Tmar 12%

Año Flujo de efectivo (FE) Valor presente VP(0) PayBack(FE)

0 -200 $-200.00 -200
1 50 $44.64 -150
2 60 $47.83 -90
3 170 $121.00 80
4 280 $177.95
5 300 $170.23
Valor presente neto (1 forma) $361.65
Valor presente neto ( 2 forma) $361.65
CRITERIOS DE INVERSION
VPN $361.65 Aceptable
TIR 51% Aceptable
R B/C 2.80825125296565 Aceptable
Payback (FE) Tercer año Aceptable
Payback Tercer año

La inversión es negativa
Se puede calcular el VPN con unas formula: VNA+VALORAÑOCERO
R B/C siempre se hace
en el cero
Al calcular PayBack generalmente lo vamos a hacer con el verde (VP)
r b/c Se sumar todos los positivos y se dividen para todos los negativos
 TMAR VPN
PayBack(VP) 0.000 $660.00
$-200.00 0.034 $556.63
$-155.36 0.068 $469.44
$-107.53 0.102 $395.43
$13.48 0.137 $332.22
0.171 $277.94
0.205 $231.08
0.239 $190.42
0.273 $154.97
0.307 $123.92
VPN>0 0.341 $96.62
TIR>TMAR 0.034138266 0.376 $72.52
0.410 $51.16
0.444 $32.15
0.478 $15.19
0.512 $0.00
0.546 $-13.65
0.580 $-25.94
 VPN vs Tmar
$700.00

$600.00

$500.00

$400.00
VPN($)

$300.00

$200.00

$100.00

$0.00
0.000 0.100 0.200 0.300 0.400 0.500 0.600 0.700

($100.00)

Tmar
Tmar 15%

Año Inversión A Vp(0) PayBack(FE) PayBack(Vp)

0 -$75,000.00 $-75,000.00 -$75,000.00 $-75,000.00
1 $20,000.00 $17,391.30 -$55,000.00 $-57,608.70
2 $40,000.00 $30,245.75 -$15,000.00 $-27,362.95
3 $60,000.00 $39,450.97 $45,000.00 $12,088.02
4 $80,000.00 $45,740.26
5 $120,000.00 $59,661.21
6 $100,000.00 $43,232.76
VPN(0) $160,722.25

Año Inversión B Vp(0) PayBack(FE) PayBack(Vp)

0 -$90,000.00 $-90,000.00
1 $25,000.00 $21,739.13
2 $28,000.00 $21,172.02
3 $30,000.00 $19,725.49
4 $60,000.00 $34,305.19
5 $90,000.00 $44,745.91
6 $150,000.00 $64,849.14
VPN(0) $116,536.88
-$90,000.00 $-90,000.00
-$65,000.00 $-68,260.87
-$37,000.00 $-47,088.85
-$7,000.00 $-27,363.36
$53,000.00 $6,941.83
Indicadores Inversion A Inversion B Tmar VPN(A) VPN(B)
VPN $160,722.25 $116,536.88 0.000 $345,000.00 $293,000.00
TIR 58% 42% 0.039 $282,303.83 $232,049.84
R B/C 3.14 2.29 0.078 $231,688.72 $183,476.23
Payback(FE) Tercer año Cuarto año 0.116 $190,426.42 $144,370.81
Payback(Vp) Tercer año Cuarto año 0.155 $156,482.15 $112,587.71
0.194 $128,320.78 $86,525.08
Mejor Opción A 0.233 $104,771.68 $64,974.11
0.272 $84,933.18 $47,013.26
Rango 0.0388 0.311 $68,104.18 $31,933.24
0.349 $53,734.78 $19,183.21
0.388 $41,390.01 $8,331.73
0.427 $30,723.17 $-961.81
0.466 $21,455.83 $-8,968.35
0.505 $13,362.84 $-15,904.97
0.543 $6,260.94 $-21,946.78
0.582 $0.00 $-27,235.92
0.621 -$5,543.67 $-31,888.53
0.660 -$10,472.57 $-35,999.99
0.699 -$14,872.10 $-39,649.14
0.738 -$18,813.76 $-42,901.44
0.776 -$22,357.73 $-45,811.55
 VPN VS Tmar
$400,000.00

