Tareas Ago-Dic 2023 Und II

PROBLEMA NUM 1.
METODO DE VAN
1. CUAL ES EL VAN, DE LA MEJOR OPCION…

PRESENTAR EL GRAFICO DE LOS VAN, LA TREMA, LA TASA DE RECUPERACION
CUENTAS DE MONTO COMPOSICION COSTO DE LA FUENTE

BALANCE AL 31/12/XX PORCENTUAL DE FINANCIAMIENTO
PASIVO CORTO $28,080,000 31.00% 22%

PASIVO LARGO $21,500,000 23.74% 19%
CAPITAL $41,000,000 45.26% 15%
TOTAL $90,580,000 100.00%
NOTA: LA TREMA PARA PROYECTOS DEL NIVEL DE INFLACION Y RIESGO, DE LA

SERA: EL COSTO PROMEDIO DEL FINANCIAMIENTO +7 DE IN
TREMA 28.12%
ALTERNATIV
AÑO 0 1 2
INVERSION - 1,700,000
INGRESOS 500,000 550,000
GASTOS - 30,000 - 35,000
VAL RECUP
FLUJO NETO - 1,700,000 470,000 515,000
VPN $194,694
VAN $66,479 TIR A:
AL
AÑO 0 1 2
INGRESOS 600,000 700,000
GASTOS - 40,000 - 60,000
VAL RECUP
FLUJO NETO - 2,300,000 560,000 640,000
VPN $113,809
VAN $37,115 TIR B:
AÑO 0 1 2
INGRESOS 700,000 800,000
GASTOS - 50,000 - 70,000
VAL RECUP
FLUJO NETO - 2,800,000 650,000 730,000
VPN $105,759
VAN $34,490 TIR C:
TASA VPN A VAN A VPN B

25.00% 384,310 121,573 367,717
25.50% 351,958 112,741 324,251
26.00% 320,386 103,910 281,891
26.50% 289,571 95,078 240,600
27.00% 259,491 86,248 200,345
27.50% 230,122 77,418 161,094
28.12% 194,694 66,479 113,809
28.50% 173,438 59,760 85,475
29.00% 146,082 50,931 49,048
29.50% 119,358 42,104 13,505
30.00% 93,247 33,277 -21,181
30.50% 67,732 24,452 -55,037
31.00% 42,795 15,627 -88,088
31.89% 0 0 -144,720
32.00% -5,410 -2,021 -151,872

TOTAL= 30 PUNTOS
E RECUPERACION (TIR), Y TIEMPO DE RECUPERACION (TR), DE LA MEJOR OPCION ...
DE LA FUENTE
NCIAMIENTO
6.8%
4.5%
6.8%
18.12% COSTO PROMEDIO DE FINANCIAMIENTO
Y RIESGO, DE LAS ALTERNATIVAS A EVALUAR,

AMIENTO +7 DE INFLACION +3 DE RIESGO
ALTERNATIVA A
3 4 5 6
600,000 650,000 700,000 750,000

- 40,000 - 45,000 - 50,000 - 55,000
560,000 605,000 650,000 695,000
31.89% TR A: 3.14 AÑOS
ALTERNATIVA B
3 4 5 6
800,000 900,000 1,000,000 1,100,000

- 80,000 - 100,000 - 120,000 - 140,000
720,000 800,000 880,000 960,000
29.69% TR B: 3.37 AÑOS
ALTERNATIVA C
3 4 5 6
900,000 1,000,000 1,100,000 1,200,000

- 90,000 - 110,000 - 130,000 - 150,000
810,000 890,000 970,000 1,050,000
29.23% TR C: 3.42 AÑOS
VAN B VPN C VAN C SELECCIONAMOS LA ALTERNATIVA

110,462 441,124 127,377
98,727 383,334 112,290

150,000
86,984 327,163 97,206
75,232 272,553 82,127

100,000
63,472 219,451 67,053
51,704 167,803 51,984
37,115 105,759 33,321 50,000
28,147 68,673 21,860
16,357 21,096 6,806

0
25.00% 25.50% 26.00%
4,561 -25,214 -8,243
-7,242 -70,302 -23,286

-50,000
-19,051 -114,207 -38,324
-30,866 -156,970 -53,357
-51,804 -230,013 -79,965 -100,000
-54,513 -239,216 -83,404

MEJOR OPCION ...
800,000
- 60,000
1,401,000
2,141,000
7 8
1,200,000 1,300,000
- 160,000 - 180,000
1,000,000
1,040,000 2,120,000
7 8 9
1,300,000 1,400,000 1,500,000

- 170,000 - 190,000 - 210,000
2,000,000
1,130,000 1,210,000 3,290,000
ONAMOS LA ALTERNATIVA "A"
Chart Title
TREMA = 28.12%
VAN A = $66,479
25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.12% 28.50% 29.00% 29.50% 30
VAN A VAN B VAN C

TREMA = 28.12% TIR = 31.89%
VAN A = $66,479 VAN A = $0
29.00% 29.50% 30.00% 30.50% 31.00% 31.89% 32.00%
AN C
PROBLEMA NUM 2. MÉTODO DE LA TASA INTERNA DE RE
A. CUAL ES LA MEJOR OPCIÓN SEGÚN EL MÉTODO DE TIR,

… GRAFIQUE CUAL SON LOS VPN´s DE LAS 6 OPCIONES ... EL VP
… Y CALCULE LAS TASAS DE RECUPERACIÓN (TIR) Y LOS TIEMP
CON UNA TREMA DE:
B. CUAL ES LA MEJOR OPCIÓN SEGÚN EL MÉTODO DE TIR,

SI LA TREMA FUESE:
C. CUAL ES LA MEJOR OPCIÓN SEGÚN EL MÉTODO DE TIR,

SI LA TREMA FUESE: 32.00%
TREMA = 25%
PASO 1
CONTRATISTA
AÑO 0 1 2
INVERSIÓN - 950,000
INGRESOS 250,000 300,000
COSTOS Y GASTOS - 10,000 - 12,000
VALOR DE RECUPERACION
FLUJOS NETOS - 950,000 240,000 288,000
VPN 364,609 ACEPTAMOS LA OPC A … POR
CONTRATISTA
AÑO 0 1 2
INVERSIÓN - 1,100,000
INGRESOS 290,000 330,000
COSTOS Y GASTOS - 10,000 - 12,000
VALOR DE REC.
FLUJOS NETOS - 1,100,000 280,000 318,000
VPN 318,628
CONTRATISTA
AÑO 0 1 2
INGRESOS 300,000 350,000
COSTOS Y GASTOS - 15,000 - 20,000
VALOR DE REC.
FLUJOS NETOS - 1,150,000 285,000 330,000
VPN 374,456
CONTRATISTA
AÑO 0 1 2
INGRESOS 300,000 400,000
COSTOS Y GASTOS - 25,000 - 30,000
VALOR DE REC.
FLUJOS NETOS - 1,400,000 275,000 370,000
VPN 454,959
CONTRATISTA
AÑO 0 1 2
INGRESOS 500,000 600,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETOS - 2,000,000 450,000 545,000
VPN 471,073
CONTRATISTA
AÑO 0 1 2
INGRESOS 550,000 650,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETOS - 2,250,000 500,000 595,000
VPN 504,959
PASO 3
DIF B-A -$150,000.00 $40,000.00 $30,000.00
VPN B-A -$45,981
DIF C-A -$200,000.00 $45,000.00 $42,000.00

VPN C-A $9,846
DIF D-C -$250,000.00 -$10,000.00 $40,000.00

VPN D-C $80,503
DIF E-D -$600,000.00 $175,000.00 $175,000.00

VPN E-D $16,113.92
DIF F-E -$250,000.00 $50,000.00 $50,000.00

VPN F-E $33,886.08
SELECCIONAMOS "F"
FN A - 950,000 240,000 288,000
VPN A $364,609.40
FN B -$1,100,000.00 $280,000.00 $318,000.00
VPN B $318,628.14
FN C -$1,150,000.00 $285,000.00 $330,000.00
VPN C $374,455.68
FN D -$1,400,000.00 $275,000.00 $370,000.00
VPN D $454,958.95
FN E -$2,000,000.00 $450,000.00 $545,000.00
VPN E $471,072.87
FN F -$2,250,000.00 $500,000.00 $595,000.00
VPN F $504,958.95
TASA VPN A VPN B VPN C
24.00% 412,212.45 369,817.97 430,746.17
24.50% 388,087.73 343,872.42 402,210.72
25.00% 364,609.40 318,628.14 374,455.68
25.50% 341,756.00 294,061.60 347,454.70
26.00% 319,506.90 270,150.21 321,182.45
26.50% 297,842.24 246,872.23 295,614.57
27.00% 276,742.94 224,206.76 270,727.66
27.50% 256,190.61 202,133.71 246,499.20
28.00% 236,167.60 180,633.75 222,907.55
28.50% 216,656.88 159,688.28 199,931.89
29.00% 197,642.08 139,279.39 177,552.17
29.50% 179,107.43 119,389.87 155,749.13
30.00% 161,037.75 100,003.13 134,504.21
30.99% 126,501.05 62,959.65 93,929.91
31.00% 126,235.36 62,674.73 93,617.94
31.50% 109,474.97 44,702.87 73,942.83
32.00% 93,124.19 27,173.38 54,758.26
SA INTERNA DE RECUPERACIÓN
ODO DE TIR, 50
LAS 6 OPCIONES ... EL VPN,TIR Y TR DEL CONTRATISTA SELECCIONADO
RACIÓN (TIR) Y LOS TIEMPOS DE RECUPERACIÓN (TR)
25%
ODO DE TIR, 10
29%
ODO DE TIR, 10
32%
TOTAL = 70 PUNTOS
CONTRATISTA A
3 4 5 6 7
350,000 400,000 450,000 500,000 550,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
336,000 384,000 432,000 480,000 528,000

TAMOS LA OPC A … POR AHORA PASO 2 35%
CONTRATISTA B
3 4 5 6 7
370,000 410,000 450,000 490,000 530,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
356,000 394,000 432,000 470,000 508,000
CONTRATISTA C
3 4 5 6 7
400,000 450,000 500,000 550,000 600,000

- 25,000 - 30,000 - 35,000 - 40,000 - 45,000
375,000 420,000 465,000 510,000 555,000
CONTRATISTA D
3 4 5 6 7
500,000 600,000 700,000 800,000 900,000

