ejercicios resueltos de flujo de caja

7/26/2019 Ejercicios Resueltos de Flujo de Caja

1/94

MATERIAL DOCENTE IN42A MARZO 2006

COMPENDIO EJERCICIOS DE FLUJO DE CAJA

1. PLANTA MALTEO ................................................................................................................................................. ..... 3

1.1. SOLUCIN........................................................................................................................................................... 42. CODEGUA, NUEVO LOCAL PASTELERO ................................................................................................... ........ .... 5

2.1. SOLUCIN........................................................................................................................................................... 6

3. EMPRESA DE SERVICIO DE ALIMENTACIN MASIVA ...... ...... ..... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ..... .... ....

4. EMPRESA PLAS!PLAS ..................................................................................................................................... ........ "

4.1. SOLUCIN........................................................................................................................................................... 9

5. REEMPLAZO DE M#$UINAS EN EMPRESA TE%TIL ................................................................................ ........ ..... &

5.1. SOLUCIN........................................................................................................................................................... 9

6. ERRORES EN FC ................................................................................................................................................... .. 11

6.1. SOLUCIN......................................................................................................................................................... 12

. PLANTA AV'COLA ............................................................................................................................................. ...... 13

7.1. SOLUCIN......................................................................................................................................................... 14

". MERCADO DE CORREOS ....................................................................................................................................... 1&

8.1. SOLUCIN......................................................................................................................................................... 20

&. PRO(ECTO MINERO 4 A)OS ................................................................................................................ ........ ........ 22

9.1. SOLUCIN......................................................................................................................................................... 22

10. LICITACIN LOCOMOCIN COLECTIVA .......................................................................................................... 25

10.1. SOLUCIN......................................................................................................................................................... 26

11. CL'NICA ( NUEVO E$UIPO ......................................................................................................................... ...... 2&

11.1. SOLUCIN......................................................................................................................................................... 30

12. ERRORES EN FC VERSIN 2 .......................................................................................................................... .. 30

12.1. SOLUCIN......................................................................................................................................................... 31

13. GERENTE ( NUEVO E$UIPAMIENTO ............................................................................................................... 32

14. EMPRESA DE SERVICIO DE ALIMENTACION ...... ...... ...... ...... ..... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ..... .... 32

15. FA*RICA DE +ELADOS ................................................................................................................................ ..... 35

16. ESTUDIANTE ( CRDITO CORFO ......................................................................................................... ........ ... 35

1. EMPRESA RU*RO VIDRIO ( *OTELLAS...................................................................................................... ... 3617.1. SOLUCIN......................................................................................................................................................... 36

1". ECONOM'A CON CERTIDUM*RE ........................................................................................................ ........ ..... 3&

1&. FACTURAS ........................................................................................................................................................ .. 3&

20. EJERCICIO CON *ALANCE .............................................................................................................................. 40

21. EMPRESA INVERSIN AF ........................................................................................................................ ........ . 40

22. CALCULE PUNTEADO ............................................................................................................................. ........ .. 42


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23. PROPUESTA MA$ MINERA............................................................................................................................... 42

23.1. SOLUCIN.................................................................................................................................................. ....... 43

24. GALPN.............................................................................................................................................................. 45

24.1. SOLUCIN.................................................................................................................................................. ....... 46

25. AMIGO E INVERSION......................................................................................................................................... 425.1. SOLUCIN.................................................................................................................................................. ....... 48

26. EMPRESARIO TRANSPORTE............................................................................................................................4&

26.1. SOLUCIN.................................................................................................................................................. ....... 51

2. CALCULAR FC -CORTO................................................................................................................................... 53

2". CAMPERA........................................................................................................................................................... 53

2&. AMIGO A(UDA.................................................................................................................................................... 54

29.1. SOLUCIN.................................................................................................................................................. ....... 54

30. PLANTA DE CONCENTRADOS.........................................................................................................................55

31. PLANTA PROCESADORA DE MANGO............................................................................................................. 532. PRO(ECTO 50 MIL UNIDADES.........................................................................................................................5&

32.1. SOLUCIN, VER ARCHIVO EXCEL.........................................................................................................................60

33. EMPRESA CA*LE.............................................................................................................................................. 60

33.1. SOLUCIN, VER ARCHIVO EXCEL.........................................................................................................................60

34. RENOVACIN DE E$UIPOS.............................................................................................................................. 61

34.1. SOLUCIN.................................................................................................................................................. ....... 61

35. GERENTE DE SUPERMERCADO......................................................................................................................62

35.1. SOLUCIN.................................................................................................................................................. ....... 63


3/94


4/94

1.1. Solucin

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5/94

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8/94

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3. EMPRESA DE SERVICIO DE ALIMENTACIN MASIVA

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L$! #n-en#e$! e!%#m"n ;e )"! m&;#n"! ne+"! pem#%#


12/94

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13/94

5.1. Solucin

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14/94

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V/S 91


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17/94

/"-$ /!%"m$ 315,5 315,5 315,5 315,5

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'@ H"'e n" e'$men("'#n " p"%# (e )$! ne+$! e!)%"($!.

