PRACTICA CALIFICADA 01

Portafolios
Acción
Rentabilidad
Ponderación
Varianza

Matriz de Coeficientes de Correlación

A
A 1
B
C
D

Rentabilidad ALFA
(a) R alfa : 13.95%

Varianza ALFA
VAR alfa : 0.0020905

Riesgo ALFA
(b) D.Est. alfa : 4.57%

(c) El portafolio más eficiente es OMEGA, que pose

 ALFA OMEGA Año ALICORC1 (X)
A B C D 1 2012 7%
12% 15% 10% 17% 2 2013 2%
35% 65% 65% 35% 3 2014 -9%
0.0025 0.0081 0.0016 0.0064 4 2015 6%
5 2016 9%
cientes de Correlación Media 3.00%
B C D
-0.8 -0.85 -0.95
1 0.75 0.7
1 -0.85 W alicorp
1 W graña
Covarianza (X,Y)
Variación Rentabilidad OMEGA
12% R omega : 12.45% Rentabilidad portafolio:

Varianza OMEGA Varianza portafolio :

VAR omega : 0.0002224
Riesgo del portafolio :
Riesgo OMEGA
207% D.Est. omega : 1.49%

s eficiente es OMEGA, que posee un menor riesgo y uan rentabilidad similar al portfolio ALFA.
 GRAMONC1 (Y) (X - Xm) (X - Xm)^2 (Y - Ym) (Y - Ym)^2
5% 4.00% 0.00160 2.600% 0.000676
2% -1.00% 0.00010 -0.400% 0.000016
-10% -12.00% 0.01440 -12.400% 0.015376
5% 3.00% 0.00090 2.600% 0.000676
10% 6.00% 0.00360 7.600% 0.005776
2.40% 0.02060 0.022520
Varianza (X) 0.00515 Varianza (Y) 0.00563
Des.Estand. (X) 7.18% Des.Estand. (Y) 7.50%

0.35
0.65
0.0006685

ilidad portafolio: 2.61%

a portafolio : 0.0033137

del portafolio : 5.76%

PRACTICA CALIFICADA 02
PRACTICA CALIFICADA 03
Ahorros en Fondos Mutuos 180,000.00
Tasa Rentab. FFMM 5.90%

Años 0 1 2 3 4
Inversión -55,000 -35,000
Ingresos 10,000 35,000 35,000
Egresos -3,000 -12,000 -12,000
Venta Negocio 25,000
FLUJO -55,000 -35,000 7,000 23,000 48,000
Factor= 1/(1+R)^n 1 0.9443 0.8917 0.8420 0.7951

Valor Actual -55,000 -33,050 6,242 19,366 38,164

VAN -24,278 No debe efectuarse el proyecto

 Cantidad Monto
Fecha
Apertura Cierre Máxima Mínima Promedio
cotización Negociada Negociado (S/.)

