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Projeo e Anlise de Fluxo de Caixa

Ano
Dados
0 1 2 3/4/5/6/7/8/9 10
Investimentos R$ mil 200,000,000.00
Produo Unidds\ano 30,000.00 60,000.00 120,000.00 120,000.00
Preo de Venda R$ Unid 900
Imposto s/Venda 10%
Matria Prima R$ p/Unid 130
Mo de Obra Direta R$ mil 7,000,000.00 8,000,000.00 9,000,000.00 9,000,000.00
Custo Indireto de Fabricao R$ mil 3,000,000.00 6,000,000.00 12,000,000.00 12,000,000.00
Depreciao R$ mil 5,000,000.00 10,000,000.00 20,000,000.00 20,000,000.00
Valor Residual Depreciao R$ mil 25,000,000.00
Despesas de Administrao R$ mil 2,000,000.00 3,000,000.00 4,000,000.00 4,000,000.00
Despesas Comerciais R$ mil 1,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00
Imposto de Renda 25%
TMA 15%

Composio Fluxo de Caixa


Ano
Eventos
0 1 2 3/4/5/6/7/8/9 10
Investimento Inicial (200,000,000.00)
Vendas Brutas 27,000,000.00 54,000,000.00 108,000,000.00 108,000,000.00
Impostos s/Venda (2,700,000.00) (5,400,000.00) (10,800,000.00) (10,800,000.00)
Vendas Lquidas 24,300,000.00 48,600,000.00 97,200,000.00 97,200,000.00
C.P.V (18,900,000.00) (31,800,000.00) (56,600,000.00) (56,600,000.00)
Matria-Prima (3,900,000.00) (7,800,000.00) (15,600,000.00) (15,600,000.00)
Mo-de-Obra (7,000,000.00) (8,000,000.00) (9,000,000.00) (9,000,000.00)
Custo Inidireto de Fabricao (3,000,000.00) (6,000,000.00) (12,000,000.00) (12,000,000.00)
Depreciao (5,000,000.00) (10,000,000.00) (20,000,000.00) (20,000,000.00)
Lucro Bruto 5,400,000.00 16,800,000.00 40,600,000.00 40,600,000.00
Despesas Administrativas (2,000,000.00) (3,000,000.00) (4,000,000.00) (4,000,000.00)
Despesas Comerciais (1,000,000.00) (2,000,000.00) (5,000,000.00) (5,000,000.00)
Total Despesas (3,000,000.00) (5,000,000.00) (9,000,000.00) (9,000,000.00)
Lucro Operacional 2,400,000.00 11,800,000.00 31,600,000.00 31,600,000.00
Imposto de Renda (600,000.00) (2,950,000.00) (7,900,000.00) (7,900,000.00)
Lucro Lquido 1,800,000.00 8,850,000.00 23,700,000.00 23,700,000.00
Depreciao 5,000,000.00 10,000,000.00 20,000,000.00 20,000,000.00
Valor Residual Depreciao 25,000,000.00
Total Fluxo de Caixa 6,800,000.00 18,850,000.00 43,700,000.00 68,700,000.00

Demonstrao Grfica Fluxo de Caixa

100,000,000.00

50,000,000.00 43,700,000.00

18,850,000.00
6,800,000.00
-

(50,000,000.00)

(100,000,000.00)

(150,000,000.00)

(200,000,000.00)
(200,000,000.00)

(250,000,000.00)
Investimento Inicial Ano 1 Ano 2 Ano 3 10
Anlise Investimento - Payback
InvestimentoInicial 200,000,000.00 200,000,000.00 Payback Mdio= 5.00 anos
Payback Mdio
FluxoDeCaixaPeriodos 400,250,000.00 40,025,000.00
PerodoInv estimento 10

Payback Efetivo
Invest. (200,000,000.00)
1 6,800,000.00 (193,200,000.00)
2 18,850,000.00 (174,350,000.00)
3 43,700,000.00 (130,650,000.00)
4 43,700,000.00 (86,950,000.00)
A 5 43,700,000.00 (43,250,000.00)
n
6 43,700,000.00 (0.99)
o
7 43,700,000.00 Payback Efet.= 5.99 anos
8 43,700,000.00
9 43,700,000.00
10 68,700,000.00

