Plantilla Integral - Parte

Colaborativa (Paso 3)
IMPORTANTE: Solo registrar información en celdas color amarillo.

Evaluar Alternativas de Financiación y Tomar Decisiones

Grupo: XXX

Registre aquí el nombre del estudiante

Cód.
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Presentado a:

Nombre del Tutor

Universidad Nacional Abierta y a Distancia -UNAD-

Escuela de Scs Administrativas, Contables, Económicas y de Negocios
Administración de Empresas, Ing. Industrial y Tecnologías en Gestión
Bogotá D.C., Colombia
jueves, 28 de noviembre de 2019
INTRODUCCIÓN
 OBJETIVOS
Objetivo General

Objetivo Específicos
Datos de Entrada
Tasa de Descuento 20% E.A.

Nueva Sucursal Centro de la Ciudad

Rubro 0 1
Flujo de Caja Libre -$ 300,000,000 $ 128,400,000
Valor Presente FCL -$ 300,000,000 $ 107,000,000
Valor Presente Neto $ 142,931,188
con formula $ 142,931,188
Tasa Interna de Retorno
Interpolación Lineal
Tasa de Descuento 37% E.A. 38% E.A.
VPN $ 1,696,287 -$ 4,225,108
con función 37.28%
CAUE
con formula $ 47,793,288
con función $ 47,793,288
Relación Beneficio Costo
Método Simple $ 1.48
Método Exacto $ 1.48

Nueva Sucursal Norte de la Ciudad

Rubro 0 1
Flujo de Caja Libre -$ 300,000,000 $ 150,000,000
Valor Presente FCL -$ 300,000,000 $ 125,000,000
Valor Presente Neto $ 59,535,751
con formula $ 59,535,751
Tasa Interna de Retorno
Interpolación Lineal
Tasa de Descuento 28% E.A. 29% E.A.
VPN $ 2,987,285 -$ 2,981,640
con función 28.50%
CAUE
con formula $ 19,907,547
con función $ 19,907,547
Relación Beneficio Costo
Método Simple $ 1.20
Método Exacto $ 1.20

Análisis
1.1. ¿Cuál alternativa debería llevarse a cabo, si los proyectos son
presupuestarias?
cualquiera de las alternativas podria llevarse a cabo ya que las dos me generan rentabil
las 2 son viables

1.2. ¿Cuál alternativa debería llevarse a cabo, en caso de que los proyectos sea
la alternativaque deberia llevarse a cabo seria la del norte ya que crea mas valor teniend
 (Datos extraídos de la hoja Escenario Esperado)
2 3 4 5
$ 121,183,425 $ 111,576,786 $ 99,200,862 $ 346,787,728
$ 84,155,156 $ 64,569,899 $ 47,839,922 $ 139,366,210

ineal
1% E.A. TIR
$ 5,921,395 37.29%

(Datos extraídos de la Guía de Actividades)

2 3 4 5
$ 100,000,000 $ 70,000,000 $ 50,000,000 $ 250,000,000
$ 69,444,444 $ 40,509,259 $ 24,112,654 $ 100,469,393

ineal
1% E.A. TIR
$ 5,968,925 28.50%

si los proyectos son independientes y no hay restricciones

las dos me generan rentabilidad una no me afecta que abra la otra asi que

o de que los proyectos sean mutuamente excluyentes?

ya que crea mas valor teniendo en cuenta el indicador del vpn
 $ 142,931,188
5%
10%
15%
20%
25%
30%
35%
40%

12

10

6
Column L

0
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

-$300 $150 $100 $70 $50

z 150000000 1E+08 70000000 50000000

 Column L

45%

$250

2.5E+08
Datos de Entrada
Tasa de Descuento 20% E.A.

Nueva Sucursal Centro de la Ciudad

Rubro 0 1
Flujo de Caja Libre -$ 300,000,000 $ 128,400,000
Valor Presente FCL -$ 300,000,000 $ 107,000,000
Valor Presente Neto $ 142,931,188
con formula $ 142,931,188
Tasa Interna de Retorno
Interpolación Lineal
Tasa de Descuento 37% E.A. 38% E.A.
VPN $ 1,696,287 -$ 4,225,108
con función 37.28%
CAUE
con formula $ 47,793,288
con función $ 47,793,288
Relación Beneficio Costo
Método Simple $ 1.48
Método Exacto $ 1.48

Nueva Sucursal Norte de la Ciudad

Rubro 0 1
Flujo de Caja Libre -$ 300,000,000 $ 150,000,000
Valor Presente FCL -$ 300,000,000 $ 125,000,000
Valor Presente Neto $ 59,535,751
con formula $ 59,535,751
Tasa Interna de Retorno
Interpolación Lineal
Tasa de Descuento 28% E.A. 29% E.A.
VPN $ 2,987,285 -$ 2,981,640
con función 28.50%
CAUE
con formula $ 19,907,547
con función $ 19,907,547
Relación Beneficio Costo
Método Simple $ 1.20
Método Exacto $ 1.20

Nueva Sucursal Zona Sur Occidental

Rubro 0 1
Flujo de Caja Libre -$ 250,000,000 $ 150,000,000
Valor Presente FCL -$ 250,000,000 $ 125,000,000
Valor Presente Neto $ 94,618,056
con formula $ 94,618,056
Tasa Interna de Retorno
Interpolación Lineal
 Tasa de Descuento 35% E.A. 36% E.A.
VPN $ 4,251,073 -$ 248,479
con función 35.94%
CAUE
con formula $ 31,638,357
con función $ 31,638,357
Relación Beneficio Costo
Método Simple $ 1.38
Método Exacto $ 1.38

Proyecto Inversión VPN (20% E.A.)

Zona Centro -$ 300,000,000 $ 142,931,188
Zona Norte -$ 300,000,000 $ 59,535,751
Zona Sur Occidental -$ 250,000,000 $ 94,618,056
Posibilidades Inversión VPN (20% E.A.)
Zona Centro + Zona Norte -$ 600,000,000 $ 202,466,939
Zona Centro + Zona Sur Occid -$ 550,000,000 $ 237,549,243
Zona Norte + Zona Sur Occide -$ 550,000,000 $ 154,153,807
Sobrante Inversión VPN (20% E.A.)
Zona Norte + Zona Sur -$ 50,000,000 0

Análisis
¿En cuáles de las tres (3) alternativas debería invertir Electronic Tools So
$600.000.000 para llevar a cabo el plan de expansión?
La a lternativa en la que debe invertir Electronic Tools Soon S.A.S es la alternativa zo
Se enfrenta
tenemos comoa un proyecto
maximo de en el que 600.000.000
inversion existen restricciones
y en esta presupuestarias, adem
no gastariamos todo el c
completamente.
utilidad De acuerdo con el indicador Relación Beneficio/Costo, debería teners
nos generaria.
Occidental, los que, en conjunto, generan un valor agregado de $154.153.807. No o
invierten al mismo costo de oportunidad del 20% E.A., por lo cual, el valor presente q
combinación de proyectos y el VPN del sobrante, se evidencia que la Relación Beneficio
Norte, donde si se agota todo el capital; por tanto, la combinación Zona Norte + Zon
 (Datos extraídos de la hoja Escenario Esperado)
2 3 4 5
$ 121,183,425 $ 111,576,786 $ 99,200,862 $ 346,787,728
$ 84,155,156 $ 64,569,899 $ 47,839,922 $ 139,366,210

ón Lineal
1% E.A. TIR
$ 5,921,395 37.29%

(Datos extraídos de la Guía de Actividades)

2 3 4 5
$ 100,000,000 $ 70,000,000 $ 50,000,000 $ 250,000,000
$ 69,444,444 $ 40,509,259 $ 24,112,654 $ 100,469,393

ón Lineal
1% E.A. TIR
$ 5,968,925 28.50%

(Datos extraídos de la Guía de Actividades)

2 3 4 5
$ 85,000,000 $ 65,000,000 $ 55,000,000 $ 240,000,000
$ 59,027,778 $ 37,615,741 $ 26,523,920 $ 96,450,617

ón Lineal
 1% E.A. TIR
$ 4,499,552 35.94%

IR o R B/C
$ 1.48
$ 1.20
$ 1.38
IR o R B/C
$ 1.34
$ 1.43 Comparar
$ 1.28
IR o R B/C
$ 1.26
$ 754,153,806.58
$ 600,000,000 1.26

vertir Electronic Tools Soon S.A.S., si como máximo se pueden destinar

n?
on S.A.S es la alternativa zona norte ya que el beneficio costo es la menor y solo
es presupuestarias,
sta no gastariamos todo además, en algunas
el capital y la VPNcombinaciones el capital
al 20%EA es menor seriano
la se
queagota
mas
neficio/Costo, debería tenerse en cuenta los proyectos de la Zona Norte y Zona Sur
gado de $154.153.807. No obstante, sobrarían $50.000.000, de los que asume se
or lo cual, el valor presente que generaría sería de cero. Al considerar el VPN de la
cia que la Relación Beneficio/Costo es inferior a la combinación Zona Centro + Zona
binación Zona Norte + Zona Sur Occidental resulta óptima.
-$250 $150 $85
### ### ###
$65 $55 $240
### ### ###
IMPORTANTE: Solo registrar información en celdas color amarillo.

