n Valores Cálculos

0 -25000 VPL = VPL(taxa;B3:B7)-25000

1 6500
2 6500 Obs: O VPL diz o quanto está ganhando, mas não informa a taxa que isso informa
3 6500 Por isso que se usa o TIR para saber qual a verdadeira taxa que está sendo calculado
4 6500
5 11500 NUNCA comparar projetos de duração diferentes
taxa = 12%
VPL = R$1,268.18
TIR = 13.86% o retorno que está "escodido"
VPL = R$0.00 quando coloca o valor da TIR, zera o VPL
e isso informa
sendo calculado
 Projeto Projeto
n A B n A B
0 - 10,000.00
- 15,000.00 0 - 10,000.00 - 15,000.00 - 33,550.00
1 - 1,755.00
- 1,052.00 1 - 1,755.00 - 1,052.00 - 16,775.00
2 - 1,755.00
- 1,052.00 2 - 1,755.00 - 1,052.00
3 - 1,755.00
- 1,052.00 3 - 1,755.00 - 1,052.00
4 - 1,755.00
- 1,052.00 4 - 1,755.00 - 1,052.00
5 245.00
- 1,052.00 5 - 9,755.00 - 1,052.00
6 - 1,052.00 6 - 1,755.00 - 1,052.00
7 - 1,052.00 7 - 1,755.00 - 1,052.00
8 - 1,052.00 8 - 1,755.00 - 1,052.00
9 - 1,052.00 9 - 1,755.00 - 1,052.00
10 - 52.00 10 245.00 - 52.00
VPL - 15,191.53 - 20,622.06 VPL - 23,811.61 - 20,622.06 agora pode fazer a comparação

Não pode comparar projetos

que tem periodos diferentes,
logo transformar todos no
mesmo periodo

PROBLEMA DE USAR A TIR É QUANDO HÁ COMPARAÇÃO DE PROJETOS,

ELE SERÁ USADO PARA FAZER A ANALISE DE SENSIBILIDADE
 Gastos com carro
n Carro
0 -75000 valor do carro
1 0
2 0
3 0
4 0
5 0
6 0
7 0
8 0
9 0
10 0
11 0
12 60000 daqui a um ano tu vende por 60000

taxa = 1.50% de desvalorização do carro

VPL = -R$24,816.75 gastos com o carro
Mensal = R$2,275.20 valor gasto por mês com o carro
mensal Seguro = 200
mensal Ipva = 200
mensal Garagem = 300
mensal Manutenção = 70
R$3,045.20 Custo do carro por mês (sem tirar o carro da garagem)
km rodados = 800
 Camionete
periodo
(ano) compro alugo Comprar - Alugar
0 - 400,000.00 - - 400,000.00 TMA =
1 - 80,000.00 - 150,000.00 70,000.00
2 - 80,000.00 - 150,000.00 70,000.00
3 - 80,000.00 - 150,000.00 70,000.00
4 - 80,000.00 - 150,000.00 70,000.00
5 - 80,000.00 - 150,000.00 70,000.00
6 - 80,000.00 - 150,000.00 70,000.00
7 - 80,000.00 - 150,000.00 70,000.00
8 - 80,000.00 - 150,000.00 70,000.00
9 - 80,000.00 - 150,000.00 70,000.00
10 - 40,000.00 - 150,000.00 110,000.00
VPL (15%) = - 791,614.10 -R$752,815.29 12.49% TIR
10% - 876,143.64 -R$921,685.07 0 < i < 12,49% COMPRAR
5% - 993,182.26 -R$1,158,260.24 i > 12,49% ALUGAR
0% - 1,160,000.00 -R$1,500,000.00
Resultado, dependendo da taxa de juros para saber se compro ou alugo
15% a.a.
 Projeto diferença Para ter a melhor informação é fazer
n A B B-A pela VPL
0 - 2,000.00 - 3,000.00 - 1,000.00 e fazer uma analise de sensibilidade pela TIR, encontr
1 500.00 700.00 200.00
2 500.00 700.00 200.00
3 500.00 700.00 200.00
4 500.00 700.00 200.00
5 500.00 700.00 200.00
6 500.00 700.00 200.00
7 500.00 700.00 200.00
8 500.00 700.00 200.00
9 500.00 700.00 200.00
10 900.00 1,200.00 300.00
TIR 22.24% 20.15% MELHOR A 10% o TIR deu como melhor o projeto A ao calcular o TIR
10% VPL 1,226.50 1,493.97 MELHOR A 10% Fazendo pelo VPL, o melhor foi o projeto B
20% VPL 160.84 15.48 MELHOR