Payback Descontado
Fluxo de Caixa Tx.Desconto FCx.Descontado Saldo
0 (200,000,000.00) 1.00 (200,000,000.00) (200,000,000.00)
1 6,800,000.00 0.87 5,913,043.48 (194,086,956.52)
2 18,850,000.00 0.76 14,253,308.13 (179,833,648.39)
3 43,700,000.00 0.66 28,733,459.36 (151,100,189.04)
A 4 43,700,000.00 0.57 24,985,616.83 (126,114,572.20)
n 5 43,700,000.00 0.50 21,726,623.33 (104,387,948.87)
o 6 43,700,000.00 0.43 18,892,715.94 (85,495,232.93)
7 43,700,000.00 0.38 16,428,448.64 (69,066,784.28)
8 43,700,000.00 0.33 14,285,607.52 (54,781,176.77)
9 43,700,000.00 0.28 12,422,267.41 (42,358,909.36)
10 68,700,000.00 0.25 16,981,589.31 (25,377,320.05) Payback Desc 0.00 anos

n
FC 1 FC 1 FC 2 FC n
VPL=I + t
=I + + 2
...
t=1 (1+k ) 1+k ( 1+k ) (1+ k )n
n
FC 1 FC 1 FC 2 FC n
Valor Presente Liq (VPL) VPL=I + t
=I + + 2
... VPL = (25,377,319.90)
t=1 (1+k ) 1+k ( 1+k ) (1+ k )n
Projeo e Anlise de Fluxo de Caixa-B
Ano
Dados
0 1 2 3/4/5/6/7/8/9 10
Investimentos R$ mil 250,000,000.00
Produo Unidds\ano 30,000.00 60,000.00 120,000.00 120,000.00
Preo de Venda R$ Unid 750
Imposto s/Venda 10%
Matria Prima R$ p/Unid 120
Mo de Obra Direta R$ mil 6,000,000.00 6,000,000.00 8,000,000.00 8,000,000.00
Custo Indireto de Fabricao R$ mil 4,000,000.00 4,000,000.00 4,000,000.00 4,000,000.00
Depreciao R$ mil 6,250,000.00 12,500,000.00 25,000,000.00 25,000,000.00
Valor Residual Depreciao R$ mil 31,250,000.00
Despesas de Administrao R$ mil 2,000,000.00 3,000,000.00 4,000,000.00 4,000,000.00
Despesas Comerciais R$ mil 1,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00
Despesas Financeira
Imposto de Renda 25%
TMA 5%

Composio Fluxo de Caixa


Ano
Eventos
0 1 2 3/4/5/6/7/8/9 10
Investimento Inicial (250,000,000.00)
Vendas Brutas 22,500,000.00 45,000,000.00 90,000,000.00 90,000,000.00
Impostos s/Venda (2,250,000.00) (4,500,000.00) (9,000,000.00) (9,000,000.00)
Vendas Lquidas 20,250,000.00 40,500,000.00 81,000,000.00 81,000,000.00
C.P.V (19,850,000.00) (29,700,000.00) (51,400,000.00) (51,400,000.00)
Matria-Prima (3,600,000.00) (7,200,000.00) (14,400,000.00) (14,400,000.00)
Mo-de-Obra (6,000,000.00) (6,000,000.00) (8,000,000.00) (8,000,000.00)
Custo Inidireto de Fabricao (4,000,000.00) (4,000,000.00) (4,000,000.00) (4,000,000.00)
Depreciao (6,250,000.00) (12,500,000.00) (25,000,000.00) (25,000,000.00)
Lucro Bruto 400,000.00 10,800,000.00 29,600,000.00 29,600,000.00
Despesas Administrativas (2,000,000.00) (3,000,000.00) (4,000,000.00) (4,000,000.00)
Despesas Fiancerias - - - -
Despesas Comerciais (1,000,000.00) (2,000,000.00) (3,000,000.00) (3,000,000.00)
Total Despesas (3,000,000.00) (5,000,000.00) (7,000,000.00) (7,000,000.00)
Lucro Operacional (2,600,000.00) 5,800,000.00 22,600,000.00 22,600,000.00
Imposto de Renda - (1,450,000.00) (5,650,000.00) (5,650,000.00)
Lucro Lquido (2,600,000.00) 4,350,000.00 16,950,000.00 16,950,000.00
Depreciao 6,250,000.00 12,500,000.00 25,000,000.00 25,000,000.00
Valor Residual Depreciao 31,250,000.00
Total Fluxo de Caixa 3,650,000.00 16,850,000.00 41,950,000.00 73,200,000.00

