P : F + F(P/F,8%,4) + F(P/F,8%,6) =P : 173449 + 1500(0.7350) + 500(0.

6302) =

F : A (F/A,15%,14) =F : 1290 (40.505) =620

P=620/100
R=6.20%
1500(0.7350) + 500(0.6302) =P : 8669.6$
 P= 500 VS= 80 n= 7
Impuestos= 40% TMAR= 10% Ben. Año 0= 106
Inflacion= 8% SDA= 28

Año Cargo Inflación

1 (500 - 80) * 7/28 = 105 x 1.08=
2 (500 - 80) * 6/28 = 90 x 1.08^2=
3 (500 - 80) * 5/28 = 75 x 1.08^3=
4 (500 - 80) * 4/28 = 60 x 1.08^4=
5 (500 - 80) * 3/28 = 45 x 1.08^5=
6 (500 - 80) * 2/28 = 30 x 1.08^6=
7 (500 - 80) * 1/28 = 15 x 1.08^7=

Años 0 1 2 3 4
+Beneficio 106 114.5 123.6 133.5 144.2
-Depreciacion 113.4 104.9 94.4 81.6
= UAI 1.1 18.7 39.1 62.6
- Impuestos 40% 0.4 7.5 15.7 25
= UAI 0.7 11.2 23.4 37.6
+ Depreciacion 113.4 104.9 94.4 81.6
= FNE 114.1 116.1 117.8 119.2

VS al final del año 7 =80*(1+0.08)^7= 137.1 TMAR=

114.1 + 116.1 + 117.8 + 119.2 +

VPN= -500 +
(1.188)^1 (1.188)^2 (1.188)^3 (1.188)^4
VPN= -$21.40
Inflación
113.40
104.98
94.48
81.63
66.12
47.61
25.71

5 6 7
155.7 168.7 181.7
66.1 47.6 25.7
89.6 121.1 156
35.8 48.4 62.4
53.8 72.7 93.6
66.1 47.6 25.7
119.9 120.3 119.3

0.1+0.08+(1.0 18.8%

119.9 + 120.3 + 119.3+137.1

(1.188)^5 (1.188)^6 (1.188)^7
Año Capital Interés Depósito
0 10000 1000 4000
1 15000 1500 4000
2 20500 2050 4000
3 26500 2655 4000
4 33205 3321 4000
5 40526

30000
(1.12)^5= 1.76234168 52870 - 4052 $12,344.25
52870.2505
 Tabla 6.12 Año Pieza/año Ben./pieza=
1 3500
2 3750
3 4000
4 4000
5 4300

Año 1 2 3 4
Producción 3500 3750 4000 4000
Ingreso 31080 36938 43760 48560
Precio/pza 8.88 9.85 10.94 12.14

140000 -30000
D= =
11

VS al final de 5 años= 30000* (1.11)^5 =

TMAR= 0.08 + 0.11 + (0.8*0.11) =

Estado de resultados
+Ingreso 31080 36938 43760 48560
-Depreciacio 11100 12321 13676 15181
= UAI 19980 24617 30084 33379
-Impuestos 4 7992 9847 12034 13352
= UDI 11988 14770 18050 20027
+Depreciacio 11100 12321 13676 15181
= FNE 23088 27091 31726 35208
Cargos de depreciacion
Año Dt
1 11100
2 12321
 3 13676
4 15181
5 16851

23088 + 27091 + 31726 +

VPN= 140000 +
(1.1988)^1 (1.1988)^2 (1.1988)^3

VPN= -29,241
 25 - 17 = $8.00

5
4300
57964
13.48

$10,000

$ 50,552
0.1988

57964
16851
41113
16445
24668
16851
41519
 35208 + 41519
(1.1988)^4 (1.1988)^5
 P= 331000 VS= 31000 n=
Impuestos= 40% TMAR= 8% BADI=
Inflacion= 10% SDA= 28

a) Depreciacion por línea recta

VS al final del año 6 = 31000 (1.10)^6= $54,918
TMAR'= 0.08 + 0.1 + (0.08*0.1) = 0.188