22.24% 20.15% 15.72% investimento marginal (vale a pena investir no projeto B até uns 10%)
0% 3,400.00 4,500.00
2% 5,319.43 7,397.98 a resposta depende da taxa que será investida
4% 4,825.67 6,715.41
6% 4,403.40 6,131.26
8% 4,040.32 5,628.65
10% 3,726.50 5,193.97
12% 3,453.90 4,816.14
14% 3,215.96 4,486.15
16% 3,007.29 4,196.60
18% 2,823.47 3,941.39
20% 3,060.84 4,215.48
22% 2,016.57 2,814.88
24% 3,113.97 4,129.45
de pela TIR, encontrando o ponto de Fisher(taxa da diferenca)

até uns 10%)

Conceitualmente a opção 2 é melhor, pois investe menos no
tempo maior 0.00% 0.50%
n Opção 1 Opção 2 Diferença
0 - 600,000.00 - 600,000.00
1 - - -
2 - - -
3 - - 800,000.00 - 800,000.00 -R$499,991.00
4 - - -
5 - - -
6 - 1,000,000.00 - 800,000.00 200,000.00
7 - - -
8 - - -
9 - - 1,000,000.00 - 1,000,000.00 -R$999,991.00
10 - - -
11 - - -
12 - 2,000,000.00 - 1,000,000.00 1,000,000.00
Ponto de Fisher 9.35711%
VPL (opcao1) VPL (opcao2)
0.00% -R$3,600,000.00 -R$3,600,000.00 -R$1,499,991.00
0.05% -R$3,583,252.53 -R$3,584,144.01
0.10% -R$3,566,609.61 -R$3,568,375.64
1.708.512,40
0.15% -R$3,550,070.51 -R$3,552,694.35
0.20% -R$3,533,634.50 -R$3,537,099.58
0.25% -R$3,517,300.86 -R$3,521,590.76
0.30% -R$3,501,068.85 -R$3,506,167.35 -R$1,999,991.00
0.35% -R$3,484,937.78 -R$3,490,828.80
0.40% -R$3,468,906.92 -R$3,475,574.57
0.45% -R$3,452,975.57 -R$3,460,404.11
0.50% -R$3,437,143.04 -R$3,445,316.91
0.55% -R$3,421,408.63 -R$3,430,312.41
0.60% -R$3,405,771.66 -R$3,415,390.10 -R$2,499,991.00
0.65% -R$3,390,231.44 -R$3,400,549.46
0.70% -R$3,374,787.29 -R$3,385,789.95
0.75% -R$3,359,438.54 -R$3,371,111.08
0.80% -R$3,344,184.53 -R$3,356,512.31
0.85% -R$3,329,024.59 -R$3,341,993.15
-R$2,999,991.00
0.90% -R$3,313,958.06 -R$3,327,553.09
0.95% -R$3,298,984.30 -R$3,313,191.63
1.00% -R$3,284,102.66 -R$3,298,908.27
1.05% -R$3,269,312.49 -R$3,284,702.52
1.10% -R$3,254,613.16 -R$3,270,573.88
1.15% -R$3,240,004.04 -R$3,256,521.86
-R$3,499,991.00
1.20% -R$3,225,484.49 -R$3,242,545.99
1.25% -R$3,211,053.90 -R$3,228,645.78
1.30% -R$3,196,711.65 -R$3,214,820.75