- 35,000 - 40,000 - 45,000 - 50,000 - 55,000
465,000 560,000 655,000 750,000 845,000
CONTRATISTA E
3 4 5 6 7
700,000 800,000 900,000 1,000,000 1,100,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
640,000 735,000 830,000 925,000 1,020,000
CONTRATISTA F
3 4 5 6 7
750,000 850,000 950,000 1,050,000 1,150,000
- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
690,000 785,000 880,000 975,000 1,070,000
$20,000.00 $10,000.00 $0.00 -$10,000.00 -$20,000.00
$39,000.00 $36,000.00 $33,000.00 $30,000.00 $27,000.00
$90,000.00 $140,000.00 $190,000.00 $240,000.00 $290,000.00
$175,000.00 $175,000.00 $175,000.00 $175,000.00 $175,000.00
$50,000.00 $50,000.00 $50,000.00 $50,000.00 $50,000.00
336,000 384,000 432,000 480,000 528,000

TIR A 35.11% TR A 2.85
$356,000.00 $394,000.00 $432,000.00 $470,000.00 $508,000.00
TIR B 32.80% TR B 3.05
$375,000.00 $420,000.00 $465,000.00 $510,000.00 $555,000.00
TIR C 33.50% TR C 2.99
$465,000.00 $560,000.00 $655,000.00 $750,000.00 $845,000.00
TIR D 33.19% TR D 3.01
$640,000.00 $735,000.00 $830,000.00 $925,000.00 $1,020,000.00
TIR E 31.41% TR E 3.18
$690,000.00 $785,000.00 $880,000.00 $975,000.00 $1,070,000.00
TIR F 30.99% TR F 3.23
VPN D VPN E VPN F
525,329.47 559,824.70 606,120.47
700,000.00
489,659.44 514,850.91 554,844.85
454,958.95 471,072.87 504,958.95 600,000.00
421,195.65 428,451.13 456,416.22
388,338.43 386,947.75 409,171.90 500,000.00
356,357.36 346,526.21 363,182.94 400,000.00

325,223.67 307,151.42 318,407.98
294,909.68 268,789.56 274,807.20 300,000.00
265,388.73 231,408.14 232,342.31

200,000.00
236,635.21 194,975.82 190,976.49
208,624.43 159,462.48 150,674.26 100,000.00
181,332.64 124,839.08 111,401.51
0.00
154,736.96 91,077.66 73,125.38 24.00% 24.50% 25.00% 25.50%
103,937.26 26,530.67 0.00 -100,000.00

103,546.63 26,034.02 -562.39
-200,000.00
78,910.31 -5,299.17 -36,033.84
54,886.72 -35,872.39 -70,628.39
8
600,000
- 24,000
800,000
1,376,000
8
570,000
- 24,000
1,100,000
1,646,000
650,000
- 50,000
1,300,000
1,900,000
1,000,000
- 60,000
1,100,000
2,040,000
1,200,000
- 85,000
1,300,000
2,415,000
8
1,250,000
- 85,000
2,000,000
3,165,000
$270,000.00
$524,000.00
$140,000.00
$375,000.00
$750,000.00
1,376,000
$1,646,000.00
$1,900,000.00
$2,040,000.00
$2,415,000.00
$3,165,000.00
Chart Title
24.50% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30
VPN A VPN B VPN C VPN D VPN E VPN F

8.50% 29.00% 29.50% 30.00% 30.99% 31.00% 31.50% 32.00%
VPN E VPN F

CON UNA TREMA DE:

SI LA TREMA FUESE:

TREMA = 29%
PASO 1
CONTRATISTA
AÑO 0 1 2
INGRESOS 250,000 300,000
COSTOS Y GASTOS - 10,000 - 12,000
FLUJOS NETOS - 950,000 240,000 288,000
CONTRATISTA
AÑO 0 1 2
INGRESOS 290,000 330,000
COSTOS Y GASTOS - 10,000 - 12,000
VALOR DE REC.
FLUJOS NETOS - 1,100,000 280,000 318,000
VPN 139,279
CONTRATISTA
AÑO 0 1 2
INGRESOS 300,000 350,000
COSTOS Y GASTOS - 15,000 - 20,000
VALOR DE REC.
FLUJOS NETOS - 1,150,000 285,000 330,000
VPN 177,552
CONTRATISTA
AÑO 0 1 2
INGRESOS 300,000 400,000
COSTOS Y GASTOS - 25,000 - 30,000
VALOR DE REC.
FLUJOS NETOS - 1,400,000 275,000 370,000
VPN 208,624
CONTRATISTA
AÑO 0 1 2
INGRESOS 500,000 600,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETOS - 2,000,000 450,000 545,000
VPN 159,462
CONTRATISTA
AÑO 0 1 2
INGRESOS 550,000 650,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETOS - 2,250,000 500,000 595,000
VPN 150,674
PASO 3
DIF B-A -$150,000.00 $40,000.00 $30,000.00
VPN B-A -$58,363
DIF C-A -$200,000.00 $45,000.00 $42,000.00

VPN C-A -$20,090
DIF D-A -$450,000.00 $35,000.00 $82,000.00

VPN D-A $10,982
DIF E-D -$600,000.00 $175,000.00 $175,000.00

VPN E-D -$49,161.95
DIF F-D -$850,000.00 $225,000.00 $225,000.00

VPN F-D -$57,950.17
SELECCIONAMOS "D"
FN A - 950,000 240,000 288,000
VPN A $197,642
FN B -$1,100,000.00 $280,000.00 $318,000.00
VPN B $139,279
FN C -$1,150,000.00 $285,000.00 $330,000.00
VPN C $177,552
FN D -$1,400,000.00 $275,000.00 $370,000.00
VPN D $208,624
FN E -$2,000,000.00 $450,000.00 $545,000.00
VPN E $159,462
FN F -$2,250,000.00 $500,000.00 $595,000.00
VPN F $150,674
24.00% 412,212.45 369,817.97 430,746.17
24.50% 388,087.73 343,872.42 402,210.72
25.00% 364,609.40 318,628.14 374,455.68
25.50% 341,756.00 294,061.60 347,454.70
26.00% 319,506.90 270,150.21 321,182.45
26.50% 297,842.24 246,872.23 295,614.57
27.00% 276,742.94 224,206.76 270,727.66
27.50% 256,190.61 202,133.71 246,499.20
28.00% 236,167.60 180,633.75 222,907.55
28.50% 216,656.88 159,688.28 199,931.89
29.00% 197,642.08 139,279.39 177,552.17
29.50% 179,107.43 119,389.87 155,749.13
30.00% 161,037.75 100,003.13 134,504.21
30.50% 143,418.43 81,103.21 113,799.54
31.00% 126,235.36 62,674.73 93,617.94
31.50% 109,474.97 44,702.87 73,942.83
32.00% 93,124.19 27,173.38 54,758.26
32.50% 77,170.41 10,072.50 36,048.88
33.19% 55,739.49 -12,894.66 10,931.15
33.50% 46,405.66 -22,895.91 -3.02
34.00% 31,571.66 -38,788.53 -17,373.56
ODO DE TIR, 50
25%
ODO DE TIR, 10
29%
ODO DE TIR, 10
32%
TOTAL = 70 PUNTOS
CONTRATISTA A
3 4 5 6 7
350,000 400,000 450,000 500,000 550,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
336,000 384,000 432,000 480,000 528,000

CONTRATISTA B
3 4 5 6 7
370,000 410,000 450,000 490,000 530,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
356,000 394,000 432,000 470,000 508,000
CONTRATISTA C
3 4 5 6 7
400,000 450,000 500,000 550,000 600,000

- 25,000 - 30,000 - 35,000 - 40,000 - 45,000
375,000 420,000 465,000 510,000 555,000
CONTRATISTA D
3 4 5 6 7
500,000 600,000 700,000 800,000 900,000

- 35,000 - 40,000 - 45,000 - 50,000 - 55,000
465,000 560,000 655,000 750,000 845,000
CONTRATISTA E
3 4 5 6 7
700,000 800,000 900,000 1,000,000 1,100,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
640,000 735,000 830,000 925,000 1,020,000
CONTRATISTA F
3 4 5 6 7
750,000 850,000 950,000 1,050,000 1,150,000
- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
690,000 785,000 880,000 975,000 1,070,000
$20,000.00 $10,000.00 $0.00 -$10,000.00 -$20,000.00
$39,000.00 $36,000.00 $33,000.00 $30,000.00 $27,000.00
$129,000.00 $176,000.00 $223,000.00 $270,000.00 $317,000.00
$175,000.00 $175,000.00 $175,000.00 $175,000.00 $175,000.00
$225,000.00 $225,000.00 $225,000.00 $225,000.00 $225,000.00
336,000 384,000 432,000 480,000 528,000

TIR A 35.11% TR A 2.85
$356,000.00 $394,000.00 $432,000.00 $470,000.00 $508,000.00
TIR B 32.80% TR B 3.05
$375,000.00 $420,000.00 $465,000.00 $510,000.00 $555,000.00
TIR C 33.50% TR C 2.99
$465,000.00 $560,000.00 $655,000.00 $750,000.00 $845,000.00
TIR D 33.19% TR D 3.01
$640,000.00 $735,000.00 $830,000.00 $925,000.00 $1,020,000.00
TIR E 31.41% TR E 3.18
$690,000.00 $785,000.00 $880,000.00 $975,000.00 $1,070,000.00
TIR F 30.99% TR F 3.23
VPN D VPN E VPN F
525,329.47 559,824.70 606,120.47
489,659.44 514,850.91 554,844.85 700,000.00
454,958.95 471,072.87 504,958.95
421,195.65 428,451.13 456,416.22 600,000.00
388,338.43 386,947.75 409,171.90

500,000.00
356,357.36 346,526.21 363,182.94
325,223.67 307,151.42 318,407.98 400,000.00
294,909.68 268,789.56 274,807.20
265,388.73 231,408.14 232,342.31 300,000.00
236,635.21 194,975.82 190,976.49
208,624.43 159,462.48 150,674.26 200,000.00
181,332.64 124,839.08 111,401.51

100,000.00
154,736.96 91,077.66 73,125.38
128,815.36 58,151.29 35,814.24 0.00
24.00% 24.50% 25.00% 25.50% 26.00%
103,546.63 26,034.02 -562.39
78,910.31 -5,299.17 -36,033.84 -100,000.00
54,886.72 -35,872.39 -70,628.39
31,456.85 -65,708.86 -104,373.28 -200,000.00
0.00 -105,797.41 -149,687.86

-300,000.00
-13,694.24 -123,260.45 -169,418.18
-35,450.13 -151,018.01 -200,767.90
8
600,000
- 24,000
800,000
1,376,000
8
570,000
- 24,000
1,100,000
1,646,000
650,000
- 50,000
1,300,000
1,900,000
1,000,000
- 60,000
1,100,000
2,040,000
1,200,000
- 85,000
1,300,000
2,415,000
8
1,250,000
- 85,000
2,000,000
3,165,000
$270,000.00
$524,000.00
$664,000.00
$375,000.00
$1,125,000.00
1,376,000
$1,646,000.00
$1,900,000.00
$2,040,000.00
$2,415,000.00
$3,165,000.00
Chart Title
TREMA = 29.00%
VPN D = $208,624.43
% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.00% 30.50% 31.00% 31.50% 32