Demonstrao Grfica Fluxo de Caixa

100,000,000.00

50,000,000.00 41,950,000.00

16,850,000.00
3,650,000.00
-

(50,000,000.00)

(100,000,000.00)

(150,000,000.00)

(200,000,000.00)

(250,000,000.00)
(250,000,000.00)

(300,000,000.00)
Investimento Inicial Ano 1 Ano 2 Ano 3 10
Anlise Investimento - Payback
InvestimentoInicial 250,000,000.00 250,000,000.00 Payback Mdio= 6.5 anos
Payback Mdio
FluxoDeCaixaPeriodos 387,350,000.00 38,735,000.00
PerodoInv estimento 10

Payback Efetivo
Invest. (250,000,000.00)
1 3,650,000.00 (246,350,000.00)
2 16,850,000.00 (229,500,000.00)
3 41,950,000.00 (187,550,000.00)
4 41,950,000.00 (145,600,000.00)
A 5 41,950,000.00 (103,650,000.00)
n
6 41,950,000.00 (61,700,000.00)
o
7 41,950,000.00 (1.47) Payback Efet.= 7.5 anos
8 41,950,000.00
9 41,950,000.00
10 73,200,000.00

TMA TMA
Payback Descontado
5% 10%
Fluxo de Caixa Tx.Desconto FCx.Descontado Saldo Tx.Desconto FCx.Descontado Saldo
0 (250,000,000.00) 1.0000 (250,000,000.00) (250,000,000.00) 1.0000 (250,000,000.00) (250,000,000.00)
1 3,650,000.00 0.9524 3,476,190.48 (246,523,809.52) 0.9091 3,318,181.82 (246,681,818.18)
2 16,850,000.00 0.9070 15,283,446.71 (231,240,362.81) 0.8264 13,925,619.83 (232,756,198.35)
# 3 41,950,000.00 0.8638 36,237,987.26 (195,002,375.55) 0.7513 31,517,655.90 (201,238,542.45)
N 4 41,950,000.00 0.8227 34,512,368.82 (160,490,006.74) 0.6830 28,652,414.45 (172,586,128.00)
A 5 41,950,000.00 0.7835 32,868,922.68 (127,621,084.05) 0.6209 26,047,649.50 (146,538,478.49)
M
E 6 41,950,000.00 0.7462 31,303,735.89 (96,317,348.16) 0.5645 23,679,681.37 (122,858,797.13)
? 7 41,950,000.00 0.7107 29,813,081.80 (66,504,266.36) 0.5132 21,526,983.06 (101,331,814.07)
8 41,950,000.00 0.6768 28,393,411.24 (38,110,855.13) 0.4665 19,569,984.60 (81,761,829.47)
9 41,950,000.00 0.6446 27,041,344.04 (11,069,511.09) 0.4241 17,790,895.09 (63,970,934.38)
10 73,200,000.00 0.6139 44,938,450.16 33,868,939.07 0.3855 28,221,768.79 (35,749,165.59)

Payback Desc 9.2 anos


n
FC1 FC1 FC 2 FC n
VPL=I + t
=I + + 2
...
t=1 (1+k ) 1+k ( 1+k ) (1+ k )n
n
FC1 FC1 FC 2 FC n
Valor Presente Liq (VPL) VPL=I + t
=I + + 2
... VPL 1 = (33,868,939.07) VPL 2 = 35,749,165.59
t=1 (1+k ) 1+k ( 1+k ) (1+ k )n
Projeo e Anlise de Fluxo de Caixa-C
Ano
Dados
0 1 2 3/4/5/6/7/8/9 10
Investimentos R$ mil 200,000,000.00
Produo Unidds\ano 30,000.00 60,000.00 120,000.00 120,000.00
Preo de Venda R$ Unid 900
Imposto s/Venda 10%
Matria Prima R$ p/Unid 130
Mo de Obra Direta R$ mil 7,000,000.00 8,000,000.00 9,000,000.00 9,000,000.00
Custo Indireto de Fabricao R$ mil 3,000,000.00 6,000,000.00 12,000,000.00 12,000,000.00
Depreciao R$ mil 5,000,000.00 10,000,000.00 20,000,000.00 20,000,000.00
Valor Residual Depreciao R$ mil 25,000,000.00
Despesas de Administrao R$ mil 2,000,000.00 3,000,000.00 4,000,000.00 4,000,000.00
Despesas Comerciais R$ mil 1,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00
Despesas Financeira
Imposto de Renda 25%
TMA 5%

