www.excelavanzado.

com

Excel Avanzado

www.excelavanzado.com
Adolfo Aparicio

com

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A
B
VanTir.xls

VALOR ACTUAL NETO

Ao
0
1
2
3
4

Flujo Caja
-4,000
1,400
1,300
1,200
1,100

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%
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%

VAN
1,000
941
882
825
769
714
660
607
555
504
454
405
357
309
263
217
172
128
84
42
0
-41
-82
-121
-160
-199
-237
-274
-310
-346
-382

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

VAN

1,500
1,000
500
0
0.0%
(500)

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

(1,000)
(1,500)
(2,000)
(2,500)
(3,000)
La TIR se puede definir
como el tipo de inters
que hace el VAN = 0

TASA INTERNA DE RENTABILIDAD

TIR

10%

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%.

294513890.xlsx

Pgina 3

C9:

Si alguno de los flujos de caja intermedios no existe se debe poner cero, no se dabe dejar vacia la celda.

F6:

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

F26:

La TIR se puede definir como el tipo de inters que hace el VAN = 0

K27:

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%.

294513890.xlsx

Pgina 4

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

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
187.35
174.82
162.39
150.08
137.88
125.78
113.78
101.89
90.10
78.41
66.83
55.34
43.94
32.64
21.44
10.33
-0.69
-11.62
-22.46

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%

-33.21
-43.87
-54.45
-64.95
-75.36
-85.68
-95.93
-106.10
-116.18
-126.19
-136.12
-145.97
-155.75
-165.45
-175.08
-184.64
-194.12
-203.53
-212.87
-222.15
-231.35
-240.49
-249.56
-258.56
-267.50
-276.37
-285.18
-293.92

VAN

VAN

400.00
200.00

0.00
0.0% 10.0% 20.0% 30.0% 40.0% 50.0
(200.00)
(400.00)
(600.00)
(800.00)
(1,000.00)
(1,200.00)
(1,400.00)

TIR NO PERIDICA
TIR
TIR Diaria
TIR Anual

8.4686%
0.02227%
8.4686%

37
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42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
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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

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

24.0%
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%

-302.61
-311.23
-319.79
-328.29
-336.73
-345.11
-353.43
-361.69
-369.90
-378.05
-386.15
-394.19
-402.17
-410.10
-417.98
-425.81
-433.58
-441.30
-448.97
-456.59
-464.16
-471.68
-479.15
-486.57
-493.94
-501.27
-508.55
-515.78
-522.97
-530.11
-537.20
-544.26
-551.26
-558.22
-565.14
-572.02
-578.85
-585.65
-592.40
-599.11
-605.77
-612.40
-618.99
-625.54
-632.05
-638.52
-644.95
-651.34
-657.70
-664.02
-670.30
-676.54
-682.75
-688.92

91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144

0
0
0
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

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%
74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%

-695.06
-701.16
-707.22
-713.25
-719.25
-725.21
-731.14
-737.04
-742.90
-748.73
-754.53
-760.29
-766.02
-771.72
-777.39
-783.03
-788.64
-794.22
-799.76
-805.28
-810.76
-816.22
-821.65
-827.05
-832.42
-837.76
-843.07
-848.36
-853.62
-858.85
-864.05
-869.22
-874.37
-879.49
-884.59
-889.66
-894.70
-899.72
-904.71
-909.68
-914.62
-919.54
-924.43
-929.30
-934.14
-938.96
-943.75
-948.53
-953.27
-958.00
-962.70
-967.38
-972.03
-976.67

145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198

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

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%

-981.28
-985.86
-990.43
-994.97
-999.50
-1,004.00
-1,008.48
-1,012.93
-1,017.37
-1,021.79
-1,026.18
-1,030.56
-1,034.91
-1,039.24
-1,043.56
-1,047.85
-1,052.13
-1,056.38
-1,060.61
-1,064.83
-1,069.02
-1,073.20
-1,077.36
-1,081.50
-1,085.62
-1,089.72
-1,093.80
-1,097.87
-1,101.91
-1,105.94
-1,109.95
-1,113.95
-1,117.92
-1,121.88
-1,125.82
-1,129.74
-1,133.65
-1,137.54
-1,141.41
-1,145.27
-1,149.11
-1,152.93
-1,156.73
-1,160.52
-1,164.30

199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252

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

253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306

0
0
0
0
0
0
1000
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

307
308
309
310
311
312
313
314
315
316
317
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

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

361
362
363
364
365
366
367
368
369
370
371
372
373
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

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

415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
900

VAN

20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

La frmula TIR.NO.PER
siempre da la TIR
anual.