-R$3,999,991.00
 -R$3,499,991.00

1.35% -R$3,182,457.12 -R$3,201,070.44

1.40% -R$3,168,289.71 -R$3,187,394.36
1.45% -R$3,154,208.81 -R$3,173,792.06
-R$3,999,991.00
1.50% -R$3,140,213.83 -R$3,160,263.07
1.55% -R$3,126,304.16 -R$3,146,806.92
1.60% -R$3,112,479.22 -R$3,133,423.16
1.65% -R$3,098,738.42 -R$3,120,111.34
1.70% -R$3,085,081.19 -R$3,106,871.01
1.75% -R$3,071,506.93 -R$3,093,701.71
1.80% -R$3,058,015.09 -R$3,080,603.00
1.85% -R$3,044,605.09 -R$3,067,574.44
1.90% -R$3,031,276.37 -R$3,054,615.60
1.95% -R$3,018,028.36 -R$3,041,726.03
2.00% -R$3,004,860.52 -R$3,028,905.31
2.05% -R$2,991,772.30 -R$3,016,153.00
2.10% -R$2,978,763.13 -R$3,003,468.68
2.15% -R$2,965,832.49 -R$2,990,851.92
2.20% -R$2,952,979.83 -R$2,978,302.31
2.25% -R$2,940,204.62 -R$2,965,819.42
2.30% -R$2,927,506.33 -R$2,953,402.85
2.35% -R$2,914,884.42 -R$2,941,052.18
2.40% -R$2,902,338.39 -R$2,928,766.99
2.45% -R$2,889,867.70 -R$2,916,546.90
2.50% -R$2,877,471.84 -R$2,904,391.48
2.55% -R$2,865,150.31 -R$2,892,300.35
2.60% -R$2,852,902.58 -R$2,880,273.10
2.65% -R$2,840,728.17 -R$2,868,309.34
2.70% -R$2,828,626.57 -R$2,856,408.67
2.75% -R$2,816,597.29 -R$2,844,570.72
2.80% -R$2,804,639.82 -R$2,832,795.08
2.85% -R$2,792,753.69 -R$2,821,081.38
2.90% -R$2,780,938.41 -R$2,809,429.24
2.95% -R$2,769,193.49 -R$2,797,838.27
3.00% -R$2,757,518.46 -R$2,786,308.10
3.05% -R$2,745,912.85 -R$2,774,838.36
3.10% -R$2,734,376.18 -R$2,763,428.68
3.15% -R$2,722,907.98 -R$2,752,078.68
3.20% -R$2,711,507.80 -R$2,740,788.00
3.25% -R$2,700,175.17 -R$2,729,556.28
3.30% -R$2,688,909.63 -R$2,718,383.16
3.35% -R$2,677,710.74 -R$2,707,268.28
3.40% -R$2,666,578.03 -R$2,696,211.28
3.45% -R$2,655,511.07 -R$2,685,211.81
3.50% -R$2,644,509.41 -R$2,674,269.52
3.55% -R$2,633,572.61 -R$2,663,384.05
3.60% -R$2,622,700.23 -R$2,652,555.08
3.65% -R$2,611,891.85 -R$2,641,782.23
3.70% -R$2,601,147.02 -R$2,631,065.19
3.75% -R$2,590,465.32 -R$2,620,403.61
3.80% -R$2,579,846.33 -R$2,609,797.15
3.85% -R$2,569,289.63 -R$2,599,245.47
3.90% -R$2,558,794.79 -R$2,588,748.25
3.95% -R$2,548,361.41 -R$2,578,305.16
4.00% -R$2,537,989.06 -R$2,567,915.86
4.05% -R$2,527,677.35 -R$2,557,580.03
