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Avalição de InvestimentosAdriano Leal Bruni ([email protected])
Respostas do livroCapítulo 7
www.MinhasAulas.com.br
TMA Respostas: VFLPBS 0.77 VPL 6.00 VULPBD 0.77 TIR 30.0000% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (20.00) (20.00) (20.00) (20.00)1 26.00 6.00 0.77 26.00 6.00 2 6.00 - 6.00 3 6.00 - 6.00 4 6.00 - 6.00 5 6.00 - 6.00 6 6.00 - 6.00 7 6.00 - 6.00 8 6.00 - 6.00 9 6.00 - 6.00
10 6.00 - 6.00 Soma
6.00 6.00 1.30
PBD
0.77
TMA Respostas: VFLPBS 0.80 VPL 200.00 VULPBD 0.80 TIR 25.0000% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (800.00) (800.00) (800.00) (800.00)1 1,000.00 200.00 0.80 1,000.00 200.00 2 200.00 - 200.00 3 200.00 - 200.00 4 200.00 - 200.00 5 200.00 - 200.00 6 200.00 - 200.00 7 200.00 - 200.00 8 200.00 - 200.00 9 200.00 - 200.00
10 200.00 - 200.00 Soma
200.00 200.00 1.25
PBD
0.80
TMA Respostas: VFLPBS 0.82 VPL 20.00 VULPBD 0.82 TIR 22.2222% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (90.00) (90.00) (90.00) (90.00)1 110.00 20.00 0.82 110.00 20.00 2 20.00 - 20.00 3 20.00 - 20.00 4 20.00 - 20.00 5 20.00 - 20.00 6 20.00 - 20.00 7 20.00 - 20.00 8 20.00 - 20.00 9 20.00 - 20.00
10 20.00 - 20.00 Soma
20.00 20.00 1.22
PBD
0.82
TMA Respostas: VFLPBS 1.54 VPL 12.00 VULPBD 1.54 TIR 30.0000% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (20.00) (20.00) (20.00) (20.00)1 6.00 (14.00) 1.00 6.00 (14.00)2 26.00 12.00 0.54 26.00 12.00 3 12.00 - 12.00 4 12.00 - 12.00 5 12.00 - 12.00 6 12.00 - 12.00 7 12.00 - 12.00 8 12.00 - 12.00 9 12.00 - 12.00
10 12.00 - 12.00 Soma
12.00 6.00 1.60
PBD
1.00 0.54
TMA Respostas: VFLPBS 3.63 VPL 5,098.00 VULPBD 3.63 TIR 4.0000% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (50,000.00) (50,000.00) (50,000.00) (50,000.00)1 13,774.50 (36,225.50) 1.00 13,774.50 (36,225.50)2 13,774.50 (22,451.00) 1.00 13,774.50 (22,451.00)3 13,774.50 (8,676.50) 1.00 13,774.50 (8,676.50)4 13,774.50 5,098.00 0.63 13,774.50 5,098.00 5 5,098.00 - 5,098.00 6 5,098.00 - 5,098.00 7 5,098.00 - 5,098.00 8 5,098.00 - 5,098.00 9 5,098.00 - 5,098.00
10 5,098.00 - 5,098.00 Soma
5,098.00 1,274.50 1.10
PBD
1.00 1.00 1.00 0.63
TMA Respostas: VFLPBS 4.62 VPL 23,831.38 VULPBD 4.62 TIR 8.0000% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (80,000.00) (80,000.00) (80,000.00) (80,000.00)1 17,305.23 (62,694.77) 1.00 17,305.23 (62,694.77)2 17,305.23 (45,389.54) 1.00 17,305.23 (45,389.54)3 17,305.23 (28,084.31) 1.00 17,305.23 (28,084.31)4 17,305.23 (10,779.08) 1.00 17,305.23 (10,779.08)5 17,305.23 6,526.15 0.62 17,305.23 6,526.15 6 17,305.23 23,831.38 17,305.23 23,831.38 7 23,831.38 - 23,831.38 8 23,831.38 - 23,831.38 9 23,831.38 - 23,831.38
10 23,831.38 - 23,831.38 Soma
23,831.38 3,971.90 1.30
PBD
1.00 1.00 1.00 1.00 0.62
