Se planea construir una carretera que conecte dos ciudades que se encuentran separadas por una montaña.

La
primera opción es construir un túnel que atraviese la montaña y la segunda opción es construir una carretera qu
la bordee. La primera opción tiene un costo de $30 mil millones de pesos, donde se espera recibir anualmente p
razón de peajes $2820 millones de pesos. La segunda opción tiene un costo de $18 mil millones y se espera recib
anualmente por razón de peajes $2180 millones de pesos. Trabaje con una TIO del 10% E.A y evalúe la mejor
alternativa.

Alternativa A Alternativa B
Construccion Tunel Construccion Carretera

TIO 10% TIO

Ingresos Peaje A Ingresos Peaje B

1000 n carros diarios 1000
$ 8,000 Valor Peaje $ 6,000
365 Dias / Año 365
$ 2,920,000,000 Ingresos Peaje x Año $ 2,190,000,000

Costos Mantenimiento Peaje A Costos Mantenimiento Peaje B

12 # Meses 12
$ 620,000 Salario/mes $ 620,000
4 # Personal 3
$ 8,000,000 Mtto. y Servicios Peaje $ 7,000,000
$ 37,760,000 Costo Total Anual $ 29,320,000
tran separadas por una montaña. La
opción es construir una carretera que
nde se espera recibir anualmente por
de $18 mil millones y se espera recibir
a TIO del 10% E.A y evalúe la mejor

Alternativa B
Construccion Carretera

10%

Ingresos Peaje B
n carros diarios
Valor Peaje
Dias / Año
Ingresos Peaje x Año

os Mantenimiento Peaje B
# Meses
Salario/mes
# Personal
Mtto. y Servicios Peaje
Costo Total Anual
 Alternativa A Alternativa A Alternativa B
Construccion Tunel Construccion Tunel Construccion Carre

Períodos Flujo de caja TIO 10% Períodos

0 $ (30,000,000,000.00) 0
1 $ 2,820,000,000.00 VPN 1
2 $ 2,820,000,000.00 ($ 1,802,046,353.19) 100 años 2
3 $ 2,820,000,000.00 ($ 1,813,766,840.97) 80 años 3
4 $ 2,820,000,000.00 ($ 2,040,223,146.08) 50 años 4
5 $ 2,820,000,000.00 ($ 4,402,747,148.59) 25 años 5
6 $ 2,820,000,000.00 6
7 $ 2,820,000,000.00 7
8 $ 2,820,000,000.00 8
9 $ 2,820,000,000.00 9
10 $ 2,820,000,000.00 10
11 $ 2,820,000,000.00 11
12 $ 2,820,000,000.00 12
13 $ 2,820,000,000.00 13
14 $ 2,820,000,000.00 14
15 $ 2,820,000,000.00 15
16 $ 2,820,000,000.00 16
17 $ 2,820,000,000.00 17
18 $ 2,820,000,000.00 18
19 $ 2,820,000,000.00 19
20 $ 2,820,000,000.00 20
21 $ 2,820,000,000.00 21
22 $ 2,820,000,000.00 22
23 $ 2,820,000,000.00 23
24 $ 2,820,000,000.00 24
25 $ 2,820,000,000.00 25
26 $ 2,820,000,000.00 26
27 $ 2,820,000,000.00 27
28 $ 2,820,000,000.00 28
29 $ 2,820,000,000.00 29
30 $ 2,820,000,000.00 30
31 $ 2,820,000,000.00 31
32 $ 2,820,000,000.00 32
33 $ 2,820,000,000.00 33
34 $ 2,820,000,000.00 34
35 $ 2,820,000,000.00 35
36 $ 2,820,000,000.00 36
37 $ 2,820,000,000.00 37
38 $ 2,820,000,000.00 38
39 $ 2,820,000,000.00 39
40 $ 2,820,000,000.00 40
41 $ 2,820,000,000.00 41
42 $ 2,820,000,000.00 42
43 $ 2,820,000,000.00 43
44 $ 2,820,000,000.00 44
45 $ 2,820,000,000.00 45
46 $ 2,820,000,000.00 46
47 $ 2,820,000,000.00 47
48 $ 2,820,000,000.00 48
49 $ 2,820,000,000.00 49
50 $ 2,820,000,000.00 50
51 $ 2,820,000,000.00 51
52 $ 2,820,000,000.00 52
53 $ 2,820,000,000.00 53
54 $ 2,820,000,000.00 54
55 $ 2,820,000,000.00 55
56 $ 2,820,000,000.00 56
57 $ 2,820,000,000.00 57
58 $ 2,820,000,000.00 58
59 $ 2,820,000,000.00 59
60 $ 2,820,000,000.00 60
61 $ 2,820,000,000.00 61
62 $ 2,820,000,000.00 62
63 $ 2,820,000,000.00 63
64 $ 2,820,000,000.00 64
65 $ 2,820,000,000.00 65
66 $ 2,820,000,000.00 66
67 $ 2,820,000,000.00 67
68 $ 2,820,000,000.00 68
69 $ 2,820,000,000.00 69
70 $ 2,820,000,000.00 70
71 $ 2,820,000,000.00 71
72 $ 2,820,000,000.00 72
73 $ 2,820,000,000.00 73
74 $ 2,820,000,000.00 74
75 $ 2,820,000,000.00 75
76 $ 2,820,000,000.00 76
77 $ 2,820,000,000.00 77
78 $ 2,820,000,000.00 78
79 $ 2,820,000,000.00 79
80 $ 2,820,000,000.00 80
81 $ 2,820,000,000.00 81
82 $ 2,820,000,000.00 82
83 $ 2,820,000,000.00 83
84 $ 2,820,000,000.00 84
85 $ 2,820,000,000.00 85
86 $ 2,820,000,000.00 86
87 $ 2,820,000,000.00 87
88 $ 2,820,000,000.00 88
 89 $ 2,820,000,000.00 89
90 $ 2,820,000,000.00 90
91 $ 2,820,000,000.00 91
92 $ 2,820,000,000.00 92
93 $ 2,820,000,000.00 93
94 $ 2,820,000,000.00 94
95 $ 2,820,000,000.00 95
96 $ 2,820,000,000.00 96
97 $ 2,820,000,000.00 97
98 $ 2,820,000,000.00 98
99 $ 2,820,000,000.00 99
100 $ 2,820,000,000.00 100
 Alternativa B Alternativa B
Construccion Carretera Construccion Carretera

Flujo de caja TIO 10%

$ (18,000,000,000.00)
$ 2,180,000,000.00 VPN
$ 2,180,000,000.00 $ 3,798,418,067.39 100 años
$ 2,180,000,000.00 $ 3,789,357,548.47 80 años
$ 2,180,000,000.00 $ 3,614,295,582.11 50 años
$ 2,180,000,000.00 $ 1,787,947,239.74 25 años
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
 Alternativa A Alternativa A Alternativa B
Construccion Tunel Construccion Tunel Construccion Carretera

Períodos Flujo de caja TIR Períodos

0 $ (30,000,000,000.00) 8.04% 25 años 0
1 $ 2,820,000,000.00 9.29% 50 años 1
2 $ 2,820,000,000.00 9.39% 80 años 2
3 $ 2,820,000,000.00 3
4 $ 2,820,000,000.00 4
5 $ 2,820,000,000.00 5
6 $ 2,820,000,000.00 6
7 $ 2,820,000,000.00 7
8 $ 2,820,000,000.00 8
9 $ 2,820,000,000.00 9
10 $ 2,820,000,000.00 10
11 $ 2,820,000,000.00 11
12 $ 2,820,000,000.00 12
13 $ 2,820,000,000.00 13
14 $ 2,820,000,000.00 14
15 $ 2,820,000,000.00 15
16 $ 2,820,000,000.00 16
17 $ 2,820,000,000.00 17
18 $ 2,820,000,000.00 18
19 $ 2,820,000,000.00 19
20 $ 2,820,000,000.00 20
21 $ 2,820,000,000.00 21
22 $ 2,820,000,000.00 22
23 $ 2,820,000,000.00 23
24 $ 2,820,000,000.00 24
25 $ 2,820,000,000.00 25
26 $ 2,820,000,000.00 26
27 $ 2,820,000,000.00 27
28 $ 2,820,000,000.00 28
29 $ 2,820,000,000.00 29
30 $ 2,820,000,000.00 30
31 $ 2,820,000,000.00 31
32 $ 2,820,000,000.00 32
33 $ 2,820,000,000.00 33
34 $ 2,820,000,000.00 34
35 $ 2,820,000,000.00 35
36 $ 2,820,000,000.00 36
37 $ 2,820,000,000.00 37
38 $ 2,820,000,000.00 38
39 $ 2,820,000,000.00 39
40 $ 2,820,000,000.00 40
41 $ 2,820,000,000.00 41
42 $ 2,820,000,000.00 42
43 $ 2,820,000,000.00 43
44 $ 2,820,000,000.00 44
45 $ 2,820,000,000.00 45
46 $ 2,820,000,000.00 46
47 $ 2,820,000,000.00 47
48 $ 2,820,000,000.00 48
49 $ 2,820,000,000.00 49
50 $ 2,820,000,000.00 50
51 $ 2,820,000,000.00 51
52 $ 2,820,000,000.00 52
53 $ 2,820,000,000.00 53
54 $ 2,820,000,000.00 54
55 $ 2,820,000,000.00 55
56 $ 2,820,000,000.00 56
57 $ 2,820,000,000.00 57
58 $ 2,820,000,000.00 58
59 $ 2,820,000,000.00 59
60 $ 2,820,000,000.00 60
61 $ 2,820,000,000.00 61
62 $ 2,820,000,000.00 62
63 $ 2,820,000,000.00 63
64 $ 2,820,000,000.00 64
65 $ 2,820,000,000.00 65
66 $ 2,820,000,000.00 66
67 $ 2,820,000,000.00 67
68 $ 2,820,000,000.00 68
69 $ 2,820,000,000.00 69
70 $ 2,820,000,000.00 70
71 $ 2,820,000,000.00 71
72 $ 2,820,000,000.00 72
73 $ 2,820,000,000.00 73
74 $ 2,820,000,000.00 74
75 $ 2,820,000,000.00 75
76 $ 2,820,000,000.00 76
77 $ 2,820,000,000.00 77
78 $ 2,820,000,000.00 78
79 $ 2,820,000,000.00 79
80 $ 2,820,000,000.00 80
81 $ 2,820,000,000.00 81
82 $ 2,820,000,000.00 82
83 $ 2,820,000,000.00 83
84 $ 2,820,000,000.00 84
85 $ 2,820,000,000.00 85
86 $ 2,820,000,000.00 86
87 $ 2,820,000,000.00 87
88 $ 2,820,000,000.00 88
 89 $ 2,820,000,000.00 89
90 $ 2,820,000,000.00 90
91 $ 2,820,000,000.00 91
92 $ 2,820,000,000.00 92
93 $ 2,820,000,000.00 93
94 $ 2,820,000,000.00 94
95 $ 2,820,000,000.00 95
96 $ 2,820,000,000.00 96
97 $ 2,820,000,000.00 97
98 $ 2,820,000,000.00 98
99 $ 2,820,000,000.00 99
100 $ 2,820,000,000.00 100
 Alternativa B Alternativa B
Construccion Carretera Construccion Carretera

