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Planilha INVESTFACIL.

XLS
Decises de Investimento no Excel
Por Adriano Leal Bruni e Rubens Fam. Esta planilha deve ser empregada
como ferramenta auxiliar do livro "As Decises de Investimento", publicado
pela Editora Atlas S.A. dentro da srie "Desvendando as Finanas".

Parmetros iniciais

Avaliao em condies de certeza

Matemtica Financeira

DECISES DE INVESTIMENTO NO EXCEL


Clculo do custo de capital

1
Custo do capital de terceiros - Emprstimos
N
30%

I
25.00%

I
17.50%

Custo do capital de terceiros - Emisso de obrigaes


N
I
PV
PMT

IR%
Taxa bruta
Taxa lq

FV

Clculo da taxa equival.


N perodos
Taxa equiv

1
Custo do capital prprio - Modelo de Gordon e Shapiro
Ks

D1

P0
8.00

40.00

4.00%

0.00%

24.00%

1
Custo do capital prprio - CAPM
Ks
Rf
Rm
2.00%
6.00%
7.60%

Custo do capital prprio


Clculo do beta
Mercado
Ao
1.0%
2.0%
-3.0%
-5.0%
8.0%
12.0%
-4.0%
-7.0%
6.0%
9.0%
-2.0%
-4.0%

Beta
1.40

Beta =
1.5624
Diagrama de disperso : Mercado x Ao
15%
10%
5%
0%
-10%

-5%

0%
-5%

5%

10%

-5%

-1.0%
0.0%
4.0%
3.0%
-7.0%
4.0%

-1.5%
0.0%
6.0%
4.5%
-11.0%
6.0%

Fonte
Patrim Liq
Emprest LP

Volume ($)
500,000.00
400,000.00

Custo (%)
12.00%
14.00%

Soma

900,000.00

12.89%

-10%
-15%

60000
56000
0
0
0

y = 1.5624x - 0.0026
R = 0.9973

NO EXCEL

DECISES DE INVESTIMENTO NO EX
Construo do Fluxo de Caixa Livre
Descrio
(+) Receitas
(-) Custos e despesas variveis
(-) Custos e despesas fixos (exceto depreciao)
(-) Depreciao
= Lucro Operacional Tributvel
(-) IR
= Lucro Lquido Operacional
(+) Depreciao
= FCO (Fluxo de Caixa Operacional)
(+/-) Investimento ou desinvestimentos lquidos em equipamentos
(+/-) Investimentos ou desinvestimentos em capital de giro
= FCL (Fluxo de Caixa Livre)

Perodo 0

DECISES DE INVESTIMENTO NO EXCEL


Venda de imobilizado
Descrio
Valor de venda
(-) Valor contbil lquido (histrico - depreciao acumulada)
Resultado no operacional decorrente da venda
Alquota do imposto de renda
(-) Imposto de renda sobre o resultado
Resultado lquido
Fluxo incremental decorrente da venda

Valor
5,000.00
5,000.00
30%
(1,500.00)
3,500.00
3,500.00

STIMENTO NO EXCEL

uxo de Caixa Livre


Perodo 1

Perodo 2

Perodo 3

Perodo 4

Perodo 5

Perodo 6

Perodo 7

Perodo 8

Perodo 9

Perodo 10

Perodo 11

Perodo 12

Perodo 13

Perodo 14

Perodo 15

Perodo 16

Perodo 17

Perodo 18

Perodo 19

Perodo 20

DECISES DE INVESTIMENTO NO EXCEL


Valor do dinheiro no tempo
Operaes financeiras com juros compostos.
Regime

2.00%

PV

PMT

600.00
(107.12)

Juros Compostos

Resposta

A prestao igual a -107.11549 no regime de juros compostos

Operaes na HP12C

[f] [REG] 6 [n] 2 [i] 600 [PV] [g] [END] [PMT] Visor => -107.1155

Operaes no Excel

=PGTO(0.02;6;600;;0)

DECISES DE INVESTIMENTO NO EXCEL


Equivalncia e proporcionalidade de taxas

Regime

Juros Compostos
?

Equivalncia de taxas de juros.