$350,000.00

$300,000.00

$250,000.00

$200,000.00
VPN($)

$150,000.00

$100,000.00

$50,000.00

$0.00
0.000 0.100 0.200 0.300 0.400 0.500 0.600 0.700 0.800 0.900

-$50,000.00

-$100,000.00

Tmar
Tmar 12%

CRITERIOS PROYECTO A PROYECTO B PROYECTO C

VPN $23,740.66 $-1,318.12 $2,269.25
TIR 29% 11% 14%
R B/C 2.07 1.366 1.45
PayBack(FE) 3 año 4 año 4 año
PayBack(VP) 4 año Ilimitado 5 año

RANGO 0.0193483494

SI el VPN es negativo, nunca va a haber ganancia

PROYECTO 1
N INGRESOS EGRESOS Flujo Efectiv Vp(0)
0 $0.00 $50,000.00 -$50,000.00 $-50,000.00
1 $20,000.00 $2,000.00 $18,000.00 $16,071.43
2 $22,000.00 $2,500.00 $19,500.00 $15,545.28
3 $25,000.00 $3,000.00 $22,000.00 $15,659.17
4 $25,000.00 $3,000.00 $22,000.00 $13,981.40
5 $25,000.00 $3,000.00 $22,000.00 $12,483.39
VPN(0) $23,740.66

PROYECTO 2
N INGRESOS EGRESOS Flujo Efectiv Vp(0)
0 $0.00 $50,000.00 -$50,000.00 $-50,000.00
1 $15,000.00 $3,000.00 $12,000.00 $10,714.29
2 $16,000.00 $3,200.00 $12,800.00 $10,204.08
3 $18,000.00 $3,500.00 $14,500.00 $10,320.81
4 $18,000.00 $3,500.00 $14,500.00 $9,215.01
5 $18,000.00 $3,500.00 $14,500.00 $8,227.69
VPN(0) $-1,318.12

PROYECTO 3
N INGRESOS EGRESOS Flujo Efectiv Vp(0)
0 $0.00 $50,000.00 -$50,000.00 $-50,000.00
1 $17,000.00 $2,500.00 $14,500.00 $12,946.43
2 $17,000.00 $2,500.00 $14,500.00 $11,559.31
3 $17,000.00 $2,500.00 $14,500.00 $10,320.81
4 $17,000.00 $2,500.00 $14,500.00 $9,215.01
5 $17,000.00 $2,500.00 $14,500.00 $8,227.69
VPN(0) $2,269.25

TMAR VPN(A) VPN(B) VPN( C)

0.000 $53,500.00 $18,300.00 $22,500.00
0.019 $47,562.45 $14,385.99 $18,474.62
0.039 $42,131.54 $10,805.89 $14,788.45
0.058 $37,153.17 $7,524.05 $11,405.49
0.077 $32,580.01 $4,509.27 $8,294.22
0.097 $28,370.58 $1,734.21 $5,427.01
0.116 $24,488.37 -$825.18 $2,779.53
0.135 $20,901.22 -$3,190.10 $330.32
0.155 $17,580.69 -$5,379.29 $-1,939.58
0.174 $14,501.59 -$7,409.37 $-4,047.00
0.193 $11,641.53 -$9,295.07 $-6,006.88
0.213 $8,980.61 -$11,049.52 $-7,832.52
0.232 $6,501.07 -$12,684.42 $-9,535.80
0.252 $4,187.03 -$14,210.24 $-11,127.34
0.271 $2,024.26 -$15,636.35 $-12,616.66
0.290 $0.00 -$16,971.17 $-14,012.30
0.310 -$1,897.22 -$18,222.25 $-15,321.97
0.329 -$3,677.75 -$19,396.41 $-16,552.58
0.348 -$5,350.91 -$20,499.81 $-17,710.40
0.368 -$6,925.14 -$21,537.99 $-18,801.09
0.387 -$8,408.09 -$22,516.00 $-19,829.79
0.406 -$9,806.67 -$23,438.41 $-20,801.14
Payback(FE) Payback(Vp)
-$50,000.00 $-50,000.00
-$32,000.00 $-33,928.57
-$12,500.00 $-18,383.29
$9,500.00 $-2,724.13
$11,257.27

