i

VP
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Inversion
Beneficios
FNE

0
-500000000

$1,052,794,030.76
$952,850,720.67
$860,649,894.74
$775,481,808.31
$696,710,485.92
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31
$775,481,808.31

Ch
$1,200,000,000.00
$1,000,000,000.00
$800,000,000.00
$600,000,000.00
Axis Title
$400,000,000.00
$200,000,000.00
$0.00

1 2 3 4 5 6

($200,000,000.00)

0.05
-500000000
-$285,714,285.71
-$1,930,433,732.30
$1,838,508,316.47
$1,052,794,030.76

0.06
-499999999
-$283,018,867.92
-$1,840,021,762.85
$1,735,869,587.60
$952,850,720.67

1
-300000000

2
250000000

TIR

24.0138%

0
-1000

1
200

2
200

-8.4%
A

VP
0
1
2
3
4
5

VP
-16000
4500
5500
6000
7000
12000
$

VP

TIR

27.55%

VP

-16000

0.2
$5,350.08
-$2,964.77
-$991.36

0.21
$5,468.25
-$2,900.70
-$991.36
$4,476.89

-16000
$3,600.00
$3,520.00
$3,072.00
$2,867.20
$3,932.16
991.36

0.22
$5,587.29
-$2,838.90
-$991.36
$4,595.93

Chart Title
$1,200,000,000.00
$1,000,000,000.00
$800,000,000.00
$600,000,000.00

e
$400,000,000.00
$200,000,000.00
$0.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

($200,000,000.00)

0.07
-499999998
-$280,373,831.78
-$1,755,895,385.23
$1,641,023,724.52
$860,649,894.74

0.08
-499999997
-$277,777,777.78
-$1,677,520,349.74
$1,553,259,583.09
$775,481,808.31

0.09
-499999996
-$275,229,357.80
-$1,604,414,425.29
$1,471,939,839.72
$696,710,485.92

3
250000000

4
250000000

5
250000000

3
200

4
200

0
1
2
3
4
5

-15000
6500
7000
7500
8000
12000

VP

TIR

-15000
$5,200.00
$4,480.00
$3,840.00
$3,276.80
$3,932.16
$5,728.96

40.94%

VA

0.23
$5,707.21
-$2,779.25
-$991.36
$4,715.85

0.24
$5,827.96
-$2,721.66
-$991.36
$4,836.60

0.25
$5,949.55
-$2,666.04
-$991.36
$4,958.19

24 25 26

0.1
-499999995
-$272,727,272.73
-$1,536,141,776.43
$1,396,492,524.02
$623,765,256.30

0.11
-499999994
-$270,270,270.27
-$1,472,308,002.79
$1,326,403,606.11
$556,133,341.84

0.12
-499999993
-$267,857,142.86
-$1,412,555,757.10
$1,261,210,497.41
$493,353,361.56

6
250000000

7
250000000

8
250000000

0.26
$6,071.94
-$2,612.30
-$991.36
$5,080.58

0.27
$6,195.13
-$2,560.36
-$991.36
$5,203.77

0.28
$6,319.10
-$2,510.13
-$991.36
$5,327.74

0.13
-499999992
-$265,486,725.66
-$1,356,560,868.99
$1,200,496,344.24
$435,009,626.57

0.14
-499999991
-$263,157,894.74
-$1,304,028,911.57
$1,143,885,010.15
$380,727,124.42

0.15
-499999990
-$260,869,565.22
-$1,254,692,156.46
$1,091,036,657.79
$330,167,102.58

9
250000000

10
250000000

11
250000000

0.29
$6,443.83
-$2,461.54
-$991.36
$5,452.47

0.3
$6,569.30
-$2,414.53
-$991.36
$5,577.94

0.16
-499999989
-$258,620,689.66
-$1,208,306,869.61
$1,041,643,853.12
$283,023,174.46

0.17
-499999988
-$256,410,256.41
-$1,164,650,906.93
$995,428,125.58
$239,017,881.17

0.18
-499999987
-$254,237,288.14
-$1,123,521,573.73
$952,136,926.89
$197,899,651.76

0.19
-499999986
-$252,100,840.34
-$1,084,733,716.74
$911,540,938.44
$159,440,112.10

0.2
-499999985
-$250,000,000.00
-$1,048,118,021.39
$873,431,684.49
$123,431,699.49

0.21
-499999984
-$247,933,884.30
-$1,013,519,490.45
$837,619,413.59
$89,685,545.30

0.22
-499999983
-$245,901,639.34
-$980,796,083.16
$803,931,215.70
$58,029,593.36

0.23
-499999982
-$243,902,439.02
-$949,817,496.50
$772,209,346.75
$28,306,925.72

0.24
-499999981
-$241,935,483.87
-$920,464,072.51
$742,309,735.90
$374,271.02

0.25
-499999980
-$240,000,000.00
-$892,625,817.60
$714,100,654.08
-$25,899,325.92

0.26
-499999979
-$238,095,238.10
-$866,201,521.29
$687,461,524.83
-$50,633,692.26

0.27
-499999978
-$236,220,472.44
-$841,097,963.58
$662,281,861.08
-$73,938,589.36