Escenario Es

Datos de Entrada

Hoy
Ventas (u)
Precio de Venta $ 315,960
Costo Unitario $ 229,816
Gastos & Otros
Inversión KTNO $ 135,000,000
Inversión Activo Fijo $ 165,000,000
Tasa de Descuento 20% E.A
Valor Residual

Desarrollo
Ingresos $0
Ventas Totales ($)
Valor Residual
Egresos $0
Costos Variable Total
Costo Fijo
Ajuste $ 300,000,000
Capital de Trabajo $ 135,000,000
Activo Fijo $ 165,000,000
Salida
Flujo de Caja Libre -$ 300,000,000

Valor Presente Neto (VPN) $ 56,447,975

Tasa Interna de Retorno (TIR) 27.67%
Costo Anual Equivalente (CAUE) $ 22,148,027
Relación Beneficio/Costo (RB/C) 1.19 veces
Análisis

¿Cuál es la variable crítica que puede afectar la decisión de inversión?

¿Qué decisiones podrían tomarse para favorecer la gestión de dicha va

 Escenario Esperado

+ 1 año + 2 años + 3 años

5000 Unid 5175 Unid 5356 Unid
$ 300,000 $ 309,000 $ 318,270
$ 210,000 $ 222,789 $ 236,357
$ 330,000,000 $ 348,397,500 $ 367,820,661
$ 8,100,000 $ 8,586,000 $ 9,101,160
-$ 16,500,000 -$ 16,500,000 -$ 16,500,000

$ 1,500,000,000 $ 1,599,075,000 $ 1,704,693,904

$ 1,500,000,000 $ 1,599,075,000 $ 1,704,693,904

$ 1,380,000,000 $ 1,501,330,575 $ 1,633,777,494

$ 1,050,000,000 $ 1,152,933,075 $ 1,265,956,834
$ 330,000,000 $ 348,397,500 $ 367,820,661
-$ 8,400,000 -$ 7,914,000 -$ 7,398,840
$ 8,100,000 $ 8,586,000 $ 9,101,160
-$ 16,500,000 -$ 16,500,000 -$ 16,500,000

$ 128,400,000 $ 105,658,425 $ 78,315,249

a decisión de inversión?

er la gestión de dicha variable?

 Variable de Salida

VPN
$ 56,447,975
Cambio % VPN

+ 4 años + 5 años
Variable de Salida
5544 Unid 5738 Unid
$ 327,818 $ 337,653 VPN
$ 250,751 $ 266,022 $ 56,447,975
$ 388,326,662 $ 409,975,874 Cambio % VPN
$ 9,647,230 $ 10,226,063
-$ 16,500,000 -$ 16,500,000
Variable de Salida

$ 263,160,453 VPN
$ 56,447,975
Cambio % VPN
$ 1,817,288,936 $ 2,200,481,323
$ 1,817,288,936 $ 1,937,320,870
Variable de Salida
$ 263,160,453
$ 1,778,387,144 $ 1,936,306,069 VPN
$ 1,390,060,481 $ 1,526,330,195 $ 56,447,975
$ 388,326,662 $ 409,975,874 Cambio % VPN
-$ 6,852,770 -$ 6,273,937
$ 9,647,230 $ 10,226,063 Variable Entrada
-$ 16,500,000 -$ 16,500,000 -1% o +1%

Producción Unidades

$ 45,754,563 $ 270,449,191 Precio

Costo Unitario
Costo Fijo
Sensibilidad Respecto a la Q' Unidades Vendidas
-1% 0% 1% Gráfico d
4950 unidades 5000 unidades 5050 unidades 5000
Producción Unidades
300000
-23.21% 0.00% 23.21% 210000
330000000 Precio -88.61%
Sensibilidad Respecto al Precio
-1% 0% 1%
Costo Unitario -6
$ 297,000 $ 300,000 $ 303,000

-88.61% 0.00% 88.61% Costo Fijo

Sensibilidad Respecto al Costo Unitario Si la Variable de

-1% 0% 1%
$ 207,900 $ 210,000 $ 212,100
Gráfico
65.41% 0.00% -65.41%

Sensibilidad Respecto a Gastos & Otros

-1% 0% 1%
$ 326,700,000 $ 330,000,000 $ 333,300,000

19.17% 0.00% -19.17%

Producc
Si la Variable de Entrada
Costo U
Disminuye 1% Aumenta 1%
-23.21% 23.21%

-88.61% 88.61%
65.41% -65.41%
19.17% -19.17%
 Gráfico de Tornado (VPN)
ducción Unidades -23.21% 23.21%

Precio -88.61% 88.61%

Costo Unitario -65.41% 65.41%

Costo Fijo -19.17% 19.17%

Si la Variable de Entrada Disminuye 1% Aumenta 1%

Gráfico de Araña (VPN)

Producción Unidades Precio

Costo Unitario Costo Fijo
IMPORTANTE: Solo registrar información en celdas color amarillo.

Indice de Sensibilidad & Punto Muerto

Variable Entrada Base Variación % Variable de Salida
Ventas (u) $ 5,000 1.00% VPN
Precio $ 300,000 1.00% VPN
Costo Unitario $ 210,000 1.00% VPN
Gastos & Otros $ 330,000,000 1.00% VPN

Análisis:
bilidad & Punto Muerto
Variación % IS Punto Muerto Cambio Máximo
-23.21% -23.21 -4.31% $ 4,785
-88.61% -88.61 -1.13% $ 296,614
65.41% 65.41 1.53% $ 213,211
19.17% 19.17 5.22% $ 347,218,757
IMPORTANTE: Solo registrar información en celdas color amarillo.

Crecimiento PIB 3.70%

Inflación 1.98%

Escenario Es

Datos de Entrada

Hoy
Ventas (u)
Precio de Venta
Costo Unitario
Gastos & Otros
Inversión KTNO $ 135,000,000
Inversión Activo Fijo $ 165,000,000
Tasa de Descuento 20% E.A
Valor Residual

Desarrollo
Ingresos $0
Ventas Totales ($)
Valor Residual
Egresos $0
Costos Variable Total
Costo Fijo
Ajuste $ 300,000,000
Capital de Trabajo $ 135,000,000
Activo Fijo $ 165,000,000
Salida
Flujo de Caja Libre -$ 300,000,000

Valor Presente Neto (VPN) $ 63,079,524

Tasa Interna de Retorno (TIR) 28.70%
Costo Anual Equivalente (CAUE) $ 25,256,041
Relación Beneficio/Costo (RB/C) 1.21 veces
Iteración 1000.00 veces

