Horizonte 8.

00
Koa 10.00%
Imp. Renta 29.50%
Conceptos UM V. U. (años) V. Liquidación V. Desecho V. Reposición
Infraestructura 2,000.00 15.00 40.00% Infraestructura
Equipamiento 450.00 5.00 3.00% 10.00% 5.00% Equipamiento
Intangibles 80.00 1.00 Intangibles
Inversiones
Ventas 2,500.00 año 1
Participación d 2.00% aproximación a 1 decimal Infraestructura
Ajuste de precio 1.00% Equipamiento
Intangibles
Costos desembolsables Depreciaciones
Costos fijos 700.00
Costos variables 45.00% ventas Infraestructura
Ajuste de costo 3.00% aproximación a 1 decimal Equipamiento
Intangibles
Valor en libros

Infraestructura
Equipamiento
Intangibles
V. Liquidación

Saldo inicial
Inversiones
Depreciación
Valor en libros
Saldo final

Ventas
Participación de mercado
Ajuste de precios
factor de capita
Ventas

Costos fijos
Costo variable
factor variable
Ajuste de costos
factor de capita
Costos desembo

Ventas
Costo desembolsable
EBITDA
Depreciación
U. Operativa
V. Liquidación
V. Libros
U. antes de intereses
Intereses
U. antes de impuestos
Impuestos
U. neta

Ventas
Costo desembolsable
Impuestos
FC Operativo
Inversiones
V. Liquidación
FC Economico

Saldo inicial
Flujo de caja
Aporte de capita
Saldo final

Saldo inicial
Aporte de capita
Recuperación de capital
Saldo final

Saldo inicial
Utilidad
Dividendos
Saldo final

Caja
Activo fijo neto

Total activos

Total pasivos
Capital social
Utilidades reten
Total patrimoni

Equilibrio

ROA
ROE

TIRE
Koa
VANE

Venta base
Venta equilibrio
Variación
 0 1 2 3 4 5 6 7 8
2,000.0
450.0 472.5
80.0
2,530.0 0.0 0.0 0.0 0.0 472.5 0.0 0.0 0.0

133.3 133.3 133.3 133.3 133.3 133.3 133.3 133.3

90.0 90.0 90.0 90.0 90.0 94.5 94.5 94.5
80.0
0.0 303.3 223.3 223.3 223.3 223.3 227.8 227.8 227.8

933.3
189.0
0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,122.3

800.0
13.5 47.3

0.0 0.0 0.0 0.0 0.0 13.5 0.0 0.0 847.3

2,530.0 2,226.7 2,003.3 1,780.0 1,556.7 1,805.8 1,578.0 1,350.2

2,530.0 0.0 0.0 0.0 0.0 472.5 0.0 0.0 0.0
0.0 -303.3 -223.3 -223.3 -223.3 -223.3 -227.8 -227.8 -227.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1,122.3
2,530.0 2,226.7 2,003.3 1,780.0 1,556.7 1,805.8 1,578.0 1,350.2 0.0

0 1 2 3 4 5 6 7 8
2,500.0 2,550.0 2,601.0 2,653.0 2,706.1 2,760.2 2,815.4 2,871.7
rticipación de mercado 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
uste de precios 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
1.0000 1.0100 1.0201 1.0303 1.0406 1.0510 1.0615 1.0721 1.0829
0.0 2,525.0 2,601.3 2,679.8 2,760.7 2,844.1 2,930.0 3,018.5 3,109.6

0 1 2 3 4 5 6 7 8
700.0 700.0 700.0 700.0 700.0 700.0 700.0 700.0
1,136.3 1,170.6 1,205.9 1,242.3 1,279.8 1,318.5 1,358.3 1,399.3
45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0%
uste de costos 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
1.0000 1.0300 1.0609 1.0927 1.1255 1.1593 1.1941 1.2299 1.2668
0.0 1,891.3 1,984.5 2,082.6 2,186.1 2,295.2 2,410.2 2,531.5 2,659.4

