FLUJO DE EFECTIVO NETO

n PROYECTO A PROYECTO B A-B

0 -S/. 150,000.00 -S/. 120,000.00 -S/. 30,000.00
1 S/. 30,000.00 S/. 25,000.00 S/. 5,000.00
2 S/. 25,000.00 S/. 15,000.00 S/. 10,000.00
3 S/. 120,000.00 S/. 110,000.00 S/. 10,000.00

SOLUCIN:
a) TIR (A)= 6.37%
TIR (B)= 9.18%

b) TREMA= 15%
ACEPTABILIDAD=
SE RECHAZAN AMBOS PROYECTOS

c) TIR= -7.87%
ACEPTABILIDAD= PROYECTO B ES LA MEJOR OPCIN
 FLUJO DE EFECTIVO NETO
n PROYECTO A PROYECTO B A-B
0 -S/. 100,000.00 -S/. 100,000.00 S/. -
1 S/. 10,500.00 S/. 70,000.00 -S/. 59,500.00
2 S/. 60,000.00 S/. 50,000.00 S/. 10,000.00
3 S/. 80,000.00 S/. 20,500.00 S/. 59,500.00

SOLUCIN:
a) TIR (A)= 18.33%
TIR (B)= 23.78%

b) TREMA= 10%
ACEPTABILIDAD= PROYECTO A Y B ACEPTABLE

c) TIR= 8.76%
ACEPTABILIDAD= PROYECTO B ES LA MEJOR OPCIN
 TREMA= 15%

n PROYECTO A PROYECTO B B-A

0 -S/. 2,000.00 -S/. 3,000.00 -S/. 1,000.00
1 S/. 1,400.00 S/. 2,400.00 S/. 1,000.00
2 S/. 1,640.00 S/. 2,000.00 S/. 360.00

TIR (B-A)= 28.10%

ACEPTABILIDPROYECTO B ES LA MEJOR OPCIN

SOLUCIN:

ESTADO DE INGRESOS
Fin del ao 0 1 2 3 4 5

Ingresos S/. 50,000.00 S/. 50,000.00 S/. 50,000.00 S/. 50,000.00 S/. 50,000.00
Gastos:
Cavado por ao (ft) 8000 ft 8000 ft 8000 ft 8000 ft 8000 ft
numero de horas de oper. 500 horas 500 horas 500 horas 500 horas 500 horas
Costo de operacin y mant. -S/. 5,000.00 -S/. 5,000.00 -S/. 5,000.00 -S/. 5,000.00 -S/. 5,000.00

Depreciacin -S/. 60,000.00 -S/. 96,000.00 -S/. 57,600.00 -S/. 34,560.00 -S/. 17,280.00

Ingreso gravable -S/. 15,000.00 -S/. 51,000.00 -S/. 12,600.00 S/. 10,440.00 S/. 27,720.00
Impuestos sobre la renta (35%) 35% S/. 5,250.00 S/. 17,850.00 S/. 4,410.00 -S/. 3,654.00 -S/. 9,702.00

Ingreso neto -S/. 9,750.00 -S/. 33,150.00 -S/. 8,190.00 S/. 6,786.00 S/. 18,018.00

Estado de flujo de efectivo

Actividades operativas:
Ingreso neto -S/. 9,750.00 -S/. 33,150.00 -S/. 8,190.00 S/. 6,786.00 S/. 18,018.00
Depreciacin S/. 60,000.00 S/. 96,000.00 S/. 57,600.00 S/. 34,560.00 S/. 17,280.00
Actividades de inversin:
EXCAVADORA -S/. 300,000.00
Valor de rescate S/. 100,000.00
Impuestos sobre las ganancias -S/. 22,904.00
Capital de trabajo
Actividades financieras:
Crditos
Pago del capital

Flujo de efectivo neto - S/.---300,000.00 S/.---50,250.00 S/.---62,850.00 S/.---49,410.00 S/.---41,346.00 S/.---112,394.00

