A B C D E F G H I J K L M N O P

8 VanTir.xls
9 VALOR ACTUAL NETO
10
$-
VAN
11
12 Año Flujo Caja Tasa Dto. VAN 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%
13 0 $ -3,000.00 0.0% $ -650.00
14 1 $ 500.00 0.5% $ -680.68 $-500.00
15 2 $ 550.00 1.0% $ -710.75
16 3 $ 600.00 1.5% $ -740.21
17 4 $ 700.00 2.0% $ -769.08 $-1,000.00
18 5 $ 800.00 2.5% $ -797.37
19 3.0% $ -825.11
20 3.5% $ -852.30 $-1,500.00
21 4.0% $ -878.96
22 4.5% $ -905.11
23 Si alguno de los flujos de 5.0% $ -930.75 $-2,000.00
24 caja intermedios no existe 5.5% $ -955.90
se debe poner cero, no se 6.0% $ -980.57
25 dabe dejar vacia la celda.
26 6.5% $ -1,004.77 $-2,500.00
27 7.0% $ -1,028.51
La TIR se puede definir
28 7.5% $ -1,051.81
como el tipo de interés que
29 8.0% $ -1,074.68 $-3,000.00
hace el VAN = 0
30 8.5% $ -1,097.12
31 9.0% $ -1,119.15
32 9.5% $ -1,140.78 TASA INTERNA DE RENTABILIDAD
33 10.0% $ -1,162.01
34 10.5% $ -1,182.86 TIR 2% efectivo anual
35 11.0% $ -1,203.33
36 11.5% $ -1,223.44
37 12.0% $ -1,243.18
38 12.5% $ -1,262.58
39 13.0% $ -1,281.64
40 13.5% $ -1,300.36
41 14.0% $ -1,318.76
42 14.5% $ -1,336.84
43 15.0% $ -1,354.60

538660244.xls Página 1
D16: Si alguno de los flujos de caja intermedios no existe se debe poner cero, no se dabe dejar vacia la celda.

G13: =VNA(E6;$C$7:$C$10)+$C$6

G33: La TIR se puede definir como el tipo de interés que hace el VAN = 0

L34: En la fórmula de la TIR no se indica en este caso la estimación, ya que no estamos en un caso de TIR múltiple.
Cuando se omite la estimación, Excel la supone del 10%.

