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1 VanTir.xls
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VALOR ACTUAL NETO

=VNA(E6;$C$7:$C$10)+$C$6

VAN
Ao Flujo Caja
1
-8500
2
1500
3
3,670
4
8,794
4
8,194
5
-8,194
Si alguno de los flujos de
caja intermedios no existe
se debe poner cero, no se
dabe dejar vacia la celda.

Tasa Dto.
0.0%
0.5%
1.0%
1.5%

VAN
5,464
5,329
5,196
5,064

8,000

2.0%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%

4,933
4,675
4,548
4,423
4,298
4,175
4,053
3,932
3,813
3,695
3,578
3,462
3,348
3,235
3,123
3,012
2,903
2,795
2,688
2,582
2,478
2,374
2,272
2,171
2,071
1,973

2,000

6,000
4,000

0
0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

-2,000
-4,000
-6,000
-8,000
La TIR se puede definir
como el tipo de inters que
hace el VAN = 0

TASA INTERNA DE RENTABILIDAD


TIR

26%

efectivo anual

En la frmula de la TIR no se indica en este caso la estimacin, ya


que no estamos en un caso de TIR mltiple.
Cuando se omite la estimacin, Excel la supone del 10%.

98390900.xls.ms_office

Pgina 3

VAN y TIR no peridicos


Dias
Dias
Acum.
0
0
105 105
138
33
259 121
434 175

Fecha

Flujo Caja

14-Oct-03
27-Jan-04
29-Feb-04
29-Jun-04
21-Dec-04

Dia Flujo Caja


0
-4,000
1
0
2
0
3
0
4
0
5
0
6
0
7
0
8
0
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

-4,000
1,200
1,100
1,000
900

Tasa
Dto.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%

200.00
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
20.5%
21.0%
21.5%
22.0%
22.5%
23.0%
23.5%
24.0%

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

VAN

250.00
200.00

150.00
100.00
50.00
0.00
0.0%

10.0%

20.0%

30.0%

-50.00

TIR NO PERIDICA
TIR
TIR Diaria
TIR Anual

#NAME?
0.02227%
8.4686%

38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
36.0%
36.5%
37.0%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
42.5%
43.0%
43.5%
44.0%
44.5%
45.0%
45.5%
46.0%
46.5%
47.0%
47.5%
48.0%
48.5%
49.0%
49.5%
50.0%
50.5%
51.0%
51.5%
52.0%

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

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

0
0
0
0
0
0
0
0
0
0
0
1200
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1100
0
0
0
0
0
0
0
0
0
0
0

52.5%
53.0%
53.5%
54.0%
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
57.5%
58.0%
58.5%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%
63.0%
63.5%
64.0%
64.5%
65.0%
65.5%
66.0%
66.5%
67.0%
67.5%
68.0%
68.5%
69.0%
69.5%
70.0%
70.5%
71.0%
71.5%
72.0%
72.5%
73.0%
73.5%
74.0%
74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
80.0%

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

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

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

80.5%
81.0%
81.5%
82.0%
82.5%
83.0%
83.5%
84.0%
84.5%
85.0%
85.5%
86.0%
86.5%
87.0%
87.5%
88.0%
88.5%
89.0%
89.5%
90.0%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
#####

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

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

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1000
0
0

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
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

430
431
432
433
434

0
0
0
0
900

VAN

30.0%

40.0%

50.0%

TIR NO PERIDICA
efectivo anual

efectivo anual

60.0%

70.0%

80.0%

90.0% 100.0%

TIRmultiple.xls

TIR MULTIPLE

Ao
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Flujo Caja
-365
200
200
200
200
200
-200
-200
-200
-200
-200
0
0
0
0
0
0
0
0
0
400

Tasa
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
20.5%
21.0%
21.5%
22.0%

VAN
35.00
21.29
9.93
0.61
-6.94
-12.97
-17.69
-21.27
-23.90
-25.70
-26.80
-27.32
-27.35
-26.98
-26.27
-25.30
-24.11
-22.77
-21.30
-19.75
-18.14
-16.51
-14.87
-13.25
-11.67
-10.13
-8.64
-7.23
-5.89
-4.63
-3.45
-2.37
-1.37
-0.47
0.33
1.04
1.65
2.17
2.60
2.94
3.18
3.34
3.42
3.41
3.32

TIR 1
TIR 2
TIR 3

1.537%
16.788%
26.000%

50.00

0.00
0.0%
-50.00

-100.00

-150.00

-200.00

20.0%

40.0%

22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
36.0%
36.5%
37.0%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
42.5%
43.0%
43.5%
44.0%
44.5%
45.0%
45.5%
46.0%
46.5%
47.0%
47.5%
48.0%

3.15
2.90
2.59
2.20
1.74
1.22
0.64
-0.00
-0.70
-1.45
-2.26
-3.11
-4.01
-4.96
-5.95
-6.98
-8.04
-9.14
-10.28
-11.45
-12.65
-13.88
-15.13
-16.41
-17.71
-19.03
-20.38
-21.74
-23.12
-24.52
-25.93
-27.36
-28.79
-30.24
-31.70
-33.17
-34.65
-36.13
-37.62
-39.12
-40.62
-42.13
-43.64
-45.15
-46.66
-48.18
-49.70
-51.21
-52.73
-54.24
-55.76
-57.27

48.5%
49.0%
49.5%
50.0%
50.5%
51.0%
51.5%
52.0%
52.5%
53.0%
53.5%
54.0%
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
57.5%
58.0%
58.5%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%
63.0%
63.5%
64.0%
64.5%
65.0%
65.5%
66.0%
66.5%
67.0%
67.5%
68.0%
68.5%
69.0%
69.5%
70.0%
70.5%
71.0%
71.5%
72.0%
72.5%
73.0%
73.5%
74.0%

