IR 30%

COK 18%

Cantidad 10
Inversión c/u 3,000
C.U. mant. 500
Valor comercial unit. 600

Alfa 0 1 2 3
Ingresos
Costos -5,000 -5,000 -5,000
Depreciación -4,286 -4,286 -4,286
CF -10,000 -10,000 -10,000
EBIT -19,286 -19,286 -19,286
IR 5,786 5,786 5,786
Depreciación 4,286 4,286 4,286
FCE -9,214 -9,214 -9,214
Valor de rescate
Inversión -30,000
FCLD -30,000 -9,214 -9,214 -9,214
VPN -63,802
CAE -16,739

Cantidad 8
Inversión c/u 4,000
C.U. mant. 400
Valor comercial unit. 700

Beta 0 1 2 3
Ingresos
Costos -3,200 -3,200 -3,200
Depreciación -5,333 -5,333 -5,333
Cf -10,000 -10,000 -10,000
EBIT -18,533 -18,533 -18,533
IR 5,560 5,560 5,560
Depreciación 5,333 5,333 5,333
FCE -7,640 -7,640 -7,640
Valor de rescate
Inversión -32,000
FCLD -32,000 -7,640 -7,640 -7,640
VPN -57,008
CAE -16,299

Cantidad 7
Inversión c/u 2,500
C.U. mant. 700
Valor comercial unit. 450

Gamma 0 1 2 3
Ingresos
Costos -4,900 -4,900 -4,900
Depreciación -3,500 -3,500 -3,500
CF -10,000 -10,000 -10,000
EBIT -18,400 -18,400 -18,400
IR 5,520 5,520 5,520
Depreciación 3,500 3,500 3,500
FCE -9,380 -9,380 -9,380
Valor de rescate
Inversión -17,500
FCLD -17,500 -9,380 -9,380 -9,380
VPN -45,869
CAE -14,668
 4 5 6 7

-5,000 -5,000 -5,000 -5,000

-4,286 -4,286 -4,286 -4,286
-10,000 -10,000 -10,000 -10,000
-19,286 -19,286 -19,286 -19,286
5,786 5,786 5,786 5,786
4,286 4,286 4,286 4,286
-9,214 -9,214 -9,214 -9,214
4,200

-9,214 -9,214 -9,214 -5,014

4 5 6

-3,200 -3,200 -3,200

-5,333 -5,333 -5,333
-10,000 -10,000 -10,000
-18,533 -18,533 -18,533
5,560 5,560 5,560
5,333 5,333 5,333
 -7,640 -7,640 -7,640
3,920

-7,640 -3,720 -7,640

4 5

-4,900 -4,900
-3,500 -3,500
-10,000 -10,000
-18,400 -18,400
5,520 5,520
3,500 3,500
-9,380 -9,380
2,205

-9,380 -7,175
 0 1 2 3
ventas 130000 143000 157300
Cv -19500 -21450 -23595
Cf -20000 -20000 -20000
depre -7000 -7000 -7000
Ebit 83500 94550 106705
Irenta -33400 -37820 -42682
depre 7000 7000 7000
Fce 57100 63730 71023
inversion -63000 27000
FCLD -63000 57100 63730 98023

prestamo 56,700.00
cuotas - 40,239.08 - 40,239.08
EF 2,778.30 1,195.55
b) FCF 56,700.00 - 37,460.78 - 39,043.54 -

b) Fcn inversinoa- 6,300.00 19,639.22 24,686.46 98,023.00

c) VANF S/ 76,195.85 proyecto viable

vm 17000
vl 42000
VR 27000

rf 3.50%
b 1.8
rm-rf 10%

capm 24.500%

saldo amo inter cuota Ef

1 56,700.00 32,301.08 7,938.00 S/ 40,239.08 2,778.30
2 24,398.92 36,823.23 3,415.85 40,239.08 1,195.55

a) WACC 8.40%
El FCLD se descuenta al WACC

Beta 1.4
Tasa Libre de Riesgo rf 2.0%
Prima de Riesgo (rm 12.0%
Riesgo país 2.5%
Tipo de interes rd 5.00%
I.Renta t 28.00%

COK 21.30% a)

62%
38%
Capital = 38.46% 100%
Deuda = 61.54%

WACC 10.41% b)

0 1 2 3
Optimista 15% - 250,000 50,000 50,000 50,000
Normal 70% - 250,000 45,000 45,000 45,000
Pesimista 15% - 250,000 10,000 10,000 10,000
D/V 1.6
E/V 1
2.6

4 5 6 7 8 9 10 11
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
 12 13 14 15 VANE
50,000 50,000 50,000 50,000 18,242
45,000 45,000 45,000 45,000 59,117
10,000 10,000 10,000 10,000 - 26,352

40,166