TMA Respostas: VFLPBS 5.76 VPL 67,531.74 VULPBD 5.76 TIR 10.0000% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (120,000.00) (120,000.00) (120,000.00) (120,000.00)1 20,836.86 (99,163.14) 1.00 20,836.86 (99,163.14)2 20,836.86 (78,326.28) 1.00 20,836.86 (78,326.28)3 20,836.86 (57,489.42) 1.00 20,836.86 (57,489.42)4 20,836.86 (36,652.56) 1.00 20,836.86 (36,652.56)5 20,836.86 (15,815.70) 1.00 20,836.86 (15,815.70)6 20,836.86 5,021.16 0.76 20,836.86 5,021.16 7 20,836.86 25,858.02 20,836.86 25,858.02 8 20,836.86 46,694.88 20,836.86 46,694.88 9 20,836.86 67,531.74 20,836.86 67,531.74
10 67,531.74 - 67,531.74 Soma
67,531.74 7,503.53 1.56
PBD
1.00 1.00 1.00 1.00 1.00 0.76
TMA Respostas: VFLPBS 2.62 VPL 8,589.30 VULPBD 2.62 TIR 7.0000% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (60,000.00) (60,000.00) (60,000.00) (60,000.00)1 22,863.10 (37,136.90) 1.00 22,863.10 (37,136.90)2 22,863.10 (14,273.80) 1.00 22,863.10 (14,273.80)3 22,863.10 8,589.30 0.62 22,863.10 8,589.30 4 8,589.30 - 8,589.30 5 8,589.30 - 8,589.30 6 8,589.30 - 8,589.30 7 8,589.30 - 8,589.30 8 8,589.30 - 8,589.30 9 8,589.30 - 8,589.30
10 8,589.30 - 8,589.30 Soma
8,589.30 2,863.10 1.14
PBD
1.00 1.00 0.62
TMA Respostas: VFLPBS 6.21 VPL 172,972.56 VULPBD 6.21 TIR 6.0000% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (600,000.00) (600,000.00) (600,000.00) (600,000.00)1 96,621.57 (503,378.43) 1.00 96,621.57 (503,378.43)2 96,621.57 (406,756.86) 1.00 96,621.57 (406,756.86)3 96,621.57 (310,135.29) 1.00 96,621.57 (310,135.29)4 96,621.57 (213,513.72) 1.00 96,621.57 (213,513.72)5 96,621.57 (116,892.15) 1.00 96,621.57 (116,892.15)6 96,621.57 (20,270.58) 1.00 96,621.57 (20,270.58)7 96,621.57 76,350.99 0.21 96,621.57 76,350.99 8 96,621.57 172,972.56 96,621.57 172,972.56 9 172,972.56 - 172,972.56
10 172,972.56 - 172,972.56 Soma
172,972.56 21,621.57 1.29
PBD
1.00 1.00 1.00 1.00 1.00 1.00 0.21
TMA Respostas: VFLPBS 3.60 VPL (27.90) VULPBD 3.60 TIR 11.9975% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 72.10 72.10 72.10 72.10 1 (20.00) 52.10 1.00 (20.00) 52.10 2 (20.00) 32.10 1.00 (20.00) 32.10 3 (20.00) 12.10 1.00 (20.00) 12.10 4 (20.00) (7.90) 0.60 (20.00) (7.90)5 (20.00) (27.90) (20.00) (27.90)6 (27.90) - (27.90)7 (27.90) - (27.90)8 (27.90) - (27.90)9 (27.90) - (27.90)
10 (27.90) - (27.90)Soma
(27.90) (5.58) 1.39
PBD
1.00 1.00 1.00 0.60
10% 820% -12
Dif 10% -20
Resp: 0.14
Ano FC0 (800.00) tma vpl1 250.00 0% 582.81 2 156.25 5% 423.41 3 976.56 10% 290.11
15% 177.64 20% 81.98 25% (0.00)30% (70.74)35% (132.17)40% (185.82)
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
(300.00)
(200.00)
(100.00)
-
100.00
200.00
300.00
400.00
500.00
600.00
700.00
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
(300.00)
(200.00)
(100.00)
-
100.00
200.00
300.00