12/30/2016 0.73 0.72 0.73 0.72 0.72 1,591,228.00 1,152,394.66

12/29/2016 0.74 0.73 0.74 0.73 0.73 1,326,980.00 971,355.65
12/28/2016 0.73 0.74 0.74 0.73 0.74 1,050,408.00 776,180.59
12/27/2016 0.73 0.73 0.73 0.72 0.72 1,450,160.00 1,046,899.10
12/26/2016 0.73 0.73 0.74 0.73 0.73 236,180.00 172,675.40
12/23/2016 0.73 0.73 0.73 0.72 0.73 225,515.00 164,568.62
12/22/2016 0.73 0.73 0.74 0.73 0.73 20,881,783.00 15,259,959.71
12/21/2016 0.71 0.73 0.73 0.71 0.72 10,519,681.00 7,568,454.00
12/20/2016 0.71 0.71 0.72 0.71 0.71 9,453,168.00 6,712,519.27
12/19/2016 0.72 0.71 0.72 0.7 0.71 2,312,300.00 1,635,998.30
12/16/2016 0.73 0.72 0.73 0.71 0.72 8,933,293.00 6,423,882.62
12/15/2016 0.73 0.73 0.74 0.72 0.73 6,019,216.00 4,382,596.58
12/14/2016 0.74 0.75 0.76 0.74 0.75 2,975,560.00 2,238,988.34
12/13/2016 0.76 0.75 0.76 0.74 0.75 2,529,677.00 1,898,532.22
12/12/2016 0.72 0.75 0.77 0.72 0.75 4,447,506.00 3,340,802.49
12/9/2016 0.71 0.72 0.72 0.71 0.71 3,236,263.00 2,304,692.00
12/7/2016 0.7 0.71 0.71 0.7 0.7 2,839,522.00 1,995,850.40
12/6/2016 0.7 0.69 0.7 0.69 0.69 3,696,063.00 2,551,878.20
12/5/2016 0.69 0.7 0.7 0.69 0.69 625,072.00 431,799.68
12/2/2016 0.69 0.7 0.7 0.69 0.69 2,522,716.00 1,741,441.54
12/1/2016 0.69 0.7 0.7 0.69 0.69 1,931,466.00 1,333,576.69
11/30/2016 0.7 0.68 0.7 0.68 0.69 2,053,428.00 1,414,841.99
11/29/2016 0.69 0.7 0.7 0.67 0.69 1,098,365.00 753,188.44
11/28/2016 0.69 0.7 0.7 0.69 0.7 4,905,833.00 3,428,571.10
11/25/2016 0.68 0.68 0.7 0.68 0.7 28,559,188.00 19,954,320.80
11/24/2016 0.64 0.67 0.67 0.64 0.66 5,478,844.00 3,641,329.43
11/23/2016 0.63 0.64 0.64 0.63 0.64 1,072,437.00 681,310.51
11/22/2016 0.63 0.63 0.64 0.62 0.63 1,174,616.00 740,111.58
11/21/2016 0.65 0.63 0.65 0.63 0.64 1,501,856.00 954,932.61
11/16/2016 0.64 0.65 0.65 0.64 0.65 1,581,637.00 1,027,404.71
11/15/2016 0.64 0.64 0.67 0.64 0.66 3,021,549.00 1,981,790.06
11/14/2016 0.63 0.67 0.68 0.63 0.67 8,782,882.00 5,869,289.70
11/11/2016 0.65 0.63 0.66 0.63 0.64 3,954,960.00 2,535,072.43
11/10/2016 0.61 0.64 0.65 0.61 0.64 3,612,384.00 2,305,215.36
11/9/2016 0.61 0.59 0.61 0.59 0.6 4,434,865.00 2,641,650.16
11/8/2016 0.6 0.61 0.61 0.6 0.61 2,846,042.00 1,733,867.62
11/7/2016 0.61 0.61 0.61 0.6 0.61 1,306,947.00 793,020.28
11/4/2016 0.61 0.61 0.62 0.61 0.61 643,345.00 394,190.45
11/3/2016 0.61 0.61 0.61 0.6 0.61 1,263,400.00 770,074.00
11/2/2016 0.62 0.6 0.62 0.6 0.61 1,962,474.00 1,192,766.13
10/31/2016 0.63 0.62 0.63 0.62 0.63 3,956,807.00 2,480,712.09
10/28/2016 0.62 0.62 0.63 0.61 0.62 3,744,398.00 2,325,650.69
10/27/2016 0.62 0.62 0.62 0.61 0.62 3,298,224.00 2,044,745.38
10/26/2016 0.62 0.62 0.62 0.61 0.62 607,668.00 374,097.73
10/25/2016 0.62 0.62 0.64 0.62 0.62 5,636,310.00 3,514,724.43
10/24/2016 0.62 0.62 0.62 0.61 0.62 540,098.00 334,102.14
10/21/2016 0.63 0.62 0.63 0.61 0.62 949,400.00 591,233.00
10/20/2016 0.63 0.63 0.64 0.63 0.63 1,451,176.00 916,025.88
10/19/2016 0.63 0.64 0.64 0.63 0.64 4,484,253.00 2,850,691.18