EMA = 29.00%
N D = $208,624.43
TIR = 33.19%
VPN D = $0
0.00% 30.50% 31.00% 31.50% 32.00% 32.50% 33.19% 33.50% 34.00%
E VPN F

CON UNA TREMA DE:

SI LA TREMA FUESE:

TREMA = 32%
PASO 1
CONTRATISTA
AÑO 0 1 2
INGRESOS 250,000 300,000
COSTOS Y GASTOS - 10,000 - 12,000
FLUJOS NETOS - 950,000 240,000 288,000
CONTRATISTA
AÑO 0 1 2
INGRESOS 290,000 330,000
COSTOS Y GASTOS - 10,000 - 12,000
VALOR DE REC.
FLUJOS NETOS - 1,100,000 280,000 318,000
VPN 27,173
CONTRATISTA
AÑO 0 1 2
INGRESOS 300,000 350,000
COSTOS Y GASTOS - 15,000 - 20,000
VALOR DE REC.
FLUJOS NETOS - 1,150,000 285,000 330,000
VPN 54,758
CONTRATISTA
AÑO 0 1 2
INGRESOS 300,000 400,000
COSTOS Y GASTOS - 25,000 - 30,000
VALOR DE REC.
FLUJOS NETOS - 1,400,000 275,000 370,000
VPN 54,887
CONTRATISTA
AÑO 0 1 2
INGRESOS 500,000 600,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETOS - 2,000,000 450,000 545,000
VPN - 35,872
CONTRATISTA
AÑO 0 1 2
INGRESOS 550,000 650,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETOS - 2,250,000 500,000 595,000
VPN - 70,628
PASO 3
DIF B-A -$150,000.00 $40,000.00 $30,000.00
VPN B-A -$65,951
DIF C-A -$200,000.00 $45,000.00 $42,000.00

VPN C-A -$38,366
DIF D-A -$450,000.00 $35,000.00 $82,000.00

VPN D-A -$38,237
DIF E-A -$1,050,000.00 $210,000.00 $257,000.00

VPN E-A -$128,996.58
DIF F-A -$1,300,000.00 $260,000.00 $307,000.00

VPN F-A -$163,752.58
SELECCIONAMOS "A"
FN A - 950,000 240,000 288,000
VPN A $93,124
FN B -$1,100,000.00 $280,000.00 $318,000.00
VPN B $27,173
FN C -$1,150,000.00 $285,000.00 $330,000.00
VPN C $54,758
FN D -$1,400,000.00 $275,000.00 $370,000.00
VPN D $54,887
FN E -$2,000,000.00 $450,000.00 $545,000.00
VPN E -$35,872
FN F -$2,250,000.00 $500,000.00 $595,000.00
VPN F -$70,628
24.00% 412,212.45 369,817.97 430,746.17
24.50% 388,087.73 343,872.42 402,210.72
25.00% 364,609.40 318,628.14 374,455.68
25.50% 341,756.00 294,061.60 347,454.70
26.00% 319,506.90 270,150.21 321,182.45
26.50% 297,842.24 246,872.23 295,614.57
27.00% 276,742.94 224,206.76 270,727.66
27.50% 256,190.61 202,133.71 246,499.20
28.00% 236,167.60 180,633.75 222,907.55
28.50% 216,656.88 159,688.28 199,931.89
29.00% 197,642.08 139,279.39 177,552.17
29.50% 179,107.43 119,389.87 155,749.13
30.00% 161,037.75 100,003.13 134,504.21
30.50% 143,418.43 81,103.21 113,799.54
31.00% 126,235.36 62,674.73 93,617.94
31.50% 109,474.97 44,702.87 73,942.83
32.00% 93,124.19 27,173.38 54,758.26
32.50% 77,170.41 10,072.50 36,048.88
33.00% 61,601.47 -6,613.00 17,799.88
33.50% 46,405.66 -22,895.91 -3.02
34.00% 31,571.66 -38,788.53 -17,373.56
34.50% 17,088.58 -54,302.73 -34,325.01
35.11% 0.00 -72,604.83 -54,315.49
ODO DE TIR, 50
25%
ODO DE TIR, 10
29%
ODO DE TIR, 10
32%
TOTAL = 70 PUNTOS
CONTRATISTA A
3 4 5 6 7
350,000 400,000 450,000 500,000 550,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
336,000 384,000 432,000 480,000 528,000

CONTRATISTA B
3 4 5 6 7
370,000 410,000 450,000 490,000 530,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
356,000 394,000 432,000 470,000 508,000
CONTRATISTA C
3 4 5 6 7
400,000 450,000 500,000 550,000 600,000

- 25,000 - 30,000 - 35,000 - 40,000 - 45,000
375,000 420,000 465,000 510,000 555,000
CONTRATISTA D
3 4 5 6 7
500,000 600,000 700,000 800,000 900,000

- 35,000 - 40,000 - 45,000 - 50,000 - 55,000
465,000 560,000 655,000 750,000 845,000
CONTRATISTA E
3 4 5 6 7
700,000 800,000 900,000 1,000,000 1,100,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
640,000 735,000 830,000 925,000 1,020,000
CONTRATISTA F
3 4 5 6 7
750,000 850,000 950,000 1,050,000 1,150,000
- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
690,000 785,000 880,000 975,000 1,070,000
$20,000.00 $10,000.00 $0.00 -$10,000.00 -$20,000.00
$39,000.00 $36,000.00 $33,000.00 $30,000.00 $27,000.00
$129,000.00 $176,000.00 $223,000.00 $270,000.00 $317,000.00
$304,000.00 $351,000.00 $398,000.00 $445,000.00 $492,000.00
$354,000.00 $401,000.00 $448,000.00 $495,000.00 $542,000.00
336,000 384,000 432,000 480,000 528,000

TIR A 35.11% TR A 2.85
$356,000.00 $394,000.00 $432,000.00 $470,000.00 $508,000.00
TIR B 32.80% TR B 3.05
$375,000.00 $420,000.00 $465,000.00 $510,000.00 $555,000.00
TIR C 33.50% TR C 2.99
$465,000.00 $560,000.00 $655,000.00 $750,000.00 $845,000.00
TIR D 33.19% TR D 3.01
$640,000.00 $735,000.00 $830,000.00 $925,000.00 $1,020,000.00
TIR E 31.41% TR E 3.18
$690,000.00 $785,000.00 $880,000.00 $975,000.00 $1,070,000.00
TIR F 30.99% TR F 3.23
VPN D VPN E VPN F
525,329.47 559,824.70 606,120.47
489,659.44 514,850.91 554,844.85 800,000.00
454,958.95 471,072.87 504,958.95
421,195.65 428,451.13 456,416.22
388,338.43 386,947.75 409,171.90 600,000.00
356,357.36 346,526.21 363,182.94
325,223.67 307,151.42 318,407.98
294,909.68 268,789.56 274,807.20
400,000.00
265,388.73 231,408.14 232,342.31
236,635.21 194,975.82 190,976.49
208,624.43 159,462.48 150,674.26
181,332.64 124,839.08 111,401.51 200,000.00
154,736.96 91,077.66 73,125.38

128,815.36 58,151.29 35,814.24
103,546.63 26,034.02 -562.39 0.00
24.00% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00
78,910.31 -5,299.17 -36,033.84
54,886.72 -35,872.39 -70,628.39
31,456.85 -65,708.86 -104,373.28 -200,000.00
8,602.41 -94,831.01 -137,294.78
-13,694.24 -123,260.45 -169,418.18
-35,450.13 -151,018.01 -200,767.90
-400,000.00
-56,681.66 -178,123.82 -231,367.45
-81,720.03 -210,112.28 -267,460.85 V
8
600,000
- 24,000
800,000
1,376,000
8
570,000
- 24,000
1,100,000
1,646,000
650,000
- 50,000
1,300,000
1,900,000
1,000,000
- 60,000
1,100,000
2,040,000
1,200,000
- 85,000
1,300,000
2,415,000
8
1,250,000
- 85,000
2,000,000
3,165,000
$270,000.00
$524,000.00
$664,000.00
$1,039,000.00
$1,789,000.00
1,376,000
$1,646,000.00
$1,900,000.00
$2,040,000.00
$2,415,000.00
$3,165,000.00
Chart Title
TREMA = 32.00%
VPN A = $93,124.19
TIR = 35.1%
VPN A = $0
5.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.00% 30.50% 31.00% 31.50% 32.00% 32.50% 33.00% 33.50% 34.00%

TIR = 35.1%
VPN A = $0
% 32.00% 32.50% 33.00% 33.50% 34.00% 34.50% 35.11%

1. CUAL ES EL VAN, DE LA MEJOR OPCION…
PRESENTAR EL GRAFICO DE LOS VAN, LA TREMA, LA TASA DE RECUPERACION
CUENTAS DE MONTO COMPOSICION COSTO DE LA FUENTE

BALANCE AL 31/12/XX PORCENTUAL DE FINANCIAMIENTO
PASIVO CORTO $2,808,000 31.00% 30%

PASIVO LARGO $2,150,000 23.74% 16%
CAPITAL $4,100,000 45.26% 11%
TOTAL $9,058,000 100.00%
NOTA: LA TREMA PARA PROYECTOS DEL NIVEL DE INFLACION Y RIESGO, DE LA

SERA: EL COSTO PROMEDIO DEL FINANCIAMIENTO +8 DE IN
TREMA 29.08%
ALTERNATIV
AÑO 0 1 2
INGRESOS 500,000 550,000
GASTOS - 30,000 - 35,000
VAL RECUP
FLUJO NETO - 1,750,000 470,000 515,000
VPN $125,271
VAN $43,754 TIR A:
AL
AÑO 0 1 2
INGRESOS 600,000 700,000
GASTOS - 40,000 - 60,000
VAL RECUP
FLUJO NETO - 2,300,000 560,000 640,000
VPN $43,529
VAN $14,545 TIR B:
AÑO 0 1 2
INGRESOS 700,000 800,000
GASTOS - 50,000 - 70,000
VAL RECUP
FLUJO NETO - 2,800,000 650,000 730,000
VPN $13,898
VAN $4,493 TIR C:
TASA VPN A VAN A VPN B

