 anuales, ¿cuál es el punto de equilibrio contable?

Punto de Equilibrio Contable

CF + D
Q=
P-v

Q 82240

La cantidad d equilibrio seria 82.240

unidades para alcanzar el punto de
equilibrio contable
ble de mano de obra es de 3.13 dólares por unidad.
Ejercicio 1
Suponga que una empresa grande que presta servicios públicos, pagó un dividendo de 5 dólares por acción el a
valor de 70 dólares. Se estima que el dividendo crecerá de manera continua a una tasa de 6% anual en un futur
contable para la empresa?

Datos
Do 5 Po = D1/(RE-g)
Po 70
g 6% 5.3
70 =
RE ? RE - 0,06

RE 13.57%

Ejercicio 2

Datos
B 1.2 E(RE)=Rf+BE*(E(Rm)-Rf)
(Rm-Rf) 8%
Rf 6% Rf: Rendimiento Libre de Riesgo
Do 2 B: Beta del Mercado
g 8% Rm: Riesgo de Mercado
Po 30 (Rm-Rf): Prima de Riesgo del Mercado

RE 15.6%

Sacamos el promedio

Ejercicio 3
Datos
Capital Total de acciones
# Acciones 1400000 E = # Acciones * Precio
Precio x accion 20 E 28000000
Deuda
Valor a la par 93% E/V 0.8575804
VN 5000000
RD 11% E(RE)=Rf+BE*(E(Rm)-Rf)
Rf 8%
(Rm-Rf) 7% RE 0.1318
B 0.74
Tc 34% CPPC = 0.1130291 +

CPPC 12.34%
o de 5 dólares por acción el año pasado. Hoy en día, la acción tiene un
tasa de 6% anual en un futuro indefinido. ¿Cuál es el costo del capital

D1 = Do*(1 + g)

Po = D1/(RE-g) D1 = Do*(1 + g)

