Curso: Ingenieria Financiera – MBA 126

Profesor: Juan O'brien

Examen Final
Nombre: Joao Coaquira Torres
Codigo: 20184702
Curso: Ingenieria Financiera – MBA 126
Profesor: Juan O'brien
Examen Final
Nombre: Joao Coaquira Torres
Codigo: 20184702

1.- ¿Cuál es el valor del proyecto? ¿Cuál rentabilidad del proyecto? ¿Cuál es el índice de rentabilidad?

VAN $ 3,581,012.76 Valor >=0

TIR trimestral 5.3596%
TIR anual 23.22% Rentabilidad del proyecto > = CCPP
IR 1.30 Indice de rentabilidad (PI) >=1

2.- Si el precio de venta no es único sino tiene un rango de USD 140 a USD 170 ¿Cuánto valdría el proyecto en este ran

Precio ($/m2) VAN TIR trimestral TIR anual IR

140 $ 2,186,441.34 4.19% 17.82% 1.180
145 $ 2,883,727.05 4.78% 20.52% 1.238
150 $ 3,581,012.76 5.36% 23.22% 1.296
160 $ 4,975,584.19 6.50% 28.64% 1.411
170 $ 6,308,102.04 7.55% 33.81% 1.521

3.- ¿Cuál es el precio de venta por m2 que pone en equilibrio el proyecto?

Precio ($/m2) VAN TIR trimestral TIR anual IR

124.32 $ - 0.00% 9.36% 1.00

4.- Si pensamos en cuotas trimestrales iguales de pago ¿cuál sería nuestra capacidad de pagar el financiamiento?

EBITDA $ 948,000.00
Cobertura 4
Interés que se puede pagar $ 237,000.00
Préstamo $ 12,199,800.67

5.- Con este escenario base y con el financiamiento inicialmente planteado ¿Cuál sería la rentabilidad de los inversion

FCL (Flujo Caja Libre) $ -12,116,000.00 $ 38,250.00 $ 869,850.00 $ 869,850.00

Desembolso $ 7,269,600.00 $ - $ - $ -
Interés $ - $ -141,223.23 $ -143,966.71 $ -135,607.22
Amortización $ - $ - $ -430,312.68 $ -438,672.17
Escudo Tributario Interes $ - $ 42,366.97 $ 43,190.01 $ 40,682.16
FCP (Flujo Caja Patrimonio) $ -4,846,400.00 $ -60,606.26 $ 338,760.63 $ 336,252.78

VAN S/3,027,492.92
TIR trimestral 9.67%
TIR anual 44.68%
IR 162.47%

Considerar un precio de venta estimado de USD 150 con una desviación de USD 20 y para las ventas trimestrales trab
6.- ¿Cuál es el riesgo de este proyecto?

Columna1
Media 3781.48
Error típico 82235.84
Mediana 82629.69
Moda #N/A
Desviación estándar 2600525.48 RIESGO
Varianza de la muestra 6762732770218.63
Curtosis 0.27
Coeficiente de asimetría -0.20
Rango 17749866.71
Mínimo -9342289.45
Máximo 8407577.27
Suma 3781483.49
Cuenta 1000.00

7.- ¿Cuál es el rango de valor de este proyecto al 95% de confianza?

Resultado Zeta Probabilidad Complemento

$ -5,093,248.46 -1.96 2.50% 97.50%
$ -4,000,000.00 -1.54 6.18% 93.82%
$ -2,000,000.00 -0.77 22.05% 77.95%
$ -1,000,000.00 -0.39 34.98% 65.02%
$ - -0.00 49.94% 50.06%
$ 1,000,000.00 0.38 64.92% 35.08%
$ 2,000,000.00 0.77 77.86% 22.14%
$ 4,000,000.00 1.54 93.78% 6.22%
$ 5,100,000.00 1.96 97.50% 2.50%
$ 6,000,000.00 2.31 98.94% 1.06%

8.-Quiero un excelente informe ejecutivo final donde le exponemos al Banco nuestra capacidad de pago. Ya nos llama
sean estables, prepare una respuesta que esta será una de las primeras preguntas en la reunión con el Banco.

El proyecto inicialmente tiene una rentabilidad de 0.00% trimestral

Los movimientos de salida y entrada de efectivo son positivos en el escenario base del flujo de caja libre
con un VAN $3,581,012.76
Inversión total $11,000,000.00
Patrimonio 4,400,000.00
Pasivo 6,600,000.00

La relacion deuda capital de la empresa es 1.50

Existe una alta posibilidad de valor de este proyecto al 95%

LIMITE SUPERIOR 8,407,577.27
LIMITE INFERIOR - 9,342,289.45

El precio de equilibrio es de $124.32

por lo que un precio de $150.00 es una buena opcion

En caso de que el precio baje a 140 o suba a 170 el rango es el siguiente

140 2186441.34164457 -
170 6308102.04446625
La capacidad de pago del financiamiento a cuotas trimestrales seria de
Interes que se puede pagar: $237,000.00

La rentabilidad de los inversionitas del proyecto sería.

TIR anual 9.67%
TIR trimestral 44.68%

La cobertura de lote de ventas para obtener un resultado positivo seria de

Venta de lotes: 103
ntabilidad?

dría el proyecto en este rango?

agar el financiamiento?

ntabilidad de los inversionistas en el proyecto?

FLUJO PATRIMONIO
$ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 869,850.00 $ 38,250.00
$ - $ - $ - $ - $ - $ -
$ -127,085.33 $ -118,397.89 $ -109,541.69 $ -100,513.44 $ -91,309.81 $ -81,927.37
$ -447,194.05 $ -455,881.49 $ -464,737.69 $ -473,765.94 $ -482,969.58 $ -492,352.01
$ 38,125.60 $ 35,519.37 $ 32,862.51 $ 30,154.03 $ 27,392.94 $ 24,578.21
$ 1,114,896.21 $ 1,112,289.98 $ 1,109,633.12 $ 1,106,924.65 $ 322,963.56 $ -511,451.17

as ventas trimestrales trabaje con un esperado de 110 lotes de ventas trimestrales con una desviación de 50 lotes. (Tome en cuen
dad de pago. Ya nos llamaron y el Banco está preocupado por la posibilidad que todos los trimestres la ventas no
nión con el Banco.
 $ 869,850.00 $ 869,850.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00
$ - $ - $ - $ - $ - $ -
$ -72,362.68 $ -62,612.17 $ -52,672.24 $ -42,539.21 $ -32,209.34 $ -21,678.79
$ -501,916.71 $ -511,667.22 $ -521,607.15 $ -531,740.17 $ -542,070.05 $ -552,600.60
$ 21,708.80 $ 18,783.65 $ 15,801.67 $ 12,761.76 $ 9,662.80 $ 6,503.64
$ 317,279.42 $ 314,354.27 $ 1,092,572.29 $ 1,089,532.38 $ 1,086,433.42 $ 1,083,274.25