Taxa A

Nper A

Taxa B

Nper B

36.0%

12
2.60%

4
N

PV

PMT

JS

1 ###### ######

#VALUE!

No existe

2 ###### ######

#VALUE!

No existe

JC

3 ###### ######

#VALUE!

[f] [REG] 6 [n] 2 [i] 600 [

3c

4 fmula ==>

Opo :

juros compostos

(No Mexa !!!)

1 - Juros Simples
2 - Desconto Bancrio
3 - Juros Compostos

Clculos Financeiros Gerais (No Mexa !!!)


2
1

(50.00)

#DIV/0!

#NUM!

-16.67%
#DIV/0!
-100.00%

5
-

No tem

No tem

(107.12)

Clculos na HP 12C - No Mexa Nunca !!!


Juros

6 [n]

#VALUE!

#VALUE!

PV

#VALUE!

PMT

FV

2 [i]

PV

600 [PV]

[f] [REG] 6 [n] 2 [i] 600 [PV] [g] [END] [PMT] Visor => -107.1155

#VALUE!

PMT

Regimes

1 - Juros simples
2 - Desconto comercial
3 - Juros compostos

TAXA(nper;pgto;vp;vf;tipo;estimativa
VF(taxa;nper;pgto;vp;tipo)
VP(taxa;nper;pgto;vf;tipo)

Tipos
0 - postecipado
1 - antecipado

Legenda
cod

desc

simb

conc

O nmero perodos
de perodos
=NPER(0.02;;600;;0)

A taxa de juros
% a.p.

=TAXA(6;;600;;0;)

O valor presente

=VP(0.02;6;;;0)

A prestao

=PGTO(0.02;6;600;;0)

O valor futuro

=VF(0.02;6;;600;0)

Taxa
1 % a.d.

dias

2 % a.m. meses

30

3 % a.b.

bimestres

60

4 % a.t.

trimestres

90

5 % a.q.

quadrimestres

120

6 % a.s.

semestres

180

7 % a.a.

ano comercial

360

8 % a.a. (exato)
ano civil

365

O NO EXCEL

po

FV

Tipo
0
Sem entrada

de juros compostos

T] Visor => -107.1155

O NO EXCEL

e de taxas

Compostos

FV

Tipo

#VALUE!
#VALUE!
#VALUE!
[f] [REG] 6 [n] 2 [i] 600 [PV] [g] [END] [PMT] Visor => -107.1155

Mexa !!!)

6
(672.00)
(681.82)
(675.70)

FV

TIPO

[g] [END]

per;pgto;vp;vf;tipo;estimativa)

nper;pgto;vp;tipo)

nper;pgto;vf;tipo)

DECISES DE INVESTIMENTO NO EXCEL


Clculo do payback simples
Perodo
0
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
27
28
29
30
Clculos

Fluxo de caixa
(600.00)
400.00
800.00

Saldo Simples
(600.00)
(200.00)
600.00

PBS

PayBack
Simples

Resposta
PBS = 001 perodos

1.25

1.25

DECISES DE INVESTIMENTO NO EXCEL


Clculo do payback descontado
Perodo
0
1
2
3
4
5
6
7
8

Fluxos Nominais
(90.00)
10.00
20.00
30.00
40.00
30.00
30.00
80.00
90.00

Fluxos
Descontados
(90.00)
8.70
15.12
19.73
22.87
14.92
12.97
30.07
29.42

Simples
Saldo
(90.00)
(80.00)
(60.00)
(30.00)
10.00
40.00
70.00
150.00
240.00

PBS
3.75
-

k=
Descontado
Saldo
(90.00)
(81.30)
(66.18)
(46.46)
(23.59)
(8.67)
4.30
34.37
63.80

Clculos

PBS

3.75

PBD

EXCEL

PBS = 001 perodos

EXCEL
15%
Descontado
PBD

Resposta
PBS = 004 perodos

PBD = 006 perodos

Saldo e payback simples

Saldo a valor presente

5.67
-

300.00
250.00
200.00
150.00
100.00
50.00
(50.00) 0
(100.00)
(150.00)