2.16
30 =
RE - 0,08

RE 15.2%

RE 15.4%
Total de deuda
D = Valor a la par * VN V=E+D
D 4650000 V 32650000

D/V 0.1424196

0.01566616 * 66%
 Adj Close a) Rentabilidades
Date Amazon FB NASDAQ Amazon FB NASDAQ
2017-01-03 753.669983 116.860001 5429.08008 Amazon FB NASDAQ
2017-01-04 757.179993 118.690002 5477 0.00464641 0.01553842 0.0087878
2017-01-05 780.450012 120.669998 5487.93994 0.0302697 0.01654446 0.00199544
2017-01-06 795.98999 123.410004 5521.06006 0.01971592 0.02245265 0.00601693
2017-01-09 796.919983 124.900002 5531.81982 0.00116767 0.01200126 0.00194696
2017-01-10 795.900024 124.349998 5551.81982 -0.0012807 -0.0044133 0.00360893
2017-01-11 799.02002 126.089996 5563.6499 0.00391242 0.01389575 0.00212858
2017-01-12 813.640015 126.620003 5547.49023 0.01813202 0.00419459 -0.0029087
2017-01-13 817.140015 128.339996 5574.12012 0.00429243 0.01349246 0.00478886
2017-01-17 809.719971 127.870003 5538.72998 -0.009122 -0.0036688 -0.0063692
2017-01-18 807.47998 127.919998 5555.6499 -0.0027702 0.00039091 0.00305018
2017-01-19 809.039978 127.550003 5540.08008 0.00193007 -0.0028966 -0.0028065
2017-01-20 808.330017 127.040001 5555.33008 -0.0008779 -0.0040065 0.00274889
2017-01-23 817.880005 128.929993 5552.93994 0.01174522 0.01476756 -0.0004303
2017-01-24 822.440002 129.369995 5600.95996 0.0055599 0.00340691 0.0086105
2017-01-25 836.52002 131.479996 5656.33984 0.01697492 0.01617824 0.00983901
2017-01-26 839.150024 132.779999 5655.18018 0.00313905 0.0098389 -0.000205
2017-01-27 835.77002 132.179993 5660.77979 -0.004036 -0.004529 0.00098968
2017-01-30 830.380005 130.979996 5613.70996 -0.00647 -0.00912 -0.0083498
2017-01-31 823.47998 130.320007 5614.79004 -0.0083442 -0.0050516 0.00019238
2017-02-01 832.349976 133.229996 5642.6499 0.01071376 0.02208391 0.0049496
2017-02-02 839.950012 130.839996 5636.2002 0.00908938 -0.0181018 -0.0011437
2017-02-03 810.200012 130.979996 5666.77002 -0.0360612 0.00106944 0.00540918
2017-02-06 807.640015 132.059998 5663.54981 -0.0031647 0.00821174 -0.0005684
2017-02-07 812.5 131.839996 5674.22022 0.00599948 -0.0016673 0.00188228
2017-02-08 819.710022 134.199997 5682.4502 0.00883473 0.01774217 0.00144937
2017-02-09 821.359985 134.139999 5715.18018 0.00201084 -0.0004472 0.00574331
2017-02-10 827.460022 134.190002 5734.12988 0.00739931 0.0003727 0.00331019
2017-02-13 836.530029 134.050003 5763.95996 0.01090162 -0.0010438 0.00518871
2017-02-14 836.390015 133.850006 5782.56982 -0.0001674 -0.0014931 0.00322346
2017-02-15 842.700012 133.440002 5819.43994 0.00751601 -0.0030679 0.00635584
2017-02-16 844.140015 133.839996 5814.8999 0.00170734 0.00299307 -0.0007805
2017-02-17 845.070007 133.529999 5838.58008 0.0011011 -0.0023189 0.00406406
2017-02-21 856.440002 133.720001 5865.9502 0.01336479 0.0014219 0.00467685
2017-02-22 855.609985 136.119995 5860.62988 -0.0009696 0.01778874 -0.0009074
2017-02-23 852.190002 135.360001 5835.50977 -0.0040051 -0.0055989 -0.0042955
2017-02-24 845.23999 135.440002 5845.31006 -0.0081889 0.00059085 0.00167801
2017-02-27 848.640015 136.410004 5861.8999 0.00401449 0.00713633 0.00283413
2017-02-28 845.039978 135.539993 5825.43994 -0.0042511 -0.0063983 -0.0062392
2017-03-01 853.080017 137.419998 5904.02979 0.00946941 0.01377517 0.01340061
2017-03-02 848.909973 136.759995 5861.22022 -0.0049002 -0.0048144 -0.0072773
2017-03-03 849.880005 137.169998 5870.75 0.00114203 0.00299349 0.00162458
2017-03-06 846.609985 137.419998 5849.18018 -0.003855 0.0018209 -0.0036809
2017-03-07 846.02002 137.300003 5833.93018 -0.0006971 -0.0008736 -0.0026106
2017-03-08 850.5 137.720001 5837.54981 0.00528139 0.00305431 0.00062025
2017-03-09 853 138.240005 5838.81006 0.00293514 0.0037687 0.00021586
2017-03-10 852.460022 138.789993 5861.72998 -0.0006332 0.00397061 0.00391776
2017-03-13 854.590027 139.600006 5875.77979 0.00249554 0.00581928 0.002394
2017-03-14 852.530029 139.320007 5856.81982 -0.0024134 -0.0020077 -0.003232
2017-03-15 852.969971 139.720001 5900.04981 0.00051591 0.00286693 0.00735403
2017-03-16 853.419983 139.990005 5900.75977 0.00052744 0.0019306 0.00012032
2017-03-17 852.309998 139.839996 5901 -0.0013015 -0.0010721 4.0712E-05
2017-03-20 856.969971 139.940002 5901.52979 0.00545257 0.00071489 8.9775E-05
2017-03-21 843.200012 138.509995 5793.83008 -0.0161987 -0.0102713 -0.018418
2017-03-22 848.059998 139.589996 5821.64014 0.00574719 0.00776704 0.00478846
2017-03-23 847.380005 139.529999 5817.68994 -0.0008021 -0.0004299 -0.0006788
2017-03-24 845.609985 140.339996 5828.74023 -0.002091 0.0057884 0.00189763
2017-03-27 846.820007 140.320007 5840.37012 0.00142992 -0.0001424 0.00199328
2017-03-28 856 141.759995 5875.14014 0.01078221 0.01020987 0.00593574
2017-03-29 874.320007 142.649994 5897.54981 0.02117607 0.00625858 0.00380706
2017-03-30 876.340027 142.410004 5914.33984 0.00230772 -0.0016838 0.00284291
2017-03-31 886.539978 142.050003 5911.74023 0.01157205 -0.0025311 -0.0004396
2017-04-03 891.51001 142.279999 5894.68018 0.00559044 0.00161781 -0.00289
2017-04-04 906.830017 141.729996 5898.60986 0.01703835 -0.0038731 0.00066643
2017-04-05 909.280029 141.850006 5864.47998 0.00269809 0.00084639 -0.0058029
2017-04-06 898.280029 141.169998 5878.9502 -0.0121713 -0.0048054 0.00246439
2017-04-07 894.880005 140.779999 5877.81006 -0.0037922 -0.0027664 -0.000194
2017-04-10 907.039978 141.039993 5880.93018 0.01349689 0.00184511 0.00053069
2017-04-11 902.359985 139.919998 5866.77002 -0.005173 -0.0079727 -0.0024107
2017-04-12 896.22998 139.580002 5836.16016 -0.0068165 -0.0024329 -0.0052312
2017-04-13 884.669983 139.389999 5805.1499 -0.0129824 -0.0013622 -0.0053276
2017-04-17 901.98999 141.419998 5856.79004 0.01938875 0.01445842 0.00885624
2017-04-18 903.780029 140.960007 5849.47022 0.00198258 -0.003258 -0.0012506
2017-04-19 899.200012 142.270004 5863.02979 -0.0050805 0.00925048 0.0023154
2017-04-20 902.059998 143.800003 5916.77979 0.00317554 0.01069678 0.00912585
2017-04-21 898.530029 143.679993 5910.52002 -0.0039209 -0.0008349 -0.0010585
2017-04-24 907.409973 145.470001 5983.81982 0.00983423 0.01238133 0.01232531
2017-04-25 907.619995 146.490005 6025.49023 0.00023143 0.00698731 0.00693971
2017-04-26 909.289978 146.559998 6025.22998 0.00183827 0.00047769 -4.3193E-05
2017-04-27 918.380005 147.699997 6048.93994 0.0099472 0.00774828 0.00392739
2017-04-28 924.98999 150.25 6047.60986 0.00717166 0.0171174 -0.0002199
2017-05-01 948.22998 152.460007 6091.6001 0.02481415 0.01460174 0.00724766