538660244.xls Página 2
 SIMULADOR CREADO POR ALVARO
PARA FINES ACADEM

VAN y TIR no periódicos

Dias Tasa
Dias Fecha Flujo Caja VAN
Acum. Dto. $250.00
0 0 14-Oct-03 ### 0.0% $ 200.00
105 105 27-Jan-04 $1,200.00 0.5% #ADDIN?
138 33 29-Feb-04 $1,100.00 1.0% #ADDIN? $200.00
259 121 29-Jun-04 $1,000.00 1.5% #ADDIN?
434 175 21-Dec-04 $ 900.00 2.0% #ADDIN?
2.5% #ADDIN? $150.00
3.0% #ADDIN?
3.5% #ADDIN?
$100.00
4.0% #ADDIN?
4.5% #ADDIN?
Dia Flujo Caja 5.0% #ADDIN? $50.00
0 ### 5.5% #ADDIN?
1 $ - 6.0% #ADDIN?
2 $ - 6.5% #ADDIN? $-
3 $ - 7.0% #ADDIN? 0.0% 10.0% 20.0% 30.0%
4 $ - 7.5% #ADDIN?
5 $ - 8.0% #ADDIN?
6 $ - 8.5% #ADDIN?
7 $ - 9.0% #ADDIN?
8 $ - 9.5% #ADDIN?
9 $ - 10.0% #ADDIN? TIR NO PERIÓD
10 $ - 10.5% #ADDIN?
11 $ - 11.0% #ADDIN? TIR
12 $ - 11.5% #ADDIN?
13 $ - 12.0% #ADDIN? TIR Diaria
14 $ - 12.5% #ADDIN?
15 $ - 13.0% #ADDIN? TIR Anual
16 $ - 13.5% #ADDIN?
17 $ - 14.0% #ADDIN?
18 $ - 14.5% #ADDIN?
19 $ - 15.0% #ADDIN?
20 $ - 15.5% #ADDIN?
21 $ - 16.0% #ADDIN?
22 $ - 16.5% #ADDIN?
23 $ - 17.0% #ADDIN?
24 $ - 17.5% #ADDIN?
25 $ - 18.0% #ADDIN?
26 $ - 18.5% #ADDIN?
27 $ - 19.0% #ADDIN?
28 $ - 19.5% #ADDIN?
29 $ - 20.0% #ADDIN?
30 $ - 20.5% #ADDIN?
31 $ - 21.0% #ADDIN?
32 $ - 21.5% #ADDIN?
33 $ - 22.0% #ADDIN?
34 $ - 22.5% #ADDIN?
35 $ - 23.0% #ADDIN?
36 $ - 23.5% #ADDIN?
37 $ - 24.0% #ADDIN?
38 $ - 24.5% #ADDIN?
39 $ - 25.0% #ADDIN?
40 $ - 25.5% #ADDIN?
41 $ - 26.0% #ADDIN?
42 $ - 26.5% #ADDIN?
43 $ - 27.0% #ADDIN?
44 $ - 27.5% #ADDIN?
45 $ - 28.0% #ADDIN?
46 $ - 28.5% #ADDIN?
47 $ - 29.0% #ADDIN?
48 $ - 29.5% #ADDIN?
49 $ - 30.0% #ADDIN?
50 $ - 30.5% #ADDIN?
51 $ - 31.0% #ADDIN?
52 $ - 31.5% #ADDIN?
53 $ - 32.0% #ADDIN?
54 $ - 32.5% #ADDIN?
55 $ - 33.0% #ADDIN?
56 $ - 33.5% #ADDIN?
57 $ - 34.0% #ADDIN?
58 $ - 34.5% #ADDIN?
59 $ - 35.0% #ADDIN?
60 $ - 35.5% #ADDIN?
61 $ - 36.0% #ADDIN?
62 $ - 36.5% #ADDIN?
63 $ - 37.0% #ADDIN?
64 $ - 37.5% #ADDIN?
65 $ - 38.0% #ADDIN?
66 $ - 38.5% #ADDIN?
67 $ - 39.0% #ADDIN?
68 $ - 39.5% #ADDIN?
69 $ - 40.0% #ADDIN?
70 $ - 40.5% #ADDIN?
71 $ - 41.0% #ADDIN?
72 $ - 41.5% #ADDIN?
73 $ - 42.0% #ADDIN?
74 $ - 42.5% #ADDIN?
75 $ - 43.0% #ADDIN?
76 $ - 43.5% #ADDIN?
77 $ - 44.0% #ADDIN?
78 $ - 44.5% #ADDIN?
79 $ - 45.0% #ADDIN?
80 $ - 45.5% #ADDIN?
81 $ - 46.0% #ADDIN?
82 $ - 46.5% #ADDIN?
83 $ - 47.0% #ADDIN?
84 $ - 47.5% #ADDIN?
85 $ - 48.0% #ADDIN?
86 $ - 48.5% #ADDIN?
87 $ - 49.0% #ADDIN?
88 $ - 49.5% #ADDIN?
89 $ - 50.0% #ADDIN?
 90 $ - 50.5% #ADDIN?
91 $ - 51.0% #ADDIN?
92 $ - 51.5% #ADDIN?
93 $ - 52.0% #ADDIN?
94 $ - 52.5% #ADDIN?
95 $ - 53.0% #ADDIN?
96 $ - 53.5% #ADDIN?
97 $ - 54.0% #ADDIN?
98 $ - 54.5% #ADDIN?
99 $ - 55.0% #ADDIN?
100 $ - 55.5% #ADDIN?
101 $ - 56.0% #ADDIN?
102 $ - 56.5% #ADDIN?
103 $ - 57.0% #ADDIN?
104 $ - 57.5% #ADDIN?
105 $ - 58.0% #ADDIN?
106 $ - 58.5% #ADDIN?
107 $ - 59.0% #ADDIN?
108 $ - 59.5% #ADDIN?
109 $ - 60.0% #ADDIN?
110 $ - 60.5% #ADDIN?
111 $ - 61.0% #ADDIN?
112 $ - 61.5% #ADDIN?
113 $ - 62.0% #ADDIN?
114 $ - 62.5% #ADDIN?
115 $ - 63.0% #ADDIN?
116 $ - 63.5% #ADDIN?
117 $ - 64.0% #ADDIN?
118 $ - 64.5% #ADDIN?
119 $ - 65.0% #ADDIN?
120 $ - 65.5% #ADDIN?
121 $ - 66.0% #ADDIN?
122 $ - 66.5% #ADDIN?
123 $ - 67.0% #ADDIN?
124 $ - 67.5% #ADDIN?
125 $ - 68.0% #ADDIN?
126 $ - 68.5% #ADDIN?
127 $ - 69.0% #ADDIN?
128 $ - 69.5% #ADDIN?
129 $ - 70.0% #ADDIN?
130 $ - 70.5% #ADDIN?
131 $ - 71.0% #ADDIN?
132 $ - 71.5% #ADDIN?
133 $ - 72.0% #ADDIN?
134 $ - 72.5% #ADDIN?
135 $ - 73.0% #ADDIN?
136 $ - 73.5% #ADDIN?
137 $ - 74.0% #ADDIN?
138 $ 1,100.00 74.5% #ADDIN?
139 $ - 75.0% #ADDIN?
140 $ - 75.5% #ADDIN?
141 $ - 76.0% #ADDIN?
142 $ - 76.5% #ADDIN?
143 $ - 77.0% #ADDIN?
144 $ - 77.5% #ADDIN?
145 $ - 78.0% #ADDIN?
146 $ - 78.5% #ADDIN?
147 $ - 79.0% #ADDIN?
148 $ - 79.5% #ADDIN?
149 $ - 80.0% #ADDIN?
150 $ - 80.5% #ADDIN?
151 $ - 81.0% #ADDIN?
152 $ - 81.5% #ADDIN?
153 $ - 82.0% #ADDIN?
154 $ - 82.5% #ADDIN?
155 $ - 83.0% #ADDIN?
156 $ - 83.5% #ADDIN?
157 $ - 84.0% #ADDIN?
158 $ - 84.5% #ADDIN?
159 $ - 85.0% #ADDIN?
160 $ - 85.5% #ADDIN?
161 $ - 86.0% #ADDIN?
162 $ - 86.5% #ADDIN?
163 $ - 87.0% #ADDIN?
164 $ - 87.5% #ADDIN?
165 $ - 88.0% #ADDIN?
166 $ - 88.5% #ADDIN?
167 $ - 89.0% #ADDIN?
168 $ - 89.5% #ADDIN?
169 $ - 90.0% #ADDIN?
170 $ - 90.5% #ADDIN?
171 $ - 91.0% #ADDIN?
172 $ - 91.5% #ADDIN?
173 $ - 92.0% #ADDIN?
174 $ - 92.5% #ADDIN?
175 $ - 93.0% #ADDIN?
176 $ - 93.5% #ADDIN?
177 $ - 94.0% #ADDIN?
178 $ - 94.5% #ADDIN?
179 $ - 95.0% #ADDIN?
180 $ - 95.5% #ADDIN?
181 $ - 96.0% #ADDIN?
182 $ - 96.5% #ADDIN?
183 $ - 97.0% #ADDIN?
184 $ - 97.5% #ADDIN?
185 $ - 98.0% #ADDIN?
186 $ - 98.5% #ADDIN?
187 $ - 99.0% #ADDIN?
188 $ - 99.5% #ADDIN?
189 $ - ### #ADDIN?
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431 $ -
432 $ -
433 $ -
434 $ 900.00
O POR ALVARO VERGARA PASSOS
INES ACADEMICOS

VAN

La fórmula TIR.NO.PER
10.0% 20.0% 30.0% 40.0% 50.0% siempre
60.0% da la TIR
70.0% anual. 90.0% 100.0%
80.0%

Es necesario poner una

estimación muy pequeña
pq sino da error.