6.1. Solucin

"@Se %#enen )$! !#-#en%e! e$e!

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p(#("! (e) ee'#'#$ "n%e#$ n$ !e e!%&n %$m"n($ en 'en%".L" -"n"n'#" ?p(#("@ (e '"p#%") p"-" #mpe!%$.

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#n"n'#e$!@ p"-"n #mpe!%$!.

*@

La depreciacin de los activos adquiridos en el perodo 0 es1.300

=260.5

La depreciacin de los activos adquiridos en el perodo 2 es500

=100.5

E) +")$ )#*$ (e )$! "'%#+$! ") #n") (e) $#>$n%e ?") #n") (e) '"%$ pe


18/94

0 1 2 3 4

D)$ $pe"'#$n")

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'@Se '")')" e) V/N (e) p$e'%$.

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+2#1,#

+1."6$,#

= 2661,1 1,12

1,13

1,14

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. PLANTA AV'COLA

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19/94

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een$ 50.000.000G")pn C$n!%''#$ne! 120.000.000 (epe'#"*)e en 15 "$!


20/94

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21/94

VPN (t =4)=

valor(t =4)

(1+

0,0025)4

500

1,00254

VPN (t =4)=4"5

N$ p$(em$! '$mp"" )$! V/N (e )$! p$e'%$! (e (#!%#n%" +#(" %#), p$ )$ ;e $'p"m$! e) #n(#'"($ JAUE.

BAUE =VPN

FRC

(1+r )nr

BAUE =VPN semanal semanal(1 +rsemanal)

n1

BAUE =4"5

BAUE =125

(1+0,0025)4

0,0025

(1+0,0025)41

R789:; 8


22/94

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23/94

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24/94

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25/94

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C./e'#$ 50 F- CD ::F" C. . 15 mm/e!$ !em 8 2, - INV 2 mm

FLUJO DE CAJA DE LA EMPRESAN 8 8 >7


26/94

utilidades,NOPUEDE2 E!%" e! n" +"#"'#n " )" ')"!e "#)#" en )" ;e !e %#)#> e) m#!m$ #n-e!$ ;e en )$! "$! 1 3. S$n ")%en"%#+"!(#!%#n%"! ;e !e (e*e e+")", en e!%e '"!$ !e '$n!#(e" 6 '#')$! (e 8 !em"n"! !e )e !m" e) .5 e;#+")en%e " 4!em"n"! )$ ;e +")(


27/94

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Calculo de Cuota

C$%" #" M / W ?1 # @ W ??1 #@Z% W #@??1 # @Z% [ 1@

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=e!pe"n($..... C M 35,538 :: ") "$

C$n )" '$%" e) !")($ (e) p!%"m$ !e (e%em#n"n )$! #n%ee!e! "!$'#"($! ") pe"'#n !e (e%em#n" " p"%# (e A M C$%" [ In%ee!e!.

W !%$! #n%ee!e! n$ !e p"-"n, -ene"n n" !e-n(" '$%" p"" p"-")$! (e) "$ 2 ") 5

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D#n")men%e e) D)$ (e '"" (e) #n"n'#"m#en%$ ;e(" '$m$ !#-e C$n!#(e"n($

/e


28/94

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en '");#e )$

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29/94

E) p$e'%$ ("& n pe


30/94

8.1. Solucin

/"" e")#>" e) )$ (e '"" ee'%"m$! )"! !#-#en%e! $pe"'#$ne!