400.00
500.00
600.00
700.00
A soma a valor presente dos fluxos dos anos 1 e 2 deve ser igual a 500
500 = 330/1,1 + x/(1,1^2)
x = 200 x 1,1^2 = 242.00
a) 180-100(1+i) = 30 i = 50%
b) A Tir é a taxa de rentabilidade da operação 80.00%
TMA Respostas: VFLPBS 2.25 VPL (150.00) VULPBD 2.25 TIR 11.4179% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 650.00 650.00 650.00 650.00 1 (240.00) 410.00 1.00 (240.00) 410.00 2 (360.00) 50.00 1.00 (360.00) 50.00 3 (200.00) (150.00) 0.25 (200.00) (150.00)4 (150.00) - (150.00)5 (150.00) - (150.00)6 (150.00) - (150.00)7 (150.00) - (150.00)8 (150.00) - (150.00)9 (150.00) - (150.00)
10 (150.00) - (150.00)Soma
(150.00) (50.00) 1.23
PBD
1.00 1.00 0.25
TMA Respostas: VFL10% PBS 2.50 VPL 75.53 VUL
PBD 2.94 TIR 40.3858% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (60.00) (60.00) (60.00) (60.00)1 20.00 (40.00) 1.00 18.18 (41.82)2 25.00 (15.00) 1.00 20.66 (21.16)3 30.00 15.00 0.50 22.54 1.38 4 35.00 50.00 23.91 25.29 5 40.00 90.00 24.84 50.12 6 45.00 135.00 25.40 75.53 7 135.00 - 75.53 8 135.00 - 75.53 9 135.00 - 75.53
10 135.00 - 75.53 Soma
133.80 17.34 2.26
PBD
1.00 1.00 0.94
TMA Respostas: VFLPBS 1.78 VPL 240.00 VULPBD 1.78 TIR 58.0963% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (75.00) (75.00) (75.00) (75.00)1 40.00 (35.00) 1.00 40.00 (35.00)2 45.00 10.00 0.78 45.00 10.00 3 50.00 60.00 50.00 60.00 4 55.00 115.00 55.00 115.00 5 60.00 175.00 60.00 175.00 6 65.00 240.00 65.00 240.00 7 240.00 - 240.00 8 240.00 - 240.00 9 240.00 - 240.00
10 240.00 - 240.00 Soma
240.00 40.00 4.20
PBD
1.00 0.78
TMA Respostas: VFLPBS 1.67 VPL 160.00 VULPBD 1.67 TIR 60.1253% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 (50.00) (50.00) (50.00) (50.00)1 30.00 (20.00) 1.00 30.00 (20.00)2 30.00 10.00 0.67 30.00 10.00 3 30.00 40.00 30.00 40.00 4 40.00 80.00 40.00 80.00 5 40.00 120.00 40.00 120.00 6 40.00 160.00 40.00 160.00 7 160.00 - 160.00 8 160.00 - 160.00 9 160.00 - 160.00
10 160.00 - 160.00 Soma
160.00 26.67 4.20
PBD
1.00 0.67
TMA Respostas: VFL12% PBS - VPL 132.29 VUL
PBD - TIR 24.0381% IL
Ano FC Saldo Simples PBS VP (FC) Saldo Desc0 - - - - 1 180.00 180.00 - 160.71 160.71 2 100.00 280.00 79.72 240.43 3 50.00 330.00 35.59 276.02 4 (1,800.00) (1,470.00) (1,143.93) (867.91)5 600.00 (870.00) 340.46 (527.45)6 500.00 (370.00) 253.32 (274.14)7 400.00 30.00 180.94 (93.20)8 300.00 330.00 121.16 27.97 9 200.00 530.00 72.12 100.09
10 100.00 630.00 32.20 132.29 Soma
Step 5% 132.29
0% 6305% 345.31979203
10% 177.8015849615% 80.34221569220% 25.21457450925% -4.2013081630% -18.0159381935% -22.4506886740% -21.3644203245% -17.1604794150% -11.3349929755% -4.81342560% 1.84006774865% 8.290908518470% 14.350422265
0% 10% 20% 30% 40% 50% 60% 70% 80%-100
0
100
200
300
400
500
600
700
410.86 23.41
#DIV/0!