0.28
-499999977
-$234,375,000.00
-$817,229,201.14
$638,460,313.39
-$95,914,663.61

0.29
-499999976
-$232,558,139.53
-$794,515,923.96
$615,903,817.02
-$116,654,298.51

0.3
-499999975
-$230,769,230.77
-$772,884,874.76
$594,526,826.74
-$136,242,379.03

Periodos
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Flujos
-180
100
100
100
100
100
-100
-100
-100
-100
-100
0
0
0
0
0
0
0
0
0
200

0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
0.1
0.11
0.12
0.13
0.14
0.15
0.16
0.17
0.18
0.19
0.2
0.21
0.22
0.23
0.24
0.25
0.26
0.27
0.28
0.29
0.3
0.31
0.32
0.33
0.34
0.35
0.36
0.37
0.38
0.39
0.4
0.41
0.42

$7.39 TIR 1
-$0.95
-$6.16 TIR 2
-$9.08
-$10.38 TIR 3
-$10.54
-$9.94
-$8.85
-$7.48
-$5.97
-$4.45
-$2.98
-$1.61
-$0.39
$0.67
$1.56
$2.28
$2.82
$3.19
$3.41
$3.48
$3.41
$3.21
$2.90
$2.49
$1.98
$1.40
$0.74
$0.02
-$0.76
-$1.58
-$2.44
-$3.34
-$4.26
-$5.20
-$6.16
-$7.12
-$8.10
-$9.08
-$10.06
-$11.04
-$12.01

0.43
0.44
0.45
0.46
0.47
0.48
0.49
0.5
0.51
0.52
0.53
0.54
0.55
0.56
0.57
0.58
0.59
0.6
0.61
0.62
0.63
0.64
0.65
0.66
0.67
0.68
0.69
0.7
0.71
0.72
0.73
0.74
0.75
0.76
0.77
0.78
0.79
0.8
0.81
0.82
0.83
0.84
0.85
0.86
0.87

-$12.98
-$13.94
-$14.89
-$15.83
-$16.75
-$17.66
-$18.55
-$19.43
-$20.29
-$21.14
-$21.96
-$22.77
-$23.56
-$24.34
-$25.09
-$25.83
-$26.54
-$27.24
-$27.92
-$28.59
-$29.23
-$29.86
-$30.47
-$31.06
-$31.64
-$32.20
-$32.74
-$33.27
-$33.78
-$34.27
-$34.75
-$35.22
-$35.67
-$36.10
-$36.52
-$36.93
-$37.33
-$37.71
-$38.08
-$38.44
-$38.78
-$39.12
-$39.44
-$39.75
-$40.05

0.88
0.89
0.9
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
1
1.01
1.02
1.03
1.04
1.05
1.06
1.07
1.08
1.09
1.1
1.11
1.12
1.13
1.14
1.15
1.16
1.17
1.18
1.19
1.2
1.21
1.22
1.23
1.24
1.25
1.26
1.27
1.28
1.29
1.3
1.31
1.32

-$40.34
-$40.62
-$40.89
-$41.14
-$41.39
-$41.63
-$41.87
-$42.09
-$42.30
-$42.51
-$42.70
-$42.89
-$43.08
-$43.25
-$43.42
-$43.58
-$43.73
-$43.88
-$44.02
-$44.15
-$44.28
-$44.40
-$44.52
-$44.63
-$44.73
-$44.83
-$44.93
-$45.02
-$45.10
-$45.18
-$45.26
-$45.33
-$45.40
-$45.46
-$45.52
-$45.57
-$45.62
-$45.67
-$45.71
-$45.75
-$45.79
-$45.82
-$45.85
-$45.87
-$45.90

1.33
1.34
1.35
1.36
1.37
1.38
1.39
1.4
1.41
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.5
1.51
1.52
1.53
1.54
1.55
1.56
1.57
1.58
1.59
1.6
1.61
1.62
1.63
1.64
1.65
1.66
1.67
1.68
1.69
1.7
1.71
1.72
1.73
1.74
1.75
1.76
1.77

-$45.92
-$45.93
-$45.95
-$45.96
-$45.97
-$45.98
-$45.98
-$45.98
-$45.98
-$45.98
-$45.97
-$45.96
-$45.95
-$45.94
-$45.93
-$45.91
-$45.90
-$45.88
-$45.86
-$45.83
-$45.81
-$45.78
-$45.75
-$45.73
-$45.70
-$45.66
-$45.63
-$45.60
-$45.56
-$45.52
-$45.48
-$45.44
-$45.40
-$45.36
-$45.32
-$45.27
-$45.23
-$45.18
-$45.14
-$45.09
-$45.04
-$44.99
-$44.94
-$44.89
-$44.84

1.78
1.79
1.8
1.81
1.82
1.83
1.84
1.85
1.86
1.87
1.88
1.89
1.9
1.91
1.92
1.93
1.94
1.95
1.96
1.97
1.98
1.99
2
2.01
2.02
2.03
2.04
2.05
2.06
2.07
2.08
2.09
2.1
2.11
2.12
2.13
2.14
2.15
2.16
2.17
2.18
2.19
2.2
2.21
2.22