Flujo de caja TIR

$ (16,000,000,000.00) 12.98% 25 años
$ 2,180,000,000.00 13.60% 50 años
$ 2,180,000,000.00 13.62% 80 años
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
Se elige la alternativa A pues es la que tiene mayor TIR.
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
Para el cálculo de la TIRM se debe tener en cuenta que cada 10 años se realizaría un mantenimiento a las obras
para la Alternativa B.

Alternativa A Alternativa A Alternativa B

Construccion Tunel Construccion Tunel Construccion Carretera

Período Flujo de caja TIO 10% Período

0 $ (30,000,000,000.00) 0
1 $ 2,820,000,000.00 TIRM 1
2 $ 2,820,000,000.00 9.30% 25 años 2
3 $ 2,820,000,000.00 9.85% 50 años 3
4 $ 2,820,000,000.00 9.91% 80 años 4
5 $ 2,820,000,000.00 5
6 $ 2,820,000,000.00 6
7 $ 2,820,000,000.00 7
8 $ 2,820,000,000.00 8
9 $ 2,820,000,000.00 9
10 $ 2,820,000,000.00 10
11 $ 2,820,000,000.00 11
12 $ 2,820,000,000.00 12
13 $ 2,820,000,000.00 13
14 $ 2,820,000,000.00 14
15 $ 2,820,000,000.00 15
16 $ 2,820,000,000.00 16
17 $ 2,820,000,000.00 17
18 $ 2,820,000,000.00 18
19 $ 2,820,000,000.00 19
20 $ 2,820,000,000.00 20
21 $ 2,820,000,000.00 21
22 $ 2,820,000,000.00 22
23 $ 2,820,000,000.00 23
24 $ 2,820,000,000.00 24
25 $ 2,820,000,000.00 25
26 $ 2,820,000,000.00 26
27 $ 2,820,000,000.00 27
28 $ 2,820,000,000.00 28
29 $ 2,820,000,000.00 29
30 $ 2,820,000,000.00 30
31 $ 2,820,000,000.00 31
32 $ 2,820,000,000.00 32
33 $ 2,820,000,000.00 33
34 $ 2,820,000,000.00 34
35 $ 2,820,000,000.00 35
36 $ 2,820,000,000.00 36
37 $ 2,820,000,000.00 37
38 $ 2,820,000,000.00 38
39 $ 2,820,000,000.00 39
40 $ 2,820,000,000.00 40
41 $ 2,820,000,000.00 41
42 $ 2,820,000,000.00 42
43 $ 2,820,000,000.00 43
44 $ 2,820,000,000.00 44
45 $ 2,820,000,000.00 45
46 $ 2,820,000,000.00 46
47 $ 2,820,000,000.00 47
48 $ 2,820,000,000.00 48
49 $ 2,820,000,000.00 49
50 $ 2,820,000,000.00 50
51 $ 2,820,000,000.00 51
52 $ 2,820,000,000.00 52
53 $ 2,820,000,000.00 53
54 $ 2,820,000,000.00 54
55 $ 2,820,000,000.00 55
56 $ 2,820,000,000.00 56
57 $ 2,820,000,000.00 57
58 $ 2,820,000,000.00 58
59 $ 2,820,000,000.00 59
60 $ 2,820,000,000.00 60
61 $ 2,820,000,000.00 61
62 $ 2,820,000,000.00 62
63 $ 2,820,000,000.00 63
64 $ 2,820,000,000.00 64
65 $ 2,820,000,000.00 65
66 $ 2,820,000,000.00 66
67 $ 2,820,000,000.00 67
68 $ 2,820,000,000.00 68
69 $ 2,820,000,000.00 69
70 $ 2,820,000,000.00 70
71 $ 2,820,000,000.00 71
72 $ 2,820,000,000.00 72
73 $ 2,820,000,000.00 73
74 $ 2,820,000,000.00 74
75 $ 2,820,000,000.00 75
76 $ 2,820,000,000.00 76
77 $ 2,820,000,000.00 77
78 $ 2,820,000,000.00 78
79 $ 2,820,000,000.00 79
80 $ 2,820,000,000.00 80
81 $ 2,820,000,000.00 81
82 $ 2,820,000,000.00 82
83 $ 2,820,000,000.00 83
84 $ 2,820,000,000.00 84
85 $ 2,820,000,000.00 85
 86 $ 2,820,000,000.00 86
87 $ 2,820,000,000.00 87
88 $ 2,820,000,000.00 88
89 $ 2,820,000,000.00 89
90 $ 2,820,000,000.00 90
91 $ 2,820,000,000.00 91
92 $ 2,820,000,000.00 92
93 $ 2,820,000,000.00 93
94 $ 2,820,000,000.00 94
95 $ 2,820,000,000.00 95
96 $ 2,820,000,000.00 96
97 $ 2,820,000,000.00 97
98 $ 2,820,000,000.00 98
99 $ 2,820,000,000.00 99
100 $ 2,820,000,000.00 100
ría un mantenimiento a las obras, con un valor de $3000 millones para la Alternativa A y de $2200 millones
para la Alternativa B.

Alternativa B Alternativa B
Construccion Carretera Construccion Carretera

Flujo de caja TIO 10%

$ (16,000,000,000.00)
$ 2,180,000,000.00 TIRM
$ 2,180,000,000.00 10.94% 25 años
$ 2,180,000,000.00 10.66% 50 años
$ 2,180,000,000.00 10.43% 80 años
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
Se elige la alternativa A pues tiene mayor TIRM.
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
$ 2,180,000,000.00
Para la construcción de los peajes, se tienen dos opciones, una opción A que cuesta $170000000 y genera unos gastos anua
$35760000 y una opción B que cuesta $230000000 y genera unos gastos anuales de $29530000. Se está trabajado con una T
10. ¿Qué alternativa se debe seleccionar si se va a evaluar la rentabilidad a 25 años?

Alternativa A Alternativa B
TIRI
Peaje A Peaje B

0 $ (170,000,000.00) $ (230,000,000.00) $ (60,000,000.00)

1 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
2 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
3 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
4 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
5 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
6 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
7 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
8 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
9 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
10 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
11 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
12 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
13 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
14 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
15 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
16 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
17 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
18 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
19 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
20 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
21 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
22 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
23 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
24 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00
25 $ (35,760,000.00) $ (29,530,000.00) $ 6,230,000.00

TIRI 0.09244900332621
TIO 10%

Como TIRI>TIO se ejige la opción B

0000 y genera unos gastos anuales de
000. Se está trabajado con una TIO de
dad a 25 años?
 Alternativa A Alternativa A
Construccion Tunel Construccion Tunel

