ra*=

ia*=
i*=
i*=
i*=

mensual
anual

semestral
anual

anual
trimestral
anual
anual
anual
anual
Ingresos totales
anual
semestral

Con flujos de caja

Fórmula de excel
35.20973241% NACbimensual ant
1.4671% Bimensual ant
1.4889% Bimensual
3.00% mensual
6.09% bimestral

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

VALOR PRESENTE

VPN= $ 313,829,354.06
VPN= $313,829,354.06
VAN= $11,339,583.10
VFN= $ 1,848,957,996.90
VFN= $1,848,957,996.90
Rb/c= 1.3107221
TIR= 3.7726%

n*= 51.3578824361468
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 aproximad
el mes 51 y apartir de ahí, los ingresos son ganancias. Además, la tasa de rentabilidad es mayor a la tasa d

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

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

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

R. No es una buena alternativa de inversión para un inversionista cuando se ofrece una tasa de oportunidad m

e) ¿Cuánto debería ser el valor de la perpetuidad para obtener un excedente mensual de

R. El valor de la perpetuidad para lograr el excendente mensual de $18.000.000 es
 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 $ 15,242,718.45 $ 19,365,632.95 $ 13,946,758.89

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

0 1 2 3

-$ 1,040,300,000.00 -$ 1,055,338,000.01 -$ 1,065,836,790.01

-$1,010,000,000 -$ 1,024,600,000.00 -$ 1,034,793,000.01 -$ 1,050,596,790.01

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

$ 116,137,635.44
 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

$ 20,066,479.98 $ 17,062,401.75 -$ 3,119,628.86 $ 17,741,656.78

$ 118,223,735.74 $ 100,524,899.16 -$ 18,379,615.06 $ 104,526,800.16

4 5 6 7

-$ 1,082,114,693.72 -$ 1,091,315,584.53 -$ 1,103,681,652.07 -$ 1,140,628,851.64

-$ 1,059,529,693.72 -$ 1,071,535,584.53 -$ 1,107,406,652.07 -$ 1,118,808,851.64
 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

$ 22,559,342.39 $ 16,217,378.06 $ 22,782,295.44 $ 18,710,711.06

$ 132,910,691.70 $ 95,546,354.91 $ 134,224,242.55 $ 110,236,083.40

8 9 10 11

-$ 1,152,373,117.19 -$ 1,157,509,485.71 -$ 1,170,439,970.29 -$ 1,174,017,144.40

-$ 1,123,795,617.19 -$ 1,136,349,485.71 -$ 1,139,822,470.29 -$ 1,148,117,144.40
 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

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

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

12 13 14 15

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

-$ 1,197,703,158.74 -$ 1,203,459,053.50 -$ 1,200,253,525.11 -$ 1,206,782,730.87
 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

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

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

16 17 18 19

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

-$ 1,201,473,712.80 -$ 1,202,936,324.19 -$ 1,224,958,713.92 -$ 1,224,922,675.34
 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

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

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

20 21 22 23

-$ 1,261,670,355.61 -$ 1,250,155,630.53 -$ 1,250,695,659.45 -$ 1,236,582,397.49

-$ 1,213,743,330.61 -$ 1,214,267,630.53 -$ 1,200,565,434.45 -$ 1,195,391,197.49
 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

$ 2,918,851.93 $ 22,414,006.44 $ 28,179,130.84 $ 20,712,931.94

$ 17,196,717.09 $ 132,054,429.94 $ 166,020,254.76 $ 122,032,374.15

24 25 26 27

-$ 1,231,252,933.42 -$ 1,262,079,093.67 -$ 1,251,603,615.93 -$ 1,226,557,730.89

-$ 1,225,319,508.42 -$ 1,215,149,141.67 -$ 1,190,832,748.43 -$ 1,180,548,322.89
 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

$ 27,601,538.35 $ 21,933,981.41 $ 15,334,056.34 $ 21,626,632.96

$ 162,617,309.08 $ 129,226,312.97 $ 90,342,173.98 $ 127,415,537.89

28 29 30 31

-$ 1,215,964,772.58 -$ 1,187,398,882.55 -$ 1,169,781,319.11 -$ 1,166,538,385.81

-$ 1,152,814,449.08 -$ 1,135,710,018.55 -$ 1,132,561,539.61 -$ 1,112,470,065.81
 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

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

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

32 33 34 35

-$ 1,145,844,167.79 -$ 1,108,101,193.07 -$ 1,086,808,019.59 -$ 1,044,843,120.75

-$ 1,075,826,401.04 -$ 1,055,153,417.07 -$ 1,014,410,796.84 -$ 986,015,888.75
 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

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

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

36 37 38 39

-$ 1,015,596,365.41 -$ 1,010,699,331.26 -$ 972,802,151.48 -$ 914,201,590.49

-$ 981,261,486.66 -$ 944,468,108.22 -$ 887,574,359.70 -$ 849,100,554.97
 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

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

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

40 41 42 43

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

-$ 786,775,967.36 -$ 739,008,398.39 -$ 696,053,617.60 -$ 642,994,565.65
 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