Perodo

5.67

Saldo a valor presente

Saldo e payback descontado

80.00
60.00
40.00
20.00
(20.00) 0
(40.00)
(60.00)
(80.00)
(100.00)

Perodo

10

10

DECISES DE INVESTIMENTO NO EXCEL


Clculo do valor presente, futuro e uniforme lquidos
Ano

Fluxos de Caixa

0
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
27
28
29
30
VPL

(800.00)
300.00
400.00
300.00
500.00

14%

Resposta
VPL = $269.4800

VFL = $455.1400

VUL = $92.48562

IL = 1.33685

269.48

Grficos : VPL versus K

VPL

269.48
700.00
519.03
370.21
246.46
142.52
54.40
-20.93
-85.83
-142.15
-191.34
-234.57
-272.77
-306.71

800.00
Valor Presente Lquido

0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%

600.00
400.00
200.00
0.00
0%

20%

40%

-200.00
-400.00
Custo de Capital (k)

60%

Parmetros
Mnimo
Step

0%
5%

60%

80%

DECISES DE INVESTIMENTO NO EXCEL


Clculo das taxas: TIR
Ano
0
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
27
28
29
30

Fluxos de Caixa
(3,000.00)
7,650.00
(4,830.00)

k
TIR estimada

Resultados
TIR
VPL

10%
70%

40%
(37.19)

Grficos : VPL versus K


TIR corresponde ao valor de k para VPL nulo

0%
30%
60%
90%
120%
150%
180%
210%
240%
270%
300%
330%
360%

VPL
(37.19)
(180.00)
26.63
(105.47)
(311.63)
(520.66)
(712.80)
(883.93)
(1,034.86)
(1,167.82)
(1,285.24)
(1,389.38)
(1,482.15)
(1,565.22)

VPL versus k
500.00
k (custo de capital)

(500.00)

0%

100%

(1,000.00)
(1,500.00)
(2,000.00)

DECISES DE INVESTIMENTO NO EXCEL


Clculo das taxas: TER (modelo 01)
Perodo

Fluxos de Caixa

0
1
2
3

-500.00
400.00
-600.00
1,500.00

Clculo da TER
k financ
k reinvest
Respostas
TER (MTIR)

18%
14%

29.46%

4
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

TIR
VPL

42.92%
321.02

DECISES DE INVESTIMENTO NO EXCEL


Clculo das taxas: TER (modelo 02)

Perodo
0
1
2
3
4
5
Soma
TER
Parmetros

Fluxo de Caixa
(500.00)
400.00
(600.00)
1,500.00

Capitais Equivalentes
Pos (t = n)
Neg (t = 0)
500.00
519.84
430.91
1,500.00
2,019.84
930.91
29.460%
K1 (aplicao) =

14%

K2 (captao) =
Valor calculado com a funo MTIR

18%
29.46021%

DECISES DE INVESTIMENTO NO EXCEL


Clculo das taxas: TIJ

Perodo
0
1
2

Fluxo de Caixa
(700.00)
800.00
(400.00)

Saldo do Projeto
(700.00)
(424.73)
(1,143.11)

Parmetros
k
TIJ

3
4
5
6
7
8
9
Saldo

2,000.00

(0.00)

(0.00)

NO EXCEL

Parmetros
Mnimo
0%
Step
30%

VPL versus k

200%

VPL

NO EXCEL

1)

300%

400%

NO EXCEL

2)

NO EXCEL

5.0000%
74.9612%

DECISES DE INVESTIMENTO NO EXCEL


Modelo geral de avaliao

Perodo
A
0
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
27
28
29
30

(50.00)
20.00
25.00
30.00
35.00

B
(100.00)
60.00
40.00
30.00
20.00

Projetos
C
(200.00)
80.00
70.00
50.00
60.00

D
(300.00)
100.00
110.00
120.00
130.00

Clculos de PayBack
No abastea nada aqui !!!!!!
Clculo do PayBack
Ano
0
1
2
3
4
5
6
7