10/28/2016 0.62 0.62 0.63 0.61 0.62 3,744,398.00 2,325,650.69

10/27/2016 0.62 0.62 0.62 0.61 0.62 3,298,224.00 2,044,745.38
10/26/2016 0.62 0.62 0.62 0.61 0.62 607,668.00 374,097.73
10/25/2016 0.62 0.62 0.64 0.62 0.62 5,636,310.00 3,514,724.43
10/24/2016 0.62 0.62 0.62 0.61 0.62 540,098.00 334,102.14
10/21/2016 0.63 0.62 0.63 0.61 0.62 949,400.00 591,233.00
10/20/2016 0.63 0.63 0.64 0.63 0.63 1,451,176.00 916,025.88
10/19/2016 0.63 0.64 0.64 0.63 0.64 4,484,253.00 2,850,691.18
10/18/2016 0.61 0.62 0.62 0.61 0.62 2,441,264.00 1,502,016.52
10/17/2016 0.6 0.6 0.6 0.6 0.6 828,159.00 496,895.40
10/14/2016 0.6 0.6 0.61 0.6 0.6 3,830,779.00 2,300,932.40
10/13/2016 0.6 0.6 0.6 0.6 0.6 1,189,451.00 713,670.60
10/12/2016 0.6 0.6 0.6 0.6 0.6 198,000.00 118,800.00
10/11/2016 0.61 0.6 0.61 0.6 0.6 605,300.00 365,453.00
10/10/2016 0.61 0.61 0.61 0.6 0.6 2,235,498.00 1,350,618.97
10/7/2016 0.6 0.61 0.61 0.6 0.61 461,682.00 279,479.40
10/6/2016 0.59 0.59 0.59 0.59 0.59 740,723.00 437,026.57
10/5/2016 0.6 0.6 0.6 0.59 0.6 1,285,517.00 771,174.79
10/4/2016 0.61 0.6 0.61 0.6 0.6 3,608,698.00 2,179,062.95
10/3/2016 0.62 0.62 0.63 0.62 0.62 806,093.00 500,397.66
9/30/2016 0.63 0.62 0.63 0.62 0.62 352,220.00 219,869.92
9/29/2016 0.62 0.62 0.62 0.62 0.62 1,635,648.00 1,014,101.76
9/28/2016 0.62 0.62 0.62 0.61 0.62 511,512.00 316,119.64
9/27/2016 0.62 0.62 0.62 0.62 0.62 2,074,000.00 1,285,880.00
9/26/2016 0.63 0.63 0.63 0.62 0.63 183,691.00 115,312.52
9/23/2016 0.63 0.63 0.64 0.63 0.63 261,312.00 164,853.56
9/22/2016 0.65 0.64 0.65 0.64 0.64 6,515,207.00 4,173,751.56
9/21/2016 0.64 0.64 0.64 0.64 0.64 2,332,840.00 1,492,989.55
9/20/2016 0.64 0.64 0.64 0.63 0.64 1,198,400.00 766,616.00
9/19/2016 0.64 0.64 0.64 0.64 0.64 541,210.00 346,374.40
9/16/2016 0.62 0.64 0.64 0.62 0.63 705,280.00 442,321.00
9/15/2016 0.63 0.63 0.63 0.63 0.63 317,184.00 199,825.85
9/14/2016 0.64 0.64 0.64 0.63 0.64 375,004.00 239,811.33
9/13/2016 0.64 0.63 0.64 0.62 0.63 2,378,442.00 1,489,020.36
9/12/2016 0.62 0.64 0.64 0.62 0.63 1,315,850.00 822,792.30
9/9/2016 0.66 0.64 0.66 0.64 0.65 572,135.00 369,242.30
9/8/2016 0.67 0.66 0.67 0.66 0.66 379,415.00 250,853.75
9/7/2016 0.67 0.67 0.67 0.66 0.67 942,175.00 629,100.11
9/6/2016 0.66 0.67 0.67 0.66 0.67 2,929,334.00 1,957,381.49
9/5/2016 0.66 0.66 0.66 0.66 0.66 1,221,360.00 806,097.60
9/2/2016 0.65 0.65 0.66 0.64 0.65 1,942,370.00 1,261,276.19
9/1/2016 0.63 0.64 0.64 0.62 0.63 2,027,202.00 1,277,370.88
8/31/2016 0.62 0.65 0.65 0.61 0.64 4,059,612.00 2,593,211.13
8/29/2016 0.63 0.62 0.63 0.62 0.63 626,897.00 392,748.79
8/26/2016 0.63 0.63 0.64 0.63 0.64 1,892,394.00 1,202,734.76
8/25/2016 0.63 0.63 0.63 0.6 0.62 6,361,430.00 3,916,797.11
8/24/2016 0.65 0.63 0.65 0.63 0.64 2,276,162.00 1,445,496.66
8/23/2016 0.66 0.66 0.66 0.65 0.65 1,027,884.00 671,496.34
8/22/2016 0.65 0.65 0.66 0.64 0.65 2,239,137.00 1,452,925.98
8/19/2016 0.67 0.66 0.67 0.66 0.66 1,693,961.00 1,121,724.61