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

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

44 45 46 47

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

-$ 567,133,215.59 -$ 511,536,739.10 -$ 429,161,841.76 -$ 362,956,411.58
 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

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

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

48 49 50 51

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

-$ 309,501,839.85 -$ 230,412,789.30 -$ 124,316,811.45 -$ 40,996,812.56
 52 53 54 55 56

1010 1020 1030 1040 1050

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$164,891,262 $166,523,849 $168,156,435 $169,789,022 $171,421,609
50 50 55
$ 546,977.81 $ 546,977.81 $ 546,977.81
$ 27,348,890.63 $ 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
-$11,610,102
-$ 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
-$28,836,023 -$24,978,577 -$29,325,799 -$25,468,353 -$30,225,808

-$7,350,000

$115,783,759 $93,924,901 $95,399,054 $96,700,298 $123,659,210

$ 24,894,990.24 $ 19,606,850.40 $ 19,334,544.07 $ 19,027,444.09 $ 23,623,371.67

$ 146,671,401.82 $ 115,515,780.70 $ 113,911,459.89 $ 112,102,148.67 $ 139,179,529.91

52 53 54 55 56

-$ 42,226,716.94 $ 75,763,753.32 $ 174,779,313.66 $ 278,283,719.01 $ 386,233,537.71

$ 73,557,042.06 $ 169,688,654.03 $ 270,178,367.97 $ 374,984,017.20 $ 509,892,747.38
 57 58 59 60

1060 1070 1080 1090

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$173,054,196 $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 -$ 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
-$ 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
-$25,958,129 -$30,715,584 -$26,447,905 -$31,205,360
-$ 9,396,112.50
-$7,800,000
$ 821,018,062.29
$95,175,696 $126,434,607 $102,251,093 $931,615,065

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

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

57 58 59 60

$ 525,189,529.80 $ 638,976,182.23 $ 788,373,113.06 $ 917,342,932.39

$ 620,365,225.47 $ 765,410,789.37 $ 890,624,206.20 $ 1,848,957,996.90
 ra*= 35.20973241% NACbimensual ant Perpetuidad=
ia*= 1.4671% Bimensual ant
i*= 1.4889% Bimensual
i*= 3.77% mensual
i*= 7.69% bimestral

Inversión inicial -$ 1,000,000,000.00

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 -$10,000,000
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 -$1,010,000,000

VALOR PRESENTE -$ 1,010,000,000.00

Con flujos de caja VPN= $0.00

Fórmula de excel VPN= -$0.00
VAN= -$0.00
VFN= $0.00 -$9,317,193,824.88
VFN= $0.00
Rb/c= 1.0000000
TIR=

n*=
0

Saldo -$1,010,000,000
 $ 50,000,000.00

1 2 3 4 5

500 510 520 530 540

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$60,000,000 $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 -$ 10,000,000.00
-$ 2,500,000.00

-$ 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
-$9,000,000 -$9,855,000 -$9,360,000 -$10,215,000 -$9,720,000

$15,700,000 $20,545,000 $15,240,000 $22,585,000 $19,780,000

$ 15,129,233.41 $ 19,078,344.52 $ 13,637,563.29 $ 19,475,525.18 $ 16,436,624.77

$139,566,336.74 $175,996,667.07 $125,805,762.87 $179,660,636.60 $151,626,949.35

1 2 3 4 5

-$ 1,048,103,335.41 -$ 1,071,351,860.73 -$ 1,090,449,678.82 -$ 1,115,773,119.45 -$ 1,134,429,816.07

-$ 1,032,403,335.41 -$ 1,050,806,860.73 -$ 1,075,209,678.82 -$ 1,093,188,119.45 -$ 1,114,649,816.07
 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

-$ 2,982,839.61 $ 16,837,423.72 $ 21,250,169.54 $ 15,162,509.99 $ 21,141,823.06

-$27,516,529.49 $155,324,297.38 $196,031,632.05 $139,873,311.30 $195,032,141.83

6 7 8 9 10

-$ 1,156,701,178.26 -$ 1,204,204,502.91 -$ 1,226,991,228.95 -$ 1,243,625,174.77 -$ 1,268,583,987.23

-$ 1,160,426,178.26 -$ 1,182,384,502.91 -$ 1,198,413,728.95 -$ 1,222,465,174.77 -$ 1,237,966,487.23
 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

$ 17,234,144.98 -$ 9,709,678.07 $ 18,645,527.60 $ 23,406,533.54 $ 16,914,648.16

$158,984,028.90 -$89,571,240.19 $172,003,955.03 $215,923,970.08 $156,036,688.51

11 12 13 14 15

-$ 1,284,670,103.36 -$ 1,306,258,558.27 -$ 1,371,252,333.26 -$ 1,391,670,709.33 -$ 1,403,380,696.83

-$ 1,258,770,103.36 -$ 1,321,401,058.27 -$ 1,341,077,133.26 -$ 1,352,361,409.33 -$ 1,373,902,296.83
 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