2017-05-02 946.940002 152.779999 6095.37012 -0.0013613 0.00209666 0.0006187
2017-05-03 941.030029 151.800003 6072.54981 -0.0062607 -0.0064351 -0.0037509
2017-05-04 937.530029 150.850006 6075.33984 -0.0037263 -0.0062779 0.00045935
2017-05-05 934.150024 150.240005 6100.75977 -0.0036117 -0.004052 0.00417539
2017-05-08 949.039978 151.059998 6102.66016 0.01581387 0.00544305 0.00031145
2017-05-09 952.820007 150.479996 6120.58984 0.00397509 -0.0038469 0.0029337
2017-05-10 948.950012 150.289993 6129.14014 -0.0040699 -0.0012634 0.001396
2017-05-11 947.619995 150.039993 6115.95996 -0.0014026 -0.0016648 -0.0021527
2017-05-12 961.349976 150.330002 6121.22998 0.01438495 0.00193101 0.00086131
2017-05-15 957.969971 150.190002 6149.66992 -0.0035221 -0.0009317 0.00463536
2017-05-16 966.070007 149.779999 6169.87012 0.00841987 -0.0027336 0.00327938
2017-05-17 944.76001 144.850006 6011.24023 -0.0223054 -0.0334688 -0.0260467
2017-05-18 958.48999 147.660004 6055.12988 0.01442818 0.0192136 0.00727474
2017-05-19 959.840027 148.059998 6083.7002 0.00140751 0.00270522 0.00470727
2017-05-22 970.669983 148.240005 6133.62012 0.01121991 0.00121503 0.00817204
2017-05-23 971.539978 148.070007 6138.70996 0.00089588 -0.0011474 0.00082948
2017-05-24 980.349976 150.039993 6163.02002 0.00902721 0.0132167 0.0039523
2017-05-25 993.380005 151.960007 6205.25977 0.01320365 0.0127155 0.00683036
2017-05-26 995.780029 152.130005 6210.18994 0.0024131 0.00111808 0.0007942
2017-05-30 996.700012 152.380005 6203.18994 0.00092346 0.00164198 -0.0011278
2017-05-31 994.619995 151.460007 6198.52002 -0.0020891 -0.0060558 -0.0007531
2017-06-01 995.950012 151.529999 6246.83008 0.00133632 0.00046201 0.00776359
2017-06-02 1006.72998 153.610001 6305.79981 0.01076565 0.01363331 0.00939567
2017-06-05 1011.34003 153.630005 6295.68018 0.00456878 0.00013022 -0.0016061
2017-06-06 1003 152.809998 6275.06006 -0.0082807 -0.0053518 -0.0032807
2017-06-07 1010.07001 153.119995 6297.37988 0.00702413 0.00202659 0.0035506
2017-06-08 1010.27002 154.710007 6321.75977 0.000198 0.01033055 0.00386396
2017-06-09 978.309998 149.600006 6207.91992 -0.0321463 -0.0335873 -0.0181717
2017-06-12 964.909973 148.440002 6175.45996 -0.0137918 -0.0077843 -0.0052425
2017-06-13 980.789978 150.679993 6220.37012 0.01632354 0.01497749 0.00724604
2017-06-14 976.469971 150.25 6194.89014 -0.0044143 -0.0028578 -0.0041046
2017-06-15 964.169983 149.800003 6165.5 -0.0126764 -0.0029995 -0.0047555
2017-06-16 987.710022 150.639999 6151.75977 0.02412154 0.00559179 -0.0022311
2017-06-19 995.169983 152.869995 6239.00977 0.00752441 0.01469498 0.0140833
2017-06-20 992.590027 152.25 6188.02979 -0.0025958 -0.0040639 -0.0082047
2017-06-21 1002.22998 153.910004 6233.9502 0.00966506 0.01084414 0.00739345
2017-06-22 1001.29999 153.399994 6236.68994 -0.0009284 -0.0033192 0.00043939
2017-06-23 1003.73999 155.070007 6265.25 0.00243387 0.01082782 0.00456891
2017-06-26 993.97998 153.589996 6247.1499 -0.0097712 -0.00959 -0.0028931
2017-06-27 976.780029 150.580002 6146.62012 -0.0174556 -0.0197922 -0.016223
2017-06-28 990.330017 153.240005 6234.41016 0.01377676 0.01751083 0.01418162
2017-06-29 975.929993 151.039993 6144.3501 -0.0146474 -0.0144607 -0.014551
2017-06-30 968 150.979996 6140.41992 -0.0081588 -0.0003973 -0.0006398
2017-07-03 953.659973 148.429993 6110.06006 -0.0149249 -0.0170339 -0.0049565
2017-07-05 971.400024 150.339996 6150.85986 0.01843117 0.01278595 0.00665528
2017-07-06 965.140015 148.820007 6089.45996 -0.0064652 -0.0101618 -0.0100325
2017-07-07 978.76001 151.440002 6153.08008 0.01401329 0.01745195 0.01039338
2017-07-10 996.469971 153.5 6176.39014 0.01793253 0.01351105 0.0037812
2017-07-11 994.130005 155.270004 6193.29981 -0.002351 0.011465 0.00273405
2017-07-12 1006.51001 158.899994 6261.16992 0.0123762 0.02310947 0.01089903
2017-07-13 1000.63001 159.259995 6274.43994 -0.0058591 0.00226302 0.00211717
2017-07-14 1001.81 159.970001 6312.47022 0.00117856 0.00444825 0.00604285
2017-07-17 1010.03998 159.729996 6314.43018 0.00818155 -0.0015014 0.00031044
2017-07-18 1024.44995 162.860001 6344.31006 0.01416592 0.01940608 0.00472084
2017-07-19 1026.87 164.139999 6385.04004 0.0023595 0.00782877 0.0063994
2017-07-20 1028.69995 164.529999 6390 0.00178049 0.0023732 0.00077651
2017-07-21 1025.67004 164.429993 6387.75 -0.0029497 -0.000608 -0.0003522
2017-07-24 1038.94995 166 6410.81006 0.01286444 0.00950288 0.00360354
2017-07-25 1039.87 165.279999 6412.16992 0.00088516 -0.0043468 0.0002121
2017-07-26 1052.80005 165.610001 6422.75 0.01235763 0.00199463 0.00164864
2017-07-27 1046 170.440002 6382.18994 -0.00648 0.02874771 -0.0063351
2017-07-28 1020.03998 172.449997 6374.68018 -0.0251315 0.01172398 -0.0011774
2017-07-31 987.780029 169.25 6348.12012 -0.0321371 -0.0187304 -0.0041752
2017-08-01 996.190002 169.860001 6362.93994 0.00847797 0.00359766 0.0023318
2017-08-02 995.890015 169.300003 6362.6499 -0.0003012 -0.0033023 -4.5584E-05
2017-08-03 986.919983 168.589996 6340.33984 -0.0090479 -0.0042026 -0.0035126
2017-08-04 987.580017 169.619995 6351.56006 0.00066856 0.0060909 0.00176809
2017-08-07 992.27002 171.979996 6383.77002 0.00473774 0.01381756 0.00505837
2017-08-08 989.840027 171.229996 6370.45996 -0.0024519 -0.0043705 -0.0020872
2017-08-09 982.01001 171.179993 6352.33008 -0.0079418 -0.0002921 -0.00285
2017-08-10 956.919983 167.399994 6216.87012 -0.0258817 -0.0223295 -0.0215551
2017-08-11 967.98999 168.080002 6256.56006 0.01150197 0.00405395 0.00636394
2017-08-14 983.299988 170.75 6340.22998 0.0156925 0.01576043 0.01328452
2017-08-15 982.73999 171 6333.00977 -0.0005697 0.00146306 -0.0011394
2017-08-16 978.179993 170 6345.10986 -0.0046509 -0.0058651 0.00190882
2017-08-17 960.570007 166.910004 6221.91016 -0.0181668 -0.0183437 -0.0196075
2017-08-18 958.469971 167.410004 6216.52979 -0.0021886 0.00299115 -0.0008651
2017-08-21 953.289978 167.779999 6213.12988 -0.0054191 0.00220767 -0.0005471
2017-08-22 966.900024 169.639999 6297.47998 0.01417597 0.01102495 0.01348477
2017-08-23 958 168.710007 6278.41016 -0.0092473 -0.0054972 -0.0030328
2017-08-24 952.450012 167.740005 6271.33008 -0.0058102 -0.0057661 -0.0011283
2017-08-25 945.26001 166.320007 6265.64014 -0.0075776 -0.0085015 -0.0009077
2017-08-28 946.02002 167.240005 6283.02002 0.0008037 0.00551625 0.00277
2017-08-29 954.059998 168.050003 6301.89014 0.00846283 0.00483164 0.00299885
2017-08-30 967.590027 169.919998 6368.31006 0.01408191 0.01106615 0.01048453