331000 -31000
D= =
6

Año 0 1 2 3
Dt 50000 55000 60500 66550

Estado de resultados
Año 0 1 2 3
+Ingreso 85000 93500 102850 113135
-Depreciacio 50000 55000 60500 66550
= UAI 38500 42350 46585
-Impuestos 40% 15400 16940 18634
= UDI 23100 25410 27951
+Depreciacion 55000 60500 66550
= FNE 78100 85910 94501

78100 + 85910 + 94501 +

VPN= -331000 +
(1.188)^1 (1.188)^2 (1.188)^3

b) Depreciacion por SDA SDA=

Año Dt
1 6/21*300000 0 *(1.1) = 0
 2 5/21*300000 0 *(1.1)^2 = 0
3 4/21*300000 0 *(1.1)^3 = 0
4 3/21*300000 0 *(1.1)^4 = 0
5 2/21*300000 0 *(1.1)^5 = 0
6 1/21*300000 0 *(1.1)^6 = 0

Estado de resultados
Año 1 2 3 4
+Ingreso 93500 102850 113135 124486
-Depreciacio 94285 86428 76057 62747
= UAI -785 16422 37078 61739
-Impuestos 4 314 6569 14831 24696
= UDI -471 9853 22247 37043
+Depreciacio 94285 86428 76057 62747
= FNE 93814 96281 98304 99790

93814 + 96281 + 98303 +

VPN= -331000 +
(1.188)^1 (1.188)^2 (1.188)^3
6
85000

$50,000

4 5 6
73205 80526 88578

4 5 6
124486 136893 150583
73205 80526 88578
51281 56367 62005
20512.4 22546.8 24802
30769 33820 37203
73205 80526 88578
103974 114346 125781

103973 + 114346 + 125781+5498

= $16,790
(1.188)^4 (1.188)^5 (1.188)^6

21
 5 6
136893 150583
46014 25308
90879 125275
36352 50110
54527 75165
46014 25308
100541 100473

99790 + 100541 +00473+54981

= $22,700
(1.188)^4 (1.188)^5 (1.188)^6
 P= 13500 A= 25600 TMAR= 5%
n= 6 f= 10%

TMAR'= 0.05 + 0.1 + (0.05*0.1) = 15.5%

Año 0 1 2 3 4
FNE 25000 28100 30976 34074 37481

28100 + 30976 + 34074 + 37481 +

VPN= -135000 +
(1.155)^1 (1.155)^2 (1.155)^3 (1.155)^4
VS
+ = 0
(1.155)^6

VS= $12,019.56
 5 6
41229 45352

41229 + 45352 +
(1.155)^5 (1.155)^6
 Año Sueldo
0 36000
1 40000
2 45000
3 53000
4 60000

60000
VP=
(1.10)* (1.12) *(1.15) *(1.176)

VP= 36000 -35979 = $ 21

= $35,979
 Pagos 1 2 3 4
Año (inicio) 0 1 2 3
Dinero en el banco 42000 35200 26400 15242
Pago de colegio 10000 11200 12544 14049
Neto en banco pos pago 32000 24000 13856 1193

En el quinto año faltarán $14,423 para la educacion del hijo

 5
4
1312
15735
-14423
 a) Sin inflación y sin financiamiento
TMAR = 8%
Año D
1 5/15(3.8-0.8)= 1
2 4/15(3)= 0.8
3 3/15(3)= 0.6
4 2/15(3)= 0.4
5 1/15(3)= 0.2

Estado de resultados
Año 1 2 3
+Ingreso 2.50 2.50 2.50
-Depreciacio 1.00 0.80 0.60
= UAI 1.50 1.70 1.90
-Impuestos 5 0.75 0.85 0.95
= UDI 0.75 0.85 0.95
+Depreciacio 1.00 0.80 0.60
= FNE 1.75 1.65 1.55

