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4-2
$10.500 = $10.000×(1.05).
McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4-3
VF = C0×(1 + r)
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$10.000
VAN $9.500
1.05
VAN $9.500 $9.523,81
VAN $23,81
Sí!
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4-8
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4-9
4.1 El Caso de un Solo Período: Valor Actual Neto
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McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4-12
VF = C0×(1 + r)T
Dividendo de $1,10
r=40%
T=5años
$5,92 = $1,10×(1.40)5
El dividendo en 5 años será de $5,92
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4-13
McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4-14
$ 1 .10 (1 .40 ) 5
$ 1 .10 (1 .40 ) 4
$ 1 .10 (1 .40 ) 3
$ 1 .10 (1 .40 ) 2
$ 1 .10 (1 .40 )
0 1 2 3 4 5
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4-16
VP $20.000
0 1 2 3 4 5
$20.000
$9.943,53
(1.15) 5
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4-17
N
C C C C
VAN C 0 C 0
(1 r ) (1 r ) 2
(1 r ) N
t 1 (1 r ) t
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4-18
0
$200 $700 $300
1 2 3
-$1000
1 2 3
-$1000
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4-19
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4-20
¿Qué Tasa es Suficiente?
McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4-21
¿Qué Tasa es Suficiente?
VF C 0 (1 r ) T
$50.000.000
(1 r ) 12
10 (1 r ) 10 1 12
$5.000.000
Aprox. 21.15%.
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4-22
2
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4-23
4.4 Simplificaciones
• Perpetuidad
– Una corriente constante e infinita de flujos de caja.
• Perpetuidad Creciente
– Una corriente de flujos de caja que crecen a una tasa
constante infinitamente.
• Anualidad
– Una corriente constante de flujos de caja que duran un
número fijo de períodos.
• Anualidad Creciente
– Una corriente de flujos de caja que crecen a una tasa
constante por un número fijo de períodos.
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4-26
Perpetuidad
Una corriente constante e infinita de flujos de caja.
C C C
…
0 1 2 3
C C C
VP
(1 r ) (1 r ) (1 r )
2 3
Perpetuidad: Ejemplo
¿Cuál es el valor de una inversión que promete pagar
£15 cada año, hasta que el Sol se convierta en un
gigante rojo y deje al planeta como papita frita?
La tasa de interés es 10%.
£15
VP £150
.10
McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4-28
Perpetuidad Creciente
Una corriente de flujos de caja crecientes que dura por
siempre.
C C×(1+g) C ×(1+g)2
…
0 1 2 3
C C (1 g ) C (1 g ) 2
VP
(1 r ) (1 r ) 2
(1 r ) 3
$1,30
VP $26,00
.10 .05
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4-30
Anualidades
C 1
VP 1 (1 r )T
r
• Nos enfrentamos a las alternativas de pagar o ahorrar en cuotas iguales, versus
pagar el valor actual de dichas alternativas.
Anualidad
Una corriente de flujos de caja constantes por un plazo
fijo. C C C C
0 1 2 3 T
C C C C
VP
(1 r ) (1 r ) (1 r )
2 3
(1 r )T
La fórmula para el valor presente de una anualidad es:
C 1
VP 1 (1 r )T
r
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Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
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Anualidad: Ejemplo
Si se pueden pagar $400 mensuales por un auto, ¿Qué
tan caro puede ser el auto a comprar si la tasa de
interés es de 7% en un préstamo de 36 meses?
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4-33
Anualidad: Ejemplo
rsemanal 52
1 r 1
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4-34 C 1
VP 1 (1 r )T
Anualidad: Ejemplo r
$400 1
VP 1 36
$12.954,59
.07 / 12 (1 .07 12)
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4-35
Anualidad Creciente
Una corriente de flujos de caja creciente por un plazo
fijo.
C C×(1+g) C ×(1+g)2 C×(1+g)T-1
0 1 2 3 T
C C (1 g ) C (1 g )T 1
VP
(1 r ) (1 r ) 2
(1 r )T
La fórmula para el valor presente de una anualidad
creciente es:
C 1 g T
VP 1
rg (1 r )
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4-36
C 1 g
T
VP 1
r g (1 r )
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4-37
C 1 g
T
VP 1
r g (1 r )
$200.000 1.03
40
VP 1 $2.651.215,74
.10 .03 1.10
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4-38
N
C C C C
VAN C 0 C 0
(1 r ) (1 r ) 2
(1 r ) N
t 1 (1 r ) t
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4-39
McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4-40
VAN
n CFt
VAN t
I0
t 1 (1 i)
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4-41
Observaciones
VAN
A MAYOR INVERSIÓN INICIAL,
MENOR ES EL VAN, FNF
CETERIS PARIBUS LAS
DEMÁS VARIABLES.
INVERSIÓN
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4-42
n CFt
VAN 0 t
I0
t 1 (1 TIR)
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4-43
C 1 g
T
Anualidad Creciente : VP 1
r g (1 r )
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4-44
Tabla de Amortizaciones
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4-45
Tabla de Amortizaciones
A B C D E F
Nro CUOTA INTERÉS AMORTIZ. TOTAL AMORT. SALDO INSOLUTO
(F*r) (B -C) (E + D) (F - D)
C 1
VP 1 (1 r )T
r
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4-46
Tabla de Amortizaciones
A B C D E F
Nro CUOTA INTERÉS AMORTIZ. TOTAL AMORT. SALDO INSOLUTO
(F*r) (B -C) (E + D) (F - D)
0 0 0 0 480000
1 102132 10080 92052 92052 387948
2 102132 8147 93985 186037 293963
3 102132 6173 95959 281995 198005
4 102132 4158 97974 379969 100031
5 102132 2101 100031 480000 0
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