$ 22,953,833.14 $ 18,426,323.24 $ 7,222,245.11 $ 18,201,054.20 $ 22,852,087.91

$211,747,834.03 $169,981,807.04 $66,624,809.43 $167,903,712.67 $210,809,240.00

16 17 18 19 20

-$ 1,425,734,237.47 -$ 1,436,442,990.09 -$ 1,454,748,117.57 -$ 1,495,033,710.03 -$ 1,513,262,917.29

-$ 1,384,221,737.47 -$ 1,401,861,390.09 -$ 1,440,682,417.57 -$ 1,458,248,910.03 -$ 1,465,335,892.29
 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

$ 16,489,669.13 $ 22,196,250.11 $ 17,575,256.46 $ 2,439,607.47 $ 18,594,387.54

$152,116,280.59 $204,759,172.73 $162,130,763.29 $22,505,243.23 $171,532,190.86

21 22 23 24 25

-$ 1,520,617,263.58 -$ 1,540,742,270.63 -$ 1,546,846,986.97 -$ 1,562,458,269.61 -$ 1,615,246,417.12

-$ 1,484,729,263.58 -$ 1,490,612,045.63 -$ 1,505,655,786.97 -$ 1,556,524,844.61 -$ 1,568,316,465.12
 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

$ 23,203,017.89 $ 16,928,284.72 $ 22,390,261.20 $ 17,660,290.31 $ 12,254,396.21

$214,046,549.47 $156,162,485.00 $206,548,914.25 $162,915,195.90 $113,046,123.43

26 27 28 29 30

-$ 1,627,482,889.19 -$ 1,625,817,916.40 -$ 1,639,408,482.15 -$ 1,635,724,191.64 -$ 1,643,794,762.68

-$ 1,566,712,021.69 -$ 1,579,808,508.40 -$ 1,576,258,158.65 -$ 1,584,035,327.64 -$ 1,606,574,983.18
 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

$ 17,154,508.05 $ 21,407,251.82 $ 15,599,750.66 $ 20,554,603.86 $ 16,094,700.13

$158,249,382.63 $197,480,707.41 $143,906,832.21 $189,615,077.34 $148,472,713.51

31 32 33 34 35

-$ 1,667,184,750.96 -$ 1,673,972,981.88 -$ 1,664,466,149.34 -$ 1,672,314,635.82 -$ 1,660,276,016.86

-$ 1,613,116,430.96 -$ 1,603,955,215.13 -$ 1,611,518,373.34 -$ 1,599,917,413.07 -$ 1,601,448,784.86
 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

$ 9,052,265.10 $ 16,826,810.03 $ 20,865,919.32 $ 15,358,947.47 $ 19,960,595.53

$83,506,642.12 $155,226,386.67 $192,486,945.18 $141,685,436.15 $184,135,383.61

36 37 38 39 40

-$ 1,661,865,161.29 -$ 1,688,930,611.50 -$ 1,683,917,466.75 -$ 1,659,001,961.02 -$ 1,654,032,550.83

-$ 1,627,530,282.54 -$ 1,622,699,388.46 -$ 1,598,689,674.97 -$ 1,593,900,925.50 -$ 1,566,234,946.57
 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

$ 15,636,118.63 $ 13,749,070.07 $ 15,042,705.98 $ 18,654,092.35 $ 13,717,546.73

$144,242,324.69 $126,834,406.65 $138,768,125.96 $172,082,964.44 $126,543,605.62

41 42 43 44 45

-$ 1,625,322,843.11 -$ 1,612,576,504.11 -$ 1,605,830,741.12 -$ 1,589,682,280.21 -$ 1,550,913,884.79

-$ 1,553,951,995.11 -$ 1,547,451,471.37 -$ 1,531,890,080.64 -$ 1,494,531,093.18 -$ 1,478,303,411.83
 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

$ 17,790,262.40 $ 13,873,305.58 $ 10,877,574.92 $ 14,396,976.57 $ 17,740,837.36

$164,114,181.16 $127,980,472.37 $100,345,023.67 $132,811,308.11 $163,658,237.96

46 47 48 49 50

-$ 1,534,073,996.73 -$ 1,490,540,957.64 -$ 1,464,709,542.90 -$ 1,453,196,601.63 -$ 1,416,311,891.26

-$ 1,436,352,997.21 -$ 1,411,460,672.20 -$ 1,400,366,278.83 -$ 1,364,822,495.88 -$ 1,303,303,529.74
 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

$ 13,168,827.36 $ 16,878,961.51 $ 13,194,595.87 $ 12,914,473.01 $ 12,614,722.56

$121,481,699.93 $155,707,481.17 $121,719,413.08 $119,135,295.18 $116,370,113.97

51 52 53 54 55

-$ 1,352,472,056.02 -$ 1,313,161,978.50 -$ 1,242,550,599.61 -$ 1,191,958,837.78 -$ 1,137,928,679.74

-$ 1,265,422,552.78 -$ 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 61 62 63 64