0 1 2 3 4 5 6 7 8
2,525.0 2,601.3 2,679.8 2,760.7 2,844.1 2,930.0 3,018.5 3,109.6
sto desembolsable 1,891.3 1,984.5 2,082.6 2,186.1 2,295.2 2,410.2 2,531.5 2,659.4
633.7 616.8 597.2 574.6 548.9 519.8 487.0 450.2
303.3 223.3 223.3 223.3 223.3 227.8 227.8 227.8
330.3 393.5 373.8 351.3 325.6 292.0 259.2 222.4
0.0 0.0 0.0 0.0 13.5 0.0 0.0 847.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,122.3
antes de intereses 330.3 393.5 373.8 351.3 339.1 292.0 259.2 -52.7

antes de impuestos 330.3 393.5 373.8 351.3 339.1 292.0 259.2 -52.7
97.4 116.1 110.3 103.6 100.0 86.1 76.5 0.0
232.9 277.4 263.5 247.6 239.1 205.8 182.7 -52.7

0 1 2 3 4 5 6 7 8
2,525.0 2,601.3 2,679.8 2,760.7 2,844.1 2,930.0 3,018.5 3,109.6
sto desembolsable -1,891.3 -1,984.5 -2,082.6 -2,186.1 -2,295.2 -2,410.2 -2,531.5 -2,659.4
-97.4 -116.1 -110.3 -103.6 -100.0 -86.1 -76.5 0.0
536.2 500.7 486.9 471.0 448.9 433.7 410.6 450.2
-2,530.0 0.0 0.0 0.0 0.0 -472.5 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 13.5 0.0 0.0 847.3
-2,530.0 536.2 500.7 486.9 471.0 -10.1 433.7 410.6 1,297.5

0 1 2 3 4 5 6 7 8
0.0 536.2 1,036.9 1,523.8 1,994.8 1,994.8 2,428.5 2,839.0
-2,530.0 536.2 500.7 486.9 471.0 -10.1 433.7 410.6 1,297.5
2,530.0 0.0 0.0 0.0 0.0 10.1 0.0 0.0 0.0
0.0 536.2 1,036.9 1,523.8 1,994.8 1,994.8 2,428.5 2,839.0 4,136.5

2,530.0 2,530.0 2,530.0 2,530.0 2,530.0 2,540.1 2,540.1 2,540.1

2,530.0 0.0 0.0 0.0 0.0 10.1 0.0 0.0 0.0
cuperación de capital
2,530.0 2,530.0 2,530.0 2,530.0 2,530.0 2,540.1 2,540.1 2,540.1 2,540.1

0.0 232.9 510.3 773.8 1,021.5 1,260.5 1,466.4 1,649.1

0.0 232.9 277.4 263.5 247.6 239.1 205.8 182.7 -52.7

0.0 232.9 510.3 773.8 1,021.5 1,260.5 1,466.4 1,649.1 1,596.4

0 1 2 3 4 5 6 7 8
0.0 536.2 1,036.9 1,523.8 1,994.8 1,994.8 2,428.5 2,839.0 4,136.5
2,530.0 2,226.7 2,003.3 1,780.0 1,556.7 1,805.8 1,578.0 1,350.2 0.0

2,530.0 2,762.9 3,040.3 3,303.8 3,551.5 3,800.6 4,006.5 4,189.2 4,136.5

2,530.0 2,530.0 2,530.0 2,530.0 2,530.0 2,540.1 2,540.1 2,540.1 2,540.1

0.0 232.9 510.3 773.8 1,021.5 1,260.5 1,466.4 1,649.1 1,596.4
2,530.0 2,762.9 3,040.3 3,303.8 3,551.5 3,800.6 4,006.5 4,189.2 4,136.5

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
8.43% 9.12% 7.98% 6.97% 6.29% 5.14% 4.36% -1.27%
8.43% 9.12% 7.98% 6.97% 6.29% 5.14% 4.36% -1.27%

11.13%
10.00%
113.3
Aproximación
2,500.00 2450 7.6 2450-x 7.6
2,446.40 X 0 10 21.1
-2.14% 2440 -13.5 2450-x 3.601895735
X 2446.398104
 9