50 lotes. (Tome en cuenta que solo dispone de 2000 lotes para todo el proyecto, y son 1000 lotes por etapa)
$ 1,651,050.00
$ -
$ -10,943.67
$ -563,335.72
$ 3,283.10
$ 1,080,053.72
 DATOS

INVERSION $ 11,000,000.00
Terreno 400,000 M2
Disponible Venta 62% 248,000 m2
Area para donar 3% 12,000 m2
Disponible Venta efectiva 59% 236,000 m2
Areas comunes 38% 152,000 m2

Área promedio por lote 118 m2

N° Lotes 2000
N° Etapas 2

INGRESOS
N° Lotes venta/trimestre 125
Precio lote $ 150.00 $/m2
N° Lotes venta por etapa 1000
Tipo de venta por etapa 2 años

COSTOS
Constructora $ 45.00 $/m2
Disponible venta 248,000

COSTO TOTAL $ 11,160,000.00

Desembolsos
Inicio de obra 20%
I Trimestre 40%
II Trimestre 20%
III Trimestre 20%

GASTOS
G. Administrativos $ 45,000.00 trimestral
G. Ventas 4%
Publicidad $ 15,000.00 trimestral

Rentabilidad accionista 15% anual 3.56% trimestral

Costo crédito 8% anual 1.94% trimestral
Impuesto 30%

Pasivo 60%
Patrimonio 40%

AÑO 1
0 Trimestre I Trimestre II Trimestre III Trimestre
Lotes vendido por trimestre 125 125 125
Precio/ lote ($/m2) $ 150.00 $ 150.00 $ 150.00

Vta de lotes - Total Ingresos $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00

Costo de Ventas $ -2,232,000.00 $ -1,116,000.00 $ -1,116,000.00
Utilidad Bruta $ - $ -19,500.00 $ 1,096,500.00 $ 1,096,500.00

G. Administrativos $ -45,000.00 $ -45,000.00 $ -45,000.00

G. Ventas $ -88,500.00 $ -88,500.00 $ -88,500.00
Publicidad $ -15,000.00 $ -15,000.00 $ -15,000.00
EBITDA $ - $ -168,000.00 $ 948,000.00 $ 948,000.00
Depreciacion $ - $ - $ -
EBIT $ - $ -168,000.00 $ 948,000.00 $ 948,000.00

Impuesto $ - $ - $ -284,400.00 $ -284,400.00

Costo terreno - escudo tributario $ 206,250.00 $ 206,250.00 $ 206,250.00

NOPAT $ - $ 38,250.00 $ 869,850.00 $ 869,850.00

CAPEX
INVERSION TERRENO $ -11,000,000.00
Inversion Habilitación $ -1,116,000.00
FCL (Flujo Caja Libre) $ -12,116,000.00 $ 38,250.00 $ 869,850.00 $ 869,850.00

WACC Anual 9.3600%

WACC Trim. 2.2621%

Valor Actual de los flujos S/15,697,012.76

VAN $ 3,581,012.76
TIR trimestral 5.36%
TIR anual 23.22%
IR 1.30

ESTRUCTURA DE LA DEUDA

FONDO INICIAL $ 12,116,000.00

Préstamo Banco $ 7,269,600.00

Periodo CAPITAL INTERES AMORTIZACION PAGO

0 $ 7,269,600.00
1 $ 7,410,823.23 $ 141,223.23
2 $ 6,980,510.55 $ 143,966.71 $ 430,312.68 $ 574,279.38
3 $ 6,541,838.38 $ 135,607.22 $ 438,672.17 $ 574,279.38
4 $ 6,094,644.32 $ 127,085.33 $ 447,194.05 $ 574,279.38
5 $ 5,638,762.83 $ 118,397.89 $ 455,881.49 $ 574,279.38
6 $ 5,174,025.14 $ 109,541.69 $ 464,737.69 $ 574,279.38
7 $ 4,700,259.19 $ 100,513.44 $ 473,765.94 $ 574,279.38
8 $ 4,217,289.61 $ 91,309.81 $ 482,969.58 $ 574,279.38
9 $ 3,724,937.60 $ 81,927.37 $ 492,352.01 $ 574,279.38
10 $ 3,223,020.89 $ 72,362.68 $ 501,916.71 $ 574,279.38
11 $ 2,711,353.68 $ 62,612.17 $ 511,667.22 $ 574,279.38
12 $ 2,189,746.53 $ 52,672.24 $ 521,607.15 $ 574,279.38
13 $ 1,658,006.36 $ 42,539.21 $ 531,740.17 $ 574,279.38
14 $ 1,115,936.31 $ 32,209.34 $ 542,070.05 $ 574,279.38
15 $ 563,335.72 $ 21,678.79 $ 552,600.60 $ 574,279.38
16 $ - $ 10,943.67 $ 563,335.72 $ 574,279.38

FCL (Flujo Caja Libre) $ -12,116,000.00 $ 38,250.00 $ 869,850.00 $ 869,850.00

Desembolso $ 7,269,600.00
Interés $ - $ -141,223.23 $ -143,966.71 $ -135,607.22
Amortización $ - $ - $ -430,312.68 $ -438,672.17
Escudo Tributario Interes $ - $ 42,366.97 $ 43,190.01 $ 40,682.16
FCP (Flujo Caja Patrimonio) $ -4,846,400.00 $ -60,606.26 $ 338,760.63 $ 336,252.78

VAN $ 3,027,492.92
TIR trimestral 9.67%
TIR anual 44.68%
IR 162.47%

Precio ($/m2) VAN TIR trim TIR anual IR

$ 3,581,012.76 5.3596% 23.2242% 1.2956
124.32 9.3600% 1.0000
140 17.8231% 1.1805
145 20.5221% 1.2380
150 23.2242% 1.2956
160 28.6436% 1.4107
170 33.8091% 1.52064

