"aso 1.3 La Industria !" d# $V %&nsid#ra %&nsid#ra an'ar an'ar una nu#(a nu#(a in#a d# )r&du%t&s a *r%ad& )ara %&*)#*#nt %&*)#*#nt ##%/( ##%/(& & d# 850,0 850,000 00 #n # *&*# *&*#nt nt& & 1,000, 1,000,000 000 #n # # )ri*#r )ri*#r a&. a&. !i !i s# #s)#r #s)#ran an #ntr #ntrada adass d# ##%/( ##%/(& & d#s 390,000 390,000 # %uart& %uart& d# 450,000 450,000 &s siui siui#nt# #nt#ss asta asta # d#%i*& d#%i*&,, #s )r&a )r&a# # u# a in#a s#a s#a (ia# (ia# d#s) d#ar &s %a%u&s #n #s# *&*#nt&.
Año
FNE 1 2 3 4 5 6 7 8 9 10
280,000 280,000 350,000 350,000 390,000 390,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000
Tasa de descuento Formula: VPN = - I +
15%
FE 1 + i
1. Determinacion del Valor Presente Neto. No. FNE (1+i! FNE/(1+i! 0 - 1,850,000 1,850,000 - 1,850,000 1,850,000 1 280,000 1.15 243,478 2 350,000 1.32 264,650 3 390,000 1.52 256,431 4 450,000 1.75 257,289 5 450,000 2.01 223,730 6 450,000 2.31 194,547 7 450,000 2.66 169,172 8 450,000 3.06 147,106 9 450,000 3.52 127,918 10 450,000 4.05 111,233 VPN 145,554 "om# "om#ro ro$a $aci cion on
15& 15&55 55
'es#uesta: a in)ersion es ace#ta$le& toda )e* ue ,enera ,enera -uos #osi)os al 0nali*ar el año 1& #or la candad de 21
4. Determinacion de la T' sa nterna de 'etorno (T Tasa de Descuento 0 5 10 15 16.87082 -
VPN 2,320,000 1,320,343 632,786 145,554 0
20 - 209,221 25 - 473,994 30 - 676,058 35 - 833,413 36 - 860,664 37 - 886,701 40 - 958,208 45 - 1,058,825 "om#ro$aci 16.78749% 'es#uesta: a T' es i,ual al 16.78749% 9. T' con el 1% Año FNE 1 2 3 4 5 6 7 8 9 10
280,000 350,000 390,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000
Tasa de descuento No.
FNE 0 - 1,850,000 1 280,000 2 350,000 3 390,000 4 450,000
1% (1+i! 1.10 1.21 1.33 1.46
FNE/(1+i! - 1,850,000 254,545 289,256 293,013 307,356
5 6 7 8 9 10
450,000 450,000 450,000 450,000 450,000 450,000
1.61 1.77 1.95 2.14 2.36 2.59 VPN
"om#ro$acion
279,415 254,013 230,921 209,928 190,844 173,494 632,786 694&876
'es#uesta: Disminundo la tasa de rendimiento al 1%& se o$tendria un maor -uo al termino del 1o año& #or la c
9. Tiem#o de 'ecu#eracion del Proecto.
No.
15% VPN 0 - 1,850,000 1 243,478 2 264,650 3 256,431 4 257,289 5 223,730
1% (1+i! 1,850,000 254,545 289,256 293,013 307,356 279,415
6
194,547
254,013
7
169,172
230,921
8
147,106
209,928
9 10
127,918 111,233 145,554
190,844 173,494 632,786
'es#uesta: "on la tasa de rendimiento al 15% la in)ersion se recu#era en el ;o año con la tasa del 1% se recu#era
"aso 4.3 La $&*#r%ia ni&n !" d# $V %&nsid#ra a )&siiidad d# sus/tuir d&s d# sus (i#as *auinas %&n u &)#ra/(& d#s)u#s d# i*)u#st&s d# #sta )r&)u#sta d# r##*)a'& s&n &s siui#nt#s Fluos de E
Años 0 1 2 3 4
-
404,424 86,890 106,474 91,612 84,801
5 6 7 8
84,801 75,400 66,000 92,400
Tasa de descuento Formula: VPN = - I +
1%
FE 1 + i
1. Determinacion del Valor Presente Neto. No. FNE (1+i! FNE/(1+i! 0 - 404,424 - 404,424 1 86,890 1.14 76,219 2 106,474 1.30 81,928 3 91,612 1.48 61,835 4 84,801 1.69 50,209 5 84,801 1.93 44,043 6 75,400 2.19 34,351 7 66,000 2.50 26,376 8 92,400 2.85 32,392 VPN 2,930 "om#ro$acion
