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depreciação|Imposto de renda e Substituição de equipamento

Nome:____________________________________________________________________________________Matrícula:_________________

1. Uma grande e lucrativa empresa está considerando um investimento de $550 mil em equipamentos (depreciáveis
linearmente em 5 anos). Este projeto proporcionará receita líquida anual de $150 mil. No final de 5 anos o projeto seria
desativado. Suponha uma taxa de imposto de renda de 35% e uma TMA de 10%.
a) Determine o momento Payback simples, Payback descontado e TRCM (TMRC).

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b) Determine, utilizando o método do valor presente líquido, se o projeto é lucrativo antes do IR.
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c) Determine, utilizando o método do valor presente líquido, se o projeto é lucrativo depois do IR.
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2) Uma empresa está a considerar a possibilidade de vender os direitos de fabricação de determinado produto. Num estudo
sobre a situação foram levantados os seguintes dados.

Ano Valor de Demanda Anual Preço Custo
mercado unitário de variável
dos direitos venda unitário
0 $200.000 - - -
1 150.000 10.000 $12 $40
2 100.000 10.000 11 50
3 50.000 10.000 10 60

Considerando-se que a empresa pode auferir 10% a.a. sobre o dinheiro recebido na transação, determinar se é econômica
a referida venda. Quando? Considere que os demais custos envolvidos são irrelevantes, inclusive o imposto de renda.
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3. Considere uma empresa que faz uso de um equipamento e está a ponderar a sua substituição por um novo, cujo preço de
mercado é de $100. O seu equipamento em uso possui os custos de operação e manutenção e o preço de revenda expostos
na tabela abaixo. Considerando uma TMA de 6,5%, determine a vida de mínimo custo do equipamento
Ano O&M REVENDA
1 75 75
2 85 70
3 125 45
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