Períodos Flujo de caja TIO 10%

0 $ (30,000,000,000.00)
1 $ 2,820,000,000.00 VPN
2 $ 2,820,000,000.00 ($ 1,802,046,353.19) 100 años
3 $ 2,820,000,000.00 ($ 1,813,766,840.97) 80 años
4 $ 2,820,000,000.00 ($ 2,040,223,146.08) 50 años
5 $ 2,820,000,000.00 ($ 4,402,747,148.59) 25 años
6 $ 2,820,000,000.00
7 $ 2,820,000,000.00
8 $ 2,820,000,000.00 BAUE $ (485,042,165.70)
9 $ 2,820,000,000.00
10 $ 2,820,000,000.00
11 $ 2,820,000,000.00
12 $ 2,820,000,000.00
13 $ 2,820,000,000.00
14 $ 2,820,000,000.00
15 $ 2,820,000,000.00
16 $ 2,820,000,000.00
17 $ 2,820,000,000.00
18 $ 2,820,000,000.00
19 $ 2,820,000,000.00
20 $ 2,820,000,000.00
21 $ 2,820,000,000.00
22 $ 2,820,000,000.00
23 $ 2,820,000,000.00
24 $ 2,820,000,000.00
25 $ 2,820,000,000.00
26 $ 2,820,000,000.00
27 $ 2,820,000,000.00
28 $ 2,820,000,000.00
29 $ 2,820,000,000.00
30 $ 2,820,000,000.00
31 $ 2,820,000,000.00
32 $ 2,820,000,000.00
33 $ 2,820,000,000.00
34 $ 2,820,000,000.00
35 $ 2,820,000,000.00
36 $ 2,820,000,000.00
37 $ 2,820,000,000.00
38 $ 2,820,000,000.00
39 $ 2,820,000,000.00
40 $ 2,820,000,000.00
41 $ 2,820,000,000.00
42 $ 2,820,000,000.00
43 $ 2,820,000,000.00
44 $ 2,820,000,000.00
45 $ 2,820,000,000.00
46 $ 2,820,000,000.00
47 $ 2,820,000,000.00
48 $ 2,820,000,000.00
49 $ 2,820,000,000.00
50 $ 2,820,000,000.00
51 $ 2,820,000,000.00
52 $ 2,820,000,000.00
53 $ 2,820,000,000.00
54 $ 2,820,000,000.00
55 $ 2,820,000,000.00
56 $ 2,820,000,000.00
57 $ 2,820,000,000.00
58 $ 2,820,000,000.00
59 $ 2,820,000,000.00
60 $ 2,820,000,000.00
61 $ 2,820,000,000.00
62 $ 2,820,000,000.00
63 $ 2,820,000,000.00
64 $ 2,820,000,000.00
65 $ 2,820,000,000.00
66 $ 2,820,000,000.00
67 $ 2,820,000,000.00
68 $ 2,820,000,000.00
69 $ 2,820,000,000.00
70 $ 2,820,000,000.00
71 $ 2,820,000,000.00
72 $ 2,820,000,000.00
73 $ 2,820,000,000.00
74 $ 2,820,000,000.00
75 $ 2,820,000,000.00
76 $ 2,820,000,000.00
77 $ 2,820,000,000.00
78 $ 2,820,000,000.00
79 $ 2,820,000,000.00
80 $ 2,820,000,000.00
81 $ 2,820,000,000.00
82 $ 2,820,000,000.00
83 $ 2,820,000,000.00
84 $ 2,820,000,000.00
85 $ 2,820,000,000.00
86 $ 2,820,000,000.00
87 $ 2,820,000,000.00
88 $ 2,820,000,000.00
 89 $ 2,820,000,000.00
90 $ 2,820,000,000.00
91 $ 2,820,000,000.00
92 $ 2,820,000,000.00
93 $ 2,820,000,000.00
94 $ 2,820,000,000.00
95 $ 2,820,000,000.00
96 $ 2,820,000,000.00
97 $ 2,820,000,000.00
98 $ 2,820,000,000.00
99 $ 2,820,000,000.00
100 $ 2,820,000,000.00
 Alternativa B Alternativa B
Construccion Carretera Construccion Carretera

Períodos Flujo de caja TIO 10%

0 $ (18,000,000,000.00)
1 $ 2,180,000,000.00 VPN
2 $ 2,180,000,000.00 $ 3,798,418,067.39 100 años
3 $ 2,180,000,000.00 $ 3,789,357,548.47 80 años
4 $ 2,180,000,000.00 $ 3,614,295,582.11 50 años
5 $ 2,180,000,000.00 $ 1,787,947,239.74 25 años
6 $ 2,180,000,000.00
7 $ 2,180,000,000.00
8 $ 2,180,000,000.00 BAUE $ 196,974,700.58
9 $ 2,180,000,000.00
10 $ 2,180,000,000.00
11 $ 2,180,000,000.00
12 $ 2,180,000,000.00
13 $ 2,180,000,000.00
14 $ 2,180,000,000.00
15 $ 2,180,000,000.00
16 $ 2,180,000,000.00
17 $ 2,180,000,000.00
Se elige la opción del túnel pues esta presenta mayor BAUE.
18 $ 2,180,000,000.00
19 $ 2,180,000,000.00
20 $ 2,180,000,000.00
21 $ 2,180,000,000.00
22 $ 2,180,000,000.00
23 $ 2,180,000,000.00
24 $ 2,180,000,000.00
25 $ 2,180,000,000.00
26 $ 2,180,000,000.00
27 $ 2,180,000,000.00
28 $ 2,180,000,000.00
29 $ 2,180,000,000.00
30 $ 2,180,000,000.00
31 $ 2,180,000,000.00
32 $ 2,180,000,000.00
33 $ 2,180,000,000.00
34 $ 2,180,000,000.00
35 $ 2,180,000,000.00
36 $ 2,180,000,000.00
37 $ 2,180,000,000.00
38 $ 2,180,000,000.00
39 $ 2,180,000,000.00
40 $ 2,180,000,000.00
41 $ 2,180,000,000.00
42 $ 2,180,000,000.00
43 $ 2,180,000,000.00
44 $ 2,180,000,000.00
45 $ 2,180,000,000.00
46 $ 2,180,000,000.00
47 $ 2,180,000,000.00
48 $ 2,180,000,000.00
49 $ 2,180,000,000.00
50 $ 2,180,000,000.00
51 $ 2,180,000,000.00
52 $ 2,180,000,000.00
53 $ 2,180,000,000.00
54 $ 2,180,000,000.00
55 $ 2,180,000,000.00
56 $ 2,180,000,000.00
57 $ 2,180,000,000.00
58 $ 2,180,000,000.00
59 $ 2,180,000,000.00
60 $ 2,180,000,000.00
61 $ 2,180,000,000.00
62 $ 2,180,000,000.00
63 $ 2,180,000,000.00
64 $ 2,180,000,000.00
65 $ 2,180,000,000.00
66 $ 2,180,000,000.00
67 $ 2,180,000,000.00
68 $ 2,180,000,000.00
69 $ 2,180,000,000.00
70 $ 2,180,000,000.00
71 $ 2,180,000,000.00
72 $ 2,180,000,000.00
73 $ 2,180,000,000.00
74 $ 2,180,000,000.00
75 $ 2,180,000,000.00
76 $ 2,180,000,000.00
77 $ 2,180,000,000.00
78 $ 2,180,000,000.00
79 $ 2,180,000,000.00
80 $ 2,180,000,000.00
81 $ 2,180,000,000.00
82 $ 2,180,000,000.00
83 $ 2,180,000,000.00
84 $ 2,180,000,000.00
85 $ 2,180,000,000.00
86 $ 2,180,000,000.00
87 $ 2,180,000,000.00
88 $ 2,180,000,000.00
 89 $ 2,180,000,000.00
90 $ 2,180,000,000.00
91 $ 2,180,000,000.00
92 $ 2,180,000,000.00
93 $ 2,180,000,000.00
94 $ 2,180,000,000.00
95 $ 2,180,000,000.00
96 $ 2,180,000,000.00
97 $ 2,180,000,000.00
98 $ 2,180,000,000.00
99 $ 2,180,000,000.00
100 $ 2,180,000,000.00
mayor BAUE.
 Alternativa A Alternativa A
Construccion Tunel Construccion Tunel

Períodos Flujo de caja TIO 10%

0 $ (30,000,000,000.00)
1 $ 2,820,000,000.00 VPN
2 $ 2,820,000,000.00 VPN Ingresos $ 28,197,953,646.81
3 $ 2,820,000,000.00 VPN Egresos $ 30,000,000,000.00
4 $ 2,820,000,000.00
5 $ 2,820,000,000.00
6 $ 2,820,000,000.00 RBC 0.94
7 $ 2,820,000,000.00 VNA $ (1,802,046,353.19)
8 $ 2,820,000,000.00
9 $ 2,820,000,000.00
10 $ 2,820,000,000.00
11 $ 2,820,000,000.00
12 $ 2,820,000,000.00
13 $ 2,820,000,000.00
14 $ 2,820,000,000.00
15 $ 2,820,000,000.00
16 $ 2,820,000,000.00
17 $ 2,820,000,000.00
18 $ 2,820,000,000.00
19 $ 2,820,000,000.00
20 $ 2,820,000,000.00
21 $ 2,820,000,000.00
22 $ 2,820,000,000.00
23 $ 2,820,000,000.00
24 $ 2,820,000,000.00
25 $ 2,820,000,000.00
26 $ 2,820,000,000.00
27 $ 2,820,000,000.00
28 $ 2,820,000,000.00
29 $ 2,820,000,000.00
30 $ 2,820,000,000.00
31 $ 2,820,000,000.00
32 $ 2,820,000,000.00
33 $ 2,820,000,000.00
34 $ 2,820,000,000.00
35 $ 2,820,000,000.00
36 $ 2,820,000,000.00
37 $ 2,820,000,000.00
38 $ 2,820,000,000.00
39 $ 2,820,000,000.00
40 $ 2,820,000,000.00
41 $ 2,820,000,000.00
42 $ 2,820,000,000.00
43 $ 2,820,000,000.00
44 $ 2,820,000,000.00
45 $ 2,820,000,000.00
46 $ 2,820,000,000.00
47 $ 2,820,000,000.00
48 $ 2,820,000,000.00
49 $ 2,820,000,000.00
50 $ 2,820,000,000.00
51 $ 2,820,000,000.00
52 $ 2,820,000,000.00
53 $ 2,820,000,000.00
54 $ 2,820,000,000.00
55 $ 2,820,000,000.00
56 $ 2,820,000,000.00
57 $ 2,820,000,000.00
58 $ 2,820,000,000.00
59 $ 2,820,000,000.00
60 $ 2,820,000,000.00
61 $ 2,820,000,000.00
62 $ 2,820,000,000.00
63 $ 2,820,000,000.00
64 $ 2,820,000,000.00
65 $ 2,820,000,000.00
66 $ 2,820,000,000.00
67 $ 2,820,000,000.00
68 $ 2,820,000,000.00
69 $ 2,820,000,000.00
70 $ 2,820,000,000.00
71 $ 2,820,000,000.00
72 $ 2,820,000,000.00
73 $ 2,820,000,000.00
74 $ 2,820,000,000.00
75 $ 2,820,000,000.00
76 $ 2,820,000,000.00
77 $ 2,820,000,000.00
78 $ 2,820,000,000.00
79 $ 2,820,000,000.00
80 $ 2,820,000,000.00
81 $ 2,820,000,000.00
82 $ 2,820,000,000.00
83 $ 2,820,000,000.00
84 $ 2,820,000,000.00
85 $ 2,820,000,000.00
86 $ 2,820,000,000.00
87 $ 2,820,000,000.00
88 $ 2,820,000,000.00
 89 $ 2,820,000,000.00
90 $ 2,820,000,000.00
91 $ 2,820,000,000.00
92 $ 2,820,000,000.00
93 $ 2,820,000,000.00
94 $ 2,820,000,000.00
95 $ 2,820,000,000.00
96 $ 2,820,000,000.00
97 $ 2,820,000,000.00
98 $ 2,820,000,000.00
99 $ 2,820,000,000.00
100 $ 2,820,000,000.00
 Alternativa B Alternativa B
Construccion Carretera Construccion Carretera