&n'resospor ventas ao i = 200

250 2001,05

i1 (0,1 +0,02 (i 1))5

&n'reso ao1 =200.000.000

&n'reso ao 2 =252.000.000

&n'reso ao 3 =30$.#00.000

&n'reso ao 4 =3#0.440.000

&n'reso ao 5 =43#.5$2.250

*epreciacin le'al =300.000.000

+40.000.000

=23.000.000

20 5

&nversin =340.000.000

+apital de traa-o =20.000.000

+ostos operacionales ao i

+ostos /i-os =12 (500.000 +10 250.000) =36.000.000+ostos variales =(40 +#5) 250 200 1,05i1

(0,10,02 (i 1)) 5

+ostos variales ao1 =115.000.000

+ostos variales ao 2 =144."00.000

+ostos variales ao 3 =1##.502.500

+ostos variales ao 4 =213.003.000

+ostos variales ao 5 =251.60".#"4

Le-$, '$n e!%" #n$m"'#n, p$'e(em$! " '$mp)e%" e) )$ (e '"" ?en m#))$ne! (e pe!$!@

0 1 2 3 4 5


31/94

In-e!$! p$ +en%"! 200 252 308,7 370,44 437,58C$!%$! $pe"'#$n")e! 151 189,9 213,5 249,0 286, 6=epe'#"'#n )e-") 23 23 23 23 23G"!%$! #n"n'#e$!G"n"n'#" (e '"p#%")

U%#)#("( "n%e! (e #mpe!%$ 26 48,1 72,19 98,43 126,97Impe!%$ ?15@ 3,9 7,21 10,83 14,77 19,05

U%#)#("( (e!p! (e #mpe!%$ 22,1 40,89 61,36 83,67 107,92=epe'#"'#n )e-") 23 23 23 23 23

D)$ $pe"'#$n") 45,1 63,89 84,37 106,67 130,93

G"n"n'#" (e '"p#%")In+e!#n 340V")$ e!#(") 225

C"p#%") (e %"*"$ 20Re'pe"'#n '"p#%") (e %"*"$ 20

D)$ n$ $pe"'#$n") 360 245

D)$ (e C"" 360 45,1 63,89 84,37 106,67 375,93

="($ ;e e) '$!%$ (e '"p#%") (e )" empe!" e! (e) 16, e) V/N '$e!p$n(e "

V! =360 +

45,1

+

63,$"

+

$4,3#

+

106,6#

+

3#5,"3

1,16 1,162

1,163

1,164

1,165

V! =1$.30 illones de pesos

/$ )$ %"n%$, e) "p$%e " )" #;e>" (e) empe!"#$ e! p$!#%#+$, )$ ;e #mp)#'" )" '$n+en#en'#" (e ee'%"

e) p$e'%$.


32/94

&. PRO(ECTO MINERO 4 A)OSUn empe!"#$ n"'#$n") e!%& e!%(#"n($ )" p$!#*#)#("( (e #n+e%# en n p$e'%$ m#ne$. L" #n$m"'#n ;e

(#!p$ne e! ;e )" m#n" en 'e!%#n !e ep)$%""'#$ne! #-")e!. BRe'$men("


33/94

=epe'#"'#n )e-") 200 200 200 200G"!%$! #n"n'#e$!G"n"n'#" (e '"p#%") 700/(#(" (e) ee'#'#$ "n%e#$ 100

U%#)#("( "n%e! (e #mpe!%$ 100 700 1.700 1.600Impe!%$ ?15@ 105 255 240U%#)#("( (e!p! (e #mpe!%$ 100 595 1.445 1.360=epe'#"'#n )e-") 200 200 200 200G"n"n'#" (e '"p#%") 700/(#(" (e) ee'#'#$ "n%e#$ 100

D)$ $pe"'#$n") 100 895 1.645 2.260

In+e!#n 2.000V")$ e!#(") 500C"p#%") (e %"*"$ 500

Re'pe"'#n '"p#%") (e %"*"$ 500

D)$ n$ $pe"'#$n") 2.500 1.000

D)$ (e '"" 2.500 100 895 1.645 3.260

E) V/N (e) p$e'%$ '$e!p$n(e "

V! =2.500 +100

+$"5

+1.645

+3.260

1,1 1,12

1,13

1,14

V! =1#"3

Le-$, e) p$e'%$ e! '$n+en#en%e

In+e!#n M 3.000

G"n"n'#" (e '"p#%") M 1.200 ?3.000 300 3@ M 900

3 pe


34/94

=epe'#"'#n )e-") 300 300 300G"n"n'#" (e '"p#%") 900/(#(" (e) ee'#'#$ "n%e#$

D)$ $pe"'#$n") 640 2.170 1.795

In+e!#n 3.000V")$ e!#(") 1.200C"p#%") (e %"*"$ 500Re'pe"'#n '"p#%") (e %"*"$ 500

D)$ n$ $pe"'#$n") 3.500 1.700

D)$ (e '"" 3.500 640 2.170 3.495

E) '")')$ (e) V/N

e!V! =3.500 +

640+

2.1#0+

3.4"5

1,1 1,12

1,13

V! =1.501

Le-$, )" ep)$%"'#n "'e)e"(" (e )" m#n" n$ e! '$n+en#en%e, " ;e e!%e V/N e! men$ ;e e)

en'$n%"($ en )" p"%e "@.

