ANUALIDADES

𝐴 𝐴 𝐴 𝐴 𝐴
𝑃= 1
+ 2
+ 3
+ ⋯+ 𝑛−1
+
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)𝑛
1 1 1 1 1
𝑃 = 𝐴[ 1
+ 2
+ 3
+ ⋯+ 𝑛−1
+ ]
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)𝑛
𝑛
1
𝑃 = 𝐴∑
(1 + 𝑖)𝑘
𝑘=1
𝑛−1
1
𝑃(1 + 𝑖) = 𝐴 + 𝐴 ∑
(1 + 𝑖)𝑘
𝑘=1
𝑛−1 𝑛−1
1 1 𝐴
𝑃(1 + 𝑖) − 𝑃 = 𝐴 + 𝐴 ∑ 𝑘
−𝐴∑ 𝑘
−
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖)𝑛
𝑘=1 𝑘=1

𝐴
𝑃𝑖 = 𝐴 −
(1 + 𝑖)𝑛
1
𝑃𝑖 = 𝐴 [1 − ]
(1 + 𝑖)𝑛
(𝟏 + 𝒊)𝒏 − 𝟏 (𝟏 + 𝒊)𝒏 − 𝟏
𝑷 = 𝑨[ ], (𝑷/𝑨, 𝒊%, 𝒏) = [ ]
𝒊(𝟏 + 𝒊)𝒏 𝒊(𝟏 + 𝒊)𝒏
 GRADIENTE ARITMÉTICO o LINEAL

La base es una anualidad, por lo tanto, se aplica el factor (𝑃/𝐴, 𝑖%, 𝑛), para hallar el valor presente de la
base.

Mirando la parte variable (gradiente) y hallando su valor equivalente en la fecha 0, tendríamos:

𝐺 2𝐺 3𝐺 (𝑛 − 2)𝐺 (𝑛 − 1)𝐺
𝑃𝐺 = 2
+ 3
+ 4
+ ⋯+ 𝑛−1
+
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)𝑛
1 2 3 (𝑛 − 2) (𝑛 − 1)
𝑃𝐺 = 𝐺 [ 2
+ 3
+ 4
+ ⋯+ 𝑛−1
+ ]
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)𝑛
 𝑛
𝑘−1
𝑃𝐺 = 𝐺 ∑
(1 + 𝑖)𝑘
𝑘=2
𝑛−1
𝐺 𝑘
𝑃𝐺 (1 + 𝑖) = +𝐺∑
1+𝑖 (1 + 𝑖)𝑘
𝑘=2
𝑛−1 𝑛−1
𝐺 𝑘 𝑘−1 (𝑛 − 1)
𝑃𝐺 (1 + 𝑖) − 𝑃𝐺 = +𝐺∑ 𝑘
−𝐺∑ 𝑘
−𝐺
1+𝑖 (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)𝑛
𝑘=2 𝑘=2
𝑛−1
𝐺 1 𝐺𝑛 𝐺
𝑃𝐺 𝑖 = +𝐺∑ 𝑘
− 𝑛
+
1+𝑖 (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)𝑛
𝑘=2
𝑛 𝑛
1 𝑛𝐺 1 (1 + 𝑖)𝑛 − 1
𝑃𝐺 𝑖 = 𝐺 ∑ 𝑘
− , ∑ = [ ]
(1 + 𝑖) (1 + 𝑖)𝑛 (1 + 𝑖)𝑘 𝑖(1 + 𝑖)𝑛
𝑘=1 𝑘=1

(1 + 𝑖)𝑛 − 1 𝑛𝐺
𝑃𝐺 𝑖 = 𝐺 [ 𝑛
]−
𝑖(1 + 𝑖) (1 + 𝑖)𝑛

1 (1 + 𝑖)𝑛 − 1 𝑛 1 (1 + 𝑖)𝑛 − 1 𝑛
𝑃𝐺 = 𝐺 [ 𝑛
− ], (𝑃/𝐺, 𝑖%, 𝑛) = [ − ]
𝑖 𝑖(1 + 𝑖) (1 + 𝑖)𝑛 𝑖 𝑖(1 + 𝑖) 𝑛 (1 + 𝑖)𝑛

Entonces, el valor presente de un gradiente aritmético contempla el valor presente de la base (primera
cuota) y el valor presente del gradiente (parte variable)

𝑃 = 𝑃𝐴 + 𝑃𝐺
𝑃 = 𝐴(𝑃/𝐴, 𝑖%, 𝑛) + 𝐺(𝑃/𝐺, 𝑖%, 𝑛)
(𝟏 + 𝒊)𝒏 − 𝟏 𝟏 (𝟏 + 𝒊)𝒏 − 𝟏 𝒏
𝑷 = 𝑨[ 𝒏
] + 𝑮 [ 𝒏
− ]
𝒊(𝟏 + 𝒊) 𝒊 𝒊(𝟏 + 𝒊) (𝟏 + 𝒊)𝒏