-58.78
-60.29
-61.79
-63.29
-64.79
-66.28
-67.77
-69.26
-70.74
-72.21
-73.68
-75.14
-76.60
-78.05
-79.49
-80.93
-82.36
-83.79
-85.20
-86.61
-88.02
-89.41
-90.80
-92.18
-93.55
-94.92
-96.28
-97.62
-98.97
-100.30
-101.62
-102.94
-104.25
-105.55
-106.84
-108.13
-109.40
-110.67
-111.93
-113.18
-114.43
-115.66
-116.89
-118.10
-119.31
-120.52
-121.71
-122.89
-124.07
-125.24
-126.40
-127.55

74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
80.0%
80.5%
81.0%
81.5%
82.0%
82.5%
83.0%
83.5%
84.0%
84.5%
85.0%
85.5%
86.0%
86.5%
87.0%
87.5%
88.0%
88.5%
89.0%
89.5%
90.0%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%

-128.70
-129.83
-130.96
-132.08
-133.19
-134.30
-135.39
-136.48
-137.56
-138.64
-139.70
-140.76
-141.81
-142.85
-143.88
-144.91
-145.93
-146.94
-147.95
-148.95
-149.94
-150.92
-151.90
-152.86
-153.83
-154.78
-155.73
-156.67
-157.60
-158.53
-159.45
-160.36
-161.27
-162.17
-163.06
-163.95
-164.83
-165.71
-166.58
-167.44
-168.29
-169.14
-169.98
-170.82
-171.65
-172.48
-173.30
-174.11
-174.92
-175.72
-176.51
-177.30

VAN

40.0%

60.0%

80.0%

100.0%

TIR Multiple (caso de dos tir)


Ao Flujo Caja
0
-1,600
1
10,000
2
-10,000

Tasa Dto.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
11.00%
12.00%
13.00%
14.00%
15.00%
16.00%
17.00%
18.00%
19.00%
20.00%
21.00%
22.00%
23.00%
24.00%
25.00%
26.00%
27.00%
28.00%
29.00%
30.00%
31.00%
32.00%
33.00%
34.00%
35.00%
36.00%
37.00%
38.00%
39.00%
40.00%
41.00%
42.00%
43.00%
44.00%
45.00%
46.00%
47.00%
48.00%

VAN
-1,600.00
-1,501.97
-1,407.77
-1,317.22
-1,230.18
-1,146.49
-1,066.00
-988.59
-914.13
-842.49
-773.55
-707.22
-643.37
-581.91
-522.75
-465.78
-410.94
-358.13
-307.27
-258.29
-211.11
-165.67
-121.90
-79.74
-39.13
0.00
37.69
74.00
108.98
142.68
175.15
206.42
236.55
265.57
293.52
320.44
346.37
371.34
395.38
418.53
440.82
462.27
482.92
502.79
521.91
540.31
558.00
575.02
591.38

1,500.00
1,000.00

500.00
0.00
0.00%
-500.00
-1,000.00
-1,500.00
-2,000.00

TIR 1 25%
TIR 2 400%

200.00%

400.00%

49.00%
50.00%
51.00%
52.00%
53.00%
54.00%
55.00%
56.00%
57.00%
58.00%
59.00%
60.00%
61.00%
62.00%
63.00%
64.00%
65.00%
66.00%
67.00%
68.00%
69.00%
70.00%
71.00%
72.00%
73.00%
74.00%
75.00%
76.00%
77.00%
78.00%
79.00%
80.00%
81.00%
82.00%
83.00%
84.00%
85.00%
86.00%
87.00%
88.00%
89.00%
90.00%
91.00%
92.00%
93.00%
94.00%
95.00%
96.00%
97.00%
98.00%
99.00%
100.00%
101.00%
102.00%
103.00%
104.00%

607.11
622.22
636.74
650.69
664.09
676.94
689.28
701.12
712.47
723.35
733.77
743.75
753.30
762.44
771.18
779.54
787.51
795.12
802.38
809.30
815.88
822.15
828.10
833.75
839.11
844.18
848.98
853.51
857.79
861.81
865.59
869.14
872.45
875.55
878.43
881.10
883.56
885.84
887.92
889.81
891.53
893.07
894.45
895.66
896.71
897.61
898.36
898.96
899.42
899.74
899.94
900.00
899.94
899.75
899.45
899.04

105.00%
106.00%
107.00%
108.00%
109.00%
110.00%
111.00%
112.00%
113.00%
114.00%
115.00%
116.00%
117.00%
118.00%
119.00%
120.00%
121.00%
122.00%
123.00%
124.00%
125.00%
126.00%
127.00%
128.00%
129.00%
130.00%
131.00%
132.00%
133.00%
134.00%
135.00%
136.00%
137.00%
138.00%
139.00%
140.00%
141.00%
142.00%
143.00%
144.00%
145.00%
146.00%
147.00%
148.00%
149.00%
150.00%
151.00%
152.00%
153.00%
154.00%
155.00%
156.00%
157.00%
158.00%
159.00%
160.00%

898.51
897.88
897.14
896.30
895.36
894.33
893.21
891.99
890.69
889.30
887.83
886.28
884.66
882.96
881.18
879.34
877.43
875.45
873.41
871.30
869.14
866.91
864.63
862.30
859.91
857.47
854.98
852.44
849.85
847.22
844.55
841.83
839.07
836.27
833.43
830.56
827.64
824.70
821.72
818.70
815.66
812.59
809.48
806.35
803.19
800.00
796.79
793.55
790.29
787.00
783.70
780.37
777.02
773.66
770.27
766.86

161.00%
162.00%
163.00%
164.00%
165.00%
166.00%
167.00%
168.00%
169.00%
170.00%
171.00%
172.00%
173.00%
174.00%
175.00%
176.00%
177.00%
178.00%
179.00%
180.00%
181.00%
182.00%
183.00%
184.00%
185.00%
186.00%
187.00%
188.00%
189.00%
190.00%
191.00%
192.00%
193.00%
194.00%
195.00%
196.00%
197.00%
198.00%
199.00%
200.00%
201.00%
202.00%
203.00%
204.00%
205.00%
206.00%
207.00%
208.00%
209.00%
210.00%
211.00%
212.00%
213.00%
214.00%
215.00%
216.00%