EBITDA $ 948,000.00
Cobertura 4
Interés que se puede pagar $ 237,000.00
Préstamo $ 12,199,800.67

EBITDA $ 948,000.00 $ 948,000.00 $ 2,064,000.00 $ 2,064,000.00

Intereses $ 143,966.71 $ 135,607.22 $ 127,085.33 $ 118,397.89
EBITDA/ Interes 6.58 6.99 16.24 17.43

Venta de Lotes (cantidad) Cobertura

6.58
50
75
100
103
125
150
 AÑO 2 AÑO 3
IV Trimestre I Trimestre II Trimestre III Trimestre IV Trimestre I Trimestre
125 125 125 125 125 125
$ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00

$ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00

0 0 0 0 $ -1,116,000.00 $ -2,232,000.00
$ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 1,096,500.00 $ -19,500.00

$ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00

$ -88,500.00 $ -88,500.00 $ -88,500.00 $ -88,500.00 $ -88,500.00 $ -88,500.00
$ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00
$ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 948,000.00 $ -168,000.00
$ - $ - $ - $ - $ - $ -
$ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 948,000.00 $ -168,000.00

$ -619,200.00 $ -619,200.00 $ -619,200.00 $ -619,200.00 $ -284,400.00 $ -

$ 206,250.00 $ 206,250.00 $ 206,250.00 $ 206,250.00 $ 206,250.00 $ 206,250.00

$ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 869,850.00 $ 38,250.00

$ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 869,850.00 $ 38,250.00

FLUJO PATRIMONIO
$ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 869,850.00 $ 38,250.00

$ -127,085.33 $ -118,397.89 $ -109,541.69 $ -100,513.44 $ -91,309.81 $ -81,927.37

$ -447,194.05 $ -455,881.49 $ -464,737.69 $ -473,765.94 $ -482,969.58 $ -492,352.01
$ 38,125.60 $ 35,519.37 $ 32,862.51 $ 30,154.03 $ 27,392.94 $ 24,578.21
$ 1,114,896.21 $ 1,112,289.98 $ 1,109,633.12 $ 1,106,924.65 $ 322,963.56 $ -511,451.17

$ 2,064,000.00 $ 2,064,000.00 $ 948,000.00 $ -168,000.00 $ 948,000.00 $ 948,000.00

$ 109,541.69 $ 100,513.44 $ 91,309.81 $ 81,927.37 $ 72,362.68 $ 62,612.17
18.84 20.53 10.38 -2.05 13.10 15.14
 AÑO 3 AÑO 4
II Trimestre III Trimestre IV Trimestre I Trimestre II Trimestre III Trimestre
125 125 125 125 125 125
$ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00

$ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00

$ -1,116,000.00 $ -1,116,000.00 0 0 0 0
$ 1,096,500.00 $ 1,096,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00 $ 2,212,500.00

$ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00

$ -88,500.00 $ -88,500.00 $ -88,500.00 $ -88,500.00 $ -88,500.00 $ -88,500.00
$ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00
$ 948,000.00 $ 948,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00
$ - $ - $ - $ - $ - $ -
$ 948,000.00 $ 948,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00

$ -284,400.00 $ -284,400.00 $ -619,200.00 $ -619,200.00 $ -619,200.00 $ -619,200.00

$ 206,250.00 $ 206,250.00 $ 206,250.00 $ 206,250.00 $ 206,250.00 $ 206,250.00

$ 869,850.00 $ 869,850.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00

$ 869,850.00 $ 869,850.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00

$ 869,850.00 $ 869,850.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00 $ 1,651,050.00

$ -72,362.68 $ -62,612.17 $ -52,672.24 $ -42,539.21 $ -32,209.34 $ -21,678.79

$ -501,916.71 $ -511,667.22 $ -521,607.15 $ -531,740.17 $ -542,070.05 $ -552,600.60
$ 21,708.80 $ 18,783.65 $ 15,801.67 $ 12,761.76 $ 9,662.80 $ 6,503.64
$ 317,279.42 $ 314,354.27 $ 1,092,572.29 $ 1,089,532.38 $ 1,086,433.42 $ 1,083,274.25

$ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00 $ 2,064,000.00

$ 52,672.24 $ 42,539.21 $ 32,209.34 $ 21,678.79 $ 10,943.67
39.19 48.52 64.08 95.21 188.60
 IV Trimestre
125
$ 150.00

$ 2,212,500.00
0
$ 2,212,500.00

$ -45,000.00
$ -88,500.00
$ -15,000.00
$ 2,064,000.00
$ -
$ 2,064,000.00

$ -619,200.00
$ 206,250.00

$ 1,651,050.00

$ 1,651,050.00

$ 1,651,050.00

$ -10,943.67
$ -563,335.72
$ 3,283.10
$ 1,080,053.72
 DATOS

INVERSION $ 11,000,000.00
Terreno 400,000 M2
Disponible Venta 62% 248,000 m2
Area para donar 3% 12,000 m2
Disponible Venta efectiva 59% 236,000 m2
Areas comunes 38% 152,000 m2

Área promedio por lote 118 m2

N° Lotes 2000
N° Etapas 2

INGRESOS
N° Lotes venta/trimestre 125
Precio lote $ 150.00 $/m2
N° Lotes venta por etapa 1000
Tipo de venta por etapa 2 años

COSTOS
Constructora $ 45.00 $/m2
Disponible venta 248,000

COSTO TOTAL $ 11,160,000.00

Desembolsos
Inicio de obra 20%
I Trimestre 40%
II Trimestre 20%
III Trimestre 20%

GASTOS
G. Administrativos $ 45,000.00 $/Trimestrales
G. Ventas 4%
Publicidad $ 15,000.00 $/Trimestrales

Rentabilidad accionista 15% anual 3.5558% trimestral

Costo crédito 8% anual 1.9427% trimestral
Impuesto 30%

Pasivo 60%
Patrimonio 40%

Estimado Desviación Estandar

Lotes Trimestral 110 50
Precio m2 $150 20
Costo m2 $45

AÑO 1
0 Trimestre I Trimestre II Trimestre III Trimestre
Vta probable lotes 101 130 84
Lote vendido 101 130 84
Lotes disponibles 1000 899 769
Vtas $ 1,876,432.36 $ 2,615,670.12 $ 1,566,129.72
Costo de Vta $ -2,232,000.00 $ -1,116,000.00 $ -1,116,000.00
Utilidad Bruta $ - $ -355,567.64 $ 1,499,670.12 $ 450,129.72