25.00% 376,044 118,958 367,717
25.25% 359,189 114,341 345,844
25.50% 342,541 109,725 324,251
25.75% 326,098 105,109 302,935
26.00% 309,855 100,494 281,891
26.25% 293,811 95,880 261,114
26.50% 277,961 91,266 240,600
26.75% 262,304 86,654 220,345
27.00% 246,835 82,042 200,345
27.25% 231,553 77,430 180,596
27.50% 216,454 72,819 161,094
27.75% 201,535 68,209 141,834
28.00% 186,795 63,600 122,814
28.25% 172,229 58,992 104,028
28.50% 157,836 54,384 85,475
28.75% 143,613 49,777 67,149
29.08% 125,271 43,754 43,529
29.25% 115,667 40,564 31,168
29.50% 101,939 35,959 13,505
29.75% 88,371 31,355 -3,943
30.00% 74,961 26,752 -21,181
30.25% 61,706 22,149 -38,212
30.50% 48,605 17,547 -55,037
30.75% 35,654 12,945 -71,662
31.00% 22,852 8,345 -88,088
31.45% 0 0 -117,393
31.50% -2,314 -855 -120,359
31.75% -14,683 -5,453 -136,209
32.00% -26,911 -10,051 -151,872
TOTAL= 30 PUNTOS
E RECUPERACION (TIR), Y TIEMPO DE RECUPERACION (TR), DE LA MEJOR OPCION ...
DE LA FUENTE
NCIAMIENTO
9.3%
3.8%
5.0%
Y RIESGO, DE LAS ALTERNATIVAS A EVALUAR,

AMIENTO +8 DE INFLACION +3 DE RIESGO
ALTERNATIVA A
3 4 5 6
600,000 650,000 700,000 750,000

- 40,000 - 45,000 - 50,000 - 55,000
560,000 605,000 650,000 695,000
31.45% TR A: 3.18 AÑOS
ALTERNATIVA B
3 4 5 6
800,000 900,000 1,000,000 1,100,000

- 80,000 - 100,000 - 120,000 - 140,000
720,000 800,000 880,000 960,000
29.69% TR B: 3.37 AÑOS
ALTERNATIVA C
3 4 5 6
900,000 1,000,000 1,100,000 1,200,000

- 90,000 - 110,000 - 130,000 - 150,000
810,000 890,000 970,000 1,050,000
29.23% TR C: 3.42 AÑOS
VAN B VPN C VAN C

110,462 441,124 127,377
104,596 412,023 119,833
98,727 383,334 112,290
150,000
92,857 355,050 104,747
86,984 327,163 97,206
81,109 299,666 89,666
75,232 272,553 82,127
69,353 245,817 74,590
100,000
63,472 219,451 67,053
57,589 193,448 59,518
51,704 167,803 51,984
45,818 142,509 44,451
39,929 117,560 36,920
50,000
34,039 92,950 29,389
28,147 68,673 21,860
22,253 44,724 14,332
14,545 13,898 4,493
10,460 -2,215 -719 0
4,561 -25,214 -8,243 25.00 25.25 25.50 25.75 26.00 26.25
% % % % % %
-1,340 -47,908 -15,765
-7,242 -70,302 -23,286
-13,146 -92,400 -30,806
-19,051 -114,207 -38,324 -50,000
-24,958 -135,729 -45,841
-100,000
-50,000
-30,866 -156,970 -53,357

-41,589 -194,802 -66,988
-42,687 -198,627 -68,383
-48,600 -219,053 -75,895 -100,000
-54,513 -239,216 -83,404
MEJOR OPCION ...
800,000
- 60,000
1,600,000
2,340,000
7 8
1,200,000 1,300,000
- 160,000 - 180,000
1,000,000
1,040,000 2,120,000
7 8 9
1,300,000 1,400,000 1,500,000

- 170,000 - 190,000 - 210,000
2,000,000
1,130,000 1,210,000 3,290,000
SELECCIONAMOS LA OPCION "A"
Chart Title
LA TREMA ES = 29.08%
VPN A = $125,271
25.00 25.25 25.50 25.75 26.00 26.25 26.50 26.75 27.00 27.25 27.50 27.75 28.00 28.25 28.50 28.75 29.08 29.25 29.50 29.75 30.00 30.25 30.50 3
% % % % % % % % % % % % % % % % % % % % % % %
VAN A VAN B VAN C
REMA ES = 29.08%
A = $125,271
TIR = 31.45%
VPN A = $0
29.50 29.75 30.00 30.25 30.50 30.75 31.00 31.45 31.50 31.75 32.00
% % % % % % % % % % %

… GRAFIQUE CUAL SON LOS VPN´s DE LAS 6 OPCIONES ... EL VPN,
… Y CALCULE LAS TASAS DE RECUPERACIÓN (TIR) Y LOS TIEMPOS
CON UNA TREMA DE:

SI LA TREMA FUESE:

SI LA TREMA FUESE:
TREMA = 33.00%
PASO 1
CONTRATISTA A
AÑO 0 1 2
INGRESOS 250,000 300,000
COSTOS Y GASTOS - 10,000 - 12,000
FLUJOS NETOS - 950,000 240,000 288,000
VPN - 9,895 NO ACEPTAMOS LA OPC A
CONTRATISTA B
AÑO 0 1 2
INGRESOS 270,000 330,000
COSTOS Y GASTOS - 10,000 - 12,000
VALOR DE REC.
FLUJOS NETOS - 1,000,000 260,000 318,000
VPN 144,133 ACEPTAMOS LA OPC B … POR A
CONTRATISTA C
AÑO 0 1 2
INGRESOS 300,000 350,000
COSTOS Y GASTOS - 15,000 - 20,000
VALOR DE REC.
FLUJOS NETOS - 1,200,000 285,000 330,000
VPN
CONTRATISTA D
AÑO 0 1 2
INGRESOS 300,000 400,000
COSTOS Y GASTOS - 25,000 - 30,000
VALOR DE REC.
FLUJOS NETOS - 1,400,000 275,000 370,000
VPN
CONTRATISTA E
AÑO 0 1 2
INGRESOS 500,000 600,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETO- 1,720,000 450,000 545,000
VPN
CONTRATISTA F
AÑO 0 1 2
INGRESOS 550,000 650,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETO- 1,900,000 500,000 595,000
VPN
PASO 3
DIF C-B -200,000 25,000 12,000
VPN C-B -176,333
DIF D-B - 400,000 15,000 52,000

VPN D-B -135,530
DIF E-B - 720,000 190,000 227,000

VPN E-B 30,823
DIF F-E - 180,000 50,000 50,000

VPN F-E -43,960
SELECCIONAMOS "E"
FN A - 950,000 240,000 288,000

VPN A - 9,895
FN B -1000000 260000 318000

VPN B 144,133
FN C -1200000 285000 330000

VPN C - 32,200
FN D -1400000 275000 370000

VPN D 8,602
FN E -1720000 450000 545000

VPN E 174,955
FN F -1900000 500000 595000

VPN F 130,995

30.00% 75225.12 258849.22 84504.21
30.50% 60201.06 238509.31 63799.54
31.00% 45525.29 218678.27 43617.94
31.50% 31187.55 199340.15 23942.83
32.00% 17177.90 180479.60 4758.26
32.50% 3486.78 162081.82 -13951.12
33.00% -9895.05 144132.55 -32200.12
33.50% -22976.52 126618.03 -50003.02
34.00% -35766.25 109525.00 -67373.56
34.50% -48272.58 92840.69 -84325.01
35.00% -60503.54 76552.75 -100870.14
35.50% -72466.93 60649.29 -117021.28
36.00% -84170.25 45118.83 -132790.32
36.32% -91540.63 35352.23 -142705.27
37.00% -106825.52 15132.97 -163227.58
37.50% -117791.30 656.57 -177917.54
38.00% -128524.67 -13488.90 -192268.94
38.50% -139032.00 -27313.06 -206291.71
39.00% -149319.43 -40825.19 -219995.46
39.50% -159392.93 -54034.29 -233389.48
40.00% -169258.24 -66949.02 -246482.71
ODO DE TIR, 50
AS 6 OPCIONES ... EL VPN,TIR Y TR DEL CONTRATISTA SELECCIONADO
ACIÓN (TIR) Y LOS TIEMPOS DE RECUPERACIÓN (TR)
33.00%
ODO DE TIR, 10
30.00%
ODO DE TIR, 10
36.00%
TOTAL = 70 PUNTOS
CONTRATISTA A
3 4 5 6 7
350,000 400,000 450,000 500,000 550,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
336,000 384,000 432,000 480,000 528,000

NO ACEPTAMOS LA OPC A
CONTRATISTA B
3 4 5 6 7
390,000 450,000 510,000 570,000 630,000
- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
376,000 434,000 492,000 550,000 608,000

TAMOS LA OPC B … POR AHORA PASO 2
CONTRATISTA C
3 4 5 6 7
400,000 450,000 500,000 550,000 600,000

- 25,000 - 30,000 - 35,000 - 40,000 - 45,000
375,000 420,000 465,000 510,000 555,000
CONTRATISTA D
3 4 5 6 7
500,000 600,000 700,000 800,000 900,000

- 35,000 - 40,000 - 45,000 - 50,000 - 55,000
465,000 560,000 655,000 750,000 845,000
CONTRATISTA E
3 4 5 6 7
700,000 800,000 900,000 1,000,000 1,100,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
640,000 735,000 830,000 925,000 1,020,000
CONTRATISTA F
3 4 5 6 7
750,000 850,000 950,000 1,050,000 1,150,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
690,000 785,000 880,000 975,000 1,070,000
-1,000 -14,000 -27,000 -40,000 -53,000
89,000 126,000 163,000 200,000 237,000
264,000 301,000 338,000 375,000 412,000
50,000 50,000 50,000 50,000 50,000
336,000 384,000 432,000 480,000 528,000

TIR A 32.63% TR A 3.064741
376000 434000 492000 550000 608000
TIR B 37.52% TR B 2.665035
375000 420000 465000 510000 555000
TIR C 32.13% TR C 3.112745
465000 560000 655000 750000 845000
TIR D 33.19% TR D 3.012824
640000 735000 830000 925000 1020000
TIR E 36.32% TR E 2.753260
690000 785000 880000 975000 1070000
TIR F 35.30% TR F 2.832951
VPN D VPN E VPN F

154736.96 358818.71 325053.80
400000.00
128815.36 326263.10 290708.68
103546.63 294504.01 257197.54
78910.31 263516.91 224494.82 300000.00
54886.72 233278.14 192575.85

31456.85 203764.91 161416.86
200000.00
8602.41 174955.20 130994.91
-13694.24 146827.81 101287.90
-35450.13 119362.28 72274.49 100000.00
-56681.66 92538.87 43934.07
-77404.65 66338.52 16246.79
-97634.39 40742.83 -10806.55 0.00
30.00% 30.50% 31.00% 31.50% 32.00%
-117385.62 15734.07 -37244.46

-129804.38 0.00 -53880.21
-100000.00
-155508.89 -32590.65 -88344.90
-173907.92 -55939.14 -113041.40
-191882.44 -78765.82 -137190.41 -200000.00
-209444.79 -101085.61 -160807.53

-226606.92 -122912.93 -183907.78
-300000.00
-243380.36 -144261.69 -206505.72
-259776.25 -165145.37 -228615.42
8
600,000
- 24,000
100,000
676,000
8
690,000
- 24,000
1,000,000
1,666,000
650,000
- 50,000
1,300,000
1,900,000
1,000,000
- 60,000
1,100,000
2,040,000
1,200,000
- 85,000
1,200,000
2,315,000
1,250,000
- 85,000
1,200,000
2,365,000
234,000
374,000
649,000
50,000
676,000
1666000
1900000
2040000
2315000
2365000
Chart Title
TREMA = 33.00%
VPN E = $174,955.20
TIR =
VPN
0.50% 31.00% 31.50% 32.00% 32.50% 33.00% 33.50% 34.00% 34.50% 35.00% 35.50% 36.00% 36.32% 37.00% 37.

