ra*= 35.

20973241%
ia*= 1.4671%
i*= 1.4889%
i*= 3.00%
i*= 6.09%

mensual 10
anual 8%

semestral 5
anual 5%

anual $ 800,000.00
trimestral $ 100,000.00
anual -12%
anual 8%
anual 8%
anual 8%
Ingresos totales 5%
anual -15%
semestral $450,000

Con flujos de caja VPN=

Fórmula de excel VPN=
VAN=
VFN=
VFN=
Rb/c=
Nota: Se halló con la función buscar objetivo. TIR=

n*=
NACbimensual ant
Bimensual ant
Bimensual
mensual
bimestral

Inversión inicial
Número de suscripciones
Precio
Ingresos suscripciones
Número de usuarios
Precio
Ingresos personalizados
Arrendamiento
Servicios públicos
Mantenimiento
Entrenadores
Servicios varios
Vendedores
comisiones
Seguro
Marketing digital
Valor residual
FCL Modificados

VALOR PRESENTE

$ 315,253,629.93
$315,253,629.93
$11,391,046.40
$ 1,857,349,265.06
 FACTIBLE
FACTIBLE
FACTIBLE
FACTIBLE
INDIFERENTE
NO FACTIBLE
FACTIBLE

Saldo
a) ¿Aprobaría el proyecto? ¿Si o no y por qué? Justifique su respuesta
R. El proyecto se aprueba y es factible porque el dinero invertido se recupera aproximadamente en
el mes 51 y apartir de ahí, los ingresos son ganancias. Además, la tasa de rentabilidad es mayor a la tasa de oportunidad de

b) ¿Cuánto debería ser el número de suscripciones en el mes 1 para que el proyecto sea INDIFERENTE?
R. Para que el proyecto sea INDIFERENTE el número de suscripciones en el mes 1 es de: 401.

c) ¿Cuánto dinero se debe generar en FCL en el mes 30 para recuperar la inversión inicial en dicho periodo?
R. Se debe generar $1.169.781.39 para lograr que en el mes 30 ya se haya recuperado la inversión inicial.

d) ¿Qué tipo de inversionistas no estarían interesados en invertir en este proyecto?

R. No es una buena alternativa de inversión para un inversionista cuando se ofrece una tasa de oportunidad menor a 3,77

e) ¿Cuánto debería ser el valor de la perpetuidad para obtener un excedente mensual de $18.000.000?
R. El valor de la perpetuidad para lograr el excendente mensual de $18.000.000 es de:
 Perpetuidad= $ 50,000,000.00

0 1 2 3 4

-$ 1,000,000,000.00
500 510 520 530
$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$60,000,000 $61,200,000 $62,400,000 $63,600,000
10 10
$ 450,000.00 $ 450,000.00
$ 4,500,000.00 $ 0.00 $ 4,500,000.00
-$10,000,000 -$10,000,000 -$10,000,000 -$10,000,000 -$10,000,000
-$ 2,500,000.00

-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00

-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$9,000,000 -$9,855,000 -$9,360,000 -$10,215,000

-$1,010,000,000 $15,700,000 $20,545,000 $15,240,000 $22,585,000

-$ 1,010,000,000.00 $ 15,242,718.45 $ 19,365,632.95 $ 13,946,758.89 $ 20,066,479.98

-$ 5,950,519,136.39 $ 89,804,047.33 $ 114,094,623.24 $ 82,168,767.98 $ 118,223,735.74

n Saldo
51 $0
52 $0
n* 0
$ 116,137,635.44
 5 6 7 8 9

540 550 560 570 580

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$64,800,000 $66,000,000 $67,200,000 $68,400,000 $69,600,000
10 15
$ 450,000.00 $ 450,000.00
$ 0.00 $ 4,500,000.00 $ 0.00 $ 6,750,000.00 $ 0.00
-$10,000,000 -$10,000,000 -$10,000,000 -$10,000,000 -$10,000,000
-$ 2,600,000.00 -$ 2,700,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$9,720,000 -$10,575,000 -$10,080,000 -$11,272,500 -$10,440,000

-$3,750,000

$19,780,000 -$3,725,000 $21,820,000 $28,577,500 $21,160,000

$ 17,062,401.75 -$ 3,119,628.86 $ 17,741,656.78 $ 22,559,342.39 $ 16,217,378.06

$ 100,524,899.16 -$ 18,379,615.06 $ 104,526,800.16 $ 132,910,691.70 $ 95,546,354.91

 10 11 12 13 14

590 600 610 620 630

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 129,600.00 $ 129,600.00
$70,800,000 $72,000,000 $73,200,000 $80,352,000 $81,648,000
15 15 20
$ 450,000.00 $ 450,000.00 $ 472,500.00
$ 6,750,000.00 $ 0.00 $ 6,750,000.00 $ 0.00 $ 9,450,000.00
-$10,000,000 -$10,000,000 -$10,000,000 -$ 10,800,000.00 -$ 10,800,000.00
-$ 2,800,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,860,000 -$4,860,000
-$11,632,500 -$10,800,000 -$11,992,500 -$12,052,800 -$13,664,700
-$ 18,000,000.00
-$4,200,000

$30,617,500 $25,900,000 -$14,342,500 $30,175,200 $39,309,300

$ 22,782,295.44 $ 18,710,711.06 -$ 10,059,540.93 $ 20,547,842.87 $ 25,988,078.16

$ 134,224,242.55 $ 110,236,083.40 -$ 59,266,822.59 $ 121,059,734.88 $ 153,111,442.01

 15 16 17 18 19

640 650 660 670 680

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$82,944,000 $84,240,000 $85,536,000 $86,832,000 $88,128,000
20 20
$ 472,500.00 $ 472,500.00
$ 0.00 $ 9,450,000.00 $ 0.00 $ 9,450,000.00 $ 0.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 2,900,000.00 -$ 3,000,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$12,441,600 -$14,053,500 -$12,830,400 -$14,442,300 -$13,219,200

-$4,650,000

$29,478,400 $41,512,500 $34,581,600 $14,065,700 $36,784,800

$ 18,921,063.23 $ 25,869,217.56 $ 20,922,436.72 $ 8,262,116.33 $ 20,977,857.44

$ 111,475,394.88 $ 152,411,162.53 $ 123,266,693.16 $ 48,677,110.24 $ 123,593,210.02

 20 21 22 23 24

690 700 710 720 730

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$89,424,000 $90,720,000 $92,016,000 $93,312,000 $94,608,000
25 25 25
$ 472,500.00 $ 472,500.00 $ 472,500.00
$ 11,812,500.00 $ 0.00 $ 11,812,500.00 $ 0.00 $ 11,812,500.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 3,100,000.00 -$ 3,200,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$15,185,475 -$13,608,000 -$15,574,275 -$13,996,800 -$15,963,075
-$ 15,300,000.00
-$5,100,000

$47,927,025 $35,888,000 $50,130,225 $41,191,200 $6,733,425

$ 26,536,031.71 $ 19,291,568.41 $ 26,162,588.49 $ 20,871,241.15 $ 3,312,398.92

$ 156,339,766.83 $ 113,658,264.36 $ 154,139,587.61 $ 122,965,069.15 $ 19,515,339.75

 25 26 27 28 29

740 750 760 770 780

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$103,576,320 $104,976,000 $106,375,680 $107,775,360 $109,175,040
30 30
$ 496,125.00 $ 496,125.00
$ 0.00 $ 14,883,750.00 $ 0.00 $ 14,883,750.00 $ 0.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,300,000.00

-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00

-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$15,536,448 -$17,978,963 -$15,956,352 -$18,398,867 -$16,376,256

$46,929,952 $60,770,868 $46,009,408 $63,150,324 $51,688,864

$ 22,414,006.44 $ 28,179,130.84 $ 20,712,931.94 $ 27,601,538.35 $ 21,933,981.41

$ 132,054,429.94 $ 166,020,254.76 $ 122,032,374.15 $ 162,617,309.08 $ 129,226,312.97

 30 31 32 33 34

790 800 810 820 830

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$110,574,720 $111,974,400 $113,374,080 $114,773,760 $116,173,440
30 35 35
$ 496,125.00 $ 496,125.00 $ 496,125.00
$ 14,883,750.00 $ 0.00 $ 17,364,375.00 $ 0.00 $ 17,364,375.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,400,000.00 -$ 3,500,000.00
-$19,360,000
-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$18,818,771 -$16,796,160 -$19,610,768 -$17,216,064 -$20,030,672

-$5,550,000

$37,219,780 $54,068,320 $70,017,767 $52,947,776 $72,397,223

$ 15,334,056.34 $ 21,626,632.96 $ 27,190,491.87 $ 19,962,701.26 $ 26,500,634.14

$ 90,342,173.98 $ 127,415,537.89 $ 160,195,586.36 $ 117,612,312.71 $ 156,131,218.39

 35 36 37 38 39

840 850 860 870 880

$ 139,968.00 $ 139,968.00 $ 151,165.44 $ 151,165.44 $ 151,165.44
$117,573,120 $118,972,800 $130,002,278 $131,513,933 $133,025,587
35 40
$ 496,125.00 $ 520,931.25
$ 0.00 $ 17,364,375.00 $ 0.00 $ 20,837,250.00 $ 0.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,600,000.00 -$ 3,700,000.00
-$17,036,800
-$ 20,528,640.00 -$ 20,528,640.00 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 3,732,480.00 -$ 3,732,480.00 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,248,800 -$5,248,800 -$5,668,704 -$5,668,704 -$5,668,704
-$17,635,968 -$20,450,576 -$19,500,342 -$22,852,677 -$19,953,838
-$ 13,005,000.00
-$6,000,000

$58,827,232 $35,134,879 $66,231,223 $85,227,792 $65,101,036

$ 20,906,221.59 $ 12,122,672.42 $ 22,186,329.61 $ 27,718,306.79 $ 20,555,882.81

$ 123,171,160.04 $ 71,421,974.46 $ 130,713,048.42 $ 163,305,262.37 $ 121,107,103.00