La fórmula TIR dará una

TIR NO PERIÓDICA TIR mensual si los
periodos son meses, dará
#ADDIN? efectivo anual una TIR diaria si lo
periodos son días, o dará
una TIR anual si los
-0.10463% periodos son años.

-31.7568% efectivo anual

 SIMULADOR CREADO PO
PARA FINE
TIRmultiple.xls
TIR MULTIPLE
TIR 1
TIR 2
Año Flujo Caja Tasa VAN TIR 3
0 -365 0.0% $ 35.00
1 200 0.5% $ 21.29
2 200 1.0% $ 9.93
3 200 1.5% $ 0.61
4 200 2.0% $ -6.94
$50.00
5 200 2.5% $ -12.97
6 -200 3.0% $ -17.69
7 -200 3.5% $ -21.27
$-
8 -200 4.0% $ -23.90
9 -200 4.5% $ -25.70 0% % % %
0. 0 .0 0 .0 0 .0 .
10 -200 5.0% $ -26.80 1 2 3 40
11 0 5.5% $ -27.32 $-50.00
12 0 6.0% $ -27.35
13 0 6.5% $ -26.98
14 0 7.0% $ -26.27
15 0 7.5% $ -25.30 $-100.00
16 0 8.0% $ -24.11
17 0 8.5% $ -22.77
18 0 9.0% $ -21.30
19 0 9.5% $ -19.75 $-150.00
20 400 10.0% $ -18.14
10.5% $ -16.51
11.0% $ -14.87
11.5% $ -13.25 $-200.00
12.0% $ -11.67
12.5% $ -10.13
13.0% $ -8.64
13.5% $ -7.23
14.0% $ -5.89
14.5% $ -4.63
15.0% $ -3.45
15.5% $ -2.37
16.0% $ -1.37
16.5% $ -0.47
17.0% $ 0.33
17.5% $ 1.04
18.0% $ 1.65
18.5% $ 2.17
19.0% $ 2.60
19.5% $ 2.94
20.0% $ 3.18
20.5% $ 3.34
21.0% $ 3.42
21.5% $ 3.41
22.0% $ 3.32
22.5% $ 3.15
23.0% $ 2.90
23.5% $ 2.59
24.0% $ 2.20
24.5% $ 1.74
25.0% $ 1.22
25.5% $ 0.64
26.0% $ -0.00
26.5% $ -0.70
27.0% $ -1.45
27.5% $ -2.26
28.0% $ -3.11
28.5% $ -4.01
29.0% $ -4.96
29.5% $ -5.95
30.0% $ -6.98
30.5% $ -8.04
31.0% $ -9.14
31.5% $ -10.28
32.0% $ -11.45
32.5% $ -12.65
33.0% $ -13.88
33.5% $ -15.13
34.0% $ -16.41
34.5% $ -17.71
35.0% $ -19.03
35.5% $ -20.38
36.0% $ -21.74
36.5% $ -23.12
37.0% $ -24.52
37.5% $ -25.93
38.0% $ -27.36
38.5% $ -28.79
39.0% $ -30.24
39.5% $ -31.70
40.0% $ -33.17
40.5% $ -34.65
41.0% $ -36.13
41.5% $ -37.62
42.0% $ -39.12
42.5% $ -40.62
43.0% $ -42.13
43.5% $ -43.64
44.0% $ -45.15
44.5% $ -46.66
45.0% $ -48.18
45.5% $ -49.70
46.0% $ -51.21
46.5% $ -52.73
47.0% $ -54.24
47.5% $ -55.76
48.0% $ -57.27
48.5% $ -58.78
49.0% $ -60.29
49.5% $ -61.79
50.0% $ -63.29
50.5% $ -64.79
51.0% $ -66.28
51.5% $ -67.77
52.0% $ -69.26
52.5% $ -70.74
53.0% $ -72.21
53.5% $ -73.68
54.0% $ -75.14
54.5% $ -76.60
55.0% $ -78.05
55.5% $ -79.49
56.0% $ -80.93
56.5% $ -82.36
57.0% $ -83.79
57.5% $ -85.20
58.0% $ -86.61
58.5% $ -88.02
59.0% $ -89.41
59.5% $ -90.80
60.0% $ -92.18
60.5% $ -93.55
61.0% $ -94.92
61.5% $ -96.28
62.0% $ -97.62
62.5% $ -98.97
63.0% $ -100.30
63.5% $ -101.62
64.0% $ -102.94
64.5% $ -104.25
65.0% $ -105.55
65.5% $ -106.84
66.0% $ -108.13
66.5% $ -109.40
67.0% $ -110.67
67.5% $ -111.93
68.0% $ -113.18
68.5% $ -114.43
69.0% $ -115.66
69.5% $ -116.89
70.0% $ -118.10
70.5% $ -119.31
71.0% $ -120.52
71.5% $ -121.71
72.0% $ -122.89
72.5% $ -124.07
73.0% $ -125.24
73.5% $ -126.40
74.0% $ -127.55
 74.5% $ -128.70
75.0% $ -129.83
75.5% $ -130.96
76.0% $ -132.08
76.5% $ -133.19
77.0% $ -134.30
77.5% $ -135.39
78.0% $ -136.48
78.5% $ -137.56
79.0% $ -138.64
79.5% $ -139.70
80.0% $ -140.76
80.5% $ -141.81
81.0% $ -142.85
81.5% $ -143.88
82.0% $ -144.91
82.5% $ -145.93
83.0% $ -146.94
83.5% $ -147.95
84.0% $ -148.95
84.5% $ -149.94
85.0% $ -150.92
85.5% $ -151.90
86.0% $ -152.86
86.5% $ -153.83
87.0% $ -154.78
87.5% $ -155.73
88.0% $ -156.67
88.5% $ -157.60
89.0% $ -158.53
89.5% $ -159.45
90.0% $ -160.36
90.5% $ -161.27
91.0% $ -162.17
91.5% $ -163.06
92.0% $ -163.95
92.5% $ -164.83
93.0% $ -165.71
93.5% $ -166.58
94.0% $ -167.44
94.5% $ -168.29
95.0% $ -169.14
95.5% $ -169.98
96.0% $ -170.82
96.5% $ -171.65
97.0% $ -172.48
97.5% $ -173.30
98.0% $ -174.11
98.5% $ -174.92
99.0% $ -175.72
99.5% $ -176.51
100.0% $ -177.30
OR CREADO POR ALVARO VERGARA PASSOS
PARA FINES ACADEMICOS