PBD
-
0% 10% 20% 30% 40% 50% 60% 70% 80%-100
0
100
200
300
400
500
600
700
TMA Respostas:16.17% PBS
PBD
Ano FC0 (3,600.00)1 4,560.00 2 4,924.00 3 6,470.00 456789
10Soma
3000 3200Descrição Período 0 Período 1 Período 2
(+) Receitas 12,000.00 12,800.00
(-) Custos e despesas variáveis (4,200.00) (4,480.00)
(-) Custos e despesas fixos (exceto depreciação) (1,800.00) (1,800.00)
(-) Depreciação (1,200.00) (1,200.00)
= Lucro Operacional Tributável - 4,800.00 5,320.00
(-) IR (1,440.00) (1,596.00)
= Lucro Líquido Operacional - 3,360.00 3,724.00
(+) Depreciação - 1,200.00 1,200.00
= FCO (Fluxo de Caixa Operacional) - 4,560.00 4,924.00
(+/-) Investimento ou desinvestimentos líquidos em equipamentos (3,600.00)
(+/-) Investimentos ou desinvestimentos em capital de giro
= FCL (Fluxo de Caixa Livre) (3,600.00) 4,560.00 4,924.00
Cálculo da TMA $ K $.K3000 0.15 450600 0.22 132
582TMA 16.17%
VFL 12,700.15 0.79 VPL 8,101.48 VUL 3,617.10 0.92 TIR 124% IL 3.25
Saldo Simples PBS VP (FC) Saldo Desc PBD (3,600.00) (3,600.00) (3,600.00) 960.00 0.79 3,925.39 325.39 0.92 5,884.00 3,648.84 3,974.24 12,354.00 4,127.24 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48
3500Período 3
14,000.00
(4,900.00)
(1,800.00)
(1,200.00)
6,100.00
(1,830.00)
4,270.00
1,200.00
5,470.00
1,000.00
6,470.00
TMA Respostas:22.00% PBS
PBD
Ano FC0 (600.00)1 3,140.00 2 3,644.00 3 5,330.00 456789
10Soma
3000 3200Descrição Período 0 Período 1 Período 2
(+) Receitas 12,000.00 12,800.00
(-) Custos e despesas variáveis (4,200.00) (4,480.00)
(-) Custos e despesas fixos (exceto depreciação) (1,800.00) (1,800.00)
(-) Depreciação (1,200.00) (1,200.00)
= Lucro Operacional Tributável - 4,800.00 5,320.00
(-) IR (1,440.00) (1,596.00)
= Lucro Líquido Operacional - 3,360.00 3,724.00
(+) Depreciação - 1,200.00 1,200.00
= FCO (Fluxo de Caixa Operacional) - 4,560.00 4,924.00
(+/-) Investimento ou desinvestimentos líquidos em equipamentos (3,600.00)
(+/-) Investimentos ou desinvestimentos em capital de giro
= FCL (Fluxo de Caixa Livre) (3,600.00) 4,560.00 4,924.00
(+/-) Empréstimo (principal) 3,000.00 (1,000.00) (1,000.00)
(-) Juros (600.00) (400.00)
(+) Benefício fiscal de juros 180.00 120.00
= FCL (Fluxo de Caixa do Sócio) (600.00) 3,140.00 3,644.00
Cálculo da TMA $ K $.K
600 0.220
TMA 22.00%
VFL 13,359.75 0.19 VPL 7,357.30 VUL 3,602.56 0.23 TIR 540% IL 13.26
Saldo Simples PBS VP (FC) Saldo Desc PBD (600.00) (600.00) (600.00) 2,540.00 0.19 2,573.77 1,973.77 0.23 6,184.00 2,448.27 4,422.04 11,514.00 2,935.27 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30
3500Período 3
14,000.00
(4,900.00)
(1,800.00)
(1,200.00)
6,100.00
(1,830.00)
4,270.00
1,200.00
5,470.00
1,000.00
6,470.00
(1,000.00)
(200.00)
60.00
5,330.00
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