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
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 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

$ 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 $ 114,094,623.24
$1,848,957,996.90 FACTIBLE
1.3107221 FACTIBLE
3.7726% FACTIBLE

39.3781952781377
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 $2,065,901,272
52 $2,243,662,069
n* 0
 3 4 5 6 7

520 530 540 550 560

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$62,400,000 $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 -$ 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 -$ 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
-$9,360,000 -$10,215,000 -$9,720,000 -$10,575,000 -$10,080,000

-$3,750,000

$15,240,000 $22,585,000 $19,780,000 -$3,725,000 $21,820,000

$ 13,946,758.89 $ 20,066,479.98 $ 17,062,401.75 -$ 3,119,628.86 $ 17,741,656.78

$ 82,168,767.98 $ 118,223,735.74 $ 100,524,899.16 -$ 18,379,615.06 $ 104,526,800.16

3 4 5 6 7

-$ 1,065,836,790.01 -$ 1,082,114,693.72 -$ 1,091,315,584.53 -$ 1,103,681,652.07 -$ 1,140,628,851.64

-$ 1,050,596,790.01 -$ 1,059,529,693.72 -$ 1,071,535,584.53 -$ 1,107,406,652.07 -$ 1,118,808,851.64
 8 9 10 11 12

570 580 590 600 610

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$68,400,000 $69,600,000 $70,800,000 $72,000,000 $73,200,000
15 15 15
$ 450,000.00 $ 450,000.00 $ 450,000.00
$ 6,750,000.00 $ 6,750,000.00 $ 6,750,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,800,000.00
-$ 2,700,000.00 -$ 2,800,000.00
-$22,000,000
-$ 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
-$11,272,500 -$10,440,000 -$11,632,500 -$10,800,000 -$11,992,500
-$ 18,000,000.00
-$4,200,000

$28,577,500 $21,160,000 $30,617,500 $25,900,000 -$15,142,500

$ 22,559,342.39 $ 16,217,378.06 $ 22,782,295.44 $ 18,710,711.06 -$ 10,620,644.84

$ 132,910,691.70 $ 95,546,354.91 $ 134,224,242.55 $ 110,236,083.40 -$ 62,572,624.09

8 9 10 11 12

-$ 1,152,373,117.19 -$ 1,157,509,485.71 -$ 1,170,439,970.29 -$ 1,174,017,144.40 -$ 1,182,560,658.74

-$ 1,123,795,617.19 -$ 1,136,349,485.71 -$ 1,139,822,470.29 -$ 1,148,117,144.40 -$ 1,197,703,158.74
 13 14 15 16 17

620 630 640 650 660

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$80,352,000 $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 -$ 10,800,000.00
-$ 2,900,000.00

-$ 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
-$12,052,800 -$13,664,700 -$12,441,600 -$14,053,500 -$12,830,400

$30,175,200 $39,309,300 $29,478,400 $41,512,500 $34,581,600

$ 20,547,842.87 $ 25,988,078.16 $ 18,921,063.23 $ 25,869,217.56 $ 20,922,436.72

$ 121,059,734.88 $ 153,111,442.01 $ 111,475,394.88 $ 152,411,162.53 $ 123,266,693.16

13 14 15 16 17

-$ 1,233,634,253.50 -$ 1,239,562,825.11 -$ 1,236,261,130.87 -$ 1,242,986,212.80 -$ 1,237,517,924.19

-$ 1,203,459,053.50 -$ 1,200,253,525.11 -$ 1,206,782,730.87 -$ 1,201,473,712.80 -$ 1,202,936,324.19
 18 19 20 21 22

670 680 690 700 710

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$86,832,000 $88,128,000 $89,424,000 $90,720,000 $92,016,000
20 25 25
$ 472,500.00 $ 472,500.00 $ 472,500.00
$ 9,450,000.00 $ 11,812,500.00 $ 11,812,500.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 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 -$ 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
-$14,442,300 -$13,219,200 -$15,185,475 -$13,608,000 -$15,574,275

-$4,650,000

$14,065,700 $36,784,800 $47,927,025 $35,888,000 $50,130,225

$ 8,262,116.33 $ 20,977,857.44 $ 26,536,031.71 $ 19,291,568.41 $ 26,162,588.49

$ 48,677,110.24 $ 123,593,210.02 $ 156,339,766.83 $ 113,658,264.36 $ 154,139,587.61

18 19 20 21 22

-$ 1,239,024,413.92 -$ 1,261,707,475.34 -$ 1,261,670,355.61 -$ 1,250,155,630.53 -$ 1,250,695,659.45

-$ 1,224,958,713.92 -$ 1,224,922,675.34 -$ 1,213,743,330.61 -$ 1,214,267,630.53 -$ 1,200,565,434.45
 23 24 25 26 27

720 730 740 750 760

$ 129,600.00 $ 129,600.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$93,312,000 $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
-$ 10,800,000.00 -$ 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 -$ 19,008,000.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00
-$4,860,000 -$4,860,000 -$5,248,800 -$5,248,800 -$5,248,800
-$13,996,800 -$15,963,075 -$15,536,448 -$17,978,963 -$15,956,352
-$ 15,300,000.00
-$5,100,000