1.537%
16.788%
26.000%

VAN

0% % % % % % % % % % %
0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0
1 2 3 4 5 6 7 8 9 10
 SIMULADOR CREADO POR ALVA
PARA FINES ACADE

TIR Multiple (caso de dos tir)

Año Flujo Caja Tasa Dto. VAN
0 -1,600 0.00% ###
1 10,000 1.00% ### $1,500.00
2 -10,000 2.00% ###
3.00% ### $1,000.00
4.00% ###
5.00% ### $500.00
6.00% ###
7.00% $ -988.59
$-
8.00% $ -914.13
9.00% $ -842.49
0.00% 200.00% 400.00%
10.00% $ -773.55 $-500.00
11.00% $ -707.22
12.00% $ -643.37 $-1,000.00
13.00% $ -581.91
14.00% $ -522.75 $-1,500.00
15.00% $ -465.78
16.00% $ -410.94 $-2,000.00
17.00% $ -358.13
18.00% $ -307.27
19.00% $ -258.29 TIR 1 25%
20.00% $ -211.11 TIR 2 400%
21.00% $ -165.67
22.00% $ -121.90
23.00% $ -79.74
24.00% $ -39.13
25.00% $ -
26.00% $ 37.69
27.00% $ 74.00
28.00% $ 108.98
29.00% $ 142.68
30.00% $ 175.15
31.00% $ 206.42
32.00% $ 236.55
33.00% $ 265.57
34.00% $ 293.52
35.00% $ 320.44
36.00% $ 346.37
37.00% $ 371.34
38.00% $ 395.38
39.00% $ 418.53
40.00% $ 440.82
41.00% $ 462.27
42.00% $ 482.92
43.00% $ 502.79
44.00% $ 521.91
 45.00% $ 540.31
46.00% $ 558.00
47.00% $ 575.02
48.00% $ 591.38
49.00% $ 607.11
50.00% $ 622.22
51.00% $ 636.74
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100.00% $ 900.00
101.00% $ 899.94
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103.00% $ 899.45
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161.00% $ 763.44
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219.00% $ 552.10
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277.00% $ 348.93
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335.00% $ 170.38
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393.00% $ 16.96
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567.00% $ -325.52
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741.00% $ -552.33
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799.00% $ -611.38
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805.00% $ -617.12
806.00% $ -618.07
807.00% $ -619.02
808.00% $ -619.97
809.00% $ -620.91
810.00% $ -621.86
811.00% $ -622.80
812.00% $ -623.74
813.00% $ -624.68
814.00% $ -625.61
815.00% $ -626.55
816.00% $ -627.48
817.00% $ -628.41
818.00% $ -629.34
819.00% $ -630.27
820.00% $ -631.19
821.00% $ -632.11
822.00% $ -633.04
823.00% $ -633.96
824.00% $ -634.88
825.00% $ -635.79
826.00% $ -636.71
827.00% $ -637.62
828.00% $ -638.53
829.00% $ -639.44
830.00% $ -640.35
831.00% $ -641.26
832.00% $ -642.16
833.00% $ -643.07
834.00% $ -643.97
835.00% $ -644.87
836.00% $ -645.77
837.00% $ -646.66
838.00% $ -647.56
839.00% $ -648.45
840.00% $ -649.34
841.00% $ -650.23
842.00% $ -651.12
843.00% $ -652.01
844.00% $ -652.89
845.00% $ -653.78
846.00% $ -654.66
847.00% $ -655.54
848.00% $ -656.42
849.00% $ -657.30
850.00% $ -658.17
851.00% $ -659.05
852.00% $ -659.92
853.00% $ -660.79
854.00% $ -661.66
855.00% $ -662.53
856.00% $ -663.39
857.00% $ -664.26
858.00% $ -665.12
859.00% $ -665.98
860.00% $ -666.84
861.00% $ -667.70
862.00% $ -668.56
863.00% $ -669.41
864.00% $ -670.26
865.00% $ -671.12
866.00% $ -671.97
867.00% $ -672.82
868.00% $ -673.66
869.00% $ -674.51
870.00% $ -675.35
871.00% $ -676.20
872.00% $ -677.04
873.00% $ -677.88
874.00% $ -678.72
875.00% $ -679.55
876.00% $ -680.39
877.00% $ -681.22
878.00% $ -682.05
879.00% $ -682.89
880.00% $ -683.72
881.00% $ -684.54
882.00% $ -685.37
883.00% $ -686.19
884.00% $ -687.02
885.00% $ -687.84
886.00% $ -688.66
887.00% $ -689.48
888.00% $ -690.30
889.00% $ -691.11
890.00% $ -691.93
891.00% $ -692.74
892.00% $ -693.55
893.00% $ -694.37
894.00% $ -695.17
895.00% $ -695.98
896.00% $ -696.79
897.00% $ -697.59
898.00% $ -698.40
899.00% $ -699.20
900.00% $ -700.00
901.00% $ -700.80
902.00% $ -701.60
903.00% $ -702.39
904.00% $ -703.19
905.00% $ -703.98
906.00% $ -704.77
907.00% $ -705.57
908.00% $ -706.36
909.00% $ -707.14
910.00% $ -707.93
911.00% $ -708.72
912.00% $ -709.50
913.00% $ -710.28
914.00% $ -711.06
915.00% $ -711.84
916.00% $ -712.62
917.00% $ -713.40
918.00% $ -714.18
919.00% $ -714.95
920.00% $ -715.72
921.00% $ -716.50
922.00% $ -717.27
923.00% $ -718.04
924.00% $ -718.80
925.00% $ -719.57
926.00% $ -720.34
927.00% $ -721.10
928.00% $ -721.86
929.00% $ -722.63
930.00% $ -723.39
931.00% $ -724.14
932.00% $ -724.90
933.00% $ -725.66
934.00% $ -726.41
935.00% $ -727.17
936.00% $ -727.92
937.00% $ -728.67
938.00% $ -729.42
939.00% $ -730.17
940.00% $ -730.92
941.00% $ -731.66
942.00% $ -732.41
943.00% $ -733.15
944.00% $ -733.89
945.00% $ -734.64
946.00% $ -735.38
947.00% $ -736.11
948.00% $ -736.85
949.00% $ -737.59
950.00% $ -738.32
951.00% $ -739.06
952.00% $ -739.79
953.00% $ -740.52
954.00% $ -741.25
955.00% $ -741.98
956.00% $ -742.71
957.00% $ -743.43
958.00% $ -744.16
959.00% $ -744.88
960.00% $ -745.60
961.00% $ -746.32
962.00% $ -747.05
963.00% $ -747.76
964.00% $ -748.48
965.00% $ -749.20
966.00% $ -749.91
967.00% $ -750.63
968.00% $ -751.34
969.00% $ -752.05
970.00% $ -752.76
971.00% $ -753.47
972.00% $ -754.18
 973.00% $ -754.89
974.00% $ -755.60
975.00% $ -756.30
976.00% $ -757.00
977.00% $ -757.71
978.00% $ -758.41
979.00% $ -759.11
980.00% $ -759.81
981.00% $ -760.51
982.00% $ -761.20
983.00% $ -761.90
984.00% $ -762.59
985.00% $ -763.29
986.00% $ -763.98
987.00% $ -764.67
988.00% $ -765.36
989.00% $ -766.05
990.00% $ -766.74
991.00% $ -767.42
992.00% $ -768.11
993.00% $ -768.79
994.00% $ -769.48
995.00% $ -770.16
996.00% $ -770.84
997.00% $ -771.52
998.00% $ -772.20
999.00% $ -772.88
1000.00% $ -773.55
DO POR ALVARO VERGARA PASSOS
A FINES ACADEMICOS