1.75 + 1.65 +
VPN= -3.8 +
(1.08)^1 (1.08)^2

VPN= $2.996

b) Sin inflación y sin financiamiento

Año
1 5/15(3)(1.12)=
2 4/15(3)(1.12)^2=
3 3/15(3)(1.12)^2(1.15)=
 4 2/15(3)(1.12)^2(1.15)^2=
5 1/15(3)(1.12)^2(1.15)^3=

0.18(0.18)^5
A= 1.5 =
(0.18)^5 - 1

Año Interes Anualidad Pago Principal

0
1 0.27 0.479 0.209
2 0.232 0.479 0.246
3 0.187 0.479 0.292
4 0.135 0.479 0.344
5 0.0734 0.479 0.407

Estado de resultados
Año 1 2 3
+Ingreso 2.8 3.136 3.606
-Depreciacio 1.12 0.0035 0.8655
-Interes 0.270 0.232 0.187
= UAI 1.410 2.901 2.554
-Impuestos 5 0.71 1.45 1.28
= UDI 0.71 1.45 1.28
+Depreciacio 1.12 0.0035 0.8655
-Pago princip 0.209 0.246 0.292
= FNE 1.616 1.208 1.850

VS= 0.8(1.12)^2(1.15)^3 = $1.5262

TMAR inflada (1 y 2 años) =0.08 + 0.12 + (0.08*0.12) =

TMAR mixta (1 y 2 años) =

Inversionista (2.3/3.8)*0.2096 = 0.1269
Banco = (1.5/3.8)*0.18 = 0.07105
0.1979

TMAR inflada (3,4 y 5 años) 0=.08 + 0.15 + (0.08*0.15) =

TMAR mixta (3,4 y 5 años) =

Inversionista (2.3/3.8)*0.242 = 0.1465
Banco = (1.5/3.8)*0.18 = 0.07105
0.2175

1.616 + 1.20775 +
VPN= -2.3 +
(1.1978)^1 (1.1978)^2
VPN= $3.269
 4 5
2.50 2.50
0.40 0.20
2.10 2.30
1.05 1.15
1.05 1.15
0.40 0.20
1.45 1.35

1.55 + .45 + 1.35

(1.08)^3 (1.08)^4 (1.08)^5

1.12
1.0035
1.8655
 1.6635
1.381

$0.4796

Saldo
1.50
1.291
1.044
0.752
0.408
0

4 5
4.147 4.769
0.6635 0.381
0.135 0.073
3.349 4.315
1.67 2.16
1.67 2.16
0.6635 0.381
0.344 0.407
1.994 2.131

0.2096

0.2420

.85025 + 375 + 2.13

(1.1978)^3+1.2174
(1.1978)^4+(1.2174)^2
(1.1978)^5+(1.2174)^3
 Año 1 2
Pago 4400 4400

VS = 10000(1.08)^5=
TMAR = 0.05 + 0.08 + (0.05*0.08) =
TMAR mixta=
0.636*0.134 =
0.363*0.11 =

Depreciacion
Año
1 5/15(100000)= 33333.3333
2 4/15(100000)= 26666.6667
3 3/15(100000)= 20000.0000
4 2/15(100000)= 13333.3333
5 1/15(100000)= 6666.6667

Estado de resultados
Año 0 1
+Ingreso 22500 24300
-Depreciacion 36000
-Interes 4400
= UAI -16100
-Impuestos 50% 8050
= UDI -8050
+Depreciacion 36000
-Pago principal 0
= FNE 27950

27949 +
VPN= -70000 +
VPN= -70000 +
(1.1252)^1

VPN= $3,457.82
 3 4 5
4400 4400 4400

14,693
0.134

0.0852
0.0399
0.1252

(1.08)^1= 36000
(1.08)^2= 31104
(1.08)^3= 25194
(1.08)^4= 18140
(1.08)^5= 9796

2 3 4 5
26244 28344 30611 33060
31104 25194 18140 9796
4400 4400 4400 4400
-9260 -1250 8071 18864
4630 625 -4036 -9432
-4630 -625 4036 9432
31104 25194 18140 9796
0 0 0 -40000
26474 24569 22175 -20772