20
TIR = 36.32%
VPN E = $0
35.50% 36.00% 36.32% 37.00% 37.50% 38.00% 38.50% 39.00% 39.50% 40.00%
VPN E VPN F

CON UNA TREMA DE:

SI LA TREMA FUESE:

SI LA TREMA FUESE:
TREMA = 30.00%
PASO 1
CONTRATISTA A
AÑO 0 1 2
INGRESOS 250,000 300,000
COSTOS Y GASTOS - 10,000 - 12,000
FLUJOS NETOS - 950,000 240,000 288,000
VPN 75,225 NO ACEPTAMOS LA OPC A
CONTRATISTA B
AÑO 0 1 2
INGRESOS 270,000 330,000
COSTOS Y GASTOS - 10,000 - 12,000
VALOR DE REC.
FLUJOS NETOS - 1,000,000 260,000 318,000
CONTRATISTA C
AÑO 0 1 2
INGRESOS 300,000 350,000
COSTOS Y GASTOS - 15,000 - 20,000
VALOR DE REC.
FLUJOS NETOS - 1,200,000 285,000 330,000
VPN
CONTRATISTA D
AÑO 0 1 2
INGRESOS 300,000 400,000
COSTOS Y GASTOS - 25,000 - 30,000
VALOR DE REC.
FLUJOS NETOS - 1,400,000 275,000 370,000
VPN
CONTRATISTA E
AÑO 0 1 2
INGRESOS 500,000 600,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETO- 1,720,000 450,000 545,000
VPN
CONTRATISTA F
AÑO 0 1 2
INGRESOS 550,000 650,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETO- 1,900,000 500,000 595,000
VPN
PASO 3
DIF B-A -50,000 20,000 30,000
VPN B-A 183,624
DIF C-B - 200,000 25,000 12,000

VPN C-B -174,345
DIF D-B - 400,000 15,000 52,000

VPN D-B -104,112
DIF E-B - 720,000 190,000 227,000

VPN E-B 99,969
DIF F-E -180,000 50,000 50,000

VPN F-E -33,765
SELECCIONAMOS "E"
FN A - 950,000 240,000 288,000

VPN A 75,225
FN B -1000000 260000 318000

VPN B 258,849
FN C -1200000 285000 330000

VPN C 84,504
FN D -1400000 275000 370000
VPN D 154,737
FN E -1720000 450000 545000

VPN E 358,819
FN F -1900000 500000 595000

VPN F 325,054

30.00% 75225.12 258849.22 84504.21
30.50% 60201.06 238509.31 63799.54
31.00% 45525.29 218678.27 43617.94
31.50% 31187.55 199340.15 23942.83
32.00% 17177.90 180479.60 4758.26
32.50% 3486.78 162081.82 -13951.12
33.00% -9895.05 144132.55 -32200.12
33.50% -22976.52 126618.03 -50003.02
34.00% -35766.25 109525.00 -67373.56
34.50% -48272.58 92840.69 -84325.01
35.00% -60503.54 76552.75 -100870.14
35.50% -72466.93 60649.29 -117021.28
36.00% -84170.25 45118.83 -132790.32
36.32% -91540.63 35352.23 -142705.27
37.00% -106825.52 15132.97 -163227.58
37.50% -117791.30 656.57 -177917.54
38.00% -128524.67 -13488.90 -192268.94
38.50% -139032.00 -27313.06 -206291.71
39.00% -149319.43 -40825.19 -219995.46
39.50% -159392.93 -54034.29 -233389.48
40.00% -169258.24 -66949.02 -246482.71
ODO DE TIR, 50
33.00%
ODO DE TIR, 10
30.00%
ODO DE TIR, 10
36.00%
TOTAL = 70 PUNTOS
CONTRATISTA A
3 4 5 6 7
350,000 400,000 450,000 500,000 550,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
336,000 384,000 432,000 480,000 528,000

CONTRATISTA B
3 4 5 6 7
390,000 450,000 510,000 570,000 630,000
- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
376,000 434,000 492,000 550,000 608,000

CONTRATISTA C
3 4 5 6 7
400,000 450,000 500,000 550,000 600,000

- 25,000 - 30,000 - 35,000 - 40,000 - 45,000
375,000 420,000 465,000 510,000 555,000
CONTRATISTA D
3 4 5 6 7
500,000 600,000 700,000 800,000 900,000

- 35,000 - 40,000 - 45,000 - 50,000 - 55,000
465,000 560,000 655,000 750,000 845,000
CONTRATISTA E
3 4 5 6 7
700,000 800,000 900,000 1,000,000 1,100,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
640,000 735,000 830,000 925,000 1,020,000
CONTRATISTA F
3 4 5 6 7
750,000 850,000 950,000 1,050,000 1,150,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
690,000 785,000 880,000 975,000 1,070,000
40,000 50,000 60,000 70,000 80,000
- 1,000 - 14,000 - 27,000 - 40,000 - 53,000
89,000 126,000 163,000 200,000 237,000
264,000 301,000 338,000 375,000 412,000
50,000 50,000 50,000 50,000 50,000
336,000 384,000 432,000 480,000 528,000

TIR A 32.63% TR A 3.064741
376000 434000 492000 550000 608000
TIR B 37.52% TR B 2.665035
375000 420000 465000 510000 555000
TIR C 32.13% TR C 3.112745
465000 560000 655000 750000 845000
TIR D 33.19% TR D 3.012824
640000 735000 830000 925000 1020000
TIR E 36.32% TR E 2.753260
690000 785000 880000 975000 1070000
TIR F 35.30% TR F 2.832951
VPN D VPN E VPN F TREMA =

154736.96 358818.71 325053.80 VPN E = $
400000.00
128815.36 326263.10 290708.68
103546.63 294504.01 257197.54
78910.31 263516.91 224494.82 300000.00
54886.72 233278.14 192575.85

31456.85 203764.91 161416.86
200000.00
8602.41 174955.20 130994.91
-13694.24 146827.81 101287.90
-35450.13 119362.28 72274.49 100000.00
-56681.66 92538.87 43934.07

-77404.65 66338.52 16246.79
-97634.39 40742.83 -10806.55 0.00
30.00% 30.50% 31.00% 31.50% 32.00% 32
-117385.62 15734.07 -37244.46

-129804.38 0.00 -53880.21
-100000.00
-155508.89 -32590.65 -88344.90
-173907.92 -55939.14 -113041.40
-191882.44 -78765.82 -137190.41 -200000.00
-209444.79 -101085.61 -160807.53

-226606.92 -122912.93 -183907.78
-300000.00
-200000.00
-300000.00
-243380.36 -144261.69 -206505.72
-259776.25 -165145.37 -228615.42
8
600,000
- 24,000
100,000
676,000
8
690,000
- 24,000
1,000,000
1,666,000
650,000
- 50,000
1,300,000
1,900,000
1,000,000
- 60,000
1,100,000
2,040,000
1,200,000
- 85,000
1,200,000
2,315,000
1,250,000
- 85,000
1,200,000
2,365,000
990,000
234,000
374,000
649,000
50,000
676,000
1666000
1900000
2040000
2315000
2365000
TREMA = 30.00% Chart Title

VPN E = $358,819
TIR = 36.3
VPN E = $
.50% 31.00% 31.50% 32.00% 32.50% 33.00% 33.50% 34.00% 34.50% 35.00% 35.50% 36.00% 36.32% 37.00% 37.50%

TIR = 36.32%
VPN E = $0
% 36.00% 36.32% 37.00% 37.50% 38.00% 38.50% 39.00% 39.50% 40.00%
VPN E VPN F
VPN E VPN F

CON UNA TREMA DE:

SI LA TREMA FUESE:

SI LA TREMA FUESE:
TREMA = 36.00%
PASO 1
CONTRATISTA A
AÑO 0 1 2
INGRESOS 250,000 300,000
COSTOS Y GASTOS - 10,000 - 12,000
FLUJOS NETOS - 950,000 240,000 288,000
CONTRATISTA B
AÑO 0 1 2
INGRESOS 270,000 330,000
COSTOS Y GASTOS - 10,000 - 12,000
VALOR DE REC.
FLUJOS NETOS - 1,000,000 260,000 318,000
CONTRATISTA C
AÑO 0 1 2
INGRESOS 300,000 350,000
COSTOS Y GASTOS - 15,000 - 20,000
VALOR DE REC.
FLUJOS NETOS - 1,200,000 285,000 330,000
VPN - 132,790
CONTRATISTA D
AÑO 0 1 2
INGRESOS 300,000 400,000
COSTOS Y GASTOS - 25,000 - 30,000
VALOR DE REC.
FLUJOS NETOS - 1,400,000 275,000 370,000
VPN - 117,386
CONTRATISTA E
AÑO 0 1 2
INGRESOS 500,000 600,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETO- 1,720,000 450,000 545,000
VPN 15,734
CONTRATISTA F
AÑO 0 1 2
INGRESOS 550,000 650,000
COSTOS Y GASTOS - 50,000 - 55,000
VALOR DE REC.
FLUJOS NETO- 1,900,000 500,000 595,000
VPN - 37,244
PASO 3
DIF C-B -200,000 25,000 12,000
VPN C-B -177,909
DIF D-B - 400,000 15,000 52,000

VPN D-B -162,504
DIF E-B - 720,000 190,000 227,000

VPN E-B -29,385
DIF F-B - 900,000 240,000 277,000

VPN F-B -86,636
SELECCIONAMOS "B"
FN A - 950,000 240,000 288,000

VPN A - 84,170
FN B -1000000 260000 318000

VPN B 45,119
FN C -1200000 285000 330000

VPN C - 132,790
FN D -1400000 275000 370000

VPN D - 117,386
FN E -1720000 450000 545000

VPN E 15,734
FN F -1900000 500000 595000

VPN F - 37,244

30.00% 75225.12 258849.22 84504.21
30.50% 60201.06 238509.31 63799.54
31.00% 45525.29 218678.27 43617.94
31.50% 31187.55 199340.15 23942.83
32.00% 17177.90 180479.60 4758.26
32.50% 3486.78 162081.82 -13951.12
33.00% -9895.05 144132.55 -32200.12
33.50% -22976.52 126618.03 -50003.02
34.00% -35766.25 109525.00 -67373.56
34.50% -48272.58 92840.69 -84325.01
35.00% -60503.54 76552.75 -100870.14
35.50% -72466.93 60649.29 -117021.28
36.00% -84170.25 45118.83 -132790.32
36.50% -95620.77 29950.29 -148188.73
37.00% -106825.52 15132.97 -163227.58
37.52% -118289.09 0.00 -178583.73
38.00% -128524.67 -13488.90 -192268.94
38.50% -139032.00 -27313.06 -206291.71
39.00% -149319.43 -40825.19 -219995.46
39.50% -159392.93 -54034.29 -233389.48
40.00% -169258.24 -66949.02 -246482.71
ODO DE TIR, 50
33.00%
ODO DE TIR, 10
30.00%
ODO DE TIR, 10
36.00%
TOTAL = 70 PUNTOS
CONTRATISTA A
3 4 5 6 7
350,000 400,000 450,000 500,000 550,000

- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
336,000 384,000 432,000 480,000 528,000

CONTRATISTA B
3 4 5 6 7
390,000 450,000 510,000 570,000 630,000
- 14,000 - 16,000 - 18,000 - 20,000 - 22,000
376,000 434,000 492,000 550,000 608,000

CONTRATISTA C
3 4 5 6 7
400,000 450,000 500,000 550,000 600,000

- 25,000 - 30,000 - 35,000 - 40,000 - 45,000
375,000 420,000 465,000 510,000 555,000
CONTRATISTA D
3 4 5 6 7
500,000 600,000 700,000 800,000 900,000

- 35,000 - 40,000 - 45,000 - 50,000 - 55,000
465,000 560,000 655,000 750,000 845,000
CONTRATISTA E
3 4 5 6 7
700,000 800,000 900,000 1,000,000 1,100,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
640,000 735,000 830,000 925,000 1,020,000
CONTRATISTA F
3 4 5 6 7
750,000 850,000 950,000 1,050,000 1,150,000

- 60,000 - 65,000 - 70,000 - 75,000 - 80,000
690,000 785,000 880,000 975,000 1,070,000
-1,000 -14,000 -27,000 -40,000 -53,000
89,000 126,000 163,000 200,000 237,000
264,000 301,000 338,000 375,000 412,000
314,000 351,000 388,000 425,000 462,000
336,000 384,000 432,000 480,000 528,000

TIR A 32.63% TR A 3.064741
376000 434000 492000 550000 608000
TIR B 37.52% TR B 2.665035
375000 420000 465000 510000 555000
TIR C 32.13% TR C 3.112745
465000 560000 655000 750000 845000
TIR D 33.19% TR D 3.012824
640000 735000 830000 925000 1020000
TIR E 36.32% TR E 2.753260
690000 785000 880000 975000 1070000
TIR F 35.30% TR F 2.832951
VPN D VPN E VPN F

154736.96 358818.71 325053.80
128815.36 326263.10 290708.68
103546.63 294504.01 257197.54
TREMA =
78910.31 263516.91 224494.82
400000.00
VPN E = $
54886.72 233278.14 192575.85
31456.85 203764.91 161416.86
8602.41 174955.20 130994.91 300000.00
-13694.24 146827.81 101287.90

-35450.13 119362.28 72274.49
200000.00
-56681.66 92538.87 43934.07
-77404.65 66338.52 16246.79
-97634.39 40742.83 -10806.55 100000.00
-117385.62 15734.07 -37244.46

-136672.54 -8704.90 -63084.82
-155508.89 -32590.65 -88344.90 0.00
30.00% 30.50% 31.00% 31.50% 32.00% 32
-174742.30 -56998.38 -114161.91

-191882.44 -78765.82 -137190.41
-100000.00
-209444.79 -101085.61 -160807.53
-226606.92 -122912.93 -183907.78
-243380.36 -144261.69 -206505.72 -200000.00
-259776.25 -165145.37 -228615.42
-300000.00
-200000.00
-300000.00
8
600,000
- 24,000
100,000
676,000
8
690,000
- 24,000
1,000,000
1,666,000
650,000
- 50,000
1,300,000
1,900,000
1,000,000
- 60,000
1,100,000
2,040,000
1,200,000
- 85,000
1,200,000
2,315,000
1,250,000
- 85,000
1,200,000
2,365,000
234,000
374,000
649,000
649,000
676,000
1666000
1900000
2040000
2315000
2365000
TREMA = 30.00% Chart Title

VPN E = $358,819
TIR = 36.3
VPN E = $
.50% 31.00% 31.50% 32.00% 32.50% 33.00% 33.50% 34.00% 34.50% 35.00% 35.50% 36.00% 36.50% 37.00% 37.52%

TIR = 36.32%
VPN E = $0
% 36.00% 36.50% 37.00% 37.52% 38.00% 38.50% 39.00% 39.50% 40.00%
VPN E VPN F
VPN E VPN F
PROBLEMA NUM 5.
1. CUAL ES EL MÉTODO DELVAN, DE LA MEJOR OPCION…

PRESENTAR EL GRAFICO DE LOS VANs, LA TREMA, LA TASA DE RECUPERACIO
CUENTAS DE MONTO COMPOSICION

BALANCE AL 31/12/XX PORCENTUAL
PASIVO CORTO $39,000,000 46.99%

PASIVO LARGO $15,000,000 18.07%
CAPITAL $29,000,000 34.94%
TOTAL $83,000,000 100.00%
NOTA: LA TREMA PARA PROYECTOS DEL NIVEL DE INFLACIÓN Y RIESGO, DE LA

SERÁ: EL COSTO PROMEDIO DEL FINANCIAMIENTO +8 DE
TREMA 24.48%
ALTERNATIVA A
AÑO 0 1
INVERSION -$1,790,000
INGRESOS $500,000
GASTOS -$50,000
VAL RECUP
FLUJO NETO - 1,790,000 450,000
VPN $274,317
VAN $91,841
AL
AÑO 0 1
INGRESOS $600,000
GASTOS -$50,000
VAL RECUP
FLUJO NETO - 2,400,000 550,000
VPN $146,935
VAN $43,521
AÑO 0 1
INGRESOS $700,000
GASTOS -$70,000
VAL RECUP
FLUJO NETO - 2,990,000 630,000
VPN $68,418
VAN $18,861
TASA VPN A VAN A
20.00% 566,653 170,396
20.50% 531,019 161,667
21.00% 496,194 152,929
21.50% 462,157 144,182
22.00% 428,883 135,426
22.50% 396,352 126,662
23.00% 364,544 117,889
23.50% 333,437 109,109
24.48% 274,317 91,841
24.50% 273,252 91,523
25.00% 244,138 82,719
25.50% 215,651 73,907
26.00% 187,775 65,087
26.50% 160,493 56,260
27.00% 133,790 47,426
27.50% 107,649 38,585

28.00% 82,057 29,737
28.50% 56,998 20,883
29.00% 32,458 12,022
29.68% 0 0
30.00% -15,117 -5,720

TOTAL= 30 PUNTOS
R OPCION…
EMA, LA TASA DE RECUPERACION (TIR), Y TIEMPO DE RECUPERACION (TR), DE LA MEJO
COSTO DE LA FUENTE
DE FINANCIAMIENTO
17% 8.0%
13% 2.3%
9% 3.1%
DE INFLACIÓN Y RIESGO, DE LAS ALTERNATIVAS A EVALUAR,

EDIO DEL FINANCIAMIENTO +8 DE INFLACIÓN +3 DE RIESGO
ALTERNATIVA A
2 3 4 5
$600,000 $700,000 $800,000 $900,000

-$60,000 -$70,000 -$80,000 -$90,000
540,000 630,000 720,000 810,000
TIR A: 29.68% TR A: 3.37
ALTERNATIVA B
2 3 4 5
$700,000 $800,000 $900,000 $1,000,000

-$80,000 -$110,000 -$140,000 -$170,000
620,000 690,000 760,000 830,000

TIR B: 26.34% TR B: 3.80
ALTERNATIVA C
2 3 4 5
$800,000 $900,000 $1,000,000 $1,100,000

-$100,000 -$130,000 -$160,000 -$190,000
700,000 770,000 840,000 910,000
TIR C: 25.11% TR C: 3.98
VPN B VAN B VPN C VAN C
565,051 147,258 634,106 151,249
513,293 135,767 563,109 136,600
462,921 124,255 494,271 121,920
413,888 112,721 427,512 107,207
366,150 101,167 362,753 92,464
319,664 89,592 299,917 77,691
274,389 77,998 238,934 62,890
230,285 66,384 179,735 48,060
146,935 43,521 68,418 18,861
145,440 43,099 66,428 18,323
104,627 31,430 12,197 3,416
64,842 19,743 -40,496 -11,515
26,051 8,039 -91,708 -26,468
-11,777 -3,682 -141,491 -41,445
-48,671 -15,420 -189,895 -56,442
-84,662 -27,173 -236,969 -71,461

-119,777 -38,942 -282,760 -86,500
-154,043 -50,726 -327,312 -101,557
-187,486 -62,524 -370,669 -116,634
-231,550 -78,540 -427,603 -137,098
-252,005 -86,164 -453,958 -146,839

CION (TR), DE LA MEJOR OPCION ...
NANCIAMIENTO
$1,000,000
-$100,000
$800,000
1,700,000
AÑOS
6 7 8
$1,100,000 $1,200,000 $1,300,000

-$200,000 -$230,000 -$260,000
$700,000
900,000 970,000 1,740,000
AÑOS
6 7 8 9
$1,200,000 $1,300,000 $1,400,000 $1,500,000

-$220,000 -$250,000 -$280,000 -$310,000
980,000 1,050,000 1,120,000 1,190,000
AÑOS
SELECCIONAMOS LA ALTERNATIVA "A"
Chart Title
700,000
LA TREMA
24.48%
600,000 VPN A = $2
500,000
400,000
300,000
200,000
100,000
0
20.00% 20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.48% 24.50% 25.00% 25.50% 26.0
-100,000
-200,000
-300,000
VAN A VAN B VAN C

0
20.00% 20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.48% 24.50% 25.00% 25.50% 26.0
-100,000
-200,000
-300,000
VAN A VAN B VAN C

10
$1,600,000
-$340,000
$500,000
1,760,000
Chart Title
LA TREMA ES =
24.48%
VPN A = $274,317 TIR = 29.68%
VPN A = $0
8% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.68% 30.00%
VAN A VAN B VAN C

8% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.68% 30.00%
VAN A VAN B VAN C


… GRAFIQUE CUAL SON LOS VPN´s DE LAS 6 OPCIONES ... EL VPN,TI
… Y CALCULE LAS TASAS DE RECUPERACIÓN (TIR) Y LOS TIEMPOS D
CON UNA TREMA DE: 28.00%