200.00% 400.00% 600.00% 800.00% 1000.00%

 SIMULADOR CREA
PAR

Otro Caso de TIR Múltiple

Año Flujo Caja

0 -17
1 20
2 20
3 15
4 -40

TIR 1 4.35%
TIR 2 69.45%
SIMULADOR CREADO POR ALVARO VERGARA PASSOS
PARA FINES ACADEMICOS
ASSOS
 SIMULADOR CREADO POR ALVARO VE
PARA FINES ACADEMICO

TIR 1 Err:523
TIR MODIFICADA TIR 2 Err:523 Tasa Descuento Gastos
TIR 3 Err:523 Tasa Capitalización Ingresos

Año Flujo Caja Tasa VAN Año Q+ Q- TIR Modificada

0 $-15,000.00 0.0% $-315,000.00 0 $ - $-15,000.00
1 $-15,000.00 0.5% $-299,811.29 1 $ - $-15,000.00
2 $-15,000.00 1.0% $-285,683.29 2 $ - $-15,000.00 Valor Actual Gastos
3 $-15,000.00 1.5% $-272,529.58 3 $ - $-15,000.00 Valor Final Ingresos
4 $-15,000.00 2.0% $-260,271.50 4 $ - $-15,000.00
5 $-15,000.00 2.5% $-248,837.43 5 $ - $-15,000.00 TIR Modificada
6 $-15,000.00 3.0% $-238,162.12 6 $ - $-15,000.00
7 $-15,000.00 3.5% $-228,186.05 7 $ - $-15,000.00
8 $-15,000.00 4.0% $-218,854.90 8 $ - $-15,000.00 0
9 $-15,000.00 4.5% $-210,119.05 9 $ - $-15,000.00 0.0% 20.0% 40.0%
10 $-15,000.00 5.0% $-201,933.16 10 $ - $-15,000.00
11 $-15,000.00 5.5% $-194,255.74 11 $ - $-15,000.00 -50,000
12 $-15,000.00 6.0% $-187,048.82 12 $ - $-15,000.00
13 $-15,000.00 6.5% $-180,277.61 13 $ - $-15,000.00
14 $-15,000.00 7.0% $-173,910.21 14 $ - $-15,000.00 -100,000
15 $-15,000.00 7.5% $-167,917.37 15 $ - $-15,000.00
16 $-15,000.00 8.0% $-162,272.21 16 $ - $-15,000.00
-150,000
17 $-15,000.00 8.5% $-156,950.05 17 $ - $-15,000.00
18 $-15,000.00 9.0% $-151,928.19 18 $ - $-15,000.00
19 $-15,000.00 9.5% $-147,185.73 19 $ - $-15,000.00 -200,000
20 $-15,000.00 10.0% $-142,703.46 20 $ - $-15,000.00
10.5% $-138,463.63
11.0% $-134,449.92 -250,000
11.5% $-130,647.24
12.0% $-127,041.65
-300,000
12.5% $-123,620.30
13.0% $-120,371.27
13.5% $-117,283.56 -350,000
14.0% $-114,346.96
14.5% $-111,552.02
15.0% $-108,889.97
15.5% $-106,352.69
16.0% $-103,932.61
16.5% $-101,622.73
17.0% $ -99,416.51
17.5% $ -97,307.88
18.0% $ -95,291.20
18.5% $ -93,361.18
19.0% $ -91,512.93
19.5% $ -89,741.86
20.0% $ -88,043.70
20.5% $ -86,414.44
21.0% $ -84,850.36
21.5% $ -83,347.97
22.0% $ -81,903.99
22.5% $ -80,515.37
23.0% $ -79,179.24
23.5% $ -77,892.91
24.0% $ -76,653.85
24.5% $ -75,459.71
25.0% $ -74,308.25
25.5% $ -73,197.38
26.0% $ -72,125.15
26.5% $ -71,089.69
27.0% $ -70,089.27
27.5% $ -69,122.25
28.0% $ -68,187.07
28.5% $ -67,282.29
29.0% $ -66,406.52
29.5% $ -65,558.47
30.0% $ -64,736.91
30.5% $ -63,940.68
31.0% $ -63,168.67
31.5% $ -62,419.86
32.0% $ -61,693.25
32.5% $ -60,987.93
33.0% $ -60,303.00
33.5% $ -59,637.63
34.0% $ -58,991.02
34.5% $ -58,362.43
35.0% $ -57,751.13
35.5% $ -57,156.45
36.0% $ -56,577.74
36.5% $ -56,014.39
37.0% $ -55,465.81
37.5% $ -54,931.45
38.0% $ -54,410.77
38.5% $ -53,903.28
39.0% $ -53,408.48
39.5% $ -52,925.93
40.0% $ -52,455.18
40.5% $ -51,995.82
41.0% $ -51,547.44
41.5% $ -51,109.67
42.0% $ -50,682.14
42.5% $ -50,264.51
43.0% $ -49,856.44
43.5% $ -49,457.61
44.0% $ -49,067.71
44.5% $ -48,686.47
45.0% $ -48,313.59
45.5% $ -47,948.80
46.0% $ -47,591.86
46.5% $ -47,242.51
47.0% $ -46,900.52
47.5% $ -46,565.66
48.0% $ -46,237.71
48.5% $ -45,916.46
49.0% $ -45,601.72
49.5% $ -45,293.29
50.0% $ -44,990.98
50.5% $ -44,694.61
51.0% $ -44,404.02
51.5% $ -44,119.04
52.0% $ -43,839.50
52.5% $ -43,565.26
53.0% $ -43,296.16
53.5% $ -43,032.07
54.0% $ -42,772.84
54.5% $ -42,518.35
55.0% $ -42,268.47
55.5% $ -42,023.07
56.0% $ -41,782.04
56.5% $ -41,545.25
57.0% $ -41,312.61
57.5% $ -41,084.00
58.0% $ -40,859.32
58.5% $ -40,638.46
59.0% $ -40,421.34
59.5% $ -40,207.86
60.0% $ -39,997.93
60.5% $ -39,791.46
61.0% $ -39,588.37
61.5% $ -39,388.57
62.0% $ -39,191.99
62.5% $ -38,998.54
63.0% $ -38,808.17
63.5% $ -38,620.78
64.0% $ -38,436.32
64.5% $ -38,254.71
65.0% $ -38,075.89
65.5% $ -37,899.80
66.0% $ -37,726.37
66.5% $ -37,555.55
67.0% $ -37,387.27
67.5% $ -37,221.49
68.0% $ -37,058.14
68.5% $ -36,897.17
69.0% $ -36,738.53
69.5% $ -36,582.17
70.0% $ -36,428.04
70.5% $ -36,276.10
71.0% $ -36,126.30
71.5% $ -35,978.59
72.0% $ -35,832.93
72.5% $ -35,689.28
73.0% $ -35,547.59
73.5% $ -35,407.83
74.0% $ -35,269.96
 74.5% $ -35,133.93
75.0% $ -34,999.72
75.5% $ -34,867.29
76.0% $ -34,736.60
76.5% $ -34,607.62
77.0% $ -34,480.31
77.5% $ -34,354.64
78.0% $ -34,230.58
78.5% $ -34,108.10
79.0% $ -33,987.18
79.5% $ -33,867.77
80.0% $ -33,749.85
80.5% $ -33,633.40
81.0% $ -33,518.39
81.5% $ -33,404.79
82.0% $ -33,292.57
82.5% $ -33,181.71
83.0% $ -33,072.19
83.5% $ -32,963.98
84.0% $ -32,857.05
84.5% $ -32,751.39
85.0% $ -32,646.98
85.5% $ -32,543.78
86.0% $ -32,441.79
86.5% $ -32,340.97
87.0% $ -32,241.32