VPN dado → PIB

-$ 48,635,485 -0.14%
-$ 40,263,105 -0.41%
-$ 39,229,766 -0.26%
-$ 37,917,706 0.33%
-$ 32,914,781 0.82%
-$ 31,645,855 -1.05%
-$ 30,513,104 0.93%
-$ 28,597,123 -0.17%
-$ 26,129,060 0.97%
-$ 25,159,281 1.21%
-$ 24,709,590 -0.66%
-$ 24,168,562 -0.62%
-$ 24,013,856 0.35%
-$ 23,417,722 -0.59%
-$ 22,314,360 1.18%
-$ 22,104,154 -0.51%
-$ 21,520,424 1.26%
-$ 21,257,898 0.51%
-$ 20,864,150 -0.45%
-$ 20,591,744 0.50%
-$ 20,113,567 0.95%
-$ 19,341,617 1.57%
-$ 18,252,973 1.65%
-$ 17,443,736 0.44%
-$ 16,711,973 -0.22%
-$ 15,975,045 0.99%
-$ 15,750,535 -0.18%
-$ 15,612,614 1.38%
-$ 14,528,051 0.62%
-$ 14,280,262 -0.11%
-$ 14,257,983 1.49%
-$ 14,034,916 1.71%
-$ 13,651,080 1.48%
-$ 13,457,491 0.10%
-$ 13,166,553 1.67%
-$ 12,920,897 1.95%
-$ 12,710,967 -0.02%
-$ 12,620,200 -0.16%
-$ 12,206,470 0.00%
-$ 12,116,677 1.85%
-$ 11,580,139 0.60%
-$ 11,283,581 0.00%
-$ 11,007,334 1.92%
-$ 10,525,324 1.60%
-$ 10,362,574 1.82%
-$ 9,822,213 1.82%
-$ 9,703,979 1.86%
-$ 9,440,518 1.08%
-$ 8,968,094 1.07%
-$ 8,584,035 1.07%
-$ 7,897,185 1.70%
-$ 7,748,495 1.66%
-$ 7,212,998 1.69%
-$ 7,105,404 0.31%
-$ 6,817,809 1.86%
-$ 6,535,976 0.05%
-$ 6,138,235 2.18%
-$ 6,093,461 0.35%
-$ 5,967,924 1.36%
-$ 5,731,535 0.36%
-$ 5,512,312 0.35%
-$ 5,506,586 1.15%
-$ 5,196,860 1.87%
-$ 5,033,851 0.37%
-$ 4,873,560 2.28%
-$ 4,783,596 0.23%
-$ 4,703,276 0.43%
-$ 4,522,177 0.39%
-$ 4,493,183 2.08%
-$ 4,225,863 0.45%
-$ 3,992,773 -0.12%
-$ 3,908,341 2.05%
-$ 3,793,797 2.32%
-$ 3,626,895 1.34%
-$ 3,362,310 1.42%
-$ 3,222,491 1.65%
-$ 2,843,555 2.28%
-$ 2,777,364 0.52%
-$ 2,764,674 0.33%
-$ 2,421,651 0.51%
-$ 2,243,935 1.93%
-$ 2,086,270 0.57%
-$ 1,848,915 2.49%
-$ 1,776,225 1.75%
-$ 1,504,921 2.27%
-$ 1,285,298 0.58%
-$ 1,260,622 2.08%
-$ 1,113,059 2.40%
-$ 641,261 2.22%
-$ 392,281 0.87%
-$ 98,323 0.68%
-$ 54,156 1.47%
$ 460,922 2.45%
$ 479,448 2.62%
$ 738,362 2.62%
$ 852,250 2.14%
$ 1,482,213 1.65%
$ 1,601,287 0.77%
$ 1,694,253 2.67%
$ 1,895,401 2.63%
$ 2,126,363 0.73%
$ 2,150,112 2.49%
$ 2,229,848 2.62%
$ 2,309,890 2.42%
$ 2,450,278 2.42%
$ 2,620,244 1.94%
$ 2,688,575 2.66%
$ 2,901,359 0.84%
$ 3,107,776 2.51%
$ 3,167,120 2.61%
$ 3,193,629 0.79%
$ 3,258,641 0.77%
$ 3,542,868 2.75%
$ 3,972,723 1.72%
$ 4,110,214 2.57%
$ 4,224,789 2.39%
$ 4,310,331 0.29%
$ 4,410,387 1.73%
$ 4,477,686 2.14%
$ 4,544,459 1.10%
$ 4,672,050 0.90%
$ 4,725,618 0.86%
$ 4,800,374 1.77%
$ 4,842,289 0.91%
$ 5,021,217 0.92%
$ 5,092,965 2.47%
$ 5,136,732 2.34%
$ 5,228,586 0.98%
$ 5,507,175 1.13%
$ 5,797,319 0.98%
$ 6,013,392 2.83%
$ 6,288,801 1.03%
$ 6,338,369 2.49%
$ 6,487,209 0.99%
$ 6,488,116 1.79%
$ 6,726,890 1.23%
$ 6,889,676 0.92%
$ 7,028,667 0.98%
$ 7,241,105 3.00%
 $ 7,277,580 1.06%
$ 7,293,235 1.41%
$ 7,546,567 1.76%
$ 7,586,470 2.47%
$ 7,662,680 1.00%
$ 7,789,685 2.34%
$ 7,853,777 1.06%
$ 7,993,902 2.64%
$ 8,050,848 1.77%
$ 8,190,621 2.49%
$ 8,271,810 0.35%
$ 8,456,490 2.17%
$ 8,464,565 1.13%
$ 8,470,287 1.16%
$ 8,518,681 1.11%
$ 8,689,277 2.51%
$ 8,783,715 1.15%
$ 8,841,348 2.47%
$ 8,924,068 1.10%
$ 9,143,340 1.13%
$ 9,143,465 2.49%
$ 9,238,975 1.18%
$ 9,253,972 1.19%
$ 9,310,300 0.50%
$ 9,521,878 1.36%
$ 9,557,136 1.63%
$ 9,576,029 1.14%
$ 9,817,635 0.80%
$ 9,823,877 1.17%
$ 9,834,813 2.57%
$ 10,038,611 1.98%
$ 10,139,917 1.22%
$ 10,242,483 1.26%
$ 10,348,554 1.14%
$ 10,437,392 2.47%
$ 10,614,771 2.89%
$ 10,639,998 1.20%
$ 10,835,978 1.21%
$ 10,930,993 2.82%
$ 11,243,929 1.26%
$ 11,380,963 1.14%
$ 11,400,740 1.22%
$ 11,579,779 1.31%
$ 11,722,810 1.10%
$ 11,777,777 1.32%
$ 12,175,753 1.47%
$ 12,310,085 1.25%
$ 12,383,365 2.71%
$ 12,482,061 2.54%
$ 12,646,134 3.14%
$ 12,681,924 3.13%
$ 12,803,768 1.35%
$ 13,020,520 0.94%
$ 13,145,028 2.17%
$ 13,409,259 1.38%
$ 13,461,994 1.93%
$ 13,543,364 3.11%
$ 13,657,353 1.74%
$ 13,702,239 1.37%
$ 13,781,211 1.32%
$ 13,841,659 1.66%
$ 13,848,894 2.58%
$ 13,879,102 3.20%
$ 13,979,757 1.84%
$ 14,144,644 1.34%
$ 14,156,239 3.25%
$ 14,192,662 1.47%
$ 14,247,288 0.42%
$ 14,255,846 1.42%
$ 14,347,928 1.39%
$ 14,382,187 1.43%
$ 14,393,227 1.40%
$ 14,403,775 1.49%
$ 14,506,457 1.45%
$ 14,616,836 1.40%
$ 14,634,057 3.21%
$ 14,777,528 1.37%
$ 14,815,828 1.44%
$ 14,868,719 1.49%
$ 14,999,793 3.00%
$ 15,276,242 1.96%
$ 15,374,412 1.25%
$ 15,581,529 1.50%
$ 15,639,624 1.44%
$ 15,641,315 1.49%
$ 15,738,039 1.90%
$ 15,761,895 2.62%
$ 15,824,296 1.44%
$ 15,924,611 2.18%
$ 16,029,708 3.48%
$ 16,101,920 1.51%
$ 16,162,456 1.47%
$ 16,240,074 1.48%
$ 16,249,268 3.46%
$ 16,356,872 1.91%
$ 16,445,718 1.58%
$ 16,449,277 1.51%
$ 16,487,692 1.85%
$ 16,532,599 1.53%
$ 16,566,565 2.95%
$ 16,596,364 1.58%
$ 16,802,923 1.48%
$ 16,818,435 3.43%
$ 16,893,159 1.54%
$ 16,926,605 1.56%
$ 16,941,025 1.53%
$ 16,981,985 2.51%
$ 16,985,469 1.52%
$ 17,092,301 2.82%
$ 17,168,051 1.49%
$ 17,170,939 1.60%
$ 17,195,872 1.61%