4&;9
'es#uesta: "on la tasa de rendimiento al 1% la in)ersion ,enera -uos #osi)os #or 24&;9 "aso 9.3 La #*)r#sa $&nstru%t&ra !" d# $V /n# d&s &#rtas d# )r&#%t&s #>%u#nt#s u# /#n#n &s siui#
Años 0 1 2 3 4 5
Proecto A
Proecto =
Fluos de E
Fluos de E
- 2,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1. Determinacion de la T' Proecto A
2,000,000
6,000,000
Proecto =
Tasa de Descuento
VPN
VPN
0 5 10 15 17 20 25 30 35 36 37
3,000,000 2,329,477 1,790,787 1,352,155 1,208,869 990,612 689,280 435,570 219,961 180,738 142,693
4,000,000 3,714,286 3,454,545 3,217,391 3,133,873 3,000,000 2,800,000 2,615,385 2,444,444 2,411,765 2,379,562
40
35,164
2,285,714
124,473 263,374
2,254,067 2,137,931 2,000,000 1,870,968 1,750,000 1,636,364 1,529,412 1,428,571 1,333,333 1,243,243 1,157,895 1,076,923 1,000,000 926,829 857,143 790,698 727,273 666,667 608,696 553,191 500,000 448,980 400,000 352,941 307,692 264,151 222,222 181,818 142,857 105,263 68,966
1.1;8% 3 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 140 145 150 155 160 165 170 175 180 185 190
195
33,898
200
-
"om#ro$aci 1.1;8%
4.%
'es#uesta: a T' del #roecto A es del 1.1;8% la del #roecto = es del 4%. 1. Determinacion del Valor Presente Neto P'>?E"T> A TA@A DE DE@"ENT> No. FNE 0 - 2,000,000 1 1,000,000 2 1,000,000 3 1,000,000 4 1,000,000 5 1,000,000
% (1+i! 1.00 1.00 1.00 1.00 1.00 VPN
5% FNE/(1+i! - 2,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
(1+i!
FNE/(1+i! 2,000,000 1.05 952,381 1.10 907,029 1.16 863,838 1.22 822,702 1.28 783,526
3,000,000 VPN
"om#ro$acion
1%
9&& "om#ro$acion
(1+i! 1.10 1.21 1.33 1.46 1.61
2,329,477 VPN 4&94;&86.68 "om#ro$acion
P'>?E"T> A TA@A DE DE@"ENT> No. FNE 0 - 2,000,000 1 2 3 4 5 6,000,000
% (1+i! 1.00 1.00 1.00 1.00 1.00 VPN "om#ro$acion
5% FNE/(1+i! - 2,000,000 6,000,000
(1+i!
1%
FNE/(1+i! 2,000,000 1.05 1.10 1.16 1.22 1.28 4,701,157
4,000,000 VPN && "om#ro$acion
(1+i! 1.10 1.21 1.33 1.46 1.61
2,701,157 VPN 4&81&158 "om#ro$acion
P?@FE A$B"! C?"$I"! P@? EL ENVI@ ;EL P?@DLEA" "!I FE A"! F"$IL "$L"?"? AI! ; !"L;@!.
r su ina d# ran&. !# sa#u# a nu#(a in#a i*)i%ara una in(rsi&n #n )u#s d# i*)u#st&s d# 280,000, # s#und& d# 350,000, # t#r%#r& d# u#s d# d%i*& a&. La #*)r#sa d#%id# asu*ir una a%/tud %&ns#r(ad&ra
5&55
ndad de 2694&876. Por lo ue seria mas )ia$le con esta tasa de descuento.
en el 8o año.
na nu#(a *as #:%i#nt#. ;#t#r*in& u# &s
t#s
9% FNE/(1+i! - 2,000,000 909,091 826,446 751,315 683,013 620,921
(1+i! 1.30 1.69 2.20 2.86 3.71
1,790,787 VPN
95% FNE/(1+i! - 2,000,000 769,231 591,716 455,166 350,128 269,329
1&8;&878 "om#ro$acion
(1+i! 1.35 1.82 2.46 3.32 4.48
435,570 VPN
95&58 "om#ro$acion
9% FNE/(1+i! - 2,000,000 3,725,528
(1+i! 1.30 1.69 2.20 2.86 3.71
FNE/(1+i! - 2,000,000 740,741 548,697 406,442 301,068 223,014 219,961 41;&;61
95% FNE/(1+i! - 2,000,000 1,615,974
(1+i! 1.35 1.82 2.46 3.32 4.48
FNE/(1+i! - 2,000,000 1,338,081
1,725,528 VPN
-
384,026 VPN
-
661,919
1&845&547 "om#ro$acion
3
97&46 "om#ro$acion
3
661&;1;
;"! E;" N P@$@ AEG@? EHPLI$";@ L" $L"! E.