 40 41 42 43 44

890 900 910 920 930

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$134,537,242 $136,048,896 $137,560,550 $139,072,205 $140,583,859
40 40 45
$ 520,931.25 $ 520,931.25 $ 520,931.25
$ 20,837,250.00 $ 0.00 $ 20,837,250.00 $ 0.00 $ 23,441,906.25
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,800,000.00
-$14,992,384
-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$23,306,174 -$20,407,334 -$23,759,670 -$20,860,831 -$24,603,865

-$6,450,000

$87,797,604 $71,370,848 $65,125,033 $73,940,660 $95,151,187

$ 26,914,956.19 $ 21,241,962.80 $ 18,818,478.92 $ 20,743,529.97 $ 25,916,498.41

$ 158,572,239.44 $ 125,149,213.99 $ 110,871,008.86 $ 122,212,645.61 $ 152,689,722.53

 45 46 47 48 49

940 950 960 970 980

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 163,258.68
$142,095,514 $143,607,168 $145,118,822 $146,630,477 $159,993,502
45 45
$ 520,931.25 $ 520,931.25
$ 0.00 $ 23,441,906.25 $ 0.00 $ 23,441,906.25 $ 0.00
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 13,200,000.00
-$ 3,900,000.00 -$ 4,000,000.00
-$13,193,298
-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 23,944,605.70
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,353,564.67
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704 -$6,122,200
-$21,314,327 -$25,057,361 -$21,767,823 -$25,510,857 -$23,999,025
-$ 11,054,250.00
-$6,900,000

$72,610,473 $97,721,000 $79,080,285 $65,143,264 $88,374,106

$ 19,201,013.54 $ 25,088,550.12 $ 19,711,454.28 $ 15,764,591.79 $ 20,763,521.96

$ 113,124,750.98 $ 147,811,779.77 $ 116,132,065.24 $ 92,878,717.96 $ 122,330,430.48

 50 51 52 53 54

990 1000 1010 1020 1030

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$161,626,088 $163,258,675 $164,891,262 $166,523,849 $168,156,435
50 50 50
$ 546,977.81 $ 546,977.81 $ 546,977.81
$ 27,348,890.63 $ 0.00 $ 27,348,890.63 $ 0.00 $ 27,348,890.63
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,100,000.00 -$ 4,200,000.00
-$11,610,102
-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$28,346,247 -$24,488,801 -$28,836,023 -$24,978,577 -$29,325,799

-$7,350,000

$113,008,362 $87,049,503 $115,783,759 $93,924,901 $95,399,054

$ 25,778,007.33 $ 19,278,260.17 $ 24,894,990.24 $ 19,606,850.40 $ 19,334,544.07

$ 151,873,788.06 $ 113,579,857.49 $ 146,671,401.82 $ 115,515,780.70 $ 113,911,459.89

 55 56 57 58 59

1040 1050 1060 1070 1080

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$169,789,022 $171,421,609 $173,054,196 $174,686,782 $176,319,369
55 55
$ 546,977.81 $ 546,977.81
$ 0.00 $ 30,083,779.69 $ 0.00 $ 30,083,779.69 $ 0.00
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,300,000.00

-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70

-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$25,468,353 -$30,225,808 -$25,958,129 -$30,715,584 -$26,447,905

$96,700,298 $123,659,210 $95,175,696 $126,434,607 $102,251,093

$ 19,027,444.09 $ 23,623,371.67 $ 17,652,419.99 $ 22,767,058.87 $ 17,876,055.81

$ 112,102,148.67 $ 139,179,529.91 $ 104,001,052.40 $ 134,134,474.72 $ 105,318,625.94

 60

1090
$ 163,258.68
$177,951,956
55
$ 546,977.81
$ 30,083,779.69

-$ 4,400,000.00
-$10,216,890
-$ 23,944,605.70
-$ 4,353,564.67
-$6,122,200
-$31,205,360
-$ 9,396,112.50
-$7,800,000
$ 821,018,062.29
$931,615,065

$ 158,125,903.57

$ 931,615,064.50
 ra*= 35.20973241%
ia*= 1.4671%
i*= 1.4889%
i*= 3.00%
i*= 6.09%

mensual 10
anual 8%

semestral 5
anual 5%

anual $ 800,000.00
trimestral $ 100,000.00
anual -12%
anual 8%
anual 8%
anual 8%
Ingresos totales 5%
anual -15%
semestral $450,000

Con flujos de caja VPN=

Fórmula de excel VPN=
VAN=
VFN=
VFN=
Rb/c=
Nota: Se halló con la función buscar objetivo. TIR=

n*=
NACbimensual ant
Bimensual ant
Bimensual
mensual
bimestral

Inversión inicial
Número de suscripciones
Precio
Ingresos suscripciones
Número de usuarios
Precio
Ingresos personalizados
Arrendamiento
Servicios públicos
Mantenimiento
Entrenadores
Servicios varios
Vendedores
comisiones
Seguro
Marketing digital
Valor residual
FCL Modificados

VALOR PRESENTE

$ 313,829,354.06
$313,829,354.06
$11,339,583.10
$ 1,848,957,996.90
$1,848,957,996.90
1.3107221
3.7726%

51.3578824361468

3.83060854%
FACTIBLE
FACTIBLE
FACTIBLE
FACTIBLE
FACTIBLE
FACTIBLE
FACTIBLE

Saldo
a) ¿Aprobaría el proyecto? ¿Si o no y por qué? Justifique su respuesta
R. El proyecto se aprueba y es factible porque el dinero invertido se recupera aproximadamente en
el mes 51 y apartir de ahí, los ingresos son ganancias. Además, la tasa de rentabilidad es mayor a la tasa de oportunidad de

b) ¿Cuánto debería ser el número de suscripciones en el mes 1 para que el proyecto sea INDIFERENTE?
R. Para que el proyecto sea INDIFERENTE el número de suscripciones en el mes 1 es de: 401.

c) ¿Cuánto dinero se debe generar en FCL en el mes 30 para recuperar la inversión inicial en dicho periodo?
R. Se debe generar $1.169.781.39 para lograr que en el mes 30 ya se haya recuperado la inversión inicial.

d) ¿Qué tipo de inversionistas no estarían interesados en invertir en este proyecto?

R. No es una buena alternativa de inversión para un inversionista cuando se ofrece una tasa de oportunidad menor a 3,77

e) ¿Cuánto debería ser el valor de la perpetuidad para obtener un excedente mensual de $18.000.000?
R. El valor de la perpetuidad para lograr el excendente mensual de $18.000.000 es de:
 Perpetuidad= $ 50,000,000.00

0 1 2

-$ 1,000,000,000.00
500 510
$ 120,000.00 $ 120,000.00
$60,000,000 $61,200,000
10
$ 450,000.00
$ 4,500,000.00
-$10,000,000 -$ 10,000,000.00 -$ 10,000,000.00

-$ 17,600,000.00 -$ 17,600,000.00
-$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000
-$9,000,000 -$9,855,000

-$1,010,000,000 $15,700,000 $20,545,000

-$ 1,010,000,000.00 $ 15,242,718.45 $ 19,365,632.95

-$ 5,950,519,136.39 $ 89,804,047.33 $ 114,094,623.24

0 1 2

-$ 1,040,300,000.00 -$ 1,055,338,000.01
-$1,010,000,000 -$ 1,024,600,000.00 -$ 1,034,793,000.01

n Saldo
51 -$40,996,813
52 $73,557,042
n* 0
 3 4 5

520 530 540

$ 120,000.00 $ 120,000.00 $ 120,000.00
$62,400,000 $63,600,000 $64,800,000
10
$ 450,000.00
$ 4,500,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,500,000.00

-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00

-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000
-$9,360,000 -$10,215,000 -$9,720,000

$15,240,000 $22,585,000 $19,780,000

$ 13,946,758.89 $ 20,066,479.98 $ 17,062,401.75

$ 82,168,767.98 $ 118,223,735.74 $ 100,524,899.16

3 4 5

-$ 1,065,836,790.01 -$ 1,082,114,693.72 -$ 1,091,315,584.53

-$ 1,050,596,790.01 -$ 1,059,529,693.72 -$ 1,071,535,584.53
$ 116,137,635.44
 6 7 8 9

550 560 570 580

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$66,000,000 $67,200,000 $68,400,000 $69,600,000
10 15
$ 450,000.00 $ 450,000.00
$ 4,500,000.00 $ 6,750,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,600,000.00 -$ 2,700,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$10,575,000 -$10,080,000 -$11,272,500 -$10,440,000

-$3,750,000

-$3,725,000 $21,820,000 $28,577,500 $21,160,000

-$ 3,119,628.86 $ 17,741,656.78 $ 22,559,342.39 $ 16,217,378.06

-$ 18,379,615.06 $ 104,526,800.16 $ 132,910,691.70 $ 95,546,354.91

6 7 8 9

-$ 1,103,681,652.07 -$ 1,140,628,851.64 -$ 1,152,373,117.19 -$ 1,157,509,485.71

-$ 1,107,406,652.07 -$ 1,118,808,851.64 -$ 1,123,795,617.19 -$ 1,136,349,485.71
 10 11 12 13

590 600 610 620

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 129,600.00
$70,800,000 $72,000,000 $73,200,000 $80,352,000
15 15
$ 450,000.00 $ 450,000.00
$ 6,750,000.00 $ 6,750,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 2,800,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 19,008,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,456,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,860,000
-$11,632,500 -$10,800,000 -$11,992,500 -$12,052,800
-$ 18,000,000.00
-$4,200,000

$30,617,500 $25,900,000 -$15,142,500 $30,175,200

$ 22,782,295.44 $ 18,710,711.06 -$ 10,620,644.84 $ 20,547,842.87

$ 134,224,242.55 $ 110,236,083.40 -$ 62,572,624.09 $ 121,059,734.88

10 11 12 13

-$ 1,170,439,970.29 -$ 1,174,017,144.40 -$ 1,182,560,658.74 -$ 1,233,634,253.50

-$ 1,139,822,470.29 -$ 1,148,117,144.40 -$ 1,197,703,158.74 -$ 1,203,459,053.50
 14 15 16 17

630 640 650 660

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$81,648,000 $82,944,000 $84,240,000 $85,536,000
20 20
$ 472,500.00 $ 472,500.00
$ 9,450,000.00 $ 9,450,000.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 2,900,000.00