Composio Fluxo de Caixa


Ano
Eventos
0 1 2 3/4/5/6/7/8/9 10
Investimento Inicial (200,000,000.00)
Vendas Brutas 27,000,000.00 54,000,000.00 108,000,000.00 108,000,000.00
Impostos s/Venda (2,700,000.00) (5,400,000.00) (10,800,000.00) (10,800,000.00)
Vendas Lquidas 24,300,000.00 48,600,000.00 97,200,000.00 97,200,000.00
C.P.V (18,900,000.00) (31,800,000.00) (56,600,000.00) (56,600,000.00)
Matria-Prima (3,900,000.00) (7,800,000.00) (15,600,000.00) (15,600,000.00)
Mo-de-Obra (7,000,000.00) (8,000,000.00) (9,000,000.00) (9,000,000.00)
Custo Inidireto de Fabricao (3,000,000.00) (6,000,000.00) (12,000,000.00) (12,000,000.00)
Depreciao (5,000,000.00) (10,000,000.00) (20,000,000.00) (20,000,000.00)
Lucro Bruto 5,400,000.00 16,800,000.00 40,600,000.00 40,600,000.00
Despesas Administrativas (2,000,000.00) (3,000,000.00) (4,000,000.00) (4,000,000.00)
Despesas Fiancerias - - - -
Despesas Comerciais (1,000,000.00) (2,000,000.00) (5,000,000.00) (5,000,000.00)
Total Despesas (3,000,000.00) (5,000,000.00) (9,000,000.00) (9,000,000.00)
Lucro Operacional 2,400,000.00 11,800,000.00 31,600,000.00 31,600,000.00
Imposto de Renda (600,000.00) (2,950,000.00) (7,900,000.00) (7,900,000.00)
Lucro Lquido 1,800,000.00 8,850,000.00 23,700,000.00 23,700,000.00
Depreciao 5,000,000.00 10,000,000.00 20,000,000.00 20,000,000.00
Valor Residual Depreciao 25,000,000.00
Total Fluxo de Caixa 6,800,000.00 18,850,000.00 43,700,000.00 68,700,000.00

Demonstrao Grfica Fluxo de Caixa

100,000,000.00

50,000,000.00 43,700,000.00

18,850,000.00
6,800,000.00
-

(50,000,000.00)

(100,000,000.00)

(150,000,000.00)

(200,000,000.00)
(200,000,000.00)

(250,000,000.00)
Investimento Inicial Ano 1 Ano 2 Ano 3 10
Anlise Investimento - Payback
InvestimentoInicial 200,000,000.00 200,000,000.00 Payback Mdio= 5.0 anos
Payback Mdio
FluxoDeCaixaPeriodos 400,250,000.00 40,025,000.00
PerodoInv estimento 10

Payback Efetivo
Invest. (200,000,000.00)
1 6,800,000.00 (193,200,000.00)
2 18,850,000.00 (174,350,000.00)
3 43,700,000.00 (130,650,000.00)
4 43,700,000.00 (86,950,000.00)
A 5 43,700,000.00 (43,250,000.00)
n
6 43,700,000.00 450,000.00
o
7 43,700,000.00 0.01 Payback Efet.= 6.0 anos
8 43,700,000.00
9 43,700,000.00
10 68,700,000.00