$ 17,264,662 3.25%
$ 17,370,354 2.47%
$ 17,449,747 1.62%
$ 17,500,146 2.83%
$ 17,572,107 1.52%
$ 17,585,897 3.08%
$ 17,658,143 1.76%
$ 17,767,066 2.04%
$ 17,819,464 1.60%
$ 18,193,204 1.96%
$ 18,271,562 1.65%
$ 18,289,453 1.78%
$ 18,450,699 1.69%
$ 18,482,593 3.47%
$ 18,500,346 1.61%
$ 18,623,396 1.64%
$ 18,631,103 2.68%
$ 18,763,411 1.56%
$ 18,810,450 1.60%
$ 18,841,820 1.59%
$ 18,882,061 1.36%
$ 18,963,589 3.47%
$ 19,030,630 3.31%
$ 19,076,660 2.67%
$ 19,203,666 3.34%
$ 19,371,109 3.55%
$ 19,417,074 1.64%
$ 19,568,589 1.69%
$ 19,583,483 3.50%
$ 19,703,842 2.61%
$ 19,715,403 1.66%
$ 19,728,155 1.62%
$ 19,772,914 1.60%
$ 19,933,266 2.89%
$ 20,086,185 3.08%
$ 20,231,778 1.90%
$ 20,319,603 1.66%
$ 20,347,266 3.69%
$ 20,436,872 3.11%
$ 20,614,535 1.79%
$ 20,772,708 1.81%
$ 20,841,529 1.68%
$ 20,901,267 2.62%
$ 20,902,287 1.72%
$ 21,021,055 2.27%
$ 21,060,728 1.72%
$ 21,116,444 1.80%
$ 21,150,134 1.73%
$ 21,187,551 1.80%
$ 21,243,391 2.21%
$ 21,349,224 1.83%
$ 21,403,359 3.37%
$ 21,414,691 1.78%
$ 21,490,154 1.70%
$ 21,559,683 3.53%
$ 21,612,089 1.76%
$ 21,624,087 3.16%
$ 21,901,626 1.71%
$ 21,961,861 1.84%
$ 21,993,119 1.85%
$ 22,001,251 1.78%
$ 22,040,512 1.81%
$ 22,159,055 2.31%
$ 22,212,273 1.39%
$ 22,330,638 3.49%
$ 22,403,483 1.85%
$ 22,475,081 3.51%
$ 22,511,468 1.82%
$ 22,573,370 3.49%
$ 22,616,928 1.85%
$ 22,681,694 1.81%
$ 22,889,779 3.81%
$ 22,962,358 1.94%
$ 23,011,519 1.80%
$ 23,079,526 2.27%
$ 23,137,971 1.86%
$ 23,206,721 1.95%
$ 23,256,017 1.94%
$ 23,308,100 1.81%
$ 23,323,261 2.31%
$ 23,521,264 3.35%
$ 23,560,708 1.97%
$ 23,683,806 3.76%
$ 23,728,038 1.96%
$ 23,880,570 1.97%
$ 23,951,833 2.53%
$ 23,973,773 1.83%
$ 24,123,369 2.11%
$ 24,132,966 1.95%
$ 24,188,274 1.89%
$ 24,252,057 1.94%
$ 24,315,026 3.74%
$ 24,436,052 2.42%
$ 24,436,100 1.97%
$ 24,517,540 2.69%
$ 24,583,948 1.92%
$ 24,597,662 1.93%
$ 24,713,264 2.55%
$ 24,955,906 2.89%
$ 25,027,882 2.04%
$ 25,090,545 1.56%
$ 25,107,304 1.99%
$ 25,261,713 2.27%
$ 25,288,228 1.89%
$ 25,449,640 1.89%
$ 25,517,796 3.13%
$ 25,584,494 2.16%
$ 25,688,005 3.31%
$ 25,757,806 3.78%
$ 25,852,372 2.44%
$ 25,886,222 2.05%
$ 26,090,784 3.08%
$ 26,145,135 2.07%
$ 26,442,176 3.72%
$ 26,479,577 2.13%
$ 26,600,370 2.09%
$ 26,619,246 2.56%
$ 26,672,072 2.09%
$ 26,746,903 3.52%
$ 26,761,710 2.09%
$ 26,780,701 2.00%
$ 26,817,244 1.96%
$ 26,829,178 3.62%
$ 26,859,005 2.12%
$ 26,876,817 1.99%
$ 26,992,241 3.80%
$ 26,992,548 2.02%
$ 27,121,802 2.13%
$ 27,181,224 1.66%
$ 27,299,338 3.09%
$ 27,378,623 2.08%
$ 27,482,549 2.14%
$ 27,559,010 3.04%
$ 27,578,232 2.06%
$ 27,716,395 2.12%
$ 27,840,005 2.20%
$ 28,070,626 3.09%
$ 28,148,585 3.60%
$ 28,199,573 3.29%
$ 28,289,557 2.16%
$ 28,406,973 4.05%
$ 28,471,228 3.97%
$ 28,593,113 2.43%
$ 28,609,689 3.64%
$ 28,811,259 3.99%
$ 28,877,474 2.18%
$ 28,994,786 2.08%
$ 29,050,060 2.26%
$ 29,056,386 2.17%
$ 29,158,033 2.09%
$ 29,176,873 1.61%
$ 29,206,938 2.09%
$ 29,363,131 2.13%
$ 29,377,866 2.11%
$ 29,393,095 3.05%
$ 29,600,923 2.45%
$ 29,637,355 1.74%
$ 29,719,020 2.28%
$ 29,764,341 3.58%
$ 29,846,998 2.17%
$ 29,906,074 2.14%
$ 29,980,833 3.19%
$ 30,106,018 2.47%
$ 30,335,171 2.58%
$ 30,414,207 3.09%
$ 30,519,552 2.92%
$ 30,606,331 2.84%
$ 30,641,560 2.24%
$ 30,822,047 2.28%
$ 30,836,594 2.34%
$ 30,840,415 2.22%
$ 30,877,773 2.28%
$ 30,881,300 2.32%
$ 30,895,665 2.30%
$ 30,909,326 2.31%
$ 31,036,270 2.30%
$ 31,100,441 3.53%
$ 31,142,558 2.36%
$ 31,174,397 2.36%
$ 31,208,941 2.20%
$ 31,323,077 2.27%
$ 31,375,578 1.57%
$ 31,450,021 2.36%
$ 31,549,815 2.36%
$ 31,583,122 2.36%
$ 31,637,726 2.29%
$ 31,660,040 2.82%
$ 31,677,149 2.39%
$ 31,728,625 2.20%
$ 31,792,736 2.76%
$ 31,876,453 2.40%
$ 31,898,408 2.41%
$ 31,929,183 4.18%
$ 32,017,916 2.41%
$ 32,059,969 3.75%
$ 32,189,048 1.75%
$ 32,299,392 3.50%
$ 32,349,012 2.38%
$ 32,449,375 3.56%
$ 32,529,611 2.53%
$ 32,530,485 2.35%
$ 32,626,801 2.40%
$ 32,659,597 4.13%
$ 32,720,226 3.44%
$ 32,869,019 2.44%
$ 32,918,190 2.03%
$ 32,967,429 2.36%
$ 33,017,999 3.15%
$ 33,025,911 2.36%
$ 33,089,826 3.33%
$ 33,105,054 2.31%
$ 33,218,190 3.95%
$ 33,379,120 2.44%
$ 33,408,861 2.30%
$ 33,411,129 3.93%
$ 33,461,525 2.48%
$ 33,777,592 3.60%
$ 33,870,164 2.37%
$ 33,883,282 2.40%
$ 33,908,867 2.33%
$ 33,934,631 1.94%
$ 34,091,720 2.37%
$ 34,143,850 2.35%
$ 34,153,297 2.51%
$ 34,185,909 2.80%
$ 34,210,539 2.40%
$ 34,276,603 2.47%
$ 34,374,617 2.50%
$ 34,402,761 1.88%
$ 34,453,089 2.37%
$ 34,501,267 3.86%
$ 34,765,786 2.39%
$ 34,802,498 2.28%
$ 34,885,539 2.48%
$ 34,934,192 2.45%
$ 34,963,595 2.66%
$ 35,057,463 2.53%
$ 35,178,260 2.43%
$ 35,356,767 2.61%
$ 35,448,938 2.42%
$ 35,604,668 3.12%
$ 35,819,325 2.43%
$ 35,907,146 2.49%
$ 35,977,278 2.75%
$ 36,022,693 3.06%
$ 36,035,262 2.51%
$ 36,090,516 4.06%
$ 36,161,027 1.87%
$ 36,207,790 3.57%
$ 36,326,982 2.52%