-$44.78
-$44.73
-$44.67
-$44.62
-$44.56
-$44.51
-$44.45
-$44.39
-$44.33
-$44.28
-$44.22
-$44.16
-$44.10
-$44.04
-$43.97
-$43.91
-$43.85
-$43.79
-$43.73
-$43.66
-$43.60
-$43.53
-$43.47
-$43.41
-$43.34
-$43.28
-$43.21
-$43.14
-$43.08
-$43.01
-$42.94
-$42.88
-$42.81
-$42.74
-$42.68
-$42.61
-$42.54
-$42.47
-$42.40
-$42.34
-$42.27
-$42.20
-$42.13
-$42.06
-$41.99

2.23
2.24
2.25
2.26
2.27
2.28
2.29

-$41.92
-$41.85
-$41.78
-$41.72
-$41.65
-$41.58
-$41.51

Tomr el valor presente neto y no tomar la TIR ya que el comportamiento de

1.86048%
14.348%
29.022%

Chart Title
$20.00
$10.00
$0.00
($10.00)
($20.00)
($30.00)
($40.00)
($50.00)

R ya que el comportamiento del proyecto no es estable.

Chart Title

Column E

Periodos
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Flujos
-365
200
200
200
200
200
-200
-200
-200
-200
-200
0
0
0
0
0
0
0
0
0
400

Tasa
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
20.5%

VAN
$35.00
$21.18
$9.83
$0.60
-$6.81
-$12.66
-$17.17
-$20.55
-$22.98
-$24.59
-$25.52
-$25.90
-$25.80
-$25.33
-$24.55
-$23.53
-$22.33
-$20.98
-$19.54
-$18.03
-$16.49
-$14.94
-$13.40
-$11.89
-$10.42
-$9.00
-$7.65
-$6.37
-$5.16
-$4.04
-$3.00
-$2.05
-$1.18
-$0.41
$0.28
$0.88
$1.40
$1.83
$2.19
$2.46
$2.65
$2.77

21.0%
21.5%
22.0%
22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
36.0%
36.5%
37.0%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
42.5%
43.0%

$2.82
$2.80
$2.72
$2.57
$2.36
$2.09
$1.77
$1.40
$0.98
$0.51
-$0.00
-$0.55
-$1.14
-$1.77
-$2.43
-$3.12
-$3.84
-$4.59
-$5.37
-$6.16
-$6.98
-$7.82
-$8.67
-$9.55
-$10.43
-$11.33
-$12.25
-$13.17
-$14.10
-$15.04
-$15.99
-$16.94
-$17.90
-$18.86
-$19.82
-$20.79
-$21.76
-$22.73
-$23.69
-$24.66
-$25.63
-$26.59
-$27.55
-$28.51
-$29.46

43.5%
44.0%
44.5%
45.0%
45.5%
46.0%
46.5%
47.0%
47.5%
48.0%
48.5%
49.0%
49.5%
50.0%
50.5%
51.0%
51.5%
52.0%
52.5%
53.0%
53.5%
54.0%
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
57.5%
58.0%
58.5%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%
63.0%
63.5%
64.0%
64.5%
65.0%
65.5%

-$30.41
-$31.35
-$32.29
-$33.23
-$34.15
-$35.08
-$35.99
-$36.90
-$37.80
-$38.70
-$39.58
-$40.46
-$41.33
-$42.20
-$43.05
-$43.90
-$44.73
-$45.56
-$46.38
-$47.20
-$48.00
-$48.79
-$49.58
-$50.35
-$51.12
-$51.88
-$52.63
-$53.37
-$54.10
-$54.82
-$55.53
-$56.23
-$56.93
-$57.61
-$58.29
-$58.96
-$59.61
-$60.26
-$60.90
-$61.53
-$62.16
-$62.77
-$63.37
-$63.97
-$64.56

66.0%
66.5%
67.0%
67.5%
68.0%
68.5%
69.0%
69.5%
70.0%
70.5%
71.0%
71.5%
72.0%
72.5%
73.0%
73.5%
74.0%
74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
80.0%
80.5%
81.0%
81.5%
82.0%
82.5%
83.0%
83.5%
84.0%
84.5%
85.0%
85.5%
86.0%
86.5%
87.0%
87.5%
88.0%

-$65.14
-$65.71
-$66.27
-$66.82
-$67.37
-$67.91
-$68.44
-$68.96
-$69.47
-$69.98
-$70.48
-$70.97
-$71.45
-$71.92
-$72.39
-$72.85
-$73.31
-$73.75
-$74.19
-$74.62
-$75.05
-$75.46
-$75.87
-$76.28
-$76.68
-$77.07
-$77.45
-$77.83
-$78.20
-$78.56
-$78.92
-$79.28
-$79.62
-$79.96
-$80.30
-$80.63
-$80.95
-$81.27
-$81.58
-$81.88
-$82.18
-$82.48
-$82.77
-$83.05
-$83.33

88.5%
89.0%
89.5%
90.0%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%
100.5%

-$83.61
-$83.88
-$84.14
-$84.40
-$84.66
-$84.91
-$85.15
-$85.39
-$85.63
-$85.86
-$86.09
-$86.31
-$86.53
-$86.74
-$86.95
-$87.15
-$87.36
-$87.55
-$87.75
-$87.93
-$88.12
-$88.30
-$88.48
-$88.65
-$88.82