DEPRECIACIN POR EL MTODO DE SISTEMA MODIFICADO ACELERADO DE RECUPERACIN DE COSTOS

Ao %Smarc Depreciacin Dep. Acumulada VL Ao %Smarc Sum - Depreciacin

0 0 0 0 S/. 300,000.00 0 S/. -
1 20.00% S/. 60,000.00 S/. 60,000.00 S/. 240,000.00 0.00% S/. -
2 32.00% S/. 96,000.00 S/. 156,000.00 S/. 144,000.00 1 S/. 60,000.00
3 19.20% S/. 57,600.00 S/. 213,600.00 S/. 86,400.00 20.00% S/. 60,000.00
4 11.52% S/. 34,560.00 S/. 248,160.00 S/. 51,840.00 2 S/. 96,000.00
5 11.52% S/. 34,560.00 S/. 282,720.00 S/. 17,280.00 32.00% S/. 96,000.00
6 5.76% S/. 17,280.00 S/. 300,000.00 S/. - 3 S/. 57,600.00
19.20% S/. 57,600.00
4 S/. 34,560.00
11.52% S/. 34,560.00
DEPRECIACIN CON SMARC 5 S/. 34,560.00
0.35 11.52% S/. 34,560.00
6 S/. 17,280.00
0.3
5.76% S/. 17,280.00
0.25 Total Result S/. 300,000.00

0.2 %Smarc

0.15

0.1

0.05

0
0 1 2 3 4 5 6 Total Result

VAN= -S/.96,773.45 PROYECTO NO ACEPTABLE

TIR= 1.6% PROYECTO NO ACEPTABLE

TIR VAN
10% -S/.67,225.86
TIR vs. VAN
20% -S/.120,777.55
30% -S/.156,919.69 S/.0.00
0% 20% 40% 60% 80% 100% 120%
40% -S/.182,373.64 (S/.50,000.00)
50% -S/.200,958.70
60% -S/.214,952.35 (S/.100,000.00)
VAN

(S/.150,000.00)

(S/.200,000.00)

(S/.250,000.00)

(S/.300,000.00)
TIR
 TIR vs. VAN
S/.0.00
0% 20% 40% 60% 80% 100% 120%
(S/.50,000.00)

(S/.100,000.00)
70% -S/.225,770.54

VAN
(S/.150,000.00)
80% -S/.234,326.22
(S/.200,000.00)

(S/.250,000.00)

(S/.300,000.00)
TIR

90% -S/.241,227.20
100% -S/.246,889.81
110% -S/.251,606.50
 n Modelo A Modelo B A-B
0 -S/. 18,000.00 -S/. 15,624.00 -S/. 2,376.00
1 S/. - S/. - S/. -
2 S/. - S/. - S/. -
3 S/. - S/. - S/. -
4 S/. 9,000.00 S/. 6,500.00 S/. 2,500.00

TIR= 1.28%
SI TREMA < 1.28% EL MODELO A SERA PREFERIBLE

n RUBRO MODELO A MODELO B B-A

0 Costo inicial -S/. 5,000.00 -S/. 7,000.00 -S/. 2,000.00
Ahorros anuales S/. 700.00 S/. 1,000.00 S/. 300.00
1-19
Mantenimiento -S/. 100.00 -S/. 50.00 S/. 50.00
20 Valor de rescate S/. 400.00 S/. 500.00 S/. 100.00

TIR (A)= -53.42%

TIR (B)= -53.80%

TIR(A-B)= -54.89%
ESTADO DE INGRESOS
Fin del ao 0 1 2 3

Ingresos S/. 16,651.00 S/. 16,651.00 S/. 16,651.00

Gastos:
Mano de obra
Materiales
Indirectos
interese
Depreciacin -S/. 10,600.00 -S/. 16,960.00 -S/. 5,088.00

Ingreso gravable S/. 6,051.00 -S/. 309.00 S/. 11,563.00

Impuestos sobre la renta 35% -S/. 2,117.85 S/. 108.15 -S/. 4,047.05

Ingreso neto S/. 3,933.15 -S/. 200.85 S/. 7,515.95

Estado de flujo de efectivo

Actividades operativas:
Ingreso neto S/. 3,933.15 -S/. 200.85 S/. 7,515.95
Depreciacin S/. 10,600.00 S/. 16,960.00 S/. 5,088.00
Actividades de inversin:
TRASCABO -S/. 53,000.00
Valor de rescate S/. 22,000.00
Impuestos sobre las ganancias -576.8
Depsito de seguridad S/. 1,500.00
Actividades financieras:
Crditos
Pago del capital

Flujo de efectivo neto -S/.---51,500.00 S/.---14,533.15 S/.---16,759.15 S/.---34,027.15