2017-08-31 980.599976 171.970001 6428.66016 0.01335613 0.01199232 0.00943201
2017-09-01 978.25 172.020004 6435.33008 -0.0023993 0.00029072 0.00103699
2017-09-05 965.27002 170.720001 6375.56982 -0.0133574 -0.007586 -0.0093297
2017-09-06 967.799988 172.089996 6393.31006 0.00261757 0.00799278 0.00277867
2017-09-07 979.469971 173.210007 6397.87012 0.01198614 0.0064872 0.000713
2017-09-08 965.900024 170.949997 6360.18994 -0.0139512 -0.0131337 -0.0059069
2017-09-11 977.960022 173.509995 6432.25977 0.01240846 0.01486411 0.01126768
2017-09-12 982.580017 172.960007 6454.27979 0.00471299 -0.0031748 0.00341753
2017-09-13 999.599976 173.050003 6460.18994 0.01717339 0.00052019 0.00091528
2017-09-14 992.210022 170.960007 6429.08008 -0.0074204 -0.0121509 -0.0048273
2017-09-15 986.789978 171.639999 6448.47022 -0.0054776 0.0039696 0.00301147
2017-09-18 974.190002 170.009995 6454.64014 -0.0128509 -0.009542 0.00095635
2017-09-19 969.859985 172.520004 6461.31982 -0.0044546 0.01465597 0.00103433
2017-09-20 973.210022 172.169998 6456.04004 0.00344819 -0.0020308 -0.0008175
2017-09-21 964.650024 171.110001 6422.68994 -0.0088345 -0.0061757 -0.0051791
2017-09-22 955.099976 170.539993 6426.91992 -0.0099493 -0.0033368 0.00065838
2017-09-25 939.789978 162.869995 6370.58984 -0.0161596 -0.0460175 -0.0088033
2017-09-26 938.599976 164.210007 6380.16016 -0.001267 0.00819383 0.00150114
2017-09-27 950.869995 167.679993 6453.25977 0.01298797 0.02091122 0.01139219
2017-09-28 956.400024 168.729996 6453.4502 0.00579891 0.00624242 2.9509E-05
2017-09-29 961.349976 170.869995 6495.95996 0.00516226 0.01260322 0.00656554
2017-10-02 959.190002 169.470001 6516.72022 -0.0022493 -0.0082271 0.00319078
2017-10-03 957.099976 169.960007 6531.70996 -0.0021813 0.00288723 0.00229756
2017-10-04 965.450012 168.419998 6534.62988 0.00868647 -0.0091023 0.00044694
2017-10-05 980.849976 171.240005 6585.35986 0.01582519 0.01660526 0.00773327
2017-10-06 989.580017 172.229996 6590.18018 0.00886111 0.00576466 0.00073171
2017-10-09 990.98999 172.5 6579.72998 0.00142381 0.00156647 -0.001587
2017-10-10 987.200012 171.589996 6587.25 -0.0038318 -0.0052893 0.00114225
2017-10-11 995 172.740005 6603.54981 0.00787007 0.00667972 0.00247139
2017-10-12 1000.92999 172.550003 6591.50977 0.0059421 -0.0011005 -0.0018249
2017-10-13 1002.94 173.740005 6605.79981 0.00200613 0.00687289 0.0021656
2017-10-16 1006.34003 174.520004 6624 0.00338432 0.00447941 0.0027514
2017-10-17 1009.13001 176.110001 6623.66016 0.00276856 0.00906943 -5.1306E-05
2017-10-18 997 176.029999 6624.22022 -0.0120931 -0.0004544 8.4551E-05
2017-10-19 986.609985 174.559998 6605.06982 -0.010476 -0.0083859 -0.0028952
2017-10-20 982.909973 174.979996 6629.04981 -0.0037573 0.00240315 0.00362397
2017-10-23 966.299988 171.270004 6586.83008 -0.0170432 -0.0214304 -0.0063893
2017-10-24 975.900024 171.800003 6598.43018 0.00988581 0.00308975 0.00175956
2017-10-25 972.909973 170.600006 6563.89014 -0.0030686 -0.0070094 -0.0052483
2017-10-26 972.429993 170.630005 6556.77002 -0.0004935 0.00017583 -0.0010853
2017-10-27 1100.94995 177.880005 6701.25977 0.12413059 0.04161169 0.02179743
2017-10-30 1110.84998 179.869995 6698.95996 0.00895207 0.01112515 -0.0003432
2017-10-31 1105.28003 180.059998 6727.66992 -0.0050267 0.00105578 0.00427658
2017-11-01 1103.68005 182.660004 6716.52979 -0.0014486 0.01433641 -0.0016572
2017-11-02 1094.21997 178.919998 6714.93994 -0.0086083 -0.0206878 -0.0002367
2017-11-03 1111.59998 178.919998 6764.43994 0.01575864 0 0.00734458
2017-11-06 1120.66003 180.169998 6786.43994 0.00811743 0.00696207 0.00324702
2017-11-07 1123.17004 180.25 6767.77979 0.00223726 0.00044394 -0.0027534
2017-11-08 1132.88001 179.559998 6789.12012 0.00860798 -0.0038354 0.00314826
2017-11-09 1129.13001 179.300003 6750.04981 -0.0033156 -0.001449 -0.0057715
2017-11-10 1125.34998 178.460007 6750.93994 -0.0033534 -0.0046959 0.00013186
2017-11-13 1129.17004 178.770004 6757.6001 0.00338881 0.00173556 0.00098607
2017-11-14 1136.83997 178.070007 6737.87012 0.00676957 -0.0039233 -0.0029239
2017-11-15 1126.68994 177.949997 6706.20996 -0.0089684 -0.0006742 -0.0047099
2017-11-16 1137.29004 179.589996 6793.29004 0.0093642 0.00917386 0.01290141
2017-11-17 1129.88001 179 6782.79004 -0.0065368 -0.0032906 -0.0015468
2017-11-20 1126.31006 178.740005 6790.70996 -0.0031646 -0.0014535 0.00116697
2017-11-21 1139.48999 181.860001 6862.47998 0.01163393 0.0173049 0.01051339
2017-11-22 1156.16003 180.869995 6867.35986 0.01452341 -0.0054587 0.00071084
2017-11-24 1186 182.779999 6889.16016 0.0254821 0.01050472 0.00316945
2017-11-27 1195.82996 183.029999 6878.52002 0.00825417 0.00136683 -0.0015457
2017-11-28 1193.59998 182.419998 6912.35986 -0.0018665 -0.0033384 0.00490758
2017-11-29 1161.27002 175.130005 6824.39014 -0.0274597 -0.0407831 -0.0128081
2017-11-30 1176.75 177.179993 6873.97022 0.01324215 0.01163754 0.00723887
2017-12-01 1162.34998 175.100006 6847.58984 -0.0123126 -0.0118089 -0.0038451
2017-12-04 1133.94995 171.470001 6775.37012 -0.0247367 -0.0209489 -0.0106027
2017-12-05 1141.56995 172.830002 6762.20996 0.00669739 0.00790013 -0.0019442
2017-12-06 1152.34998 176.059998 6776.37988 0.00939885 0.01851637 0.00209326
2017-12-07 1159.79004 180.139999 6812.83984 0.00643567 0.02290949 0.00536603
2017-12-08 1162 179 6840.08008 0.00190367 -0.0063485 0.00399039
2017-12-11 1168.92004 179.039993 6875.08008 0.00593762 0.0002234 0.00510385
2017-12-12 1165.07996 176.960007 6862.31982 -0.0032906 -0.0116854 -0.0018577
2017-12-13 1164.13001 178.300003 6875.79981 -0.0008157 0.00754378 0.00196242
2017-12-14 1174.26001 178.389999 6856.52979 0.00866414 0.00050462 -0.0028065
2017-12-15 1179.14002 180.179993 6936.58008 0.0041472 0.00998415 0.01160742
2017-12-18 1190.57996 180.820007 6994.75977 0.00965517 0.00354579 0.00835239
2017-12-19 1187.38001 179.509995 6963.8501 -0.0026913 -0.0072712 -0.0044288
2017-12-20 1177.62 177.889999 6960.95996 -0.0082538 -0.0090655 -0.0004151
2017-12-21 1174.76001 177.449997 6965.35986 -0.0024316 -0.0024765 0.00063188
2017-12-22 1168.35999 177.199997 6959.95996 -0.0054628 -0.0014098 -0.0007756
2017-12-26 1176.76001 175.990005 6936.25 0.00716386 -0.0068518 -0.0034124
2017-12-27 1182.26001 177.619995 6939.33984 0.00466296 0.00921921 0.00044536
2017-12-28 1186.09998 177.919998 6950.16016 0.00324272 0.00168759 0.00155806
2017-12-29 1169.46997 176.460007 6903.39014 -0.01412 -0.0082397 -0.0067521
2018-01-02 1189.01001 181.419998 7006.8999 0.01657041 0.02772051 0.01488275