0.0

0.0

0.0

0.0

0.0
0.0
0.0
0.0
0.0

0.0

0.0

9
 9

9
4,136.5
0.0
0.0
4,136.5

2,540.1
0.0

2,540.1

1,596.4
0.0

1,596.4

9
4,136.5
0.0

4,136.5

2,540.1
1,596.4
4,136.5

0.0

9
0.00%
0.00%
Horizonte 9.00
Koa 10.00%
Imp. Renta 29.50%
Conceptos UM V. U. (años) V. Liquidación V. Desecho V. Reposición 0
Infraestructura 3,900.00 12.00 30.00% Infraestructura 3,900.0
Equipamiento 500.00 3.00 3.00% 8.00% 2.00% Equipamiento 500.0
Intangibles 90.00 1.00 Intangibles 90.0
Inversiones 4,490.0
Ventas 2,850.00 año 1
Participación d 1.00% aproximación a 1 decimal Infraestructura
Ajuste de precio 1.00% Equipamiento
Intangibles
Días Año 360.00 Depreciaciones 0.0
Estructura comercial
Contado 65.00% Infraestructura
Crédito 35.00% PPC (días) 30.00 Equipamiento
Intangibles
Costos desembolsables Valor en libros 0.0
Costos fijos 300.00
Costos variables 58.00% ventas Infraestructura
Ajuste de costo 1.50% aproximación a 1 decimal Equipamiento
Intangibles
Estructura comercial V. Liquidación 0.0
Costos fijos
Contado 75.00% Saldo inicial
Crédito 25.00% PPC (días) 60.00 Inversiones 4,490.0
Costos variables Depreciación 0.0
Contado 60.00% Valor en libros 0.0
Crédito 40.00% PPC (días) 90.00 Saldo final 4,490.0

0
Ventas
Participación de mercado
Ajuste de precios
factor de capitali 1.0000
Ventas 0.0

0
0.00% 0.00% 8.33% 10.00% M1
0.00% 20.00% 8.33% 10.00% M2
0.00% 0.00% 8.33% 0.00% M3
0.00% 20.00% 8.33% 0.00% M4
0.00% 0.00% 8.33% 0.00% M5
0.00% 20.00% 8.33% 10.00% M6
15.00% 0.00% 8.33% 10.00% M7
15.00% 20.00% 8.33% 0.00% M8
15.00% 0.00% 8.33% 15.00% M9
15.00% 20.00% 8.33% 15.00% M10
15.00% 0.00% 8.33% 15.00% M11
25.00% 0.00% 8.33% 15.00% M12
Venta

0
 M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
Cobranzas

Cobranzas

0
Saldo inicial
Ventas 0.0
Cobranza 0.0
Saldo final 0.0

0
Costos fijos
Costo variable
factor variable
Ajuste de costos
factor de capitali 1.0000
Costos desembols 0.0

0
Costos fijos

0
1/12 M1
1/12 M2
1/12 M3
1/12 M4
1/12 M5
1/12 M6
1/12 M7
1/12 M8
1/12 M9
1/12 M10
1/12 M11
1/12 M12
Costos fijos

0
M1
M2
M3
M4
 M5
M6
M7
M8
M9
M10
M11
M12
Pagos fijos

Pagos fijos

0
Saldo inicial
Costos fijos 0.0
Pagos 0.0
Saldo final 0.0

0
Costos variables

0
10.00% M1
10.00% M2
0.00% M3
0.00% M4
0.00% M5
10.00% M6
10.00% M7
0.00% M8
15.00% M9
15.00% M10
15.00% M11
15.00% M12
Costos variables

0
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
Pagos variables

0
Saldo inicial
Costos variables 0.0
Pagos 0.0
Saldo final 0.0

0
Saldo inicial
Costos desembols 0.0
Pagos 0.0
Saldo final 0.0

0
CxC 0.0
CxP 0.0
Capital de trabaj 0.0
Necesidad de CT 0.0

0
Ventas
Costo desembolsable
EBITDA
Depreciación
U. Operativa
V. Liquidación
V. Libros
U. antes de intereses
Intereses
U. antes de impuestos
Impuestos
U. neta

0
Ventas
Costo desembolsable
Impuestos
FC Operativo
Inversiones -4,490.0
V. Liquidación 0.0
Necesidad de capi 0.0
FC Economico -4,490.0

0
Cobranza 0.0
Proveedores 0.0
Impuestos
FC Operativo
Inversiones -4,490.0
V. Liquidación 0.0
FC Economico -4,490.0
 0.0

0
Saldo inicial
Flujo de caja -4,490.0
Aporte de capital 4,490.0
Saldo final 0.0

Saldo inicial
Aporte de capital 4,490.0
Recuperación de capital
Saldo final 4,490.0

Saldo inicial
Utilidad 0.0
Dividendos
Saldo final 0.0

ESF Contable
0
Caja 0.0
CxC 0.0
Activo fijo neto 4,490.0
Total activos 4,490.0
CxP 0.0
Total pasivos 0.0
Capital social 4,490.0
Utilidades reteni 0.0
Total patrimonio 4,490.0