Períodos Flujo de caja TIO 10%

0 $ (18,000,000,000.00)
1 $ 2,180,000,000.00 VPN
2 $ 2,180,000,000.00 VPN Ingresos $ 21,798,418,067.39
3 $ 2,180,000,000.00 VPN Egresos $ 18,000,000,000.00
4 $ 2,180,000,000.00
5 $ 2,180,000,000.00
6 $ 2,180,000,000.00 RBC 1.21
7 $ 2,180,000,000.00 VNA $ 3,798,418,067.39
8 $ 2,180,000,000.00
9 $ 2,180,000,000.00
10 $ 2,180,000,000.00
11 $ 2,180,000,000.00
12 $ 2,180,000,000.00
13 $ 2,180,000,000.00
14 $ 2,180,000,000.00
15 $ 2,180,000,000.00
16 $ 2,180,000,000.00
17 $ 2,180,000,000.00 Se elige la Alternativa A por que su RBC es mayor al de la alterantiva B, al mismo ti
18 $ 2,180,000,000.00 los VPN de ambas alternativas son congruentes con el VNA (No hay que recurrir al
19 $ 2,180,000,000.00
20 $ 2,180,000,000.00
21 $ 2,180,000,000.00
22 $ 2,180,000,000.00
23 $ 2,180,000,000.00
24 $ 2,180,000,000.00
25 $ 2,180,000,000.00
26 $ 2,180,000,000.00
27 $ 2,180,000,000.00
28 $ 2,180,000,000.00
29 $ 2,180,000,000.00
30 $ 2,180,000,000.00
31 $ 2,180,000,000.00
32 $ 2,180,000,000.00
33 $ 2,180,000,000.00
34 $ 2,180,000,000.00
35 $ 2,180,000,000.00
36 $ 2,180,000,000.00
37 $ 2,180,000,000.00
38 $ 2,180,000,000.00
39 $ 2,180,000,000.00
40 $ 2,180,000,000.00
41 $ 2,180,000,000.00
42 $ 2,180,000,000.00
43 $ 2,180,000,000.00
44 $ 2,180,000,000.00
45 $ 2,180,000,000.00
46 $ 2,180,000,000.00
47 $ 2,180,000,000.00
48 $ 2,180,000,000.00
49 $ 2,180,000,000.00
50 $ 2,180,000,000.00
51 $ 2,180,000,000.00
52 $ 2,180,000,000.00
53 $ 2,180,000,000.00
54 $ 2,180,000,000.00
55 $ 2,180,000,000.00
56 $ 2,180,000,000.00
57 $ 2,180,000,000.00
58 $ 2,180,000,000.00
59 $ 2,180,000,000.00
60 $ 2,180,000,000.00
61 $ 2,180,000,000.00
62 $ 2,180,000,000.00
63 $ 2,180,000,000.00
64 $ 2,180,000,000.00
65 $ 2,180,000,000.00
66 $ 2,180,000,000.00
67 $ 2,180,000,000.00
68 $ 2,180,000,000.00
69 $ 2,180,000,000.00
70 $ 2,180,000,000.00
71 $ 2,180,000,000.00
72 $ 2,180,000,000.00
73 $ 2,180,000,000.00
74 $ 2,180,000,000.00
75 $ 2,180,000,000.00
76 $ 2,180,000,000.00
77 $ 2,180,000,000.00
78 $ 2,180,000,000.00
79 $ 2,180,000,000.00
80 $ 2,180,000,000.00
81 $ 2,180,000,000.00
82 $ 2,180,000,000.00
83 $ 2,180,000,000.00
84 $ 2,180,000,000.00
85 $ 2,180,000,000.00
86 $ 2,180,000,000.00
87 $ 2,180,000,000.00
88 $ 2,180,000,000.00
 89 $ 2,180,000,000.00
90 $ 2,180,000,000.00
91 $ 2,180,000,000.00
92 $ 2,180,000,000.00
93 $ 2,180,000,000.00
94 $ 2,180,000,000.00
95 $ 2,180,000,000.00
96 $ 2,180,000,000.00
97 $ 2,180,000,000.00
98 $ 2,180,000,000.00
99 $ 2,180,000,000.00
100 $ 2,180,000,000.00
yor al de la alterantiva B, al mismo tiempo
s con el VNA (No hay que recurrir al RBCI).

TIO
Períodos Saldo Inversion
0 $ 30,000,000,000.00
1 30,000,000,000.00 $
2 27,462,000,000.00 $
3 24,924,000,000.00 $
4 22,386,000,000.00 $
5 19,848,000,000.00 $
6 17,310,000,000.00 $
7 14,772,000,000.00 $
8 12,234,000,000.00 $
9 9,696,000,000.00 $
10 7,158,000,000.00 $
11 4,620,000,000.00 $
12 2,082,000,000.00 $
13 (456,000,000.00) $
14 (2,994,000,000.00) $
15 (5,532,000,000.00) $
16 (8,070,000,000.00) $
17 (10,608,000,000.00) $
18 (13,146,000,000.00) $
19 (15,684,000,000.00) $
20 (18,222,000,000.00) $
21 (20,760,000,000.00) $
22 (23,298,000,000.00) $
23 (25,836,000,000.00) $
24 (28,374,000,000.00) $
25 (30,912,000,000.00) $
26 (33,450,000,000.00) $
27 (35,988,000,000.00) $
28 (38,526,000,000.00) $
29 (41,064,000,000.00) $
30 (43,602,000,000.00) $
31 (46,140,000,000.00) $
32 (48,678,000,000.00) $
33 (51,216,000,000.00) $
34 (53,754,000,000.00) $
35 (56,292,000,000.00) $
36 (58,830,000,000.00) $
37 (61,368,000,000.00) $
38 (63,906,000,000.00) $
39 (66,444,000,000.00) $
Alternativa A
Construccion Tunel
10%
Flujo de caja Rentabilidad Exigida
0 $ -
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
2,820,000,000.00 $ 282,000,000.00
40 (68,982,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
41 (71,520,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
42 (74,058,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
43 (76,596,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
44 (79,134,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
45 (81,672,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
46 (84,210,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
47 (86,748,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
48 (89,286,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
49 (91,824,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
50 (94,362,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
51 (96,900,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
52 (99,438,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
53 (101,976,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
54 (104,514,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
55 (107,052,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
56 (109,590,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
57 (112,128,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
58 (114,666,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
59 (117,204,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
60 (119,742,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
61 (122,280,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
62 (124,818,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
63 (127,356,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
64 (129,894,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
65 (132,432,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
66 (134,970,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
67 (137,508,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
68 (140,046,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
69 (142,584,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
70 (145,122,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
71 (147,660,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
72 (150,198,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
73 (152,736,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
74 (155,274,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
75 (157,812,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
76 (160,350,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
77 (162,888,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
78 (165,426,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
79 (167,964,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
80 (170,502,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
81 (173,040,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
82 (175,578,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
83 (178,116,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
84 (180,654,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
85 (183,192,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
86 (185,730,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
 87 (188,268,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
88 (190,806,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
89 (193,344,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
90 (195,882,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
91 (198,420,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
92 (200,958,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
93 (203,496,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
94 (206,034,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
95 (208,572,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
96 (211,110,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
97 (213,648,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
98 (216,186,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
99 (218,724,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
100 (221,262,000,000.00) $ 2,820,000,000.00 $ 282,000,000.00
 Alternativa B
Construccion Carretera

