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26
f)grafica CMC Y POI
INVERSION
$27,000,000.00
$28,000,000.00
PPCC
9%
9.22%
POI
10%
11%
11%
10% 10%
9.00%
8%
9.22%
6%
4%
2%
0%
$27,000,000.00
$28,000,000.00
inversion
EJERCICIO N11.27
%
CRECIMIENTO
AO
UPA
VARIACION
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
3.9
4.21
4.55
4.91
5.31
5.73
6.19
6.68
7.22
7.8
promedio(g)
0.31
0.34
0.36
0.4
0.42
0.46
0.49
0.54
0.58
7.95%
8.08%
7.91%
8.15%
7.91%
8.03%
7.92%
8.08%
8.03%
8.01%
VALOR
$104,000,000.00
$156,000,000.00
$260,000,000.00
%
40%
60%
100%
DETALLE
deuda
capital contable comun
TOTAL PASIVO Y CAPITAL
EJERCICIO N11.28
ESTRUCTURA DE FINANCIAMIENTO
deuda
45%
capital contable comun
55%
TOTAL PASIVO Y CAPITAL
100%
$2,500,000.00
$1,500,000.00
$1,000,000.00
P0
$22.00
$2.20
5%
$2.31
10%
D0
g
D1
f
cantidad de prestamo
$o $ 500 000
$ 500 001 a $900 000
$900 001 a
Mas
rd
9%
11%
13%
t
40.00%
40.00%
40.00%
MONTO
DETALLE
Deuda a una tasa de
Deuda a una tasa de
Utilidades retenidas
9%
11%
$
$
$
500,000
900,000
1,000,000
$
%
45%
Monto
500,000
1,111,111
Costo
5.40%
Capital
55%
100%
$
$
611,111
1,111,111
nivel de inversion
%
45%
55%
100%
Deudas
Capital
$
$
$
Monto
818,182
1,000,000
1,818,182
$
$
$
Monto
900,000
1,100,000
2,000,000
nivel de inversion
%
45%
55%
100%
Deudas
Capital
nivel de inversion
>
%
45%
55%
100%
Deudas
Capital
$
$
$
15.50%
1,818,182
Costo
6.60%
15.50%
2,000,000
Costo
6.60%
16.67%
2,000,000
Costo
7.80%
16.67%
Monto
990,000
1,210,000
2,200,000
c)calculo de TIR
AOS
0
1
2
3
4
5
6
7
8
9
10
TIR
PROYECTO
3
-$375,000.00
$161,524.00
$161,524.00
$161,524.00
1
-$675,000.00
$155,401.00
$155,401.00
$155,401.00
$155,401.00
$155,401.00
$155,401.00
$155,401.00
$155,401.00
2
-$900,000.00
$268,484.00
$268,484.00
$268,484.00
$268,484.00
$268,484.00
16%
15%
14%
proyecto
1
2
3
4
5
TIR
16.00%
15.00%
14.00%
12.00%
11.00%
16.00% 16.00%
14.00%
12.00%
10.00%
8.00%
10.96%
Financiamiento
$
675,000
$
1,575,000
$
1,950,000
$
2,512,500
$
3,262,500
15.00%
10.96%
14.00%
11.50%
12.14%
12.00%
18.00%
16.00% 16.00%
14.00%
12.00%
10.00%
10.96%
15.00%
14.00%
11.50%
10.96%
12.14%
12.00%
8.00%
6.00%
4.00%
2.00%
0.00%
$675,000
$1,575,000
$1,950,000
TIR
$2,512,500
PPCC
e)deberia aceptar los tres primeros proyectos ya que en dichos proyectos la TIR es m
11%
9.22%
28,000,000.00
PPCC
POI
rdt
5.40%
6.60%
7.80%
PUNTO DE
RUPTURA
%
45%
45%
55%
$
$
$
1,111,111
2,000,000
1,818,182
NUMERO
DE
RUPTURA
1
3
2
PPCC
2.43%
8.53%
10.96%
PPCC
2.97%
8.53%
11.50%
PPCC
2.97%
9.17%
12.14%
PPCC
3.51%
9.17%
12.68%
CTO
4
-$562,500.00
$185,194.00
$185,194.00
$185,194.00
$185,194.00
12%
PPCC
10.96%
10.96%
11.50%
12.14%
12.68%
12.14%
12.00%
5
-$750,000.00
$127,351.00
$127,351.00
$127,351.00
$127,351.00
$127,351.00
$127,351.00
$127,351.00
$127,351.00
$127,351.00
$127,351.00
11%
Aceptados
$ 675,000.00
$ 900,000.00
$ 375,000.00
12.68%
11.00%
1
2
3
12.14%
12.00%
$2,512,500
12.68%
11.00%
$3,262,500
PROBLEMA 7.10
DATOS
$23.00
4%
11%
$2.14
P0
g
rs
D1
DONDE
Po
g
rs
Ks
D1/P0+g
D1
$1.61
D1=(ks-g)*Po
D1:dividendo esperado
PROBLEMA 7.13
P0
DATO
$122.40
30
UPA0
P0
30
$4.08
20%
UPA0(1+g)
P1
UPA1
25
P1
25*UPA1
$4.90
$122.40
PROBLEMA 7.15
DATOS
6%
7%
7%
50%
25%
$1.00
g normal
r
rs
g super1
g super2
D0
D1=D0*(1+g supe
D2=D1*(1+g supe
D3=D2*(1+g norm
D1/P0+g
DETALLE
Dividendos
VAD
VAP2
1
$1.50
$1.33
P0
Po=D1/(rs-g)
2
$1.88
$1.47
$22.24
$25.03
PROBLEMA 7.17
DATOS
D1
D2
D3
gnromal
rs
$2.50
$3.00
$4.00
4%
14%
D1/P0+g
P3=D4/(rs-g)
DETALLE
Dividendos
VAD
VAP3
1
$2.50
$2.19
Po=D1/(rs-g)
41.6
2
$3.00
$2.31
3
$4.00
$2.70
$28.08
$35.28
A 7.10
ividendos
=(ks-g)*Po
dividendo esperado
A 7.13
A 7.15
A 7.17
D1=D0*(1+g super1)
D2=D1*(1+g super2)
D3=D2*(1+g normal)
$1.50
$1.88
$1.99
rs=rdiv+rnormal
13%
P2=D3/(rs-g)
$28.39