terreno de uma igreja.

Segundo os termos da transação, a igreja cederia o terreno (que é da sua propriedade), e a

empresa assumiria as despesas da construção do shopping com capital próprio, tendo o direito de explorar o
empreendimento por 6 anos – pois 2 anos serão de construção, e não haverá lucro nesse período. Essa exploração só
poderá ocorrer por meio do aluguel das unidades, que serão idênticas e renderão, portanto, o mesmo valor – ou seja,
a RX não poderá vender as lojas (unidades).

Desse modo, se aceitar participar do projeto, a RX Investimentos irá dispor do período de 6 anos para lucrar com ele.

Projeto de construção do shopping Observações:

tempo estimado de construção 2 anos 1.
pavimento padrão 4.000 m2 2.
andares de loja 5 3.
andares de garagem   2 4.
número de lojas por andar   35 5.
aluguel padrão   R$ 20.000,00/mês (esse valor inclui condomínio, taxas e IPTU)  
6.

IR incidente sobre operação de aluguéis   15% sobre o lucro real   7.

custos variáveis por loja   R$ 1.000,00/mês   8.

despesas operacionais e custo fixo mensal
para manutenção   R$ 200.000,00/mês  
Observações:
O CAPM será mensal.
No investimento inicial, que acontecerá nos dois primeiros anos, o aporte será feito na data zero (valor presente).
O fluxo será mensal.
Desconsidere qualquer depreciação contábil.
Considere que o risco beta para os investidores nesse projetos seja igual a 1 (um).
Considere que o esperado retorno do mercado (retorno da carteira de mercado) deva estar cerca de
1,5% acima da taxa RF.
Considere que a taxa RF seja dada pela fórmula: 2% + (par de dígitos de controle do seu CPF dividido por
100). Por exemplo: se o número do seu CPF equivale a 111.111.111-34, você deve aplicar o seguinte
cálculo para taxa RF: 2% + 34/100 = 2,34%.
Considere que o Custo Unitário Básico (CUB) é de R$ 600,00 por metro quadrado.
 CPF: XXX.XXX.XXX-75
RF = 2% + 75/100
RF = 2.75
RF = 2.75%

ERM = RF + 1,5%
ERM = 4.25
ERM = 4.25%

Ki = RF + beta(i) * (ERM - RF)