2018-01-03 1204.19995 184.669998 7065.52979 0.01269437 0.01775566 0.00833264
2018-01-04 1209.58997 184.330002 7077.91016 0.00446603 -0.0018428 0.00175069
2018-01-05 1229.14002 186.850006 7136.56006 0.01603332 0.01357855 0.00825219
2018-01-08 1246.87 188.279999 7157.39014 0.01432166 0.00762402 0.00291453
2018-01-09 1252.69995 187.869995 7163.58008 0.00466478 -0.00218 0.00086446
2018-01-10 1254.32996 187.839996 7153.56982 0.00130035 -0.0001597 -0.0013984
2018-01-11 1276.68005 187.770004 7211.77979 0.01766147 -0.0003727 0.00810426
2018-01-12 1305.19995 179.369995 7261.06006 0.02209325 -0.0457671 0.00681006
2018-01-16 1304.85999 178.389999 7223.68994 -0.0002605 -0.0054785 -0.0051599
2018-01-17 1295 177.600006 7298.27979 -0.007585 -0.0044383 0.01027278
2018-01-18 1293.31995 179.800003 7296.04981 -0.0012982 0.01231127 -0.0003056
2018-01-19 1294.57996 181.289993 7336.37988 0.00097377 0.00825278 0.00551244
2018-01-22 1327.31006 185.369995 7408.02979 0.0249681 0.02225588 0.009719
2018-01-23 1362.54004 189.350006 7460.29004 0.02619625 0.02124339 0.00702977
2018-01-24 1357.51001 186.550003 7415.06006 -0.0036985 -0.0148979 -0.0060812
2018-01-25 1377.94995 187.479996 7411.16016 0.01494471 0.00497284 -0.0005261
2018-01-26 1402.05005 190 7505.77002 0.01733863 0.01335192 0.01268507
2018-01-29 1417.68005 185.979996 7466.50977 0.01108628 -0.021385 -0.0052444
2018-01-30 1437.81995 187.119995 7402.47998 0.01410627 0.00611098 -0.0086126
2018-01-31 1450.89002 186.889999 7411.47998 0.00904913 -0.0012299 0.00121507
2018-02-01 1390 193.089996 7385.85986 -0.0428734 0.03263618 -0.0034628
2018-02-02 1429.94995 190.279999 7240.9502 0.0283357 -0.0146597 -0.0198149
2018-02-05 1390 181.259995 6967.52979 -0.0283357 -0.0485642 -0.0384917
2018-02-06 1442.83997 185.309998 7115.87988 0.03730962 0.02209765 0.02106813
2018-02-07 1416.78003 180.179993 7051.97998 -0.0182267 -0.0280738 -0.0090205
2018-02-08 1350.5 171.580002 6777.16016 -0.0479118 -0.0489067 -0.0397503
2018-02-09 1339.59998 176.110001 6874.49023 -0.0081039 0.02605916 0.01425933
2018-02-12 1386.22998 176.410004 6981.95996 0.03421677 0.00170205 0.01551218
2018-02-13 1414.51001 173.149994 7013.50977 0.02019537 -0.0186526 0.00450858
2018-02-14 1451.05005 179.520004 7143.62012 0.02550428 0.03612841 0.01838141
2018-02-15 1461.76001 179.960007 7256.43018 0.00735373 0.002448 0.01566833
2018-02-16 1448.68994 177.360001 7239.47022 -0.0089815 -0.0145531 -0.00234
2018-02-20 1468.34998 176.009995 7234.31006 0.01347965 -0.0076408 -0.000713
2018-02-21 1482.92004 177.910004 7218.22998 0.00987384 0.01073704 -0.0022252
2018-02-22 1485.33997 178.990005 7210.08984 0.00163053 0.00605214 -0.0011284
2018-02-23 1500 183.289993 7337.39014 0.00982143 0.02373959 0.0175018
2018-02-26 1521.94995 184.929993 7421.45996 0.01452727 0.00890778 0.01139259
2018-02-27 1511.97998 181.460007 7330.3501 -0.0065723 -0.0189421 -0.0123525
2018-02-28 1512.44995 178.320007 7273.00977 0.00031078 -0.0174556 -0.0078531
2018-03-01 1493.44995 175.940002 7180.56006 -0.012642 -0.0134367 -0.0127928
2018-03-02 1500.25 176.619995 7257.87012 0.00454291 0.00385746 0.01070903
2018-03-05 1523.60999 180.399994 7330.70996 0.01545075 0.02117607 0.00998595
2018-03-06 1537.64002 179.779999 7372.00977 0.00916627 -0.0034427 0.005618
2018-03-07 1545 183.710007 7396.6499 0.00477513 0.02162459 0.00333682
2018-03-08 1551.85999 182.339996 7427.9502 0.00443029 -0.0074854 0.00422276
2018-03-09 1578.89002 185.229996 7560.81006 0.01726788 0.01572522 0.0177284
2018-03-12 1598.39002 184.759995 7588.31982 0.0122748 -0.0025406 0.00363186
2018-03-13 1588.18005 181.880005 7511.00977 -0.0064081 -0.0157105 -0.0102403
2018-03-14 1591 184.190002 7496.81006 0.00177401 0.01262069 -0.0018923
2018-03-15 1582.31995 183.860001 7481.74023 -0.0054707 -0.0017932 -0.0020122
2018-03-16 1571.68005 185.089996 7481.99023 -0.0067469 0.00666757 3.3414E-05
2018-03-19 1544.93005 172.559998 7344.24023 -0.0171665 -0.0700972 -0.0185825
2018-03-20 1586.51001 168.149994 7364.29981 0.026558 -0.0258886 0.00272761
2018-03-21 1581.85999 169.389999 7345.29004 -0.0029353 0.00734734 -0.0025847
2018-03-22 1544.92004 164.889999 7166.68018 -0.0236292 -0.0269252 -0.0246168
2018-03-23 1495.56006 159.389999 6992.66992 -0.0324714 -0.0339246 -0.0245801
2018-03-26 1555.85999 160.059998 7220.54004 0.03952768 0.00419471 0.0320673
2018-03-27 1497.05005 152.220001 7008.81006 -0.0385319 -0.0502219 -0.0297618
2018-03-28 1431.42004 153.029999 6949.22998 -0.0448295 0.00530712 -0.0085371
2018-03-29 1447.33997 159.789993 7063.4502 0.01106038 0.04322644 0.01630277
2018-04-02 1371.98999 155.389999 6870.12012 -0.0534651 -0.0279223 -0.027752
2018-04-03 1392.05005 156.110001 6941.27979 0.01451528 0.00462281 0.01030457
2018-04-04 1410.56995 155.100006 7042.10986 0.01321632 -0.0064908 0.01442166
2018-04-05 1451.75 159.339996 7076.54981 0.02877589 0.02697015 0.00487865
2018-04-06 1405.22998 157.199997 6915.10986 -0.0325687 -0.0135214 -0.0230776
2018-04-09 1406.07996 157.929993 6950.33984 0.00060468 0.00463299 0.0050817
2018-04-10 1436.21997 165.039993 7094.29981 0.02120898 0.04403597 0.02050106
2018-04-11 1427.05005 166.320007 7069.02979 -0.0064052 0.00772586 -0.0035684
2018-04-12 1448.5 163.869995 7140.25 0.01491913 -0.0148403 0.01002455
2018-04-13 1430.79004 164.520004 7106.6499 -0.0123018 0.00395877 -0.0047168
2018-04-16 1441.5 164.830002 7156.27979 0.00745747 0.00188248 0.00695931
2018-04-17 1503.82996 168.660004 7281.1001 0.04233092 0.02297023 0.0172917
2018-04-18 1527.83997 166.360001 7295.24023 0.01583979 -0.0137308 0.00194015
2018-04-19 1556.91003 168.100006 7238.06006 0.01884816 0.01040496 -0.0078689
2018-04-20 1527.48999 166.279999 7146.12988 -0.0190773 -0.010886 -0.0127823
2018-04-23 1517.85999 165.839996 7128.6001 -0.0063244 -0.0026497 -0.0024561
2018-04-24 1460.08997 159.690002 7007.3501 -0.0388034 -0.037789 -0.0171553
2018-04-25 1460.17004 159.690002 7003.74023 5.4843E-05 0 -0.0005153
2018-04-26 1517.95996 174.160004 7118.68018 0.03881441 0.08673999 0.01627801
2018-04-27 1572.62 173.589996 7119.79981 0.03537571 -0.0032783 0.00015727
2018-04-30 1566.13001 172 7066.27002 -0.0041354 -0.0092017 -0.0075468
2018-05-01 1582.26001 173.860001 7130.7002 0.0102466 0.01075591 0.00907667
2018-05-02 1569.68005 176.070007 7100.8999 -0.0079824 0.0126313 -0.0041879
2018-05-03 1572.07996 174.020004 7088.1499 0.00152774 -0.0117114 -0.0017972
