1º Passo: Interpretar o problema por meio do Diagrama do Flu

Fluxo de Caixa
Fluxo Caixa
Período 15000
Entradas Saídas Total
0 0 -20000 -20000 10000
1 5000 0 5000 5000

Valores
2 5000 0 5000 0
0 1 2 3 4 5
3 5000 0 5000 -5000
4 5000 0 5000 -10000
5 5000 0 5000 -15000
6 0 0 0 -20000
7 15000 0 15000 Fluxo Caixa Entradas Saídas
rama do Fluxo de Caixa 2º Passo: A partir do Diagrama, aplicar
TIR
18.55%

aixa Taxa Juros

0
1
2
3
4 5 6 7
4
5
6
7
Saídas
8
9
10
11
12
13
14
15
16
17
18
19
20
a, aplicar os valores à equação do VPL 3º Passo: Interpr
TMA
15%

R$25,000
VPL
R$ 20,000.00
R$ 18,257.93
R$ 16,625.70
R$ 15,094.91
R$ 13,657.88 R$15,000
R$ 12,307.60
R$ 11,037.68
R$ 9,842.23
R$ 8,715.91
R$ 7,653.77
R$5,000
R$ 6,651.31
R$ 5,704.36
R$ 4,809.12
R$ 3,962.07 0 1 2 3 4
R$ 3,159.96
R$ 2,399.83 (R$5,000)
R$ 1,678.91
R$ 994.66
R$ 344.73
-R$ 273.06
-R$ 860.71
so: Interpretar o significado do resultado do VPL

VPL x Taxa Juros

VPL = 2.399,83

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TIR ou i* = 18,55%
TMA
1º Passo: Interpretar o problema por meio do Diagrama do Flu

Fluxo Caixa
Período
Entradas Saídas Total 15000
0 0 0 0 10000
1 0 -1000 -1000
2 0 -1000 -1000 5000

3 0 -1000 -1000 0

Valores
4 0 -1000 -1000 0 2 4 6 8 10 12 14 16 18 20 22 24
-5000
5 0 -1000 -1000
6 0 -1000 -1000 -10000
7 0 -1000 -1000
-15000
8 0 -1000 -1000
9 0 -1000 -1000 -20000
10 0 -1000 -1000
11 0 -1000 -1000
12 0 -1000 -1000
13 0 -1000 -1000
14 0 -1000 -1000
15 0 -1000 -1000
16 0 -1000 -1000
17 0 -1000 -1000
18 0 -1000 -1000
19 0 -1000 -1000
20 0 -1000 -1000
21 0 -1000 -1000
22 0 -1000 -1000
23 0 -1000 -1000
24 0 -1000 -1000
25 0 -1000 -1000
26 0 -1000 -1000
27 0 -1000 -1000
28 0 -1000 -1000
29 0 -1000 -1000
30 0 -1000 -1000
31 0 -1000 -1000
32 0 -1000 -1000
33 0 -1000 -1000
34 0 -1000 -1000
35 0 -1000 -1000
36 0 -1000 -1000
37 0 -1000 -1000
38 0 -1000 -1000
39 0 -1000 -1000
40 0 -1000 -1000
41 0 -1000 -1000
42 0 -1000 -1000
43 0 -1000 -1000
44 0 -1000 -1000
45 0 -1000 -1000
46 0 -1000 -1000
47 0 -1000 -1000
48 0 -1000 -1000
49 0 -1000 -1000
50 0 -1000 -1000
51 0 -1000 -1000
52 0 -1000 -1000
53 0 -1000 -1000
54 0 -1000 -1000
55 0 -1000 -1000
56 0 -1000 -1000
57 0 -1000 -1000
58 0 -1000 -1000
59 0 -1000 -1000
60 0 -1000 -1000
61 0 -1000 -1000
62 0 -1000 -1000
63 0 -1000 -1000
64 0 -1000 -1000
65 0 -1000 -1000
66 0 -1000 -1000
67 0 -1000 -1000
68 0 -1000 -1000
69 0 -1000 -1000
70 0 -1000 -1000
71 0 -1000 -1000
72 0 -1000 -1000
73 0 -1000 -1000
74 0 -1000 -1000
75 0 -1000 -1000
76 0 -1000 -1000
77 0 -1000 -1000
78 0 -1000 -1000
79 0 -1000 -1000
80 0 -1000 -1000
81 0 -1000 -1000
82 0 -1000 -1000
83 0 -1000 -1000
84 0 -1000 -1000
85 0 -1000 -1000
86 0 -1000 -1000
87 0 -1000 -1000
 88 0 -1000 -1000
89 0 -1000 -1000
90 0 -1000 -1000
91 0 -1000 -1000
92 0 -1000 -1000
93 0 -1000 -1000
94 0 -1000 -1000
95 0 -1000 -1000
96 0 -1000 -1000
97 0 -1000 -1000
98 0 -1000 -1000
99 0 -1000 -1000
100 0 -1000 -1000
101 0 -1000 -1000
102 0 -1000 -1000
103 0 -1000 -1000
104 0 -1000 -1000
105 0 -1000 -1000
106 0 -1000 -1000
107 0 -1000 -1000
108 0 -1000 -1000
109 0 -1000 -1000
110 0 -1000 -1000
111 0 -1000 -1000
112 0 -1000 -1000
113 0 -1000 -1000
114 0 -1000 -1000
115 0 -1000 -1000
116 0 -1000 -1000
117 0 -1000 -1000
118 0 -1000 -1000
119 0 -1000 -1000
120 240000 -1000 239000
rama do Fluxo de Caixa