FCs do
Projeto
(50.00)
20.00
25.00
30.00
35.00

FCs
Descont
(50.00)
17.39
18.90
19.73
20.01

Saldo
Simples

(50.00)
(30.00)
(5.00)
25.00
60.00

PBS
2.17
-

8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos

PBS

2.17

NO EXCEL
Valores do custo de capital

k financ
k aplic

E
(500.00)
150.00
160.00
170.00
200.00

15.00%
15.00%

15.00%
15.00%

15.00%
15.00%

15.00%
15.00%

Respostas para os projetos


A
B
C
D
PBS
2.17
2.00
3.00
2.75
PBD
2.69
2.89
3.69
VPL
26.03
13.58
(10.32)
23.36
VFL
45.53
23.75
(18.06)
40.86
VUL
9.12
4.76
(3.62)
8.18
IL
1.52
1.14
0.95
1.08
TIR
36.44%
23.05%
12.24%
18.63%
TER
27.70%
18.72%
13.49%
17.18%
Para obter a TIJ de cada projeto, preciso ir at o modelo para
o clculo da taxa interna de juros.

Projeto A
Saldo
Descont

(50.00)
(32.61)
(13.71)
6.02
26.03

PBD
2.69
-

PBD

2.69

E
15.00%
15.00%

E
3.10
(22.45)
(39.27)
(7.86)
0.96
12.86%
13.69%

Simulaes diversas
No abastea nada aqui !!!!!!

Simulao em relao aos valore


Projeto A
K
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%

VPL
26.03
48.93
45.78
42.79
39.93
37.21
34.62
32.14
29.78
27.52
25.36
23.29
21.32
19.42
17.61
15.87
14.20
12.59
11.06
9.58
8.15
6.79
5.47
4.20
2.98
1.81
0.67
(0.42)
(1.48)
(2.50)
(3.48)
(4.43)
(5.35)
(6.24)
(7.10)
(7.93)
(8.73)
(9.51)
(10.27)
(11.00)

53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%

(11.71)
(12.39)
(13.06)
(13.71)
(14.33)
(14.94)
(15.54)
(16.11)
(16.67)
(17.21)
(17.74)
(18.25)
(18.75)
(19.24)
(19.71)
(20.17)
(20.62)
(21.06)
(21.48)
(21.90)
(22.30)

Clculo do PayBack
Ano
0
1
2
3
4
5
6
7

FCs do
FCs
Projeto Descont
(100.00) (100.00)
60.00
52.17
40.00
30.25
30.00
19.73
20.00
11.44

Projeto B
Saldo
Simples

(100.00)
(40.00)
30.00
50.00

Saldo
PBS
2.00
2.00
-

Descont

(100.00)
(47.83)
(17.58)
2.15
13.58

PBD
2.89
-

Clculo do PayBack
Ano
0
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
27
28
29
30
Clculos

PBS

2.00

PBD

2.89

8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos

es diversas

astea nada aqui !!!!!!

o em relao aos valores de k (gerada com o recurso Dados/Tabela)


Projeto B
K
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%

VPL
13.58
38.44
35.10
31.90
28.84
25.90
23.07
20.36
17.75
15.24
12.83
10.50
8.27
6.11
4.03
2.02
0.08
(1.79)
(3.60)
(5.35)
(7.04)
(8.68)
(10.26)
(11.80)
(13.29)
(14.73)
(16.12)
(17.48)
(18.79)
(20.07)
(21.31)
(22.51)
(23.68)
(24.82)
(25.93)
(27.00)
(28.05)
(29.07)
(30.06)
(31.02)

Projeto C
K
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%

VPL
(10.32)
37.38
30.90
24.71
18.79
13.14
7.72
2.54
(2.42)
(7.18)
(11.74)
(16.13)
(20.33)
(24.38)
(28.27)
(32.01)
(35.61)
(39.07)
(42.42)
(45.64)
(48.74)
(51.74)
(54.63)
(57.43)
(60.13)
(62.74)
(65.26)
(67.71)
(70.07)
(72.36)
(74.58)
(76.73)
(78.81)
(80.83)
(82.79)
(84.69)
(86.54)
(88.33)
(90.08)
(91.77)

