a) Calcule o fluxo de caixa do projeto.

Ano 0 Ano 1 Ano 2

Receita R$ 5,000,000.00 R$ 6,300,000.00
CMV -R$ 2,500,000.00 -R$ 3,150,000.00
Depreciação -R$ 400,000.00 -R$ 400,000.00
Despesas Operacional -R$ 1,000,000.00 -R$ 1,050,000.00
LAIR R$ 1,100,000.00 R$ 1,700,000.00
IR (30%) R$ 330,000.00 R$ 510,000.00
LL R$ 770,000.00 R$ 1,190,000.00

FCx Operações R$ 1,170,000.00 R$ 1,590,000.00

Cliente R$ 850,000.00 R$ 1,050,000.00 R$ 1,120,000.00

Estoque R$ 200,000.00 R$ 250,000.00 R$ 300,000.00
Fornecedor R$ 300,000.00 R$ 400,000.00 R$ 450,000.00
CGL R$ 750,000.00 R$ 900,000.00 R$ 970,000.00
Var CGL -R$ 750,000.00 -R$ 150,000.00 -R$ 70,000.00

Capex -R$ 8,000,000.00 0 0

FCx Projeto -R$ 8,750,000.00 R$ 1,020,000.00 R$ 1,520,000.00

VPL R$ 971,642.85 IR 30.0%

TIR 17.37% TMA 15.0%
Duração 10

b) Calcule o payback descontado do projeto.

Periodo (Ano) Fluxo de Caixa Valor Presente VP acumulado

0 -R$ 8,750,000.00 -R$ 8,750,000.00 -R$ 8,750,000.00
1 R$ 1,020,000.00 R$ 886,956.52 -R$ 7,863,043.48
2 R$ 1,520,000.00 R$ 1,149,338.37 -R$ 6,713,705.10
3 R$ 1,562,500.00 R$ 1,027,369.11 -R$ 5,686,335.99
4 R$ 2,400,000.00 R$ 1,372,207.79 -R$ 4,314,128.20
5 R$ 2,309,000.00 R$ 1,147,981.08 -R$ 3,166,147.12
6 R$ 2,172,000.00 R$ 939,015.54 -R$ 2,227,131.58
7 R$ 2,139,000.00 R$ 804,129.33 -R$ 1,423,002.25
8 R$ 1,950,000.00 R$ 637,458.46 -R$ 785,543.79
9 R$ 1,762,000.00 R$ 500,870.37 -R$ 284,673.42
10 R$ 5,082,500.00 R$ 1,256,316.27 R$ 971,642.85

c) d) Calcule a TIR e VPL

VPL R$ 971,642.85
 TIR 17.37%

e) Calcule a TIR modificada

TIRM 16.22%
 Ano 3 Ano 4 Ano 5 Ano 6 Ano 7
R$ 7,150,000.00 R$ 8,700,000.00 R$ 8,540,000.00 R$ 8,320,000.00 R$ 8,040,000.00
-R$ 3,575,000.00 -R$ 4,350,000.00 -R$ 4,270,000.00 -R$ 4,160,000.00 -R$ 4,020,000.00
-R$ 400,000.00 -R$ 400,000.00 -R$ 400,000.00 -R$ 400,000.00 -R$ 400,000.00
-R$ 1,100,000.00 -R$ 1,150,000.00 -R$ 1,200,000.00 -R$ 1,300,000.00 -R$ 1,250,000.00
R$ 2,075,000.00 R$ 2,800,000.00 R$ 2,670,000.00 R$ 2,460,000.00 R$ 2,370,000.00
R$ 622,500.00 R$ 840,000.00 R$ 801,000.00 R$ 738,000.00 R$ 711,000.00
R$ 1,452,500.00 R$ 1,960,000.00 R$ 1,869,000.00 R$ 1,722,000.00 R$ 1,659,000.00

R$ 1,852,500.00 R$ 2,360,000.00 R$ 2,269,000.00 R$ 2,122,000.00 R$ 2,059,000.00

R$ 1,450,000.00 R$ 1,400,000.00 R$ 1,350,000.00 R$ 1,300,000.00 R$ 1,200,000.00

R$ 360,000.00 R$ 360,000.00 R$ 350,000.00 R$ 330,000.00 R$ 300,000.00
R$ 550,000.00 R$ 540,000.00 R$ 520,000.00 R$ 500,000.00 R$ 450,000.00
R$ 1,260,000.00 R$ 1,220,000.00 R$ 1,180,000.00 R$ 1,130,000.00 R$ 1,050,000.00
-R$ 290,000.00 R$ 40,000.00 R$ 40,000.00 R$ 50,000.00 R$ 80,000.00