Equilibrio 0.0

ESF Financiero
0
Caja 0.0
Capital de trabaj 0.0
Activo fijo neto 4,490.0
Total activos 4,490.0

Total pasivos 0.0

Capital social 4,490.0
Utilidades reteni 0.0
Total patrimonio 4,490.0

Equilibrio 0.0

0
ROA
ROI
ROE
TIRE 9.76%
Koa 10.00%
VANE -46.0

Venta base 2,500.00

Venta equilibrio 2,446.40
Variación -2.14%
 1 2 3 4 5 6 7 8 9 10

510.0

0.0 0.0 510.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0

166.7 166.7 166.7 170.0 170.0 170.0
90.0
581.7 491.7 491.7 495.0 495.0 495.0 325.0 325.0 325.0 0.0

975.0
0.0
0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 975.0 0.0

1,170.0
15.0 15.3

0.0 0.0 15.0 0.0 0.0 15.3 0.0 0.0 1,170.0 0.0

4,490.0 3,908.3 3,416.7 3,435.0 2,940.0 2,445.0 1,950.0 1,625.0 1,300.0 0.0
0.0 0.0 510.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-581.7 -491.7 -491.7 -495.0 -495.0 -495.0 -325.0 -325.0 -325.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -975.0 0.0
3,908.3 3,416.7 3,435.0 2,940.0 2,445.0 1,950.0 1,625.0 1,300.0 0.0 0.0

1 2 3 4 5 6 7 8 9 10
2,850.0 2,878.5 2,907.3 2,936.4 2,965.8 2,995.5 3,025.5 3,055.8 3,086.4
1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
1.0100 1.0201 1.0303 1.0406 1.0510 1.0615 1.0721 1.0829 1.0937
2,878.5 2,936.4 2,995.4 3,055.6 3,117.1 3,179.8 3,243.7 3,309.0 3,375.6 0.0

1 2 3 4 5 6 7 8 9 10
287.9 293.6 299.5 305.6 311.7 318.0 324.4 330.9 337.6 0.0
287.9 293.6 299.5 305.6 311.7 318.0 324.4 330.9 337.6 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
287.9 293.6 299.5 305.6 311.7 318.0 324.4 330.9 337.6 0.0
287.9 293.6 299.5 305.6 311.7 318.0 324.4 330.9 337.6 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
431.8 440.5 449.3 458.3 467.6 477.0 486.6 496.4 506.3 0.0
431.8 440.5 449.3 458.3 467.6 477.0 486.6 496.4 506.3 0.0
431.8 440.5 449.3 458.3 467.6 477.0 486.6 496.4 506.3 0.0
431.8 440.5 449.3 458.3 467.6 477.0 486.6 496.4 506.3 0.0
2,878.5 2,936.4 2,995.4 3,055.6 3,117.1 3,179.8 3,243.7 3,309.0 3,375.6 0.0

1 2 3 4 5 6 7 8 9 10
 187.1 342.0 348.9 355.9 363.0 370.3 377.8 385.4 393.1 177.2
287.9 293.6 299.5 305.6 311.7 318.0 324.4 330.9 337.6 0.0
100.7 102.8 104.8 106.9 109.1 111.3 113.5 115.8 118.1 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
187.1 190.9 194.7 198.6 202.6 206.7 210.8 215.1 219.4 0.0
287.9 293.6 299.5 305.6 311.7 318.0 324.4 330.9 337.6 0.0
100.7 102.8 104.8 106.9 109.1 111.3 113.5 115.8 118.1 0.0
280.7 286.3 292.1 297.9 303.9 310.0 316.3 322.6 329.1 0.0
431.8 440.5 449.3 458.3 467.6 477.0 486.6 496.4 506.3 0.0
431.8 440.5 449.3 458.3 467.6 477.0 486.6 496.4 506.3 0.0
431.8 440.5 449.3 458.3 467.6 477.0 486.6 496.4 506.3 0.0
2,727.4 2,933.4 2,992.3 3,052.4 3,113.9 3,176.5 3,240.3 3,305.6 3,372.1 177.2