2018-05-04 1580.94995 176.610001 7209.62012 0.00562635 0.01477366 0.0169919
2018-05-07 1600.14002 177.970001 7265.20996 0.01206523 0.00767109 0.00768094
2018-05-08 1592.39002 178.919998 7266.8999 -0.0048551 0.00532377 0.00023258
2018-05-09 1608 182.660004 7339.91016 0.00975513 0.02068776 0.00999683
2018-05-10 1609.07996 185.529999 7404.97022 0.00067139 0.01559007 0.00882482
2018-05-11 1602.91003 186.990005 7402.87988 -0.0038418 0.00783858 -0.0002823
2018-05-14 1601.54004 186.639999 7411.31982 -0.0008551 -0.0018735 0.00113944
2018-05-15 1576.12 184.320007 7351.62988 -0.0159996 -0.0125082 -0.0080865
2018-05-16 1587.28003 183.199997 7398.29981 0.00705575 -0.006095 0.00632818
2018-05-17 1581.76001 183.759995 7382.47022 -0.0034837 0.0030521 -0.0021419
2018-05-18 1574.37 182.679993 7354.33984 -0.004683 -0.0058946 -0.0038177
2018-05-21 1585.45996 184.490005 7394.04004 0.00701937 0.00985934 0.00538368
2018-05-22 1581.40002 183.800003 7378.45996 -0.002564 -0.0037471 -0.0021093
2018-05-23 1601.85999 186.899994 7425.95996 0.0128549 0.01672546 0.00641702
2018-05-24 1603.06995 185.929993 7424.43018 0.00075506 -0.0052035 -0.000206
2018-05-25 1610.15002 184.919998 7433.8501 0.00440685 -0.0054469 0.00126797
2018-05-29 1612.87 185.740005 7396.58984 0.00168784 0.00442458 -0.0050248
2018-05-30 1624.89002 187.669998 7462.4502 0.00742493 0.01033722 0.00886474
2018-05-31 1629.62 191.779999 7442.12012 0.00290673 0.02166379 -0.002728
2018-06-01 1641.54004 193.990005 7554.33008 0.00728799 0.01145776 0.01496515
2018-06-04 1665.27002 193.279999 7606.45996 0.01435244 -0.0036667 0.00687696
2018-06-05 1696.34998 192.940002 7637.85986 0.01849159 -0.0017606 0.00411956
2018-06-06 1695.75 191.339996 7689.24023 -0.0003537 -0.0083273 0.00670454
2018-06-07 1689.30005 188.179993 7635.06982 -0.0038108 -0.016653 -0.0070699
2018-06-08 1683.98999 189.100006 7645.50977 -0.0031483 0.00487709 0.00136643
2018-06-11 1689.12 191.539993 7659.93018 0.00304171 0.01282062 0.00188435
2018-06-12 1698.75 192.399994 7703.79004 0.00568501 0.00447988 0.00570955
2018-06-13 1704.85999 192.410004 7695.7002 0.0035903 5.2026E-05 -0.0010507
2018-06-14 1723.85999 196.809998 7761.04004 0.01108297 0.02261025 0.00845459
2018-06-15 1715.96997 195.850006 7746.37988 -0.0045875 -0.0048897 -0.0018907
2018-06-18 1723.79004 198.309998 7747.02979 0.00454688 0.01248236 8.3894E-05
2018-06-19 1734.78003 197.490005 7725.58984 0.00635524 -0.0041435 -0.0027713
2018-06-20 1750.07996 202 7781.50977 0.00878086 0.02257972 0.0072122
2018-06-21 1730.21997 201.5 7712.9502 -0.0114129 -0.0024783 -0.0088496
2018-06-22 1715.67004 201.740005 7692.81982 -0.0084449 0.00119038 -0.0026134
2018-06-25 1663.15002 196.350006 7532.00977 -0.0310903 -0.027081 -0.0211255
2018-06-26 1691.08997 199 7561.62988 0.01665986 0.01340601 0.00392485
2018-06-27 1660.51001 195.839996 7445.08008 -0.0182485 -0.0160068 -0.0155333
2018-06-28 1701.44995 196.229996 7503.68018 0.02435601 0.00198944 0.00784017
2018-06-29 1699.80005 194.320007 7510.29981 -0.0009702 -0.0097811 0.0008818
2018-07-02 1713.78003 197.360001 7567.68994 0.00819085 0.01552316 0.00761248
2018-07-03 1693.95996 192.729996 7502.66992 -0.0116325 -0.0237393 -0.0086289
2018-07-05 1699.72998 198.449997 7586.43018 0.00340044 0.02924694 0.0111022
2018-07-06 1710.63001 203.229996 7688.39014 0.00639232 0.02380116 0.01335027
2018-07-09 1739.02002 204.740005 7756.2002 0.01646002 0.00740258 0.00878113
2018-07-10 1743.06995 203.539993 7759.2002 0.00232615 -0.0058784 0.00038671
2018-07-11 1755 202.539993 7716.60986 0.00682096 -0.0049251 -0.0055041
2018-07-12 1796.62 206.919998 7823.91992 0.02343826 0.02139487 0.01381057
2018-07-13 1813.03003 207.320007 7825.97998 0.00909238 0.00193129 0.00026327
2018-07-16 1822.48999 207.229996 7805.72022 0.0052042 -0.0004343 -0.0025921
2018-07-17 1843.93005 209.990005 7855.12012 0.0116955 0.01323067 0.00630874
2018-07-18 1842.92004 209.360001 7854.43994 -0.0005479 -0.0030047 -8.6594E-05
2018-07-19 1812.96997 208.089996 7825.29981 -0.0163849 -0.0060846 -0.0037169
2018-07-20 1813.69995 209.940002 7820.2002 0.00040256 0.00885113 -0.0006519
2018-07-23 1802 210.910004 7841.87012 -0.0064718 0.00460974 0.00276719
2018-07-24 1829.23999 214.669998 7840.77002 0.01500342 0.01767043 -0.0001403
2018-07-25 1863.60999 217.5 7932.24023 0.01861488 0.01309689 0.01159845
2018-07-26 1808 176.259995 7852.18018 -0.0302942 -0.2102387 -0.0101443
2018-07-27 1817.27002 174.889999 7737.41992 0.00511412 -0.007803 -0.0147229
2018-07-30 1779.21997 171.059998 7630 -0.0211603 -0.0221428 -0.0139804
2018-07-31 1777.43994 172.580002 7671.79004 -0.001001 0.00884655 0.00546212
2018-08-01 1797.17004 171.649994 7707.29004 0.01103914 -0.0054034 0.00461667
2018-08-02 1834.32996 176.369995 7802.68994 0.02046604 0.02712655 0.0123019
2018-08-03 1823.29004 177.779999 7812.00977 -0.0060367 0.00796279 0.00119372
2018-08-06 1847.75 185.690002 7859.68018 0.0133261 0.0435318 0.00608365
2018-08-07 1862.47998 183.809998 7883.66016 0.00794024 -0.010176 0.00304637
2018-08-08 1886.52002 185.179993 7888.33008 0.01282495 0.00742568 0.00059218
2018-08-09 1898.52002 183.089996 7891.77979 0.00634077 -0.0113505 0.00043722
2018-08-10 1886.30005 180.259995 7839.10986 -0.0064574 -0.0155776 -0.0066964
2018-08-13 1896.19995 180.050003 7819.70996 0.00523459 -0.0011656 -0.0024778
2018-08-14 1919.65002 181.110001 7870.89014 0.01229103 0.00586998 0.0065237
2018-08-15 1882.62 179.529999 7774.12012 -0.0194785 -0.0087623 -0.0123709
2018-08-16 1886.52002 174.699997 7806.52002 0.00206945 -0.0272721 0.004159
2018-08-17 1882.21997 173.800003 7816.33008 -0.002282 -0.005165 0.00125586
2018-08-20 1876.70996 172.5 7821.00977 -0.0029317 -0.007508 0.00059853
2018-08-21 1883.42004 172.619995 7859.16992 0.00356907 0.00069538 0.00486732
2018-08-22 1904.90002 173.639999 7889.1001 0.01134023 0.00589157 0.00380108
2018-08-23 1902.90002 172.899994 7878.45996 -0.0010505 -0.0042708 -0.0013496
2018-08-24 1905.39002 174.649994 7945.97998 0.00130767 0.01007058 0.00853369
2018-08-27 1927.68005 177.460007 8017.8999 0.01163052 0.01596133 0.00901039
2018-08-28 1932.81995 176.259995 8030.04004 0.00266281 -0.0067851 0.00151298
2018-08-29 1998.09998 175.899994 8109.68994 0.03321667 -0.0020445 0.00987012
2018-08-30 2002.38001 177.639999 8088.35986 0.00213976 0.00984341 -0.0026337
2018-08-31 2012.70996 175.729996 8109.54004 0.00514558 -0.0108103 0.00261518
2018-09-04 2039.51001 171.160004 8091.25 0.01322753 -0.0263499 -0.0022579