8/18/2016 0.67 0.67 0.67 0.67 0.67 716,366.00 480,022.22
8/17/2016 0.67 0.66 0.68 0.66 0.67 1,204,497.00 807,730.35
8/16/2016 0.68 0.67 0.68 0.67 0.67 624,518.00 419,111.35
8/15/2016 0.68 0.67 0.68 0.67 0.67 1,412,253.00 947,768.99
8/12/2016 0.68 0.68 0.68 0.67 0.68 2,687,791.00 1,826,572.81
8/11/2016 0.69 0.69 0.69 0.68 0.69 4,163,834.00 2,865,660.80
8/10/2016 0.68 0.68 0.69 0.68 0.69 1,826,353.00 1,257,760.57
8/9/2016 0.68 0.68 0.68 0.68 0.68 2,437,960.00 1,657,744.68
8/8/2016 0.68 0.68 0.68 0.67 0.68 125,401.00 84,949.91
8/5/2016 0.67 0.67 0.68 0.67 0.67 1,162,972.00 779,338.24
8/4/2016 0.68 0.68 0.68 0.67 0.68 309,566.00 209,690.80
8/3/2016 0.68 0.67 0.69 0.67 0.68 1,704,162.00 1,155,272.67
8/2/2016 0.7 0.68 0.71 0.68 0.69 4,983,804.00 3,444,394.48
8/1/2016 0.67 0.68 0.69 0.65 0.68 3,969,626.00 2,713,487.33
7/27/2016 0.68 0.67 0.68 0.67 0.67 3,287,036.00 2,218,521.23
7/26/2016 0.65 0.67 0.67 0.65 0.67 1,319,217.00 879,651.03
7/25/2016 0.65 0.66 0.66 0.65 0.66 441,910.00 290,397.00
7/22/2016 0.68 0.66 0.68 0.66 0.67 1,051,228.00 706,979.08
7/21/2016 0.65 0.68 0.68 0.65 0.67 1,948,454.00 1,309,163.82
7/20/2016 0.68 0.65 0.68 0.65 0.66 2,134,821.00 1,412,276.02
7/19/2016 0.68 0.69 0.7 0.68 0.69 2,625,064.00 1,806,608.15
7/18/2016 0.69 0.68 0.69 0.67 0.68 2,446,750.00 1,663,900.19
7/15/2016 0.68 0.69 0.69 0.68 0.68 5,641,853.00 3,847,842.63
7/14/2016 0.67 0.67 0.68 0.66 0.67 1,452,428.00 973,930.76
7/13/2016 0.68 0.67 0.68 0.67 0.67 1,908,357.00 1,286,594.06
7/12/2016 0.66 0.68 0.68 0.66 0.67 2,458,058.00 1,657,492.79
7/11/2016 0.67 0.66 0.67 0.65 0.67 3,880,563.00 2,581,799.97
7/8/2016 0.66 0.66 0.67 0.66 0.66 1,756,003.00 1,165,281.40
7/7/2016 0.65 0.65 0.65 0.65 0.65 1,304,023.00 847,614.95
7/6/2016 0.65 0.65 0.66 0.65 0.65 5,767,266.00 3,759,747.19
7/5/2016 0.66 0.65 0.66 0.63 0.64 2,670,243.00 1,718,832.14
7/4/2016 0.65 0.66 0.67 0.65 0.66 9,016,826.00 5,956,390.14
7/1/2016 0.61 0.63 0.63 0.61 0.63 9,358,289.00 5,858,474.39
6/30/2016 0.58 0.6 0.6 0.58 0.59 9,721,765.00 5,708,124.12
6/28/2016 0.57 0.56 0.58 0.56 0.56 1,808,620.00 1,018,132.59
6/27/2016 0.56 0.55 0.56 0.55 0.55 1,664,617.00 922,085.35
6/24/2016 0.53 0.56 0.57 0.52 0.55 6,208,968.00 3,431,705.56
6/23/2016 0.57 0.59 0.59 0.57 0.58 2,800,238.00 1,626,148.39
6/22/2016 0.56 0.56 0.57 0.56 0.56 2,063,450.00 1,158,091.50
6/21/2016 0.58 0.56 0.58 0.56 0.56 2,494,323.00 1,402,712.00
6/20/2016 0.58 0.58 0.58 0.58 0.58 1,153,939.00 669,284.62
6/17/2016 0.59 0.58 0.59 0.58 0.58 3,280,943.00 1,909,501.08
6/16/2016 0.61 0.59 0.61 0.58 0.58 2,884,408.00 1,686,938.58
6/15/2016 0.6 0.6 0.61 0.59 0.6 7,381,454.00 4,426,535.02
6/14/2016 0.59 0.59 0.59 0.58 0.58 1,361,762.00 792,867.01
6/13/2016 0.58 0.59 0.59 0.58 0.58 1,581,779.00 922,958.67
6/10/2016 0.59 0.59 0.6 0.58 0.59 2,918,642.00 1,729,651.58
 Fecha Cierre
Fecha Precio de Rentabilidad Varianza
anterior anterior cotización Cierre VOLCABC1 (Xi-X)^2