2,794.5 2,934.7 2,993.7 3,053.8 3,115.3 3,178.0 3,241.8 3,307.1 3,373.7 98.5

1 2 3 4 5 6 7 8 9 10
0.0 151.1 154.2 157.3 160.4 163.6 166.9 170.3 173.7 177.2
2,878.5 2,936.4 2,995.4 3,055.6 3,117.1 3,179.8 3,243.7 3,309.0 3,375.6 0.0
-2,727.4 -2,933.4 -2,992.3 -3,052.4 -3,113.9 -3,176.5 -3,240.3 -3,305.6 -3,372.1 -177.2
151.1 154.2 157.3 160.4 163.6 166.9 170.3 173.7 177.2 0.0

1 2 3 4 5 6 7 8 9 10
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
1,669.5 1,703.1 1,737.3 1,772.2 1,807.9 1,844.3 1,881.3 1,919.2 1,957.8
58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0% 58.0%
1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
1.0150 1.0302 1.0457 1.0614 1.0773 1.0934 1.1098 1.1265 1.1434
1,999.1 2,063.7 2,130.4 2,199.4 2,270.8 2,344.7 2,421.0 2,499.9 2,581.6 0.0

1 2 3 4 5 6 7 8 9 10
304.5 309.1 313.7 318.4 323.2 328.0 333.0 337.9 343.0

1 2 3 4 5 6 7 8 9 10
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
304.5 309.1 313.7 318.4 323.2 328.0 333.0 337.9 343.0 0.0

1 2 3 4 5 6 7 8 9 10
19.0 25.7 26.0 26.4 26.8 27.2 27.6 28.1 28.5 7.1
19.0 25.7 26.0 26.4 26.8 27.2 27.6 28.1 28.5 7.1
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
 25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
25.4 25.8 26.1 26.5 26.9 27.3 27.7 28.2 28.6 0.0
291.8 308.9 313.5 318.2 323.0 327.8 332.7 337.7 342.8 14.3

291.8 308.9 313.5 318.2 323.0 327.8 332.7 337.7 342.8 14.3

1 2 3 4 5 6 7 8 9 10
0.0 12.7 12.9 13.1 13.3 13.5 13.7 13.9 14.1 14.3
304.5 309.1 313.7 318.4 323.2 328.0 333.0 337.9 343.0 0.0
-291.8 -308.9 -313.5 -318.2 -323.0 -327.8 -332.7 -337.7 -342.8 -14.3
12.7 12.9 13.1 13.3 13.5 13.7 13.9 14.1 14.3 0.0

1 2 3 4 5 6 7 8 9 10
1,694.6 1,754.6 1,816.7 1,881.0 1,947.6 2,016.6 2,088.0 2,162.0 2,238.6 0.0
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
169.5 175.5 181.7 188.1 194.8 201.7 208.8 216.2 223.9 0.0
169.5 175.5 181.7 188.1 194.8 201.7 208.8 216.2 223.9 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
169.5 175.5 181.7 188.1 194.8 201.7 208.8 216.2 223.9 0.0
169.5 175.5 181.7 188.1 194.8 201.7 208.8 216.2 223.9 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
254.2 263.2 272.5 282.1 292.1 302.5 313.2 324.3 335.8 0.0
254.2 263.2 272.5 282.1 292.1 302.5 313.2 324.3 335.8 0.0
254.2 263.2 272.5 282.1 292.1 302.5 313.2 324.3 335.8 0.0
254.2 263.2 272.5 282.1 292.1 302.5 313.2 324.3 335.8 0.0
1,694.6 1,754.6 1,816.7 1,881.0 1,947.6 2,016.6 2,088.0 2,162.0 2,238.6 0.0

1 2 3 4 5 6 7 8 9 10
101.7 206.9 214.3 221.9 229.7 237.9 246.3 255.0 264.0 134.3
101.7 206.9 214.3 221.9 229.7 237.9 246.3 255.0 264.0 134.3
0.0 101.7 105.3 109.0 112.9 116.9 121.0 125.3 129.7 134.3
67.8 70.2 72.7 75.2 77.9 80.7 83.5 86.5 89.5 0.0
67.8 70.2 72.7 75.2 77.9 80.7 83.5 86.5 89.5 0.0
101.7 105.3 109.0 112.9 116.9 121.0 125.3 129.7 134.3 0.0
101.7 105.3 109.0 112.9 116.9 121.0 125.3 129.7 134.3 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
220.3 228.1 236.2 244.5 253.2 262.2 271.4 281.1 291.0 0.0
220.3 228.1 236.2 244.5 253.2 262.2 271.4 281.1 291.0 0.0
152.5 157.9 163.5 169.3 175.3 181.5 187.9 194.6 201.5 0.0
254.2 263.2 272.5 282.1 292.1 302.5 313.2 324.3 335.8 0.0
1,389.5 1,743.8 1,805.5 1,869.4 1,935.6 2,004.2 2,075.2 2,148.7 2,224.8 402.9