4.10% -R$2,517,425.87 -R$2,547,297.35
4.15% -R$2,507,234.21 -R$2,537,067.50
4.20% -R$2,497,101.97 -R$2,526,890.16
4.25% -R$2,487,028.76 -R$2,516,765.00
4.30% -R$2,477,014.18 -R$2,506,691.73
4.35% -R$2,467,057.85 -R$2,496,670.01
4.40% -R$2,457,159.36 -R$2,486,699.55
4.45% -R$2,447,318.35 -R$2,476,780.04
4.50% -R$2,437,534.42 -R$2,466,911.16
4.55% -R$2,427,807.19 -R$2,457,092.62
4.60% -R$2,418,136.30 -R$2,447,324.12
4.65% -R$2,408,521.36 -R$2,437,605.34
4.70% -R$2,398,962.00 -R$2,427,936.00
4.75% -R$2,389,457.85 -R$2,418,315.80
4.80% -R$2,380,008.55 -R$2,408,744.44
4.85% -R$2,370,613.74 -R$2,399,221.64
4.90% -R$2,361,273.05 -R$2,389,747.10
4.95% -R$2,351,986.12 -R$2,380,320.53
5.00% -R$2,342,752.60 -R$2,370,941.65
5.05% -R$2,333,572.14 -R$2,361,610.17
5.10% -R$2,324,444.39 -R$2,352,325.82
5.15% -R$2,315,368.99 -R$2,343,088.31
5.20% -R$2,306,345.61 -R$2,333,897.36
5.25% -R$2,297,373.89 -R$2,324,752.69
5.30% -R$2,288,453.51 -R$2,315,654.04
5.35% -R$2,279,584.12 -R$2,306,601.12
5.40% -R$2,270,765.38 -R$2,297,593.67
5.45% -R$2,261,996.97 -R$2,288,631.42
5.50% -R$2,253,278.55 -R$2,279,714.10
5.55% -R$2,244,609.79 -R$2,270,841.44
5.60% -R$2,235,990.38 -R$2,262,013.19
5.65% -R$2,227,419.97 -R$2,253,229.07
5.70% -R$2,218,898.27 -R$2,244,488.83
5.75% -R$2,210,424.93 -R$2,235,792.20
5.80% -R$2,201,999.66 -R$2,227,138.94
5.85% -R$2,193,622.13 -R$2,218,528.78
5.90% -R$2,185,292.03 -R$2,209,961.48
5.95% -R$2,177,009.05 -R$2,201,436.77
6.00% -R$2,168,772.89 -R$2,192,954.42
6.05% -R$2,160,583.24 -R$2,184,514.17
6.10% -R$2,152,439.80 -R$2,176,115.77
6.15% -R$2,144,342.26 -R$2,167,758.98
6.20% -R$2,136,290.33 -R$2,159,443.56
6.25% -R$2,128,283.71 -R$2,151,169.26
6.30% -R$2,120,322.10 -R$2,142,935.84
6.35% -R$2,112,405.22 -R$2,134,743.07
6.40% -R$2,104,532.77 -R$2,126,590.70
6.45% -R$2,096,704.47 -R$2,118,478.50
6.50% -R$2,088,920.03 -R$2,110,406.24
6.55% -R$2,081,179.16 -R$2,102,373.69
6.60% -R$2,073,481.58 -R$2,094,380.60
6.65% -R$2,065,827.01 -R$2,086,426.76
6.70% -R$2,058,215.18 -R$2,078,511.94
6.75% -R$2,050,645.81 -R$2,070,635.90
6.80% -R$2,043,118.62 -R$2,062,798.42
6.85% -R$2,035,633.35 -R$2,054,999.29