Ki = 4.25
Ki = 4.25% ao ano

0.003541666666667
 Fluxo de Caixa Custo Unitário Básico ANO FC
Nº de lojas 175 CUB = 600/m² 0 -R$ 16,800,000.00
Faturamento mensal R$ 3,500,000.00 28,000 25 R$ 2,656,250.00
Custo Fixo -R$ 200,000.00 Custo total do investimento 26 R$ 2,656,250.00
Custo variável -R$ 175,000.00 R$ 16,800,000.00 27 R$ 2,656,250.00
LAJIR R$ 3,125,000.00 28 R$ 2,656,250.00
IR -R$ 468,750.00 29 R$ 2,656,250.00
Fluxo de caixa Líquido R$ 2,656,250.00 30 R$ 2,656,250.00
31 R$ 2,656,250.00
32 R$ 2,656,250.00
33 R$ 2,656,250.00
34 R$ 2,656,250.00
VPL = R$ 138,039,178.01 35 R$ 2,656,250.00
36 R$ 2,656,250.00
TIR = 14% 37 R$ 2,656,250.00
38 R$ 2,656,250.00
ILL = 9.22 39 R$ 2,656,250.00
40 R$ 2,656,250.00
PAYBACK = 30.98 41 R$ 2,656,250.00
meses 42 R$ 2,656,250.00
43 R$ 2,656,250.00
44 R$ 2,656,250.00
45 R$ 2,656,250.00
46 R$ 2,656,250.00
47 R$ 2,656,250.00
48 R$ 2,656,250.00
49 R$ 2,656,250.00
50 R$ 2,656,250.00
51 R$ 2,656,250.00
52 R$ 2,656,250.00
53 R$ 2,656,250.00
54 R$ 2,656,250.00
55 R$ 2,656,250.00
56 R$ 2,656,250.00
57 R$ 2,656,250.00
58 R$ 2,656,250.00
59 R$ 2,656,250.00
60 R$ 2,656,250.00
61 R$ 2,656,250.00
62 R$ 2,656,250.00
63 R$ 2,656,250.00
64 R$ 2,656,250.00
65 R$ 2,656,250.00
66 R$ 2,656,250.00
67 R$ 2,656,250.00
68 R$ 2,656,250.00
69 R$ 2,656,250.00
70 R$ 2,656,250.00
71 R$ 2,656,250.00
72 R$ 2,656,250.00
73 R$ 2,656,250.00
74 R$ 2,656,250.00
75 R$ 2,656,250.00
76 R$ 2,656,250.00
77 R$ 2,656,250.00
78 R$ 2,656,250.00
79 R$ 2,656,250.00
80 R$ 2,656,250.00
81 R$ 2,656,250.00
82 R$ 2,656,250.00
83 R$ 2,656,250.00
84 R$ 2,656,250.00
85 R$ 2,656,250.00
86 R$ 2,656,250.00
87 R$ 2,656,250.00
88 R$ 2,656,250.00
89 R$ 2,656,250.00
90 R$ 2,656,250.00
91 R$ 2,656,250.00
92 R$ 2,656,250.00
93 R$ 2,656,250.00
94 R$ 2,656,250.00
95 R$ 2,656,250.00
96 R$ 2,656,250.00
 VP = ∆
(0/(1+0,0275)0 -R$ 16,800,000.00 -R$ 16,800,000.00
(2.656.250/(1+0,00354)^25 R$ 2,431,552.91 -R$ 14,368,447.09
(2.656.250/(1+0,00354)^26 R$ 2,422,971.55 -R$ 11,945,475.54
(2.656.250/(1+0,00354)^27 R$ 2,414,420.48 -R$ 9,531,055.06
(2.656.250/(1+0,00354)^28 R$ 2,405,899.58 -R$ 7,125,155.48
(2.656.250/(1+0,00354)^29 R$ 2,397,408.76 -R$ 4,727,746.72
(2.656.250/(1+0,00354)^30 R$ 2,388,947.90 -R$ 2,338,798.81
(2.656.250/(1+0,00354)^31 R$ 2,380,516.91 R$ 41,718.10
(2.656.250/(1+0,00354)^32 R$ 2,372,115.66 R$ 2,413,833.76
(2.656.250/(1+0,00354)^33 R$ 2,363,744.07 R$ 4,777,577.83
(2.656.250/(1+0,00354)^34 R$ 2,355,402.02 R$ 7,132,979.85
(2.656.250/(1+0,00354)^35 R$ 2,347,089.41 R$ 9,480,069.27
(2.656.250/(1+0,00354)^36 R$ 2,338,806.14 R$ 11,818,875.41
(2.656.250/(1+0,00354)^37 R$ 2,330,552.10 R$ 14,149,427.51
(2.656.250/(1+0,00354)^38 R$ 2,322,327.19 R$ 16,471,754.70
(2.656.250/(1+0,00354)^39 R$ 2,314,131.31 R$ 18,785,886.02
(2.656.250/(1+0,00354)^40 R$ 2,305,964.36 R$ 21,091,850.37
(2.656.250/(1+0,00354)^41 R$ 2,297,826.22 R$ 23,389,676.59
(2.656.250/(1+0,00354)^42 R$ 2,289,716.81 R$ 25,679,393.40
(2.656.250/(1+0,00354)^43 R$ 2,281,636.01 R$ 27,961,029.41
(2.656.250/(1+0,00354)^44 R$ 2,273,583.74 R$ 30,234,613.15