2018-09-05 1994.81995 167.179993 7995.16992 -0.0221558 -0.0235278 -0.0119456
2018-09-06 1958.31006 162.529999 7922.72998 -0.0184719 -0.0282084 -0.0091018
2018-09-07 1952.06995 163.039993 7902.54004 -0.0031916 0.00313293 -0.0025516
2018-09-10 1939.01001 164.179993 7924.16016 -0.0067128 0.00696782 0.00273211
2018-09-11 1987.15002 165.940002 7972.47022 0.02452392 0.01066295 0.00607804
2018-09-12 1990 162 7954.22998 0.00143318 -0.02403 -0.0022905
2018-09-13 1989.87 161.360001 8013.70996 -6.5331E-05 -0.0039584 0.00744996
2018-09-14 1970.18994 162.320007 8010.04004 -0.0099394 0.00593184 -0.0004581
2018-09-17 1908.03003 160.580002 7895.79004 -0.0320586 -0.0107775 -0.014366
2018-09-18 1941.05005 160.300003 7956.10986 0.01715778 -0.0017452 0.00761046
2018-09-19 1926.42004 163.059998 7950.04004 -0.0075657 0.01707114 -0.0007632
2018-09-20 1944.30005 166.020004 8028.22998 0.00923866 0.01799007 0.00978711
2018-09-21 1915.01001 162.929993 7986.95996 -0.0151792 -0.0187877 -0.0051539
2018-09-24 1934.35999 165.410004 7993.25 0.01005366 0.01510665 0.00078723
2018-09-25 1974.55005 164.910004 8007.47022 0.02056403 -0.0030274 0.00177745
2018-09-26 1974.84998 166.949997 7990.37012 0.00015188 0.01229445 -0.0021378
2018-09-27 2012.97998 168.839996 8041.97022 0.01912377 0.01125715 0.00643702
2018-09-28 2003 164.460007 8046.3501 -0.0049701 -0.0262841 0.00054448
2018-10-01 2004.35999 162.440002 8037.29981 0.00067874 -0.0123587 -0.0011254
2018-10-02 1971.31006 159.330002 7999.54981 -0.0166265 -0.0193312 -0.0047079
2018-10-03 1952.76001 162.429993 8025.08984 -0.0094546 0.01926956 0.0031876
2018-10-04 1909.42004 158.850006 7879.50977 -0.0224442 -0.0222867 -0.0183072
2018-10-05 1889.65002 157.330002 7788.4502 -0.0104079 -0.0096149 -0.0116238
2018-10-08 1864.42004 157.25 7735.9502 -0.0134416 -0.0005086 -0.0067636
2018-10-09 1870.31995 157.899994 7738.02002 0.00315947 0.00412499 0.00026752
2018-10-10 1755.25 151.380005 7422.04981 -0.0634982 -0.0421686 -0.0416906
2018-10-11 1719.35999 153.350006 7329.06006 -0.0206592 0.01292966 -0.012608
2018-10-12 1788.60999 153.740005 7496.89014 0.03948665 0.00253997 0.02264101
2018-10-15 1760.94995 153.520004 7430.74023 -0.0155854 -0.001432 -0.0088628
2018-10-16 1819.95996 158.779999 7645.49023 0.03296109 0.03368871 0.02849048
2018-10-17 1831.72998 159.419998 7642.7002 0.00644636 0.00402263 -0.000365
2018-10-18 1770.71997 154.919998 7485.14014 -0.0338746 -0.0286334 -0.0208312
2018-10-19 1764.03003 154.050003 7449.02979 -0.0037852 -0.0056316 -0.0048359
2018-10-22 1789.30005 154.779999 7468.62988 0.01422353 0.0047275 0.00262777
2018-10-23 1768.69995 154.389999 7437.54004 -0.0115797 -0.0025229 -0.0041714
2018-10-24 1664.19995 146.039993 7108.3999 -0.0609003 -0.0556014 -0.045263
2018-10-25 1782.17004 150.949997 7318.33984 0.06848725 0.03306813 0.02910634
2018-10-26 1642.81006 145.369995 7167.20996 -0.0814235 -0.0376665 -0.0208671
2018-10-29 1538.88001 142.089996 7050.29004 -0.0653533 -0.0228216 -0.0164477
2018-10-30 1530.42004 146.220001 7161.6499 -0.0055126 0.02865171 0.01567163
2018-10-31 1598.01001 151.789993 7305.8999 0.04321688 0.0373856 0.01994184
2018-11-01 1665.53003 151.75 7434.06006 0.0413843 -0.0002635 0.01738992
2018-11-02 1665.53003 150.350006 7356.99023 0 -0.0092685 -0.0104212
2018-11-05 1627.80005 148.679993 7328.8501 -0.022914 -0.0111697 -0.0038323
2018-11-06 1642.81006 149.940002 7375.95996 0.00917879 0.00843893 0.00640743
2018-11-07 1755.48999 151.529999 7570.75 0.06633979 0.01054839 0.02606608
2018-11-08 1754.91003 147.869995 7530.87988 -0.0003304 -0.0244501 -0.0052803
2018-11-09 1712.43005 144.960007 7406.8999 -0.0245041 -0.0198756 -0.0165999
2018-11-12 1636.84998 141.550003 7200.87012 -0.0451398 -0.0238049 -0.0282101
2018-11-13 1631.17004 142.160004 7200.87012 -0.0034761 0.00430018 0
2018-11-14 1599.01001 144.220001 7136.39014 -0.0199129 0.01438671 -0.0089948
2018-11-15 1619.43994 143.850006 7259.02979 0.01269568 -0.0025688 0.01703912
2018-11-16 1593.41003 139.529999 7247.87012 -0.016204 -0.0304915 -0.0015385
2018-11-19 1512.29004 131.550003 7028.47998 -0.0522513 -0.0588926 -0.0307372
2018-11-20 1495.45996 132.429993 6908.81982 -0.0111913 0.00666712 -0.0171716
2018-11-21 1516.72998 134.820007 6972.25 0.01412286 0.01788646 0.00913915
2018-11-23 1502.06006 131.729996 6938.97998 -0.0097191 -0.0231863 -0.0047832
2018-11-26 1581.32996 136.380005 7081.8501 0.0514287 0.0346908 0.0203804
2018-11-27 1581.42004 135 7082.7002 5.6968E-05 -0.0101704 0.00012003
2018-11-28 1677.75 136.759995 7291.58984 0.0591304 0.01295275 0.02906639
2018-11-29 1673.56995 138.679993 7273.08008 -0.0024946 0.01394154 -0.0025417
2018-11-30 1690.17004 140.610001 7330.54004 0.0098701 0.01382104 0.00786932
2018-12-03 1772.35999 141.089996 7441.50977 0.04748284 0.00340785 0.01502457
2018-12-04 1668.40002 137.929993 7158.43018 -0.0604469 -0.0226517 -0.038783
2018-12-06 1699.18994 139.630005 7188.25977 0.01828653 0.01224984 0.0041584
2018-12-07 1629.13001 137.419998 6969.25 -0.0421055 -0.0159542 -0.0309415
2018-12-10 1641.03003 141.850006 7020.52002 0.00727798 0.03172829 0.00732968
2018-12-11 1643.23999 142.080002 7031.83008 0.00134579 0.00162009 0.0016097
2018-12-12 1663.54004 144.5 7098.31006 0.01227799 0.01688921 0.00940974
2018-12-13 1658.38001 145.009995 7070.33008 -0.0031067 0.00352316 -0.0039496
2018-12-14 1591.91003 144.059998 6910.66016 -0.0409067 -0.0065728 -0.022842
2018-12-17 1520.91003 140.190002 6753.72998 -0.0456257 -0.0272312 -0.0229702
2018-12-18 1551.47998 143.660004 6783.91016 0.01990044 0.02445076 0.00445871
2018-12-19 1495.07996 133.240005 6636.83008 -0.0370296 -0.0752974 -0.0219192
2018-12-20 1460.82996 133.399994 6528.41016 -0.023175 0.00120004 -0.016471
2018-12-21 1377.44995 124.949997 6332.99023 -0.0587708 -0.0654385 -0.0303909
2018-12-24 1343.95996 124.059998 6192.91992 -0.0246135 -0.0071483 -0.0223658
2018-12-26 1470.90002 134.179993 6554.35986 0.09025402 0.07841683 0.05672376
2018-12-27 1461.64002 134.520004 6579.49023 -0.0063154 0.00253079 0.00382681
2018-12-28 1478.02002 133.199997 6584.52002 0.01114426 -0.0098612 0.00076417
2018-12-31 1501.96997 131.089996 6635.27979 0.01607419 -0.0159677 0.00767939
 Clase Frecuencia % acumulado
-0.0814235 1 0.20% Distribucion de Rentabilidad de Amazo
-0.0720802 0 0.20%
180
-0.0627368 2 0.60%
-0.0533934 4 1.40% 160
-0.04405 5 2.40%
-0.0347067 7 3.79% 140
-0.0253633 11 5.99% 120
-0.0160199 27 11.38%
-0.0066766 52 21.76% 100
0.0026668 161 53.89%
80
Frecuencia