TIR 1
TIR 2
TIR 3

1.54%
17%
26%

VAN
$40.00
$30.00
$20.00
$10.00
$0.00
($10.00)
($20.00)
($30.00)

VAN

VAN

TIR MODIFICADA

AO
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Flujo de caja
-15000
10229
9609
15004
3774
-9709
-18097
4217
18298
-12041
-10
-7500
-11855
-12070
-6349
13570
377
-10068
16642
1609
10859
1489

Tasa

VAN
0.0%
$1,489.00
0.5%
$962.93
1.0%
$539.16
1.5%
$203.01
2.0%
-$58.30
2.5%
-$255.92
3.0%
-$399.54
3.5%
-$497.61
4.0%
-$557.43
4.5%
-$585.38
5.0%
-$586.95
5.5%
-$566.92
6.0%
-$529.38
6.5%
-$477.90
7.0%
-$415.52
7.5%
-$344.86
8.0%
-$268.15
8.5%
-$187.30
9.0%
-$103.92
9.5%
-$19.40
10.0%
$65.13
10.5%
$148.71
11.0%
$230.55
11.5%
$309.98
12.0%
$386.50
12.5%
$459.66
13.0%
$529.16
13.5%
$594.73
14.0%
$656.20
14.5%
$713.44
15.0%
$766.38
15.5%
$814.99
16.0%
$859.28
16.5%
$899.27
17.0%
$935.02
17.5%
$966.61
18.0%
$994.14
18.5%
$1,017.71
19.0%
$1,037.45
19.5%
$1,053.47
20.0%
$1,065.92
20.5%
$1,074.92

Ao
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00

21.0%
21.5%
22.0%
22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
35.0%
35.5%
36.0%
36.5%
37.0%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
42.5%
43.0%
43.5%
44.0%
44.5%

$1,080.62
$1,083.17
$1,082.69
$1,079.34
$1,073.25
$1,064.56
$1,053.40
$1,039.91
$1,024.22
$1,006.45
$986.72
$965.15
$941.86
$916.95
$890.53
$862.70
$833.55
$803.19
$771.69
$739.16
$705.65
$671.26
$636.06
$600.12
$563.50
$526.27
$488.49
$450.21
$411.50
$372.40
$332.96
$293.23
$253.26
$213.07
$172.72
$132.24
$91.66
$51.02
$10.34
-$30.34
-$70.99
-$111.60
-$152.13
-$192.57
-$232.88
-$273.07
-$313.09
-$352.95

45.0%
45.5%
46.0%
46.5%
47.0%
47.5%
48.0%
48.5%
49.0%
49.5%
50.0%
50.5%
51.0%
51.5%
52.0%
52.5%
53.0%
53.5%
54.0%
54.5%
55.0%
55.5%
56.0%
56.5%
57.0%
57.5%
58.0%
58.5%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%
63.0%
63.5%
64.0%
64.5%
65.0%
65.5%
66.0%
66.5%
67.0%
67.5%
68.0%
68.5%

-$392.61
-$432.07
-$471.31
-$510.33
-$549.10
-$587.61
-$625.86
-$663.84
-$701.53
-$738.94
-$776.05
-$812.85
-$849.34
-$885.51
-$921.37
-$956.90
-$992.09
-$1,026.96
-$1,061.49
-$1,095.68
-$1,129.53
-$1,163.03
-$1,196.19
-$1,229.01
-$1,261.47
-$1,293.59
-$1,325.36
-$1,356.79
-$1,387.86
-$1,418.58
-$1,448.96
-$1,478.99
-$1,508.68
-$1,538.01
-$1,567.01
-$1,595.66
-$1,623.97
-$1,651.94
-$1,679.57
-$1,706.86
-$1,733.82
-$1,760.45
-$1,786.75
-$1,812.72
-$1,838.36
-$1,863.68
-$1,888.67
-$1,913.35

69.0%
69.5%
70.0%
70.5%
71.0%
71.5%
72.0%
72.5%
73.0%
73.5%
74.0%
74.5%
75.0%
75.5%
76.0%
76.5%
77.0%
77.5%
78.0%
78.5%
79.0%
79.5%
80.0%
80.5%
81.0%
81.5%
82.0%
82.5%
83.0%
83.5%
84.0%
84.5%
85.0%
85.5%
86.0%
86.5%
87.0%
87.5%
88.0%
88.5%
89.0%
89.5%
90.0%
90.5%
91.0%
91.5%
92.0%
92.5%

-$1,937.72
-$1,961.76
-$1,985.50
-$2,008.93
-$2,032.05
-$2,054.87
-$2,077.39
-$2,099.61
-$2,121.53
-$2,143.16
-$2,164.50
-$2,185.56
-$2,206.33
-$2,226.82
-$2,247.03
-$2,266.97
-$2,286.63
-$2,306.02
-$2,325.15
-$2,344.01
-$2,362.61
-$2,380.95
-$2,399.04
-$2,416.87
-$2,434.45
-$2,451.78
-$2,468.87
-$2,485.72
-$2,502.32
-$2,518.69
-$2,534.83
-$2,550.73
-$2,566.41
-$2,581.86
-$2,597.09
-$2,612.09
-$2,626.88
-$2,641.45
-$2,655.81
-$2,669.95
-$2,683.89
-$2,697.62
-$2,711.15
-$2,724.48
-$2,737.61
-$2,750.54
-$2,763.28
-$2,775.83