TIO 10%

Devolución Inversión Períodos Flujo de caja Flujo de caja Rentabilidad Exigida

$ - 0 $ 18,000,000,000.00 0 $ -
$ 2,538,000,000.00 1 18,000,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 2 16,038,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 3 14,076,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 4 12,114,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 5 10,152,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 6 8,190,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 7 6,228,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 8 4,266,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 9 2,304,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 10 342,000,000.00 $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 11 (1,620,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 12 (3,582,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 13 (5,544,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 14 (7,506,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 15 (9,468,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 16 (11,430,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 17 (13,392,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 18 (15,354,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 19 (17,316,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 20 (19,278,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 21 (21,240,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 22 (23,202,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 23 (25,164,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 24 (27,126,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 25 (29,088,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 26 (31,050,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 27 (33,012,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 28 (34,974,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 29 (36,936,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 30 (38,898,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 31 (40,860,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 32 (42,822,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 33 (44,784,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 34 (46,746,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 35 (48,708,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 36 (50,670,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 37 (52,632,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 38 (54,594,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 39 (56,556,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 40 (58,518,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 41 (60,480,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 42 (62,442,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 43 (64,404,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 44 (66,366,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 45 (68,328,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 46 (70,290,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 47 (72,252,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 48 (74,214,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 49 (76,176,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 50 (78,138,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 51 (80,100,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 52 (82,062,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 53 (84,024,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 54 (85,986,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 55 (87,948,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 56 (89,910,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 57 (91,872,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 58 (93,834,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 59 (95,796,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 60 (97,758,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 61 (99,720,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 62 (101,682,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 63 (103,644,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 64 (105,606,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 65 (107,568,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 66 (109,530,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 67 (111,492,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 68 (113,454,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 69 (115,416,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 70 (117,378,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 71 (119,340,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 72 (121,302,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 73 (123,264,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 74 (125,226,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 75 (127,188,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 76 (129,150,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 77 (131,112,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 78 (133,074,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 79 (135,036,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 80 (136,998,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 81 (138,960,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 82 (140,922,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 83 (142,884,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 84 (144,846,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 85 (146,808,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 86 (148,770,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 87 (150,732,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 88 (152,694,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 89 (154,656,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 90 (156,618,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 91 (158,580,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 92 (160,542,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 93 (162,504,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 94 (164,466,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 95 (166,428,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 96 (168,390,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 97 (170,352,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 98 (172,314,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 99 (174,276,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
$ 2,538,000,000.00 100 (176,238,000,000.00) $ 2,180,000,000.00 $ 218,000,000.00
Devolución Inversión
$ - La alternativa A presenta una recuperación de la
inversión en 8 periodos mientras que la alternativa
$ 1,962,000,000.00 B en 9 periodos.
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
$ 1,962,000,000.00
 IRVA Alternativa A
$-
1 2 3 4 5 6 7 8 9 1011121314151617181920212223242526
$(10,000,000,000.00)

$(20,000,000,000.00)

$(30,000,000,000.00)

$(40,000,000,000.00)

$(50,000,000,000.00)

$(60,000,000,000.00)