763.44
760.00
756.55
753.08
749.59
746.09
742.58
739.05
735.51
731.96
728.40
724.83
721.24
717.65
714.05
710.44
706.82
703.19
699.56
695.92
692.27
688.62
684.96
681.29
677.62
673.95
670.27
666.59
662.90
659.22
655.52
651.83
648.13
644.44
640.74
637.03
633.33
629.63
625.93
622.22
618.52
614.82
611.11
607.41
603.71
600.01
596.31
592.61
588.92
585.22
581.53
577.84
574.16
570.47
566.79
563.11

217.00%
218.00%
219.00%
220.00%
221.00%
222.00%
223.00%
224.00%
225.00%
226.00%
227.00%
228.00%
229.00%
230.00%
231.00%
232.00%
233.00%
234.00%
235.00%
236.00%
237.00%
238.00%
239.00%
240.00%
241.00%
242.00%
243.00%
244.00%
245.00%
246.00%
247.00%
248.00%
249.00%
250.00%
251.00%
252.00%
253.00%
254.00%
255.00%
256.00%
257.00%
258.00%
259.00%
260.00%
261.00%
262.00%
263.00%
264.00%
265.00%
266.00%
267.00%
268.00%
269.00%
270.00%
271.00%
272.00%

559.44
555.77
552.10
548.44
544.78
541.12
537.47
533.82
530.18
526.54
522.90
519.27
515.65
512.03
508.41
504.80
501.20
497.60
494.01
490.42
486.84
483.26
479.69
476.12
472.57
469.01
465.47
461.93
458.39
454.86
451.34
447.83
444.32
440.82
437.32
433.83
430.35
426.88
423.41
419.95
416.49
413.05
409.61
406.17
402.75
399.33
395.92
392.51
389.12
385.73
382.34
378.97
375.60
372.24
368.89
365.55

273.00%
274.00%
275.00%
276.00%
277.00%
278.00%
279.00%
280.00%
281.00%
282.00%
283.00%
284.00%
285.00%
286.00%
287.00%
288.00%
289.00%
290.00%
291.00%
292.00%
293.00%
294.00%
295.00%
296.00%
297.00%
298.00%
299.00%
300.00%
301.00%
302.00%
303.00%
304.00%
305.00%
306.00%
307.00%
308.00%
309.00%
310.00%
311.00%
312.00%
313.00%
314.00%
315.00%
316.00%
317.00%
318.00%
319.00%
320.00%
321.00%
322.00%
323.00%
324.00%
325.00%
326.00%
327.00%
328.00%

362.21
358.88
355.56
352.24
348.93
345.63
342.34
339.06
335.78
332.51
329.25
326.00
322.75
319.51
316.28
313.06
309.85
306.64
303.44
300.25
297.07
293.89
290.72
287.56
284.41
281.27
278.13
275.00
271.88
268.77
265.66
262.56
259.47
256.39
253.32
250.25
247.19
244.14
241.10
238.06
235.03
232.01
229.00
226.00
223.00
220.01
217.03
214.06
211.09
208.14
205.19
202.24
199.31
196.38
193.46
190.55

329.00%
330.00%
331.00%
332.00%
333.00%
334.00%
335.00%
336.00%
337.00%
338.00%
339.00%
340.00%
341.00%
342.00%
343.00%
344.00%
345.00%
346.00%
347.00%
348.00%
349.00%
350.00%
351.00%
352.00%
353.00%
354.00%
355.00%
356.00%
357.00%
358.00%
359.00%
360.00%
361.00%
362.00%
363.00%
364.00%
365.00%
366.00%
367.00%
368.00%
369.00%
370.00%
371.00%
372.00%
373.00%
374.00%
375.00%
376.00%
377.00%
378.00%
379.00%
380.00%
381.00%
382.00%
383.00%
384.00%

187.65
184.75
181.86
178.98
176.10
173.24
170.38
167.53
164.68
161.85
159.02
156.20
153.38
150.58
147.78
144.99
142.20
139.43
136.66
133.90
131.14
128.40
125.66
122.92
120.20
117.48
114.77
112.07
109.37
106.68
104.00
101.32
98.66
96.00
93.34
90.70
88.06
85.42
82.80
80.18
77.57
74.97
72.37
69.78
67.20
64.62
62.05
59.49
56.93
54.38
51.84
49.31
46.78
44.26
41.74
39.23

385.00%
386.00%
387.00%
388.00%
389.00%
390.00%
391.00%
392.00%
393.00%
394.00%
395.00%
396.00%
397.00%
398.00%
399.00%
400.00%
401.00%
402.00%
403.00%
404.00%
405.00%
406.00%
407.00%
408.00%
409.00%
410.00%
411.00%
412.00%
413.00%
414.00%
415.00%
416.00%
417.00%
418.00%
419.00%
420.00%
421.00%
422.00%
423.00%
424.00%
425.00%
426.00%
427.00%
428.00%
429.00%
430.00%
431.00%
432.00%
433.00%
434.00%
435.00%
436.00%
437.00%
438.00%
439.00%
440.00%

36.73
34.24
31.75
29.27
26.79
24.32
21.86
19.41
16.96
14.52
12.08
9.65
7.23
4.81
2.40
0.00
-2.40
-4.79
-7.17
-9.55
-11.92
-14.29
-16.64
-19.00
-21.34
-23.68
-26.02
-28.34
-30.67
-32.98
-35.29
-37.59
-39.89
-42.18
-44.47
-46.75
-49.02
-51.29
-53.55
-55.80
-58.05
-60.29
-62.53
-64.76
-66.99
-69.21
-71.42
-73.63
-75.83
-78.03
-80.22
-82.40
-84.58
-86.75
-88.92
-91.08