G. Administrativos $ -45,000.00 $ -45,000.00 $ -45,000.00

G. Ventas $ -75,057.29 $ -104,626.80 $ -62,645.19
Publicidad $ -15,000.00 $ -15,000.00 $ -15,000.00
EBITDA $ - $ -490,624.93 $ 1,335,043.31 $ 327,484.53
Depreciacion $ - $ - $ -
EBIT $ - $ -490,624.93 $ 1,335,043.31 $ 327,484.53

Impuesto $ - $ - $ -400,512.99 $ -98,245.36

Costo terreno - escudo tributario $ 166,650.00 $ 214,500.00 $ 138,600.00

NOPAT $ - $ -323,974.93 $ 1,149,030.32 $ 367,839.17

CAPEX
INVERSION TERRENO $ -11,000,000.00
Inversion Habilitación $ -1,116,000.00
FCL (Flujo Caja Libre) $ -12,116,000.00 $ -323,974.93 $ 1,149,030.32 $ 367,839.17

CCPP 9.3600%
CCPP Trimestral 2.2621%

Valor Actual de los flujos S/11,827,486.19

VAN $ -288,513.81
TIR trimestral 1.9839%
TIR anual 8.18%
IR 0.9762

1 $ -288,513.81
2 -2821114.426175 Columna1
3 -2821114.426175
4 -2821114.426175 Media 3781.483487063
5 -2821114.426175 Error típico 82235.83628941
6 -2821114.426175 Mediana 82629.68773014
7 -2821114.426175 Moda #N/A
8 -2,821,114.43 Desviación están2600525.479633
9 -2821114.426175 Varianza de la mu 6762732770219
10 -2821114.426175 Curtosis 0.273215822593
11 -2821114.426175 Coeficiente de asi -0.19791341215
12 -2821114.426175 Rango 17749866.71483
13 -2821114.426175 Mínimo -9342289.44655
14 -2821114.426175 Máximo 8407577.268282
15 -2821114.426175 Suma 3781483.487063
16 -2821114.426175 Cuenta 1000
17 -2821114.426175
18 -2821114.426175
19 -2821114.426175
20 -2821114.426175
21 -2821114.426175
22 -2821114.426175
23 -2821114.426175
24 -2821114.426175
25 -2821114.426175
26 -2821114.426175
27 -2821114.426175
28 -2821114.426175
29 -2821114.426175
30 -2821114.426175
31 -2821114.426175
32 -2821114.426175
33 -2821114.426175
34 -2821114.426175
35 -2821114.426175
36 -2821114.426175
37 -2821114.426175
38 -2821114.426175
39 -2821114.426175
40 -2821114.426175
41 -2821114.426175
42 -2821114.426175
43 -2821114.426175
44 -2821114.426175
45 -2821114.426175
46 -2821114.426175
47 -2821114.426175
48 -2821114.426175
49 -2821114.426175
50 -2821114.426175
51 -2821114.426175
52 -2821114.426175
53 -2821114.426175
54 -2821114.426175
55 -2821114.426175
56 -2821114.426175
57 -2821114.426175
58 -2821114.426175
59 -2821114.426175
60 -2821114.426175
61 -2821114.426175
62 -2821114.426175
63 -2821114.426175
64 -2821114.426175
65 -2821114.426175
66 -2821114.426175
67 -2821114.426175
68 -2821114.426175
69 -2821114.426175
70 -2821114.426175
71 -2821114.426175
72 -2821114.426175
73 -2821114.426175
74 -2821114.426175
75 -2821114.426175
76 -2821114.426175
 77 -2821114.426175
78 -2821114.426175
79 -2821114.426175
80 -2821114.426175
81 -2821114.426175
82 -2821114.426175
83 -2821114.426175
84 -2821114.426175
85 -2821114.426175
86 -2821114.426175
87 -2821114.426175
88 -2821114.426175
89 -2821114.426175
90 -2821114.426175
91 -2821114.426175
92 -2821114.426175
93 -2821114.426175
94 -2821114.426175
95 -2821114.426175
96 -2821114.426175
97 -2821114.426175
98 -2821114.426175
99 -2821114.426175
100 -2821114.426175
101 -2821114.426175
102 -2821114.426175
103 -2821114.426175
104 -2821114.426175
105 -2821114.426175
106 -2821114.426175
107 -2821114.426175
108 -2821114.426175
109 -2821114.426175
110 -2821114.426175
111 -2821114.426175
112 -2821114.426175
113 -2821114.426175
114 -2821114.426175
115 -2821114.426175
116 -2821114.426175
117 -2821114.426175
118 -2821114.426175
119 -2821114.426175
120 -2821114.426175
121 -2821114.426175
122 -2821114.426175
123 -2821114.426175
124 -2821114.426175
125 -2821114.426175
126 -2821114.426175
127 -2821114.426175
128 -2821114.426175
129 -2821114.426175
130 -2821114.426175
131 -2821114.426175
132 -2821114.426175
133 -2821114.426175
134 -2821114.426175
135 -2821114.426175
136 -2821114.426175
137 -2821114.426175
138 -2821114.426175
139 -2821114.426175
140 -2821114.426175
141 -2821114.426175
142 -2821114.426175
143 -2821114.426175
144 -2821114.426175
145 -2821114.426175
146 -2821114.426175
147 -2821114.426175
148 -2821114.426175
149 -2821114.426175
150 -2821114.426175
151 -2821114.426175
152 -2821114.426175
153 -2821114.426175
154 -2821114.426175
155 -2821114.426175
156 -2821114.426175
157 -2821114.426175
158 -2821114.426175
159 -2821114.426175
160 -2821114.426175
161 -2821114.426175
162 -2821114.426175
163 -2821114.426175
164 -2821114.426175
165 -2821114.426175
166 -2821114.426175
167 -2821114.426175
168 -2821114.426175
169 -2821114.426175
170 -2821114.426175
171 -2821114.426175
172 -2821114.426175
173 -2821114.426175
174 -2821114.426175
175 -2821114.426175
176 -2821114.426175
177 -2821114.426175
178 -2821114.426175
179 -2821114.426175
180 -2821114.426175
181 -2821114.426175
182 -2821114.426175
183 -2821114.426175
184 -2821114.426175
185 -2821114.426175
186 -2821114.426175
187 -2821114.426175
188 -2821114.426175
189 -2821114.426175
190 -2821114.426175
191 -2821114.426175
192 -2821114.426175
193 -2821114.426175
194 -2821114.426175
195 -2821114.426175
196 -2821114.426175
197 -2821114.426175
198 -2821114.426175
199 -2821114.426175
200 -2821114.426175
201 -2821114.426175
202 -2821114.426175
203 -2821114.426175
204 -2821114.426175
205 -2821114.426175
206 -2821114.426175
207 -2821114.426175
208 -2821114.426175
209 -2821114.426175
210 -2821114.426175
211 -2821114.426175
212 -2821114.426175
213 -2821114.426175
214 -2821114.426175
215 -2821114.426175
216 -2821114.426175
217 -2821114.426175