1 2 3 4 5 6 7 8 9 10
 0.0 305.0 315.8 327.0 338.6 350.6 363.0 375.8 389.2 402.9
1,694.6 1,754.6 1,816.7 1,881.0 1,947.6 2,016.6 2,088.0 2,162.0 2,238.6 0.0
-1,389.5 -1,743.8 -1,805.5 -1,869.4 -1,935.6 -2,004.2 -2,075.2 -2,148.7 -2,224.8 -402.9
305.0 315.8 327.0 338.6 350.6 363.0 375.8 389.2 402.9 0.0

1 2 3 4 5 6 7 8 9 10
0.0 317.7 328.7 340.1 351.8 364.0 376.7 389.7 403.2 417.2
1,999.1 2,063.7 2,130.4 2,199.4 2,270.8 2,344.7 2,421.0 2,499.9 2,581.6 0.0
-1,681.4 -2,052.7 -2,119.0 -2,187.6 -2,258.6 -2,332.0 -2,407.9 -2,486.4 -2,567.6 -417.2
317.7 328.7 340.1 351.8 364.0 376.7 389.7 403.2 417.2 0.0

1 2 3 4 5 6 7 8 9 10
151.1 154.2 157.3 160.4 163.6 166.9 170.3 173.7 177.2 0.0
-317.7 -328.7 -340.1 -351.8 -364.0 -376.7 -389.7 -403.2 -417.2 0.0
-166.6 -174.5 -182.8 -191.4 -200.4 -209.7 -219.4 -229.5 -240.0 0.0
166.6 8.0 8.3 8.6 9.0 9.3 9.7 10.1 10.5 -240.0

1 2 3 4 5 6 7 8 9 10
2,878.5 2,936.4 2,995.4 3,055.6 3,117.1 3,179.8 3,243.7 3,309.0 3,375.6 0.0
1,999.1 2,063.7 2,130.4 2,199.4 2,270.8 2,344.7 2,421.0 2,499.9 2,581.6 0.0
879.4 872.7 865.0 856.2 846.3 835.1 822.7 809.1 794.0 0.0
581.7 491.7 491.7 495.0 495.0 495.0 325.0 325.0 325.0 0.0
297.7 381.0 373.3 361.2 351.3 340.1 497.7 484.1 469.0 0.0
0.0 0.0 15.0 0.0 0.0 15.3 0.0 0.0 1,170.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 975.0 0.0
297.7 381.0 388.3 361.2 351.3 355.4 497.7 484.1 664.0 0.0

297.7 381.0 388.3 361.2 351.3 355.4 497.7 484.1 664.0 0.0
87.8 112.4 114.6 106.6 103.6 104.8 146.8 142.8 195.9 0.0
209.9 268.6 273.8 254.6 247.7 250.6 350.9 341.3 468.1 0.0

1 2 3 4 5 6 7 8 9 10
2,878.5 2,936.4 2,995.4 3,055.6 3,117.1 3,179.8 3,243.7 3,309.0 3,375.6 0.0
-1,999.1 -2,063.7 -2,130.4 -2,199.4 -2,270.8 -2,344.7 -2,421.0 -2,499.9 -2,581.6 0.0
-87.8 -112.4 -114.6 -106.6 -103.6 -104.8 -146.8 -142.8 -195.9 0.0
791.6 760.3 750.4 749.6 742.7 730.3 675.9 666.3 598.1 0.0
0.0 0.0 -510.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 15.0 0.0 0.0 15.3 0.0 0.0 1,170.0 0.0
166.6 8.0 8.3 8.6 9.0 9.3 9.7 10.1 10.5 -240.0
958.2 768.2 263.7 758.3 751.6 754.9 685.6 676.4 1,778.6 -240.0