12/29/2016 0.73 1 12/30/2016 0.72 -0.0137933221 0.0002639694

12/28/2016 0.74 2 12/29/2016 0.73 -0.0136056521 0.0002579064
12/27/2016 0.73 3 12/28/2016 0.74 0.0136056521 0.0001243635
12/26/2016 0.73 4 12/27/2016 0.73 0 6.0211994E-06
12/23/2016 0.73 5 12/26/2016 0.73 0 6.0211994E-06
12/22/2016 0.73 6 12/23/2016 0.73 0 6.0211994E-06
12/21/2016 0.73 7 12/22/2016 0.73 0 6.0211994E-06
12/20/2016 0.71 8 12/21/2016 0.73 0.0277795641 0.0006413937
12/19/2016 0.71 9 12/20/2016 0.71 0 6.0211994E-06
12/16/2016 0.72 10 12/19/2016 0.71 -0.013986242 0.0002702754
12/15/2016 0.73 11 12/16/2016 0.72 -0.0137933221 0.0002639694
12/14/2016 0.75 12 12/15/2016 0.73 -0.0270286724 0.000869217
12/13/2016 0.75 13 12/14/2016 0.75 0 6.0211994E-06
12/12/2016 0.75 14 12/13/2016 0.75 0 6.0211994E-06
12/9/2016 0.72 15 12/12/2016 0.75 0.0408219945 0.0014721173
12/7/2016 0.71 16 12/9/2016 0.72 0.013986242 0.0001329969
12/6/2016 0.69 17 12/7/2016 0.71 0.0285733724 0.0006822314
12/5/2016 0.7 18 12/6/2016 0.69 -0.0143887375 0.0002836715
12/2/2016 0.7 19 12/5/2016 0.7 0 6.0211994E-06
12/1/2016 0.7 20 12/2/2016 0.7 0 6.0211994E-06
11/30/2016 0.68 21 12/1/2016 0.7 0.0289875369 0.0007040385
11/29/2016 0.7 22 11/30/2016 0.68 -0.0289875369 0.0009885585
11/28/2016 0.7 23 11/29/2016 0.7 0 6.0211994E-06
11/25/2016 0.68 24 11/28/2016 0.7 0.0289875369 0.0007040385
11/24/2016 0.67 25 11/25/2016 0.68 0.0148150858 0.0001528011
11/23/2016 0.64 26 11/24/2016 0.67 0.045809536 0.0018797187
11/22/2016 0.63 27 11/23/2016 0.64 0.015748357 0.0001767449
11/21/2016 0.63 28 11/22/2016 0.63 0 6.0211994E-06
11/16/2016 0.65 29 11/21/2016 0.63 -0.0312525435 0.0011361185
11/15/2016 0.64 30 11/16/2016 0.65 0.0155041865 0.0001703122
11/14/2016 0.67 31 11/15/2016 0.64 -0.045809536 0.0023293509
11/11/2016 0.63 32 11/14/2016 0.67 0.061557893 0.0034932922
11/10/2016 0.64 33 11/11/2016 0.63 -0.015748357 0.000331319
11/9/2016 0.59 34 11/10/2016 0.64 0.0813456395 0.0062239202
11/8/2016 0.61 35 11/9/2016 0.59 -0.0333364203 0.0012809408
11/7/2016 0.61 36 11/8/2016 0.61 0 6.0211994E-06
11/4/2016 0.61 37 11/7/2016 0.61 0 6.0211994E-06
11/3/2016 0.61 38 11/4/2016 0.61 0 6.0211994E-06
11/2/2016 0.6 39 11/3/2016 0.61 0.016529302 0.0001981194
10/31/2016 0.62 40 11/2/2016 0.6 -0.0327898228 0.0012421139
10/28/2016 0.62 41 10/31/2016 0.62 0 6.0211994E-06
10/27/2016 0.62 42 10/28/2016 0.62 0 6.0211994E-06
10/26/2016 0.62 43 10/27/2016 0.62 0 6.0211994E-06
10/25/2016 0.62 44 10/26/2016 0.62 0 6.0211994E-06
10/24/2016 0.62 45 10/25/2016 0.62 0 6.0211994E-06
10/21/2016 0.62 46 10/24/2016 0.62 0 6.0211994E-06
10/20/2016 0.63 47 10/21/2016 0.62 -0.0160003413 0.0003405558
10/19/2016 0.64 N= 48 10/20/2016 0.63 -0.015748357 0.000331319
10/18/2016 0.62 10/19/2016 0.64