$41,191,200 $5,933,425 $46,929,952 $60,770,868 $46,009,408

$ 20,871,241.15 $ 2,918,851.93 $ 22,414,006.44 $ 28,179,130.84 $ 20,712,931.94

$ 122,965,069.15 $ 17,196,717.09 $ 132,054,429.94 $ 166,020,254.76 $ 122,032,374.15

23 24 25 26 27

-$ 1,236,582,397.49 -$ 1,231,252,933.42 -$ 1,262,079,093.67 -$ 1,251,603,615.93 -$ 1,226,557,730.89

-$ 1,195,391,197.49 -$ 1,225,319,508.42 -$ 1,215,149,141.67 -$ 1,190,832,748.43 -$ 1,180,548,322.89
 28 29 30 31 32

770 780 790 800 810

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$107,775,360 $109,175,040 $110,574,720 $111,974,400 $113,374,080
30 30 35
$ 496,125.00 $ 496,125.00 $ 496,125.00
$ 14,883,750.00 $ 14,883,750.00 $ 17,364,375.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 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 -$ 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
-$18,398,867 -$16,376,256 -$18,818,771 -$16,796,160 -$19,610,768

-$5,550,000

$63,150,324 $51,688,864 $37,219,780 $54,068,320 $70,017,767

$ 27,601,538.35 $ 21,933,981.41 $ 15,334,056.34 $ 21,626,632.96 $ 27,190,491.87

$ 162,617,309.08 $ 129,226,312.97 $ 90,342,173.98 $ 127,415,537.89 $ 160,195,586.36

28 29 30 31 32

-$ 1,215,964,772.58 -$ 1,187,398,882.55 -$ 1,169,781,319.11 $ 0.00 $ 55,690,369.60

-$ 1,152,814,449.08 -$ 1,135,710,018.55 $ 0.00 $ 54,068,320.00 $ 125,708,136.35
 33 34 35 36 37 38

820 830 840 850 860 870

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00 $ 151,165.44 $ 151,165.44
$114,773,760 $116,173,440 $117,573,120 $118,972,800 $130,002,278 $131,513,933
35 35 40
$ 496,125.00 $ 496,125.00 $ 520,931.25
$ 17,364,375.00 $ 17,364,375.00 $ 20,837,250.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 12,400,000.00 -$ 12,400,000.00 -$ 12,400,000.00
-$ 3,500,000.00 -$ 3,600,000.00
-$17,036,800
-$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 20,528,640.00 -$ 22,170,931.20 -$ 22,170,931.20
-$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 3,732,480.00 -$ 4,031,078.40 -$ 4,031,078.40
-$5,248,800 -$5,248,800 -$5,248,800 -$5,248,800 -$5,668,704 -$5,668,704
-$17,216,064 -$20,030,672 -$17,635,968 -$20,450,576 -$19,500,342 -$22,852,677
-$ 13,005,000.00
-$6,000,000

$52,947,776 $72,397,223 $58,827,232 $34,334,879 $66,231,223 $85,227,792

$ 19,962,701.26 $ 26,500,634.14 $ 20,906,221.59 $ 11,846,646.48 $ 22,186,329.61 $ 27,718,306.79

$ 117,612,312.71 $ 156,131,218.39 $ 123,171,160.04 $ 69,795,739.18 $ 130,713,048.42 $ 163,305,262.37

33 34 35 36 37 38

$ 129,479,380.44 $ 187,899,971.14 $ 268,106,109.70 $ 336,741,341.95 $ 382,208,507.33 $ 461,892,922.28

$ 182,427,156.44 $ 260,297,193.89 $ 326,933,341.70 $ 371,076,220.70 $ 448,439,730.37 $ 547,120,714.06
 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

$ 563,534,335.48 $ 647,494,432.14 $ 757,350,797.49 $ 853,583,294.86 $ 946,269,577.43

$ 628,635,371.00 $ 735,292,036.40 $ 828,721,645.49 $ 918,708,327.60 $ 1,020,210,237.91
 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

$ 1,050,816,545.05 $ 1,180,346,764.05 $ 1,290,545,954.13 $ 1,429,914,962.25 $ 1,554,265,105.13

$ 1,145,967,732.08 $ 1,252,957,237.01 $ 1,388,266,953.64 $ 1,508,995,247.69 $ 1,618,608,369.20
 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

$ 1,667,166,620.28 $ 1,808,206,947.83 $ 1,978,851,768.64 $ 2,127,878,310.03 $ 2,310,971,931.11

$ 1,755,540,726.04 $ 1,921,215,309.35 $ 2,065,901,271.87 $ 2,243,662,069.04 $ 2,404,896,831.82
 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

$ 2,477,043,736.79 $ 2,649,616,074.84 $ 2,828,705,864.23 $ 3,040,936,026.12 $ 3,230,195,073.46