6.90% -R$2,028,189.71 -R$2,047,238.27
6.95% -R$2,020,787.45 -R$2,039,515.15
7.00% -R$2,013,426.30 -R$2,031,829.70
7.05% -R$2,006,105.99 -R$2,024,181.72
7.10% -R$1,998,826.26 -R$2,016,570.97
7.15% -R$1,991,586.85 -R$2,008,997.26
7.20% -R$1,984,387.50 -R$2,001,460.36
7.25% -R$1,977,227.95 -R$1,993,960.06
7.30% -R$1,970,107.95 -R$1,986,496.15
7.35% -R$1,963,027.25 -R$1,979,068.42
7.40% -R$1,955,985.59 -R$1,971,676.67
7.45% -R$1,948,982.72 -R$1,964,320.68
7.50% -R$1,942,018.40 -R$1,957,000.25
7.55% -R$1,935,092.37 -R$1,949,715.18
7.60% -R$1,928,204.40 -R$1,942,465.27
7.65% -R$1,921,354.24 -R$1,935,250.31
7.70% -R$1,914,541.66 -R$1,928,070.10
7.75% -R$1,907,766.40 -R$1,920,924.45
7.80% -R$1,901,028.23 -R$1,913,813.15
7.85% -R$1,894,326.92 -R$1,906,736.01
7.90% -R$1,887,662.24 -R$1,899,692.84
7.95% -R$1,881,033.94 -R$1,892,683.43
8.00% -R$1,874,441.80 -R$1,885,707.61
8.05% -R$1,867,885.59 -R$1,878,765.18
 8.10% -R$1,861,365.08 -R$1,871,855.94
8.15% -R$1,854,880.05 -R$1,864,979.71
8.20% -R$1,848,430.26 -R$1,858,136.30
8.25% -R$1,842,015.50 -R$1,851,325.53
8.30% -R$1,835,635.55 -R$1,844,547.21
8.35% -R$1,829,290.18 -R$1,837,801.15
8.40% -R$1,822,979.18 -R$1,831,087.18
8.45% -R$1,816,702.33 -R$1,824,405.11
8.50% -R$1,810,459.41 -R$1,817,754.76
8.55% -R$1,804,250.21 -R$1,811,135.95
8.60% -R$1,798,074.52 -R$1,804,548.50
8.65% -R$1,791,932.13 -R$1,797,992.24
8.70% -R$1,785,822.82 -R$1,791,466.99
8.75% -R$1,779,746.39 -R$1,784,972.58
8.80% -R$1,773,702.63 -R$1,778,508.83
8.85% -R$1,767,691.35 -R$1,772,075.57
8.90% -R$1,761,712.32 -R$1,765,672.63
8.95% -R$1,755,765.36 -R$1,759,299.83
9.00% -R$1,749,850.25 -R$1,752,957.02
9.05% -R$1,743,966.81 -R$1,746,644.01 1,708,512.40
9.10% -R$1,738,114.83 -R$1,740,360.65
9.15% -R$1,732,294.12 -R$1,734,106.77
9.20% -R$1,726,504.47 -R$1,727,882.20
9.25% -R$1,720,745.71 -R$1,721,686.78
9.30% -R$1,715,017.62 -R$1,715,520.34
9.36% -R$1,708,512.40 -R$1,708,512.40 PONTO ONDE SÃO IGUAIS OS INVESTIMENTOS
9.40% -R$1,703,652.74 -R$1,703,273.78
9.45% -R$1,698,015.56 -R$1,697,193.33
9.50% -R$1,692,408.31 -R$1,691,141.23
9.55% -R$1,686,830.80 -R$1,685,117.31
9.60% -R$1,681,282.85 -R$1,679,121.43
