TEA 24% TEM 1.78

1 TEA 24% TEM 1.812 TEA 26.80% TED 0.073 TEM 3.35% TEA 48.504 TEM 1.85% TEQ 0.92 0.9208 1.8505 TEB 5.40% TET 8.216 TEA 12.50% TES 6.077 TEA 52.50% TED 26 DIAS 3.098 TASA 15.25% TASA DE 27 DIAS A TEA 564

9 EFECTUE LA CONVERSIONES CORRESPONDIENTES10 27.50% TEA A TED 2.011776349552311 3.35% TEM A TEA 48.5012 11.25% TES A TEM 0.18662708849113 1.85% TEM A TED 0.061121860750414 5.80% TEC A TEA 18.428711215 2.87% TEB A TEM 0.015721162953616 45.60% TEA ATASA DE 34 DIAS 0.4220241446375

Suponga que desea invertir cierto capital durante un año y le ofrecen las siguientes alternativas, todas con el mismo nivel de riesgo. ¿Cuál sería su opcion?OPCION Rentabilidad

A 28% anual 28%B 1.15% TEQ 31.6C 13.80% TES 29.5D 7.45% TEC 24.1E 6.75% A+B39:E44 29.9

TEA 24% A TES 0.11355287 100 11.36TET 0.05525015 100 5.53

TEA 20% A TEM 0.01530947 100 1.53

CONVERTIR 6.2542 AANOS 6.2542MESES 3.05DIAS 2

TEM 3.91% A TEA 0.58448502 100.00 58.4485021

Suponga que desea invertir cierto capital durante un año y le ofrecen las siguientes alternativas, todas con el mismo nivel de riesgo. ¿Cuál sería su opcion?

CASO 10 1 2 3 4 kd VAN TIR

-1,000 500 400 300 100 14% S/. -0.00 14%

CASO 2

PROYECTO 0 1 2A -4000

CASO 3

FLUJO DE EFE 0 1 2 3 4 Kd VAN-1000 500 400 300 100 10%

PROYECTO A0 1 2 3 4

FLUJO DE CAJ -1000 500 400 300 100FLUJO NETO -1000 -500 -100 200 300

PROYECTO B0 1 2 3 4

FLUJO DE CAJ -1000 100 300 400 600FLUJO NETO -1000 -500 -600 -200 400

PROYECTOS MUTUAMENTE EXCLUYENTESFLUJO DE EFECTIVOPROYECTO 0 1 VA(10%) IR(%) VAN(10%)K -100 200 182 1.82 82L -10000 15000 13,636 1.36 3,636

PROYECTO 0 1 VA(10%) IR(%) VAN(10%)

L-K -9900 14800 13,454

METODO DE CADENA DE REMPLAZOLOS FLUJOS NETOS DE CAJA AL 14% SON :

AÑO MAQUINA0 -45000 -450001 20,000 20,0002 20,000 20,0003 20,000 -45,000 -25,0004 20,000 20,0005 20,000 20,0006 20,000 20,000

VAN S/. 2,399.63

CASO INFLACION

I= 8,000 VAN= -8,000 5,000 7,000FNC1 5000FNC2 7,000K 10%0 20%

CASO MANEL A

TIRM12%

PARA

CASO MANESA

INFORMACION DEL RDKG

LA UTILIZACION STARA JA

INVERSION UNUCIAL que flujos de caja incrementales se van a producir durante la vida del proyecto

Para cada año se calculara desde el 1 año hasta año 50 1 2

DETERMINACION DE LOS FNC FLUJOS NETOS DE CAJAINGRESOS 85000 INVERSION 151,000COSTOS 29750 INGRESOS 85,000 85,000DEPRECIACIO 10400 COSTOS 29750 29750UAT DEPRECIACION 19,400 19,400IMPUESTOS 10,755 UATUDT 25,095 IMPUESTOS -30%DEPRECIACIO 19,400 UDTFLUJO DE NE 44,495 DEPRECIACION

FNCFNOFNC

CALCULANDO VAN TIR PAYBACK B/CFC -151FNC 44,495FNC 98495TASA DE DCTO 12.00%TR 14.00%AÑOS 1 2 3 4 5FLUJO DE CA -151,000 44,495 44,495 44,495 44,495 98,495FLUJO DE C -151,000 -106,505 -62,010 -17,515 26,980 125,475

VAN 40,036TIR 21,00%PAY BACK 4,274B/C 1.83

TIRM 18

3 4 5

85,000 85,000 85,00029750 29750 29750

19,400 19,400 19,400

caso1Monto S/. 699,534.79 TES 4.30%Plazo 10m14d 314 diasCapital S/. 650,000.00 Funcion "VA"