Fluxo de Caixa

14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80

Fluxo Caixa Entradas Saídas

8 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100 102 104 106 108 110 112 114 116 118 120
2º Passo: A partir do Diagrama, aplicar os valores à equaç
TIR
13.49%

Taxa Juros VPL

0 R$ 120,000.00
1 R$ 103,093.23
2 R$ 88,108.02
3 R$ 74,820.13
4 R$ 63,032.89
5 R$ 52,573.59
6 R$ 43,290.42
7 R$ 35,049.80
8 R$ 27,734.05
9 R$ 21,239.38
10 R$ 15,474.22
11 R$ 10,357.63
12 R$ 5,818.04
13 R$ 1,792.11
14 -R$ 1,776.29
15 -R$ 4,936.93
16 -R$ 7,733.97
17 -R$ 10,206.64
18 -R$ 12,389.81
19 -R$ 14,314.50
20 -R$ 16,008.32
valores à equação do VPL 3º Passo: Interpretar o sign

VPL x Taxa
R$140,000

R$120,000

R$100,000

R$80,000

R$60,000

R$40,000

R$20,000

R$0
0 1 2 3 4 5 6 7 8 9

(R$20,000)

(R$40,000)
etar o significado do resultado do VPL

VPL x Taxa Juros

TIR ou i* = 13,49%

6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
1º Passo: Interpretar o problema por meio do Diagrama do Flu

Fluxo Caixa
Período
Entradas Saídas Total
0 0 -5000000 -5000000
Chart Title
1 0 -220000 -220000 30000000
2 0 -220000 -220000 25000000
3 0 -220000 -220000
20000000
4 0 -220000 -220000
5 0 -220000 -220000 15000000
6 0 -220000 -220000
10000000
7 0 -220000 -220000
8 0 -220000 -220000 5000000
9 0 -220000 -220000 0
10 30000000 -220000 29780000 0 1 2 3 4 5 6 7
-5000000

Fluxo Caixa Entradas Saídas

ama do Fluxo de Caixa 2º Passo: A partir do Diagrama, aplicar
TIR
17.45%

Taxa Juros
0
Title 1
2
3
4
5
6
7
8
9
10
5 6 7 8 9 10 11
12
radas Saídas 13
14
15
16
17
18
19
20
a, aplicar os valores à equação do VPL 3º Passo: Interpr