-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00

-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$13,664,700 -$12,441,600 -$14,053,500 -$12,830,400

$39,309,300 $29,478,400 $41,512,500 $34,581,600

$ 25,988,078.16 $ 18,921,063.23 $ 25,869,217.56 $ 20,922,436.72

$ 153,111,442.01 $ 111,475,394.88 $ 152,411,162.53 $ 123,266,693.16

14 15 16 17

-$ 1,239,562,825.11 -$ 1,236,261,130.87 -$ 1,242,986,212.80 -$ 1,237,517,924.19

-$ 1,200,253,525.11 -$ 1,206,782,730.87 -$ 1,201,473,712.80 -$ 1,202,936,324.19
 18 19 20 21

670 680 690 700

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$86,832,000 $88,128,000 $89,424,000 $90,720,000
20 25
$ 472,500.00 $ 472,500.00
$ 9,450,000.00 $ 11,812,500.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 3,000,000.00 -$ 3,100,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$14,442,300 -$13,219,200 -$15,185,475 -$13,608,000

-$4,650,000

$14,065,700 $36,784,800 $47,927,025 $35,888,000

$ 8,262,116.33 $ 20,977,857.44 $ 26,536,031.71 $ 19,291,568.41

$ 48,677,110.24 $ 123,593,210.02 $ 156,339,766.83 $ 113,658,264.36

18 19 20 21

-$ 1,239,024,413.92 -$ 1,261,707,475.34 -$ 1,261,670,355.61 -$ 1,250,155,630.53

-$ 1,224,958,713.92 -$ 1,224,922,675.34 -$ 1,213,743,330.61 -$ 1,214,267,630.53
 22 23 24 25

710 720 730 740

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 139,968.00
$92,016,000 $93,312,000 $94,608,000 $103,576,320
25 25
$ 472,500.00 $ 472,500.00
$ 11,812,500.00 $ 11,812,500.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,200,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 20,528,640.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,732,480.00
-$4,860,000 -$4,860,000 -$4,860,000 -$5,248,800
-$15,574,275 -$13,996,800 -$15,963,075 -$15,536,448
-$ 15,300,000.00
-$5,100,000

$50,130,225 $41,191,200 $5,933,425 $46,929,952

$ 26,162,588.49 $ 20,871,241.15 $ 2,918,851.93 $ 22,414,006.44

$ 154,139,587.61 $ 122,965,069.15 $ 17,196,717.09 $ 132,054,429.94

22 23 24 25

-$ 1,250,695,659.45 -$ 1,236,582,397.49 -$ 1,231,252,933.42 -$ 1,262,079,093.67

-$ 1,200,565,434.45 -$ 1,195,391,197.49 -$ 1,225,319,508.42 -$ 1,215,149,141.67
 26 27 28 29

750 760 770 780

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$104,976,000 $106,375,680 $107,775,360 $109,175,040
30 30
$ 496,125.00 $ 496,125.00
$ 14,883,750.00 $ 14,883,750.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,300,000.00

-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00

-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$17,978,963 -$15,956,352 -$18,398,867 -$16,376,256

$60,770,868 $46,009,408 $63,150,324 $51,688,864

$ 28,179,130.84 $ 20,712,931.94 $ 27,601,538.35 $ 21,933,981.41

$ 166,020,254.76 $ 122,032,374.15 $ 162,617,309.08 $ 129,226,312.97

26 27 28 29

-$ 1,251,603,615.93 -$ 1,226,557,730.89 -$ 1,215,964,772.58 -$ 1,187,398,882.55

-$ 1,190,832,748.43 -$ 1,180,548,322.89 -$ 1,152,814,449.08 -$ 1,135,710,018.55
 30 31 32 33

790 800 810 820

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$110,574,720 $111,974,400 $113,374,080 $114,773,760
30 35
$ 496,125.00 $ 496,125.00
$ 14,883,750.00 $ 17,364,375.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,400,000.00 -$ 3,500,000.00
-$19,360,000
-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$18,818,771 -$16,796,160 -$19,610,768 -$17,216,064

-$5,550,000

$37,219,780 $54,068,320 $70,017,767 $52,947,776

$ 15,334,056.34 $ 21,626,632.96 $ 27,190,491.87 $ 19,962,701.26

$ 90,342,173.98 $ 127,415,537.89 $ 160,195,586.36 $ 117,612,312.71

30 31 32 33

-$ 1,169,781,319.11 -$ 1,166,538,385.81 -$ 1,145,844,167.79 -$ 1,108,101,193.07

-$ 1,132,561,539.61 -$ 1,112,470,065.81 -$ 1,075,826,401.04 -$ 1,055,153,417.07
 34 35 36 37

830 840 850 860

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 151,165.44
$116,173,440 $117,573,120 $118,972,800 $130,002,278
35 35
$ 496,125.00 $ 496,125.00
$ 17,364,375.00 $ 17,364,375.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,600,000.00
-$17,036,800
-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 22,170,931.20
-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 4,031,078.40
-$5,248,800 -$5,248,800 -$5,248,800 -$5,668,704
-$20,030,672 -$17,635,968 -$20,450,576 -$19,500,342
-$ 13,005,000.00
-$6,000,000

$72,397,223 $58,827,232 $34,334,879 $66,231,223

$ 26,500,634.14 $ 20,906,221.59 $ 11,846,646.48 $ 22,186,329.61

$ 156,131,218.39 $ 123,171,160.04 $ 69,795,739.18 $ 130,713,048.42

34 35 36 37

-$ 1,086,808,019.59 -$ 1,044,843,120.75 -$ 1,015,596,365.41 -$ 1,010,699,331.26

-$ 1,014,410,796.84 -$ 986,015,888.75 -$ 981,261,486.66 -$ 944,468,108.22
 38 39 40 41 42

870 880 890 900 910

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$131,513,933 $133,025,587 $134,537,242 $136,048,896 $137,560,550
40 40 40
$ 520,931.25 $ 520,931.25 $ 520,931.25
$ 20,837,250.00 $ 20,837,250.00 $ 20,837,250.00
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,700,000.00 -$ 3,800,000.00
-$14,992,384
-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$22,852,677 -$19,953,838 -$23,306,174 -$20,407,334 -$23,759,670

-$6,450,000

$85,227,792 $65,101,036 $87,797,604 $71,370,848 $65,125,033

$ 27,718,306.79 $ 20,555,882.81 $ 26,914,956.19 $ 21,241,962.80 $ 18,818,478.92

$ 163,305,262.37 $ 121,107,103.00 $ 158,572,239.44 $ 125,149,213.99 $ 110,871,008.86

38 39 40 41 42

-$ 972,802,151.48 -$ 914,201,590.49 -$ 874,573,571.62 -$ 810,379,246.39 -$ 761,178,650.34

-$ 887,574,359.70 -$ 849,100,554.97 -$ 786,775,967.36 -$ 739,008,398.39 -$ 696,053,617.60
 43 44 45 46 47

920 930 940 950 960

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$139,072,205 $140,583,859 $142,095,514 $143,607,168 $145,118,822
45 45
$ 520,931.25 $ 520,931.25
$ 23,441,906.25 $ 23,441,906.25
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,900,000.00

-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20

-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$20,860,831 -$24,603,865 -$21,314,327 -$25,057,361 -$21,767,823

$73,940,660 $95,151,187 $72,610,473 $97,721,000 $79,080,285

$ 20,743,529.97 $ 25,916,498.41 $ 19,201,013.54 $ 25,088,550.12 $ 19,711,454.28

$ 122,212,645.61 $ 152,689,722.53 $ 113,124,750.98 $ 147,811,779.77 $ 116,132,065.24

43 44 45 46 47

-$ 716,935,226.13 -$ 662,284,402.62 -$ 584,147,212.06 -$ 526,882,841.27 -$ 442,036,697.02

-$ 642,994,565.65 -$ 567,133,215.59 -$ 511,536,739.10 -$ 429,161,841.76 -$ 362,956,411.58
 48 49 50 51 52

970 980 990 1000 1010

$ 151,165.44 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$146,630,477 $159,993,502 $161,626,088 $163,258,675 $164,891,262
45 50 50
$ 520,931.25 $ 546,977.81 $ 546,977.81
$ 23,441,906.25 $ 27,348,890.63 $ 27,348,890.63
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,000,000.00 -$ 4,100,000.00
-$13,193,298
-$ 22,170,931.20 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,031,078.40 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$5,668,704 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$25,510,857 -$23,999,025 -$28,346,247 -$24,488,801 -$28,836,023
-$ 11,054,250.00
-$6,900,000

$64,343,264 $88,374,106 $113,008,362 $87,049,503 $115,783,759

$ 15,570,992.75 $ 20,763,521.96 $ 25,778,007.33 $ 19,278,260.17 $ 24,894,990.24

$ 91,738,109.25 $ 122,330,430.48 $ 151,873,788.06 $ 113,579,857.49 $ 146,671,401.82

48 49 50 51 52

-$ 373,845,103.93 -$ 318,786,895.05 -$ 237,325,172.98 -$ 128,046,315.80 -$ 42,226,716.94

-$ 309,501,839.85 -$ 230,412,789.30 -$ 124,316,811.45 -$ 40,996,812.56 $ 73,557,042.06
 53 54 55 56 57

1020 1030 1040 1050 1060

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$166,523,849 $168,156,435 $169,789,022 $171,421,609 $173,054,196
50 55
$ 546,977.81 $ 546,977.81
$ 27,348,890.63 $ 30,083,779.69
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,200,000.00 -$ 4,300,000.00
-$11,610,102
-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$24,978,577 -$29,325,799 -$25,468,353 -$30,225,808 -$25,958,129

-$7,350,000

$93,924,901 $95,399,054 $96,700,298 $123,659,210 $95,175,696

$ 19,606,850.40 $ 19,334,544.07 $ 19,027,444.09 $ 23,623,371.67 $ 17,652,419.99

$ 115,515,780.70 $ 113,911,459.89 $ 112,102,148.67 $ 139,179,529.91 $ 104,001,052.40

53 54 55 56 57

$ 75,763,753.32 $ 174,779,313.66 $ 278,283,719.01 $ 386,233,537.71 $ 525,189,529.80