Payback(FE) Payback(Vp)
-$50,000.00 -$50,000.00
-$38,000.00 -$39,285.71
-$25,200.00 -$29,081.63
-$10,700.00 -$18,760.82
$3,800.00 -$9,545.81
-$1,318.12

Payback(FE) Payback(Vp)
-$50,000.00 -$50,000.00
-$35,500.00 -$37,053.57
-$21,000.00 -$25,494.26
-$6,500.00 -$15,173.45
$8,000.00 -$5,958.43
$2,269.25
 VPN vs Tmar
$60,000.00

$50,000.00

$40,000.00

$30,000.00

$20,000.00
VPN(A)
VPN($)

VPN(B)
VPN( C)
$10,000.00

$0.00
0.000 0.050 0.100 0.150 0.200 0.250 0.300 0.350 0.400 0.450

-$10,000.00

-$20,000.00

-$30,000.00

Tmar
 FLUJO DE CAJA
INVERSIÓN
POYECTO AÑO 1 AÑO 2 AÑO 3 AÑO 4
INICIAL
PROYECTO
$200.00 $70.00 $70.00 $60.00 $60.00
A
PROYECTO
$170.00 $60.00 $50.00 $45.00 $55.00
B
PROYECTO
$120.00 $50.00 $50.00 $50.00 $10.00
C

Tmar 12%

CRITERIOS PROYECTO A PROYECTO B PROYECTO C

VPN $-0.86 $-9.59 $6.45

TIR 12% 9% 15%
R B/C 0.996 0.944 1.054
PayBack(FE) 3 año 4 año 3 año
PayBack(VP) Ilimitado Ilimitado 3 año

RANGO 15 0.0099614078233
PROYECTO A
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO

0 -$200.00 -$200.00 -$200.00 -$200.00

1 $70.00 $62.50 -$130.00 -$137.50

2 $70.00 $55.80 -$60.00 -$81.70

3 $60.00 $42.71 $0.00 -$38.99
4 $60.00 $38.13 -$0.86
VPN(0) -$0.86

PROYECTO B
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO
0 -$170.00 -$170.00 -$170.00 -$170.00
1 $60.00 $53.57 -$110.00 -$116.43
2 $50.00 $39.86 -$60.00 -$76.57
3 $45.00 $32.03 -$15.00 -$44.54
4 $55.00 $34.95 $40.00 -$9.59
VPN(0) -$9.59

PROYECTO C
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO
0 -$120.00 -$120.00 -$120.00 -$120.00
1 $50.00 $44.64 -$70.00 -$75.36
2 $50.00 $39.86 -$20.00 -$35.50
3 $50.00 $35.59 $30.00 $0.09
4 $10.00 $6.36
VPN(0) $6.45

TMAR VPN(A) VPN(B) VPN( C)

0 $60.00 $40.00 $40.00
0.009961408 $53.85 $34.97 $36.67
0.019922816 $47.92 $30.13 $33.46
0.029884223 $42.23 $25.48 $30.35
0.039845631 $36.74 $21.01 $27.35
0.049807039 $31.45 $16.70 $24.44
0.059768447 $26.36 $12.55 $21.64
0.069729855 $21.44 $8.55 $18.92
0.079691263 $16.70 $4.69 $16.29
0.08965267 $12.13 $0.97 $13.74
0.099614078 $7.72 -$2.62 $11.27
0.109575486 $3.45 -$6.09 $8.87
0.119536894 -$0.67 -$9.43 $6.55
0.129498302 -$4.65 -$12.67 $4.30
0.13945971 -$8.51 -$15.79 $2.12
0.149421117 -$12.23 -$18.81 $0.00
0.159382525 -$15.84 -$21.73 -$2.06
0.169343933 -$19.33 -$24.56 -$4.05
0.179305341 -$22.71 -$27.30 -$6.00
0.189266749 -$25.98 -$29.95 -$7.88
0.199228156 -$29.16 -$32.52 -$9.71
0.209189564 -$32.23 -$35.00 -$11.50
 VPN vs Tmar
$80.00