$ 36,363,630 2.64%
$ 36,394,898 2.56%
$ 36,484,854 2.54%
$ 36,485,824 3.96%
$ 36,548,704 2.05%
$ 36,704,363 2.79%
$ 36,704,904 2.53%
$ 36,782,649 2.62%
$ 36,831,651 2.67%
$ 36,839,360 2.50%
$ 36,944,741 2.68%
$ 37,027,800 2.72%
$ 37,044,599 2.48%
$ 37,143,248 1.98%
$ 37,163,440 2.67%
$ 37,299,577 2.69%
$ 37,307,356 2.52%
$ 37,352,935 3.27%
$ 37,436,252 2.41%
$ 37,537,519 2.64%
$ 37,541,455 2.69%
$ 37,574,983 2.56%
$ 37,583,228 2.50%
$ 37,594,489 2.63%
$ 37,668,578 3.98%
$ 37,669,023 2.64%
$ 37,932,948 2.00%
$ 38,169,334 1.73%
$ 38,235,129 3.43%
$ 38,248,425 2.60%
$ 38,318,153 2.66%
$ 38,452,854 4.36%
$ 38,482,677 2.71%
$ 38,526,711 2.65%
$ 38,590,773 2.34%
$ 38,633,670 2.65%
$ 38,705,309 2.43%
$ 38,730,106 2.73%
$ 38,830,164 2.77%
$ 39,018,530 2.60%
$ 39,048,148 2.91%
$ 39,210,812 2.90%
$ 39,399,351 4.10%
$ 39,410,436 2.65%
$ 39,444,328 2.60%
$ 39,557,101 3.42%
$ 39,669,533 4.05%
$ 39,797,610 2.95%
$ 39,977,344 2.90%
$ 39,998,676 2.70%
$ 40,125,147 2.33%
$ 40,206,041 2.85%
$ 40,325,303 2.27%
$ 40,381,104 2.74%
$ 40,382,207 2.72%
$ 40,388,429 2.76%
$ 40,389,596 4.11%
$ 40,471,062 2.71%
$ 40,562,246 2.13%
$ 40,593,310 2.64%
$ 40,603,090 2.64%
$ 40,672,878 3.54%
$ 40,801,944 2.77%
$ 40,862,219 3.63%
$ 40,915,697 2.69%
$ 40,982,369 1.90%
$ 40,993,238 2.68%
$ 41,099,451 2.94%
$ 41,214,465 4.28%
$ 41,335,353 3.97%
$ 41,504,443 2.76%
$ 41,576,242 4.20%
$ 41,590,658 2.69%
$ 41,701,790 1.89%
$ 41,733,474 2.70%
$ 41,793,297 2.79%
$ 41,975,240 2.94%
$ 42,085,823 2.86%
$ 42,189,067 2.81%
$ 42,246,981 4.77%
$ 42,319,054 2.78%
$ 42,390,452 2.82%
$ 42,480,475 2.88%
$ 42,515,469 4.73%
$ 42,563,744 4.82%
$ 42,705,901 2.22%
$ 42,782,582 2.40%
$ 42,814,129 2.81%
$ 42,986,515 3.09%
$ 43,044,365 2.92%
$ 43,139,916 2.82%
$ 43,239,840 2.78%
$ 43,282,572 3.01%
$ 43,291,192 2.97%
$ 43,292,845 2.87%
$ 43,371,473 2.88%
$ 43,424,829 4.01%
$ 43,657,588 3.74%
$ 43,777,186 2.91%
$ 43,823,976 2.98%
$ 43,860,927 2.87%
$ 43,885,580 2.93%
$ 43,985,631 4.48%
$ 44,077,583 3.73%
$ 44,151,972 2.98%
$ 44,297,085 4.57%
$ 44,345,816 2.82%
$ 44,453,834 2.95%
$ 44,486,457 2.97%
$ 44,490,313 3.19%
$ 44,504,203 3.00%
$ 44,570,663 3.08%
$ 44,594,174 2.95%
$ 44,601,715 2.91%
$ 44,663,187 2.93%
$ 44,989,173 3.43%
$ 45,167,149 3.28%
$ 45,344,880 3.06%
$ 45,369,360 2.92%
$ 45,376,249 3.08%
$ 45,384,551 2.94%
$ 45,402,071 2.94%
$ 45,417,130 2.57%
$ 45,458,086 3.27%
$ 45,508,334 3.28%
$ 45,592,862 3.14%
$ 45,674,234 2.62%
$ 45,758,433 3.20%
$ 45,796,816 3.08%
$ 45,854,041 3.09%
$ 45,863,901 3.06%
$ 45,887,946 3.11%
$ 46,084,851 3.29%
$ 46,131,439 3.15%
$ 46,185,948 3.17%
$ 46,208,865 3.15%
$ 46,297,573 3.02%
$ 46,392,338 3.03%
$ 46,481,748 2.18%
$ 46,637,991 3.00%
$ 46,717,674 2.99%
$ 46,830,556 2.99%
$ 46,929,786 3.06%
$ 46,941,258 3.63%
$ 46,974,488 3.17%
$ 47,053,958 3.17%
$ 47,135,250 3.02%
$ 47,252,933 4.02%
$ 47,272,165 3.17%
$ 47,305,654 3.15%
$ 47,366,368 2.47%
$ 47,515,646 2.98%
$ 47,565,824 3.23%
$ 47,637,847 3.03%
$ 47,745,195 3.13%
$ 47,750,877 3.00%
$ 47,782,278 3.22%
$ 47,866,766 3.10%
$ 47,934,883 3.14%
$ 47,986,633 2.09%
$ 48,112,147 3.02%
$ 48,239,936 3.16%
$ 48,257,201 3.17%
$ 48,281,581 3.28%
$ 48,290,068 3.15%
$ 48,321,038 3.06%
$ 48,391,447 3.18%
$ 48,417,971 3.11%
$ 48,541,044 4.78%
$ 48,541,437 3.26%
$ 48,608,749 3.57%
$ 48,704,509 3.13%
$ 48,860,176 3.15%
$ 48,876,266 3.85%
$ 48,948,305 3.22%
$ 48,967,597 3.41%
$ 48,982,042 3.20%
$ 49,117,263 3.13%
$ 49,126,334 3.30%
$ 49,223,944 3.10%
$ 49,225,895 3.12%
$ 49,262,524 4.31%
$ 49,332,454 3.26%
$ 49,343,771 3.30%
$ 49,357,295 3.11%
$ 49,461,589 2.93%
$ 49,499,448 3.09%
$ 49,504,829 3.17%
$ 49,559,744 3.08%
$ 49,573,484 3.31%
$ 49,616,809 4.47%
$ 49,774,947 3.21%
$ 49,781,811 3.29%
$ 49,888,269 3.30%
$ 49,973,127 3.30%
$ 49,998,123 3.13%
$ 50,046,408 3.31%
$ 50,081,467 2.81%
$ 50,201,703 3.13%
$ 50,219,369 5.09%
$ 50,305,308 3.33%
$ 50,311,748 3.30%
$ 50,394,322 3.23%
$ 50,589,061 4.32%
$ 50,644,248 3.89%
$ 50,727,134 3.15%
$ 50,776,622 3.14%
$ 50,792,547 3.24%
$ 50,820,911 3.02%
$ 50,846,388 3.37%
$ 50,863,892 3.16%
$ 50,909,519 3.17%
$ 50,994,086 3.34%
$ 51,076,388 3.42%
$ 51,120,147 3.22%
$ 51,260,177 3.22%
$ 51,436,913 3.29%
$ 51,450,304 3.46%
$ 51,530,004 3.40%
$ 51,558,487 3.24%
$ 51,796,052 3.21%
$ 51,815,503 4.01%
$ 51,947,480 3.29%
$ 52,003,989 3.31%
$ 52,130,019 3.38%
$ 52,186,505 3.27%
$ 52,281,105 3.42%
$ 52,332,282 3.44%
$ 52,392,533 3.31%
$ 52,479,405 3.39%
$ 52,534,486 3.28%
$ 52,597,515 3.77%
$ 52,610,519 3.29%
$ 52,630,149 3.44%
$ 52,655,906 3.04%
$ 52,668,960 3.27%
$ 52,704,910 3.50%
$ 52,708,332 3.15%
$ 52,841,520 3.51%
$ 52,904,759 3.49%
$ 52,912,335 3.30%
$ 53,002,808 3.37%
$ 53,084,208 3.46%
$ 53,092,823 3.22%
$ 53,179,927 3.46%
$ 53,218,458 4.84%
$ 53,622,158 3.29%
$ 53,662,753 3.55%
$ 53,730,533 2.88%
$ 53,749,195 4.28%