Caso2Monto S/. 30,000.00TES 20%Plazo 7 mesesVF S/. 33,679.94Conversion a TEM 1.71428571429VF

CASO3

Capital S/. 20,000.00Monto S/. 24,000.00TEA 18%Plazo 1.10 Anos Funcion "NPER"

1.22 meses7 dias 1A1m7d

caso4

Capital S/. 45,000.00Monto S/. 49,064.54TEA 7.2%Plazo 15

CASO5Banco del NorteDeposito S/. 3,000.00TEM 4%PLAZO 8 mesesMonto Acum S/. 4,105.71 FUNCION VF

Banco del NorteDeposito S/. 5,000.00TNA,Capt.Trime 48%Conversion 12% TNTPLAZO 8 mesesMonto Acum S/. 6,764.23 FUNCION VF

VA=Depositos S/. 8,000.00VF= Monto acum S/. 10,869.93Ganancia S/. 2,869.93Rend.Promedio 3.91% TEM FUNCION"TASA"

58.38 TEA

Caso6

capital $30,000.00 Opcion APlazo 180 diasTEA 4.25%VF $ 30,644.28

Opcion BCapital S/. 80,400.00 82500 S/. 2,100.00Plazo 180 diasTEA 7.50%VF S/. 83,471.92 30353.424926

S/. 3,071.92

Caso7FernandoVA S/. 76,543.00VF S/. 80,234.00PLAZO 40 diasGanacia S/. 3,691.00TEA 53%TED 4.82

David S/. 3,691.00VA S/. 54,321.00VF S/. 56,789.00PLAZO 35 diasGanancia S/. 2,468.00TEA 58%TED 4.54

Caso8

Monto S/. 8,000.00TEA 23.80%TEM 0.02Plazo 18 mesesValor cuota S/. 524.05

CASO1Linea de credito S/. 100,000.00 Liquidar al 30-AprCapital(principal) S/. 48,500.00 15-Apr Capital S/. 48,500.00TEA 55% 15 dias Compensatorio 893.78TEQ 0.0184 C.mantenim 49C.manten. 49 S/. 49,442.78

ITF 0.005% S/. 2.47Liquidacion S/. 49,445.25

Caso2Linea de credito S/. 200,000.00 Factor Liquidacion alCapital(principal) S/. 200,000.00 TEA 55% 0.00978657684 CapitalExceso S/. 25,000.00 TEA 85% 0.013764664539 CompensatorioMonto Utilizado S/. 225,000.00 liq. 22-Jun 8 dias ExcesoC.manten S/. 49.00 Exceso de Linea

C.manten.

ITF 0.005%LiquidacionLiquidacion

Capital(principal) S/. 200,000.00 TEA 55% 0.022154594061 CapitalExceso S/. 25,000.00 TEA 85% 0.031237236594 CompensatorioDias 18 TEA 15.25% 0.0040 ExcesoDias Moratorio 10 Exceso de Linea

I.MoratorioC.manten.

ITF 0.005%Liquidacion

TCEA 58.73%

30-JunS/. 200,000.00

S/. 1,957.32S/. 25,000.00

344.12 S/. 49.00 S/. 227,350.43 TCEA 59.62%

S/. 11.37S/. 227,361.80

10-JunS/. 200,000.00

S/. 4,430.92S/. 25,000.00

780.93898.12

S/. 49.00 TCEA 71.62%S/. 231,158.97

S/. 11.56S/. 231,170.53

Caso 5Prestamo S/. 50,000.00TEA 23.64%TEM 0.0178Portes + Seguros 12.5N°Cuotas 18 Cuotas Fijas MensualesValor Cuota S/. 3,272.13 igua puede hallarse con FRC

Mes Interes Amortizacion Cuota Amortiz.Acumulado0 0 0 0 S/. 50,000.00 01 S/. 892.05 S/. 2,380.08 S/. 3,272.13 S/. 47,619.92 S/. 2,380.082 S/. 849.58 S/. 2,422.55 S/. 3,272.13 S/. 45,197.37 S/. 4,802.633 S/. 806.36 S/. 2,465.77 S/. 3,272.13 S/. 42,731.61 S/. 7,268.394 S/. 762.37 S/. 2,509.76 S/. 3,272.13 S/. 40,221.85 S/. 9,778.155 S/. 717.60 S/. 2,554.53 S/. 3,272.13 S/. 37,667.32 S/. 12,332.686 S/. 672.02 S/. 2,600.11 S/. 3,272.13 S/. 35,067.21 S/. 14,932.797 S/. 625.63 S/. 2,646.50 S/. 3,272.13 S/. 32,420.71 S/. 17,579.298 S/. 578.42 S/. 2,693.71 S/. 3,272.13 S/. 29,727.00 S/. 20,273.009 S/. 530.36 S/. 2,741.77 S/. 3,272.13 S/. 26,985.22 S/. 23,014.78