218 -2821114.426175
219 -2821114.426175
220 -2821114.426175
221 -2821114.426175
222 -2821114.426175
223 -2821114.426175
224 -2821114.426175
225 -2821114.426175
226 -2821114.426175
227 -2821114.426175
228 -2821114.426175
229 -2821114.426175
230 -2821114.426175
231 -2821114.426175
232 -2821114.426175
233 -2821114.426175
234 -2821114.426175
235 -2821114.426175
236 -2821114.426175
237 -2821114.426175
238 -2821114.426175
239 -2821114.426175
240 -2821114.426175
241 -2821114.426175
242 -2821114.426175
243 -2821114.426175
244 -2821114.426175
245 -2821114.426175
246 -2821114.426175
247 -2821114.426175
248 -2821114.426175
249 -2821114.426175
250 -2821114.426175
251 -2821114.426175
252 -2821114.426175
253 -2821114.426175
254 -2821114.426175
255 -2821114.426175
256 -2821114.426175
257 -2821114.426175
258 -2821114.426175
259 -2821114.426175
260 -2821114.426175
261 -2821114.426175
262 -2821114.426175
263 -2821114.426175
264 -2821114.426175
265 -2821114.426175
266 -2821114.426175
267 -2821114.426175
268 -2821114.426175
269 -2821114.426175
270 -2821114.426175
271 -2821114.426175
272 -2821114.426175
273 -2821114.426175
274 -2821114.426175
275 -2821114.426175
276 -2821114.426175
277 -2821114.426175
278 -2821114.426175
279 -2821114.426175
280 -2821114.426175
281 -2821114.426175
282 -2821114.426175
283 -2821114.426175
284 -2821114.426175
285 -2821114.426175
286 -2821114.426175
287 -2821114.426175
288 -2821114.426175
289 -2821114.426175
290 -2821114.426175
291 -2821114.426175
292 -2821114.426175
293 -2821114.426175
294 -2821114.426175
295 -2821114.426175
296 -2821114.426175
297 -2821114.426175
298 -2821114.426175
299 -2821114.426175
300 -2821114.426175
301 -2821114.426175
302 -2821114.426175
303 -2821114.426175
304 -2821114.426175
305 -2821114.426175
306 -2821114.426175
307 -2821114.426175
308 -2821114.426175
309 -2821114.426175
310 -2821114.426175
311 -2821114.426175
312 -2821114.426175
313 -2821114.426175
314 -2821114.426175
315 -2821114.426175
316 -2821114.426175
317 -2821114.426175
318 -2821114.426175
319 -2821114.426175
320 -2821114.426175
321 -2821114.426175
322 -2821114.426175
323 -2821114.426175
324 -2821114.426175
325 -2821114.426175
326 -2821114.426175
327 -2821114.426175
328 -2821114.426175
329 -2821114.426175
330 -2821114.426175
331 -2821114.426175
332 -2821114.426175
333 -2821114.426175
334 -2821114.426175
335 -2821114.426175
336 -2821114.426175
337 -2821114.426175
338 -2821114.426175
339 -2821114.426175
340 -2821114.426175
341 -2821114.426175
342 -2821114.426175
343 -2821114.426175
344 -2821114.426175
345 -2821114.426175
346 -2821114.426175
347 -2821114.426175
348 -2821114.426175
349 -2821114.426175
350 -2821114.426175
351 -2821114.426175
352 -2821114.426175
353 -2821114.426175
354 -2821114.426175
355 -2821114.426175
356 -2821114.426175
357 -2821114.426175
358 -2821114.426175
359 -2821114.426175
360 -2821114.426175
361 -2821114.426175
362 -2821114.426175
363 -2821114.426175
364 -2821114.426175
365 -2821114.426175
366 -2821114.426175
367 -2821114.426175
368 -2821114.426175
369 -2821114.426175
370 -2821114.426175
371 -2821114.426175
372 -2821114.426175
373 -2821114.426175
374 -2821114.426175
375 -2821114.426175
376 -2821114.426175
377 -2821114.426175
378 -2821114.426175
379 -2821114.426175
380 -2821114.426175
381 -2821114.426175
382 -2821114.426175
383 -2821114.426175
384 -2821114.426175
385 -2821114.426175
386 -2821114.426175
387 -2821114.426175
388 -2821114.426175
389 -2821114.426175
390 -2821114.426175
391 -2821114.426175
392 -2821114.426175
393 -2821114.426175
394 -2821114.426175
395 -2821114.426175
396 -2821114.426175
397 -2821114.426175
398 -2821114.426175
399 -2821114.426175
400 -2821114.426175
401 -2821114.426175
402 -2821114.426175
403 -2821114.426175
404 -2821114.426175
405 -2821114.426175
406 -2821114.426175
407 -2821114.426175
408 -2821114.426175
409 -2821114.426175
410 -2821114.426175
411 -2821114.426175
412 -2821114.426175
413 -2821114.426175
414 -2821114.426175
415 -2821114.426175
416 -2821114.426175
417 -2821114.426175
418 -2821114.426175
419 -2821114.426175
420 -2821114.426175
421 -2821114.426175
422 -2821114.426175
423 -2821114.426175
424 -2821114.426175
425 -2821114.426175
426 -2821114.426175
427 -2821114.426175
428 -2821114.426175
429 -2821114.426175
430 -2821114.426175
431 -2821114.426175
432 -2821114.426175
433 -2821114.426175
434 -2821114.426175
435 -2821114.426175
436 -2821114.426175
437 -2821114.426175
438 -2821114.426175
439 -2821114.426175
440 -2821114.426175
441 -2821114.426175
442 -2821114.426175
443 -2821114.426175
444 -2821114.426175
445 -2821114.426175
446 -2821114.426175
447 -2821114.426175
448 -2821114.426175
449 -2821114.426175
450 -2821114.426175
451 -2821114.426175
452 -2821114.426175
453 -2821114.426175
454 -2821114.426175
455 -2821114.426175
456 -2821114.426175
457 -2821114.426175
458 -2821114.426175
459 -2821114.426175
460 -2821114.426175
461 -2821114.426175
462 -2821114.426175
463 -2821114.426175
464 -2821114.426175
465 -2821114.426175
466 -2821114.426175
467 -2821114.426175
468 -2821114.426175
469 -2821114.426175
470 -2821114.426175
471 -2821114.426175
472 -2821114.426175
473 -2821114.426175
474 -2821114.426175
475 -2821114.426175
476 -2821114.426175
477 -2821114.426175
478 -2821114.426175
479 -2821114.426175
480 -2821114.426175
481 -2821114.426175
482 -2821114.426175
483 -2821114.426175
