A= 2931.25
B= 308.93
Y(2000)= 4321
Y(2001)= 4630
Y(2002)= 4939
Y(2003)= 5248
Y(2004)= 5557
VF=224612
VF= 130874
2890318
778658
Año 5
-20111
-20111
6033
-14078
-143650
-157728
Pag. 3/4
a) VANE =
Año Beneficio Neto Factor de Factor de VAN
Flujo Descuento Descuento
Caja Economico Ko = 14.4 % Ko = 14.4 %
b) VANF = ?
Beneficio Neto Factor de Factor de VAN
Año Flujo Descuento Descuento
Caja Financiero Ke = 14 % Ke = 14 %
Año 0 490543 1/(1+0.14)0 1.0000 490543.00 11.90%
Año 1 -58375 1/(1+0.14)1 0.8772 -51206.55
Año 2 -181010 1/(1+0.14)2 0.7695 -139287.20
Año 3 -166417 1/(1+0.14)3 0.6750 -112331.48
Año 4 -151823 1/(1+0.14)4 0.5921 -89894.40
Año 5 -137229 1/(1+0.14)5 0.5194 -71276.74
26546.64
c) TIRE =
Años VAN 1 VAN 2 VAN 3 VAN 4 VAN 5
50.00% 60.00% 56.00% 57.00 53.00%
0 -1,226,357.00 -1,226,357.00 -1,226,357.00 -1,226,357.00 -1,226,357.00
1 437,425.20 410,065.63 420,563.31 417,873.27 428,830.23
2 315,734.65 277,511.14 291,933.77 288,239.30 303,514.49
3 226,622.68 186,697.93 180,808.65 197,635.17 213,543.89
4 161,794.17 125,011.60 138,364.74 134,842.13 149,506.01
5 217,599.61 157,623.41 178,772.04 173,154.44 197,111.87
132,819.32 -69,447.29 -15,914.50 -14,612.68 66,149.49
4% -2%
d) TIRF =
Años VAN 1 VAN 2 VAN 3 VAN 4 VAN 5
50.00% 10.00% 15.00% 12.00 13.00%
0 490,543.00 490,543.00 490,543.00 490543.00 490,543.00
1 -38,918.61 -53,068.71 -50,762.90 -52123.04 -51,661.88
2 -80,440.84 -149,604.77 -136,861.66 -144301.17 -141,767.03
3 -49,309.36 -125,029.09 -109,419.18 -118455.62 -115,343.62
4 -29,985.04 -103,695.11 -86,812.39 -96483.52 -93,113.05
5 -18,073.06 -85,205.49 -68,230.26 -77863.73 -74,487.90
273,816.08 -26,060.16 38,456.61 1,315.92 14,169.52
X= 77.51
(*) Días Bancarios
PR = Años:2 Meses:2 Dias: 17.5
11.00% 12.00% 56 57 13 53
490543 1 1 1 1 1
-52590.0375 0.8929 0.641 0.6369 0.885 0.6536
-146907.716 0.7972 0.4109 0.4057 0.7832 0.4272
-121684.1104 0.7118 0.2364 0.2584 0.6931 0.2792
-100005.8101 0.6355 0.1689 0.1646 0.6133 0.1825
-81445.4115 0.5674 0.1082 0.1048 0.5428 0.1193
-12,090.09
VAN
VAN 4 VAN 5
574600 0.10
-56311
-199961
-185883
-171805
-157728
55 11
1 1
0.6452 0.9009
0.4162 0.8116
0.2685 0.7312
0.1733 0.6587
0.1118 0.5935
de Descuento VAN
Ko = 14.4% Ko = 14.4% Suma cambio de signo
1 -1436499.00
0.8741 564345.18 -872153.82
0.7641 533521.36 -338,632.45
0.6679 501486.04 162,853.58
0.5838 469051.19 631,904.77
0.5104 939534.11 1,571,438.89
1571438.89
574600 1/(1+0.14)0 1.0000 574600.00
-56311 1/(1+0.14)1 0.8696 -48968.05
-199961 1/(1+0.14)2 0.7561 -151190.51
-185883 1/(1+0.14)3 0.6575 -122218.07
-171805 1/(1+0.14)4 0.5718 -98238.10
-157728 1/(1+0.14)5 0.4972 -78422.36
75562.91