441.00%
442.00%
443.00%
444.00%
445.00%
446.00%
447.00%
448.00%
449.00%
450.00%
451.00%
452.00%
453.00%
454.00%
455.00%
456.00%
457.00%
458.00%
459.00%
460.00%
461.00%
462.00%
463.00%
464.00%
465.00%
466.00%
467.00%
468.00%
469.00%
470.00%
471.00%
472.00%
473.00%
474.00%
475.00%
476.00%
477.00%
478.00%
479.00%
480.00%
481.00%
482.00%
483.00%
484.00%
485.00%
486.00%
487.00%
488.00%
489.00%
490.00%
491.00%
492.00%
493.00%
494.00%
495.00%
496.00%

-93.24
-95.39
-97.54
-99.68
-101.81
-103.94
-106.06
-108.18
-110.29
-112.40
-114.50
-116.59
-118.68
-120.77
-122.85
-124.92
-126.99
-129.05
-131.11
-133.16
-135.21
-137.25
-139.29
-141.32
-143.35
-145.37
-147.38
-149.39
-151.40
-153.40
-155.40
-157.39
-159.37
-161.35
-163.33
-165.30
-167.26
-169.22
-171.18
-173.13
-175.07
-177.01
-178.95
-180.88
-182.80
-184.72
-186.64
-188.55
-190.46
-192.36
-194.26
-196.15
-198.03
-199.92
-201.79
-203.67

497.00%
498.00%
499.00%
500.00%
501.00%
502.00%
503.00%
504.00%
505.00%
506.00%
507.00%
508.00%
509.00%
510.00%
511.00%
512.00%
513.00%
514.00%
515.00%
516.00%
517.00%
518.00%
519.00%
520.00%
521.00%
522.00%
523.00%
524.00%
525.00%
526.00%
527.00%
528.00%
529.00%
530.00%
531.00%
532.00%
533.00%
534.00%
535.00%
536.00%
537.00%
538.00%
539.00%
540.00%
541.00%
542.00%
543.00%
544.00%
545.00%
546.00%
547.00%
548.00%
549.00%
550.00%
551.00%
552.00%

-205.53
-207.40
-209.26
-211.11
-212.96
-214.81
-216.65
-218.48
-220.31
-222.14
-223.96
-225.78
-227.59
-229.40
-231.20
-233.00
-234.80
-236.59
-238.38
-240.16
-241.94
-243.71
-245.48
-247.24
-249.00
-250.76
-252.51
-254.26
-256.00
-257.74
-259.47
-261.20
-262.93
-264.65
-266.37
-268.08
-269.79
-271.50
-273.20
-274.89
-276.59
-278.28
-279.96
-281.64
-283.32
-284.99
-286.66
-288.32
-289.98
-291.64
-293.29
-294.94
-296.58
-298.22
-299.86
-301.49

553.00%
554.00%
555.00%
556.00%
557.00%
558.00%
559.00%
560.00%
561.00%
562.00%
563.00%
564.00%
565.00%
566.00%
567.00%
568.00%
569.00%
570.00%
571.00%
572.00%
573.00%
574.00%
575.00%
576.00%
577.00%
578.00%
579.00%
580.00%
581.00%
582.00%
583.00%
584.00%
585.00%
586.00%
587.00%
588.00%
589.00%
590.00%
591.00%
592.00%
593.00%
594.00%
595.00%
596.00%
597.00%
598.00%
599.00%
600.00%
601.00%
602.00%
603.00%
604.00%
605.00%
606.00%
607.00%
608.00%

-303.12
-304.75
-306.37
-307.99
-309.60
-311.21
-312.81
-314.42
-316.02
-317.61
-319.20
-320.79
-322.37
-323.95
-325.52
-327.10
-328.66
-330.23
-331.79
-333.35
-334.90
-336.45
-338.00
-339.54
-341.08
-342.61
-344.15
-345.67
-347.20
-348.72
-350.24
-351.75
-353.26
-354.77
-356.27
-357.77
-359.27
-360.76
-362.25
-363.74
-365.22
-366.70
-368.18
-369.65
-371.12
-372.59
-374.05
-375.51
-376.97
-378.42
-379.87
-381.31
-382.76
-384.20
-385.63
-387.07

609.00%
610.00%
611.00%
612.00%
613.00%
614.00%
615.00%
616.00%
617.00%
618.00%
619.00%
620.00%
621.00%
622.00%
623.00%
624.00%
625.00%
626.00%
627.00%
628.00%
629.00%
630.00%
631.00%
632.00%
633.00%
634.00%
635.00%
636.00%
637.00%
638.00%
639.00%
640.00%
641.00%
642.00%
643.00%
644.00%
645.00%
646.00%
647.00%
648.00%
649.00%
650.00%
651.00%
652.00%
653.00%
654.00%
655.00%
656.00%
657.00%
658.00%
659.00%
660.00%
661.00%
662.00%
663.00%
664.00%

-388.50
-389.92
-391.35
-392.77
-394.18
-395.60
-397.01
-398.41
-399.82
-401.22
-402.62
-404.01
-405.40
-406.79
-408.18
-409.56
-410.94
-412.32
-413.69
-415.06
-416.43
-417.79
-419.15
-420.51
-421.86
-423.21
-424.56
-425.91
-427.25
-428.59
-429.93
-431.26
-432.59
-433.92
-435.25
-436.57
-437.89
-439.21
-440.52
-441.83
-443.14
-444.44
-445.75
-447.05
-448.34
-449.64
-450.93
-452.22
-453.50
-454.78
-456.06
-457.34
-458.62
-459.89
-461.16
-462.42

665.00%
666.00%
667.00%
668.00%
669.00%
670.00%
671.00%
672.00%
673.00%
674.00%
675.00%
676.00%
677.00%
678.00%
679.00%
680.00%
681.00%
682.00%
683.00%
684.00%
685.00%
686.00%
687.00%
688.00%
689.00%
690.00%
691.00%
692.00%
693.00%
694.00%
695.00%
696.00%
697.00%
698.00%
699.00%
700.00%
701.00%
702.00%
703.00%
704.00%
705.00%
706.00%
707.00%
708.00%
709.00%
710.00%
711.00%
712.00%
713.00%
714.00%
715.00%
716.00%
717.00%
718.00%
719.00%
720.00%