87.5% $ -32,142.80
88.0% $ -32,045.40
88.5% $ -31,949.10
89.0% $ -31,853.88
89.5% $ -31,759.73
90.0% $ -31,666.62
90.5% $ -31,574.54
91.0% $ -31,483.48
91.5% $ -31,393.41
92.0% $ -31,304.31
92.5% $ -31,216.18
93.0% $ -31,129.00
93.5% $ -31,042.75
94.0% $ -30,957.42
94.5% $ -30,872.99
95.0% $ -30,789.45
95.5% $ -30,706.78
96.0% $ -30,624.98
96.5% $ -30,544.02
97.0% $ -30,463.90
97.5% $ -30,384.60
98.0% $ -30,306.10
98.5% $ -30,228.41
99.0% $ -30,151.50
99.5% $ -30,075.36
100.0% $ -29,999.99
100.5% $ -29,925.36
101.0% $ -29,851.47
101.5% $ -29,778.31
102.0% $ -29,705.87
102.5% $ -29,634.14
103.0% $ -29,563.10
103.5% $ -29,492.74
104.0% $ -29,423.07
104.5% $ -29,354.06
105.0% $ -29,285.71
105.5% $ -29,218.00
106.0% $ -29,150.94
106.5% $ -29,084.50
107.0% $ -29,018.68
107.5% $ -28,953.48
108.0% $ -28,888.88
108.5% $ -28,824.88
109.0% $ -28,761.46
109.5% $ -28,698.62
110.0% $ -28,636.36
110.5% $ -28,574.66
111.0% $ -28,513.51
111.5% $ -28,452.91
112.0% $ -28,392.85
112.5% $ -28,333.33
113.0% $ -28,274.33
113.5% $ -28,215.86
114.0% $ -28,157.89
114.5% $ -28,100.43
115.0% $ -28,043.48
115.5% $ -27,987.01
116.0% $ -27,931.03
116.5% $ -27,875.53
117.0% $ -27,820.51
117.5% $ -27,765.96
118.0% $ -27,711.86
118.5% $ -27,658.23
119.0% $ -27,605.04
119.5% $ -27,552.30
120.0% $ -27,500.00
120.5% $ -27,448.13
121.0% $ -27,396.69
121.5% $ -27,345.68
122.0% $ -27,295.08
122.5% $ -27,244.90
123.0% $ -27,195.12
123.5% $ -27,145.75
124.0% $ -27,096.77
124.5% $ -27,048.19
125.0% $ -27,000.00
125.5% $ -26,952.19
126.0% $ -26,904.76
126.5% $ -26,857.71
127.0% $ -26,811.02
127.5% $ -26,764.71
128.0% $ -26,718.75
128.5% $ -26,673.15
129.0% $ -26,627.91
129.5% $ -26,583.01
130.0% $ -26,538.46
130.5% $ -26,494.25
131.0% $ -26,450.38
131.5% $ -26,406.84
132.0% $ -26,363.64
132.5% $ -26,320.75
133.0% $ -26,278.19
133.5% $ -26,235.95
134.0% $ -26,194.03
134.5% $ -26,152.42
135.0% $ -26,111.11
135.5% $ -26,070.11
136.0% $ -26,029.41
136.5% $ -25,989.01
137.0% $ -25,948.90
137.5% $ -25,909.09
138.0% $ -25,869.56
138.5% $ -25,830.32
139.0% $ -25,791.37
139.5% $ -25,752.69
140.0% $ -25,714.29
140.5% $ -25,676.16
141.0% $ -25,638.30
141.5% $ -25,600.71
142.0% $ -25,563.38
142.5% $ -25,526.32
143.0% $ -25,489.51
143.5% $ -25,452.96
144.0% $ -25,416.67
144.5% $ -25,380.62
145.0% $ -25,344.83
145.5% $ -25,309.28
146.0% $ -25,273.97
146.5% $ -25,238.91
147.0% $ -25,204.08
147.5% $ -25,169.49
148.0% $ -25,135.14
148.5% $ -25,101.01
149.0% $ -25,067.11
149.5% $ -25,033.44
150.0% $ -25,000.00
150.5% $ -24,966.78
151.0% $ -24,933.77
151.5% $ -24,900.99
152.0% $ -24,868.42
152.5% $ -24,836.07
153.0% $ -24,803.92
153.5% $ -24,771.99
154.0% $ -24,740.26
154.5% $ -24,708.74
155.0% $ -24,677.42
155.5% $ -24,646.30
156.0% $ -24,615.38
156.5% $ -24,584.66
157.0% $ -24,554.14
157.5% $ -24,523.81
158.0% $ -24,493.67
158.5% $ -24,463.72
159.0% $ -24,433.96
159.5% $ -24,404.39
160.0% $ -24,375.00
160.5% $ -24,345.79
161.0% $ -24,316.77
161.5% $ -24,287.93
162.0% $ -24,259.26
162.5% $ -24,230.77
163.0% $ -24,202.45
163.5% $ -24,174.31
164.0% $ -24,146.34
164.5% $ -24,118.54
165.0% $ -24,090.91
165.5% $ -24,063.44
166.0% $ -24,036.14
166.5% $ -24,009.01
167.0% $ -23,982.04
167.5% $ -23,955.22
168.0% $ -23,928.57
168.5% $ -23,902.08
169.0% $ -23,875.74
169.5% $ -23,849.56
170.0% $ -23,823.53
170.5% $ -23,797.65
171.0% $ -23,771.93
171.5% $ -23,746.36
172.0% $ -23,720.93
172.5% $ -23,695.65
173.0% $ -23,670.52
173.5% $ -23,645.53
174.0% $ -23,620.69
174.5% $ -23,595.99
175.0% $ -23,571.43
175.5% $ -23,547.01
176.0% $ -23,522.73
176.5% $ -23,498.58
177.0% $ -23,474.58
177.5% $ -23,450.70
178.0% $ -23,426.97
178.5% $ -23,403.36
179.0% $ -23,379.89
179.5% $ -23,356.55
180.0% $ -23,333.33
180.5% $ -23,310.25
181.0% $ -23,287.29
181.5% $ -23,264.46
182.0% $ -23,241.76
182.5% $ -23,219.18
183.0% $ -23,196.72
183.5% $ -23,174.39
184.0% $ -23,152.17
184.5% $ -23,130.08
185.0% $ -23,108.11
185.5% $ -23,086.25
186.0% $ -23,064.52
186.5% $ -23,042.90
187.0% $ -23,021.39
187.5% $ -23,000.00
188.0% $ -22,978.72
188.5% $ -22,957.56
189.0% $ -22,936.51
189.5% $ -22,915.57
190.0% $ -22,894.74
190.5% $ -22,874.02
191.0% $ -22,853.40
191.5% $ -22,832.90
192.0% $ -22,812.50
192.5% $ -22,792.21
193.0% $ -22,772.02
193.5% $ -22,751.94
194.0% $ -22,731.96
194.5% $ -22,712.08
195.0% $ -22,692.31
195.5% $ -22,672.63
196.0% $ -22,653.06
196.5% $ -22,633.59
197.0% $ -22,614.21
197.5% $ -22,594.94
198.0% $ -22,575.76
198.5% $ -22,556.68
199.0% $ -22,537.69
199.5% $ -22,518.80
200.0% $ -22,500.00
POR ALVARO VERGARA PASSOS
Lo que cambia entre las
NES ACADEMICOS tres TIR es la estimación.