0 0 0 0 0

R$ 1,562,500.00 R$ 2,400,000.00 R$ 2,309,000.00 R$ 2,172,000.00 R$ 2,139,000.00

PayBack Descontado 9.23

 Ano 8 Ano 9 Ano 10
R$ 7,000,000.00 R$ 5,920,000.00 R$ 3,750,000.00
-R$ 3,500,000.00 -R$ 2,960,000.00 -R$ 1,875,000.00
-R$ 400,000.00 -R$ 400,000.00 -R$ 400,000.00
-R$ 1,100,000.00 -R$ 900,000.00 -R$ 500,000.00
R$ 2,000,000.00 R$ 1,660,000.00 R$ 975,000.00
R$ 600,000.00 R$ 498,000.00 R$ 292,500.00
R$ 1,400,000.00 R$ 1,162,000.00 R$ 682,500.00

R$ 1,800,000.00 R$ 1,562,000.00 R$ 1,082,500.00

R$ 1,000,000.00 R$ 800,000.00 R$ 0.00

R$ 250,000.00 R$ 250,000.00 R$ 0.00
R$ 350,000.00 R$ 350,000.00 R$ 0.00
R$ 900,000.00 R$ 700,000.00 R$ -
R$ 150,000.00 R$ 200,000.00 R$ 700,000.00

0 0 R$ 3,300,000.00

R$ 1,950,000.00 R$ 1,762,000.00 R$ 5,082,500.00

QUESTÃO 3
Ano Mel Leona
0 -50,000 -50,000 vpl
1 35,000 5,000 tir
2 15,000 10,000
3 10,000 20,000
4 10,000 55,000

TMA 15%

QUESTÃO 4

Ano E Vr. Presente VP acumulado

0 -6,500 -R$ 6,500.00 -R$ 6,500.00
1 2,250 R$ 1,875.00 -R$ 4,625.00
2 4,500 R$ 3,125.00 -R$ 1,500.00
3 1,500 R$ 868.06 -R$ 631.94
4 1,500 R$ 723.38 R$ 91.44
5 1,500 R$ 602.82 R$ 694.25

TMA 20.00%
Payback 3.8736

QUESTÃO 5

Ano FCx
0 -R$ 41,218,709.00
1 R$ 6,236,138.00
2 R$ 7,723,618.00
3 R$ 11,606,885.00
4 R$ 12,336,297.00
5 R$ 16,623,607.00
6 R$ 8,817,226.00

Tx. 13%
VPL -R$ 783,336.59

QUESTÃO 8

Ano A VP A
0 -1,000 -R$ 1,000.00 -R$ 1,000.00
 1 200 R$ 173.91 -R$ 826.09
2 300 R$ 226.84 -R$ 599.24
3 500 R$ 328.76 -R$ 270.49
4 400 R$ 228.70 -R$ 41.78
5 200 R$ 99.44 R$ 57.65
6 100 R$ 43.23 R$ 100.88
7 50 R$ 18.80 R$ 119.68
R$ 119.68
TMA 15% R$ 17.10

QUESTÃO 9

Ano A B incremental
0 -50,000 -50,000 0
1 35,000 5,000 -30,000
2 15,000 10,000 -5,000
3 10,000 20,000 10,000
4 10,000 55,000 45,000

20% 19% 18.43%

QUESTÃO 11

Ano FCx
0 -1,000
1 300
2 400
3 200
4 300
5 100

TIR 10.91%
mel leona
R$ 4,069.63 R$ 6,506.02
20% 19%

Ano F Vr. Presente VP acumulado

0 -6,500 -R$ 6,500.00 -R$ 6,500.00
1 1,500 R$ 1,250.00 -R$ 5,250.00
2 3,000 R$ 2,083.33 -R$ 3,166.67
3 1,500 R$ 868.06 -R$ 2,298.61
4 5,000 R$ 2,411.27 R$ 112.65
5 750 R$ 301.41 R$ 414.06

TMA 20.00%
Payback 3.95328

Ano B VP B
0 -800 -R$ 800.00 -R$ 800.00
 1 250 R$ 217.39 -R$ 582.61
2 325 R$ 245.75 -R$ 336.86
3 350 R$ 230.13 -R$ 106.73
4 350 R$ 200.11 R$ 93.38

-R$ 32.71
-R$ 28.77

TMA 15.0% R$ 31.13