$ 169,688,654.03 $ 270,178,367.97 $ 374,984,017.20 $ 509,892,747.38 $ 620,365,225.47
 58 59 60

1070 1080 1090

$ 163,258.68 $ 163,258.68 $ 163,258.68
$174,686,782 $176,319,369 $177,951,956
55 55
$ 546,977.81 $ 546,977.81
$ 30,083,779.69 $ 30,083,779.69
-$ 13,200,000.00 -$ 13,200,000.00
-$ 4,400,000.00
-$10,216,890
-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200
-$30,715,584 -$26,447,905 -$31,205,360
-$ 9,396,112.50
-$7,800,000
$ 821,018,062.29
$126,434,607 $102,251,093 $931,615,065

$ 22,767,058.87 $ 17,876,055.81 $ 158,125,903.57

$ 134,134,474.72 $ 105,318,625.94 $ 931,615,064.50

58 59 60

$ 638,976,182.23 $ 788,373,113.06 $ 917,342,932.39

$ 765,410,789.37 $ 890,624,206.20 $ 1,848,957,996.90
 ra*= 35.20973241% NACbimensual ant
ia*= 1.4671% Bimensual ant
i*= 1.4889% Bimensual
i*= 3.77% mensual
i*= 7.69% bimestral

Inversión inicial
mensual 10 Número de suscripciones
anual 8% Precio
Ingresos suscripciones
semestral 5 Número de usuarios
anual 5% Precio
Ingresos personalizados
anual $ 800,000.00 Arrendamiento
trimestral $ 100,000.00 Servicios públicos
anual -12% Mantenimiento
anual 8% Entrenadores
anual 8% Servicios varios
anual 8% Vendedores
Ingresos totales 5% comisiones
anual -15% Seguro
semestral $450,000 Marketing digital
Valor residual
FCL Modificados

VALOR PRESENTE

Con flujos de caja VPN= $0.00

Fórmula de excel VPN= -$0.00
VAN= -$0.00
VFN= $0.00
VFN= $0.00
Rb/c= 1.0000000
TIR=

n*=

Saldo
 Perpetuidad= $ 50,000,000.00

0 1 2 3

-$ 1,000,000,000.00
500 510 520
$ 120,000.00 $ 120,000.00 $ 120,000.00
$60,000,000 $61,200,000 $62,400,000
10
$ 450,000.00
$ 4,500,000.00
-$10,000,000 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,500,000.00

-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00

-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000
-$9,000,000 -$9,855,000 -$9,360,000

-$1,010,000,000 $15,700,000 $20,545,000 $15,240,000

-$ 1,010,000,000.00 $ 15,129,233.41 $ 19,078,344.52 $ 13,637,563.29

-$9,317,193,824.88 $139,566,336.74 $175,996,667.07 $125,805,762.87

0 1 2 3

-$ 1,048,103,335.41 -$ 1,071,351,860.73 -$ 1,090,449,678.82

-$1,010,000,000 -$ 1,032,403,335.41 -$ 1,050,806,860.73 -$ 1,075,209,678.82
 4 5 6 7

530 540 550 560

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$63,600,000 $64,800,000 $66,000,000 $67,200,000
10 10
$ 450,000.00 $ 450,000.00
$ 4,500,000.00 $ 4,500,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,600,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$10,215,000 -$9,720,000 -$10,575,000 -$10,080,000

-$3,750,000

$22,585,000 $19,780,000 -$3,725,000 $21,820,000

$ 19,475,525.18 $ 16,436,624.77 -$ 2,982,839.61 $ 16,837,423.72

$179,660,636.60 $151,626,949.35 -$27,516,529.49 $155,324,297.38

4 5 6 7

-$ 1,115,773,119.45 -$ 1,134,429,816.07 -$ 1,156,701,178.26 -$ 1,204,204,502.91

-$ 1,093,188,119.45 -$ 1,114,649,816.07 -$ 1,160,426,178.26 -$ 1,182,384,502.91
 8 9 10 11

570 580 590 600

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$68,400,000 $69,600,000 $70,800,000 $72,000,000
15 15
$ 450,000.00 $ 450,000.00
$ 6,750,000.00 $ 6,750,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,700,000.00

-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00

-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$11,272,500 -$10,440,000 -$11,632,500 -$10,800,000

$28,577,500 $21,160,000 $30,617,500 $25,900,000

$ 21,250,169.54 $ 15,162,509.99 $ 21,141,823.06 $ 17,234,144.98

$196,031,632.05 $139,873,311.30 $195,032,141.83 $158,984,028.90

8 9 10 11

-$ 1,226,991,228.95 -$ 1,243,625,174.77 -$ 1,268,583,987.23 -$ 1,284,670,103.36

-$ 1,198,413,728.95 -$ 1,222,465,174.77 -$ 1,237,966,487.23 -$ 1,258,770,103.36
 12 13 14 15

610 620 630 640

$ 120,000.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$73,200,000 $80,352,000 $81,648,000 $82,944,000
15 20
$ 450,000.00 $ 472,500.00
$ 6,750,000.00 $ 9,450,000.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 2,800,000.00 -$ 2,900,000.00
-$22,000,000
-$ 17,600,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,200,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,500,000 -$4,860,000 -$4,860,000 -$4,860,000
-$11,992,500 -$12,052,800 -$13,664,700 -$12,441,600
-$ 18,000,000.00
-$4,200,000

-$15,142,500 $30,175,200 $39,309,300 $29,478,400

-$ 9,709,678.07 $ 18,645,527.60 $ 23,406,533.54 $ 16,914,648.16

-$89,571,240.19 $172,003,955.03 $215,923,970.08 $156,036,688.51

12 13 14 15

-$ 1,306,258,558.27 -$ 1,371,252,333.26 -$ 1,391,670,709.33 -$ 1,403,380,696.83

-$ 1,321,401,058.27 -$ 1,341,077,133.26 -$ 1,352,361,409.33 -$ 1,373,902,296.83
 16 17 18 19

650 660 670 680

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$84,240,000 $85,536,000 $86,832,000 $88,128,000
20 20
$ 472,500.00 $ 472,500.00
$ 9,450,000.00 $ 9,450,000.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 3,000,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$14,053,500 -$12,830,400 -$14,442,300 -$13,219,200

-$4,650,000

$41,512,500 $34,581,600 $14,065,700 $36,784,800

$ 22,953,833.14 $ 18,426,323.24 $ 7,222,245.11 $ 18,201,054.20

$211,747,834.03 $169,981,807.04 $66,624,809.43 $167,903,712.67

16 17 18 19

-$ 1,425,734,237.47 -$ 1,436,442,990.09 -$ 1,454,748,117.57 -$ 1,495,033,710.03

-$ 1,384,221,737.47 -$ 1,401,861,390.09 -$ 1,440,682,417.57 -$ 1,458,248,910.03
 20 21 22 23

690 700 710 720

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$89,424,000 $90,720,000 $92,016,000 $93,312,000
25 25
$ 472,500.00 $ 472,500.00
$ 11,812,500.00 $ 11,812,500.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 3,100,000.00

-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00

-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$15,185,475 -$13,608,000 -$15,574,275 -$13,996,800

$47,927,025 $35,888,000 $50,130,225 $41,191,200

$ 22,852,087.91 $ 16,489,669.13 $ 22,196,250.11 $ 17,575,256.46

$210,809,240.00 $152,116,280.59 $204,759,172.73 $162,130,763.29

20 21 22 23

-$ 1,513,262,917.29 -$ 1,520,617,263.58 -$ 1,540,742,270.63 -$ 1,546,846,986.97

-$ 1,465,335,892.29 -$ 1,484,729,263.58 -$ 1,490,612,045.63 -$ 1,505,655,786.97
 24 25 26 27

730 740 750 760

$ 129,600.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$94,608,000 $103,576,320 $104,976,000 $106,375,680
25 30
$ 472,500.00 $ 496,125.00
$ 11,812,500.00 $ 14,883,750.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,200,000.00 -$ 3,300,000.00
-$22,000,000
-$ 19,008,000.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,456,000.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$4,860,000 -$5,248,800 -$5,248,800 -$5,248,800
-$15,963,075 -$15,536,448 -$17,978,963 -$15,956,352
-$ 15,300,000.00
-$5,100,000

$5,933,425 $46,929,952 $60,770,868 $46,009,408

$ 2,439,607.47 $ 18,594,387.54 $ 23,203,017.89 $ 16,928,284.72

$22,505,243.23 $171,532,190.86 $214,046,549.47 $156,162,485.00

24 25 26 27

-$ 1,562,458,269.61 -$ 1,615,246,417.12 -$ 1,627,482,889.19 -$ 1,625,817,916.40

-$ 1,556,524,844.61 -$ 1,568,316,465.12 -$ 1,566,712,021.69 -$ 1,579,808,508.40
 28 29 30 31

770 780 790 800

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$107,775,360 $109,175,040 $110,574,720 $111,974,400
30 30
$ 496,125.00 $ 496,125.00
$ 14,883,750.00 $ 14,883,750.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,400,000.00
-$19,360,000
-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$18,398,867 -$16,376,256 -$18,818,771 -$16,796,160

-$5,550,000

$63,150,324 $51,688,864 $37,219,780 $54,068,320

$ 22,390,261.20 $ 17,660,290.31 $ 12,254,396.21 $ 17,154,508.05

$206,548,914.25 $162,915,195.90 $113,046,123.43 $158,249,382.63

28 29 30 31

-$ 1,639,408,482.15 -$ 1,635,724,191.64 -$ 1,643,794,762.68 -$ 1,667,184,750.96

-$ 1,576,258,158.65 -$ 1,584,035,327.64 -$ 1,606,574,983.18 -$ 1,613,116,430.96
 32 33 34 35

810 820 830 840

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$113,374,080 $114,773,760 $116,173,440 $117,573,120
35 35
$ 496,125.00 $ 496,125.00
$ 17,364,375.00 $ 17,364,375.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,500,000.00

-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00

-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$19,610,768 -$17,216,064 -$20,030,672 -$17,635,968