Promedio de Rentabilidad: 0.2454%

Sumatoria (Xi-X)^2 0.027065798
Varianza: 0.000575868
Varianza Excel 0.000575868
Desviacion Estandar 2.40%

10/27/2016 0.62
10/26/2016 0.62
10/25/2016 0.62
10/24/2016 0.62
10/21/2016 0.62
10/20/2016 0.63
10/19/2016 0.64
10/18/2016 0.62
10/17/2016 0.6
10/14/2016 0.6
10/13/2016 0.6
10/12/2016 0.6
10/11/2016 0.6
10/10/2016 0.61
10/7/2016 0.61
10/6/2016 0.59
10/5/2016 0.6
10/4/2016 0.6
10/3/2016 0.62
9/30/2016 0.62
9/29/2016 0.62
9/28/2016 0.62
9/27/2016 0.62
9/26/2016 0.63
9/23/2016 0.63
9/22/2016 0.64
9/21/2016 0.64
9/20/2016 0.64
9/19/2016 0.64
9/16/2016 0.64
9/15/2016 0.63
9/14/2016 0.64
9/13/2016 0.63
9/12/2016 0.64
9/9/2016 0.64
9/8/2016 0.66
9/7/2016 0.67
9/6/2016 0.67
9/5/2016 0.66
9/2/2016 0.65
9/1/2016 0.64
8/31/2016 0.65
8/29/2016 0.62
8/26/2016 0.63
8/25/2016 0.63
8/24/2016 0.63
8/23/2016 0.66
8/22/2016 0.65
8/19/2016 0.66
8/18/2016 0.67
8/17/2016 0.66
8/16/2016 0.67
8/15/2016 0.67
8/12/2016 0.68
8/11/2016 0.69
8/10/2016 0.68
8/9/2016 0.68
8/8/2016 0.68
8/5/2016 0.67
8/4/2016 0.68
8/3/2016 0.67
8/2/2016 0.68
8/1/2016 0.68
7/27/2016 0.67
7/26/2016 0.67
7/25/2016 0.66
7/22/2016 0.66
7/21/2016 0.68
7/20/2016 0.65
7/19/2016 0.68
7/18/2016 0.68
7/15/2016 0.69
7/14/2016 0.67
7/13/2016 0.67
7/12/2016 0.68
7/11/2016 0.66
7/8/2016 0.66
7/7/2016 0.65
7/6/2016 0.65
7/5/2016 0.65
7/4/2016 0.66
7/1/2016 0.63
6/30/2016 0.6
6/28/2016 0.56
6/27/2016 0.55
6/24/2016 0.56
6/23/2016 0.59
6/22/2016 0.56
6/21/2016 0.56
6/20/2016 0.58
6/17/2016 0.58
6/16/2016 0.59
6/15/2016 0.6
6/14/2016 0.59
6/13/2016 0.59
6/10/2016 0.59
9
 Covarianza: Sumatoria
PRECIO Rentabilidad Varianza Covarianza
ACTIVO2=Y ACTIVO2=Y (Yi-Y)^2 (Xi-X)*(Yi-Y) de (Xi-X)*(Yi-Y)/(n-1)