Alternativa A
Construccion Tunel

Amortización de la
Períodos Inversión por Recuperar al inicio Costo del Capital Inversión y Valor
Invertido
Agregado
0
1 $ (30,000,000,000.00) $ (3,000,000,000.00) $ (180,000,000.00)
2 $ (30,180,000,000.00) $ (3,018,000,000.00) $ (198,000,000.00)
3 $ (30,378,000,000.00) $ (3,037,800,000.00) $ (217,800,000.00)
4 $ (30,595,800,000.00) $ (3,059,580,000.00) $ (239,580,000.00)
5 $ (30,835,380,000.00) $ (3,083,538,000.00) $ (263,538,000.00)
6 $ (31,098,918,000.00) $ (3,109,891,800.00) $ (289,891,800.00)
7 $ (31,388,809,800.00) $ (3,138,880,980.00) $ (318,880,980.00)
8 $ (31,707,690,780.00) $ (3,170,769,078.00) $ (350,769,078.00)
9 $ (32,058,459,858.00) $ (3,205,845,985.80) $ (385,845,985.80)
10 $ (32,444,305,843.80) $ (3,244,430,584.38) $ (424,430,584.38)
11 $ (32,868,736,428.18) $ (3,286,873,642.82) $ (466,873,642.82)
12 $ (33,335,610,071.00) $ (3,333,561,007.10) $ (513,561,007.10)
13 $ (33,849,171,078.10) $ (3,384,917,107.81) $ (564,917,107.81)
14 $ (34,414,088,185.91) $ (3,441,408,818.59) $ (621,408,818.59)
15 $ (35,035,497,004.50) $ (3,503,549,700.45) $ (683,549,700.45)
16 $ (35,719,046,704.95) $ (3,571,904,670.49) $ (751,904,670.49)
17 $ (36,470,951,375.44) $ (3,647,095,137.54) $ (827,095,137.54)
18 $ (37,298,046,512.99) $ (3,729,804,651.30) $ (909,804,651.30)
19 $ (38,207,851,164.29) $ (3,820,785,116.43) $ (1,000,785,116.43)
20 $ (39,208,636,280.71) $ (3,920,863,628.07) $ (1,100,863,628.07)
21 $ (40,309,499,908.79) $ (4,030,949,990.88) $ (1,210,949,990.88)
22 $ (41,520,449,899.66) $ (4,152,044,989.97) $ (1,332,044,989.97)
23 $ (42,852,494,889.63) $ (4,285,249,488.96) $ (1,465,249,488.96)
24 $ (44,317,744,378.59) $ (4,431,774,437.86) $ (1,611,774,437.86)
25 $ (45,929,518,816.45) $ (4,592,951,881.65) $ (1,772,951,881.65)
26 $ (47,702,470,698.10) $ (4,770,247,069.81) $ (1,950,247,069.81)
27 $ (49,652,717,767.91) $ (4,965,271,776.79) $ (2,145,271,776.79)
28 $ (51,797,989,544.70) $ (5,179,798,954.47) $ (2,359,798,954.47)
29 $ (54,157,788,499.17) $ (5,415,778,849.92) $ (2,595,778,849.92)
30 $ (56,753,567,349.09) $ (5,675,356,734.91) $ (2,855,356,734.91)
31 $ (59,608,924,084.00) $ (5,960,892,408.40) $ (3,140,892,408.40)
32 $ (62,749,816,492.40) $ (6,274,981,649.24) $ (3,454,981,649.24)
33 $ (66,204,798,141.63) $ (6,620,479,814.16) $ (3,800,479,814.16)
34 $ (70,005,277,955.80) $ (7,000,527,795.58) $ (4,180,527,795.58)
35 $ (74,185,805,751.38) $ (7,418,580,575.14) $ (4,598,580,575.14)
36 $ (78,784,386,326.52) $ (7,878,438,632.65) $ (5,058,438,632.65)
37 $ (83,842,824,959.17) $ (8,384,282,495.92) $ (5,564,282,495.92)
38 $ (89,407,107,455.08) $ (8,940,710,745.51) $ (6,120,710,745.51)
39 $ (95,527,818,200.59) $ (9,552,781,820.06) $ (6,732,781,820.06)
40 $ (102,260,600,020.65) $ (10,226,060,002.07) $ (7,406,060,002.07)
41 $ (109,666,660,022.72) $ (10,966,666,002.27) $ (8,146,666,002.27)
42 $ (117,813,326,024.99) $ (11,781,332,602.50) $ (8,961,332,602.50)
43 $ (126,774,658,627.49) $ (12,677,465,862.75) $ (9,857,465,862.75)
44 $ (136,632,124,490.24) $ (13,663,212,449.02) $ (10,843,212,449.02)
45 $ (147,475,336,939.26) $ (14,747,533,693.93) $ (11,927,533,693.93)
46 $ (159,402,870,633.19) $ (15,940,287,063.32) $ (13,120,287,063.32)
47 $ (172,523,157,696.51) $ (17,252,315,769.65) $ (14,432,315,769.65)
48 $ (186,955,473,466.16) $ (18,695,547,346.62) $ (15,875,547,346.62)
49 $ (202,831,020,812.77) $ (20,283,102,081.28) $ (17,463,102,081.28)
50 $ (220,294,122,894.05) $ (22,029,412,289.40) $ (19,209,412,289.40)
51 $ (239,503,535,183.45) $ (23,950,353,518.35) $ (21,130,353,518.35)
52 $ (260,633,888,701.80) $ (26,063,388,870.18) $ (23,243,388,870.18)
53 $ (283,877,277,571.98) $ (28,387,727,757.20) $ (25,567,727,757.20)
54 $ (309,445,005,329.18) $ (30,944,500,532.92) $ (28,124,500,532.92)
55 $ (337,569,505,862.09) $ (33,756,950,586.21) $ (30,936,950,586.21)
56 $ (368,506,456,448.30) $ (36,850,645,644.83) $ (34,030,645,644.83)
57 $ (402,537,102,093.13) $ (40,253,710,209.31) $ (37,433,710,209.31)
58 $ (439,970,812,302.44) $ (43,997,081,230.24) $ (41,177,081,230.24)
59 $ (481,147,893,532.69) $ (48,114,789,353.27) $ (45,294,789,353.27)
60 $ (526,442,682,885.96) $ (52,644,268,288.60) $ (49,824,268,288.60)
61 $ (576,266,951,174.55) $ (57,626,695,117.46) $ (54,806,695,117.46)
62 $ (631,073,646,292.01) $ (63,107,364,629.20) $ (60,287,364,629.20)
63 $ (691,361,010,921.21) $ (69,136,101,092.12) $ (66,316,101,092.12)
64 $ (757,677,112,013.33) $ (75,767,711,201.33) $ (72,947,711,201.33)
65 $ (830,624,823,214.66) $ (83,062,482,321.47) $ (80,242,482,321.47)
66 $ (910,867,305,536.13) $ (91,086,730,553.61) $ (88,266,730,553.61)
67 $ (999,134,036,089.74) $ (99,913,403,608.97) $ (97,093,403,608.97)
 68 $ (1,096,227,439,698.72) $ (109,622,743,969.87) $ (106,802,743,969.87)
69 $ (1,203,030,183,668.59) $ (120,303,018,366.86) $ (117,483,018,366.86)
70 $ (1,320,513,202,035.45) $ (132,051,320,203.55) $ (129,231,320,203.55)
71 $ (1,449,744,522,238.99) $ (144,974,452,223.90) $ (142,154,452,223.90)
72 $ (1,591,898,974,462.89) $ (159,189,897,446.29) $ (156,369,897,446.29)
73 $ (1,748,268,871,909.18) $ (174,826,887,190.92) $ (172,006,887,190.92)
74 $ (1,920,275,759,100.10) $ (192,027,575,910.01) $ (189,207,575,910.01)
75 $ (2,109,483,335,010.11) $ (210,948,333,501.01) $ (208,128,333,501.01)
76 $ (2,317,611,668,511.12) $ (231,761,166,851.11) $ (228,941,166,851.11)
77 $ (2,546,552,835,362.23) $ (254,655,283,536.22) $ (251,835,283,536.22)
78 $ (2,798,388,118,898.45) $ (279,838,811,889.85) $ (277,018,811,889.85)
79 $ (3,075,406,930,788.30) $ (307,540,693,078.83) $ (304,720,693,078.83)
80 $ (3,380,127,623,867.13) $ (338,012,762,386.71) $ (335,192,762,386.71)
81 $ (3,715,320,386,253.84) $ (371,532,038,625.39) $ (368,712,038,625.39)
82 $ (4,084,032,424,879.23) $ (408,403,242,487.92) $ (405,583,242,487.92)
83 $ (4,489,615,667,367.15) $ (448,961,566,736.72) $ (446,141,566,736.72)
84 $ (4,935,757,234,103.86) $ (493,575,723,410.39) $ (490,755,723,410.39)
85 $ (5,426,512,957,514.25) $ (542,651,295,751.43) $ (539,831,295,751.43)
86 $ (5,966,344,253,265.67) $ (596,634,425,326.57) $ (593,814,425,326.57)
87 $ (6,560,158,678,592.24) $ (656,015,867,859.23) $ (653,195,867,859.23)
88 $ (7,213,354,546,451.47) $ (721,335,454,645.15) $ (718,515,454,645.15)
89 $ (7,931,870,001,096.61) $ (793,187,000,109.66) $ (790,367,000,109.66)
90 $ (8,722,237,001,206.27) $ (872,223,700,120.63) $ (869,403,700,120.63)
91 $ (9,591,640,701,326.90) $ (959,164,070,132.69) $ (956,344,070,132.69)
92 $ (10,547,984,771,459.60) ### $ (1,051,978,477,145.96)
93 $ (11,599,963,248,605.60) ### $ (1,157,176,324,860.56)
94 $ (12,757,139,573,466.10) ### $ (1,272,893,957,346.61)
95 $ (14,030,033,530,812.70) ### $ (1,400,183,353,081.27)
96 $ (15,430,216,883,894.00) ### $ (1,540,201,688,389.40)
97 $ (16,970,418,572,283.40) ### $ (1,694,221,857,228.34)
98 $ (18,664,640,429,511.70) ### $ (1,863,644,042,951.17)
99 $ (20,528,284,472,462.90) ### $ (2,050,008,447,246.29)
100 $ (22,578,292,919,709.20) ### $ (2,255,009,291,970.92)
 La Alternativa A empieza a generar valor a partir del periodo 13 mientras que la
alternativa B a partir del periodo 14