9.65% -R$1,675,764.27 -R$1,673,153.42
9.70% -R$1,670,274.87 -R$1,667,213.12
9.75% -R$1,664,814.48 -R$1,661,300.40
9.80% -R$1,659,382.93 -R$1,655,415.08
9.85% -R$1,653,980.02 -R$1,649,557.03
9.90% -R$1,648,605.58 -R$1,643,726.09
9.95% -R$1,643,259.44 -R$1,637,922.10
10.00% -R$1,637,941.42 -R$1,632,144.93
10.05% -R$1,632,651.35 -R$1,626,394.42
10.10% -R$1,627,389.06 -R$1,620,670.42
10.15% -R$1,622,154.36 -R$1,614,972.80
10.20% -R$1,616,947.10 -R$1,609,301.39
10.25% -R$1,611,767.11 -R$1,603,656.07
10.30% -R$1,606,614.21 -R$1,598,036.68
10.35% -R$1,601,488.24 -R$1,592,443.09
10.40% -R$1,596,389.04 -R$1,586,875.15
10.45% -R$1,591,316.44 -R$1,581,332.71
10.50% -R$1,586,270.27 -R$1,575,815.65
10.55% -R$1,581,250.38 -R$1,570,323.82
10.60% -R$1,576,256.60 -R$1,564,857.08
10.65% -R$1,571,288.77 -R$1,559,415.30
10.70% -R$1,566,346.74 -R$1,553,998.34
10.75% -R$1,561,430.34 -R$1,548,606.06
10.80% -R$1,556,539.43 -R$1,543,238.34
10.85% -R$1,551,673.83 -R$1,537,895.02
10.90% -R$1,546,833.41 -R$1,532,575.99
10.95% -R$1,542,018.01 -R$1,527,281.11
11.00% -R$1,537,227.46 -R$1,522,010.24
11.05% -R$1,532,461.63 -R$1,516,763.27
11.10% -R$1,527,720.36 -R$1,511,540.05
11.15% -R$1,523,003.50 -R$1,506,340.45
11.20% -R$1,518,310.91 -R$1,501,164.36
11.25% -R$1,513,642.43 -R$1,496,011.64
11.30% -R$1,508,997.92 -R$1,490,882.17
11.35% -R$1,504,377.23 -R$1,485,775.82
11.40% -R$1,499,780.23 -R$1,480,692.46
11.45% -R$1,495,206.76 -R$1,475,631.97
11.50% -R$1,490,656.68 -R$1,470,594.23
11.55% -R$1,486,129.86 -R$1,465,579.12
11.60% -R$1,481,626.14 -R$1,460,586.50
11.65% -R$1,477,145.40 -R$1,455,616.27
11.70% -R$1,472,687.49 -R$1,450,668.30
11.75% -R$1,468,252.28 -R$1,445,742.46
11.80% -R$1,463,839.63 -R$1,440,838.65
11.85% -R$1,459,449.39 -R$1,435,956.74
11.90% -R$1,455,081.45 -R$1,431,096.62
11.95% -R$1,450,735.65 -R$1,426,258.16
12.00% -R$1,446,411.88 -R$1,421,441.26
12.05% -R$1,442,110.00 -R$1,416,645.80
12.10% -R$1,437,829.87 -R$1,411,871.65
12.15% -R$1,433,571.36 -R$1,407,118.71
12.20% -R$1,429,334.36 -R$1,402,386.87
12.25% -R$1,425,118.71 -R$1,397,676.01
12.30% -R$1,420,924.31 -R$1,392,986.02
12.35% -R$1,416,751.02 -R$1,388,316.79
12.40% -R$1,412,598.72 -R$1,383,668.20