R$25,000,000
VPL
R$ 22,800,000.00
R$ 20,074,921.64
R$20,000,000
R$ 17,634,280.29
R$ 15,446,172.82
R$ 13,482,527.99
R$ 11,718,615.92 R$15,000,000

R$ 10,132,624.16
R$ 8,705,290.83
R$ 7,419,586.73 R$10,000,000
R$ 6,260,439.51
R$ 5,214,493.92
R$ 4,269,903.32 R$5,000,000
R$ 3,416,148.03
R$ 2,643,876.88
R$ 1,944,768.84
R$0
R$ 1,311,412.09 0 1 2 3
R$ 737,198.06
R$ 216,228.70
-R$ 256,764.98 (R$5,000,000)

-R$ 686,494.41
-R$ 1,077,176.37
so: Interpretar o significado do resultado do VPL

VPL x Taxa Juros

00

00

00

00

TIR ou i* = 17,45%

00

$0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

0)
1º Passo: Interpretar o problema por meio do Diagrama do Flu

Fluxo Caixa
Período Alternativa I Alternativa J
Entradas Saídas Total Entradas Saídas Total
0 0 -50000 -50000 0 -20000 -20000
1 20000 0 20000 6000 0 6000
2 20000 0 20000 6000 0 6000
3 20000 0 20000 6000 0 6000
4 20000 0 20000 6000 0 6000
5 20000 0 20000 6000 0 6000

Fluxo de Caixa Alternativa I Fluxo de Caixa Alternativa J

30000 30000
20000
10000 10000
0
0 1 2 3 4 5 0 1 2 3 4 5
-10000 -10000
-20000
-30000 -30000
-40000
-50000 -50000

Entradas Saídas Entradas Saídas

ama do Fluxo de Caixa 2º Passo: A partir do Diagrama, aplicar os

TIR
Alternativa I
28.65%

Taxa Juros VPLI

0 R$ 50,000.00
1 R$ 47,068.62
2 R$ 44,269.19
3 R$ 41,594.14
4 R$ 39,036.45
5 R$ 36,589.53
6 R$ 34,247.28
ativa J 7 R$ 32,003.95
8 R$ 29,854.20
9 R$ 27,793.03
10 R$ 25,815.74
4 5 11 R$ 23,917.94
TMA 12 R$ 22,095.52
13 R$ 20,344.63
14 R$ 18,661.62
15 R$ 17,043.10
16 R$ 15,485.87
17 R$ 13,986.92
18 R$ 12,543.42
19 R$ 11,152.70
20 R$ 9,812.24
ama, aplicar os valores à equação do VPL 3º Passo: Interpretar o si

TIR
Alternativa J
15.24%
R$60,000

VPLJ
R$ 10,000.00
R$ 9,120.59
R$ 8,280.76 R$40,000
R$ 7,478.24
R$ 6,710.93
R$ 5,976.86
R$ 5,274.18
R$ 4,601.18 R$20,000
R$ 3,956.26
R$ 3,337.91
R$ 2,744.72
R$ 2,175.38
R$ 1,628.66 R$0
0 1 2 3 4
R$ 1,103.39
R$ 598.49
R$ 112.93
-R$ 354.24
-R$ 803.92 (R$20,000)
-R$ 1,236.97
-R$ 1,654.19
-R$ 2,056.33
terpretar o significado do resultado do VPL

VPL x Taxa Juros

Alte
rnati
va I VPL = 22.095,52

VPL = 1.628,66
Alternativa
J

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

TMA
1º Passo: Interpretar o problema por meio do Diagrama do Flu

Fluxo Caixa
Período Alternativa A Alternativa B
Entradas Saídas Total Entradas Saídas Total
0 0 -40000 -40000 0 -45000 -45000
1 31000 -22000 9000 35500 -24500 11000
2 31000 -22000 9000 35500 -24500 11000
3 31000 -22000 9000 35500 -24500 11000
4 31000 -22000 9000 56000 -69500 -13500
5 31000 -22000 9000 35500 -24500 11000
6 41000 -62000 -21000 35500 -24500 11000
7 31000 -22000 9000 35500 -24500 11000
8 31000 -22000 9000 56000 -69500 -13500
9 31000 -22000 9000 35500 -24500 11000
10 31000 -22000 9000 35500 -24500 11000
11 31000 -22000 9000 35500 -24500 11000
12 41000 -22000 19000 56000 -24500 31500