va A
n Tunel

Flujo de Caja Inversión por recuperar al Tasa de Descuento Períodos Inversión por Recuperar
final del periodo (IRVA) al inicio
$ - $ (30,000,000,000.00) 0
$ 2,820,000,000.00 $ (30,180,000,000.00) 10% 1 $ (18,000,000,000.00)
$ 2,820,000,000.00 $ (30,378,000,000.00) 10% 2 $ (17,620,000,000.00)
$ 2,820,000,000.00 $ (30,595,800,000.00) 10% 3 $ (17,202,000,000.00)
$ 2,820,000,000.00 $ (30,835,380,000.00) 10% 4 $ (16,742,200,000.00)
$ 2,820,000,000.00 $ (31,098,918,000.00) 10% 5 $ (16,236,420,000.00)
$ 2,820,000,000.00 $ (31,388,809,800.00) 10% 6 $ (15,680,062,000.00)
$ 2,820,000,000.00 $ (31,707,690,780.00) 10% 7 $ (15,068,068,200.00)
$ 2,820,000,000.00 $ (32,058,459,858.00) 10% 8 $ (14,394,875,020.00)
$ 2,820,000,000.00 $ (32,444,305,843.80) 10% 9 $ (13,654,362,522.00)
$ 2,820,000,000.00 $ (32,868,736,428.18) 10% 10 $ (12,839,798,774.20)
$ 2,820,000,000.00 $ (33,335,610,071.00) 10% 11 $ (11,943,778,651.62)
$ 2,820,000,000.00 $ (33,849,171,078.10) 10% 12 $ (10,958,156,516.78)
$ 2,820,000,000.00 $ (34,414,088,185.91) 10% 13 $ (9,873,972,168.46)
$ 2,820,000,000.00 $ (35,035,497,004.50) 10% 14 $ (8,681,369,385.31)
$ 2,820,000,000.00 $ (35,719,046,704.95) 10% 15 $ (7,369,506,323.84)
$ 2,820,000,000.00 $ (36,470,951,375.44) 10% 16 $ (5,926,456,956.22)
$ 2,820,000,000.00 $ (37,298,046,512.99) 10% 17 $ (4,339,102,651.84)
$ 2,820,000,000.00 $ (38,207,851,164.29) 10% 18 $ (2,593,012,917.03)
$ 2,820,000,000.00 $ (39,208,636,280.71) 10% 19 $ (672,314,208.73)
$ 2,820,000,000.00 $ (40,309,499,908.79) 10% 20 $ 1,440,454,370.40
$ 2,820,000,000.00 $ (41,520,449,899.66) 10% 21 $ 3,764,499,807.44
$ 2,820,000,000.00 $ (42,852,494,889.63) 10% 22 $ 6,320,949,788.18
$ 2,820,000,000.00 $ (44,317,744,378.59) 10% 23 $ 9,133,044,767.00
$ 2,820,000,000.00 $ (45,929,518,816.45) 10% 24 $ 12,226,349,243.70
$ 2,820,000,000.00 $ (47,702,470,698.10) 10% 25 $ 15,628,984,168.07
$ 2,820,000,000.00 $ (49,652,717,767.91) 10% 26 $ 19,371,882,584.88
$ 2,820,000,000.00 $ (51,797,989,544.70) 10% 27 $ 23,489,070,843.36
$ 2,820,000,000.00 $ (54,157,788,499.17) 10% 28 $ 28,017,977,927.70
$ 2,820,000,000.00 $ (56,753,567,349.09) 10% 29 $ 32,999,775,720.47
$ 2,820,000,000.00 $ (59,608,924,084.00) 10% 30 $ 38,479,753,292.52
$ 2,820,000,000.00 $ (62,749,816,492.40) 10% 31 $ 44,507,728,621.77
$ 2,820,000,000.00 $ (66,204,798,141.63) 10% 32 $ 51,138,501,483.95
$ 2,820,000,000.00 $ (70,005,277,955.80) 10% 33 $ 58,432,351,632.34
$ 2,820,000,000.00 $ (74,185,805,751.38) 10% 34 $ 66,455,586,795.57
$ 2,820,000,000.00 $ (78,784,386,326.52) 10% 35 $ 75,281,145,475.13
$ 2,820,000,000.00 $ (83,842,824,959.17) 10% 36 $ 84,989,260,022.64
$ 2,820,000,000.00 $ (89,407,107,455.08) 10% 37 $ 95,668,186,024.91
$ 2,820,000,000.00 $ (95,527,818,200.59) 10% 38 $ 107,415,004,627.40
$ 2,820,000,000.00 $ (102,260,600,020.65) 10% 39 $ 120,336,505,090.14
$ 2,820,000,000.00 $ (109,666,660,022.72) 10% 40 $ 134,550,155,599.15
$ 2,820,000,000.00 $ (117,813,326,024.99) 10% 41 $ 150,185,171,159.07
$ 2,820,000,000.00 $ (126,774,658,627.49) 10% 42 $ 167,383,688,274.98
$ 2,820,000,000.00 $ (136,632,124,490.24) 10% 43 $ 186,302,057,102.47
$ 2,820,000,000.00 $ (147,475,336,939.26) 10% 44 $ 207,112,262,812.72
$ 2,820,000,000.00 $ (159,402,870,633.19) 10% 45 $ 230,003,489,093.99
$ 2,820,000,000.00 $ (172,523,157,696.51) 10% 46 $ 255,183,838,003.39
$ 2,820,000,000.00 $ (186,955,473,466.16) 10% 47 $ 282,882,221,803.73
$ 2,820,000,000.00 $ (202,831,020,812.77) 10% 48 $ 313,350,443,984.10
$ 2,820,000,000.00 $ (220,294,122,894.05) 10% 49 $ 346,865,488,382.52
$ 2,820,000,000.00 $ (239,503,535,183.45) 10% 50 $ 383,732,037,220.77
$ 2,820,000,000.00 $ (260,633,888,701.80) 10% 51 $ 424,285,240,942.84
$ 2,820,000,000.00 $ (283,877,277,571.98) 10% 52 $ 468,893,765,037.13
$ 2,820,000,000.00 $ (309,445,005,329.18) 10% 53 $ 517,963,141,540.84
$ 2,820,000,000.00 $ (337,569,505,862.09) 10% 54 $ 571,939,455,694.92
$ 2,820,000,000.00 $ (368,506,456,448.30) 10% 55 $ 631,313,401,264.42
$ 2,820,000,000.00 $ (402,537,102,093.13) 10% 56 $ 696,624,741,390.86
$ 2,820,000,000.00 $ (439,970,812,302.44) 10% 57 $ 768,467,215,529.94
$ 2,820,000,000.00 $ (481,147,893,532.69) 10% 58 $ 847,493,937,082.94
$ 2,820,000,000.00 $ (526,442,682,885.96) 10% 59 $ 934,423,330,791.23
$ 2,820,000,000.00 $ (576,266,951,174.55) 10% 60 $ 1,030,045,663,870.35
$ 2,820,000,000.00 $ (631,073,646,292.01) 10% 61 $ 1,135,230,230,257.39
$ 2,820,000,000.00 $ (691,361,010,921.21) 10% 62 $ 1,250,933,253,283.13
$ 2,820,000,000.00 $ (757,677,112,013.33) 10% 63 $ 1,378,206,578,611.44
$ 2,820,000,000.00 $ (830,624,823,214.66) 10% 64 $ 1,518,207,236,472.58
$ 2,820,000,000.00 $ (910,867,305,536.13) 10% 65 $ 1,672,207,960,119.84
$ 2,820,000,000.00 $ (999,134,036,089.74) 10% 66 $ 1,841,608,756,131.83
$ 2,820,000,000.00 $ (1,096,227,439,698.72) 10% 67 $ 2,027,949,631,745.01
$ 2,820,000,000.00 $ (1,203,030,183,668.59) 10% 68 $ 2,232,924,594,919.51
$ 2,820,000,000.00 $ (1,320,513,202,035.45) 10% 69 $ 2,458,397,054,411.46
$ 2,820,000,000.00 $ (1,449,744,522,238.99) 10% 70 $ 2,706,416,759,852.61
$ 2,820,000,000.00 $ (1,591,898,974,462.89) 10% 71 $ 2,979,238,435,837.87
$ 2,820,000,000.00 $ (1,748,268,871,909.18) 10% 72 $ 3,279,342,279,421.66
$ 2,820,000,000.00 $ (1,920,275,759,100.10) 10% 73 $ 3,609,456,507,363.82
$ 2,820,000,000.00 $ (2,109,483,335,010.11) 10% 74 $ 3,972,582,158,100.20
$ 2,820,000,000.00 $ (2,317,611,668,511.12) 10% 75 $ 4,372,020,373,910.23
$ 2,820,000,000.00 $ (2,546,552,835,362.23) 10% 76 $ 4,811,402,411,301.25
$ 2,820,000,000.00 $ (2,798,388,118,898.45) 10% 77 $ 5,294,722,652,431.37
$ 2,820,000,000.00 $ (3,075,406,930,788.30) 10% 78 $ 5,826,374,917,674.51
$ 2,820,000,000.00 $ (3,380,127,623,867.13) 10% 79 $ 6,411,192,409,441.96
$ 2,820,000,000.00 $ (3,715,320,386,253.84) 10% 80 $ 7,054,491,650,386.16
$ 2,820,000,000.00 $ (4,084,032,424,879.23) 10% 81 $ 7,762,120,815,424.77
$ 2,820,000,000.00 $ (4,489,615,667,367.15) 10% 82 $ 8,540,512,896,967.25
$ 2,820,000,000.00 $ (4,935,757,234,103.86) 10% 83 $ 9,396,744,186,663.98
$ 2,820,000,000.00 $ (5,426,512,957,514.25) 10% 84 ###
$ 2,820,000,000.00 $ (5,966,344,253,265.67) 10% 85 ###
$ 2,820,000,000.00 $ (6,560,158,678,592.24) 10% 86 ###
$ 2,820,000,000.00 $ (7,213,354,546,451.47) 10% 87 ###
$ 2,820,000,000.00 $ (7,931,870,001,096.61) 10% 88 ###
$ 2,820,000,000.00 $ (8,722,237,001,206.27) 10% 89 ###
$ 2,820,000,000.00 $ (9,591,640,701,326.90) 10% 90 ###
$ 2,820,000,000.00 $ (10,547,984,771,459.60) 10% 91 ###
$ 2,820,000,000.00 $ (11,599,963,248,605.60) 10% 92 ###
$ 2,820,000,000.00 $ (12,757,139,573,466.10) 10% 93 ###
$ 2,820,000,000.00 $ (14,030,033,530,812.70) 10% 94 ###
$ 2,820,000,000.00 $ (15,430,216,883,894.00) 10% 95 ###
$ 2,820,000,000.00 $ (16,970,418,572,283.40) 10% 96 ###
$ 2,820,000,000.00 $ (18,664,640,429,511.70) 10% 97 ###
$ 2,820,000,000.00 $ (20,528,284,472,462.90) 10% 98 ###
$ 2,820,000,000.00 $ (22,578,292,919,709.20) 10% 99 ###
$ 2,820,000,000.00 $ (24,833,302,211,680.10) 10% 100 ###
 IRVA Alternativa B
$25,000,000,000.00
$20,000,000,000.00
$15,000,000,000.00
$10,000,000,000.00
$5,000,000,000.00
$-
1 3 5 7 9 1 1 13 1 5 17 1 9 21 2 3 25
$(5,000,000,000.00)
$(10,000,000,000.00)
$(15,000,000,000.00)
$(20,000,000,000.00)