TMA TMA
Payback Descontado
15.00% 10%
Fluxo de Caixa Tx.Desconto FCx.Descontado Saldo Tx.Desconto FCx.Descontado Saldo
0 (200,000,000.00) 1.0000 (200,000,000.00) (200,000,000.00) 1.0000 (200,000,000.00) (200,000,000.00)
1 6,800,000.00 0.8696 5,913,043.48 (194,086,956.52) 0.9091 6,181,818.18 (193,818,181.82)
2 18,850,000.00 0.7561 14,253,308.13 (179,833,648.39) 0.8264 15,578,512.40 (178,239,669.42)
3 43,700,000.00 0.6575 28,733,459.36 (151,100,189.04) 0.7513 32,832,456.80 (145,407,212.62)
A 4 43,700,000.00 0.5718 24,985,616.83 (126,114,572.20) 0.6830 29,847,688.00 (115,559,524.62)
n 5 43,700,000.00 0.4972 21,726,623.33 (104,387,948.87) 0.6209 27,134,261.82 (88,425,262.80)
o 6 43,700,000.00 0.4323 18,892,715.94 (85,495,232.93) 0.5645 24,667,510.74 (63,757,752.06)
7 43,700,000.00 0.3759 16,428,448.64 (69,066,784.28) 0.5132 22,425,009.77 (41,332,742.29)
8 43,700,000.00 0.3269 14,285,607.52 (54,781,176.77) 0.4665 20,386,372.52 (20,946,369.78)
9 43,700,000.00 0.2843 12,422,267.41 (42,358,909.36) 0.4241 18,533,065.92 (2,413,303.86)
10 68,700,000.00 0.2472 16,981,589.31 (25,377,320.05) 0.3855 26,486,823.98 24,073,520.13

Payback Desc 0.0 anos


n
FC1 FC1 FC 2 FC n
VPL=I + t
=I + + 2
...
t=1 (1+k ) 1+k ( 1+k ) (1+ k )n
n
FC1 FC1 FC 2 FC n
Valor Presente Liq (VPL) VPL=I + t
=I + + 2
... VPL 1 = 25,377,320.05 VPL 2 = (24,073,520.13)
t=1 (1+k ) 1+k ( 1+k ) (1+ k )n
Projeo e Anlise de Fluxo de Caixa-E
Ano
Dados
0 1 2 3/4/5/6/7/8/9 10
Investimentos R$ mil 60,000,000.00
Produo Unidds\ano 9,000.00 18,000.00 40,000.00 40,000.00
Preo de Venda R$ Unid 1200
Imposto s/Venda 10%
Matria Prima R$ p/Unid 200
Mo de Obra Direta R$ mil 4,000,000.00 4,000,000.00 4,000,000.00 4,000,000.00
Custo Indireto de Fabricao R$ mil 1,400,000.00 1,400,000.00 1,400,000.00 1,400,000.00
Depreciao R$ mil 1,125,000.00 2,250,000.00 5,000,000.00 5,000,000.00
Valor Residual Depreciao R$ mil 6,600,000.00
Despesas de Administrao R$ mil 1,500,000.00 1,500,000.00 1,500,000.00 1,500,000.00
Despesas Comerciais R$ mil 2,500,000.00 2,500,000.00 2,500,000.00 2,500,000.00
Despesas Financeira 200,000.00 200,000.00 200,000.00 200,000.00
Imposto de Renda 25%
TMA 10%

Composio Fluxo de Caixa


Ano
Eventos
0 1 2 3/4/5/6/7/8/9 10
Investimento Inicial (60,000,000.00)
Vendas Brutas 10,800,000.00 21,600,000.00 48,000,000.00 48,000,000.00
Impostos s/Venda (1,080,000.00) (2,160,000.00) (4,800,000.00) (4,800,000.00)
Vendas Lquidas 9,720,000.00 19,440,000.00 43,200,000.00 43,200,000.00
C.P.V (8,325,000.00) (11,250,000.00) (18,400,000.00) (18,400,000.00)
Matria-Prima (1,800,000.00) (3,600,000.00) (8,000,000.00) (8,000,000.00)
Mo-de-Obra (4,000,000.00) (4,000,000.00) (4,000,000.00) (4,000,000.00)
Custo Inidireto de Fabricao (1,400,000.00) (1,400,000.00) (1,400,000.00) (1,400,000.00)
Depreciao (1,125,000.00) (2,250,000.00) (5,000,000.00) (5,000,000.00)
Lucro Bruto 1,395,000.00 8,190,000.00 24,800,000.00 24,800,000.00
Despesas Administrativas (1,500,000.00) (1,500,000.00) (1,500,000.00) (1,500,000.00)
Despesas Fiancerias (200,000.00) (200,000.00) (200,000.00) (200,000.00)
Despesas Comerciais (2,500,000.00) (2,500,000.00) (2,500,000.00) (2,500,000.00)
Total Despesas (4,200,000.00) (4,200,000.00) (4,200,000.00) (4,200,000.00)
Lucro Operacional (2,805,000.00) 3,990,000.00 20,600,000.00 20,600,000.00
Imposto de Renda - (997,500.00) (5,150,000.00) (5,150,000.00)
Lucro Lquido (2,805,000.00) 2,992,500.00 15,450,000.00 15,450,000.00
Depreciao 1,125,000.00 2,250,000.00 5,000,000.00 5,000,000.00
Valor Residual Depreciao 6,600,000.00
Total Fluxo de Caixa (1,680,000.00) 5,242,500.00 20,450,000.00 27,050,000.00