También podemos hallar un factor de equivalencia para encontrar una anualidad dado un gradiente

𝐴 = 𝐺(𝑃/𝐺, 𝑖%, 𝑛)(𝐴/𝑃, 𝑖%, 𝑛)

1 (1 + 𝑖)𝑛 − 1 𝑛 𝑖(1 + 𝑖)𝑛
𝐴=𝐺 [ − ] [ ]
𝑖 𝑖(1 + 𝑖)𝑛 (1 + 𝑖)𝑛 (1 + 𝑖)𝑛 − 1
𝟏 𝒏 𝟏 𝒏
𝑨 = 𝑮[ − ], (𝑨/𝑮, 𝒊%, 𝒏) = [ − ]
𝒊 (𝟏 + 𝒊)𝒏 − 𝟏 𝒊 (𝟏 + 𝒊)𝒏 − 𝟏
 GRADIENTE GEOMÉTRICO o EXPONENCIAL

1 (1 + 𝑔) (1 + 𝑔)2 (1 + 𝑔)𝑛−2 (1 + 𝑔)𝑛−1

𝑃 = 𝐴1 + 𝐴1 + 𝐴1 + ⋯ + 𝐴1 + 𝐴1
(1 + 𝑖) (1 + 𝑖)2 (1 + 𝑖)3 (1 + 𝑖)𝑛−1 (1 + 𝑖)𝑛
𝑛
(1 + 𝑔)𝑘−1
𝑃 = 𝐴1 ∑
(1 + 𝑖)𝑘
𝑘=1
𝑛
(1 + 𝑔) (1 + 𝑔)𝑘
𝑃 = 𝐴1 ∑
(1 + 𝑖) (1 + 𝑖)𝑘+1
𝑘=1
𝑛 𝑛
(1 + 𝑔) (1 + 𝑔)𝑘 (1 + 𝑔)𝑘−1
𝑃 − 𝑃 = 𝐴1 ∑ − 𝐴1 ∑
(1 + 𝑖) (1 + 𝑖)𝑘+1 (1 + 𝑖)𝑘
𝑘=1 𝑘=1
𝑛−1 𝑛
(1 + 𝑔) (1 + 𝑔)𝑘 (1 + 𝑔)𝑛 (1 + 𝑔)𝑘−1 1
𝑃[ − 1] = 𝐴1 ∑ 𝑘+1
+ 𝐴1 𝑛+1
− 𝐴1 ∑ 𝑘
− 𝐴1
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)
𝑘=1 𝑘=2
𝑛 𝑛
(1 + 𝑔) − (1 + 𝑖) (1 + 𝑔)𝑝−1 (1 + 𝑔)𝑛 (1 + 𝑔)𝑘−1 1
𝑃[ ] = 𝐴1 ∑ 𝑝
+ 𝐴1 𝑛+1
− 𝐴1 ∑ 𝑘
− 𝐴1
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)
𝑝=2 𝑘=2

(𝑔 − 𝑖) (1 + 𝑔)𝑛 1
𝑃 = 𝐴1 [ 𝑛+1
− ]
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖)

(1 + 𝑔)𝑛 1 (1 + 𝑖)
𝑃 = 𝐴1 [ − ]
(1 + 𝑖)𝑛+1 (1 + 𝑖) (𝑔 − 𝑖)

(𝟏 + 𝒈)𝒏 − (𝟏 + 𝒊)𝒏
𝑷 = 𝑨𝟏 [ ], 𝒊≠𝒈
(𝒈 − 𝒊)(𝟏 + 𝒊)𝒏
Si 𝑖 = 𝑔 tenemos

1 (1 + 𝑔) (1 + 𝑔)2 (1 + 𝑔)𝑛−2 (1 + 𝑔)𝑛−1

𝑃 = 𝐴1 + 𝐴1 + 𝐴1 + ⋯ + 𝐴1 + 𝐴1
(1 + 𝑖) (1 + 𝑖)2 (1 + 𝑖)3 (1 + 𝑖)𝑛−1 (1 + 𝑖)𝑛
1 (1 + 𝑖) (1 + 𝑖)2 (1 + 𝑖)𝑛−2 (1 + 𝑖)𝑛−1
𝑃 = 𝐴1 + 𝐴1 + 𝐴1 + ⋯ + 𝐴1 + 𝐴1
(1 + 𝑖) (1 + 𝑖)2 (1 + 𝑖)3 (1 + 𝑖)𝑛−1 (1 + 𝑖)𝑛
1 1 1 1 1
𝑃 = 𝐴1 + 𝐴1 + 𝐴1 + ⋯ + 𝐴1 + 𝐴1
(1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖) (1 + 𝑖)
𝒏
𝑷 = 𝑨𝟏 , 𝒊=𝒈
(𝟏 + 𝒊)