1 2 3 4 5 6 7 8 9 10
2,727.4 2,933.4 2,992.3 3,052.4 3,113.9 3,176.5 3,240.3 3,305.6 3,372.1 177.2
-1,681.4 -2,052.7 -2,119.0 -2,187.6 -2,258.6 -2,332.0 -2,407.9 -2,486.4 -2,567.6 -417.2
-87.8 -112.4 -114.6 -106.6 -103.6 -104.8 -146.8 -142.8 -195.9 0.0
958.2 768.3 758.7 758.2 751.6 739.6 685.6 676.4 608.6 -240.0
0.0 0.0 -510.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 15.0 0.0 0.0 15.3 0.0 0.0 1,170.0 0.0
958.2 768.3 263.7 758.2 751.6 754.9 685.6 676.4 1,778.6 -240.0
 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
0.0 958.2 1,726.5 1,990.2 2,748.4 3,500.1 4,255.0 4,940.6 5,617.0 7,395.6
958.2 768.3 263.7 758.2 751.6 754.9 685.6 676.4 1,778.6 -240.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 240.0
958.2 1,726.5 1,990.2 2,748.4 3,500.1 4,255.0 4,940.6 5,617.0 7,395.6 7,395.6

4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 240.0

4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,730.0

0.0 209.9 478.5 752.3 1,007.0 1,254.6 1,505.2 1,856.1 2,197.3 2,665.5
209.9 268.6 273.8 254.6 247.7 250.6 350.9 341.3 468.1 0.0

209.9 478.5 752.3 1,007.0 1,254.6 1,505.2 1,856.1 2,197.3 2,665.5 2,665.5

1 2 3 4 5 6 7 8 9 10
958.2 1,726.5 1,990.2 2,748.4 3,500.1 4,255.0 4,940.6 5,617.0 7,395.6 7,395.6
151.1 154.2 157.3 160.4 163.6 166.9 170.3 173.7 177.2 0.0
3,908.3 3,416.7 3,435.0 2,940.0 2,445.0 1,950.0 1,625.0 1,300.0 0.0 0.0
5,017.6 5,297.3 5,582.5 5,848.9 6,108.7 6,371.9 6,735.9 7,090.7 7,572.8 7,395.6
317.7 328.7 340.1 351.8 364.0 376.7 389.7 403.2 417.2 0.0
317.7 328.7 340.1 351.8 364.0 376.7 389.7 403.2 417.2 0.0
4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,730.0
209.9 478.5 752.3 1,007.0 1,254.6 1,505.2 1,856.1 2,197.3 2,665.5 2,665.5
4,699.9 4,968.5 5,242.3 5,497.0 5,744.6 5,995.2 6,346.1 6,687.3 7,155.5 7,395.5

0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1

1 2 3 4 5 6 7 8 9 10
958.2 1,726.5 1,990.2 2,748.4 3,500.1 4,255.0 4,940.6 5,617.0 7,395.6 7,395.6
-166.6 -174.5 -182.8 -191.4 -200.4 -209.7 -219.4 -229.5 -240.0 0.0
3,908.3 3,416.7 3,435.0 2,940.0 2,445.0 1,950.0 1,625.0 1,300.0 0.0 0.0
4,699.9 4,968.6 5,242.4 5,497.0 5,744.7 5,995.3 6,346.2 6,687.4 7,155.6 7,395.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,490.0 4,730.0
209.9 478.5 752.3 1,007.0 1,254.6 1,505.2 1,856.1 2,197.3 2,665.5 2,665.5
4,699.9 4,968.5 5,242.3 5,497.0 5,744.6 5,995.2 6,346.1 6,687.3 7,155.5 7,395.5

0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1

1 2 3 4 5 6 7 8 9 10
4.18% 5.07% 4.90% 4.35% 4.05% 3.93% 5.21% 4.81% 6.18% 0.00%
4.47% 5.41% 5.22% 4.63% 4.31% 4.18% 5.53% 5.10% 6.54% 0.00%
4.47% 5.41% 5.22% 4.63% 4.31% 4.18% 5.53% 5.10% 6.54% 0.00%
Aproximación
2450 7.6 2450-x 7.6
X 0 10 21.1
2440 -13.5 2450-x 3.601896
X 2446.398
28,091.1
28,091.1

28,091.1

2,910.8
 2,910.8

2,910.8

17,599.7

17,599.7

17,599.7
4,000.0
3,500.0
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
0.0
0 1 2 3 4 5 6 7 8 9

CxC Ventas
Costo desembolsable CxP