Ao %Smarc Depreciacin Dep. Acumulada VL

0 0 0 0 -S/. 53,000.00
1 20.00% -S/. 10,600.00 -S/. 10,600.00 -S/. 42,400.00
2 32.00% -S/. 16,960.00 -S/. 27,560.00 -S/. 25,440.00
3 19.20% -S/. 10,176.00 -S/. 37,736.00 -S/. 15,264.00
4 11.52% -S/. 6,105.60 -S/. 43,841.60 -S/. 9,158.40
5 11.52% -S/. 6,105.60 -S/. 49,947.20 -S/. 3,052.80
6 5.76% -S/. 3,052.80 -S/. 53,000.00 S/. -

VAN= -S/.17,708.94 NO ACEPTABLE

TIR= 11%
 TREMA= 10%

n PROYECTO A1 PROYECTO A2 A2-A1

0 -S/. 10,000.00 -S/. 12,000.00 -S/. 2,000.00
1 S/. 5,000.00 S/. 6,100.00 S/. 1,100.00
2 S/. 5,000.00 S/. 6,100.00 S/. 1,100.00
3 S/. 5,000.00 S/. 6,100.00 S/. 1,100.00

TIR (B-A)= 29.92%

ACEPTABILIDAD= PROYECTO A1 LA MEJOR OPCIN

SOLUCIN:

ESTADO DE INGRESOS
Fin del ao 0 1 2 3 4 5 6

Ingresos S/. 530,000.00 S/. 530,000.00 S/. 530,000.00 S/. 530,000.00 S/. 530,000.00 S/. 530,000.00
Gastos:
Mano de obra
Materiales S/. -500,000.00 S/. -500,000.00 S/. -500,000.00 S/. -500,000.00 S/. -500,000.00 S/. -500,000.00
Indirectos
interese
Depreciacin S/. -116,919.64 S/. -155,927.93 S/. -51,952.59 S/. -25,993.84 S/. - S/. -

Ingreso gravable S/. -86,919.64 S/. -125,927.93 S/. -21,952.59 S/. 4,006.16 S/. 30,000.00 S/. 30,000.00
Impuestos sobre la renta (40%) 40% S/. 34,767.86 S/. 50,371.17 S/. 8,781.04 S/. -1,602.47 S/. -12,000.00 S/. -12,000.00

Ingreso neto S/. -52,151.78 S/. -75,556.76 S/. -13,171.55 S/. 2,403.70 S/. 18,000.00 S/. 18,000.00

Estado de flujo de efectivo

Actividades operativas:
Ingreso neto S/. -52,151.78 S/. -75,556.76 S/. -13,171.55 S/. 2,403.70 S/. 18,000.00 S/. 18,000.00
Depreciacin S/. 116,919.64 S/. 155,927.93 S/. 51,952.59 S/. 25,993.84 S/. - S/. -
Actividades de inversin:
SAE S/. -350,794.00
Valor de rescate 0
Impuestos sobre las ganancias 0
Capital de trabajo
Actividades financieras:
Crditos
Pago del capital

Flujo de efectivo neto S/. -350,794.00 S/. 64,767.86 S/. 80,371.17 S/. 38,781.04 S/. 28,397.53 S/. 18,000.00 S/. 18,000.00

Ao %Smarc Depreciacin Dep. Acumulada VL

0 0 0 0 S/. -350,794.00
1 33.33% S/. -116,919.64 S/. -116,919.64 S/. -233,874.36
2 44.45% S/. -155,927.93 S/. -272,847.57 S/. -77,946.43
3 14.81% S/. -51,952.59 S/. -324,800.16 S/. -25,993.84
4 7.41% S/. -25,993.84 S/. -350,794.00 S/. -

VAN= S/. -163,910.38 PROYECTO NO ACEPTABLE

TIR= -12%

VAN
S/.-
TIR VAN 0% 20% 40% 60% 80% 100% 120%
10% -S/. 155,621.89 S/.(50,000.00)
20% -S/. 191,607.98
30% -S/. 217,243.99 S/.(100,000.00)
40% -S/. 236,263.00
S/.(150,000.00)
50% -S/. 250,844.22
60% -S/. 262,328.46 S/.(200,000.00)
70% -S/. 271,578.11
80% -S/. 279,169.28 S/.(250,000.00)

90% -S/. 285,499.53

S/.(300,000.00)
100% -S/. 290,851.05
S/.(350,000.00)
SOLUCIN:

ESTADO DE INGRESOS
Fin del ao 0 1 2 3 4 5 6

Ingresos S/. 38,780.00 S/. 38,780.00 S/. 38,780.00 S/. 38,780.00 S/. 38,780.00 S/. 38,780.00
Gastos:
Mano de obra
Materiales
Indirectos
inters
Depreciacin -S/. 13,740.20 S/. -21,984.32 S/. -13,190.59 S/. -7,914.36 S/. -7,914.36 S/. -3,957.18

Ingreso gravable S/. 25,039.80 S/. 16,795.68 S/. 25,589.41 S/. 30,865.64 S/. 30,865.64 S/. 34,822.82
Impuestos sobre la renta 35% S/. -8,763.93 S/. -5,878.49 S/. -8,956.29 S/. -10,802.98 S/. -10,802.98 S/. -12,187.99

Ingreso neto S/. 16,275.87 S/. 10,917.19 S/. 16,633.12 S/. 20,062.67 S/. 20,062.67 S/. 22,634.83

Estado de flujo de efectivo

Actividades operativas:
Ingreso neto S/. 16,275.87 S/. 10,917.19 S/. 16,633.12 S/. 20,062.67 S/. 20,062.67 S/. 22,634.83
Depreciacin S/. 13,740.20 S/. 21,984.32 S/. 13,190.59 S/. 7,914.36 S/. 7,914.36 S/. 3,957.18
Actividades de inversin:
CORTADORA S/. -68,701.00
Valor de rescate S/. 3,500.00
Impuestos sobre las ganancias S/. 46,865.70
Capital de trabajo
Actividades financieras:
Crditos
Pago del capital

Flujo de efectivo neto S/. -68,701.00 S/. 30,016.07 S/. 32,901.51 S/. 29,823.71 S/. 27,977.02 S/. 27,977.02 S/. 76,957.71

Ao %Smarc Depreciacin Dep. Acumulada VL

0 0 0 0 S/. 68,701.00
1 20.00% S/. 13,740.20 S/. 13,740.20 S/. 54,960.80
2 32.00% S/. 21,984.32 S/. 35,724.52 S/. 32,976.48
3 19.20% S/. 13,190.59 S/. 48,915.11 S/. 19,785.89
4 11.52% S/. 7,914.36 S/. 56,829.47 S/. 11,871.53
5 11.52% S/. 7,914.36 S/. 64,743.82 S/. 3,957.18
6 5.76% S/. 3,957.18 S/. 68,701.00 S/. -
 Depreciacin - all -
Dep. Acumulada - all - Total
0.35
Ao %Smarc Sum - VL
0 S/. 68,701.00 0.3
0.00% S/. 68,701.00
0.25
1 S/. 54,960.80
20.00% S/. 54,960.80 0.2 %Smarc
2 S/. 32,976.48
0.15
32.00% S/. 32,976.48
3 S/. 19,785.89 0.1
19.20% S/. 19,785.89
4 S/. 11,871.53 0.05

11.52% S/. 11,871.53

0
5 S/. 3,957.18 0 1 2 3 4 5 6 Total Res ul t
11.52% S/. 3,957.18
6 S/. -
5.76% S/. -
Total Result S/. 192,252.88

VAN= S/. 65,064.19 PROYECTO ACEPTABLE

TIR= 42%

TIR VAN
10% S/. 88,105.50 VAN
20% S/. 46,928.08 S/.100,000.00
30% S/. 20,705.74 S/.80,000.00
40% S/. 3,099.55
S/.60,000.00
50% -S/. 9,263.96
S/.40,000.00
60% -S/. 18,283.54
VAN

70% -S/. 25,081.11 S/.20,000.00

80% -S/. 30,348.47 S/.-

0% 20% 40% 60% 80% 100% 120%
90% -S/. 34,528.50 S/.(20,000.00)
100% -S/. 37,914.31 S/.(40,000.00)
S/.(60,000.00)
TIR
SOLUCIN:

ESTADO DE INGRESOS
Fin del ao 0 1 2 3 4 5 6 7

Ingresos S/. 2,800,000.00 S/. 2,800,000.00 S/. 2,800,000.00 S/. 2,800,000.00 S/. 2,800,000.00 S/. 2,800,000.00 S/. 2,800,000.00
Gastos:
Mano de obra
Materiales
Indirectos S/. -840,000.00 S/. -840,000.00 S/. -840,000.00 S/. -840,000.00 S/. -840,000.00 S/. -840,000.00 S/. -840,000.00
interese
Depreciacin S/. -250,000.00 S/. -250,000.00 S/. -250,000.00 S/. -250,000.00 S/. -250,000.00 S/. -250,000.00 S/. -250,000.00