$ 53,825,168 3.30%
$ 53,846,713 4.61%
$ 53,856,879 3.36%
$ 53,967,456 3.51%
$ 54,030,451 3.35%
$ 54,121,705 4.43%
$ 54,186,605 3.33%
$ 54,265,957 3.49%
$ 54,328,215 3.52%
$ 54,363,563 3.53%
$ 54,411,082 3.52%
$ 54,456,720 3.56%
$ 54,477,790 3.54%
$ 54,615,845 3.52%
$ 54,655,922 3.84%
$ 54,675,094 3.44%
$ 54,765,800 3.48%
$ 54,810,512 3.47%
$ 55,029,156 3.62%
$ 55,073,708 3.43%
$ 55,103,761 2.68%
$ 55,156,577 3.41%
$ 55,198,195 3.35%
$ 55,320,980 3.35%
$ 55,338,994 2.89%
$ 55,374,434 2.97%
$ 55,461,493 3.48%
$ 55,533,929 3.49%
$ 55,540,541 3.44%
$ 55,775,213 3.56%
$ 55,803,457 3.49%
$ 55,978,533 3.38%
$ 55,989,579 2.55%
$ 56,201,466 3.49%
$ 56,229,951 3.44%
$ 56,363,406 4.60%
$ 56,419,073 3.66%
$ 56,441,345 3.47%
$ 56,527,356 3.57%
$ 56,539,058 3.61%
$ 56,554,969 3.65%
$ 56,592,328 3.68%
$ 56,671,597 3.63%
$ 56,784,665 3.69%
$ 56,821,003 3.52%
$ 56,866,311 3.63%
$ 56,907,118 3.46%
$ 56,970,178 3.57%
$ 57,116,974 3.51%
$ 57,133,425 3.61%
$ 57,156,746 3.23%
$ 57,274,547 4.42%
$ 57,291,433 3.71%
$ 57,379,913 3.52%
$ 57,570,486 3.68%
$ 57,719,526 3.54%
$ 57,819,414 4.71%
$ 57,878,497 3.70%
$ 57,922,799 3.62%
$ 58,091,408 3.64%
$ 58,112,066 3.75%
$ 58,311,416 3.65%
$ 58,332,876 3.68%
$ 58,382,884 4.45%
$ 58,515,569 3.75%
$ 58,606,779 3.73%
$ 58,689,512 3.81%
$ 58,719,671 3.69%
$ 58,783,110 3.77%
$ 58,836,839 3.62%
$ 58,924,780 3.70%
$ 59,020,256 3.54%
$ 59,024,511 3.96%
$ 59,141,366 3.74%
$ 59,278,062 3.82%
$ 59,359,623 3.00%
$ 59,643,785 3.75%
$ 59,650,940 3.71%
$ 59,691,489 3.65%
$ 59,720,613 3.08%
$ 59,781,777 2.79%
$ 59,996,768 3.79%
$ 60,017,605 3.67%
$ 60,264,790 3.62%
$ 60,431,722 4.31%
$ 60,735,919 3.84%
$ 60,787,066 3.88%
$ 60,819,118 3.91%
$ 60,841,959 3.73%
$ 60,871,428 3.93%
$ 61,155,428 3.72%
$ 61,349,542 5.60%
$ 61,411,162 3.79%
$ 61,530,394 3.69%
$ 61,584,189 3.87%
$ 61,609,886 3.75%
$ 61,647,134 3.87%
$ 61,716,206 3.70%
$ 61,756,406 3.86%
$ 62,021,899 3.83%
$ 62,066,499 3.73%
$ 62,253,616 3.99%
$ 62,333,742 5.54%
$ 62,406,031 3.99%
$ 62,519,106 3.89%
$ 62,670,841 3.93%
$ 62,808,775 4.47%
$ 62,986,210 3.74%
$ 63,047,090 3.82%
$ 63,047,888 3.82%
$ 63,108,429 3.52%
$ 63,127,816 3.82%
$ 63,190,881 4.21%
$ 63,235,918 3.81%
$ 63,268,043 4.00%
$ 63,427,338 5.12%
$ 63,670,688 3.27%
$ 64,069,349 3.94%
$ 64,234,553 5.47%
$ 64,270,071 4.09%
$ 64,310,695 3.91%
$ 64,361,139 3.86%
$ 64,372,191 3.76%
$ 64,381,094 4.06%
$ 64,579,989 4.10%
$ 64,641,723 3.80%
$ 64,722,098 4.07%
$ 64,854,219 4.10%
$ 64,870,794 3.02%
$ 64,911,571 4.05%
$ 65,059,648 4.11%
$ 65,239,534 4.17%
$ 65,531,870 4.07%
$ 65,666,533 3.93%
$ 65,859,093 4.22%
$ 65,999,460 4.00%
$ 66,002,337 4.01%
$ 66,262,596 4.07%
$ 66,388,080 4.15%
$ 66,448,938 3.97%
$ 66,457,421 4.12%
$ 66,485,460 4.15%
$ 66,736,912 4.22%
$ 66,755,970 4.43%
$ 66,789,493 3.92%
$ 66,963,346 4.19%
$ 66,998,496 4.23%
$ 67,253,148 4.04%
$ 67,335,847 4.23%
$ 67,368,368 4.12%
$ 67,578,672 4.21%
$ 67,816,714 4.22%
$ 67,963,654 4.11%
$ 68,213,386 4.77%
$ 68,358,718 4.15%
$ 68,470,009 3.98%
$ 68,499,814 4.14%
$ 68,647,962 4.19%
$ 68,895,193 4.12%
$ 69,248,233 4.33%
$ 69,250,719 5.18%
$ 69,281,171 4.28%
$ 69,361,940 4.05%
$ 69,659,437 4.25%
$ 69,698,610 3.46%
$ 69,848,769 4.32%
$ 69,962,727 3.37%
$ 70,279,357 4.21%
$ 70,492,207 4.23%
$ 70,516,057 4.26%
$ 70,524,676 3.37%
$ 70,767,703 4.41%
$ 70,779,233 4.27%
$ 70,944,011 4.45%
$ 70,995,937 4.42%
$ 71,061,567 4.39%
$ 71,117,203 4.30%
$ 71,282,351 4.12%
$ 71,477,782 4.15%
$ 71,497,545 5.25%
$ 71,622,520 3.40%
$ 71,637,310 4.25%
$ 71,874,356 4.19%
$ 71,926,848 5.46%
$ 72,206,131 4.19%
$ 72,246,817 4.46%
$ 72,303,288 3.90%
$ 72,627,615 4.19%
$ 72,847,097 4.26%
$ 73,211,109 4.42%
$ 73,520,149 4.34%
$ 74,044,788 4.25%
$ 74,208,123 4.57%
$ 74,368,224 4.60%
$ 74,462,449 4.27%
$ 74,703,389 4.42%
$ 74,705,031 4.37%
$ 75,148,061 4.51%
$ 75,285,311 4.32%
$ 75,515,241 4.50%
$ 75,669,205 4.46%
$ 75,788,026 3.99%
$ 75,938,574 4.35%
$ 76,128,206 4.36%
$ 76,682,656 4.21%
$ 76,735,905 4.75%
$ 76,857,440 4.58%
$ 77,316,238 4.72%
$ 77,524,891 4.47%
$ 77,628,538 4.58%
$ 78,144,040 4.48%
$ 78,236,908 4.71%
$ 78,239,154 4.70%
$ 78,342,120 4.53%
$ 78,410,120 4.63%
$ 78,653,841 4.63%
 $ 78,716,211 4.03%
$ 78,868,637 4.65%
$ 78,950,197 5.65%
$ 79,140,762 4.68%
$ 79,287,827 4.75%
$ 79,471,242 4.87%
$ 79,591,549 4.82%
$ 79,684,093 4.73%
$ 79,866,585 4.54%
$ 80,101,829 4.57%
$ 80,152,842 4.66%
$ 81,552,057 4.68%
$ 81,587,832 4.66%
$ 82,472,946 4.66%
$ 82,530,318 4.65%
$ 82,638,971 5.01%
$ 83,373,942 5.05%
$ 84,510,329 5.06%
$ 85,439,167 5.03%
$ 85,974,184 4.86%
$ 86,088,256 5.14%
$ 86,154,853 5.00%
$ 87,202,804 4.87%
$ 87,939,980 5.03%
$ 87,974,074 4.93%
$ 89,483,323 5.09%
$ 89,505,710 5.19%
$ 90,284,191 5.11%
$ 90,801,124 5.18%
$ 93,068,169 5.55%
$ 93,183,961 5.17%
$ 97,737,089 5.43%
$ 106,756,284 5.81%
 Escenario Esperado