12.45% -R$1,408,467.27 -R$1,379,040.16
12.50% -R$1,404,356.56 -R$1,374,432.54
12.55% -R$1,400,266.47 -R$1,369,845.24
12.60% -R$1,396,196.86 -R$1,365,278.16
12.65% -R$1,392,147.62 -R$1,360,731.17
12.70% -R$1,388,118.62 -R$1,356,204.19
12.75% -R$1,384,109.75 -R$1,351,697.10
12.80% -R$1,380,120.88 -R$1,347,209.79
12.85% -R$1,376,151.90 -R$1,342,742.17
12.90% -R$1,372,202.69 -R$1,338,294.12
12.95% -R$1,368,273.13 -R$1,333,865.55
13.00% -R$1,364,363.10 -R$1,329,456.35
13.05% -R$1,360,472.49 -R$1,325,066.42
13.10% -R$1,356,601.19 -R$1,320,695.65
13.15% -R$1,352,749.07 -R$1,316,343.95
13.20% -R$1,348,916.03 -R$1,312,011.22
13.25% -R$1,345,101.95 -R$1,307,697.36
13.30% -R$1,341,306.72 -R$1,303,402.26
13.35% -R$1,337,530.24 -R$1,299,125.83
13.40% -R$1,333,772.38 -R$1,294,867.97
13.45% -R$1,330,033.04 -R$1,290,628.58
13.50% -R$1,326,312.11 -R$1,286,407.57
13.55% -R$1,322,609.48 -R$1,282,204.84
13.60% -R$1,318,925.05 -R$1,278,020.30
13.65% -R$1,315,258.71 -R$1,273,853.84
13.70% -R$1,311,610.34 -R$1,269,705.38
13.75% -R$1,307,979.85 -R$1,265,574.82
13.80% -R$1,304,367.13 -R$1,261,462.06
13.85% -R$1,300,772.08 -R$1,257,367.03
13.90% -R$1,297,194.59 -R$1,253,289.61
13.95% -R$1,293,634.56 -R$1,249,229.72
14.00% -R$1,290,091.89 -R$1,245,187.28
14.05% -R$1,286,566.47 -R$1,241,162.18
14.10% -R$1,283,058.21 -R$1,237,154.34
14.15% -R$1,279,567.01 -R$1,233,163.67
14.20% -R$1,276,092.76 -R$1,229,190.08
14.25% -R$1,272,635.37 -R$1,225,233.48
14.30% -R$1,269,194.74 -R$1,221,293.79
14.35% -R$1,265,770.77 -R$1,217,370.91
14.40% -R$1,262,363.36 -R$1,213,464.76
14.45% -R$1,258,972.42 -R$1,209,575.25
14.50% -R$1,255,597.86 -R$1,205,702.30
14.55% -R$1,252,239.57 -R$1,201,845.82
14.60% -R$1,248,897.46 -R$1,198,005.73
14.65% -R$1,245,571.45 -R$1,194,181.94
14.70% -R$1,242,261.43 -R$1,190,374.37
14.75% -R$1,238,967.31 -R$1,186,582.93
14.80% -R$1,235,689.01 -R$1,182,807.55
14.85% -R$1,232,426.42 -R$1,179,048.14
14.90% -R$1,229,179.47 -R$1,175,304.61
14.95% -R$1,225,948.05 -R$1,171,576.89
15.00% -R$1,222,732.08 -R$1,167,864.89
15.05% -R$1,219,531.48 -R$1,164,168.54
 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9