Ingreso gravable S/. 1,710,000.00 S/. 1,710,000.00 S/. 1,710,000.00 S/. 1,710,000.00 S/. 1,710,000.00 S/. 1,710,000.00 S/. 1,710,000.00
Impuestos sobre la renta (40%) 40% -S/. 684,000.00 -S/. 684,000.00 -S/. 684,000.00 -S/. 684,000.00 -S/. 684,000.00 -S/. 684,000.00 -S/. 684,000.00

Ingreso neto S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00

Estado de flujo de efectivo

Actividades operativas:
Ingreso neto S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00 S/. 1,026,000.00
Depreciacin S/. -250,000.00 S/. -250,000.00 S/. -250,000.00 S/. -250,000.00 S/. -250,000.00 S/. -250,000.00 S/. -250,000.00
Actividades de inversin:
MQUINA S/. -850,000.00
Valor de rescate S/. 250,000.00
Impuestos sobre las ganancias 0
Capital de trabajo
Actividades financieras:
Crditos
Pago del capital

Flujo de efectivo neto S/. -850,000.00 S/. 776,000.00 S/. 776,000.00 S/. 776,000.00 S/. 776,000.00 S/. 776,000.00 S/. 776,000.00 S/. 1,026,000.00

VAN= S/. 929,678.98 PROYECTO ACEPTABLE

TIR= 91%

TIR VAN
10% S/. 3,056,182.53
20% S/. 2,016,933.62
30% S/. 1,364,280.71
40% S/. 929,678.98
50% S/. 625,796.98
60% S/. 404,466.14
70% S/. 237,647.95
80% S/. 108,239.52
90% S/. 5,373.12
100% -S/. 78,109.38

VAN
S/.3,500,000.00

S/.3,000,000.00

S/.2,500,000.00

S/.2,000,000.00

S/.1,500,000.00

S/.1,000,000.00

S/.500,000.00

S/.-
0% 20% 40% 60% 80% 100% 120%
S/.(500,000.00)
ESTADO DE INGRESOS
Fin del ao 0 1 2 3 4 5

Ingresos S/. 125,000.00 S/. 125,000.00 S/. 125,000.00 S/. 125,000.00 S/. 125,000.00
Gastos:
Mano de obra
Materiales
Indirectos
interese
Depreciacin -S/. 35,725.00 -S/. 61,225.00 -S/. 43,725.00 -S/. 31,225.00 -S/. 11,600.00

Ingreso gravable S/. 89,275.00 S/. 63,775.00 S/. 81,275.00 S/. 93,775.00 S/. 113,400.00
Impuestos sobre la renta 35% -S/. 31,246.25 -S/. 22,321.25 -S/. 28,446.25 -S/. 32,821.25 -S/. 39,690.00

Ingreso neto S/. 58,028.75 S/. 41,453.75 S/. 52,828.75 S/. 60,953.75 S/. 73,710.00

Estado de flujo de efectivo

Actividades operativas:
Ingreso neto S/. 58,028.75 S/. 41,453.75 S/. 52,828.75 S/. 60,953.75 S/. 73,710.00
Depreciacin S/. 35,725.00 S/. 61,225.00 S/. 43,725.00 S/. 31,225.00 S/. 11,600.00
Actividades de inversin:
ROBOT -S/. 250,000.00
Valor de rescate S/. 50,000.00
Impuestos sobre las ganancias S/. 5,775.00
Capital de trabajo
Actividades financieras:
Crditos
Pago del capital

Flujo de efectivo neto -S/.---250,000 S/.---93,754 S/.---102,679 S/.---96,554 S/.---92,179 S/.---141,085