Projeto D
K
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%

VPL
23.36
115.66
103.01
90.96
79.48
68.52
58.06
48.07
38.52
29.39
20.64
12.27
4.25
(3.44)
(10.82)
(17.91)
(24.71)
(31.24)
(37.53)
(43.57)
(49.39)
(54.99)
(60.38)
(65.58)
(70.59)
(75.43)
(80.09)
(84.60)
(88.95)
(93.15)
(97.21)
(101.14)
(104.94)
(108.62)
(112.18)
(115.63)
(118.97)
(122.21)
(125.35)
(128.39)

53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%

(31.97)
(32.88)
(33.78)
(34.65)
(35.50)
(36.33)
(37.14)
(37.93)
(38.70)
(39.45)
(40.19)
(40.90)
(41.61)
(42.29)
(42.96)
(43.62)
(44.26)
(44.89)
(45.50)
(46.11)
(46.70)

53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%

(93.41)
(95.02)
(96.57)
(98.09)
(99.56)
(101.00)
(102.39)
(103.76)
(105.08)
(106.38)
(107.64)
(108.87)
(110.07)
(111.24)
(112.38)
(113.49)
(114.58)
(115.65)
(116.69)
(117.70)
(118.69)

53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%

(131.34)
(134.21)
(136.99)
(139.70)
(142.32)
(144.87)
(147.35)
(149.76)
(152.10)
(154.38)
(156.60)
(158.76)
(160.86)
(162.91)
(164.91)
(166.85)
(168.74)
(170.59)
(172.39)
(174.15)
(175.86)

Clculo do PayBack
FCs do
FCs
Projeto Descont
(200.00) (200.00)
80.00
69.57
70.00
52.93
50.00
32.88
60.00
34.31

Projeto C
Saldo
Simples

(200.00)
(120.00)
(50.00)
60.00

Saldo
PBS
3.00
3.00

Descont

(200.00)
(130.43)
(77.50)
(44.63)
(10.32)

PBD
-

Clculo do PayBack
Ano
0
1
2
3
4
5
6
7

FCs do
Projeto
(300.00)
100.00
110.00
120.00
130.00

PBS

3.00

PBD

8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos

Anlise de Sensibilidade
VPLs versus K
Projeto E
K
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%

VPL
(22.45)
114.25
95.50
77.65
60.63
44.40
28.91
14.12
(0.02)
(13.54)
(26.48)
(38.87)
(50.74)
(62.11)
(73.03)
(83.50)
(93.56)
(103.22)
(112.51)
(121.44)
(130.03)
(138.31)
(146.27)
(153.95)
(161.36)
(168.49)
(175.38)
(182.03)
(188.46)
(194.66)
(200.66)
(206.45)
(212.06)
(217.49)
(222.74)
(227.83)
(232.76)
(237.53)
(242.16)
(246.65)

k
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%

48.93
45.78
42.79
39.93
37.21
34.62
32.14
29.78
27.52
25.36
23.29
21.32
19.42
17.61
15.87
14.20
12.59
11.06
9.58
8.15
6.79
5.47
4.20
2.98
1.81
0.67
(0.42)
(1.48)
(2.50)
(3.48)
(4.43)
(5.35)
(6.24)
(7.10)
(7.93)
(8.73)
(9.51)
(10.27)
(11.00)

38.44
35.10
31.90
28.84
25.90
23.07
20.36
17.75
15.24
12.83
10.50
8.27
6.11
4.03
2.02
0.08
(1.79)
(3.60)
(5.35)
(7.04)
(8.68)
(10.26)
(11.80)
(13.29)
(14.73)
(16.12)
(17.48)
(18.79)
(20.07)
(21.31)
(22.51)
(23.68)
(24.82)
(25.93)
(27.00)
(28.05)
(29.07)
(30.06)
(31.02)

37.38
30.90
24.71
18.79
13.14
7.72
2.54
(2.42)
(7.18)
(11.74)
(16.13)
(20.33)
(24.38)
(28.27)
(32.01)
(35.61)
(39.07)
(42.42)
(45.64)
(48.74)
(51.74)
(54.63)
(57.43)
(60.13)
(62.74)
(65.26)
(67.71)
(70.07)
(72.36)
(74.58)
(76.73)
(78.81)
(80.83)
(82.79)
(84.69)
(86.54)
(88.33)
(90.08)
(91.77)