PONTO DE FISHER = 9,36%

-R$499,991.00 0 < i < 9,36% -> opção 1
i > 9,36% -> opção 2

-R$999,991.00

$1,499,991.00

1.708.512,40

$1,999,991.00

$2,499,991.00

$2,999,991.00

$3,499,991.00

$3,999,991.00
$3,499,991.00

$3,999,991.00
50% 8.00% 8.50% 9.00% 9.50% 10.00%10.50%11.00%11.50%12.00%12.50%13.00%13.50%14.00%14.50%15.00%

PONTO DE
FISHER
9,36%
VPL (opcao1)
VPL (opcao2)
 TMA = 10%
PVL o tempo em que o VPL fic
n Fluxo PB S/ atualização PB C/ atualização PB C/ atualização
0 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00
1 200.00 - 800.00 - 900.00 - 818.18
2 300.00 - 500.00 - 690.00 - 570.25
3 400.00 - 100.00 - 359.00 - 269.72
4 400.00 300.00 5.10 3.48
5 2,000.00 2,300.00 2,005.61 1,245.33
6 4,000.00 6,300.00 6,206.17 3,503.22
Tempo de retorno 3.25 3.9873 3.9913
tempo em que o VPL fica NULO
TMA = 10% periodo A
Invetimento = 2000 0 700
tempo = 10 anos 1 400
residual = 200 2 400
retorno = 300 3
4
5
6
7
8
9
10
VPL(10%) = R$ 1,267.47
periodo B
0 -2000
1 300
2 300
3 300
4 300
5 300
6 300
7 300
8 300
9 300
10 500
VPL(10%) -R$ 79.52
TIR = 9%
perA Projeto A perB Projeto B Periodo Projeto A Projeto B Proj B - Proj A
0- 5,000 0- 6,000 0 - 5,000 - 6,000 - 1,000
1- 500 1- 400 1 - 500 - 400 100
2- 500 2- 400 2 - 500 - 400 100
3- 500 3- 400 3 - 500 - 400 100
4 - 4- 400 4 - 5,000 - 400 4,600
5 5- 400 5 - 500 - 400 100
6 6- 100 6 - 500 - 6,100 - 5,600
7 7 7 - 500 - 400 100
8 8 8 - 5,000 - 400 4,600
9 9 9 - 500 - 400 100
10 10 10 - 500 - 400 100
11 11 11 - 500 - 400 100
12 12 12 - - 100 - 100
VPL (10%) -R$ 19,500.00 -R$ 16,200.00 38.43%
2% -R$ 17,891.44 - 15,055.03
4% -R$ 16,514.96 - 14,071.44
6% -R$ 15,331.21 - 13,222.72
8% -R$ 14,308.33 - 12,487.26
10% -R$ 13,420.37 - 11,847.39
12% -R$ 12,646.16 - 11,288.54
14% -R$ 11,968.24 - 10,798.69
16% -R$ 11,372.25 - 10,367.82
18% -R$ 10,846.22 - 9,987.58
20% -R$ 10,380.23 - 9,650.96
22% -R$ 9,965.92 - 9,352.04
24% -R$ 9,596.31 - 9,085.84
26% -R$ 9,265.48 - 8,848.11
28% -R$ 8,968.43 - 8,635.24
30% -R$ 8,700.90 - 8,444.13
32% -R$ 8,459.25 - 8,272.14
34% -R$ 8,240.38 - 8,116.99
36% -R$ 8,041.61 - 7,976.69
38% -R$ 7,860.63 - 7,849.55
38.43% -R$ 7,823.67 - 7,823.67
40% -R$ 7,695.44 - 7,734.09
42% -R$ 7,544.31 - 7,629.00
44% -R$ 7,405.73 - 7,533.17
46% -R$ 7,278.38 - 7,445.61
48% -R$ 7,161.11 - 7,365.45
50% -R$ 7,052.91 - 7,291.93

38,43%
R$ 0.00
2%4% 6% 8% 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 38 40 42 44 46 48 50
-R$ 2,000.00 % % % % % % % % % % % % % % % % % % % % % %

-R$ 4,000.00
-R$ 6,000.00
-R$ 8,000.00
-R$ 10,000.00
-R$ 12,000.00
 R$ 0.00
2%4% 6% 8% 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 38 40 42 44 46 48 50
-R$ 2,000.00 % % % % % % % % % % % % % % % % % % % % % %

-R$ 4,000.00
-R$ 6,000.00

-7823,67 -R$ 8,000.00

-R$ 10,000.00
-R$ 12,000.00
Ponto de Fisher
-R$ 14,000.00 38,43%
-R$ 16,000.00
-R$ 18,000.00
-R$ 20,000.00

Projeto A Projeto B
TIR ITEM B -> PayBack
Ponto de Fisher
38,43%