NO PERIDICA
efectivo anual

efectivo anual

Es necesario poner
una estimacin muy
pequea pq sino da
error.
La frmula TIR dar
una TIR mensual si los
periodos son meses,
dar una TIR diaria si
lo periodos son das, o
dar una TIR anual si
los periodos son aos.

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%

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

TIR 1
TIR 2
TIR 3

1.537%
16.788%
26.000%

VAN

50.00

0.00
0.0%
(50.00)

(100.00)

(150.00)

(200.00)

20.0%

40.0%

60.0%

21.5%
22.0%
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%

3.41
3.32
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

46.5%
47.0%
47.5%
48.0%
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%

-52.73
-54.24
-55.76
-57.27
-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

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%
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%

-121.71
-122.89
-124.07
-125.24
-126.40
-127.55
-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

96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%

-171.65
-172.48
-173.30
-174.11
-174.92
-175.72
-176.51
-177.30

20.0%

VAN

40.0%

60.0%

80.0%

100.0%

TIR Multiple (caso de dos tir)

Ao
0
1
2

Flujo Caja
-1,600
10,000
-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%

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

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
TIR 2

25%
400%

200.00%

400.00%

600.00%

48.00%
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%

591.38
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

102.00%
103.00%
104.00%
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%

899.75
899.45
899.04
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

156.00%
157.00%
158.00%
159.00%
160.00%
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%

780.37
777.02
773.66
770.27
766.86
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

210.00%
211.00%
212.00%
213.00%
214.00%
215.00%
216.00%
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%

585.22
581.53
577.84
574.16
570.47
566.79
563.11
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

264.00%
265.00%
266.00%
267.00%
268.00%
269.00%
270.00%
271.00%
272.00%
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%

392.51
389.12
385.73
382.34
378.97
375.60
372.24
368.89
365.55
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

318.00%
319.00%
320.00%
321.00%
322.00%
323.00%
324.00%
325.00%
326.00%
327.00%
328.00%
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%

220.01
217.03
214.06
211.09
208.14
205.19
202.24
199.31
196.38
193.46
190.55
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

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%
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%

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
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

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%
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%

-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
-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

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%
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%

-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
-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

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%
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%

-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
-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

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%
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%

-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
-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

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%
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%

-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
-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

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%
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%

-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
-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

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%
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%

-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
-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

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%
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%

-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
-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

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%
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%

-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
-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

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%
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%

-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
-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

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%

-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%

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

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
Err:518
Err:518
Err:518
Err:518
-9,709
-18,097
Err:518
Err:518
-12,041
-10
-7,500
-11,855
-12,070
-6,349
Err:518
Err:518
-10,068
Err:518
Err:518
Err:518

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%

60.0%

22.0%
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%

1,320.88
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

47.0%
47.5%
48.0%
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%

-807.17
-866.73
-926.28
-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

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%
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%

-3,573.10
-3,621.82
-3,670.25
-3,718.39
-3,766.24
-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

97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%
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%

-5,674.61
-5,710.25
-5,745.68
-5,780.87
-5,815.85
-5,850.61
-5,885.15
-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

122.0%
122.5%
123.0%
123.5%
124.0%
124.5%
125.0%
125.5%
126.0%
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%

-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
-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

147.0%
147.5%
148.0%
148.5%
149.0%
149.5%
150.0%
150.5%
151.0%
151.5%
152.0%
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%

-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
-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

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%
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%

-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
-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

197.0%
197.5%
198.0%
198.5%
199.0%
199.5%
200.0%

-9,909.37
-9,921.46
-9,933.50
-9,945.48
-9,957.41
-9,969.29
-9,981.12

Lo que cambia entre

las tres TIR es la
estimacin.

8%
10%
9.3498%

Tir Modificada
calculada con TIRM

56,285.27
336,321.08
9.3498%

Tir Modificada calculada

acudiendo al concepto

VAN

20.0%

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 Difference
-1000
0
100
-400
300
-100
400
100
600
500
11.79%

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%

261.99

337.56

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%

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

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

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%
30.00%
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%

-130.63
-136.98
-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

-252.06
-260.67
-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
0%
(200.00)

10%

20%

30%

(400.00)
(600.00)
(800.00)
Tasa de descuento

40%

50%

NPV(
A)

50%

NPV(
A)

Determinar la Interseccin de Fisher

Year
0
1
2
3

Project A

Project B

-1200

-1200

1000

100

500

600

100

1080