93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%
100.5%
101.0%
101.5%
102.0%
102.5%
103.0%
103.5%
104.0%
104.5%
105.0%
105.5%
106.0%
106.5%
107.0%
107.5%
108.0%
108.5%
109.0%
109.5%
110.0%
110.5%
111.0%
111.5%
112.0%
112.5%
113.0%
113.5%
114.0%
114.5%
115.0%
115.5%
116.0%
116.5%

-$2,788.19
-$2,800.36
-$2,812.35
-$2,824.15
-$2,835.78
-$2,847.22
-$2,858.49
-$2,869.59
-$2,880.51
-$2,891.27
-$2,901.86
-$2,912.28
-$2,922.54
-$2,932.64
-$2,942.57
-$2,952.36
-$2,961.98
-$2,971.45
-$2,980.78
-$2,989.95
-$2,998.97
-$3,007.85
-$3,016.58
-$3,025.17
-$3,033.62
-$3,041.93
-$3,050.10
-$3,058.14
-$3,066.05
-$3,073.82
-$3,081.46
-$3,088.97
-$3,096.36
-$3,103.62
-$3,110.76
-$3,117.77
-$3,124.66
-$3,131.44
-$3,138.09
-$3,144.63
-$3,151.05
-$3,157.36
-$3,163.56
-$3,169.65
-$3,175.63
-$3,181.50
-$3,187.26
-$3,192.92

117.0%
117.5%
118.0%
118.5%
119.0%
119.5%
120.0%
120.5%
121.0%
121.5%
122.0%
122.5%
123.0%
123.5%
124.0%
124.5%
125.0%
125.5%
126.0%
126.5%
127.0%
127.5%
128.0%
128.5%
129.0%
129.5%
130.0%
130.5%
131.0%
131.5%
132.0%
132.5%
133.0%
133.5%
134.0%
134.5%
135.0%
135.5%
136.0%
136.5%
137.0%
137.5%
138.0%
138.5%
139.0%
139.5%
140.0%
140.5%

-$3,198.47
-$3,203.92
-$3,209.27
-$3,214.52
-$3,219.67
-$3,224.72
-$3,229.68
-$3,234.54
-$3,239.31
-$3,243.98
-$3,248.57
-$3,253.06
-$3,257.46
-$3,261.78
-$3,266.00
-$3,270.14
-$3,274.20
-$3,278.17
-$3,282.06
-$3,285.87
-$3,289.60
-$3,293.24
-$3,296.81
-$3,300.30
-$3,303.72
-$3,307.05
-$3,310.32
-$3,313.51
-$3,316.62
-$3,319.67
-$3,322.64
-$3,325.54
-$3,328.37
-$3,331.14
-$3,333.84
-$3,336.47
-$3,339.03
-$3,341.53
-$3,343.96
-$3,346.33
-$3,348.64
-$3,350.89
-$3,353.07
-$3,355.19
-$3,357.26
-$3,359.26
-$3,361.21
-$3,363.10

141.0%
141.5%
142.0%
142.5%
143.0%
143.5%
144.0%
144.5%
145.0%
145.5%
146.0%
146.5%
147.0%
147.5%
148.0%
148.5%
149.0%
149.5%
150.0%

-$3,364.93
-$3,366.71
-$3,368.43
-$3,370.10
-$3,371.71
-$3,373.27
-$3,374.78
-$3,376.24
-$3,377.64
-$3,378.99
-$3,380.30
-$3,381.55
-$3,382.76
-$3,383.91
-$3,385.02
-$3,386.08
-$3,387.10
-$3,388.07
-$3,389.00

TIR 1
TIR 2
TIR 3

1.876%
9.615%
40.127%

Tasa de descuento gastos

Tasa de capitalizacion ingresos

8%
10%

TIR modificada
Q+
0.00
10229.00
9609.00
15004.00
3774.00
0.00
0.00
4217.00
18298.00
0.00
0.00
0.00
0.00
0.00
0.00
13570.00
377.00
0.00
16642.00
1609.00
10859.00

9.3498%

Q-15000.00
0.00
0.00
0.00
0.00
-9709.00
-18097.00
0.00
0.00
-12041.00
-10.00
-7500.00
-11855.00
-12070.00
-6349.00
0.00
0.00
-10068.00
0.00
0.00
0.00

Valor Actual Gastos

Valor Final Ingresos

$56,285.27
$336,321.08
$49,991.98

Otra forma de calcular la TIR

TIR modificada

9.3498%

Cuando se tiene multiples TIR, se obtiene la TIR modificada y es

VAN
$2,000.00
$1,000.00
$0.00
($1,000.00)
($2,000.00)
($3,000.00)
($4,000.00)