$70,017,767 $52,947,776 $72,397,223 $58,827,232

$ 21,407,251.82 $ 15,599,750.66 $ 20,554,603.86 $ 16,094,700.13

$197,480,707.41 $143,906,832.21 $189,615,077.34 $148,472,713.51

32 33 34 35

-$ 1,673,972,981.88 -$ 1,664,466,149.34 -$ 1,672,314,635.82 -$ 1,660,276,016.86

-$ 1,603,955,215.13 -$ 1,611,518,373.34 -$ 1,599,917,413.07 -$ 1,601,448,784.86
 36 37 38 39

850 860 870 880

$ 139,968.00 $ 151,165.44 $ 151,165.44 $ 151,165.44
$118,972,800 $130,002,278 $131,513,933 $133,025,587
35 40
$ 496,125.00 $ 520,931.25
$ 17,364,375.00 $ 20,837,250.00
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,600,000.00 -$ 3,700,000.00
-$17,036,800
-$ 20,528,640.00 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 3,732,480.00 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,248,800 -$5,668,704 -$5,668,704 -$5,668,704
-$20,450,576 -$19,500,342 -$22,852,677 -$19,953,838
-$ 13,005,000.00
-$6,000,000

$34,334,879 $66,231,223 $85,227,792 $65,101,036

$ 9,052,265.10 $ 16,826,810.03 $ 20,865,919.32 $ 15,358,947.47

$83,506,642.12 $155,226,386.67 $192,486,945.18 $141,685,436.15

36 37 38 39

-$ 1,661,865,161.29 -$ 1,688,930,611.50 -$ 1,683,917,466.75 -$ 1,659,001,961.02

-$ 1,627,530,282.54 -$ 1,622,699,388.46 -$ 1,598,689,674.97 -$ 1,593,900,925.50
 40 41 42 43

890 900 910 920

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$134,537,242 $136,048,896 $137,560,550 $139,072,205
40 40
$ 520,931.25 $ 520,931.25
$ 20,837,250.00 $ 20,837,250.00
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,800,000.00
-$14,992,384
-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$23,306,174 -$20,407,334 -$23,759,670 -$20,860,831

-$6,450,000

$87,797,604 $71,370,848 $65,125,033 $73,940,660

$ 19,960,595.53 $ 15,636,118.63 $ 13,749,070.07 $ 15,042,705.98

$184,135,383.61 $144,242,324.69 $126,834,406.65 $138,768,125.96

40 41 42 43

-$ 1,654,032,550.83 -$ 1,625,322,843.11 -$ 1,612,576,504.11 -$ 1,605,830,741.12

-$ 1,566,234,946.57 -$ 1,553,951,995.11 -$ 1,547,451,471.37 -$ 1,531,890,080.64
 44 45 46 47

930 940 950 960

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$140,583,859 $142,095,514 $143,607,168 $145,118,822
45 45
$ 520,931.25 $ 520,931.25
$ 23,441,906.25 $ 23,441,906.25
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,900,000.00

-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20

-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$24,603,865 -$21,314,327 -$25,057,361 -$21,767,823

$95,151,187 $72,610,473 $97,721,000 $79,080,285

$ 18,654,092.35 $ 13,717,546.73 $ 17,790,262.40 $ 13,873,305.58

$172,082,964.44 $126,543,605.62 $164,114,181.16 $127,980,472.37

44 45 46 47

-$ 1,589,682,280.21 -$ 1,550,913,884.79 -$ 1,534,073,996.73 -$ 1,490,540,957.64

-$ 1,494,531,093.18 -$ 1,478,303,411.83 -$ 1,436,352,997.21 -$ 1,411,460,672.20
 48 49 50 51

970 980 990 1000

$ 151,165.44 $ 163,258.68 $ 163,258.68 $ 163,258.68
$146,630,477 $159,993,502 $161,626,088 $163,258,675
45 50
$ 520,931.25 $ 546,977.81
$ 23,441,906.25 $ 27,348,890.63
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,000,000.00 -$ 4,100,000.00
-$13,193,298
-$ 22,170,931.20 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,031,078.40 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$5,668,704 -$6,122,200 -$6,122,200 -$6,122,200
-$25,510,857 -$23,999,025 -$28,346,247 -$24,488,801
-$ 11,054,250.00
-$6,900,000

$64,343,264 $88,374,106 $113,008,362 $87,049,503

$ 10,877,574.92 $ 14,396,976.57 $ 17,740,837.36 $ 13,168,827.36

$100,345,023.67 $132,811,308.11 $163,658,237.96 $121,481,699.93

48 49 50 51

-$ 1,464,709,542.90 -$ 1,453,196,601.63 -$ 1,416,311,891.26 -$ 1,352,472,056.02

-$ 1,400,366,278.83 -$ 1,364,822,495.88 -$ 1,303,303,529.74 -$ 1,265,422,552.78
 52 53 54 55

1010 1020 1030 1040

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$164,891,262 $166,523,849 $168,156,435 $169,789,022
50 50
$ 546,977.81 $ 546,977.81
$ 27,348,890.63 $ 27,348,890.63
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,200,000.00
-$11,610,102
-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$28,836,023 -$24,978,577 -$29,325,799 -$25,468,353

-$7,350,000

$115,783,759 $93,924,901 $95,399,054 $96,700,298

$ 16,878,961.51 $ 13,194,595.87 $ 12,914,473.01 $ 12,614,722.56

$155,707,481.17 $121,719,413.08 $119,135,295.18 $116,370,113.97

52 53 54 55

-$ 1,313,161,978.50 -$ 1,242,550,599.61 -$ 1,191,958,837.78 -$ 1,137,928,679.74

-$ 1,197,378,219.49 -$ 1,148,625,698.90 -$ 1,096,559,783.47 -$ 1,041,228,381.55
 56 57 58 59 60

1050 1060 1070 1080 1090

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$171,421,609 $173,054,196 $174,686,782 $176,319,369 $177,951,956
55 55 55
$ 546,977.81 $ 546,977.81 $ 546,977.81
$ 30,083,779.69 $ 30,083,779.69 $ 30,083,779.69
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,300,000.00 -$ 4,400,000.00
-$10,216,890
-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$30,225,808 -$25,958,129 -$30,715,584 -$26,447,905 -$31,205,360
-$ 9,396,112.50
-$7,800,000
$ 650,403,068.71
$123,659,210 $95,175,696 $126,434,607 $102,251,093 $761,000,071

$ 15,545,103.83 $ 11,529,500.47 $ 14,759,364.75 $ 11,502,359.38 $ 82,493,729.99

$143,402,718.24 $106,359,000.57 $136,154,318.90 $106,108,625.52 $761,000,070.92

56 57 58 59 60

-$ 1,080,509,841.22 -$ 992,948,849.93 -$ 931,642,611.31 -$ 835,585,341.46 -$ 761,000,070.92

-$ 956,850,631.55 -$ 897,773,154.26 -$ 805,208,004.17 -$ 733,334,248.31 $ 0.00
61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86
87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109
110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129
130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149
150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169
170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189
190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209
210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229
230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249
250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269
270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289
290 291 292 293 294 295 296 297 298 299 300
 ra*= 35.20973241%
ia*= 1.4671%
i*= 1.4889%
i*= 3.00%
i*= 6.09%

mensual 10
anual 8%

semestral 5
anual 5%

anual $ 800,000.00
trimestral $ 100,000.00
anual -12%
anual 8%
anual 8%
anual 8%
Ingresos totales 5%
anual -15%
semestral $450,000

Con flujos de caja VPN=

Fórmula de excel VPN=
VAN=
VFN=
VFN=
Rb/c=
Nota: Se halló con la función buscar objetivo. TIR=

n*=
NACbimensual ant Perpetuidad= $ 50,000,000.00
Bimensual ant
Bimensual
mensual
bimestral

0 1

Inversión inicial -$ 1,000,000,000.00

Número de suscripciones 500
Precio $ 120,000.00
Ingresos suscripciones $60,000,000
Número de usuarios
Precio
Ingresos personalizados
Arrendamiento -$10,000,000 -$ 10,000,000.00
Servicios públicos
Mantenimiento
Entrenadores -$ 17,600,000.00
Servicios varios -$ 3,200,000.00
Vendedores -$4,500,000
comisiones -$9,000,000
Seguro
Marketing digital
Valor residual
FCL Modificados -$1,010,000,000 $15,700,000

VALOR PRESENTE -$ 1,010,000,000.00 $ 15,242,718.45

$ 313,829,354.06 FACTIBLE
$313,829,354.06 FACTIBLE
$11,339,583.10 FACTIBLE
$ 1,848,957,996.90 FACTIBLE -$ 5,950,519,136.39 $ 89,804,047.33
$1,848,957,996.90 FACTIBLE
1.3107221 FACTIBLE
3.7726% FACTIBLE

39.3781952781377
0 1

-$ 1,040,300,000.00
Saldo -$1,010,000,000 -$ 1,024,600,000.00

n Saldo
51 $2,065,901,272
52 $2,243,662,069
n* 0
 2 3 4 5

510 520 530 540

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$61,200,000 $62,400,000 $63,600,000 $64,800,000
10 10
$ 450,000.00 $ 450,000.00
$ 4,500,000.00 $ 4,500,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,500,000.00

-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00

-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$9,855,000 -$9,360,000 -$10,215,000 -$9,720,000

$20,545,000 $15,240,000 $22,585,000 $19,780,000

$ 19,365,632.95 $ 13,946,758.89 $ 20,066,479.98 $ 17,062,401.75

$ 114,094,623.24 $ 82,168,767.98 $ 118,223,735.74 $ 100,524,899.16

2 3 4 5

-$ 1,055,338,000.01 -$ 1,065,836,790.01 -$ 1,082,114,693.72 -$ 1,091,315,584.53

-$ 1,034,793,000.01 -$ 1,050,596,790.01 -$ 1,059,529,693.72 -$ 1,071,535,584.53
 6 7 8 9 10

550 560 570 580 590

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$66,000,000 $67,200,000 $68,400,000 $69,600,000 $70,800,000
10 15 15
$ 450,000.00 $ 450,000.00 $ 450,000.00
$ 4,500,000.00 $ 6,750,000.00 $ 6,750,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,600,000.00 -$ 2,700,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$10,575,000 -$10,080,000 -$11,272,500 -$10,440,000 -$11,632,500