484 -2821114.426175
485 -2821114.426175
486 -2821114.426175
487 -2821114.426175
488 -2821114.426175
489 -2821114.426175
490 -2821114.426175
491 -2821114.426175
492 -2821114.426175
493 -2821114.426175
494 -2821114.426175
495 -2821114.426175
496 -2821114.426175
497 -2821114.426175
498 -2821114.426175
499 -2821114.426175
500 -2821114.426175
501 -2821114.426175
502 -2821114.426175
503 -2821114.426175
504 -2821114.426175
505 -2821114.426175
506 -2821114.426175
507 -2821114.426175
508 -2821114.426175
509 -2821114.426175
510 -2821114.426175
511 -2821114.426175
512 -2821114.426175
513 -2821114.426175
514 -2821114.426175
515 -2821114.426175
516 -2821114.426175
517 -2821114.426175
518 -2821114.426175
519 -2821114.426175
520 -2821114.426175
521 -2821114.426175
522 -2821114.426175
523 -2821114.426175
524 -2821114.426175
525 -2821114.426175
526 -2821114.426175
527 -2821114.426175
528 -2821114.426175
529 -2821114.426175
530 -2821114.426175
531 -2821114.426175
532 -2821114.426175
533 -2821114.426175
534 -2821114.426175
535 -2821114.426175
536 -2821114.426175
537 -2821114.426175
538 -2821114.426175
539 -2821114.426175
540 -2821114.426175
541 -2821114.426175
542 -2821114.426175
543 -2821114.426175
544 -2821114.426175
545 -2821114.426175
546 -2821114.426175
547 -2821114.426175
548 -2821114.426175
549 -2821114.426175
550 -2821114.426175
551 -2821114.426175
552 -2821114.426175
553 -2821114.426175
554 -2821114.426175
555 -2821114.426175
556 -2821114.426175
557 -2821114.426175
558 -2821114.426175
559 -2821114.426175
560 -2821114.426175
561 -2821114.426175
562 -2821114.426175
563 -2821114.426175
564 -2821114.426175
565 -2821114.426175
566 -2821114.426175
567 -2821114.426175
568 -2821114.426175
569 -2821114.426175
570 -2821114.426175
571 -2821114.426175
572 -2821114.426175
573 -2821114.426175
574 -2821114.426175
575 -2821114.426175
576 -2821114.426175
577 -2821114.426175
578 -2821114.426175
579 -2821114.426175
580 -2821114.426175
581 -2821114.426175
582 -2821114.426175
583 -2821114.426175
584 -2821114.426175
585 -2821114.426175
586 -2821114.426175
587 -2821114.426175
588 -2821114.426175
589 -2821114.426175
590 -2821114.426175
591 -2821114.426175
592 -2821114.426175
593 -2821114.426175
594 -2821114.426175
595 -2821114.426175
596 -2821114.426175
597 -2821114.426175
598 -2821114.426175
599 -2821114.426175
600 -2821114.426175
601 -2821114.426175
602 -2821114.426175
603 -2821114.426175
604 -2821114.426175
605 -2821114.426175
606 -2821114.426175
607 -2821114.426175
608 -2821114.426175
609 -2821114.426175
610 -2821114.426175
611 -2821114.426175
612 -2821114.426175
613 -2821114.426175
614 -2821114.426175
615 -2821114.426175
616 -2821114.426175
617 -2821114.426175
618 -2821114.426175
619 -2821114.426175
620 -2821114.426175
621 -2821114.426175
622 -2821114.426175
623 -2821114.426175
624 -2821114.426175
625 -2821114.426175
626 -2821114.426175
627 -2821114.426175
628 -2821114.426175
629 -2821114.426175
630 -2821114.426175
631 -2821114.426175
632 -2821114.426175
633 -2821114.426175
634 -2821114.426175
635 -2821114.426175
636 -2821114.426175
637 -2821114.426175
638 -2821114.426175
639 -2821114.426175
640 -2821114.426175
641 -2821114.426175
642 -2821114.426175
643 -2821114.426175
644 -2821114.426175
645 -2821114.426175
646 -2821114.426175
647 -2821114.426175
648 -2821114.426175
649 -2821114.426175
650 -2821114.426175
651 -2821114.426175
652 -2821114.426175
653 -2821114.426175
654 -2821114.426175
655 -2821114.426175
656 -2821114.426175
657 -2821114.426175
658 -2821114.426175
659 -2821114.426175
660 -2821114.426175
661 -2821114.426175
662 -2821114.426175
663 -2821114.426175
664 -2821114.426175
665 -2821114.426175
666 -2821114.426175
667 -2821114.426175
668 -2821114.426175
669 -2821114.426175
670 -2821114.426175
671 -2821114.426175
672 -2821114.426175
673 -2821114.426175
674 -2821114.426175
675 -2821114.426175
676 -2821114.426175
677 -2821114.426175
678 -2821114.426175
679 -2821114.426175
680 -2821114.426175
681 -2821114.426175
682 -2821114.426175
683 -2821114.426175
684 -2821114.426175
685 -2821114.426175
686 -2821114.426175
687 -2821114.426175
688 -2821114.426175
689 -2821114.426175
690 -2821114.426175
691 -2821114.426175
692 -2821114.426175
693 -2821114.426175
694 -2821114.426175
695 -2821114.426175
696 -2821114.426175
697 -2821114.426175
698 -2821114.426175
699 -2821114.426175
700 -2821114.426175
701 -2821114.426175
702 -2821114.426175
703 -2821114.426175
704 -2821114.426175
705 -2821114.426175
706 -2821114.426175
707 -2821114.426175
708 -2821114.426175
709 -2821114.426175
710 -2821114.426175
711 -2821114.426175
712 -2821114.426175
713 -2821114.426175
714 -2821114.426175
715 -2821114.426175
716 -2821114.426175
717 -2821114.426175
718 -2821114.426175
719 -2821114.426175
720 -2821114.426175
721 -2821114.426175
722 -2821114.426175
723 -2821114.426175
724 -2821114.426175
725 -2821114.426175
726 -2821114.426175
727 -2821114.426175
728 -2821114.426175
729 -2821114.426175
730 -2821114.426175
731 -2821114.426175
732 -2821114.426175
733 -2821114.426175
734 -2821114.426175
735 -2821114.426175
736 -2821114.426175
737 -2821114.426175
738 -2821114.426175
739 -2821114.426175
740 -2821114.426175
741 -2821114.426175
742 -2821114.426175
743 -2821114.426175
744 -2821114.426175
745 -2821114.426175
746 -2821114.426175
747 -2821114.426175
748 -2821114.426175
749 -2821114.426175