IR modificada y es la que se compara con las TREMA

VAN

Ao
0
1
2
3
4
5
6
7
8
9
10

A
-10000
-14150
-14150
-14150
-14150
-23150
-14150
-14150
-14150
-14150
-13150

B
-40000
-7000
-7000
-7000
-7000
-7000
-7000
-7000
-7000
-7000
-2000

B-A
-3000
7150
7150
7150
7150
16150
7150
7150
7150
7150
11150

%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%
10.50%
11.00%
11.50%
12.00%
12.50%
13.00%
13.50%
14.00%
14.50%
15.00%
15.50%
16.00%

Van Proyecto A
Van Proyecto B
-$159,500.00
-$105,000.00
-$155,512.32
-$103,356.14
-$151,676.86
-$101,772.70
-$147,986.59
-$100,246.96
-$144,434.81
-$98,776.35
-$141,015.19
-$97,358.46
-$137,721.76
-$95,990.95
-$134,548.81
-$94,671.64
-$131,490.96
-$93,398.45
-$128,543.09
-$92,169.39
-$125,700.37
-$90,982.58
-$122,958.18
-$89,836.23
-$120,312.16
-$88,728.64
-$117,758.15
-$87,658.18
-$115,292.21
-$86,623.32
-$112,910.58
-$85,622.60
-$110,609.71
-$84,654.60
-$108,386.20
-$83,718.01
-$106,236.83
-$82,811.55
-$104,158.53
-$81,934.02
-$102,148.37
-$81,084.25
-$100,203.58
-$80,261.16
-$98,321.51
-$79,463.70
-$96,499.63
-$78,690.86
-$94,735.52
-$77,941.70
-$93,026.91
-$77,215.28
-$91,371.60
-$76,510.76
-$89,767.49
-$75,827.30
-$88,212.61
-$75,164.09
-$86,705.05
-$74,520.39
-$85,242.98
-$73,895.46
-$83,824.69
-$73,288.61
-$82,448.50
-$72,699.17

$0.00

($20,000.00)

($40,000.00)

($60,000.00)

($80,000.00)

($100,000.00)

($120,000.00)

($140,000.00)

($160,000.00)

($180,000.00)

16.50%
17.00%
17.50%
18.00%
18.50%
19.00%
19.50%
20.00%
20.50%
21.00%
21.50%
22.00%
22.50%
23.00%
23.50%
24.00%
24.50%
25.00%
25.50%
26.00%
26.50%
27.00%
27.50%
28.00%
28.50%
29.00%
29.50%
30.00%
30.50%
31.00%
31.50%
32.00%
32.50%
33.00%
33.50%
34.00%
34.50%
35.00%
35.50%
36.00%
36.50%
37.00%
37.50%
38.00%
38.50%

-$81,112.85
-$79,816.20
-$78,557.13
-$77,334.24
-$76,146.21
-$74,991.77
-$73,869.71
-$72,778.87
-$71,718.14
-$70,686.45
-$69,682.78
-$68,706.15
-$67,755.63
-$66,830.31
-$65,929.34
-$65,051.88
-$64,197.14
-$63,364.37
-$62,552.82
-$61,761.79
-$60,990.61
-$60,238.64
-$59,505.24
-$58,789.81
-$58,091.79
-$57,410.62
-$56,745.76
-$56,096.71
-$55,462.96
-$54,844.05
-$54,239.51
-$53,648.91
-$53,071.81
-$52,507.83
-$51,956.55
-$51,417.60
-$50,890.62
-$50,375.24
-$49,871.14
-$49,377.98
-$48,895.45
-$48,423.23
-$47,961.05
-$47,508.60
-$47,065.62

-$72,126.52
-$71,570.04
-$71,029.14
-$70,503.28
-$69,991.91
-$69,494.53
-$69,010.64
-$68,539.78
-$68,081.48
-$67,635.33
-$67,200.90
-$66,777.79
-$66,365.63
-$65,964.05
-$65,572.69
-$65,191.22
-$64,819.31
-$64,456.65
-$64,102.94
-$63,757.89
-$63,421.22
-$63,092.67
-$62,771.98
-$62,458.90
-$62,153.20
-$61,854.64
-$61,563.01
-$61,278.09
-$60,999.68
-$60,727.58
-$60,461.60
-$60,201.56
-$59,947.29
-$59,698.61
-$59,455.36
-$59,217.38
-$58,984.52
-$58,756.62
-$58,533.56
-$58,315.19
-$58,101.38
-$57,892.00
-$57,686.93
-$57,486.04
-$57,289.23

39.00%
39.50%
40.00%
40.50%
41.00%
41.50%
42.00%
42.50%
43.00%
43.50%
44.00%
44.50%
45.00%
45.50%
46.00%
46.50%
47.00%
47.50%
48.00%
48.50%
49.00%
49.50%
50.00%
50.50%
51.00%
51.50%
52.00%
52.50%
53.00%
53.50%
54.00%
54.50%
55.00%
55.50%
56.00%
56.50%
57.00%
57.50%
58.00%
58.50%
59.00%
59.50%
60.00%
60.50%
61.00%