26473 + 24568 + 22175 +14693-20772

(1.1252)^2 (1.1252)^3 (1.1252)^4 (1.1252)^5
P= 600,000
n= 5
VS= 100,000 VS= 1000,000(1

D= (600-100)/5 = 100,000

Prestamo= 210,000

Anualidad= 210,000 [ 0.15(1.15)^5 / ((1.15)^5)-1] =

Año Interes Anualidad Pago a capital

0
1 31,500 62,646.20 31,146
2 26,828 62,646.20 35,818
3 21,455 62,646.20 41,191
4 15,277 62,646.20 47,370
5 8,171 62,646.20 54,475

Años 1 a 5
Ingreso 160,000
Depreciacion 100,000
UAI 60,000
Impuestos 50% 30,000
UDI 30,000
Depreciacion 100,000
FNE 130,000

VPN= -600,000 + 130,000 [( ((1.06)^5 )-1)/0.06(1.06)^5 ]+ 100,000/(1.06)^5=

B)
0 1
Ingreso 160,000 174,400
Depreciacion 100,000 109,000
Interes 31,500
UAI 33,900
Impuestos 50% 16,950
UDI 16,950
Depreciacion 109,000
Pago de capital 31,146
FNE 94,804

TMAR(1-2)= 0.06+0.09+0.06 (0.09)= 1.1554

TMAR mixta años 1-2 = (0.65)(0.1554)=

(0.35)(0.15)=
total=

TMAR(3-5)= 0.06+0.11+0.06(0.11)= 0.1766

TMAR mixta años 3-5 = (0.65)(0.1766)=

(0.35)(0.15)=
total=

VPN= -390000+ (94804/1.15351)+(105221/1.5351^2)+(119525/(1.15351^2)(1.1

VPN= 71725
 VS= 1000,000(1.09)^2(1.11)^3= 162,488

62,646

Deuda despues de pago

210,000
178,854
143,036
101,845
54,475
0

1.06)^5 ]+ 100,000/(1.06)^5= 22,331.10

 2 3 4 5
190,096 211,007 234,217 259,981
118,810 131,879 146,386 162,488
26,820 21,455 15,277 8,171
44,458 57,673 72,554 89,322
28,837 28,836 36,277 44,661
131,879 28,837 26,277 44,661
118,810 131,879 146,386 162,488
35,818 41,191 47,370 54,475
105,221 119,525 135,293 152,674

0.10101
0.0525
0.15351

0.11479
0.0525
0.16729

21/1.5351^2)+(119525/(1.15351^2)(1.16729))+(135293/(1.15351^2)(1.16729^2))+((152674+162488)/(1.15351^2)(1.16729^3))=
1^2)(1.16729^3))= 71725
P= 200000
VS= 20000
n= 4

Año
1 4/10(200-20)= 72(1.07) = 77.04
2 3/10(200-20)= 54(1.07)^2 = 61.82
3 2/10(200-20)= 36(1.07)^2(1.12) = 46.16
4 1/10(200-20)= 18(1.07)^2(1.12)^2 = 25.85

VS= 20000(1.07^2)(1.12^2)= 28723.2

Prestamo= F= 50000 (1.18)^4 = 96938.9

Capital= 50000
Intereses= 46938.9

1 2 3
Ingreso 68 68 68
Depreciacion 72 54 36
UAI -4 14 32
Impuestos 50% 2 -7 -16
UDI -2 7 16
Depreciacion 72 54 36
FNE 70 61 52

VPN= -200000+ (70000 / 1.09) + (61000 / 1.09^2) + (52000 / 1.09^3) + ((43000 +20000
TIR= 9.08%
B)

0 1 2
Ingreso 68 72.76 77.85
Depreciacion 77.04 61.82
Interes 0 0
UAI -4.28 16.03
Impuestos 50% 2.14 8.01
UDI -2.14 8.02
Depreciacion 77.04 61.82
Pago de capital 0 0
UDI 74.9 69.835