$ 2,572,442,791.10 $ 2,746,316,373.03 $ 2,952,365,073.90 $ 3,136,111,721.79 $ 3,356,629,680.60
 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
$ 821,018,062.29
$102,251,093 $931,615,065

$ 17,876,055.81 $ 158,125,903.57

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

59 60

$ 3,457,328,571.03 $ 3,666,367,054.11
$ 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
Bimensual ant 50000000
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

$ 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
$2,934,961,862.83 FACTIBLE
1.4932279 FACTIBLE
3.7726% FACTIBLE

51.3578824361468
0 1

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

n Saldo
51 -$40,996,813
52 $73,557,042
n* 0
 50000

2 3 4 5 6

510 520 530 540 550

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$61,200,000 $62,400,000 $63,600,000 $64,800,000 $66,000,000
10 10 10
$ 450,000.00 $ 450,000.00 $ 450,000.00
$ 4,500,000.00 $ 4,500,000.00 $ 4,500,000.00
-$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 10,000,000.00 -$ 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 -$ 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
-$9,855,000 -$9,360,000 -$10,215,000 -$9,720,000 -$10,575,000

-$3,750,000

$20,545,000 $15,240,000 $22,585,000 $19,780,000 -$3,725,000

$ 19,365,632.95 $ 13,946,758.89 $ 20,066,479.98 $ 17,062,401.75 -$ 3,119,628.86

$ 114,094,623.24 $ 82,168,767.98 $ 118,223,735.74 $ 100,524,899.16 -$ 18,379,615.06

2 3 4 5 6

-$ 1,055,338,000.01 -$ 1,065,836,790.01 -$ 1,082,114,693.72 -$ 1,091,315,584.53 -$ 1,103,681,652.07

-$ 1,034,793,000.01 -$ 1,050,596,790.01 -$ 1,059,529,693.72 -$ 1,071,535,584.53 -$ 1,107,406,652.07
 7 8 9 10 11

560 570 580 590 600

$ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00 $ 120,000.00
$67,200,000 $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 -$ 10,000,000.00
-$ 2,700,000.00

-$ 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
-$10,080,000 -$11,272,500 -$10,440,000 -$11,632,500 -$10,800,000

$21,820,000 $28,577,500 $21,160,000 $30,617,500 $25,900,000

$ 17,741,656.78 $ 22,559,342.39 $ 16,217,378.06 $ 22,782,295.44 $ 18,710,711.06

$ 104,526,800.16 $ 132,910,691.70 $ 95,546,354.91 $ 134,224,242.55 $ 110,236,083.40

7 8 9 10 11

-$ 1,140,628,851.64 -$ 1,152,373,117.19 -$ 1,157,509,485.71 -$ 1,170,439,970.29 -$ 1,174,017,144.40

-$ 1,118,808,851.64 -$ 1,123,795,617.19 -$ 1,136,349,485.71 -$ 1,139,822,470.29 -$ 1,148,117,144.40
 12 13 14 15 16

610 620 630 640 650

$ 120,000.00 $ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$73,200,000 $80,352,000 $81,648,000 $82,944,000 $84,240,000
15 20 20
$ 450,000.00 $ 472,500.00 $ 472,500.00
$ 6,750,000.00 $ 9,450,000.00 $ 9,450,000.00
-$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 10,800,000.00 -$ 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 -$ 19,008,000.00
-$ 3,200,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00
-$4,500,000 -$4,860,000 -$4,860,000 -$4,860,000 -$4,860,000
-$11,992,500 -$12,052,800 -$13,664,700 -$12,441,600 -$14,053,500
-$ 18,000,000.00
-$4,200,000

-$15,142,500 $30,175,200 $39,309,300 $29,478,400 $41,512,500

-$ 10,620,644.84 $ 20,547,842.87 $ 25,988,078.16 $ 18,921,063.23 $ 25,869,217.56

-$ 62,572,624.09 $ 121,059,734.88 $ 153,111,442.01 $ 111,475,394.88 $ 152,411,162.53

12 13 14 15 16

-$ 1,182,560,658.74 -$ 1,233,634,253.50 -$ 1,239,562,825.11 -$ 1,236,261,130.87 -$ 1,242,986,212.80

-$ 1,197,703,158.74 -$ 1,203,459,053.50 -$ 1,200,253,525.11 -$ 1,206,782,730.87 -$ 1,201,473,712.80
 17 18 19 20 21

660 670 680 690 700

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00 $ 129,600.00
$85,536,000 $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 -$ 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 -$ 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
-$12,830,400 -$14,442,300 -$13,219,200 -$15,185,475 -$13,608,000

-$4,650,000

$34,581,600 $14,065,700 $36,784,800 $47,927,025 $35,888,000

$ 20,922,436.72 $ 8,262,116.33 $ 20,977,857.44 $ 26,536,031.71 $ 19,291,568.41

$ 123,266,693.16 $ 48,677,110.24 $ 123,593,210.02 $ 156,339,766.83 $ 113,658,264.36