Tir Modificada
Tasa Descuento Gastos 8%
calculada con TIRM
Tasa Capitalización Ingresos 10%

TIR Modificada Err:502

Tir Modificada calculada

Valor Actual Gastos ###
acudiendo al concepto
Valor Final Ingresos $ -

TIR Modificada -89.0616%

0
VAN
0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 180.0% 200.0%

-50,000

100,000

150,000

200,000

250,000

300,000

350,000
80.0% 200.0%
 SIMULADOR CREADO PO
PARA FINE
TIRmodificada

TIR MODIFICADA

Año Flujo Caja

0 $ -15,000.00
1 $ -15,000.00
2 $ -15,000.00
3 $ -15,000.00
4 $ -15,000.00
5 $ -15,000.00
6 $ -15,000.00
7 $ -15,000.00
8 $ -15,000.00
9 $ -15,000.00
10 $ -15,000.00
11 $ -15,000.00
12 $ -15,000.00
13 $ -15,000.00
14 $ -15,000.00
15 $ -15,000.00
16 $ -15,000.00
17 $ -15,000.00
18 $ -15,000.00
19 $ -15,000.00
20 $ -15,000.00
R CREADO POR ALVARO VERGARA PASSOS
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 SIMULADOR CREADO POR AL
PARA FINES ACA