-463.68
-464.95
-466.20
-467.46
-468.71
-469.96
-471.21
-472.45
-473.69
-474.93
-476.17
-477.40
-478.64
-479.86
-481.09
-482.31
-483.54
-484.75
-485.97
-487.18
-488.39
-489.60
-490.81
-492.01
-493.21
-494.41
-495.60
-496.80
-497.99
-499.17
-500.36
-501.54
-502.72
-503.90
-505.08
-506.25
-507.42
-508.59
-509.75
-510.92
-512.08
-513.24
-514.39
-515.55
-516.70
-517.85
-518.99
-520.14
-521.28
-522.42
-523.56
-524.69
-525.82
-526.96
-528.08
-529.21

721.00%
722.00%
723.00%
724.00%
725.00%
726.00%
727.00%
728.00%
729.00%
730.00%
731.00%
732.00%
733.00%
734.00%
735.00%
736.00%
737.00%
738.00%
739.00%
740.00%
741.00%
742.00%
743.00%
744.00%
745.00%
746.00%
747.00%
748.00%
749.00%
750.00%
751.00%
752.00%
753.00%
754.00%
755.00%
756.00%
757.00%
758.00%
759.00%
760.00%
761.00%
762.00%
763.00%
764.00%
765.00%
766.00%
767.00%
768.00%
769.00%
770.00%
771.00%
772.00%
773.00%
774.00%
775.00%
776.00%

-530.33
-531.45
-532.57
-533.69
-534.80
-535.91
-537.02
-538.13
-539.24
-540.34
-541.44
-542.54
-543.64
-544.73
-545.82
-546.91
-548.00
-549.08
-550.17
-551.25
-552.33
-553.40
-554.48
-555.55
-556.62
-557.69
-558.75
-559.82
-560.88
-561.94
-563.00
-564.05
-565.10
-566.15
-567.20
-568.25
-569.30
-570.34
-571.38
-572.42
-573.45
-574.49
-575.52
-576.55
-577.58
-578.61
-579.63
-580.65
-581.67
-582.69
-583.71
-584.72
-585.74
-586.75
-587.76
-588.76

777.00%
778.00%
779.00%
780.00%
781.00%
782.00%
783.00%
784.00%
785.00%
786.00%
787.00%
788.00%
789.00%
790.00%
791.00%
792.00%
793.00%
794.00%
795.00%
796.00%
797.00%
798.00%
799.00%
800.00%
801.00%
802.00%
803.00%
804.00%
805.00%
806.00%
807.00%
808.00%
809.00%
810.00%
811.00%
812.00%
813.00%
814.00%
815.00%
816.00%
817.00%
818.00%
819.00%
820.00%
821.00%
822.00%
823.00%
824.00%
825.00%
826.00%
827.00%
828.00%
829.00%
830.00%
831.00%
832.00%

-589.77
-590.77
-591.77
-592.77
-593.77
-594.76
-595.75
-596.74
-597.73
-598.72
-599.71
-600.69
-601.67
-602.65
-603.63
-604.60
-605.58
-606.55
-607.52
-608.49
-609.46
-610.42
-611.38
-612.35
-613.30
-614.26
-615.22
-616.17
-617.12
-618.07
-619.02
-619.97
-620.91
-621.86
-622.80
-623.74
-624.68
-625.61
-626.55
-627.48
-628.41
-629.34
-630.27
-631.19
-632.11
-633.04
-633.96
-634.88
-635.79
-636.71
-637.62
-638.53
-639.44
-640.35
-641.26
-642.16

833.00%
834.00%
835.00%
836.00%
837.00%
838.00%
839.00%
840.00%
841.00%
842.00%
843.00%
844.00%
845.00%
846.00%
847.00%
848.00%
849.00%
850.00%
851.00%
852.00%
853.00%
854.00%
855.00%
856.00%
857.00%
858.00%
859.00%
860.00%
861.00%
862.00%
863.00%
864.00%
865.00%
866.00%
867.00%
868.00%
869.00%
870.00%
871.00%
872.00%
873.00%
874.00%
875.00%
876.00%
877.00%
878.00%
879.00%
880.00%
881.00%
882.00%
883.00%
884.00%
885.00%
886.00%
887.00%
888.00%

-643.07
-643.97
-644.87
-645.77
-646.66
-647.56
-648.45
-649.34
-650.23
-651.12
-652.01
-652.89
-653.78
-654.66
-655.54
-656.42
-657.30
-658.17
-659.05
-659.92
-660.79
-661.66
-662.53
-663.39
-664.26
-665.12
-665.98
-666.84
-667.70
-668.56
-669.41
-670.26
-671.12
-671.97
-672.82
-673.66
-674.51
-675.35
-676.20
-677.04
-677.88
-678.72
-679.55
-680.39
-681.22
-682.05
-682.89
-683.72
-684.54
-685.37
-686.19
-687.02
-687.84
-688.66
-689.48
-690.30

889.00%
890.00%
891.00%
892.00%
893.00%
894.00%
895.00%
896.00%
897.00%
898.00%
899.00%
900.00%
901.00%
902.00%
903.00%
904.00%
905.00%
906.00%
907.00%
908.00%
909.00%
910.00%
911.00%
912.00%
913.00%
914.00%
915.00%
916.00%
917.00%
918.00%
919.00%
920.00%
921.00%
922.00%
923.00%
924.00%
925.00%
926.00%
927.00%
928.00%
929.00%
930.00%
931.00%
932.00%
933.00%
934.00%
935.00%
936.00%
937.00%
938.00%
939.00%
940.00%
941.00%
942.00%
943.00%
944.00%