10 S/. 481.44 S/. 2,790.69 S/. 3,272.13 S/. 24,194.54 S/. 25,805.4611 S/. 431.65 S/. 2,840.48 S/. 3,272.13 S/. 21,354.06 S/. 28,645.9412 S/. 380.98 S/. 2,891.15 S/. 3,272.13 S/. 18,462.91 S/. 31,537.0913 S/. 329.40 S/. 2,942.73 S/. 3,272.13 S/. 15,520.17 S/. 34,479.8314 S/. 276.89 S/. 2,995.24 S/. 3,272.13 S/. 12,524.94 S/. 37,475.0615 S/. 223.46 S/. 3,048.67 S/. 3,272.13 S/. 9,476.26 S/. 40,523.7416 S/. 169.07 S/. 3,103.06 S/. 3,272.13 S/. 6,373.20 S/. 43,626.8017 S/. 113.70 S/. 3,158.43 S/. 3,272.13 S/. 3,214.77 S/. 46,785.2318 S/. 57.35 S/. 3,214.77 S/. 3,272.13 S/. 0.00 S/. 50,000.00

S/. 8,898.33 S/. 50,000.00 S/. 58,898.33

Caso6PrestamoFecha desem. 13-JunTEA 23.64% 100 0.002364N Cuotas 18 Cuotas fijas con Vcto dia 30 de cada mes

Cuotas Fecha N dias Intereses Amortizacion Cuota0 6/13/2011 0.00 S/. 140.46 01 7/30/2011 47.00 S/. 88.68 S/. 190.93 S/. 331.392 8/30/2011 31.00 S/. 84.21 S/. 242.71 S/. 331.393 9/30/2011 31.00 S/. 77.06 S/. 247.18 S/. 331.394 10/30/2011 30.00 S/. 74.96 S/. 254.34 S/. 331.395 11/30/2011 31.00 S/. 67.95 S/. 256.43 S/. 331.39

Saldo Insoluto/Deudor

6 12/30/2011 30.00 S/. 65.37 S/. 263.45 S/. 331.397 1/30/2012 31.00 S/. 58.50 S/. 266.02 S/. 331.398 2/29/2012 30.00 S/. 53.63 S/. 272.89 S/. 331.399 3/30/2012 30.00 S/. 50.31 S/. 277.76 S/. 331.39

10 4/30/2012 31.00 S/. 43.66 S/. 281.08 S/. 331.3911 5/30/2012 30.00 S/. 39.82 S/. 287.73 S/. 331.3912 6/30/2012 31.00 S/. 33.32 S/. 291.57 S/. 331.3913 7/30/2012 30.00 S/. 28.95 S/. 298.07 S/. 331.3914 8/30/2012 31.00 S/. 23.37 S/. 302.44 S/. 331.3915 9/30/2012 31.00 S/. 17.12 S/. 308.02 S/. 331.3916 10/30/2012 30.00 S/. 11.90 S/. 314.28 S/. 331.3917 11/30/2012 31.00 S/. 5.81 S/. 319.50 S/. 331.3918 12/30/2012 30.00 S/. 0.00 S/. 325.58 S/. 331.39

Portes+Seg Pago mes0 0 0 S/. 50,000.00

12.5 S/. 3,284.63 1 S/. -3,284.6312.5 S/. 3,284.63 2 S/. -3,284.6312.5 S/. 3,284.63 3 S/. -3,284.6312.5 S/. 3,284.63 4 S/. -3,284.6312.5 S/. 3,284.63 5 S/. -3,284.6312.5 S/. 3,284.63 6 S/. -3,284.6312.5 S/. 3,284.63 7 S/. -3,284.6312.5 S/. 3,284.63 8 S/. -3,284.6312.5 S/. 3,284.63 9 S/. -3,284.6312.5 S/. 3,284.63 10 S/. -3,284.6312.5 S/. 3,284.63 11 S/. -3,284.6312.5 S/. 3,284.63 12 S/. -3,284.6312.5 S/. 3,284.63 13 S/. -3,284.6312.5 S/. 3,284.63 14 S/. -3,284.6312.5 S/. 3,284.63 15 S/. -3,284.6312.5 S/. 3,284.63 16 S/. -3,284.6312.5 S/. 3,284.63 17 S/. -3,284.6312.5 S/. 3,284.63 18 S/. -3,284.63