-$3,750,000

-$3,725,000 $21,820,000 $28,577,500 $21,160,000 $30,617,500

-$ 3,119,628.86 $ 17,741,656.78 $ 22,559,342.39 $ 16,217,378.06 $ 22,782,295.44

-$ 18,379,615.06 $ 104,526,800.16 $ 132,910,691.70 $ 95,546,354.91 $ 134,224,242.55

6 7 8 9 10

-$ 1,103,681,652.07 -$ 1,140,628,851.64 -$ 1,152,373,117.19 -$ 1,157,509,485.71 -$ 1,170,439,970.29

-$ 1,107,406,652.07 -$ 1,118,808,851.64 -$ 1,123,795,617.19 -$ 1,136,349,485.71 -$ 1,139,822,470.29
 11 12 13 14 15

600 610 620 630 640

$ 120,000.00 $ 120,000.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$72,000,000 $73,200,000 $80,352,000 $81,648,000 $82,944,000
15 20
$ 450,000.00 $ 472,500.00
$ 6,750,000.00 $ 9,450,000.00
-$ 10,000,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 2,800,000.00 -$ 2,900,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,500,000 -$4,500,000 -$4,860,000 -$4,860,000 -$4,860,000
-$10,800,000 -$11,992,500 -$12,052,800 -$13,664,700 -$12,441,600
-$ 18,000,000.00
-$4,200,000

$25,900,000 -$15,142,500 $30,175,200 $39,309,300 $29,478,400

$ 18,710,711.06 -$ 10,620,644.84 $ 20,547,842.87 $ 25,988,078.16 $ 18,921,063.23

$ 110,236,083.40 -$ 62,572,624.09 $ 121,059,734.88 $ 153,111,442.01 $ 111,475,394.88

11 12 13 14 15

-$ 1,174,017,144.40 -$ 1,182,560,658.74 -$ 1,233,634,253.50 -$ 1,239,562,825.11 -$ 1,236,261,130.87

-$ 1,148,117,144.40 -$ 1,197,703,158.74 -$ 1,203,459,053.50 -$ 1,200,253,525.11 -$ 1,206,782,730.87
 16 17 18 19 20

650 660 670 680 690

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$84,240,000 $85,536,000 $86,832,000 $88,128,000 $89,424,000
20 20 25
$ 472,500.00 $ 472,500.00 $ 472,500.00
$ 9,450,000.00 $ 9,450,000.00 $ 11,812,500.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 3,000,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$14,053,500 -$12,830,400 -$14,442,300 -$13,219,200 -$15,185,475

-$4,650,000

$41,512,500 $34,581,600 $14,065,700 $36,784,800 $47,927,025

$ 25,869,217.56 $ 20,922,436.72 $ 8,262,116.33 $ 20,977,857.44 $ 26,536,031.71

$ 152,411,162.53 $ 123,266,693.16 $ 48,677,110.24 $ 123,593,210.02 $ 156,339,766.83

16 17 18 19 20

-$ 1,242,986,212.80 -$ 1,237,517,924.19 -$ 1,239,024,413.92 -$ 1,261,707,475.34 -$ 1,261,670,355.61

-$ 1,201,473,712.80 -$ 1,202,936,324.19 -$ 1,224,958,713.92 -$ 1,224,922,675.34 -$ 1,213,743,330.61
 21 22 23 24 25

700 710 720 730 740

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00 $ 139,968.00
$90,720,000 $92,016,000 $93,312,000 $94,608,000 $103,576,320
25 25
$ 472,500.00 $ 472,500.00
$ 11,812,500.00 $ 11,812,500.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,100,000.00 -$ 3,200,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 20,528,640.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,732,480.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000 -$5,248,800
-$13,608,000 -$15,574,275 -$13,996,800 -$15,963,075 -$15,536,448
-$ 15,300,000.00
-$5,100,000

$35,888,000 $50,130,225 $41,191,200 $5,933,425 $46,929,952

$ 19,291,568.41 $ 26,162,588.49 $ 20,871,241.15 $ 2,918,851.93 $ 22,414,006.44

$ 113,658,264.36 $ 154,139,587.61 $ 122,965,069.15 $ 17,196,717.09 $ 132,054,429.94

21 22 23 24 25

-$ 1,250,155,630.53 -$ 1,250,695,659.45 -$ 1,236,582,397.49 -$ 1,231,252,933.42 -$ 1,262,079,093.67

-$ 1,214,267,630.53 -$ 1,200,565,434.45 -$ 1,195,391,197.49 -$ 1,225,319,508.42 -$ 1,215,149,141.67
 26 27 28 29 30

750 760 770 780 790

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$104,976,000 $106,375,680 $107,775,360 $109,175,040 $110,574,720
30 30 30
$ 496,125.00 $ 496,125.00 $ 496,125.00
$ 14,883,750.00 $ 14,883,750.00 $ 14,883,750.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,300,000.00 -$ 3,400,000.00
-$19,360,000
-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$17,978,963 -$15,956,352 -$18,398,867 -$16,376,256 -$18,818,771

-$5,550,000

$60,770,868 $46,009,408 $63,150,324 $51,688,864 $37,219,780

$ 28,179,130.84 $ 20,712,931.94 $ 27,601,538.35 $ 21,933,981.41 $ 15,334,056.34

$ 166,020,254.76 $ 122,032,374.15 $ 162,617,309.08 $ 129,226,312.97 $ 90,342,173.98

26 27 28 29 30

-$ 1,251,603,615.93 -$ 1,226,557,730.89 -$ 1,215,964,772.58 -$ 1,187,398,882.55 -$ 1,169,781,319.11

-$ 1,190,832,748.43 -$ 1,180,548,322.89 -$ 1,152,814,449.08 -$ 1,135,710,018.55 $ 0.00
 31 32 33 34 35

800 810 820 830 840

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$111,974,400 $113,374,080 $114,773,760 $116,173,440 $117,573,120
35 35
$ 496,125.00 $ 496,125.00
$ 17,364,375.00 $ 17,364,375.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,500,000.00

-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00

-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$16,796,160 -$19,610,768 -$17,216,064 -$20,030,672 -$17,635,968

$54,068,320 $70,017,767 $52,947,776 $72,397,223 $58,827,232

$ 21,626,632.96 $ 27,190,491.87 $ 19,962,701.26 $ 26,500,634.14 $ 20,906,221.59

$ 127,415,537.89 $ 160,195,586.36 $ 117,612,312.71 $ 156,131,218.39 $ 123,171,160.04

31 32 33 34 35

$ 0.00 $ 55,690,369.60 $ 129,479,380.44 $ 187,899,971.14 $ 268,106,109.70

$ 54,068,320.00 $ 125,708,136.35 $ 182,427,156.44 $ 260,297,193.89 $ 326,933,341.70
 36 37 38 39 40

850 860 870 880 890

$ 139,968.00 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$118,972,800 $130,002,278 $131,513,933 $133,025,587 $134,537,242
35 40 40
$ 496,125.00 $ 520,931.25 $ 520,931.25
$ 17,364,375.00 $ 20,837,250.00 $ 20,837,250.00
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,600,000.00 -$ 3,700,000.00
-$17,036,800
-$ 20,528,640.00 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 3,732,480.00 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,248,800 -$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$20,450,576 -$19,500,342 -$22,852,677 -$19,953,838 -$23,306,174
-$ 13,005,000.00
-$6,000,000

$34,334,879 $66,231,223 $85,227,792 $65,101,036 $87,797,604

$ 11,846,646.48 $ 22,186,329.61 $ 27,718,306.79 $ 20,555,882.81 $ 26,914,956.19

$ 69,795,739.18 $ 130,713,048.42 $ 163,305,262.37 $ 121,107,103.00 $ 158,572,239.44

36 37 38 39 40

$ 336,741,341.95 $ 382,208,507.33 $ 461,892,922.28 $ 563,534,335.48 $ 647,494,432.14

$ 371,076,220.70 $ 448,439,730.37 $ 547,120,714.06 $ 628,635,371.00 $ 735,292,036.40
 41 42 43 44 45

900 910 920 930 940

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$136,048,896 $137,560,550 $139,072,205 $140,583,859 $142,095,514
40 45
$ 520,931.25 $ 520,931.25
$ 20,837,250.00 $ 23,441,906.25
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,800,000.00 -$ 3,900,000.00
-$14,992,384
-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$20,407,334 -$23,759,670 -$20,860,831 -$24,603,865 -$21,314,327

-$6,450,000

$71,370,848 $65,125,033 $73,940,660 $95,151,187 $72,610,473

$ 21,241,962.80 $ 18,818,478.92 $ 20,743,529.97 $ 25,916,498.41 $ 19,201,013.54

$ 125,149,213.99 $ 110,871,008.86 $ 122,212,645.61 $ 152,689,722.53 $ 113,124,750.98

41 42 43 44 45

$ 757,350,797.49 $ 853,583,294.86 $ 946,269,577.43 $ 1,050,816,545.05 $ 1,180,346,764.05

$ 828,721,645.49 $ 918,708,327.60 $ 1,020,210,237.91 $ 1,145,967,732.08 $ 1,252,957,237.01
 46 47 48 49 50

950 960 970 980 990

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 163,258.68 $ 163,258.68
$143,607,168 $145,118,822 $146,630,477 $159,993,502 $161,626,088
45 45 50
$ 520,931.25 $ 520,931.25 $ 546,977.81
$ 23,441,906.25 $ 23,441,906.25 $ 27,348,890.63
-$ 12,400,000.00 -$ 12,400,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,000,000.00
-$13,193,298
-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,353,564.67 -$ 4,353,564.67
-$5,668,704 -$5,668,704 -$5,668,704 -$6,122,200 -$6,122,200
-$25,057,361 -$21,767,823 -$25,510,857 -$23,999,025 -$28,346,247
-$ 11,054,250.00
-$6,900,000

$97,721,000 $79,080,285 $64,343,264 $88,374,106 $113,008,362

$ 25,088,550.12 $ 19,711,454.28 $ 15,570,992.75 $ 20,763,521.96 $ 25,778,007.33

$ 147,811,779.77 $ 116,132,065.24 $ 91,738,109.25 $ 122,330,430.48 $ 151,873,788.06