-691.11
-691.93
-692.74
-693.55
-694.37
-695.17
-695.98
-696.79
-697.59
-698.40
-699.20
-700.00
-700.80
-701.60
-702.39
-703.19
-703.98
-704.77
-705.57
-706.36
-707.14
-707.93
-708.72
-709.50
-710.28
-711.06
-711.84
-712.62
-713.40
-714.18
-714.95
-715.72
-716.50
-717.27
-718.04
-718.80
-719.57
-720.34
-721.10
-721.86
-722.63
-723.39
-724.14
-724.90
-725.66
-726.41
-727.17
-727.92
-728.67
-729.42
-730.17
-730.92
-731.66
-732.41
-733.15
-733.89

945.00%
946.00%
947.00%
948.00%
949.00%
950.00%
951.00%
952.00%
953.00%
954.00%
955.00%
956.00%
957.00%
958.00%
959.00%
960.00%
961.00%
962.00%
963.00%
964.00%
965.00%
966.00%
967.00%
968.00%
969.00%
970.00%
971.00%
972.00%
973.00%
974.00%
975.00%
976.00%
977.00%
978.00%
979.00%
980.00%
981.00%
982.00%
983.00%
984.00%
985.00%
986.00%
987.00%
988.00%
989.00%
990.00%
991.00%
992.00%
993.00%
994.00%
995.00%
996.00%
997.00%
998.00%
999.00%
1000.00%

-734.64
-735.38
-736.11
-736.85
-737.59
-738.32
-739.06
-739.79
-740.52
-741.25
-741.98
-742.71
-743.43
-744.16
-744.88
-745.60
-746.32
-747.05
-747.76
-748.48
-749.20
-749.91
-750.63
-751.34
-752.05
-752.76
-753.47
-754.18
-754.89
-755.60
-756.30
-757.00
-757.71
-758.41
-759.11
-759.81
-760.51
-761.20
-761.90
-762.59
-763.29
-763.98
-764.67
-765.36
-766.05
-766.74
-767.42
-768.11
-768.79
-769.48
-770.16
-770.84
-771.52
-772.20
-772.88
-773.55

400.00%

600.00%

800.00%

1000.00%

Otro Caso de TIR Mltiple

Ao
0
1
2
3
4

TIR 1
TIR 2

Flujo Caja
-17
20
20
15
-40

4.35%
69.45%

TIR 1
TIR 2
TIR 3

TIR MODIFICADA

Ao Flujo Caja
0 -15,000
1
10,229
2
9,609
3
15,004
4
3,774
5
-9,709
6 -18,097
7
4,217
8
18,298
9 -12,041
10
-10
11
-7,500
12 -11,855
13 -12,070
14
-6,349
15
13,570
16
377
17 -10,068
18
16,642
19
1,609
20
10,859

Tasa
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
20.5%
21.0%
21.5%
22.0%

VAN
1,489.00
967.74
544.55
206.06
-59.46
-262.31
-411.53
-515.02
-579.73
-611.72
-616.30
-598.10
-561.15
-508.97
-444.61
-370.72
-289.60
-203.22
-113.28
-21.24
71.65
164.33
255.91
345.63
432.88
517.12
597.95
675.02
748.07
816.89
881.34
941.32
996.76
1,047.65
1,093.97
1,135.77
1,173.08
1,205.99
1,234.56
1,258.90
1,279.10
1,295.28
1,307.55
1,316.05
1,320.88

Ao
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Q+
0
10,229
9,609
15,004
3,774
0
0
4,217
18,298
0
0
0
0
0
0
13,570
377
0
16,642
1,609
10,859

1.88%
9.61%
40.13%
Q-15,000
0
0
0
0
-9,709
-18,097
0
0
-12,041
-10
-7,500
-11,855
-12,070
-6,349
0
0
-10,068
0
0
0

Tasa Descuento Gastos


Tasa Capitalizacin Ingresos
TIR Modificada

Valor Actual Gastos


Valor Final Ingresos
TIR Modificada

4,000

2,000

0
0.0%
-2,000

-4,000

-6,000

-8,000

-10,000

-12,000

20.0%

40.0%

22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
36.0%
36.5%
37.0%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
42.5%
43.0%
43.5%
44.0%
44.5%
45.0%
45.5%
46.0%
46.5%
47.0%
47.5%
48.0%

1,322.19
1,320.10
1,314.73
1,306.22
1,294.69
1,280.28
1,263.10
1,243.27
1,220.92
1,196.16
1,169.11
1,139.88
1,108.57
1,075.28
1,040.13
1,003.20
964.60
924.40
882.71
839.60
795.15
749.45
702.57
654.57
605.54
555.53
504.60
452.83
400.27
346.96
292.97
238.35
183.15
127.40
71.17
14.48
-42.62
-100.10
-157.91
-216.02
-274.41
-333.02
-391.85
-450.85
-510.01
-569.28
-628.66
-688.12
-747.63
-807.17
-866.73
-926.28

48.5%
49.0%
49.5%
50.0%
50.5%
51.0%
51.5%
52.0%
52.5%
53.0%
53.5%
54.0%
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
57.5%
58.0%
58.5%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%
63.0%
63.5%
64.0%
64.5%
65.0%
65.5%
66.0%
66.5%
67.0%
67.5%
68.0%
68.5%
69.0%
69.5%
70.0%
70.5%
71.0%
71.5%
72.0%
72.5%
73.0%
73.5%
74.0%

-985.80
-1,045.29
-1,104.71
-1,164.07
-1,223.34
-1,282.50
-1,341.55
-1,400.48
-1,459.27
-1,517.91
-1,576.38
-1,634.69
-1,692.82
-1,750.77
-1,808.52
-1,866.06
-1,923.40
-1,980.52
-2,037.41
-2,094.08
-2,150.51
-2,206.70
-2,262.64
-2,318.34
-2,373.78
-2,428.97
-2,483.89
-2,538.55
-2,592.94
-2,647.07
-2,700.92
-2,754.49
-2,807.79
-2,860.81
-2,913.54
-2,966.00
-3,018.17
-3,070.06
-3,121.66
-3,172.97
-3,224.00
-3,274.74
-3,325.19
-3,375.35
-3,425.22
-3,474.81
-3,524.10
-3,573.10
-3,621.82
-3,670.25
-3,718.39
-3,766.24