-$46,631.84
-$46,207.01
-$45,790.87
-$45,383.19
-$44,983.73
-$44,592.28
-$44,208.61
-$43,832.52
-$43,463.80
-$43,102.27
-$42,747.72
-$42,399.98
-$42,058.86
-$41,724.21
-$41,395.84
-$41,073.60
-$40,757.34
-$40,446.90
-$40,142.14
-$39,842.91
-$39,549.08
-$39,260.51
-$38,977.08
-$38,698.65
-$38,425.12
-$38,156.35
-$37,892.24
-$37,632.67
-$37,377.54
-$37,126.74
-$36,880.17
-$36,637.73
-$36,399.32
-$36,164.86
-$35,934.26
-$35,707.41
-$35,484.25
-$35,264.68
-$35,048.63
-$34,836.02
-$34,626.77
-$34,420.80
-$34,218.06
-$34,018.45
-$33,821.93

-$57,096.38
-$56,907.39
-$56,722.14
-$56,540.54
-$56,362.49
-$56,187.90
-$56,016.67
-$55,848.72
-$55,683.97
-$55,522.32
-$55,363.70
-$55,208.03
-$55,055.23
-$54,905.24
-$54,757.99
-$54,613.39
-$54,471.40
-$54,331.93
-$54,194.94
-$54,060.36
-$53,928.13
-$53,798.20
-$53,670.51
-$53,545.01
-$53,421.64
-$53,300.35
-$53,181.10
-$53,063.84
-$52,948.52
-$52,835.10
-$52,723.54
-$52,613.78
-$52,505.80
-$52,399.54
-$52,294.98
-$52,192.07
-$52,090.78
-$51,991.08
-$51,892.92
-$51,796.27
-$51,701.10
-$51,607.38
-$51,515.08
-$51,424.17
-$51,334.62

61.50%
62.00%
62.50%
63.00%
63.50%
64.00%
64.50%
65.00%
65.50%
66.00%
66.50%
67.00%
67.50%
68.00%
68.50%
69.00%
69.50%
70.00%
70.50%
71.00%
71.50%
72.00%
72.50%
73.00%
73.50%
74.00%
74.50%
75.00%
75.50%
76.00%
76.50%
77.00%
77.50%
78.00%
78.50%
79.00%
79.50%
80.00%
80.50%
81.00%
81.50%
82.00%
82.50%
83.00%
83.50%

-$33,628.41
-$33,437.84
-$33,250.16
-$33,065.30
-$32,883.20
-$32,703.80
-$32,527.06
-$32,352.90
-$32,181.29
-$32,012.17
-$31,845.48
-$31,681.18
-$31,519.23
-$31,359.56
-$31,202.14
-$31,046.92
-$30,893.86
-$30,742.92
-$30,594.05
-$30,447.22
-$30,302.38
-$30,159.50
-$30,018.54
-$29,879.46
-$29,742.23
-$29,606.80
-$29,473.16
-$29,341.26
-$29,211.08
-$29,082.57
-$28,955.71
-$28,830.48
-$28,706.83
-$28,584.74
-$28,464.19
-$28,345.15
-$28,227.58
-$28,111.46
-$27,996.77
-$27,883.48
-$27,771.57
-$27,661.01
-$27,551.79
-$27,443.86
-$27,337.23

-$51,246.39
-$51,159.47
-$51,073.82
-$50,989.42
-$50,906.25
-$50,824.26
-$50,743.46
-$50,663.80
-$50,585.27
-$50,507.84
-$50,431.49
-$50,356.20
-$50,281.95
-$50,208.72
-$50,136.49
-$50,065.24
-$49,994.95
-$49,925.60
-$49,857.17
-$49,789.65
-$49,723.02
-$49,657.26
-$49,592.35
-$49,528.29
-$49,465.05
-$49,402.62
-$49,340.98
-$49,280.13
-$49,220.04
-$49,160.70
-$49,102.10
-$49,044.22
-$48,987.06
-$48,930.59
-$48,874.82
-$48,819.71
-$48,765.28
-$48,711.49
-$48,658.34
-$48,605.83
-$48,553.93
-$48,502.64
-$48,451.95
-$48,401.84
-$48,352.32

84.00%
84.50%
85.00%
85.50%
86.00%
86.50%
87.00%
87.50%
88.00%
88.50%
89.00%
89.50%
90.00%
90.50%
91.00%
91.50%
92.00%
92.50%
93.00%
93.50%
94.00%
94.50%
95.00%
95.50%
96.00%
96.50%
97.00%
97.50%
98.00%
98.50%
99.00%
99.50%
100.00%
125.00%
150.00%
175.00%
200.00%
225.00%
250.00%
275.00%
300.00%
325.00%
350.00%
375.00%
400.00%

-$27,231.85
-$27,127.72
-$27,024.80
-$26,923.08
-$26,822.55
-$26,723.17
-$26,624.93
-$26,527.82
-$26,431.80
-$26,336.87
-$26,243.01
-$26,150.20
-$26,058.42
-$25,967.66
-$25,877.90
-$25,789.12
-$25,701.31
-$25,614.45
-$25,528.53
-$25,443.54
-$25,359.45
-$25,276.26
-$25,193.95
-$25,112.50
-$25,031.92
-$24,952.17
-$24,873.25
-$24,795.15
-$24,717.85
-$24,641.34
-$24,565.62
-$24,490.66
-$24,416.46
-$21,472.37
-$19,524.40
-$18,142.57
-$17,111.90
-$16,313.65
-$15,677.11
-$15,157.58
-$14,725.45
-$14,360.33
-$14,047.73
-$13,777.05
-$13,540.38