Demonstrao Grfica Fluxo de Caixa

30,000,000.00

20,450,000.00
20,000,000.00

10,000,000.00
5,242,500.00

-
(1,680,000.00)

(10,000,000.00)

(20,000,000.00)

(30,000,000.00)

(40,000,000.00)

(50,000,000.00)

(60,000,000.00)
(60,000,000.00)

(70,000,000.00)
Investimento Inicial Ano 1 Ano 2 Ano 3 10
Anlise Investimento - Payback
InvestimentoInicial 60,000,000.00 60,000,000.00 Payback Mdio= 3.45 anos
Payback Mdio
FluxoDeCaixaPeriodos173,762,500.00 17,376,250.00
PerodoInv estimento 10

Payback Efetivo
Invest. (60,000,000.00)
1 (1,680,000.00) (61,680,000.00)
2 5,242,500.00 (56,437,500.00)
3 20,450,000.00 (35,987,500.00)
4 20,450,000.00 (15,537,500.00)
A 5 20,450,000.00 (0.76)
n
6 20,450,000.00
o
7 20,450,000.00 Payback Efet.= 4.8 anos
8 20,450,000.00
9 20,450,000.00
10 27,050,000.00

TMA TMA
Payback Descontado
10.00% 20%
Fluxo de Caixa Tx.Desconto FCx.Descontado Saldo Tx.Desconto FCx.Descontado Saldo
0 (60,000,000.00) 1.0000 (60,000,000.00) (60,000,000.00) 1.0000 (60,000,000.00) (60,000,000.00)
1 (1,680,000.00) 0.9091 (1,527,272.73) (61,527,272.73) 0.8333 (1,400,000.00) (61,400,000.00)
2 5,242,500.00 0.8264 4,332,644.63 (57,194,628.10) 0.6944 3,640,625.00 (57,759,375.00)
3 20,450,000.00 0.7513 15,364,387.68 (41,830,240.42) 0.5787 11,834,490.74 (45,924,884.26)
A 4 20,450,000.00 0.6830 13,967,625.16 (27,862,615.26) 0.4823 9,862,075.62 (36,062,808.64)
n 5 20,450,000.00 0.6209 12,697,841.06 (15,164,774.20) 0.4019 8,218,396.35 (27,844,412.29)
o 6 20,450,000.00 0.5645 11,543,491.87 (3,621,282.33) 0.3349 6,848,663.62 (20,995,748.67)
7 20,450,000.00 0.5132 10,494,083.52 6,872,801.19 0.2791 5,707,219.69 (15,288,528.99)
8 20,450,000.00 0.4665 9,540,075.93 16,412,877.11 0.2326 4,756,016.40 (10,532,512.58)
9 20,450,000.00 0.4241 8,672,796.30 25,085,673.41 0.1938 3,963,347.00 (6,569,165.58)
10 27,050,000.00 0.3855 10,428,945.98 35,514,619.39 0.1615 4,368,726.02 (2,200,439.56)

Payback Desc 6.3 anos


n
FC 1 FC 1 FC 2 FC n
VPL=I + =I + + ...
t =1 ( 1+k )t 1+k (1+k )2 (1+ k )n
n
FC 1 FC 1 FC 2 FC n
VPL=I + t
=I + + 2
...
Valor Presente Liq (VPL) t =1 ( 1+k ) 1+k (1+k ) (1+ k )n VPL 1 = (35,514,619.39) VPL 2 = 2,200,439.56

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