750 -2821114.426175
751 -2821114.426175
752 -2821114.426175
753 -2821114.426175
754 -2821114.426175
755 -2821114.426175
756 -2821114.426175
757 -2821114.426175
758 -2821114.426175
759 -2821114.426175
760 -2821114.426175
761 -2821114.426175
762 -2821114.426175
763 -2821114.426175
764 -2821114.426175
765 -2821114.426175
766 -2821114.426175
767 -2821114.426175
768 -2821114.426175
769 -2821114.426175
770 -2821114.426175
771 -2821114.426175
772 -2821114.426175
773 -2821114.426175
774 -2821114.426175
775 -2821114.426175
776 -2821114.426175
777 -2821114.426175
778 -2821114.426175
779 -2821114.426175
780 -2821114.426175
781 -2821114.426175
782 -2821114.426175
783 -2821114.426175
784 -2821114.426175
785 -2821114.426175
786 -2821114.426175
787 -2821114.426175
788 -2821114.426175
789 -2821114.426175
790 -2821114.426175
791 -2821114.426175
792 -2821114.426175
793 -2821114.426175
794 -2821114.426175
795 -2821114.426175
796 -2821114.426175
797 -2821114.426175
798 -2821114.426175
799 -2821114.426175
800 -2821114.426175
801 -2821114.426175
802 -2821114.426175
803 -2821114.426175
804 -2821114.426175
805 -2821114.426175
806 -2821114.426175
807 -2821114.426175
808 -2821114.426175
809 -2821114.426175
810 -2821114.426175
811 -2821114.426175
812 -2821114.426175
813 -2821114.426175
814 -2821114.426175
815 -2821114.426175
816 -2821114.426175
817 -2821114.426175
818 -2821114.426175
819 -2821114.426175
820 -2821114.426175
821 -2821114.426175
822 -2821114.426175
823 -2821114.426175
824 -2821114.426175
825 -2821114.426175
826 -2821114.426175
827 -2821114.426175
828 -2821114.426175
829 -2821114.426175
830 -2821114.426175
831 -2821114.426175
832 -2821114.426175
833 -2821114.426175
834 -2821114.426175
835 -2821114.426175
836 -2821114.426175
837 -2821114.426175
838 -2821114.426175
839 -2821114.426175
840 -2821114.426175
841 -2821114.426175
842 -2821114.426175
843 -2821114.426175
844 -2821114.426175
845 -2821114.426175
846 -2821114.426175
847 -2821114.426175
848 -2821114.426175
849 -2821114.426175
850 -2821114.426175
851 -2821114.426175
852 -2821114.426175
853 -2821114.426175
854 -2821114.426175
855 -2821114.426175
856 -2821114.426175
857 -2821114.426175
858 -2821114.426175
859 -2821114.426175
860 -2821114.426175
861 -2821114.426175
862 -2821114.426175
863 -2821114.426175
864 -2821114.426175
865 -2821114.426175
866 -2821114.426175
867 -2821114.426175
868 -2821114.426175
869 -2821114.426175
870 -2821114.426175
871 -2821114.426175
872 -2821114.426175
873 -2821114.426175
874 -2821114.426175
875 -2821114.426175
876 -2821114.426175
877 -2821114.426175
878 -2821114.426175
879 -2821114.426175
880 -2821114.426175
881 -2821114.426175
882 -2821114.426175
883 -2821114.426175
884 -2821114.426175
885 -2821114.426175
886 -2821114.426175
887 -2821114.426175
888 -2821114.426175
889 -2821114.426175
890 -2821114.426175
891 -2821114.426175
892 -2821114.426175
893 -2821114.426175
894 -2821114.426175
895 -2821114.426175
896 -2821114.426175
897 -2821114.426175
898 -2821114.426175
899 -2821114.426175
900 -2821114.426175
901 -2821114.426175
902 -2821114.426175
903 -2821114.426175
904 -2821114.426175
905 -2821114.426175
906 -2821114.426175
907 -2821114.426175
908 -2821114.426175
909 -2821114.426175
910 -2821114.426175
911 -2821114.426175
912 -2821114.426175
913 -2821114.426175
914 -2821114.426175
915 -2821114.426175
916 -2821114.426175
917 -2821114.426175
918 -2821114.426175
919 -2821114.426175
920 -2821114.426175
921 -2821114.426175
922 -2821114.426175
923 -2821114.426175
924 -2821114.426175
925 -2821114.426175
926 -2821114.426175
927 -2821114.426175
928 -2821114.426175
929 -2821114.426175
930 -2821114.426175
931 -2821114.426175
932 -2821114.426175
933 -2821114.426175
934 -2821114.426175
935 -2821114.426175
936 -2821114.426175
937 -2821114.426175
938 -2821114.426175
939 -2821114.426175
940 -2821114.426175
941 -2821114.426175
942 -2821114.426175
943 -2821114.426175
944 -2821114.426175
945 -2821114.426175
946 -2821114.426175
947 -2821114.426175
948 -2821114.426175
949 -2821114.426175
950 -2821114.426175
951 -2821114.426175
952 -2821114.426175
953 -2821114.426175
954 -2821114.426175
955 -2821114.426175
956 -2821114.426175
957 -2821114.426175
958 -2821114.426175
959 -2821114.426175
960 -2821114.426175
961 -2821114.426175
962 -2821114.426175
963 -2821114.426175
964 -2821114.426175
965 -2821114.426175
966 -2821114.426175
967 -2821114.426175
968 -2821114.426175
969 -2821114.426175
970 -2821114.426175
971 -2821114.426175
972 -2821114.426175
973 -2821114.426175
974 -2821114.426175
975 -2821114.426175
976 -2821114.426175
977 -2821114.426175
 978 -2821114.426175
979 -2821114.426175
980 -2821114.426175
981 -2821114.426175
982 -2821114.426175
983 -2821114.426175
984 -2821114.426175
985 -2821114.426175
986 -2821114.426175
987 -2821114.426175
988 -2821114.426175
989 -2821114.426175
990 -2821114.426175
991 -2821114.426175
992 -2821114.426175
993 -2821114.426175
994 -2821114.426175
995 -2821114.426175
996 -2821114.426175
997 -2821114.426175
998 -2821114.426175
999 -2821114.426175
1000 -2821114.426175
 AÑO 2
IV Trimestre I Trimestre II Trimestre III Trimestre IV Trimestre
104 167 97 166 114
104 167 97 166 114
685 581 414 317 151
$ 1,778,046.94 $ 2,995,106.39 $ 1,498,951.52 $ 1,698,151.52 $ 2,097,942.39
0 0 0 0 $ -1,116,000.00
$ 1,778,046.94 $ 2,995,106.39 $ 1,498,951.52 $ 1,698,151.52 $ 981,942.39

$ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00

$ -71,121.88 $ -119,804.26 $ -59,958.06 $ -67,926.06 $ -83,917.70
$ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00
$ 1,646,925.06 $ 2,815,302.14 $ 1,378,993.45 $ 1,570,225.46 $ 838,024.70
$ - $ - $ - $ - $ -
$ 1,646,925.06 $ 2,815,302.14 $ 1,378,993.45 $ 1,570,225.46 $ 838,024.70

$ -494,077.52 $ -844,590.64 $ -413,698.04 $ -471,067.64 $ -251,407.41

$ 171,600.00 $ 275,550.00 $ 160,050.00 $ 273,900.00 $ 188,100.00

$ 1,324,447.54 $ 2,246,261.49 $ 1,125,345.42 $ 1,373,057.82 $ 774,717.29

$ 1,324,447.54 $ 2,246,261.49 $ 1,125,345.42 $ 1,373,057.82 $ 774,717.29

Resultado Zeta Probabilidad Complemento

$ -5,093,248.46 -1.96 2.50% 97.50%
$ -4,000,000.00 -1.54 6.18% 93.82%
$ -2,000,000.00 -0.77 22.05% 77.95%
$ -1,000,000.00 -0.39 34.98% 65.02%
$ - -0.00 49.94% 50.06%
$ 1,000,000.00 0.38 64.92% 35.08%
$ 2,000,000.00 0.77 77.86% 22.14%
$ 4,000,000.00 1.54 93.78% 6.22%
$ 5,100,000.00 1.96 97.50% 2.50%
$ 6,000,000.00 2.31 98.94% 1.06%
 AÑO 3 AÑO 4
I Trimestre II Trimestre III Trimestre IV Trimestre I Trimestre II Trimestre
144 58 0 124 116 155
144 58 0 124 116 155
1037 893 835 835 711 595
$ 2,193,340.04 $ 854,634.35 $ - $ 2,392,592.78 $ 2,210,226.24 $ 2,805,708.78
$ -2,232,000.00 $ -1,116,000.00 $ -1,116,000.00 0 0 0
$ -38,659.96 $ -261,365.65 $ -1,116,000.00 $ 2,392,592.78 $ 2,210,226.24 $ 2,805,708.78

$ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00 $ -45,000.00

$ -87,733.60 $ -34,185.37 $ - $ -95,703.71 $ -88,409.05 $ -112,228.35
$ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00 $ -15,000.00
$ -186,393.56 $ -355,551.02 $ -1,176,000.00 $ 2,236,889.07 $ 2,061,817.19 $ 2,633,480.43
$ - $ - $ - $ - $ - $ -
$ -186,393.56 $ -355,551.02 $ -1,176,000.00 $ 2,236,889.07 $ 2,061,817.19 $ 2,633,480.43

$ - $ - $ - $ -671,066.72 $ -618,545.16 $ -790,044.13

$ 237,600.00 $ 95,700.00 $ - $ 204,600.00 $ 191,400.00 $ 255,750.00

$ 51,206.44 $ -259,851.02 $ -1,176,000.00 $ 1,770,422.35 $ 1,634,672.04 $ 2,099,186.30

$ 51,206.44 $ -259,851.02 $ -1,176,000.00 $ 1,770,422.35 $ 1,634,672.04 $ 2,099,186.30

AÑO 4
III Trimestre IV Trimestre
97 55
97 55
440 343
$ 1,934,225.28 $ 1,283,603.67
0 0
$ 1,934,225.28 $ 1,283,603.67

$ -45,000.00 $ -45,000.00
$ -77,369.01 $ -51,344.15
$ -15,000.00 $ -15,000.00
$ 1,796,856.27 $ 1,172,259.52
$ - $ -
$ 1,796,856.27 $ 1,172,259.52

$ -539,056.88 $ -351,677.86
$ 160,050.00 $ 90,750.00

$ 1,417,849.39 $ 911,331.66

$ 1,417,849.39 $ 911,331.66