46 47 48 49 50

$ 1,290,545,954.13 $ 1,429,914,962.25 $ 1,554,265,105.13 $ 1,667,166,620.28 $ 1,808,206,947.83

$ 1,388,266,953.64 $ 1,508,995,247.69 $ 1,618,608,369.20 $ 1,755,540,726.04 $ 1,921,215,309.35
 51 52 53 54 55

1000 1010 1020 1030 1040

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$163,258,675 $164,891,262 $166,523,849 $168,156,435 $169,789,022
50 50
$ 546,977.81 $ 546,977.81
$ 27,348,890.63 $ 27,348,890.63
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,100,000.00 -$ 4,200,000.00
-$11,610,102
-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$24,488,801 -$28,836,023 -$24,978,577 -$29,325,799 -$25,468,353

-$7,350,000

$87,049,503 $115,783,759 $93,924,901 $95,399,054 $96,700,298

$ 19,278,260.17 $ 24,894,990.24 $ 19,606,850.40 $ 19,334,544.07 $ 19,027,444.09

$ 113,579,857.49 $ 146,671,401.82 $ 115,515,780.70 $ 113,911,459.89 $ 112,102,148.67

51 52 53 54 55

$ 1,978,851,768.64 $ 2,127,878,310.03 $ 2,310,971,931.11 $ 2,477,043,736.79 $ 2,649,616,074.84

$ 2,065,901,271.87 $ 2,243,662,069.04 $ 2,404,896,831.82 $ 2,572,442,791.10 $ 2,746,316,373.03
 56 57 58 59 60

1050 1060 1070 1080 1090

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$171,421,609 $173,054,196 $174,686,782 $176,319,369 $177,951,956
55 55 55
$ 546,977.81 $ 546,977.81 $ 546,977.81
$ 30,083,779.69 $ 30,083,779.69 $ 30,083,779.69
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,300,000.00 -$ 4,400,000.00
-$10,216,890
-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$30,225,808 -$25,958,129 -$30,715,584 -$26,447,905 -$31,205,360
-$ 9,396,112.50
-$7,800,000
$ 821,018,062.29
$123,659,210 $95,175,696 $126,434,607 $102,251,093 $931,615,065

$ 23,623,371.67 $ 17,652,419.99 $ 22,767,058.87 $ 17,876,055.81 $ 158,125,903.57

$ 139,179,529.91 $ 104,001,052.40 $ 134,134,474.72 $ 105,318,625.94 $ 931,615,064.50

56 57 58 59 60

$ 2,828,705,864.23 $ 3,040,936,026.12 $ 3,230,195,073.46 $ 3,457,328,571.03 $ 3,666,367,054.11

$ 2,952,365,073.90 $ 3,136,111,721.79 $ 3,356,629,680.60 $ 3,559,579,664.17 $ 4,597,982,118.61
 ra*= 35.20973241%
ia*= 1.4671%
i*= 1.4889%
i*= 3.00%
i*= 6.09%

mensual 10
anual 8%

semestral 5
anual 5%

anual $ 800,000.00
trimestral $ 100,000.00
anual -12%
anual 8%
anual 8%
anual 8%
Ingresos totales 5%
anual -15%
semestral $450,000

Con flujos de caja VPN=

Fórmula de excel VPN=
VAN=
VFN=
VFN=
Rb/c=
Nota: Se halló con la función buscar objetivo. TIR=

n*=
NACbimensual ant Perpetuidad= $ 50,000,000.00 50000
Bimensual ant 50000000
Bimensual
mensual
bimestral

0 1 2

Inversión inicial -$ 1,000,000,000.00

Número de suscripciones 500 510
Precio $ 120,000.00 $ 120,000.00
Ingresos suscripciones $60,000,000 $61,200,000
Número de usuarios 10
Precio $ 450,000.00
Ingresos personalizados $ 4,500,000.00
Arrendamiento -$10,000,000 -$ 10,000,000.00 -$ 10,000,000.00
Servicios públicos
Mantenimiento
Entrenadores -$ 17,600,000.00 -$ 17,600,000.00
Servicios varios -$ 3,200,000.00 -$ 3,200,000.00
Vendedores -$4,500,000 -$4,500,000
comisiones -$9,000,000 -$9,855,000
Seguro
Marketing digital
Valor residual
FCL Modificados -$1,010,000,000 $15,700,000 $20,545,000

VALOR PRESENTE -$ 1,010,000,000.00 $ 15,242,718.45 $ 19,365,632.95

$ 498,160,145.95 FACTIBLE
$498,160,145.95 FACTIBLE
$18,000,000.00 FACTIBLE
$ 2,934,961,862.83 FACTIBLE -$ 5,950,519,136.39 $ 89,804,047.33 $ 114,094,623.24
$2,934,961,862.83 FACTIBLE
1.4932279 FACTIBLE
3.7726% FACTIBLE

51.3578824361468
0 1 2

-$ 1,040,300,000.00 -$ 1,055,338,000.01
Saldo -$1,010,000,000 -$ 1,024,600,000.00 -$ 1,034,793,000.01

n Saldo
51 -$40,996,813
52 $73,557,042
n* 0
 3 4 5 6

520 530 540 550

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$62,400,000 $63,600,000 $64,800,000 $66,000,000
10 10
$ 450,000.00 $ 450,000.00
$ 4,500,000.00 $ 4,500,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,500,000.00 -$ 2,600,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$9,360,000 -$10,215,000 -$9,720,000 -$10,575,000

-$3,750,000

$15,240,000 $22,585,000 $19,780,000 -$3,725,000

$ 13,946,758.89 $ 20,066,479.98 $ 17,062,401.75 -$ 3,119,628.86

$ 82,168,767.98 $ 118,223,735.74 $ 100,524,899.16 -$ 18,379,615.06

3 4 5 6

-$ 1,065,836,790.01 -$ 1,082,114,693.72 -$ 1,091,315,584.53 -$ 1,103,681,652.07

-$ 1,050,596,790.01 -$ 1,059,529,693.72 -$ 1,071,535,584.53 -$ 1,107,406,652.07
 7 8 9 10

560 570 580 590

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$67,200,000 $68,400,000 $69,600,000 $70,800,000
15 15
$ 450,000.00 $ 450,000.00
$ 6,750,000.00 $ 6,750,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00
-$ 2,700,000.00

-$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00 -$ 17,600,000.00

-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00 -$ 3,200,000.00
-$4,500,000 -$4,500,000 -$4,500,000 -$4,500,000
-$10,080,000 -$11,272,500 -$10,440,000 -$11,632,500

$21,820,000 $28,577,500 $21,160,000 $30,617,500

$ 17,741,656.78 $ 22,559,342.39 $ 16,217,378.06 $ 22,782,295.44

$ 104,526,800.16 $ 132,910,691.70 $ 95,546,354.91 $ 134,224,242.55

7 8 9 10

-$ 1,140,628,851.64 -$ 1,152,373,117.19 -$ 1,157,509,485.71 -$ 1,170,439,970.29

-$ 1,118,808,851.64 -$ 1,123,795,617.19 -$ 1,136,349,485.71 -$ 1,139,822,470.29
 11 12 13 14

600 610 620 630

$ 120,000.00 $ 120,000.00 $ 129,600.00 $ 129,600.00
$72,000,000 $73,200,000 $80,352,000 $81,648,000
15 20
$ 450,000.00 $ 472,500.00
$ 6,750,000.00 $ 9,450,000.00
-$ 10,000,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 2,800,000.00
-$22,000,000
-$ 17,600,000.00 -$ 17,600,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,200,000.00 -$ 3,200,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,500,000 -$4,500,000 -$4,860,000 -$4,860,000
-$10,800,000 -$11,992,500 -$12,052,800 -$13,664,700
-$ 18,000,000.00
-$4,200,000

$25,900,000 -$15,142,500 $30,175,200 $39,309,300

$ 18,710,711.06 -$ 10,620,644.84 $ 20,547,842.87 $ 25,988,078.16

$ 110,236,083.40 -$ 62,572,624.09 $ 121,059,734.88 $ 153,111,442.01

11 12 13 14

-$ 1,174,017,144.40 -$ 1,182,560,658.74 -$ 1,233,634,253.50 -$ 1,239,562,825.11

-$ 1,148,117,144.40 -$ 1,197,703,158.74 -$ 1,203,459,053.50 -$ 1,200,253,525.11
 15 16 17 18

640 650 660 670

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$82,944,000 $84,240,000 $85,536,000 $86,832,000
20 20
$ 472,500.00 $ 472,500.00
$ 9,450,000.00 $ 9,450,000.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 2,900,000.00 -$ 3,000,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$12,441,600 -$14,053,500 -$12,830,400 -$14,442,300

-$4,650,000

$29,478,400 $41,512,500 $34,581,600 $14,065,700

$ 18,921,063.23 $ 25,869,217.56 $ 20,922,436.72 $ 8,262,116.33

$ 111,475,394.88 $ 152,411,162.53 $ 123,266,693.16 $ 48,677,110.24

15 16 17 18

-$ 1,236,261,130.87 -$ 1,242,986,212.80 -$ 1,237,517,924.19 -$ 1,239,024,413.92

-$ 1,206,782,730.87 -$ 1,201,473,712.80 -$ 1,202,936,324.19 -$ 1,224,958,713.92
 19 20 21 22

680 690 700 710

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$88,128,000 $89,424,000 $90,720,000 $92,016,000
25 25
$ 472,500.00 $ 472,500.00
$ 11,812,500.00 $ 11,812,500.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00
-$ 3,100,000.00

-$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00 -$ 19,008,000.00

-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$13,219,200 -$15,185,475 -$13,608,000 -$15,574,275

$36,784,800 $47,927,025 $35,888,000 $50,130,225

$ 20,977,857.44 $ 26,536,031.71 $ 19,291,568.41 $ 26,162,588.49

$ 123,593,210.02 $ 156,339,766.83 $ 113,658,264.36 $ 154,139,587.61

19 20 21 22

-$ 1,261,707,475.34 -$ 1,261,670,355.61 -$ 1,250,155,630.53 -$ 1,250,695,659.45

-$ 1,224,922,675.34 -$ 1,213,743,330.61 -$ 1,214,267,630.53 -$ 1,200,565,434.45
 23 24 25 26