$60.00

$40.00

VPN(A)
VPN($)

$20.00 VPN(B)
VPN( C)

$0.00
0 0.05 0.1 0.15 0.2 0.25

-$20.00

-$40.00

Tmar
 INVERSIÓN
PROYECTO AÑO 1 AÑO 2 AÑO 3 AÑO 4
INICIAL
PROYECTO
10000 7000 2000 1000 2000
A
PROYECTO
10000 1000 2000 7000 2000
B
PROYECTO
10000 7000 2000 1000 20000
C

Tmar 12%

CRITERIOS PROYECTO A PROYECTO B PROYECTO C

VPN $-172.80 $-1,259.26 $11,266.53

TIR 11% 7% 49%

R B/C 0.983 0.874 2.127
PayBack(FE) 3 año 3 año 3 año
PayBack(VP) Ilimitado Ilimitado 4 año

RANGO 15 0.032494562
PROYECTO A
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO

0 -$10,000.00 -$10,000.00 -$10,000.00 -$10,000.00

1 $7,000.00 $6,250.00 -$3,000.00 -$3,750.00

2 $2,000.00 $1,594.39 -$1,000.00 -$2,155.61
3 $1,000.00 $711.78 $0.00 -$1,443.83
4 $2,000.00 $1,271.04 -$172.80
VPN(0) -$172.80

PROYECTO B
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO
0 -$10,000.00 -$10,000.00 -$10,000.00 -$10,000.00
1 $1,000.00 $892.86 -$9,000.00 -$9,107.14
2 $2,000.00 $1,594.39 -$7,000.00 -$7,512.76
3 $7,000.00 $4,982.46 $0.00 -$2,530.29
4 $2,000.00 $1,271.04 -$1,259.26
VPN(0) -$1,259.26

PROYECTO C
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO
0 -$10,000.00 -$10,000.00 -$10,000.00 -$10,000.00
1 $7,000.00 $6,250.00 -$3,000.00 -$3,750.00
2 $2,000.00 $1,594.39 -$1,000.00 -$2,155.61
3 $1,000.00 $711.78 $0.00 -$1,443.83
4 $20,000.00 $12,710.36 $11,266.53
VPN(0) $11,266.53

TMAR VPN(A) VPN(B) VPN( C)

0 $2,000.00 $2,000.00 $20,000.00
0.032494562 $1,324.18 $964.16 $17,162.95
0.064989124 $718.78 $52.16 $14,711.16
0.097483686 $173.80 -$754.28 $12,581.18
0.129978248 -$319.01 -$1,470.31 $10,721.57
0.16247281 -$766.55 -$2,108.50 $9,090.37
0.194967372 -$1,174.58 -$2,679.36 $7,653.13
0.227461934 -$1,547.97 -$3,191.76 $6,381.43
0.259956496 -$1,890.83 -$3,653.16 $5,251.67
0.292451058 -$2,206.69 -$4,069.90 $4,244.15
0.32494562 -$2,498.55 -$4,447.41 $3,342.36
0.357440182 -$2,769.00 -$4,790.31 $2,532.39
0.389934744 -$3,020.28 -$5,102.60 $1,802.47
0.422429307 -$3,254.35 -$5,387.71 $1,142.58
0.454923869 -$3,472.89 -$5,648.63 $544.20
0.487418431 -$3,677.39 -$5,887.95 $0.00
0.519912993 -$3,869.16 -$6,107.94 -$496.30
0.552407555 -$4,049.34 -$6,310.57 -$950.14
0.584902117 -$4,218.96 -$6,497.58 -$1,366.22
0.617396679 -$4,378.92 -$6,670.50 -$1,748.61
0.649891241 -$4,530.02 -$6,830.69 -$2,100.89
0.682385803 -$4,672.98 -$6,979.34 -$2,426.15
 VPN vs Tmar
$25,000.00

$20,000.00

$15,000.00

$10,000.00
VPN(A)
VPN($)

VPN(B)
VPN( C)