Alternativa B
Construccion Carretera

Amortización de la
Costo del Capital Inversión y Valor
Invertido
Agregado
$ (1,800,000,000.00) $ 380,000,000.00
$ (1,762,000,000.00) $ 418,000,000.00
$ (1,720,200,000.00) $ 459,800,000.00
$ (1,674,220,000.00) $ 505,780,000.00
$ (1,623,642,000.00) $ 556,358,000.00
$ (1,568,006,200.00) $ 611,993,800.00
$ (1,506,806,820.00) $ 673,193,180.00
$ (1,439,487,502.00) $ 740,512,498.00
$ (1,365,436,252.20) $ 814,563,747.80
$ (1,283,979,877.42) $ 896,020,122.58
$ (1,194,377,865.16) $ 985,622,134.84
$ (1,095,815,651.68) $ 1,084,184,348.32
$ (987,397,216.85) $ 1,192,602,783.15
$ (868,136,938.53) $ 1,311,863,061.47
$ (736,950,632.38) $ 1,443,049,367.62
$ (592,645,695.62) $ 1,587,354,304.38
$ (433,910,265.18) $ 1,746,089,734.82
$ (259,301,291.70) $ 1,920,698,708.30
$ (67,231,420.87) $ 2,112,768,579.13
$ 144,045,437.04 $ 2,324,045,437.04
Flujo de Caja Inversión por recuperar al
final del periodo (IRVA)
$ - $ (18,000,000,000.00)
$ 2,180,000,000.00 $ (17,620,000,000.00)
$ 2,180,000,000.00 $ (17,202,000,000.00)
$ 2,180,000,000.00 $ (16,742,200,000.00)
$ 2,180,000,000.00 $ (16,236,420,000.00)
$ 2,180,000,000.00 $ (15,680,062,000.00)
$ 2,180,000,000.00 $ (15,068,068,200.00)
$ 2,180,000,000.00 $ (14,394,875,020.00)
$ 2,180,000,000.00 $ (13,654,362,522.00)
$ 2,180,000,000.00 $ (12,839,798,774.20)
$ 2,180,000,000.00 $ (11,943,778,651.62)
$ 2,180,000,000.00 $ (10,958,156,516.78)
$ 2,180,000,000.00 $ (9,873,972,168.46)
$ 2,180,000,000.00 $ (8,681,369,385.31)
$ 2,180,000,000.00 $ (7,369,506,323.84)
$ 2,180,000,000.00 $ (5,926,456,956.22)
$ 2,180,000,000.00 $ (4,339,102,651.84)
$ 2,180,000,000.00 $ (2,593,012,917.03)
$ 2,180,000,000.00 $ (672,314,208.73)
$ 2,180,000,000.00 $ 1,440,454,370.40
$ 2,180,000,000.00 $ 3,764,499,807.44
$ 376,449,980.74 $ 2,556,449,980.74 $ 2,180,000,000.00 $ 6,320,949,788.18
$ 632,094,978.82 $ 2,812,094,978.82 $ 2,180,000,000.00 $ 9,133,044,767.00
$ 913,304,476.70 $ 3,093,304,476.70 $ 2,180,000,000.00 $ 12,226,349,243.70
$ 1,222,634,924.37 $ 3,402,634,924.37 $ 2,180,000,000.00 $ 15,628,984,168.07
$ 1,562,898,416.81 $ 3,742,898,416.81 $ 2,180,000,000.00 $ 19,371,882,584.88
$ 1,937,188,258.49 $ 4,117,188,258.49 $ 2,180,000,000.00 $ 23,489,070,843.36
$ 2,348,907,084.34 $ 4,528,907,084.34 $ 2,180,000,000.00 $ 28,017,977,927.70
$ 2,801,797,792.77 $ 4,981,797,792.77 $ 2,180,000,000.00 $ 32,999,775,720.47
$ 3,299,977,572.05 $ 5,479,977,572.05 $ 2,180,000,000.00 $ 38,479,753,292.52
$ 3,847,975,329.25 $ 6,027,975,329.25 $ 2,180,000,000.00 $ 44,507,728,621.77
$ 4,450,772,862.18 $ 6,630,772,862.18 $ 2,180,000,000.00 $ 51,138,501,483.95
$ 5,113,850,148.39 $ 7,293,850,148.39 $ 2,180,000,000.00 $ 58,432,351,632.34
$ 5,843,235,163.23 $ 8,023,235,163.23 $ 2,180,000,000.00 $ 66,455,586,795.57
$ 6,645,558,679.56 $ 8,825,558,679.56 $ 2,180,000,000.00 $ 75,281,145,475.13
$ 7,528,114,547.51 $ 9,708,114,547.51 $ 2,180,000,000.00 $ 84,989,260,022.64
$ 8,498,926,002.26 $ 10,678,926,002.26 $ 2,180,000,000.00 $ 95,668,186,024.91
$ 9,566,818,602.49 $ 11,746,818,602.49 $ 2,180,000,000.00 $ 107,415,004,627.40
$ 10,741,500,462.74 $ 12,921,500,462.74 $ 2,180,000,000.00 $ 120,336,505,090.14
$ 12,033,650,509.01 $ 14,213,650,509.01 $ 2,180,000,000.00 $ 134,550,155,599.15
$ 13,455,015,559.92 $ 15,635,015,559.92 $ 2,180,000,000.00 $ 150,185,171,159.07
$ 15,018,517,115.91 $ 17,198,517,115.91 $ 2,180,000,000.00 $ 167,383,688,274.98
$ 16,738,368,827.50 $ 18,918,368,827.50 $ 2,180,000,000.00 $ 186,302,057,102.47
$ 18,630,205,710.25 $ 20,810,205,710.25 $ 2,180,000,000.00 $ 207,112,262,812.72
$ 20,711,226,281.27 $ 22,891,226,281.27 $ 2,180,000,000.00 $ 230,003,489,093.99
$ 23,000,348,909.40 $ 25,180,348,909.40 $ 2,180,000,000.00 $ 255,183,838,003.39
$ 25,518,383,800.34 $ 27,698,383,800.34 $ 2,180,000,000.00 $ 282,882,221,803.73
$ 28,288,222,180.37 $ 30,468,222,180.37 $ 2,180,000,000.00 $ 313,350,443,984.10
$ 31,335,044,398.41 $ 33,515,044,398.41 $ 2,180,000,000.00 $ 346,865,488,382.52
$ 34,686,548,838.25 $ 36,866,548,838.25 $ 2,180,000,000.00 $ 383,732,037,220.77
$ 38,373,203,722.08 $ 40,553,203,722.08 $ 2,180,000,000.00 $ 424,285,240,942.84
$ 42,428,524,094.28 $ 44,608,524,094.28 $ 2,180,000,000.00 $ 468,893,765,037.13
$ 46,889,376,503.71 $ 49,069,376,503.71 $ 2,180,000,000.00 $ 517,963,141,540.84
$ 51,796,314,154.08 $ 53,976,314,154.08 $ 2,180,000,000.00 $ 571,939,455,694.92
$ 57,193,945,569.49 $ 59,373,945,569.49 $ 2,180,000,000.00 $ 631,313,401,264.42
$ 63,131,340,126.44 $ 65,311,340,126.44 $ 2,180,000,000.00 $ 696,624,741,390.86
$ 69,662,474,139.09 $ 71,842,474,139.09 $ 2,180,000,000.00 $ 768,467,215,529.94
$ 76,846,721,552.99 $ 79,026,721,552.99 $ 2,180,000,000.00 $ 847,493,937,082.94
$ 84,749,393,708.29 $ 86,929,393,708.29 $ 2,180,000,000.00 $ 934,423,330,791.23
$ 93,442,333,079.12 $ 95,622,333,079.12 $ 2,180,000,000.00 $ 1,030,045,663,870.35
$ 103,004,566,387.04 $ 105,184,566,387.04 $ 2,180,000,000.00 $ 1,135,230,230,257.39
$ 113,523,023,025.74 $ 115,703,023,025.74 $ 2,180,000,000.00 $ 1,250,933,253,283.13
$ 125,093,325,328.31 $ 127,273,325,328.31 $ 2,180,000,000.00 $ 1,378,206,578,611.44
$ 137,820,657,861.14 $ 140,000,657,861.14 $ 2,180,000,000.00 $ 1,518,207,236,472.58
$ 151,820,723,647.26 $ 154,000,723,647.26 $ 2,180,000,000.00 $ 1,672,207,960,119.84
$ 167,220,796,011.99 $ 169,400,796,011.99 $ 2,180,000,000.00 $ 1,841,608,756,131.83
$ 184,160,875,613.18 $ 186,340,875,613.18 $ 2,180,000,000.00 $ 2,027,949,631,745.01
$ 202,794,963,174.50 $ 204,974,963,174.50 $ 2,180,000,000.00 $ 2,232,924,594,919.51
$ 223,292,459,491.95 $ 225,472,459,491.95 $ 2,180,000,000.00 $ 2,458,397,054,411.46
$ 245,839,705,441.15 $ 248,019,705,441.15 $ 2,180,000,000.00 $ 2,706,416,759,852.61
$ 270,641,675,985.26 $ 272,821,675,985.26 $ 2,180,000,000.00 $ 2,979,238,435,837.87
$ 297,923,843,583.79 $ 300,103,843,583.79 $ 2,180,000,000.00 $ 3,279,342,279,421.66
$ 327,934,227,942.17 $ 330,114,227,942.17 $ 2,180,000,000.00 $ 3,609,456,507,363.82
$ 360,945,650,736.38 $ 363,125,650,736.38 $ 2,180,000,000.00 $ 3,972,582,158,100.20
$ 397,258,215,810.02 $ 399,438,215,810.02 $ 2,180,000,000.00 $ 4,372,020,373,910.23
$ 437,202,037,391.02 $ 439,382,037,391.02 $ 2,180,000,000.00 $ 4,811,402,411,301.25
$ 481,140,241,130.13 $ 483,320,241,130.13 $ 2,180,000,000.00 $ 5,294,722,652,431.37
$ 529,472,265,243.14 $ 531,652,265,243.14 $ 2,180,000,000.00 $ 5,826,374,917,674.51
$ 582,637,491,767.45 $ 584,817,491,767.45 $ 2,180,000,000.00 $ 6,411,192,409,441.96
$ 641,119,240,944.20 $ 643,299,240,944.20 $ 2,180,000,000.00 $ 7,054,491,650,386.16
$ 705,449,165,038.62 $ 707,629,165,038.62 $ 2,180,000,000.00 $ 7,762,120,815,424.77
$ 776,212,081,542.48 $ 778,392,081,542.48 $ 2,180,000,000.00 $ 8,540,512,896,967.25
$ 854,051,289,696.73 $ 856,231,289,696.73 $ 2,180,000,000.00 $ 9,396,744,186,663.98
$ 939,674,418,666.40 $ 941,854,418,666.40 $ 2,180,000,000.00 $ 10,338,598,605,330.40
$1,033,859,860,533.04 $ 1,036,039,860,533.04 $ 2,180,000,000.00 $ 11,374,638,465,863.40
$1,137,463,846,586.34 $ 1,139,643,846,586.34 $ 2,180,000,000.00 $ 12,514,282,312,449.80
$1,251,428,231,244.98 $ 1,253,608,231,244.98 $ 2,180,000,000.00 $ 13,767,890,543,694.70
$1,376,789,054,369.47 $ 1,378,969,054,369.47 $ 2,180,000,000.00 $ 15,146,859,598,064.20
$1,514,685,959,806.42 $ 1,516,865,959,806.42 $ 2,180,000,000.00 $ 16,663,725,557,870.60
$1,666,372,555,787.06 $ 1,668,552,555,787.06 $ 2,180,000,000.00 $ 18,332,278,113,657.70
$1,833,227,811,365.77 $ 1,835,407,811,365.77 $ 2,180,000,000.00 $ 20,167,685,925,023.50
$2,016,768,592,502.35 $ 2,018,948,592,502.35 $ 2,180,000,000.00 $ 22,186,634,517,525.80
$2,218,663,451,752.58 $ 2,220,843,451,752.58 $ 2,180,000,000.00 $ 24,407,477,969,278.40
$2,440,747,796,927.84 $ 2,442,927,796,927.84 $ 2,180,000,000.00 $ 26,850,405,766,206.20
$2,685,040,576,620.62 $ 2,687,220,576,620.62 $ 2,180,000,000.00 $ 29,537,626,342,826.80
$2,953,762,634,282.68 $ 2,955,942,634,282.68 $ 2,180,000,000.00 $ 32,493,568,977,109.50
$3,249,356,897,710.95 $ 3,251,536,897,710.95 $ 2,180,000,000.00 $ 35,745,105,874,820.50
$3,574,510,587,482.05 $ 3,576,690,587,482.05 $ 2,180,000,000.00 $ 39,321,796,462,302.50
$3,932,179,646,230.25 $ 3,934,359,646,230.25 $ 2,180,000,000.00 $ 43,256,156,108,532.80
$4,325,615,610,853.28 $ 4,327,795,610,853.28 $ 2,180,000,000.00 $ 47,583,951,719,386.00
$4,758,395,171,938.61 $ 4,760,575,171,938.61 $ 2,180,000,000.00 $ 52,344,526,891,324.60
Tasa de Descuento

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