TMAR años 1-2 = (0.09)+(0.07)+(0.09)(0.12)= 0.1663

TMAR Mixta= (0.750)(0.1663)= 0.124725
(0.25)(0.18)= 0.045
total= 0.169725

TMAR años 3-4= (0.09)+(0.12)+(0.09)(0.12)= 0.2208

TMAR años 3-4= (0.750)(0.2208)= 0.1656
(0.25)(0.18)= 0.045
total= 0.2106

VPN= -(200000-50000)+ (74900 / 1.169725) + (69835 / 1.169725^2) + (66675 / (1.1697

VPN= 13806.4
 4
68
18
50
-25
25
18
43

.09^3) + ((43000 +20000 ) / 1.09^4)= 347

 3 4
87.19 97.659
46.16 25.851
0 46.9389
41.03 24.869
20.51 12.434
20.52 12.434
46.16 25.851
0 50000
66.675 -11.714

25^2) + (66675 / (1.1697^2)(1.2106) + ((28723-11714) /(1.1697^2)(1.2106^2))=

P= 560000
n= 5
VS= 60000
Ingreso= 145000

D= (560 - 60 ) / 5 = 100000

Años 1 a 5
Ingreso 145000
Depreciacion 100000
UAI 45000
Impuestos 40% 18000
UDI 27000
Depreciacion 100000
FNE 127000

VPN= -560 +127 (P/A,10%,5) + 60 (P/F,10%,5)=

TIR= 7.22%<10%

B)

0 1 2
Ingreso 145000 155.15 166.01
Depreciacion 107 114.49
Interes 0 0
UAI 48.15 54.52
Impuestos 50% 19.26 20.61
UDI 28.89 30.91
Depreciacion 107 114.49
Pago de capital 0 0
UDI 135.89 145.4

TMAR= (0.1) + (0.07)(0.1)= 0.177

TMAR Mixta= (0.12)(0.3571) = 0.0428
(0.1779(0.6428)= 0.1137
total= 0.15664

VS= 60000(1.07^5)= 84153

VPN= -360000 + (135890 / 1.1566) + (145400 / 1.1566^2) + (155580 / 1.1566^3) + (166
VPN= 45624.8
TIR= 21.86% > 15.66%
-41314

3 4 5
177.63 190.06 203.37
122.5 131.08 140.25
0 0 -152.46
55.13 58.98 -89.34
22.05 23.59 35.74
 33.08 35.39 -53.6
122.5 131.08 140.25
0 0 -200
155.58 166.47 -113.35

1566^2) + (155580 / 1.1566^3) + (166470 / 1.1566^4) + ((84153-113350) / 1.1566^5)=

 32800 + 45300 +
121948 =
(1+i)^1*(1.2)^1
(1+i)^2*(1.2)^2

i= 8% anual
 0 + 0 +
(1+i)^3*(1.2)^2*(1.28)^1
(1+i)^4*(1.2)^2*(1.28)^2

61700+80000
(1+i)^5*(1.2)^2*(1.28)^3
 135000 + 154000 + 0 +
371658.78 =
(1+f)^1*(1.08(1+f)^2*(1.08
(1+f)^2*(1.08)^3*(1.35)

154000 + 500000
+
(1+f)^2*(1.08)^5*(1.35)^3

f= 30%
 +
(1+f)^2*(1.08)^4*(1.35)^2

000 + 500000
1+f)^2*(1.08)^5*(1.35)^3
P= 500
VS= 100
n= 8
D= (500-100) / 8= 50

Prestamo 1= (120)(1.35^8)= 1323.88

Intereses= 1323.88-120= 1203.88
Prestamo 2= 80(a/p,40%,8)= 34.3259

Año Interes A Pago de capital

0
1 32 34.3259 2.3259
2 31.0696 34.3259 3.2563
3 29.767 34.3259 4.5588
4 27.9435 34.3259 6.3824
5 25.3905 34.3259 8.9353
6 21.8164 34.3259 12.5095
7 16.8126 34.3259 17.5133
8 9.8072 34.3259 24.5186