74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
80.0%
80.5%
81.0%
81.5%
82.0%
82.5%
83.0%
83.5%
84.0%
84.5%
85.0%
85.5%
86.0%
86.5%
87.0%
87.5%
88.0%
88.5%
89.0%
89.5%
90.0%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%

-3,813.80
-3,861.08
-3,908.07
-3,954.78
-4,001.20
-4,047.34
-4,093.19
-4,138.77
-4,184.06
-4,229.07
-4,273.81
-4,318.26
-4,362.45
-4,406.35
-4,449.99
-4,493.35
-4,536.43
-4,579.25
-4,621.80
-4,664.09
-4,706.11
-4,747.86
-4,789.35
-4,830.58
-4,871.55
-4,912.26
-4,952.72
-4,992.92
-5,032.86
-5,072.55
-5,112.00
-5,151.19
-5,190.13
-5,228.83
-5,267.29
-5,305.50
-5,343.47
-5,381.20
-5,418.70
-5,455.95
-5,492.97
-5,529.76
-5,566.32
-5,602.64
-5,638.74
-5,674.61
-5,710.25
-5,745.68
-5,780.87
-5,815.85
-5,850.61
-5,885.15

100.5%
101.0%
101.5%
102.0%
102.5%
103.0%
103.5%
104.0%
104.5%
105.0%
105.5%
106.0%
106.5%
107.0%
107.5%
108.0%
108.5%
109.0%
109.5%
110.0%
110.5%
111.0%
111.5%
112.0%
112.5%
113.0%
113.5%
114.0%
114.5%
115.0%
115.5%
116.0%
116.5%
117.0%
117.5%
118.0%
118.5%
119.0%
119.5%
120.0%
120.5%
121.0%
121.5%
122.0%
122.5%
123.0%
123.5%
124.0%
124.5%
125.0%
125.5%
126.0%

-5,919.47
-5,953.58
-5,987.48
-6,021.17
-6,054.64
-6,087.91
-6,120.97
-6,153.82
-6,186.47
-6,218.92
-6,251.17
-6,283.21
-6,315.06
-6,346.72
-6,378.18
-6,409.44
-6,440.51
-6,471.39
-6,502.08
-6,532.59
-6,562.91
-6,593.04
-6,622.99
-6,652.75
-6,682.34
-6,711.74
-6,740.97
-6,770.02
-6,798.90
-6,827.60
-6,856.12
-6,884.48
-6,912.66
-6,940.68
-6,968.53
-6,996.21
-7,023.73
-7,051.08
-7,078.27
-7,105.30
-7,132.16
-7,158.87
-7,185.42
-7,211.82
-7,238.05
-7,264.14
-7,290.07
-7,315.85
-7,341.47
-7,366.95
-7,392.28
-7,417.46

126.5%
127.0%
127.5%
128.0%
128.5%
129.0%
129.5%
130.0%
130.5%
131.0%
131.5%
132.0%
132.5%
133.0%
133.5%
134.0%
134.5%
135.0%
135.5%
136.0%
136.5%
137.0%
137.5%
138.0%
138.5%
139.0%
139.5%
140.0%
140.5%
141.0%
141.5%
142.0%
142.5%
143.0%
143.5%
144.0%
144.5%
145.0%
145.5%
146.0%
146.5%
147.0%
147.5%
148.0%
148.5%
149.0%
149.5%
150.0%
150.5%
151.0%
151.5%
152.0%

-7,442.50
-7,467.39
-7,492.13
-7,516.73
-7,541.19
-7,565.51
-7,589.69
-7,613.73
-7,637.63
-7,661.40
-7,685.03
-7,708.52
-7,731.88
-7,755.11
-7,778.21
-7,801.17
-7,824.01
-7,846.72
-7,869.30
-7,891.75
-7,914.08
-7,936.28
-7,958.35
-7,980.31
-8,002.14
-8,023.85
-8,045.44
-8,066.91
-8,088.26
-8,109.49
-8,130.61
-8,151.61
-8,172.49
-8,193.26
-8,213.92
-8,234.46
-8,254.90
-8,275.22
-8,295.43
-8,315.53
-8,335.52
-8,355.41
-8,375.18
-8,394.85
-8,414.42
-8,433.88
-8,453.24
-8,472.49
-8,491.64
-8,510.69
-8,529.64
-8,548.48

152.5%
153.0%
153.5%
154.0%
154.5%
155.0%
155.5%
156.0%
156.5%
157.0%
157.5%
158.0%
158.5%
159.0%
159.5%
160.0%
160.5%
161.0%
161.5%
162.0%
162.5%
163.0%
163.5%
164.0%
164.5%
165.0%
165.5%
166.0%
166.5%
167.0%
167.5%
168.0%
168.5%
169.0%
169.5%
170.0%
170.5%
171.0%
171.5%
172.0%
172.5%
173.0%
173.5%
174.0%
174.5%
175.0%
175.5%
176.0%
176.5%
177.0%
177.5%
178.0%

-8,567.23
-8,585.88
-8,604.43
-8,622.88
-8,641.24
-8,659.50
-8,677.66
-8,695.73
-8,713.71
-8,731.59
-8,749.38
-8,767.07
-8,784.68
-8,802.19
-8,819.62
-8,836.95
-8,854.20
-8,871.36
-8,888.43
-8,905.41
-8,922.30
-8,939.11
-8,955.84
-8,972.48
-8,989.04
-9,005.51
-9,021.90
-9,038.21
-9,054.43
-9,070.58
-9,086.64
-9,102.62
-9,118.53
-9,134.35
-9,150.10
-9,165.77
-9,181.36
-9,196.87
-9,212.31
-9,227.67
-9,242.96
-9,258.17
-9,273.31
-9,288.37
-9,303.36
-9,318.28
-9,333.13
-9,347.90
-9,362.60
-9,377.23
-9,391.79
-9,406.28