Ao %Smarc Depreciacin Dep. Acumulada VL

0 0 0 0 S/. 250,000.00
1 14.29% S/. 35,725.00 S/. 35,725.00 S/. 214,275.00
2 24.49% S/. 61,225.00 S/. 96,950.00 S/. 153,050.00
3 17.49% S/. 43,725.00 S/. 140,675.00 S/. 109,325.00
4 12.49% S/. 31,225.00 S/. 171,900.00 S/. 78,100.00
5 8.93% S/. 22,325.00 S/. 194,225.00 S/. 55,775.00
6 8.92% S/. 22,300.00 S/. 216,525.00 S/. 33,475.00
7 8.93% S/. 22,325.00 S/. 238,850.00 S/. 11,150.00
8 4.64% S/. 11,600.00 S/. 250,450.00 -S/. 450.00

Dep. Acumulada - all -

Ao %Smarc Sum - Depreciacin

0 S/. -
0.00% S/. -
1 S/. 35,725.00
14.29% S/. 35,725.00 DEPRECIACIN
2 S/. 61,225.00
0.3
24.49% S/. 61,225.00
3 S/. 43,725.00
0.25
17.49% S/. 43,725.00
4 S/. 31,225.00
0.2
12.49% S/. 31,225.00
%Smarc
5 S/. 22,325.00 0.15
8.93% S/. 22,325.00
6 S/. 22,300.00 0.1
8.92% S/. 22,300.00
7 S/. 22,325.00 0.05
8.93% S/. 22,325.00
8 S/. 11,600.00 0
0 1 2 3 4 5 6 7 8 Tota l Resul t
4.64% S/. 11,600.00
Total Result S/. 250,450.00
 VAN= S/. 95,498.22 PROYECTO ACEPTABLE
TIR= 29% PROYECTO ACEPTABLE

TIR VAN
10% S/.143,193.43
20% S/.56,461.21
30% -S/.2,904.44
40% -S/.45,231.25
50% -S/.76,466.74
60% -S/.100,202.05
70% -S/.118,695.89
80% -S/.133,420.30
90% -S/.145,365.03
100% -S/.155,214.14
110% -S/.163,452.13

VAN
S/.200,000.00

S/.150,000.00

S/.100,000.00

S/.50,000.00

S/.0.00
0% 20% 40% 60% 80% 100% 120%
(S/.50,000.00)

(S/.100,000.00)

(S/.150,000.00)

(S/.200,000.00)
ESTADO DE INGRESOS
Fin del ao 0 1 2 3 4 5

Ingresos S/. 95,000.00 S/. 95,000.00 S/. 95,000.00 S/. 95,000.00 S/. 95,000.00
Gastos:
Mano de obra -S/. 60,000.00 -S/. 60,000.00 -S/. 60,000.00 -S/. 60,000.00 -S/. 60,000.00
Materiales -S/. 20,000.00 -S/. 20,000.00 -S/. 20,000.00 -S/. 20,000.00 -S/. 20,000.00
Indirectos -S/. 10,000.00 -S/. 10,000.00 -S/. 10,000.00 -S/. 10,000.00 -S/. 10,000.00
interese 12% -S/. 18,000.00 -S/. 2,160.00 -S/. 259.20 -S/. 31.10 -S/. 3.73
Depreciacin -S/. 30,000.00 -S/. 48,000.00 -S/. 28,800.00 -S/. 17,280.00 -S/. 8,640.00

Ingreso gravable -S/. 13,000.00 S/. 2,840.00 S/. 4,740.80 S/. 4,968.90 S/. 4,996.27
Impuestos sobre la renta 35% S/. 4,550.00 -S/. 994.00 -S/. 1,659.28 -S/. 1,739.11 -S/. 1,748.69

Ingreso neto -S/. 8,450.00 S/. 1,846.00 S/. 3,081.52 S/. 3,229.78 S/. 3,247.57

Estado de flujo de efectivo

Actividades operativas:
Ingreso neto -S/. 8,450.00 S/. 1,846.00 S/. 3,081.52 S/. 3,229.78 S/. 3,247.57
Depreciacin S/. 18,000.00 S/. 2,160.00 S/. 259.20 S/. 31.10 S/. 3.73
Actividades de inversin:
areo de poleas -S/. 150,000.00
Valor de rescate S/. 10,000.00
Impuestos sobre las ganancias S/. 2,548.00
Capital de trabajo -S/. 60,000.00 S/. 60,000.00
Actividades financieras:
Crditos -S/. 90,000.00
Pago del capital S/. 14,166.88 S/. 15,866.90 S/. 17,770.93 S/. 19,903.44 S/. 22,291.85

Flujo de efectivo neto -S/.---210,000 S/.---23,717 S/.---19,873 S/.---21,112 S/.---23,164 S/.---25,543