Intersección de Fisher
Year Project A Project B Difference k NPV(A) NPV(B)
0 -1000 -1000 0 0.00% $ 300.00 $ 400.00
1 500 100 -400 0.50% $ 287.11 $ 378.73
$600.00
2 400 300 -100 1.00% $ 274.44 $ 357.92
3 300 400 100 1.50% $ 261.99 $ 337.56 $400.00
4 100 600 500 2.00% $ 249.74 $ 317.63
2.50% $ 237.71 $ 298.12 $200.00
IRR 14.49% 11.79% 7.17% 3.00% $ 225.87 $ 279.02
$-
3.50% $ 214.22 $ 260.31
4.00% $ 202.77 $ 242.00
0%
$-200.00
4.50% $ 191.51 $ 224.07
5.00% $ 180.42 $ 206.50
$-400.00
5.50% $ 169.52 $ 189.30
6.00% $ 158.79 $ 172.44
$-600.00
6.50% $ 148.23 $ 155.93
7.00% $ 137.84 $ 139.75
7.50% $ 127.62 $ 123.89
$-800.00
8.00% $ 117.55 $ 108.35
8.50% $ 107.64 $ 93.11
9.00% $ 97.89 $ 78.18
9.50% $ 88.28 $ 63.53
10.00% $ 78.82 $ 49.18
10.50% $ 69.50 $ 35.10
11.00% $ 60.33 $ 21.29
11.50% $ 51.29 $ 7.75
12.00% $ 42.39 $ -5.53
12.50% $ 33.62 $ -18.56
13.00% $ 24.98 $ -31.35
13.50% $ 16.47 $ -43.89
14.00% $ 8.08 $ -56.20
14.50% $ -0.18 $ -68.28
15.00% $ -8.33 $ -80.14
15.50% $ -16.36 $ -91.78
16.00% $ -24.27 $ -103.21
16.50% $ -32.08 $ -114.42
17.00% $ -39.77 $ -125.44
17.50% $ -47.35 $ -136.25
18.00% $ -54.83 $ -146.87
18.50% $ -62.20 $ -157.30
19.00% $ -69.47 $ -167.55
19.50% $ -76.65 $ -177.61
20.00% $ -83.72 $ -187.50
20.50% $ -90.70 $ -197.21
21.00% $ -97.58 $ -206.76
21.50% $ -104.37 $ -216.14
22.00% $ -111.07 $ -225.35
22.50% $ -117.68 $ -234.41
23.00% $ -124.20 $ -243.31
23.50% $ -130.63 $ -252.06
24.00% $ -136.98 $ -260.67
24.50% $ -143.25 $ -269.12
25.00% $ -149.44 $ -277.44
25.50% $ -155.55 $ -285.62
26.00% $ -161.58 $ -293.66
26.50% $ -167.53 $ -301.57
27.00% $ -173.40 $ -309.34
27.50% $ -179.20 $ -316.99
28.00% $ -184.93 $ -324.52
28.50% $ -190.59 $ -331.92
29.00% $ -196.17 $ -339.20
29.50% $ -201.69 $ -346.37
30.00% $ -207.14 $ -353.42
30.50% $ -212.52 $ -360.36
31.00% $ -217.83 $ -367.19
31.50% $ -223.08 $ -373.91
32.00% $ -228.27 $ -380.52
32.50% $ -233.39 $ -387.03
33.00% $ -238.46 $ -393.44
33.50% $ -243.46 $ -399.75
34.00% $ -248.40 $ -405.96
34.50% $ -253.28 $ -412.08
35.00% $ -258.11 $ -418.10
35.50% $ -262.88 $ -424.03
36.00% $ -267.60 $ -429.87
36.50% $ -272.26 $ -435.62
37.00% $ -276.86 $ -441.29
37.50% $ -281.42 $ -446.87
38.00% $ -285.92 $ -452.37
38.50% $ -290.37 $ -457.78
39.00% $ -294.77 $ -463.12
39.50% $ -299.11 $ -468.37
40.00% $ -303.42 $ -473.55
40.50% $ -307.67 $ -478.66
41.00% $ -311.87 $ -483.69
41.50% $ -316.03 $ -488.64
42.00% $ -320.14 $ -493.53
42.50% $ -324.21 $ -498.34
43.00% $ -328.23 $ -503.09
43.50% $ -332.21 $ -507.77
44.00% $ -336.15 $ -512.38
44.50% $ -340.04 $ -516.93
45.00% $ -343.90 $ -521.41
45.50% $ -347.71 $ -525.83
46.00% $ -351.48 $ -530.19
46.50% $ -355.21 $ -534.49
47.00% $ -358.90 $ -538.72
47.50% $ -362.55 $ -542.90
48.00% $ -366.16 $ -547.03
48.50% $ -369.74 $ -551.09
49.00% $ -373.28 $ -555.10
49.50% $ -376.78 $ -559.06
50.00% $ -380.25 $ -562.96
READO POR ALVARO VERGARA PASSOS
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El VAN de dos proyectos se cruza

$600.00
Fisher
$400.00 Intersection

$200.00

$-
0% 10% 20% 30% 40% 50% NPV(A
$-200.00 )
$-400.00

$-600.00

$-800.00 Tasa de descuento

% 50% NPV(A
)
 SIMULADOR CREADO POR
PARA FINES A

Determinar la Intersección de Fisher

Year Project A Project B

0 -1200 -1200
1 1000 100
2 500 600
3 100 1080
ADOR CREADO POR ALVARO VERGARA PASSOS
PARA FINES ACADEMICOS