720 730 740 750

$ 129,600.00 $ 129,600.00 $ 139,968.00 $ 139,968.00
$93,312,000 $94,608,000 $103,576,320 $104,976,000
25 30
$ 472,500.00 $ 496,125.00
$ 11,812,500.00 $ 14,883,750.00
-$ 10,800,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,200,000.00
-$22,000,000
-$ 19,008,000.00 -$ 19,008,000.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,732,480.00 -$ 3,732,480.00
-$4,860,000 -$4,860,000 -$5,248,800 -$5,248,800
-$13,996,800 -$15,963,075 -$15,536,448 -$17,978,963
-$ 15,300,000.00
-$5,100,000

$41,191,200 $5,933,425 $46,929,952 $60,770,868

$ 20,871,241.15 $ 2,918,851.93 $ 22,414,006.44 $ 28,179,130.84

$ 122,965,069.15 $ 17,196,717.09 $ 132,054,429.94 $ 166,020,254.76

23 24 25 26

-$ 1,236,582,397.49 -$ 1,231,252,933.42 -$ 1,262,079,093.67 -$ 1,251,603,615.93

-$ 1,195,391,197.49 -$ 1,225,319,508.42 -$ 1,215,149,141.67 -$ 1,190,832,748.43
 27 28 29 30

760 770 780 790

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$106,375,680 $107,775,360 $109,175,040 $110,574,720
30 30
$ 496,125.00 $ 496,125.00
$ 14,883,750.00 $ 14,883,750.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,300,000.00 -$ 3,400,000.00
-$19,360,000
-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$15,956,352 -$18,398,867 -$16,376,256 -$18,818,771

-$5,550,000

$46,009,408 $63,150,324 $51,688,864 $37,219,780

$ 20,712,931.94 $ 27,601,538.35 $ 21,933,981.41 $ 15,334,056.34

$ 122,032,374.15 $ 162,617,309.08 $ 129,226,312.97 $ 90,342,173.98

27 28 29 30

-$ 1,226,557,730.89 -$ 1,215,964,772.58 -$ 1,187,398,882.55 -$ 1,169,781,319.11

-$ 1,180,548,322.89 -$ 1,152,814,449.08 -$ 1,135,710,018.55 -$ 1,132,561,539.61
 31 32 33 34

800 810 820 830

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$111,974,400 $113,374,080 $114,773,760 $116,173,440
35 35
$ 496,125.00 $ 496,125.00
$ 17,364,375.00 $ 17,364,375.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00
-$ 3,500,000.00

-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00

-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800
-$16,796,160 -$19,610,768 -$17,216,064 -$20,030,672

$54,068,320 $70,017,767 $52,947,776 $72,397,223

$ 21,626,632.96 $ 27,190,491.87 $ 19,962,701.26 $ 26,500,634.14

$ 127,415,537.89 $ 160,195,586.36 $ 117,612,312.71 $ 156,131,218.39

31 32 33 34

-$ 1,166,538,385.81 -$ 1,145,844,167.79 -$ 1,108,101,193.07 -$ 1,086,808,019.59

-$ 1,112,470,065.81 -$ 1,075,826,401.04 -$ 1,055,153,417.07 -$ 1,014,410,796.84
 35 36 37 38

840 850 860 870

$ 139,968.00 $ 139,968.00 $ 151,165.44 $ 151,165.44
$117,573,120 $118,972,800 $130,002,278 $131,513,933
35 40
$ 496,125.00 $ 520,931.25
$ 17,364,375.00 $ 20,837,250.00
-$ 11,600,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,600,000.00
-$17,036,800
-$ 20,528,640.00 -$ 20,528,640.00 -$ 22,170,931.20 -$ 22,170,931.20
-$ 3,732,480.00 -$ 3,732,480.00 -$ 4,031,078.40 -$ 4,031,078.40
-$5,248,800 -$5,248,800 -$5,668,704 -$5,668,704
-$17,635,968 -$20,450,576 -$19,500,342 -$22,852,677
-$ 13,005,000.00
-$6,000,000

$58,827,232 $34,334,879 $66,231,223 $85,227,792

$ 20,906,221.59 $ 11,846,646.48 $ 22,186,329.61 $ 27,718,306.79

$ 123,171,160.04 $ 69,795,739.18 $ 130,713,048.42 $ 163,305,262.37

35 36 37 38

-$ 1,044,843,120.75 -$ 1,015,596,365.41 -$ 1,010,699,331.26 -$ 972,802,151.48

-$ 986,015,888.75 -$ 981,261,486.66 -$ 944,468,108.22 -$ 887,574,359.70
 39 40 41 42 43

880 890 900 910 920

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$133,025,587 $134,537,242 $136,048,896 $137,560,550 $139,072,205
40 40
$ 520,931.25 $ 520,931.25
$ 20,837,250.00 $ 20,837,250.00
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,700,000.00 -$ 3,800,000.00
-$14,992,384
-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$19,953,838 -$23,306,174 -$20,407,334 -$23,759,670 -$20,860,831

-$6,450,000

$65,101,036 $87,797,604 $71,370,848 $65,125,033 $73,940,660

$ 20,555,882.81 $ 26,914,956.19 $ 21,241,962.80 $ 18,818,478.92 $ 20,743,529.97

$ 121,107,103.00 $ 158,572,239.44 $ 125,149,213.99 $ 110,871,008.86 $ 122,212,645.61

39 40 41 42 43

-$ 914,201,590.49 -$ 874,573,571.62 -$ 810,379,246.39 -$ 761,178,650.34 -$ 716,935,226.13

-$ 849,100,554.97 -$ 786,775,967.36 -$ 739,008,398.39 -$ 696,053,617.60 -$ 642,994,565.65
 44 45 46 47 48

930 940 950 960 970

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$140,583,859 $142,095,514 $143,607,168 $145,118,822 $146,630,477
45 45 45
$ 520,931.25 $ 520,931.25 $ 520,931.25
$ 23,441,906.25 $ 23,441,906.25 $ 23,441,906.25
-$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 13,200,000.00
-$ 3,900,000.00 -$ 4,000,000.00
-$13,193,298
-$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20 -$ 22,170,931.20
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40 -$ 4,031,078.40
-$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704 -$5,668,704
-$24,603,865 -$21,314,327 -$25,057,361 -$21,767,823 -$25,510,857
-$ 11,054,250.00
-$6,900,000

$95,151,187 $72,610,473 $97,721,000 $79,080,285 $64,343,264

$ 25,916,498.41 $ 19,201,013.54 $ 25,088,550.12 $ 19,711,454.28 $ 15,570,992.75

$ 152,689,722.53 $ 113,124,750.98 $ 147,811,779.77 $ 116,132,065.24 $ 91,738,109.25

44 45 46 47 48

-$ 662,284,402.62 -$ 584,147,212.06 -$ 526,882,841.27 -$ 442,036,697.02 -$ 373,845,103.93

-$ 567,133,215.59 -$ 511,536,739.10 -$ 429,161,841.76 -$ 362,956,411.58 -$ 309,501,839.85
 49 50 51 52 53

980 990 1000 1010 1020

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$159,993,502 $161,626,088 $163,258,675 $164,891,262 $166,523,849
50 50
$ 546,977.81 $ 546,977.81
$ 27,348,890.63 $ 27,348,890.63
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,100,000.00

-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70

-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$23,999,025 -$28,346,247 -$24,488,801 -$28,836,023 -$24,978,577

$88,374,106 $113,008,362 $87,049,503 $115,783,759 $93,924,901

$ 20,763,521.96 $ 25,778,007.33 $ 19,278,260.17 $ 24,894,990.24 $ 19,606,850.40

$ 122,330,430.48 $ 151,873,788.06 $ 113,579,857.49 $ 146,671,401.82 $ 115,515,780.70

49 50 51 52 53

-$ 318,786,895.05 -$ 237,325,172.98 -$ 128,046,315.80 -$ 42,226,716.94 $ 75,763,753.32

-$ 230,412,789.30 -$ 124,316,811.45 -$ 40,996,812.56 $ 73,557,042.06 $ 169,688,654.03
 54 55 56 57 58

1030 1040 1050 1060 1070

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$168,156,435 $169,789,022 $171,421,609 $173,054,196 $174,686,782
50 55 55
$ 546,977.81 $ 546,977.81 $ 546,977.81
$ 27,348,890.63 $ 30,083,779.69 $ 30,083,779.69
-$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00 -$ 13,200,000.00
-$ 4,200,000.00 -$ 4,300,000.00
-$11,610,102
-$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200 -$6,122,200
-$29,325,799 -$25,468,353 -$30,225,808 -$25,958,129 -$30,715,584

-$7,350,000

$95,399,054 $96,700,298 $123,659,210 $95,175,696 $126,434,607

$ 19,334,544.07 $ 19,027,444.09 $ 23,623,371.67 $ 17,652,419.99 $ 22,767,058.87

$ 113,911,459.89 $ 112,102,148.67 $ 139,179,529.91 $ 104,001,052.40 $ 134,134,474.72

54 55 56 57 58

$ 174,779,313.66 $ 278,283,719.01 $ 386,233,537.71 $ 525,189,529.80 $ 638,976,182.23

$ 270,178,367.97 $ 374,984,017.20 $ 509,892,747.38 $ 620,365,225.47 $ 765,410,789.37
 59 60

1080 1090
$ 163,258.68 $ 163,258.68
$176,319,369 $177,951,956
55
$ 546,977.81
$ 30,083,779.69
-$ 13,200,000.00
-$ 4,400,000.00
-$10,216,890
-$ 23,944,605.70 -$ 23,944,605.70
-$ 4,353,564.67 -$ 4,353,564.67
-$6,122,200 -$6,122,200
-$26,447,905 -$31,205,360
-$ 9,396,112.50
-$7,800,000
$ 1,907,021,928.23 $ 116,137,635.44
$102,251,093 $2,017,618,930

$ 17,876,055.81 $ 342,456,695.46

$ 105,318,625.94 $ 2,017,618,930.44

59 60

$ 788,373,113.06 $ 917,342,932.39
$ 890,624,206.20 $ 2,934,961,862.83