17 18 19 20 21

-$ 1,237,517,924.19 -$ 1,239,024,413.92 -$ 1,261,707,475.34 -$ 1,261,670,355.61 -$ 1,250,155,630.53

-$ 1,202,936,324.19 -$ 1,224,958,713.92 -$ 1,224,922,675.34 -$ 1,213,743,330.61 -$ 1,214,267,630.53
 22 23 24 25 26

710 720 730 740 750

$ 129,600.00 $ 129,600.00 $ 129,600.00 $ 139,968.00 $ 139,968.00
$92,016,000 $93,312,000 $94,608,000 $103,576,320 $104,976,000
25 25 30
$ 472,500.00 $ 472,500.00 $ 496,125.00
$ 11,812,500.00 $ 11,812,500.00 $ 14,883,750.00
-$ 10,800,000.00 -$ 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 -$ 19,008,000.00 -$ 20,528,640.00 -$ 20,528,640.00
-$ 3,456,000.00 -$ 3,456,000.00 -$ 3,456,000.00 -$ 3,732,480.00 -$ 3,732,480.00
-$4,860,000 -$4,860,000 -$4,860,000 -$5,248,800 -$5,248,800
-$15,574,275 -$13,996,800 -$15,963,075 -$15,536,448 -$17,978,963
-$ 15,300,000.00
-$5,100,000

$50,130,225 $41,191,200 $5,933,425 $46,929,952 $60,770,868

$ 26,162,588.49 $ 20,871,241.15 $ 2,918,851.93 $ 22,414,006.44 $ 28,179,130.84

$ 154,139,587.61 $ 122,965,069.15 $ 17,196,717.09 $ 132,054,429.94 $ 166,020,254.76

22 23 24 25 26

-$ 1,250,695,659.45 -$ 1,236,582,397.49 -$ 1,231,252,933.42 -$ 1,262,079,093.67 -$ 1,251,603,615.93

-$ 1,200,565,434.45 -$ 1,195,391,197.49 -$ 1,225,319,508.42 -$ 1,215,149,141.67 -$ 1,190,832,748.43
 27 28 29 30 31

760 770 780 790 800

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$106,375,680 $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 -$ 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
-$15,956,352 -$18,398,867 -$16,376,256 -$18,818,771 -$16,796,160

-$5,550,000

$46,009,408 $63,150,324 $51,688,864 $37,219,780 $54,068,320

$ 20,712,931.94 $ 27,601,538.35 $ 21,933,981.41 $ 15,334,056.34 $ 21,626,632.96

$ 122,032,374.15 $ 162,617,309.08 $ 129,226,312.97 $ 90,342,173.98 $ 127,415,537.89

27 28 29 30 31

-$ 1,226,557,730.89 -$ 1,215,964,772.58 -$ 1,187,398,882.55 -$ 1,169,781,319.11 -$ 1,166,538,385.81

-$ 1,180,548,322.89 -$ 1,152,814,449.08 -$ 1,135,710,018.55 -$ 1,132,561,539.61 -$ 1,112,470,065.81
 32 33 34 35 36

810 820 830 840 850

$ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00 $ 139,968.00
$113,374,080 $114,773,760 $116,173,440 $117,573,120 $118,972,800
35 35 35
$ 496,125.00 $ 496,125.00 $ 496,125.00
$ 17,364,375.00 $ 17,364,375.00 $ 17,364,375.00
-$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 11,600,000.00 -$ 12,400,000.00
-$ 3,500,000.00 -$ 3,600,000.00
-$17,036,800
-$ 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
-$19,610,768 -$17,216,064 -$20,030,672 -$17,635,968 -$20,450,576
-$ 13,005,000.00
-$6,000,000

$70,017,767 $52,947,776 $72,397,223 $58,827,232 $34,334,879

$ 27,190,491.87 $ 19,962,701.26 $ 26,500,634.14 $ 20,906,221.59 $ 11,846,646.48

$ 160,195,586.36 $ 117,612,312.71 $ 156,131,218.39 $ 123,171,160.04 $ 69,795,739.18

32 33 34 35 36

-$ 1,145,844,167.79 -$ 1,108,101,193.07 -$ 1,086,808,019.59 -$ 1,044,843,120.75 -$ 1,015,596,365.41

-$ 1,075,826,401.04 -$ 1,055,153,417.07 -$ 1,014,410,796.84 -$ 986,015,888.75 -$ 981,261,486.66
 37 38 39 40 41

860 870 880 890 900

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$130,002,278 $131,513,933 $133,025,587 $134,537,242 $136,048,896
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

-$ 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
-$19,500,342 -$22,852,677 -$19,953,838 -$23,306,174 -$20,407,334

$66,231,223 $85,227,792 $65,101,036 $87,797,604 $71,370,848

$ 22,186,329.61 $ 27,718,306.79 $ 20,555,882.81 $ 26,914,956.19 $ 21,241,962.80

$ 130,713,048.42 $ 163,305,262.37 $ 121,107,103.00 $ 158,572,239.44 $ 125,149,213.99