TCEM 1.83% TIR 1.83%TCEA 24%

Saldo Portes+seguros Pago Mens Fecha vctoS/. 5,000.00 0 0 6/13/2011S/. 4,809.07 S/. 12.50 S/. 343.89 7/30/2011S/. 4,566.36 S/. 12.50 S/. 343.89 8/30/2011S/. 4,319.17 S/. 12.50 S/. 343.89 9/30/2011S/. 4,064.84 S/. 12.50 S/. 343.89 10/30/2011S/. 3,808.40 S/. 12.50 S/. 343.89 11/30/2011

S/. 3,544.96 S/. 12.50 S/. 343.89 12/30/2011S/. 3,278.93 S/. 12.50 S/. 343.89 1/30/2012S/. 3,006.04 S/. 12.50 S/. 343.89 2/29/2012S/. 2,728.28 S/. 12.50 S/. 343.89 3/30/2012S/. 2,447.20 S/. 12.50 S/. 343.89 4/30/2012S/. 2,159.46 S/. 12.50 S/. 343.89 5/30/2012S/. 1,867.89 S/. 12.50 S/. 343.89 6/30/2012S/. 1,569.82 S/. 12.50 S/. 343.89 7/30/2012S/. 1,267.38 S/. 12.50 S/. 343.89 8/30/2012

S/. 959.36 S/. 12.50 S/. 343.89 9/30/2012S/. 645.08 S/. 12.50 S/. 343.89 10/30/2012S/. 325.58 S/. 12.50 S/. 343.89 11/30/2012

S/. 0.00 S/. 12.50 S/. 343.89 12/30/2012

CASO 1 Descuento de Letras

L/C N° Importe (S/.) Fecha emision Plazo1352 S/. 14,555.00 1/15/2011 105 dias1358 S/. 6,945.00 1/28/2011 90 dias1365 S/. 10,390.00 2/3/2011 90 dias1374 S/. 6,658.00 2/11/2011 75 dias1387 S/. 8,705.00 2/24/2011 60 dias

Fecha de descuento 3/22/2011TEA 24.15%Portes 25G.desembolso 25 5 Letras X S/5.00ITF 0.005%

L/C N° Importe (S/.) Fecha emision Plazo (dias) Feha de Vcto N~de dias1352 S/. 14,555.00 1/15/2011 105 4/30/2011 391358 S/. 6,945.00 1/28/2011 90 4/28/2011 371365 S/. 10,390.00 2/3/2011 90 5/4/2011 431374 S/. 6,658.00 2/11/2011 75 4/27/2011 361387 S/. 8,705.00 2/24/2011 60 4/25/2011 34

VALOR TOTALLiquidacionTOTAL L/C S/. 47,253.00Dscto total S/. -1,073.37Portes -25

-25S/. 46,129.63

ITF 2.36Liquidacion S/. 46,127.27

Valor Liquido DescuentoS/. 14,217.87 S/. 337.13

S/. 6,792.30 S/. 152.70S/. 10,124.98 S/. 265.02

S/. 6,515.52 S/. 142.48S/. 8,528.96 S/. 176.04

S/. 46,179.63 S/. 1,073.37S/. 47,253.00

Caso Factoring

TEA 23.50%Portes S/. 11.00ITF 0.005%

FACT N~ Importe Fecha de emision Plazo1 S/. 25,400.00 26-Feb 902 S/. 17,600.00 3-Mar 120

Resultado

Caso 4 - Renovacion de pagare

Pagare S/. 10,000.00plazo 90 diasTEA 19%Portes S/. 12.00 VA = S/. 9,574.44

Valor Actual del pagare

Liquidacion a los 90 diasPagare S/. 10,000.00Intereses S/. 425.56 Adelantado TEM 4.44 S/. 400.03Portes 12

S/. 9,562.44ITF 0.005% S/. 0.48

S/. 9,561.96cuanto me costo TCEA 20%Tasa total

Renovacion del pagare pr 60 dias:30% Amortizacion S/. 3,000.00 Nuevo Pagare S/. 7,000.00 150 dias

V.liquido S/. 6,510.59I Adelantado S/. 489.41

Com.Renov = 2.50% Com.Renov S/. 175.00LiquidacionAmortizacion S/. 3,000.00I adelantado S/. 489.41Com.Renov = S/. 175.00Portes 12Total S/. 3,676.41

ITF 0.01% S/. 0.18S/. 3,676.60

TCEA= 27.62%Nuevo PagareDia 90 S/. 6,323.59dia 150 (90+60) S/. 7,000.00