0.01201017 124 78.64%

F
0.02135354 75 93.61% 60
0.0306969 14 96.41%
40
0.04004027 8 98.00%
0.04938364 4 98.80% 20
0.05872701 1 99.00%
0.06807038 2 99.40% 0
5 9 3 8 2 3 9 4 9 5 1 ...
0.07741375 1 99.60%
5 21 783 046 308 571 166 903 641 037 116 854 ayor
3 6 0 3 6 0 6 3 7 7 3
0.08675712 0 99.60% 1 4 2 2 7 3 4 0 5 5 3 6 6 6 7 2 0 1 0 69 9 3 8 6 8 0 6 75 5 44 y m
8 6 4 2 0 1 3 4 0 8 0
0.09610049 1 99.80% .0 .0 .0 .0 .0 .0 .0 .0 0. 0.0 0.1
-0 -0 -0 -0 -0 0 0 0
0.10544385 0 99.80%
0.11478722 0 99.80% Clase
y mayor... 1 100.00%

Clase Frecuencia % acumulado

-0.2102387 1 0.20%
Distribucion de Rentabilidad de Facebo
-0.1967397 0 0.20%
250
-0.1832406 0 0.20%
-0.1697416 0 0.20%
-0.1562426 0 0.20%
200
-0.1427435 0 0.20%
-0.1292445 0 0.20%
150
ncia

100
 200

-0.1157455 0 0.20% 150

-0.1022464 0 0.20%
-0.0887474 0 0.20%

Frecuencia
-0.0752484 1 0.40% 100
Fr
-0.0617494 2 0.80%
-0.0482503 5 1.80%
-0.0347513 6 2.99% 50
-0.0212523 28 8.58%
-0.0077532 62 20.96%
0
0.0057458 220 64.87%
2 2 3 3 3 3 4 4 6 6 5 ...
0.01924483 135 91.82% 7 01 638 575 512 449 386 323 260 802 865 928 ayor
8 0 2 4 6 8 0 2 5 3 1
0.03274387 30 97.80% 0 2 3 3 2 4 6 2 4 9 2 4 2 2 4 5 2 4 8 2 5 1 2 5 5 74 2 7 4 9 74 y m
1 8 5 2 0 7 4 2 0 3 5
0.0462429 9 99.60% .2 .1 .1 .1 .1 .0 .0 .0 .0 .0 .0
-0 -0 -0 -0 -0 -0 -0 -0 0 0 0
0.05974193 0 99.60%
0.07324096 0 99.60% Clase
y mayor... 2 100.00%

b) El indice bursátil que usaria es NASDAQ dado que ahí cotizan emprezas de tecnología como los activ

Amazon FB NASDAQ El beta de Facebook es 1,20, lo que

Promedio 0.0013764037 0.0002293562 0.00040046 riesgo sistematico es alto ya que es
mercado, por lo tanto se espera qu
Desv. Estand.0.0184963369 0.0190440133 0.01026962 riesgo sea mayor.
Varianza 0.0003421145 0.0003626744 0.00010547
Covarianza 0.0001529904 0.0001274833 0.00010547
c) Betas 1.450626809 1.2087725235 1

Amazon 3,000,000.00 37.5%

Facebook 5,000,000.00 62.5%
Inversion 8,000,000.00 100.0%

d) Rentabilidad del Portafolio 0.0659%

La rentabilidad del portafolio esperada e

e) Beta del Portafolio 1.299467881 0,0659%, esto se debe a que Amazon es
empresa que tiene mayor rendimiento q
Inversion 8,000,000.00 Facebook, y se invierte mas en Facebook
tenieno un rendimiento menor y
claramente menor riesgo sistematico, po
Rendimiento Inversion 5275.99188984 lo tanto tambien el rendimiento total es
minimo.
Rendimiento Total 8,005,275.99
bilidad de Amazon

Frecuencia

9 14 79 65 41 r...
64 03 11 85 ayo
8 3 8 0 7 75 7 44 3 y m
06 8 6 0 5
0. 0.0 0.1

bilidad de Facebook
 Frecuencia

4 4 6 6 5 ...
2 60 802 865 928 ayor
5 2 74 5 7 4 3 74 1 y m
05 3 2 59
.0 0.0 0.0

de tecnología como los activos que tenemos.

de Facebook es 1,20, lo que quiere decir que su

sistematico es alto ya que es mas volatil que el
do, por lo tanto se espera que la prima por
sea mayor.

ad del portafolio esperada es

o se debe a que Amazon es la
tiene mayor rendimiento que
e invierte mas en Facebook
endimiento menor y
menor riesgo sistematico, por
bien el rendimiento total es
1. Anio Inversion A Inversion B Inversion A-B
0 -400 -500 100
1 250 320 -70
2 280 340 -60
TIR 21% 20% 20%

2. TIR VNA (A) VNA (B)

1% $122.01 $150.13
Chart Tit
5% $92.06 $113.15
$200.00
10% $58.68 $71.90
15% $29.11 $35.35
$150.00
20% $2.78 $2.78
21% $-2.14 $-3.31
$100.00
25% $-20.80 $-26.40
30% $-42.01 $-52.66
$50.00
34% $-57.50 $-71.84
$0.00
R: el proyecto A, es mejor del 20% hacia abajo, ya que a 0% 5% 10% 15% 20%
partir del 21% el VPN es negativo lo cual quiere decir que
a partir de esa tasa la inversion no se recuperaria. ($50.00)

($100.00)
 20%
Con la tasa de descuento del 20%,
daria la mismo entre escoger cualquier
proyecto

Chart Title

5% 10% 15% 20% 25% 30% 35% 40%

 Empresa A Empresa B
Precio Vta 3 x unidad Precio Vta 3
Costo Fijo 20,000.00 Costo Fijo 15000
Costo Variable 1.8 x unidad Costo Variabl 2

Ingreso Total 3q 50000 Ingreso Total 3q

Costo Total 20000+1,8q 50000 Costo Total 15000+2q

I. Total = C. Total I. Total = C. Total

3q= 20000+1,8q 3q= 15000+2q
q= 16666.66667 q= 15000

Q IT CT Q IT
10000 30,000.00 38000 10000 30000
16666.666667 50,000.00 50000 15000 45000
20000 60,000.00 56000 20000 60000

70,000.00 70000

60,000.00 60000

50,000.00 50000

40,000.00 40000

30,000.00 30000

20,000.00 20000

10,000.00 10000

- 0
8000 10000 12000 14000 16000 18000 20000 22000 8000 10000 12000 14000 16000 1800
40,000.00 40000

30,000.00 30000

20,000.00 20000

10,000.00 10000

- 0
8000 10000 12000 14000 16000 18000 20000 22000 8000 10000 12000 14000 16000 1800
 x unidad

x unidad

45000
45000

La empresa A es mas
CT automatizada ya que tiene
mayores ingresos, a mayor
35,000.00 produccion.
45,000.00
55,000.00
La empresa mas automatizada sería la empresa a
debido a que sus costos variables unitarios son
menores, también tiene mayores costes fijos lo que
quiere decir que invierte más en capital fijo lo que
automatiza a la empresa, además la cantidad producida
en el equiliibrio es mayor en la empresa A

12000 14000 16000 18000 20000 22000

12000 14000 16000 18000 20000 22000