+ 1 año + 2 años + 3 años

5000 Unid 5185 Unid 5377 Unid
$ 300,000 $ 305,940 $ 311,998
$ 210,000 $ 220,583 $ 231,699
$ 330,000,000 $ 344,947,350 $ 360,571,740
$ 8,100,000 $ 486,000 $ 29,160
-$ 16,500,000 -$ 16,500,000 -$ 16,500,000

$ 1,500,000,000 $ 1,586,286,204 $ 1,677,535,946

$ 1,500,000,000 $ 1,586,286,204 $ 1,677,535,946

$ 1,380,000,000 $ 1,488,659,703 $ 1,606,360,260

$ 1,050,000,000 $ 1,143,712,353 $ 1,245,788,520
$ 330,000,000 $ 344,947,350 $ 360,571,740
-$ 8,400,000 -$ 16,014,000 -$ 16,470,840
$ 8,100,000 $ 486,000 $ 29,160
-$ 16,500,000 -$ 16,500,000 -$ 16,500,000

$ 128,400,000 $ 113,640,501 $ 87,646,526

IPC
1.15%
1.89%
1.79%
1.27%
1.05%
1.35%
1.07%
2.29%
1.27%
1.08%
2.45%
3.61%
2.01%
2.63%
1.26%
3.59%
1.23%
2.00%
1.93%
2.04%
1.61%
1.03%
1.01%
2.27%
2.99%
1.80%
2.74%
1.42%
2.25%
3.86%
1.39%
1.18%
1.43%
2.84%
1.26%
1.00%
3.71%
3.15%
3.50%
1.14%
2.43%
3.06%
1.13%
1.47%
1.26%
1.29%
1.26%
2.05%
2.09%
2.11%
1.51%
1.56%
1.56%
1.03%
1.41%
3.26%
1.13%
1.67%
1.96%
2.18%
3.53%
2.19%
1.49%
3.43%
1.10%
3.17%
1.57%
3.88%
1.32%
1.67%
3.57%
1.38%
1.11%
2.10%
2.03%
1.81%
1.20%
2.18%
3.17%
3.35%
1.58%
1.68%
1.05%
1.79%
1.28%
2.84%
1.49%
1.18%
1.38%
2.75%
1.39%
2.16%
1.21%
1.04%
1.06%
1.54%
2.06%
1.64%
1.06%
1.11%
3.74%
1.26%
1.13%
1.33%
1.34%
1.83%
1.12%
1.58%
1.29%
1.19%
3.78%
3.04%
1.07%
2.12%
1.28%
1.46%
3.59%
2.13%
1.73%
2.77%
2.52%
3.82%
2.11%
2.46%
2.43%
1.43%
1.56%
1.26%
2.80%
1.86%
1.12%
1.42%
1.47%
2.79%
2.18%
2.76%
3.08%
3.80%
1.02%
1.83%
2.60%
2.27%
1.56%
4.00%
1.70%
2.73%
1.41%
2.28%
1.57%
3.74%
1.90%
1.86%
1.04%
2.32%
1.58%
1.71%
1.62%
3.26%
2.54%
1.62%
1.47%
1.31%
3.64%
2.77%
2.50%
2.86%
3.36%
2.52%
1.58%
2.17%
1.80%
1.04%
3.86%
1.71%
1.30%
2.74%
2.80%
1.39%
2.06%
3.09%
3.26%
1.49%
3.15%
1.41%
2.80%
3.72%
1.57%
1.74%
1.16%
1.17%
1.95%
3.38%
2.14%
2.10%
2.40%
1.23%
2.60%
2.58%
3.03%
2.69%
1.77%
1.16%
2.52%
3.77%
1.13%
1.05%
3.98%
2.10%
2.91%
2.01%
2.72%
2.89%
1.80%
2.96%
1.19%
3.81%
2.38%
2.92%
1.42%
2.47%
3.19%
1.92%
3.17%
2.10%
2.55%
1.83%
3.02%
2.28%
1.00%
2.19%
3.08%
3.01%
1.03%
2.57%
1.33%
2.68%
2.64%
2.26%
1.55%
1.40%
3.62%
1.09%
2.49%
2.13%
2.75%
2.00%
3.02%
1.70%
3.80%
1.62%
1.45%
1.29%
2.06%
1.47%
1.71%
3.60%
1.47%
2.79%
2.51%
2.96%
2.62%
1.82%
2.80%
2.90%
1.13%
2.68%
2.21%
1.92%
3.95%
3.14%
3.39%
3.26%
1.16%
1.32%
1.95%
1.30%
1.10%
3.07%
2.33%
1.16%
2.04%
2.91%
3.76%
3.06%
1.78%
1.60%
2.78%
3.59%
1.01%
1.59%
1.46%
1.22%
3.59%
2.09%
3.01%
2.45%
3.17%
1.78%
3.01%
1.76%
2.52%
1.49%
1.38%
2.30%
3.89%
1.23%
2.82%
1.60%
4.00%
1.77%
1.67%
2.86%
2.45%
2.47%
3.40%
1.31%
2.11%
1.30%
2.71%
1.32%
2.24%
3.00%
1.02%
1.05%
3.50%
2.56%
2.50%
1.10%
1.26%
3.46%
2.53%
1.51%
1.08%
1.11%
1.41%
1.37%
2.34%
3.86%
2.77%
1.85%
2.88%
2.07%
1.16%
2.47%
1.88%
2.21%
2.68%
2.52%
2.36%
2.03%
1.25%
3.38%
2.06%
2.67%
3.90%
3.99%
1.82%
2.79%
1.66%
1.20%
2.53%
1.81%
1.90%
1.71%
1.29%
1.02%
1.77%
2.45%
1.72%
1.50%
1.80%
3.31%
3.95%
1.41%
1.46%
3.56%
1.24%
3.15%
1.45%
3.38%
1.95%
2.47%
1.59%
2.02%
2.89%
2.12%
1.03%
1.99%
1.49%
1.80%
2.03%
1.07%
1.15%
2.68%
1.48%
1.15%
2.08%
3.78%
2.87%
2.35%
3.68%
3.53%
3.71%
3.19%
3.53%
2.10%
2.71%
3.43%
1.38%
1.60%
2.99%
3.50%
1.99%
2.71%
2.61%
2.11%
2.29%
2.37%
2.63%
2.94%
1.35%
3.05%
2.19%
1.55%
1.85%
1.79%
1.94%
1.71%
1.31%
1.25%
3.56%
2.58%
3.69%
1.47%
1.51%
1.58%
2.54%
2.44%
1.22%
3.98%
2.51%
1.30%
1.06%
1.12%
1.22%
1.54%
3.55%
1.80%
1.89%
1.75%
2.78%
2.32%
1.78%
1.20%
1.88%
1.38%
3.30%
2.55%
2.18%
2.58%
2.01%
3.36%
1.41%
1.76%
3.76%
1.44%
1.34%
1.78%
3.00%
2.61%
3.68%
3.44%
3.27%
3.57%
1.36%
2.59%
2.99%
1.92%
1.70%
3.53%
3.51%
1.56%
3.47%
3.14%
2.26%
2.66%
2.77%
1.67%
3.09%
2.84%
3.42%
2.34%
3.64%
2.83%
2.73%
2.42%
2.67%
1.44%
3.63%
1.93%
2.73%
1.17%
2.20%
2.61%
1.56%
3.46%
2.73%
2.83%
1.77%
1.12%
3.02%
1.07%
2.81%
3.78%
3.56%
1.33%
1.21%
3.30%
2.28%
3.14%
1.90%
1.28%
2.97%
3.87%
2.14%
1.60%
2.10%
3.58%
3.87%
2.17%
2.95%
2.25%
1.27%
1.72%
2.44%
3.27%
2.53%
3.19%
1.64%
1.23%
3.46%
2.72%
2.74%
1.57%
3.09%
3.05%
2.24%
1.63%
2.72%
2.78%
2.76%
3.36%
1.11%
3.43%
2.52%
2.82%
2.23%
1.61%
2.92%
3.59%
3.88%
3.96%
2.18%
2.95%
2.10%
3.42%
3.84%
3.61%
2.80%
1.48%
1.79%
2.91%
1.58%
3.85%
3.89%
3.85%
2.79%
1.15%
2.06%
2.80%
1.06%
3.24%
2.78%
2.15%
1.11%
1.03%
3.60%
3.42%
3.19%
2.74%
2.01%
3.19%
3.77%
1.16%
1.52%
2.73%
2.64%
1.85%
2.13%
2.52%
1.79%
3.03%
2.36%
1.42%
2.16%
1.92%
1.35%
3.92%
2.95%
2.25%
2.72%
1.89%
1.09%
2.58%
2.98%
2.79%
2.50%
2.66%
1.69%
3.36%
1.55%
3.11%
3.17%
3.38%
2.69%
2.68%
2.82%
3.35%
2.77%
1.79%
1.68%
1.99%
1.55%
2.70%
1.16%
1.02%
1.21%
2.74%
2.71%
3.83%
3.15%
3.35%
3.42%
2.64%
2.40%
1.43%
1.46%
3.16%
2.03%
1.60%
1.89%
3.58%
3.88%
1.17%
3.41%
2.32%
3.84%
1.41%
2.77%
2.28%
4.00%
3.71%
2.23%
2.12%
1.06%
2.44%
3.42%
2.17%
2.93%
1.36%
1.37%
2.54%
2.83%
2.74%
2.28%
1.98%
2.72%
2.26%
3.04%
1.25%
3.43%
3.25%
1.85%
2.89%
1.37%
3.46%
3.22%
3.71%
2.88%
3.86%
1.45%
1.71%
2.60%
1.72%
1.71%
1.72%
3.05%
1.65%
3.38%
3.62%
1.14%
1.58%
1.95%
2.97%
1.90%
2.33%
3.75%
3.86%
2.74%
3.20%
1.48%
3.75%
3.62%
1.87%
1.11%
3.20%
3.26%
2.96%
2.79%
1.53%
3.24%
3.63%
2.27%
2.89%
2.72%
2.04%
3.22%
1.67%
1.54%
2.94%
2.08%
3.25%
2.54%
3.23%
1.68%
3.27%
3.41%
1.10%
3.16%
1.07%
1.34%
3.31%
2.55%
1.76%
3.11%
1.76%
1.53%
3.79%
1.15%
3.49%
2.10%
3.73%
1.78%
3.15%
1.62%
3.33%
1.97%
3.65%
1.98%
1.77%
1.71%
1.79%
1.40%
1.64%
1.87%
2.57%
2.68%
2.33%
2.48%
1.16%
3.07%
3.76%
3.25%
3.91%
3.94%
3.56%
3.48%
2.76%
2.63%
3.15%
2.91%
2.76%
3.98%
3.93%
3.00%
3.51%
1.91%
1.45%
3.27%
2.31%
1.97%
1.62%
1.35%
2.88%
1.29%
3.00%
1.89%
3.63%
2.60%
3.20%
2.25%
3.30%
2.13%
1.41%
3.21%
1.83%
3.18%
1.88%
1.79%
2.51%
2.47%
1.36%
2.39%
2.14%
2.16%
1.59%
1.79%
1.13%
2.22%
1.53%
3.02%
2.24%
3.89%
2.67%
1.97%
1.28%
3.64%
2.16%
2.48%
3.11%
3.58%
3.88%
1.91%
3.08%
3.70%
2.39%
1.81%
1.49%
1.18%
2.85%
1.06%
3.11%
1.19%
2.56%
3.61%
1.92%
3.06%
2.89%
3.56%
2.05%
2.52%
3.46%
1.17%
1.29%
1.21%
2.17%
1.92%
2.35%
3.80%
3.09%
3.00%
3.31%
3.11%
2.63%
3.21%
1.51%
1.75%
3.58%
2.41%
1.45%
1.18%
2.77%
3.31%
3.13%
2.83%
1.24%
3.92%
1.60%
1.39%
3.89%
1.80%
1.34%
2.77%
1.95%
3.02%
2.75%
2.70%
2.61%
2.25%
1.58%
3.23%
1.87%
1.62%
1.14%
2.58%
3.76%
1.50%
1.22%
2.92%
1.34%
2.30%
1.59%
1.62%
2.58%
2.32%
2.40%
3.94%
2.60%
2.20%
2.89%
1.31%
1.97%
1.71%
3.78%
2.18%
3.69%
1.64%
3.79%
2.71%
2.66%
2.41%
3.82%
1.31%
2.44%
1.05%
1.30%
1.60%
2.29%
3.94%
3.74%
2.01%
3.84%
2.98%
3.56%
1.83%
3.71%
1.53%
3.37%
3.90%
3.35%
2.90%
2.94%
3.97%
1.41%
1.27%
3.92%
2.81%
3.18%
2.91%
3.10%
2.47%
2.85%
3.45%
3.84%
3.82%
3.28%
1.03%
2.35%
1.49%
3.48%
2.68%
3.66%
1.86%
1.94%
3.36%
2.56%
2.69%
3.55%
2.57%
1.98%
2.42%
2.00%
1.14%
1.59%
2.24%
3.80%
3.70%
2.97%
3.35%
3.52%
3.89%
3.94%
1.32%
1.27%
1.61%
2.17%
3.57%
1.62%
2.60%
3.99%
3.01%
3.79%
3.11%
2.41%
3.28%
2.95%
1.17%
3.80%
3.53%
3.79%
 Clase Mínimo