178.5%
179.0%
179.5%
180.0%
180.5%
181.0%
181.5%
182.0%
182.5%
183.0%
183.5%
184.0%
184.5%
185.0%
185.5%
186.0%
186.5%
187.0%
187.5%
188.0%
188.5%
189.0%
189.5%
190.0%
190.5%
191.0%
191.5%
192.0%
192.5%
193.0%
193.5%
194.0%
194.5%
195.0%
195.5%
196.0%
196.5%
197.0%
197.5%
198.0%
198.5%
199.0%
199.5%
200.0%

-9,420.70
-9,435.06
-9,449.34
-9,463.56
-9,477.70
-9,491.78
-9,505.80
-9,519.75
-9,533.63
-9,547.44
-9,561.19
-9,574.88
-9,588.50
-9,602.06
-9,615.56
-9,628.99
-9,642.36
-9,655.67
-9,668.91
-9,682.10
-9,695.22
-9,708.28
-9,721.29
-9,734.23
-9,747.11
-9,759.94
-9,772.71
-9,785.41
-9,798.06
-9,810.66
-9,823.19
-9,835.67
-9,848.09
-9,860.46
-9,872.77
-9,885.03
-9,897.23
-9,909.37
-9,921.46
-9,933.50
-9,945.48
-9,957.41
-9,969.29
-9,981.12

8%
10%
9.3498%

56,285.27
336,321.08
9.3498%

VAN

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

TIRmodificada

TIR MODIFICADA

Ao Flujo Caja
0 -15,000
1
10,229
2
9,609
3
15,004
4
3,774
5
-9,709
6 -18,097
7
4,217
8
18,298
9 -12,041
10
-10
11
-7,500
12 -11,855
13 -12,070
14
-6,349
15
13,570
16
377
17 -10,068
18
16,642
19
1,609
20
10,859

Interseccin de Fisher
Year
0
1
2
3
4
IRR

Project A
-1000
500
400
300
100
14.49%

Project B
-1000
100
300
400
600
11.79%

Difference
0
-400
-100
100
500
7.17%

NPV(A)

NPV(B)

0.00%

300.00

400.00

0.50%

287.11

378.73

1.00%

274.44

357.92

1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%
10.50%
11.00%
11.50%
12.00%
12.50%
13.00%
13.50%
14.00%
14.50%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
18.00%
18.50%
19.00%
19.50%
20.00%
20.50%
21.00%
21.50%
22.00%
22.50%
23.00%
23.50%
24.00%

261.99
249.74
237.71
225.87
214.22
202.77
191.51
180.42
169.52
158.79
148.23
137.84
127.62
117.55
107.64
97.89
88.28
78.82
69.50
60.33
51.29
42.39
33.62
24.98
16.47
8.08
-0.18
-8.33
-16.36
-24.27
-32.08
-39.77
-47.35
-54.83
-62.20
-69.47
-76.65
-83.72
-90.70
-97.58
-104.37
-111.07
-117.68
-124.20
-130.63
-136.98

337.56
317.63
298.12
279.02
260.31
242.00
224.07
206.50
189.30
172.44
155.93
139.75
123.89
108.35
93.11
78.18
63.53
49.18
35.10
21.29
7.75
-5.53
-18.56
-31.35
-43.89
-56.20
-68.28
-80.14
-91.78
-103.21
-114.42
-125.44
-136.25
-146.87
-157.30
-167.55
-177.61
-187.50
-197.21
-206.76
-216.14
-225.35
-234.41
-243.31
-252.06
-260.67

24.50%
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%
32.00%
32.50%
33.00%
33.50%
34.00%
34.50%
35.00%
35.50%
36.00%
36.50%
37.00%
37.50%
38.00%
38.50%
39.00%
39.50%
40.00%
40.50%
41.00%
41.50%
42.00%
42.50%
43.00%
43.50%
44.00%
44.50%
45.00%
45.50%
46.00%
46.50%
47.00%
47.50%
48.00%
48.50%
49.00%
49.50%
50.00%

-143.25
-149.44
-155.55
-161.58
-167.53
-173.40
-179.20
-184.93
-190.59
-196.17
-201.69
-207.14
-212.52
-217.83
-223.08
-228.27
-233.39
-238.46
-243.46
-248.40
-253.28
-258.11
-262.88
-267.60
-272.26
-276.86
-281.42
-285.92
-290.37
-294.77
-299.11
-303.42
-307.67
-311.87
-316.03
-320.14
-324.21
-328.23
-332.21
-336.15
-340.04
-343.90
-347.71
-351.48
-355.21
-358.90
-362.55
-366.16
-369.74
-373.28
-376.78
-380.25

-269.12
-277.44
-285.62
-293.66
-301.57
-309.34
-316.99
-324.52
-331.92
-339.20
-346.37
-353.42
-360.36
-367.19
-373.91
-380.52
-387.03
-393.44
-399.75
-405.96
-412.08
-418.10
-424.03
-429.87
-435.62
-441.29
-446.87
-452.37
-457.78
-463.12
-468.37
-473.55
-478.66
-483.69
-488.64
-493.53
-498.34
-503.09
-507.77
-512.38
-516.93
-521.41
-525.83
-530.19
-534.49
-538.72
-542.90
-547.03
-551.09
-555.10
-559.06
-562.96

El VAN de dos proyectos se cruza


600.00
400.00

Fisher
Intersection

200.00
0.00
-200.00

0%

10%

20%

30%

-400.00
-600.00
-800.00
Tasa de descuento

40%

50%

NPV(A)

50%

NPV(B)

Determinar la Interseccin de Fisher


Year
0
1
2
3

Project A

Project B

-1200

-1200

1000

100

500

600

100

1080