0.62 -0.0160003413 0.000228693

0.63 -0.015748357 0.0002220046
0.64 0 2.1461091182E-05
0.64 0.0317486983 -8.262760296E-05
0.62 0.0327898228 -8.518232806E-05
0.6 -0.016529302 3.5837593435E-05
0.61 0.016529302 -0.000045282
0.6 0 0.000048738
0.6 -0.016529302 3.5837593435E-05
0.61 0 -0.000031638
0.61 0 -3.126670494E-05
0.61 0.0333364203 -0.0010395779
0.59 -0.0168071183 3.6519302911E-05
0.6 -0.016529302 3.5837593435E-05
0.61 -0.0322608622 -0.0011639532
0.63 0 2.2193515232E-05
0.63 0.0160003413 0.0004681875
0.62 0 -3.241254848E-05
0.62 0 -4.722226588E-06
0.62 -0.0160003413 3.4539622898E-05
0.63 -0.015748357 -0.0003667999
0.64 -0.0155041865 0.0004269654
0.65 0.0155041865 -4.276660483E-05
0.64 0 5.1062669733E-05
0.64 0 2.378857887E-05
0.64 0 8.343566793E-05
0.64 0.015748357 0.0002349518
0.63 -0.015748357 3.3921300293E-05
0.64 0 -0.000064866
0.64 0 2.5114714792E-05
0.64 -0.0307716587 0.0013922632
0.66 -0.0150378774 -0.0007750574
0.67 0 -3.502906033E-05
0.67 0 0.0001518229
0.67 0.0150378774 -0.0006070854
0.66 0 -4.722226588E-06
0.66 0.0307716587 -8.023013013E-05
0.64 -0.0155041865 3.3322151653E-05
0.65 0.0312525435 0.0004669823
0.63 -0.015748357 0.000487205
0.64 0.015748357 -4.336575347E-05
 0.63 -0.0312525435 7.1965678535E-05
0.65 -0.0152674721 3.2741298711E-05
0.66 0 -4.722226588E-06
0.66 -0.0150378774 3.2177916033E-05
0.67 0 -4.722226588E-06
0.67 -0.0148150858 0.0002378859
0.68 0 -3.502906033E-05
0.68

-0.19244%

(para comprobar)

SUMATORIA (Xi-X)*(Yi-Y) 0.0003943974

Covarianza: 8.391434E-06

Coeficiente de Correlación: Covarianza/(DE(x)*DE(y))

Portafolios de Inversión
Portafolios Rentabilidad D.E. W Coef. Corr.
Alfa 10% 22% 45% 0.317
Beta 18% 18% 55%
Gamma 12% 35% 50% 0.286
Sigma 16% 12% 50%

Rp1 14.400% Rp2 14.000%

Var p1 0.0258138738 Var p2 0.040231
D.S p1 16.07% D.S p2 20.06%
 VAN-CAPM-WACC

Flujo perpetuo: 500,000

Inversion inicial (Io): 5,000,000

Hoy sin deuda Con deuda

Capital: 100% Capital: 2000 57%
Deuda: 0% Deuda: 1500 43%
Beta: 1.2 Beta: 1.0
Rm: 13% Rm: 13%
Rf: 2.50% Rf: 2.50%

CAPM : Rk= COK : 15.10% CAPM : Rk= COK : 13.00%

Rd: 8%
Tax: 28%
WACC: 9.90%
Ejercicio VAN
Valor ActualPerpetuidad: 3,311,258.28 Valor ActualPerpetuidad: 5,051,963.05
VAP= Flujo / Tasa VAP= Flujo / Tasa

VAN = -Io + VAP : -1,688,741.72 VAN = -Io + VAP : 51,963.05

GAO,GAF,GAT
Ventas 20,000 unidades
Precio unit 7.00
CV unit 3.00
Cfijos 25,000
Gasto Financiero 1.50% mensual delpasivo
TAX 28%
Total Activos 1,000,000
Capital 600,000
Pasivo 400,000 GAO: 1.45

Ingresos 140,000.00 GAF: 1.12

C.Variables 60,000.00
C.Fijos 25,000.00 GAT: 1.63
U.A.Imp.Int. 55,000.00
Gast.Financieros 6,000
Ut.antes Imp. 49,000
Impuestos 13,720
Utilidad Neta 35,280
Ciclo de Conversión de Tesorería

El Costo de Ventas es el 65% de las ventas.

