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Exemplo 1

TMA 10%

A B C F.D F.C.D A
0 -R$ 2,500.00 -R$ 3,500.00 -R$ 6,000.00 1 -R$ 2,500.00
1 -R$ 900.00 -R$ 700.00 -R$ 50.00 0.9090909091 -R$ 818.18
2 -R$ 900.00 -R$ 700.00 -R$ 50.00 0.826446281 -R$ 743.80
3 -R$ 900.00 -R$ 700.00 -R$ 50.00 0.7513148009 -R$ 676.18
4 -R$ 900.00 -R$ 700.00 -R$ 50.00 0.6830134554 -R$ 614.71
5 -R$ 700.00 -R$ 350.00 R$ 50.00 0.6209213231 -R$ 434.64

VPL -R$ 5,787.52 -R$ 5,936.23 -R$ 6,127.45 -R$ 5,787.52

PU = preo unitario ou VP

Exemplo 2 taxa 15%


A B
0 -R$ 15,000.00 -R$ 18,000.00
1 -R$ 3,500.00 -R$ 3,100.00
2 -R$ 3,500.00 -R$ 3,100.00
3 -R$ 3,500.00 -R$ 3,100.00
4 -R$ 3,500.00 -R$ 3,100.00
5 -R$ 3,500.00 -R$ 3,100.00
6 -R$ 17,500.00 -R$ 3,100.00
7 -R$ 3,500.00 -R$ 3,100.00
8 -R$ 3,500.00 -R$ 3,100.00
9 -R$ 3,500.00 -R$ 19,100.00
10 -R$ 3,500.00 -R$ 3,100.00
11 -R$ 3,500.00 -R$ 3,100.00
12 -R$ 17,500.00 -R$ 3,100.00
13 -R$ 3,500.00 -R$ 3,100.00
14 -R$ 3,500.00 -R$ 3,100.00
15 -R$ 3,500.00 -R$ 3,100.00
16 -R$ 3,500.00 -R$ 3,100.00
17 -R$ 3,500.00 -R$ 3,100.00
18 -R$ 2,500.00 -R$ 1,100.00

VPL -R$ 45,036.36 -R$ 41,383.28 (B a melhor escolha)

10% de diferena entre VPL = empate tcnico, outros fatores influenciam deciso

Valor futuro - bom para olhar fuses e aquisies


Exemplo 3
TMA 25%
F.C
a)
3 -R$ 75,000,000.00 1.953125 -R$ 146,484,375.00
2 -R$ 10,000,000.00 1.5625 -R$ 15,625,000.00
1 -R$ 5,000,000.00 1.25 -R$ 6,250,000.00
0 R$ 159,500,000.00 1 R$ 159,500,000.00

VFL -R$ 8,859,375.00

b) Fluxo de caixa F.C VF


5 -R$ 75,000,000.00 3.0517578125 -R$ 228,881,835.94
4 -R$ 10,000,000.00 2.44140625 -R$ 24,414,062.50
3 -R$ 5,000,000.00 1.953125 -R$ 9,765,625.00
2 R$ - 1.5625 R$ -
1 R$ 5,000,000.00 1.25 R$ 6,250,000.00
0 R$ 10,000,000.00 1 R$ 10,000,000.00