(2.656.250/(1+0,00354)^45 R$ 2,265,559.88 R$ 32,500,173.03
(2.656.250/(1+0,00354)^46 R$ 2,257,564.34 R$ 34,757,737.37
(2.656.250/(1+0,00354)^47 R$ 2,249,597.02 R$ 37,007,334.38
(2.656.250/(1+0,00354)^48 R$ 2,241,657.81 R$ 39,248,992.19
(2.656.250/(1+0,00354)^49 R$ 2,233,746.63 R$ 41,482,738.82
(2.656.250/(1+0,00354)^50 R$ 2,225,863.36 R$ 43,708,602.18
(2.656.250/(1+0,00354)^51 R$ 2,218,007.91 R$ 45,926,610.09
(2.656.250/(1+0,00354)^52 R$ 2,210,180.19 R$ 48,136,790.29
(2.656.250/(1+0,00354)^53 R$ 2,202,380.10 R$ 50,339,170.38
(2.656.250/(1+0,00354)^54 R$ 2,194,607.53 R$ 52,533,777.91
(2.656.250/(1+0,00354)^55 R$ 2,186,862.39 R$ 54,720,640.30
(2.656.250/(1+0,00354)^56 R$ 2,179,144.59 R$ 56,899,784.89
(2.656.250/(1+0,00354)^57 R$ 2,171,454.02 R$ 59,071,238.91
(2.656.250/(1+0,00354)^58 R$ 2,163,790.60 R$ 61,235,029.51
(2.656.250/(1+0,00354)^59 R$ 2,156,154.22 R$ 63,391,183.72
(2.656.250/(1+0,00354)^60 R$ 2,148,544.79 R$ 65,539,728.51
(2.656.250/(1+0,00354)^61 R$ 2,140,962.21 R$ 67,680,690.72
(2.656.250/(1+0,00354)^62 R$ 2,133,406.40 R$ 69,814,097.12
(2.656.250/(1+0,00354)^63 R$ 2,125,877.25 R$ 71,939,974.37
(2.656.250/(1+0,00354)^64 R$ 2,118,374.67 R$ 74,058,349.04
(2.656.250/(1+0,00354)^65 R$ 2,110,898.57 R$ 76,169,247.61
(2.656.250/(1+0,00354)^66 R$ 2,103,448.86 R$ 78,272,696.47
(2.656.250/(1+0,00354)^67 R$ 2,096,025.44 R$ 80,368,721.91
(2.656.250/(1+0,00354)^68 R$ 2,088,628.21 R$ 82,457,350.12
(2.656.250/(1+0,00354)^69 R$ 2,081,257.09 R$ 84,538,607.21
(2.656.250/(1+0,00354)^70 R$ 2,073,911.99 R$ 86,612,519.20
(2.656.250/(1+0,00354)^71 R$ 2,066,592.80 R$ 88,679,112.00
(2.656.250/(1+0,00354)^72 R$ 2,059,299.45 R$ 90,738,411.45
(2.656.250/(1+0,00354)^73 R$ 2,052,031.84 R$ 92,790,443.29
(2.656.250/(1+0,00354)^74 R$ 2,044,789.87 R$ 94,835,233.16
(2.656.250/(1+0,00354)^75 R$ 2,037,573.47 R$ 96,872,806.63
(2.656.250/(1+0,00354)^76 R$ 2,030,382.53 R$ 98,903,189.16
(2.656.250/(1+0,00354)^77 R$ 2,023,216.97 R$ 100,926,406.13
(2.656.250/(1+0,00354)^78 R$ 2,016,076.70 R$ 102,942,482.83
(2.656.250/(1+0,00354)^79 R$ 2,008,961.63 R$ 104,951,444.46
(2.656.250/(1+0,00354)^80 R$ 2,001,871.66 R$ 106,953,316.12
(2.656.250/(1+0,00354)^81 R$ 1,994,806.72 R$ 108,948,122.85
(2.656.250/(1+0,00354)^82 R$ 1,987,766.72 R$ 110,935,889.56
(2.656.250/(1+0,00354)^83 R$ 1,980,751.55 R$ 112,916,641.12
(2.656.250/(1+0,00354)^84 R$ 1,973,761.15 R$ 114,890,402.27
(2.656.250/(1+0,00354)^85 R$ 1,966,795.42 R$ 116,857,197.68
(2.656.250/(1+0,00354)^86 R$ 1,959,854.27 R$ 118,817,051.95
(2.656.250/(1+0,00354)^87 R$ 1,952,937.61 R$ 120,769,989.56
(2.656.250/(1+0,00354)^88 R$ 1,946,045.37 R$ 122,716,034.93
(2.656.250/(1+0,00354)^89 R$ 1,939,177.45 R$ 124,655,212.38
(2.656.250/(1+0,00354)^90 R$ 1,932,333.77 R$ 126,587,546.15
(2.656.250/(1+0,00354)^91 R$ 1,925,514.24 R$ 128,513,060.38
(2.656.250/(1+0,00354)^92 R$ 1,918,718.77 R$ 130,431,779.16
(2.656.250/(1+0,00354)^93 R$ 1,911,947.29 R$ 132,343,726.45
(2.656.250/(1+0,00354)^94 R$ 1,905,199.71 R$ 134,248,926.16
(2.656.250/(1+0,00354)^95 R$ 1,898,475.94 R$ 136,147,402.10
(2.656.250/(1+0,00354)^96 R$ 1,891,775.90 R$ 138,039,178.01