Cuenta / Fecha 2014 2015
Cuentas por Cobrar 600 850
Existencias 900 1,100
Cuentas por Pagar 550 750
Ventas 5,000
Costo de Ventas 3,250

Rotación de Existencias 112.31

Rotacion de Cuestas por Cobrar 52.93
Rotación de Cuentas por Pagar 73.00
Ciclo de Conversión de Efectivo 92.23
Ciclo de Conversión de Tesorería

2/1/2017 2/16/2017 3/8/2017

Compra Proveedor Venta a Cliente Pago proveedor
15.00 Periodo de Existecias

35.00 Periodo de Cuentas por Pa

32.00

Ciclo de Conversión de Efectivo = PME + PMCxC - PMCxP

Ciclo de Conversión de Efectivo = 15.00 + 32.00 -

Ciclo de Conversión de Efectivo = 12 días

 Cuenta / Fecha 2016 2015
Cuentas por Cobrar 163,134,000 126,523,000
Existencias 0 0
Cuentas por Pagar 31,419,000 52,109,000
Ventas 359,052,000 293,952,000
Costo de Ventas 5,434,000 6,357,000

Rotación de Existencias 0
Rotacion de Cuestas por Cobrar 147
Rotación de Cuentas por Pagar 2,805
Ciclo de Conversión de Efectivo -2,658

3/20/2017
Cobro a Cliente

eriodo de Cuentas por Pagar

Periodo de Cuentas por Cobrar

35.00
 Dic Ene Feb Mar
% Ventas 120,000 115,000 85,000 80,000
65% Compras 78,000 74,750 55,250 52,000

COBRANZAS % Ene Feb Mar

Venta Contado 40% 46,000 34,000 32,000
Venta 30 días 30% 36,000 34,500 25,500
Venta 60 días 30% 36,000 34,500
Venta 90 días 0% -
Venta bonos 50,000 50,000
Total Ingresos 82,000 154,500 142,000
PAGO DE MERCADERÍAS
Compra 30 días 40% 31,200 29,900 22,100
Compra 60 días 40% 31,200 29,900
Compra Contado 20% 14,950 11,050 10,400
Total Compras 46,150 72,150 62,400
OTROS PAGOS
Alquiler 10,000 10,000 10,000
Planilla 20,000 20,000 20,000
Pago impuestos 40,000
Pago dividendos
Compra maquinaria 30,000 30,000 30,000
Saldo del mes -24,150 22,350 -20,400
Caja inicial 15,000 10,000 10,000
Venta de valores 3,039
Caja Parcial (sin préstamo) -9,150 32,350 -7,361
Necesidades de prestamo 19,150 17,361
Pago de préstamo 19,150 -
Intereses 191.50 -
Inversiones en valores 3,009 -
Caja Final 10,000 10,000 10,000
Saldo del préstamos 19,150 - 17,361
Excedente 3,009

23% 1.00%
1.00%
Abr
80,000
52,000

Abr
32,000
24,000
25,500
-
54,335
135,835

20,800
22,100
10,400
53,300

10,000
20,000

35,000

17,535
10,000

27,535

17,361
174
-0
10,000
-
 Set Oct Nov Dic
% Ventas 80,000 70,000 110,000 250,000
85% Compras 68,000 59,500 93,500 212,500

COBRANZAS % Oct Nov Dic

Venta Contado 45% 31,500 49,500 112,500
Venta 30 días 35% 28,000 24,500 38,500
Venta 60 días 20% 16,000 14,000
Venta activos 50,000 35,000
Alquiler de horno (ingreso) 5,000 5,000 5,000
Total Ingresos 114,500 130,000 170,000
PAGO DE MERCADERÍAS (30 adelanto)
Compra Contado 75% 70,125 159,375 95,625
Compra 30 días 25% 14,875 23,375 53,125
Total Compras 85,000 182,750 148,750
OTROS PAGOS
Compra horno 100,000
Gratificaciones 40,000
Bono desempeño
Alquiler 10,000 10,000 10,000
Planilla 20,000 20,000 20,000
Total Egresos 115,000 212,750 318,750
Saldo del mes -500 -82,750 -148,750
Caja inicial 20,000 10,000 10,000
Venta de valores 9,548 0
Caja Parcial (sin préstamo) 19,500 -63,202.50 -138,750
Necesidades de prestamo 73,202.50 149,482
Pago de préstamo
Intereses 732
Inversiones en valores 9,500
Caja Final 10,000 10,000 10,000
Saldo del préstamos 73,202.50 222,684.53
Excedente 9,500
tasa mes
Inversiones 0.50%
Financiamiento 1.00%
 Ene
150,000
127,500

Ene
67,500
87,500
22,000

5,000
182,000

0
31,875
31,875

60,000

20,000
10,000
20,000
141,875
40,125
10,000
0
50,125

37,898
2,227

10,000
184,786.37