Ao %Smarc Depreciacin Dep. Acumulada VL

0 0 S/. - S/. - -S/. 150,000.00
1 20.00% -S/. 30,000.00 -S/. 30,000.00 -S/. 120,000.00
2 32.00% -S/. 48,000.00 -S/. 78,000.00 -S/. 72,000.00
3 19.20% -S/. 28,800.00 -S/. 106,800.00 -S/. 43,200.00
4 11.52% -S/. 17,280.00 -S/. 124,080.00 -S/. 25,920.00
5 11.52% -S/. 17,280.00 -S/. 141,360.00 -S/. 8,640.00
6 5.76% -S/. 8,640.00 -S/. 150,000.00 S/. -
Dep. Acumulada - all -
VL - all -

Ao %Smarc Sum - Depreciacin

0 S/. -
Total
0.00% S/. -
0.35
1 -S/. 30,000.00
20.00% -S/. 30,000.00 0.3
2 -S/. 48,000.00
32.00% -S/. 48,000.00 0.25

3 -S/. 28,800.00 0.2 %Sma rc

19.20% -S/. 28,800.00
4 -S/. 17,280.00 0.15

11.52% -S/. 17,280.00 0.1

5 -S/. 17,280.00
11.52% -S/. 17,280.00 0.05

6 -S/. 8,640.00 0
5.76% -S/. 8,640.00 0 1 2 3 4 5 6 Tota l Resul t

Total Result -S/. 150,000.00

 VAN= -S/. 142,781.63 NO ACEPTABLE
TIR= -17% NO ACEPTABLE

TIR VAN
10% -S/.124,471.98
20% -S/.142,781.63
30% -S/.155,397.84
40% -S/.164,447.17
50% -S/.171,161.67
60% -S/.176,289.31
70% -S/.180,302.89
80% -S/.183,511.95
90% -S/.186,125.46
100% -S/.188,288.39

VAN
S/.0.00
0% 20% 40% 60% 80% 100% 120%
(S/.20,000.00)
(S/.40,000.00)
(S/.60,000.00)
(S/.80,000.00)
VAN

(S/.100,000.00)
(S/.120,000.00)
(S/.140,000.00)
(S/.160,000.00)
(S/.180,000.00)
(S/.200,000.00)
TI R
Se han invertido $32000 en un negocio que, segn los clculos, proporcionar ingresos de $7500
el primer ao, con incrementos anuales de $500 durante cinco aos. Al final de este tiempo, los
activos que queden de la inversin podran venderse en $5000. Si la TMAR del inversionista es
15% anual, determnese el VAN de los flujos de efectivo.

Solucin:
Ao Anualidad
0 -S/. 32,000
1 S/. 7,500
2 S/. 8,000
3 S/. 8,500
4 S/. 9,000
5 S/. 9,500

Valor Residual: 5 S/. 5,000

TMAR= 15%

VAN= S/. -1,485

 Calclese la TIR del diagrama de flujo de efectivo mostrado en la grfica

TIR= 32.243%

Ao Anualidad TMAR VAN

0 -S/. 50.00 5% S/. 71.29
1 S/. 20.00 10% S/. 49.79
2 S/. 25.00 15% S/. 33.43
3 -S/. 30.00 20% S/. 20.79
4 S/. 40.00 25% S/. 10.88
5 S/. 45.00 30% S/. 3.01
6 S/. 50.00 35% -S/. 3.32
40% -S/. 8.47
45% -S/. 12.71
50% -S/. 16.23

VAN
S/. 80.00

S/. 60.00

S/. 40.00

S/. 20.00
VAN

S/. 0.00
0% 10% 20% 30% 40% 50% 60%
-S/. 20.00

-S/. 40.00
TMAR
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a
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la 2 ### 30% S/. 55.64
ta 3 -S/. 50.00 40% S/. 47.08
bla
: 50% S/. 39.63
Si 60% S/. 33.11
la 70% S/. 27.37
fin
an 80% S/. 22.29
cie 90% S/. 17.78
ra 100% S/. 13.75
no
est 110% S/. 10.13
120% S/. 6.87
dis
pu 130% S/. 3.92
est 140% S/. 1.24
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ap
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s
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VAN
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pit
al S/. 36.90
VNA

tot
al S/. 26.90
de
la S/. 16.90
e
S/. 6.90
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