0 1 2
Ingreso 65 84.5 109.85
Depreciacion 50 65 84.5
Interes 1 0 0
Interes 2 32 31.07
UAI -12.5 -5.72
Impuestos 50% 6.25 2.86
UDI -6.25 -2.86
Depreciacion 65 84.5
Pago de capital 1 0 0
Pago de capital 2 -2.33 -3.26
UDI 56.42 78.38

VS= 100(1.3^8)= 815.73

TMAR= (0.1)+(0.3)+(0.1)(0.3)= 0.43
TMAR mixta=
Empresa= 0.6 x 0.43= 0.258
Banco 1= 0.24 x 0.35= 0.084
Banco 2= 0.16 x 0.40 = 0.064
0.406

VPN= -(500-200) + (56.42 / 1.406) + (78.38 / 1.406^2) + (106.89 / 1.406^3) + (143.88

VPN= -9.759
Saldo insoluto
80.0000
77.674
74.4176
69.8588
63.4764
54.541
42.0315
24.5118
0.0004

3 4 5 6 7 8
142.81 185.65 241.34 313.74 407.87 530.22
109.85 142.81 185.65 241.34 313.74 407.87
0 0 0 0 0 1203.88
29.77 27.94 25.39 21.82 161.81 9.81
3.19 14.9 30.3 50.58 77.32 -1091.34
-1.59 -7.45 -15.15 -25.29 -38.66 545.67
 1.6 7.45 15.15 25.29 38.66 -545.67
109.85 142.81 185.65 241.34 313.74 407.87
0 0 0 0 0 -120
-4.56 -6.38 -8.93 -12.51 -17.51 -24.52
106.89 143.88 191.87 254.12 352.4 -232.32

(106.89 / 1.406^3) + (143.88 / 1.406^4) + (191.87 / 1.406^5)+ (254.12 /1.406^6)+ (352.40 / 1.406^7) + ((815.73-282.32) / 4.406^8)=
^7) + ((815.73-282.32) / 4.406^8)=
P= 500
VS= 50
n= 6

D= (500-50) / 6 = 75
Prestamo= 200
F= 200(1.32^6)= 1057.97

0 1 2
Ingreso 170 212.5 272
Interes 0 0
Depreciacion 75 93.8 120
UAI 118.7 152
Impuestos 50% -59.3 -76
UDI 59.4 76
Depreciacion 93.8 120
Pago de capital 0 0
UDI 153.2 196

VS= 50(1.35)(1.28)(1.3^4)= 228.5

TMAR(1)= (0.1)(0.25)+(0.1)(0.25)= 0.375
TMAR(2)= (0.1)(0.28)(0.1)(0.28)= 0.408

TMAR mixra año 1= ((200/500)(0.32))+((300/500)(0.375))=

TMAR mixra año 2= ((200/500)(0.32))+((300/500)(0.408))=
TMAR mixra año 3-6= ((200/500)(0.32))+((300/500)(0.43))=

VPN= -300 + (153.2 / 1.353) + (196 / (1.353)(1.3728)) + (254.8 / (1.353)(1.3728)(1.386)

VPN= 220.7
 3 4 5 6
353.6 459.7 597.6 776.9
0 0 0 858
156 202.8 263.6 342.7
197.6 256.9 334 423.8
-98.8 -128.4 -167 211.9
98.8 128.5 167 -211.9
156 202.8 263 342.7
0 0 0 200
254.8 331.3 430.6 -69.2

0.353
0.3728
0.386

254.8 / (1.353)(1.3728)(1.386)) +(331.3 / (1.353)(1.3728)(1.386^2)) + (430.6 / (1.353)(1.3728)(1.386^3))+(228.5-69.2 /(1.353)(1.3728)(1.38

228.5-69.2 /(1.353)(1.3728)(1.386^4))=