$5,000.00

$0.00
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8

-$5,000.00

-$10,000.00

Tmar
 FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO
0 -$850.00 -$850.00 -$850.00 -$850.00
1 $325.00 $290.18 -$525.00 -$559.82
2 $650.00 $518.18 $125.00 -$41.65
VPN(0) -$41.65

CRITERIOS DE INVERSION
VPN $-41.65
TIR 9%
R B/C 0.9510054022
Payback (FE) 2 año
Payback(VP) 2 año
Tmar 12%
 Año 1 Año 2 PROYECTO A
N
A $60,000.00 $120,000.00
B $45,000.00 $182,000.00 0
C $50,000.00 $215,000.00 1
2

Tmar 12%
PROYECTO B
N
CRITERIOS PROYECTO A PROYECTO B PROYECTO C
VPN $-78,765.31 $-42,732.14 $-11,960.46 0
TIR -13% 0% 9% 1
R B/C 0.655 0.813 0.948 2
PayBack(FE) Ilimitado Ilimitado 2 año
PayBack(VP) Ilimitado Ilimitado Ilimitado

PROYECTO C
N

0
1
2

TMAR
 FLUJO
Vp(0) Payback(FE) Payback(VP)
EFECTIVO
-$228,000.00 -$228,000.00 -$228,000.00 -$228,000.00
$60,000.00 $53,571.43 -$168,000.00 -$174,428.57
$120,000.00 $95,663.27 -$48,000.00 -$78,765.31
VPN(0) -$78,765.31

FLUJO
Vp(0) Payback(FE) Payback(VP)
EFECTIVO
-$228,000.00 -$228,000.00 -$228,000.00 -$228,000.00
$45,000.00 $40,178.57 -$183,000.00 -$187,821.43
$182,000.00 $145,089.29 -$1,000.00 -$42,732.14
VPN(0) -$42,732.14

FLUJO
Vp(0) Payback(FE) Payback(VP)
EFECTIVO
-$228,000.00 -$228,000.00 -$228,000.00 -$228,000.00
$50,000.00 $44,642.86 -$178,000.00 -$183,357.14
$215,000.00 $171,396.68 $37,000.00 -$11,960.46
VPN(0) -$11,960.46

VPN(A) VPN(B) VPN( C)

TmarA 10%
TmarB 14%
TmarC 15%

CRITERIOS PROYECTO A PROYECTO B PROYECTO C

VPN $-4,569.36 $321.28 $-5,234.81
TIR -12% 15% -14%

R B/C 0.543 1.011 0.713750448

PayBack(FE) Ilimitado 3 año Ilimitado
PayBack(VP) Ilimitado 4 año Ilimitado

La mejor opción es el proyecto B

PROYECTO A
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO
0 -$10,000.00 -$10,000.00 -$10,000.00 -$10,000.00
1 $1,000.00 $909.09 -$9,000.00 -$9,090.91
2 $2,000.00 $1,652.89 -$7,000.00 -$7,438.02
3 $2,000.00 $1,502.63 -$5,000.00 -$5,935.39
4 $2,000.00 $1,366.03 -$3,000.00 -$4,569.36
VPN(0) -$4,569.36

PROYECTO B
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO
0 -$30,000.00 -$30,000.00 -$30,000.00 -$30,000.00
1 $10,000.00 $8,771.93 -$20,000.00 -$21,228.07
2 $10,000.00 $7,694.68 -$10,000.00 -$13,533.39
3 $10,000.00 $6,749.72 $0.00 -$6,783.68
4 $12,000.00 $7,104.96 $12,000.00 $321.28
VPN(0) $321.28

PROYECTO C
FLUJO
N Vp(0) Payback(FE) Payback(VP)
EFECTIVO
0 -$15,000.00 -$15,000.00 -$15,000.00 -$15,000.00
1 $5,000.00 $4,347.83 -$10,000.00 -$10,652.17
2 $10,000.00 $7,561.44 $0.00 -$3,090.74
3 -$5,000.00 -$3,287.58 -$5,000.00 -$6,378.32
4 $2,000.00 $1,143.51 -$3,000.00 -$5,234.81
VPN(0) -$5,234.81