TREMA = 28.00%
PASO 1
CONTRATIS
AÑO 0 1 2 3
INGRESOS 300,000 350,000 400,000
COSTOS Y GASTOS - 100,000 - 120,000 - 140,000
FLUJOS NETO - 1,100,000 200,000 230,000 260,000
CONTRATIS
AÑO 0 1 2 3
INGRESOS 400,000 450,000 500,000
COSTOS Y GASTOS - 120,000 - 150,000 - 180,000
VALOR DE REC.
FLUJOS NETO - 1,150,000 280,000 300,000 320,000
VPN 7,745 ACEPTAMOS LA OPC B … POR AHO
CONTRATIS
AÑO 0 1 2 3
INGRESOS 400,000 500,000 600,000
COSTOS Y GASTOS - 120,000 - 140,000 - 160,000
VALOR DE REC.
FLUJOS NETO - 1,500,000 280,000 360,000 440,000
VPN
CONTRATIS
AÑO 0 1 2 3
INGRESOS 300,000 430,000 560,000
COSTOS Y GASTOS - 125,000 - 130,000 - 135,000
VALOR DE REC.
FLUJOS NETO - 1,600,000 175,000 300,000 425,000
VPN
CONTRATIS
AÑO 0 1 2 3
INGRESOS 450,000 550,000 650,000
COSTOS Y GASTOS - 100,000 - 120,000 - 140,000
VALOR DE REC.
FLUJOS NETO - 1,870,000 350,000 430,000 510,000
VPN
CONTRATIS
AÑO
INGRESOS 500,000 650,000 800,000
COSTOS Y GASTOS - 150,000 - 200,000 - 250,000
VALOR DE REC.
FLUJOS NETO - 2,100,000 350,000 450,000 550,000
VPN
PASO 3
DIF C-B - 350,000 - 60,000 120,000

VN C-B 123,235
DIF D-C - 100,000 - 105,000 - 60,000 - 15,000

VPN D-C - 90,258
DIF E-C - 370,000 70,000 70,000 70,000

VPN E-C - 60,369
DIF F-C - 600,000 70,000 90,000 110,000

VPN F-C - 132,624
SELECCIONAMOS "C"
FN A -1100000 200000 230000 260000

VPN A - 172,330
FN B -1150000 280000 300000 320000

VPN B 7,745
FN C -1500000 280000 360000 440000

VPN C 130,980
FN D -1600000 175000 300000 425000

VPN D 40,723
FN E -1870000 350000 430000 510000

VPN E 70,612
FN F -2100000 350000 450000 550000

VPN F - 1,643
TASA VPN A VPN B VPN C VPN D

18.00% 252,318.60 532,959.65 940,932.04 935,048.44
18.50% 224,514.69 498,428.48 887,528.50 875,765.66
19.00% 197,565.34 464,976.88 835,807.74 818,384.29
19.50% 171,438.27 432,563.27 785,705.36 762,831.21
20.00% 146,102.58 401,147.94 737,159.80 709,036.55
20.50% 121,528.73 370,692.91 690,112.19 656,933.45
21.00% 97,688.44 341,161.85 644,506.20 606,457.98
21.50% 74,554.63 312,520.05 600,287.93 557,548.95
22.00% 52,101.41 284,734.27 557,405.81 510,147.81
22.50% 30,303.94 257,772.72 515,810.44 464,198.50
23.00% 9,138.47 231,604.96 475,454.55 419,647.36
23.50% -11,417.79 206,201.87 436,292.85 376,442.98
24.00% -31,386.65 181,535.55 398,281.97 334,536.14
24.50% -50,789.02 157,579.27 361,380.34 293,879.65
25.00% -69,644.97 134,307.44 325,548.12 254,428.31
25.50% -87,973.73 111,695.53 290,747.14 216,138.80
26.00% -105,793.73 89,720.03 256,940.78 178,969.55
26.50% -123,122.67 68,358.41 224,093.94 142,880.74
27.00% -139,977.52 47,589.06 192,172.92 107,834.15
27.50% -156,374.60 27,391.26 161,145.42 73,793.13
28.00% -172,329.52 7,745.11 130,980.44 40,722.50
28.50% -187,857.33 -11,368.45 101,648.22 8,588.50
29.00% -202,972.43 -29,967.72 73,120.17 -22,641.27
29.50% -217,688.70 -48,070.29 45,368.87 -52,997.94
30.35% -241,775.42 -77,686.98 0.00 -102,575.53
30.50% -245,977.43 -82,852.13 -7,907.85 -111,210.30
31.00% -259,575.00 -99,563.16 -33,482.90 -139,122.27
31.50% -272,823.95 -115,841.07 -58,380.56 -166,273.78
32.00% -285,735.65 -131,700.23 -82,623.29 -192,690.31
NTERNA DE RECUPERACIÓN
50
IONES ... EL VPN,TIR Y TR DEL CONTRATISTA SELECCIONADO
R) Y LOS TIEMPOS DE RECUPERACIÓN (TR)
10
10
TOTAL = 70 PUNTOS
CONTRATISTA A
4 5 6 7 8
450,000 500,000 550,000 600,000 650,000

- 160,000 - 180,000 - 200,000 - 220,000 - 240,000
290,000 320,000 350,000 380,000 410,000

AMOS LA OPC A
CONTRATISTA B
4 5 6 7 8
550,000 600,000 650,000 700,000 750,000
- 210,000 - 240,000 - 270,000 - 300,000 - 330,000
340,000 360,000 380,000 400,000 420,000

OPC B … POR AHORA PASO 2
CONTRATISTA C
4 5 6 7 8
700,000 800,000 900,000 1,000,000 1,100,000

- 180,000 - 200,000 - 220,000 - 240,000 - 260,000
520,000 600,000 680,000 760,000 840,000
CONTRATISTA D
4 5 6 7 8
690,000 820,000 950,000 1,080,000 1,210,000

- 140,000 - 145,000 - 150,000 - 155,000 - 160,000
550,000 675,000 800,000 925,000 1,050,000
CONTRATISTA E
4 5 6 7 8
750,000 850,000 950,000 1,050,000 1,150,000

- 160,000 - 180,000 - 200,000 - 220,000 - 240,000
590,000 670,000 750,000 830,000 910,000
CONTRATISTA F
950,000 1,100,000 1,250,000 1,400,000 1,550,000

- 300,000 - 350,000 - 400,000 - 450,000 - 500,000
650,000 750,000 850,000 950,000 1,050,000
180,000 240,000 300,000 360,000 420,000
30,000 75,000 120,000 165,000 210,000
70,000 70,000 70,000 70,000 70,000
130,000 150,000 170,000 190,000 210,000
290000 320000 350000 380000 410000

TIR A 23.22% TR A 4.30654227
340000 360000 380000 400000 420000
TIR B 28.20% TR B 3.5459785
520000 600000 680000 760000 840000
TIR C 30.35% TR C 3.295100154
550000 675000 800000 925000 1050000
TIR D 28.64% TR D 3.492096568
590000 670000 750000 830000 910000
TIR E 29.01% TR E 3.446574916
650000 750000 850000 950000 1050000
TIR F 27.98% TR F 3.574097359
VPN E VPN F
1,052,508.43 1,075,165.89
1,200,000.00
987,414.60 1,003,781.27
924,414.47 934,691.42
863,426.51 867,807.21
804,372.82 803,043.44 1,000,000.00
747,178.92 740,318.68
691,773.64 679,555.09
638,088.90 620,678.20 800,000.00
586,059.61 563,616.79
535,623.48 508,302.71
486,720.91 454,670.77
600,000.00
439,294.87 402,658.53
393,290.75 352,206.22
348,656.27 303,256.62
400,000.00
305,341.34 255,754.91
263,298.01 209,648.55
222,480.30 164,887.22
200,000.00
182,844.17 121,422.68
144,347.38 79,208.67
106,949.46 38,200.85
70,611.56 -1,643.33 0.00
18.00% 18.50% 19.00% 19.50% 20.00% 20.50% 21.00% 21.50% 22.00%
35,296.46 -40,364.65
-200,000.00
0.00
18.00% 18.50% 19.00% 19.50% 20.00% 20.50% 21.00% 21.50% 22.00%
968.42 -78,002.28
-32,406.85 -114,593.79 -200,000.00
-86,930.85 -174,368.52
-96,429.40 -184,781.31
-127,138.61 -218,445.19
-400,000.00
-157,019.02 -251,198.85
-186,098.63 -283,072.98
9
700,000
- 260,000
500,000
940,000
9
800,000
- 360,000
1,000,000
1,440,000
1,200,000
- 280,000
1,000,000
1,920,000
1,340,000
- 165,000
900,000
2,075,000
1,250,000
- 260,000
1,800,000
2,790,000
1,700,000
- 550,000
1,800,000
2,950,000
480,000
155,000
870,000
1,030,000
940000
1440000
1920000
2075000
2790000
2950000
Chart Title
TREMA = 28.0
VPN C = $130
TIR =
VPN
20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.00% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.35% 30.50%
20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.00% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.35% 30.50%

TREMA = 28.00%
VPN C = $130,980
TIR = 30.35%
VPN C = $0
0% 28.00% 28.50% 29.00% 29.50% 30.35% 30.50% 31.00% 31.50% 32.00%

0% 28.00% 28.50% 29.00% 29.50% 30.35% 30.50% 31.00% 31.50% 32.00%

CON UNA TREMA DE: 28.00%


TREMA = 21.00%
PASO 1
CONTRATIS
AÑO 0 1 2 3
INGRESOS 300,000 350,000 400,000
COSTOS Y GASTOS - 100,000 - 120,000 - 140,000
FLUJOS NETO - 1,100,000 200,000 230,000 260,000
VPN 97,688 NO ACEPTAMOS LA OPC A
CONTRATIS
AÑO 0 1 2 3
INGRESOS 400,000 450,000 500,000
COSTOS Y GASTOS - 120,000 - 150,000 - 180,000
VALOR DE REC.
FLUJOS NETO - 1,150,000 280,000 300,000 320,000
VPN 341,162 ACEPTAMOS LA OPC B … POR AHO
CONTRATIS
AÑO 0 1 2 3
INGRESOS 400,000 500,000 600,000
COSTOS Y GASTOS - 120,000 - 140,000 - 160,000
VALOR DE REC.
FLUJOS NETO - 1,500,000 280,000 360,000 440,000
VPN
CONTRATIS
AÑO 0 1 2 3
INGRESOS 300,000 430,000 560,000
COSTOS Y GASTOS - 125,000 - 130,000 - 135,000
VALOR DE REC.
FLUJOS NETO - 1,600,000 175,000 300,000 425,000
VPN
CONTRATIS
AÑO 0 1 2 3
INGRESOS 450,000 550,000 650,000
COSTOS Y GASTOS - 100,000 - 120,000 - 140,000
VALOR DE REC.
FLUJOS NETO - 1,870,000 350,000 430,000 510,000
VPN
CONTRATIS
AÑO
INGRESOS 500,000 650,000 800,000
COSTOS Y GASTOS - 150,000 - 200,000 - 250,000
VALOR DE REC.
FLUJOS NETO - 2,100,000 350,000 450,000 550,000
VPN
PASO 3
DIF C-B - 350,000 - 60,000 120,000