37 38 39 40 41

-$ 1,010,699,331.26 -$ 972,802,151.48 -$ 914,201,590.49 -$ 874,573,571.62 -$ 810,379,246.39

-$ 944,468,108.22 -$ 887,574,359.70 -$ 849,100,554.97 -$ 786,775,967.36 -$ 739,008,398.39
 42 43 44 45 46

910 920 930 940 950

$ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44 $ 151,165.44
$137,560,550 $139,072,205 $140,583,859 $142,095,514 $143,607,168
40 45 45
$ 520,931.25 $ 520,931.25 $ 520,931.25
$ 20,837,250.00 $ 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
-$ 3,800,000.00 -$ 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
-$23,759,670 -$20,860,831 -$24,603,865 -$21,314,327 -$25,057,361

-$6,450,000

$65,125,033 $73,940,660 $95,151,187 $72,610,473 $97,721,000

$ 18,818,478.92 $ 20,743,529.97 $ 25,916,498.41 $ 19,201,013.54 $ 25,088,550.12

$ 110,871,008.86 $ 122,212,645.61 $ 152,689,722.53 $ 113,124,750.98 $ 147,811,779.77

42 43 44 45 46

-$ 761,178,650.34 -$ 716,935,226.13 -$ 662,284,402.62 -$ 584,147,212.06 -$ 526,882,841.27

-$ 696,053,617.60 -$ 642,994,565.65 -$ 567,133,215.59 -$ 511,536,739.10 -$ 429,161,841.76
 47 48 49 50 51

960 970 980 990 1000

$ 151,165.44 $ 151,165.44 $ 163,258.68 $ 163,258.68 $ 163,258.68
$145,118,822 $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
-$ 12,400,000.00 -$ 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 -$ 22,170,931.20 -$ 23,944,605.70 -$ 23,944,605.70 -$ 23,944,605.70
-$ 4,031,078.40 -$ 4,031,078.40 -$ 4,353,564.67 -$ 4,353,564.67 -$ 4,353,564.67
-$5,668,704 -$5,668,704 -$6,122,200 -$6,122,200 -$6,122,200
-$21,767,823 -$25,510,857 -$23,999,025 -$28,346,247 -$24,488,801
-$ 11,054,250.00
-$6,900,000

$79,080,285 $64,343,264 $88,374,106 $113,008,362 $87,049,503

$ 19,711,454.28 $ 15,570,992.75 $ 20,763,521.96 $ 25,778,007.33 $ 19,278,260.17

$ 116,132,065.24 $ 91,738,109.25 $ 122,330,430.48 $ 151,873,788.06 $ 113,579,857.49

47 48 49 50 51

-$ 442,036,697.02 -$ 373,845,103.93 -$ 318,786,895.05 -$ 237,325,172.98 -$ 128,046,315.80

-$ 362,956,411.58 -$ 309,501,839.85 -$ 230,412,789.30 -$ 124,316,811.45 -$ 40,996,812.56
 52 53 54 55 56

1010 1020 1030 1040 1050

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$164,891,262 $166,523,849 $168,156,435 $169,789,022 $171,421,609
50 50 55
$ 546,977.81 $ 546,977.81 $ 546,977.81
$ 27,348,890.63 $ 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
-$11,610,102
-$ 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
-$28,836,023 -$24,978,577 -$29,325,799 -$25,468,353 -$30,225,808

-$7,350,000

$115,783,759 $93,924,901 $95,399,054 $96,700,298 $123,659,210

$ 24,894,990.24 $ 19,606,850.40 $ 19,334,544.07 $ 19,027,444.09 $ 23,623,371.67

$ 146,671,401.82 $ 115,515,780.70 $ 113,911,459.89 $ 112,102,148.67 $ 139,179,529.91

52 53 54 55 56

-$ 42,226,716.94 $ 75,763,753.32 $ 174,779,313.66 $ 278,283,719.01 $ 386,233,537.71

$ 73,557,042.06 $ 169,688,654.03 $ 270,178,367.97 $ 374,984,017.20 $ 509,892,747.38
 57 58 59 60

1060 1070 1080 1090

$ 163,258.68 $ 163,258.68 $ 163,258.68 $ 163,258.68
$173,054,196 $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 -$ 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
-$ 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
-$25,958,129 -$30,715,584 -$26,447,905 -$31,205,360
-$ 9,396,112.50
-$7,800,000
$ 1,907,021,928.23 $ 116,137,635.44
$95,175,696 $126,434,607 $102,251,093 $2,017,618,930

$ 17,652,419.99 $ 22,767,058.87 $ 17,876,055.81 $ 342,456,695.46

$ 104,001,052.40 $ 134,134,474.72 $ 105,318,625.94 $ 2,017,618,930.44

57 58 59 60

$ 525,189,529.80 $ 638,976,182.23 $ 788,373,113.06 $ 917,342,932.39

$ 620,365,225.47 $ 765,410,789.37 $ 890,624,206.20 $ 2,934,961,862.83