53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%

(251.01)
(255.24)
(259.34)
(263.32)
(267.19)
(270.95)
(274.60)
(278.16)
(281.61)
(284.97)
(288.24)
(291.42)
(294.52)
(297.54)
(300.48)
(303.34)
(306.13)
(308.85)
(311.51)
(314.10)
(316.62)

53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%

(11.71)
(12.39)
(13.06)
(13.71)
(14.33)
(14.94)
(15.54)
(16.11)
(16.67)
(17.21)
(17.74)
(18.25)
(18.75)
(19.24)
(19.71)
(20.17)
(20.62)
(21.06)
(21.48)
(21.90)
(22.30)

(31.97)
(32.88)
(33.78)
(34.65)
(35.50)
(36.33)
(37.14)
(37.93)
(38.70)
(39.45)
(40.19)
(40.90)
(41.61)
(42.29)
(42.96)
(43.62)
(44.26)
(44.89)
(45.50)
(46.11)
(46.70)

(93.41)
(95.02)
(96.57)
(98.09)
(99.56)
(101.00)
(102.39)
(103.76)
(105.08)
(106.38)
(107.64)
(108.87)
(110.07)
(111.24)
(112.38)
(113.49)
(114.58)
(115.65)
(116.69)
(117.70)
(118.69)

do PayBack
FCs
Descont
(300.00)
86.96
83.18
78.90
74.33

Projeto D
Saldo
Simples

(300.00)
(200.00)
(90.00)
30.00
160.00

Saldo
PBS
2.75
-

Descont

(300.00)
(213.04)
(129.87)
(50.97)
23.36

PBD
3.69

Clculo do PayBack
Ano
0
1
2
3
4
5
6
7

FCs do
Projeto
(500.00)
150.00
160.00
170.00
200.00

PBS

2.75

PBD

3.69

8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos

ensibilidade

Grficos

rsus K

VPLs versus K
D
115.66
103.01
90.96
79.48
68.52
58.06
48.07
38.52
29.39
20.64
12.27
4.25
(3.44)
(10.82)
(17.91)
(24.71)
(31.24)
(37.53)
(43.57)
(49.39)
(54.99)
(60.38)
(65.58)
(70.59)
(75.43)
(80.09)
(84.60)
(88.95)
(93.15)
(97.21)
(101.14)
(104.94)
(108.62)
(112.18)
(115.63)
(118.97)
(122.21)
(125.35)
(128.39)

Parmetros do grfico
K min
4%
K max
80%
Step
1.27%

E
114.25
95.50
77.65
60.63
44.40
28.91
14.12
(0.02)
(13.54)
(26.48)
(38.87)
(50.74)
(62.11)
(73.03)
(83.50)
(93.56)
(103.22)
(112.51)
(121.44)
(130.03)
(138.31)
(146.27)
(153.95)
(161.36)
(168.49)
(175.38)
(182.03)
(188.46)
(194.66)
(200.66)
(206.45)
(212.06)
(217.49)
(222.74)
(227.83)
(232.76)
(237.53)
(242.16)
(246.65)

100.00
50.00
4%

9%

14%

19%

24%

(50.00)
(100.00)
(150.00)
(200.00)
A

29%

(131.34)
(134.21)
(136.99)
(139.70)
(142.32)
(144.87)
(147.35)
(149.76)
(152.10)
(154.38)
(156.60)
(158.76)
(160.86)
(162.91)
(164.91)
(166.85)
(168.74)
(170.59)
(172.39)
(174.15)
(175.86)

(251.01)
(255.24)
(259.34)
(263.32)
(267.19)
(270.95)
(274.60)
(278.16)
(281.61)
(284.97)
(288.24)
(291.42)
(294.52)
(297.54)
(300.48)
(303.34)
(306.13)
(308.85)
(311.51)
(314.10)
(316.62)

Projeto E
FCs
Descont
(500.00)
130.43
120.98
111.78
114.35

Saldo
Simples

(500.00)
(350.00)
(190.00)
(20.00)
180.00

Saldo
PBS
3.10

Descont

(500.00)
(369.57)
(248.58)
(136.80)
(22.45)

PBD
-

PBS

3.10

PBD

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