-R$ 246,811,523.44

Mtodo 4 payback 15%


DxE
0 -R$ 18,000,000.00 100.00% -R$ 18,000,000.00
1 R$ 3,000,000.00 86.96% R$ 2,608,695.65
2 R$ 3,000,000.00 75.61% R$ 2,268,431.00
3 R$ 3,000,000.00 65.75% R$ 1,972,548.70
4 R$ 3,000,000.00 57.18% R$ 1,715,259.74
5 R$ 3,000,000.00 49.72% R$ 1,491,530.21
6 R$ 3,000,000.00 43.23% R$ 1,296,982.79
7 R$ 3,000,000.00 37.59% R$ 1,127,811.12
8 R$ 3,000,000.00 32.69% R$ 980,705.32
9 R$ 3,000,000.00 28.43% R$ 852,787.24
10 R$ 3,000,000.00 24.72% R$ 741,554.12
11 R$ 3,000,000.00 21.49% R$ 644,829.67
12 R$ 3,000,000.00 18.69% R$ 560,721.45
13 R$ 3,000,000.00 16.25% R$ 487,583.87
14 R$ 3,000,000.00 14.13% R$ 423,985.97
15 R$ 3,000,000.00 12.29% R$ 368,683.46
16 R$ 3,000,000.00 10.69% R$ 320,594.31
17 R$ 3,000,000.00 9.29% R$ 278,777.66
18 R$ 3,000,000.00 8.08% R$ 242,415.36
19 R$ 3,000,000.00 7.03% R$ 210,795.96
20 R$ 3,000,000.00 6.11% R$ 183,300.84
21 R$ 3,000,000.00 5.31% R$ 159,392.03
22 R$ 3,000,000.00 4.62% R$ 138,601.77
23 R$ 3,000,000.00 4.02% R$ 120,523.28
24 R$ 3,000,000.00 3.49% R$ 104,802.85
25 R$ 3,000,000.00 3.04% R$ 91,132.91
26 R$ 3,000,000.00 2.64% R$ 79,246.01
27 R$ 3,000,000.00 2.30% R$ 68,909.57

Mtodo 5 Anlise valor anual Ajuste por fluxo

taxa 15%
A B FD FCD A FCD B
0 -R$ 15,000.00 -R$ 18,000.00 1 -R$ 15,000.00 -R$ 18,000.00
1 -R$ 3,500.00 -R$ 3,100.00 0.8695652174 -R$ 3,043.48 -R$ 2,695.65
2 -R$ 3,500.00 -R$ 3,100.00 0.7561436673 -R$ 2,646.50 -R$ 2,344.05
3 -R$ 3,500.00 -R$ 3,100.00 0.6575162324 -R$ 2,301.31 -R$ 2,038.30
4 -R$ 3,500.00 -R$ 3,100.00 0.5717532456 -R$ 2,001.14 -R$ 1,772.44
5 -R$ 3,500.00 -R$ 3,100.00 0.4971767353 -R$ 1,740.12 -R$ 1,541.25
6 -R$ 2,500.00 -R$ 3,100.00 0.4323275959 -R$ 1,080.82 -R$ 1,340.22
7 -R$ 3,100.00 0.3759370399 -R$ 1,165.40
8 -R$ 3,100.00 0.3269017738 -R$ 1,013.40
9 -R$ 1,100.00 0.284262412 -R$ 312.69

VPL -R$ 27,813.36 -R$ 32,223.39


Somatrio 3.7844826939 4.7715839197
Fluxo anual -R$ 7,349.32 -R$ 6,753.18

TIR

-4000
2000
4000
28% acima da TMA?
Sim= faz o projeto
No=no faz o projeto
F.C.D B F.C.D C
-R$ 3,500.00 -R$ 6,000.00
-R$ 636.36 -R$ 45.45
-R$ 578.51 -R$ 41.32
-R$ 525.92 -R$ 37.57
-R$ 478.11 -R$ 34.15
-R$ 217.32 R$ 31.05

-R$ 5,936.23 -R$ 6,127.45


-R$ 15,391,304.35
-R$ 13,122,873.35
-R$ 11,150,324.65
-R$ 9,435,064.91
-R$ 7,943,534.71
-R$ 6,646,551.92
-R$ 5,518,740.80
-R$ 4,538,035.48
-R$ 3,685,248.24
-R$ 2,943,694.12
-R$ 2,298,864.45
-R$ 1,738,143.00
-R$ 1,250,559.13
-R$ 826,573.16
-R$ 457,889.70
-R$ 137,295.39
R$ 141,482.27 somente a partir do 17 tem lucro
R$ 383,897.62
R$ 594,693.58
R$ 777,994.42
R$ 937,386.45
R$ 1,075,988.22
R$ 1,196,511.50
R$ 1,301,314.34
R$ 1,392,447.26
R$ 1,471,693.27
R$ 1,540,602.84

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