Fluxo de Caixa Alternativa A Fluxo de Caixa Alternativa B

30000 30000
20000
10000 10000
0
0 1 2 3 4 5 6 7 8 9 10 11 12 0 1 2 3 4 5 6 7 8 9 10 11 12
-10000 -10000
-20000
-30000 -30000
-40000
-50000 -50000

Entradas Saídas Entradas Saídas

ama do Fluxo de Caixa 2º Passo: A partir do Diagrama, aplicar os

TIR
Alternativa A
13.63%

Taxa Juros VPLA

0 R$ 48,000.00
1 R$ 41,908.83
2 R$ 36,423.86
3 R$ 31,475.31
4 R$ 27,002.20
5 R$ 22,951.18
6 R$ 19,275.47
7 R$ 15,934.03
8 R$ 12,890.75
9 R$ 10,113.85
TMA 10 R$ 7,575.32
11 R$ 5,250.39
12 R$ 3,117.19
13 R$ 1,156.33
ativa B 14 -R$ 649.38
TMA 15 -R$ 2,315.19
16 -R$ 3,854.67
17 -R$ 5,279.93
8 9 10 11 12 18 -R$ 6,601.73
19 -R$ 7,829.69
20 -R$ 8,972.42
21 -R$ 10,037.62
22 -R$ 11,032.20
23 -R$ 11,962.33
24 -R$ 12,833.61
25 -R$ 13,651.03
ma, aplicar os valores à equação do VPL 3º Passo: Interpretar o s

TIR
Alternativa B
13.26%
R$70,000

VPLB ΔVPL
R$ 58,500.00 R$ 10,500.00 R$60,000
R$ 50,829.20 R$ 8,920.37 Alt
R$ 43,948.14 R$ 7,524.28 ern
ati
R$ 37,763.87 R$ 6,288.57 R$50,000 va
R$ 32,195.44 R$ 5,193.24 B
R$ 27,172.16 R$ 4,220.98
R$ 22,632.26 R$ 3,356.78 R$40,000 A lt
R$ 18,521.64 R$ 2,587.61 ern
ati
R$ 14,792.87 R$ 1,902.12 va
R$ 11,404.30 R$ 1,290.44 R$30,000 A
R$ 8,319.28 R$ 743.96
R$ 5,505.55 R$ 255.16
R$20,000
R$ 2,934.62 -R$ 182.56
R$ 581.36 -R$ 574.96
-R$ 1,576.49 -R$ 927.11
R$10,000
-R$ 3,558.64 -R$ 1,243.46
-R$ 5,382.59 -R$ 1,527.91
-R$ 7,063.86 -R$ 1,783.93
R$0
-R$ 8,616.29 -R$ 2,014.56 0 1 2 3 4
-R$ 10,052.18 -R$ 2,222.49
-R$ 11,382.52 -R$ 2,410.10
(R$10,000)
-R$ 12,617.13 -R$ 2,579.50
-R$ 13,764.76 -R$ 2,732.57
-R$ 14,833.30 -R$ 2,870.96 (R$20,000)
-R$ 15,829.78 -R$ 2,996.17
-R$ 16,760.53 -R$ 3,109.50
terpretar o significado do resultado do VPL

VPL x Taxa Juros

Alt
ern
ati
va
B

A lt
ern
ati
va TMA TMA
A

VPL = 8.139,28

VPL = 7.575,32 VPL = -2.315,

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1

VPL = -3.558,6
 VPL = -2.315,19

15 16 17 18 19 20 21 22 23

VPL = -3.558,64