-$48,303.36
-$48,254.96
-$48,207.11
-$48,159.80
-$48,113.02
-$48,066.77
-$48,021.03
-$47,975.79
-$47,931.06
-$47,886.81
-$47,843.05
-$47,799.76
-$47,756.94
-$47,714.57
-$47,672.66
-$47,631.20
-$47,590.17
-$47,549.58
-$47,509.41
-$47,469.66
-$47,430.33
-$47,391.39
-$47,352.86
-$47,314.73
-$47,276.98
-$47,239.61
-$47,202.62
-$47,166.00
-$47,129.75
-$47,093.85
-$47,058.31
-$47,023.12
-$46,988.28
-$45,596.81
-$44,665.65
-$43,999.64
-$43,499.86
-$43,111.05
-$42,799.97
-$42,545.44
-$42,333.33
-$42,153.84
-$42,000.00
-$41,866.67
-$41,750.00

425.00%
450.00%
475.00%
500.00%
525.00%
550.00%
575.00%
600.00%
625.00%
650.00%
675.00%
700.00%
725.00%
750.00%
775.00%
800.00%
825.00%
850.00%
875.00%
900.00%
925.00%
950.00%
975.00%
1000.00%
1025.00%
1050.00%
1075.00%
1100.00%
1125.00%
1150.00%
1175.00%
1200.00%
100000.00%

-$13,331.67
-$13,146.23
-$12,980.38
-$12,831.16
-$12,696.18
-$12,573.50
-$12,461.51
-$12,358.87
-$12,264.45
-$12,177.30
-$12,096.62
-$12,021.70
-$11,951.96
-$11,886.87
-$11,825.98
-$11,768.90
-$11,715.28
-$11,664.82
-$11,617.25
-$11,572.31
-$11,529.81
-$11,489.54
-$11,451.34
-$11,415.06
-$11,380.54
-$11,347.66
-$11,316.32
-$11,286.40
-$11,257.81
-$11,230.46
-$11,204.28
-$11,179.19
-$10,014.15

-$41,647.06
-$41,555.56
-$41,473.68
-$41,400.00
-$41,333.33
-$41,272.73
-$41,217.39
-$41,166.67
-$41,120.00
-$41,076.92
-$41,037.04
-$41,000.00
-$40,965.52
-$40,933.33
-$40,903.23
-$40,875.00
-$40,848.48
-$40,823.53
-$40,800.00
-$40,777.78
-$40,756.76
-$40,736.84
-$40,717.95
-$40,700.00
-$40,682.93
-$40,666.67
-$40,651.16
-$40,636.36
-$40,622.22
-$40,608.70
-$40,595.74
-$40,583.33
-$40,007.00

Van Proyecto A
Van Proyecto B

Interseccion de Fisher

an Proyecto A

an Proyecto B

Ao
0
1
2
3
4
TIR
VPN

Proyecto A
-1000
500
400
300
100
14.49%
$42.39

Proyecto B
-1000
100
300
400
600
11.79%
-$5.53

Diferencia
0
-400
-100
100
500
7.17%
-$47.93

TREMA=

12%
500

k
0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
19.5%
20.0%
20.5%
21.0%

VPN A
300
287.111619
274.443004
261.989058
249.744834
237.705524
225.866459
214.223102
202.771043
191.505996
180.423795
169.520389
158.79184
148.234318
137.844095
127.617548
117.551149
107.641466
97.8851588
88.2789762
78.8197527
69.5044063
60.3299356
51.2934174
42.3920046
33.6229233
24.9834709
16.4710138
8.08298521
-0.18311647
-8.3297301
-16.3592334
-24.2739449
-32.0761255
-39.7679805
-47.3516609
-54.8292652
-62.2028409
-69.4743858
-76.6458498
-83.7191358
-90.6961015
-97.5785603

VPN B
400
378.732855
357.922982
337.558028
317.626039
298.115446
279.015044
260.313986
242.001768
224.068213
206.503463
189.297966
172.442466
155.92799
139.74584
123.887585
108.345047
93.1102946
78.1756359
63.5336077
49.1769688
35.098692
21.2919571
7.75014348
-5.53317628
-18.5642433
-31.3491182
-43.8936879
-56.2036703
-68.284621
-80.1419377
-91.7808663
-103.206505
-114.423809
-125.437598
-136.252554
-146.873234
-157.304068
-167.549364
-177.613316
-187.5
-197.213386
-206.757335

400
300
200
100
0
-100
-200
-300
-400

21.5%
22.0%
22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%

-104.368283
-111.066998
-117.676395
-124.198122
-130.633791
-136.984974
-143.25321
-149.44
-155.546813
-161.575084
-167.526215
-173.401577
-179.20251
-184.930325
-190.586302

-216.135606
-225.351858
-234.409653
-243.312457
-252.063648
-260.666514
-269.124258
-277.44
-285.616778
-293.657554
-301.565213
-309.342567
-316.992355
-324.51725
-331.919855

Column H
VPN B

Tarea
Ao
0
1
2
4

Proyecto A
-1200
1000
500
100

Proyecto B
-1200
100
600
1080