1 -$ 48,635,485
2 -$ 34,508,960
3 -$ 20,382,436
4 -$ 6,255,911
+ 4 años + 5 años 5 $ 7,870,613
5576 Unid 5782 Unid 6 $ 21,997,137
$ 318,175 $ 324,475 7 $ 36,123,662
$ 243,375 $ 255,640 8 $ 50,250,186
$ 376,903,837 $ 393,975,696 9 $ 64,376,711
$ 1,750 $ 105 10 $ 78,503,235
-$ 16,500,000 -$ 16,500,000 11 $ 92,629,760

$ 226,117,015

$ 1,774,034,752 $ 2,102,201,582
$ 1,774,034,752 $ 1,876,084,568
$ 226,117,015
$ 1,733,878,808 $ 1,872,060,493
$ 1,356,974,971 $ 1,478,084,796
$ 376,903,837 $ 393,975,696
-$ 16,498,250 -$ 16,499,895
$ 1,750 $ 105
-$ 16,500,000 -$ 16,500,000

$ 56,654,194 $ 246,640,984
Análisis:

¿Cuál es la probabilidad de que el proyecto no

la probabilidad de que el VPN sea menor que
la probabilidad de que el Valor Presente Neto
éxito del proyecto ya que estas abarcan el 90,

Recomendaría llevar a cabo el proyecto. ¿Just

si, es recomendable llevar a cabo el proyecto,
resultadois en los indicadores son positivos ya
la tasa de descuento el CAUE es mayor que c
ganancia , lo que lo hace viable el proyecto de
 Frecuencia Frecuencia Abs.
Máximo Marca
Absoluta Acumulada

-$ 34,508,960 -$ 41,572,223 4 4
-$ 20,382,436 -$ 27,445,698 16 20
-$ 6,255,911 -$ 13,319,174 36 56
$ 7,870,613 $ 807,351 90 146
$ 21,997,137 $ 14,933,875 165 311
$ 36,123,662 $ 29,060,400 187 498
$ 50,250,186 $ 43,186,924 203 701
$ 64,376,711 $ 57,313,449 173 874
$ 78,503,235 $ 71,439,973 92 966
$ 92,629,760 $ 85,566,498 30 996
$ 106,756,285 $ 99,693,023 4 1000
1000
P (VPN

Gráfico de Probabilidad
25.0%

20.0% Eje
15.0%
Sim
Mon
10.0%

5.0%

0.0%
 5.0%

0.0%

ue el proyecto no cree valor (VPN<0)?

N sea menor que cero es de 9,20% del total de las 1000 posibles casos analizados, a lo que podem
or Presente Neto sea cero,siendo minimos el riesgo de llegar a obtener perdidas, en comparacion c
as abarcan el 90,8%, de exito a lo que se concluiria que habra una mayor generacion de valor a

el proyecto. ¿Justifique su respuesta?

cabo el proyecto, en el analisis propuesto se tuvo en cuenta la inflacion y el PIB para lo cual pod
son positivos ya que la probablidad de que el VPN sea menor que cero es del 9,20%, ademas la
E es mayor que cero por lo tanto le genera utilidad al proyecto y RB/C nos da por cada peso inv
ble el proyecto de inversion para la empresa, Electronic Tools Soon S.A.S
 Cantidad Clases 11
Tamaño Clase $ 14,126,524

Frecuencia Frecuencia
Relativa Relativa Acu.

0.4% 0.4%
1.6% 2.0%
3.6% 5.6%
9.0% 14.6%
16.5% 31.1%
18.7% 49.8%
20.3% 70.1%
17.3% 87.4%
9.2% 96.6%
3.0% 99.6%
0.4% 100.0%
100.0%
P (VPN <0) 9.20%

dad

Ejecutar
Simulación
Montecarlo
izados, a lo que podemos decir que es minima
idas, en comparacion con las posibilidades de
generacion de valor a la inversion

el PIB para lo cual podemos observar que los

del 9,20%, ademas la TIR esta por encima de
s da por cada peso invertido 21 centavos de
CONCLUSIONES
RECOMENDACIONES
REFERENCIAS BIBLIOGRÁFICAS