VN C-B 303,344
DIF D-C - 100,000 - 105,000 - 60,000 - 15,000

VPN D-C - 38,048
DIF E-C - 370,000 70,000 70,000 70,000

VPN E-C 47,267
DIF F-C - 600,000 70,000 90,000 110,000

VPN F-C 35,049
SELECCIONAMOS "C"
FN A -1100000 200000 230000 260000

VPN A 97,688
FN B -1150000 280000 300000 320000

VPN B 341,162
FN C -1500000 280000 360000 440000

VPN C 644,506
FN D -1600000 175000 300000 425000

VPN D 606,458
FN E -1870000 350000 430000 510000

VPN E 691,774
FN F -2100000 350000 450000 550000

VPN F 679,555
TASA VPN A VPN B VPN C VPN D

18.00% 252,318.60 532,959.65 940,932.04 935,048.44
18.50% 224,514.69 498,428.48 887,528.50 875,765.66
19.00% 197,565.34 464,976.88 835,807.74 818,384.29
19.50% 171,438.27 432,563.27 785,705.36 762,831.21
20.00% 146,102.58 401,147.94 737,159.80 709,036.55
20.50% 121,528.73 370,692.91 690,112.19 656,933.45
21.00% 97,688.44 341,161.85 644,506.20 606,457.98
21.50% 74,554.63 312,520.05 600,287.93 557,548.95
22.00% 52,101.41 284,734.27 557,405.81 510,147.81
22.50% 30,303.94 257,772.72 515,810.44 464,198.50
23.00% 9,138.47 231,604.96 475,454.55 419,647.36
23.50% -11,417.79 206,201.87 436,292.85 376,442.98
24.00% -31,386.65 181,535.55 398,281.97 334,536.14
24.50% -50,789.02 157,579.27 361,380.34 293,879.65
25.00% -69,644.97 134,307.44 325,548.12 254,428.31
25.50% -87,973.73 111,695.53 290,747.14 216,138.80
26.00% -105,793.73 89,720.03 256,940.78 178,969.55
26.50% -123,122.67 68,358.41 224,093.94 142,880.74
27.00% -139,977.52 47,589.06 192,172.92 107,834.15
27.50% -156,374.60 27,391.26 161,145.42 73,793.13
28.00% -172,329.52 7,745.11 130,980.44 40,722.50
28.50% -187,857.33 -11,368.45 101,648.22 8,588.50
29.00% -202,972.43 -29,967.72 73,120.17 -22,641.27
29.50% -217,688.70 -48,070.29 45,368.87 -52,997.94
30.35% -241,775.42 -77,686.98 0.00 -102,575.53
30.50% -245,977.43 -82,852.13 -7,907.85 -111,210.30
31.00% -259,575.00 -99,563.16 -33,482.90 -139,122.27
31.50% -272,823.95 -115,841.07 -58,380.56 -166,273.78
32.00% -285,735.65 -131,700.23 -82,623.29 -192,690.31
NTERNA DE RECUPERACIÓN
50
10
10
TOTAL = 70 PUNTOS
CONTRATISTA A
4 5 6 7 8
450,000 500,000 550,000 600,000 650,000

- 160,000 - 180,000 - 200,000 - 220,000 - 240,000
290,000 320,000 350,000 380,000 410,000

AMOS LA OPC A
CONTRATISTA B
4 5 6 7 8
550,000 600,000 650,000 700,000 750,000
- 210,000 - 240,000 - 270,000 - 300,000 - 330,000
340,000 360,000 380,000 400,000 420,000

OPC B … POR AHORA PASO 2
CONTRATISTA C
4 5 6 7 8
700,000 800,000 900,000 1,000,000 1,100,000

- 180,000 - 200,000 - 220,000 - 240,000 - 260,000
520,000 600,000 680,000 760,000 840,000
CONTRATISTA D
4 5 6 7 8
690,000 820,000 950,000 1,080,000 1,210,000

- 140,000 - 145,000 - 150,000 - 155,000 - 160,000
550,000 675,000 800,000 925,000 1,050,000
CONTRATISTA E
4 5 6 7 8
750,000 850,000 950,000 1,050,000 1,150,000

- 160,000 - 180,000 - 200,000 - 220,000 - 240,000
590,000 670,000 750,000 830,000 910,000
CONTRATISTA F
950,000 1,100,000 1,250,000 1,400,000 1,550,000

- 300,000 - 350,000 - 400,000 - 450,000 - 500,000
650,000 750,000 850,000 950,000 1,050,000
180,000 240,000 300,000 360,000 420,000
30,000 75,000 120,000 165,000 210,000
70,000 70,000 70,000 70,000 70,000
130,000 150,000 170,000 190,000 210,000
290000 320000 350000 380000 410000

TIR A 23.22% TR A 4.30654227
340000 360000 380000 400000 420000
TIR B 28.20% TR B 3.5459785
520000 600000 680000 760000 840000
TIR C 30.35% TR C 3.295100154
550000 675000 800000 925000 1050000
TIR D 28.64% TR D 3.492096568
590000 670000 750000 830000 910000
TIR E 29.01% TR E 3.446574916
650000 750000 850000 950000 1050000
TIR F 27.98% TR F 3.574097359
VPN E VPN F
1,052,508.43 1,075,165.89
1,200,000.00
987,414.60 1,003,781.27
924,414.47 934,691.42
863,426.51 867,807.21
804,372.82 803,043.44 1,000,000.00
747,178.92 740,318.68
691,773.64 679,555.09
638,088.90 620,678.20 800,000.00
586,059.61 563,616.79
535,623.48 508,302.71
486,720.91 454,670.77
600,000.00
439,294.87 402,658.53
393,290.75 352,206.22
348,656.27 303,256.62
400,000.00
305,341.34 255,754.91
263,298.01 209,648.55
222,480.30 164,887.22
200,000.00
182,844.17 121,422.68
144,347.38 79,208.67
106,949.46 38,200.85
70,611.56 -1,643.33 0.00
18.00% 18.50% 19.00% 19.50% 20.00% 20.50% 21.00% 21.50% 22.00%
35,296.46 -40,364.65
-200,000.00
0.00
18.00% 18.50% 19.00% 19.50% 20.00% 20.50% 21.00% 21.50% 22.00%
968.42 -78,002.28
-32,406.85 -114,593.79 -200,000.00
-86,930.85 -174,368.52
-96,429.40 -184,781.31
-127,138.61 -218,445.19
-400,000.00
-157,019.02 -251,198.85
-186,098.63 -283,072.98
9
700,000
- 260,000
500,000
940,000
9
800,000
- 360,000
1,000,000
1,440,000
1,200,000
- 280,000
1,000,000
1,920,000
1,340,000
- 165,000
900,000
2,075,000
1,250,000
- 260,000
1,800,000
2,790,000
1,700,000
- 550,000
1,800,000
2,950,000
480,000
155,000
870,000
1,030,000
940000
1440000
1920000
2075000
2790000
2950000
Chart Title
TREMA = 28.0
VPN C = $130
TIR =
VPN
20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.00% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.35% 30.50%
20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.00% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.35% 30.50%

TREMA = 28.00%
VPN C = $130,980
TIR = 30.35%
VPN C = $0
0% 28.00% 28.50% 29.00% 29.50% 30.35% 30.50% 31.00% 31.50% 32.00%

0% 28.00% 28.50% 29.00% 29.50% 30.35% 30.50% 31.00% 31.50% 32.00%

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PROBLEMA NUM 1.

1. CUAL ES EL VAN, DE LA MEJOR OPCION…

CUENTAS DE MONTO COMPOSICION COSTO DE LA FUENTE

PASIVO CORTO $28,080,000 31.00% 22%

NOTA: LA TREMA PARA PROYECTOS DEL NIVEL DE INFLACION Y RIESGO, DE LA

TASA VPN A VAN A VPN B

25.50% 351,958 112,741 324,251

26.00% 320,386 103,910 281,891

26.50% 289,571 95,078 240,600

27.00% 259,491 86,248 200,345

27.50% 230,122 77,418 161,094

28.12% 194,694 66,479 113,809

28.50% 173,438 59,760 85,475

29.00% 146,082 50,931 49,048

29.50% 119,358 42,104 13,505

30.00% 93,247 33,277 -21,181

30.50% 67,732 24,452 -55,037

31.00% 42,795 15,627 -88,088

32.00% -5,410 -2,021 -151,872

E RECUPERACION (TIR), Y TIEMPO DE RECUPERACION (TR), DE LA MEJOR OPCION ...

Y RIESGO, DE LAS ALTERNATIVAS A EVALUAR,

600,000 650,000 700,000 750,000

560,000 605,000 650,000 695,000

31.89% TR A: 3.14 AÑOS

800,000 900,000 1,000,000 1,100,000

29.69% TR B: 3.37 AÑOS

900,000 1,000,000 1,100,000 1,200,000

810,000 890,000 970,000 1,050,000

29.23% TR C: 3.42 AÑOS

VAN B VPN C VAN C SELECCIONAMOS LA ALTERNATIVA

98,727 383,334 112,290

75,232 272,553 82,127

51,704 167,803 51,984

37,115 105,759 33,321 50,000

28,147 68,673 21,860

16,357 21,096 6,806

-7,242 -70,302 -23,286

-30,866 -156,970 -53,357

-51,804 -230,013 -79,965 -100,000

-54,513 -239,216 -83,404

1,300,000 1,400,000 1,500,000

ONAMOS LA ALTERNATIVA "A"

VAN A VAN B VAN C

29.00% 29.50% 30.00% 30.50% 31.00% 31.89% 32.00%

A. CUAL ES LA MEJOR OPCIÓN SEGÚN EL MÉTODO DE TIR,

CON UNA TREMA DE:

B. CUAL ES LA MEJOR OPCIÓN SEGÚN EL MÉTODO DE TIR,

C. CUAL ES LA MEJOR OPCIÓN SEGÚN EL MÉTODO DE TIR,

SI LA TREMA FUESE: 32.00%

VPN B-A -$45,981

DIF C-A -$200,000.00 $45,000.00 $42,000.00

DIF D-C -$250,000.00 -$10,000.00 $40,000.00

DIF E-D -$600,000.00 $175,000.00 $175,000.00

DIF F-E -$250,000.00 $50,000.00 $50,000.00

350,000 400,000 450,000 500,000 550,000

336,000 384,000 432,000 480,000 528,000

370,000 410,000 450,000 490,000 530,000

356,000 394,000 432,000 470,000 508,000

400,000 450,000 500,000 550,000 600,000

375,000 420,000 465,000 510,000 555,000

500,000 600,000 700,000 800,000 900,000

465,000 560,000 655,000 750,000 845,000