E+")"m$! )" '$n+en#en'#" (e) '(#%$

G"n"n'#" (e '"p#%") M 500 ?2.000 200 4@ M 700

Re'$("m$! ;e C$%" M In%e! Am$%#>"'#n, %enem$! )" !#-#en%e %"*)"

A$ =e(" ") #n#'#$ (e) pe"'#n =e(" ") #n") (e) pe


35/94

G"!%$! #n"n'#e$! 120 80 40G"n"n'#" (e '"p#%") 700/(#(" (e) ee'#'#$ "n%e#$ 220

U%#)#("( "n%e! (e #mpe!%$ 220 500 1.660 1.600

Impe!%$ ?15@ 75 249 240U%#)#("( (e!p! (e #mpe!%$ 220 425 1.411 1.360=epe'#"'#n )e-") 200 200 200 200G"n"n'#" (e '"p#%") 700/(#(" (e) ee'#'#$ "n%e#$ 220

D)$ $pe"'#$n") 20 845 1.611 2.260

In+e!#n 2.000V")$ e!#(") 500C"p#%") (e %"*"$ 500Re'pe"'#n '"p#%") (e %"*"$ 500

/!%"m$ 1.500Am$%#>"'#n 500 500 500

D)$ n$ $pe"'#$n") 1.000 500 500 500 1.000

D)$ (e '"" 1.000 520 345 1.111 3.260

Le-$, e) V/N !e $*%#ene (e )" !#-#en%e m"ne"

V! =1.000 +520

+345

+1.111

+3.260

V! =1.$#4

1,1 1,12

1,13

1,14

En%$n'e!, ("($ ;e e!%e V/N e! m"$ ;e )$! "n%e#$men%e en'$n%"($!, '$n')#m$! ;e

'$n+#ene %$m" e) '(#%$.

10. LICITACIN LOCOMOCIN COLECTIVAUn empe!"#$ e!%& e+")"n($ )" ")%en"%#+" (e #n-e!" ") ne-$'#$ (e )" )$'$m$'#n '$)e'%#+"

)#'#%"n($ n" )


36/94

p$e'%$ , "(#'#$n")men%e, pem#%e ;e e) empe!"#$ p"-e e) IVA (e ! #n+e!#n ") #n") (e) p#me "$ (e

$pe"'#n ?p"-$ (e) IVA (#e#($@.

L$! e!%(#$! (e me'"($ #n(#'"n ;e " )" %"#" p$me(#$ "'%") (e 220 ?#n')#($! e!'$)"e!@, e)

'$*"($ e-#!%"& 16.000 p"!"e$! p$ m&;#n" ") me!. E) '$!%$ #$ en '$ee! ?2 p$ *!@ e! (e

8.000.000 ") me!, m&! n" '$m#!#n +"#"*)e ;e e;#+")e " 20 p$ p"!"e$ e-#!%"($. A(#'#$n")men%e !e(e*e& p"-" -"#%e$!, n !pe+#!$, "!e"($e!, !e+#'#$ (e '$n%"*#)#("(, e%'., ;e '$!%"&n en %$%")

2.500.000 ") me!. E) '$!%$ p$me(#$ en '$m*!%#*)e !e& (e 1.000.000 p$ m&;#n"Fme! en

m"n%en#m#en%$ '#("($ (e )$! *!e! !e -"!%"&n 5.000.000 men!")e! en %$%"). A(em&! !e e!%#m" n

'$!%$ p$ #mpe+#!%$! (e 2.000.000.


37/94

/"" n'#$n" ") #n#'#$ (e '"(" "$ )" empe!" %en(& ;e p"-" 20.000.000 p$ pem#!$ "n") (e

'#')"'#n "n%#'#p"("men%e 2.000.000 men!")e! p$ '$n'ep%$ (e !e-$!. Re;e#& %"m*#n 500.000

(#"#$! p$ '$n'ep%$ (e '$m*!%#*)e! +e)%$! ") #n#'#$ (e '"(" (")$.

S# ") #n#'#$ (e) p$e'%$ )" empe!" pe(e '$n!e-# n p!%"m$ p$ 500.000.000, p"-"(e$ en 4 '$%"!

"n")e! #"! " n" %"!" (e) 10 e") "n") n pe


38/94

*! 1000000 180000 118000'$*"($ 100000 18000 11800$%") 1120000 201600 132160 30V")$ 336000


39/94

"@

CA/IAL

:en!")/em#!$! 20000

Se-$! 2000

0 1 2

In-e!$! 35200 70400 70400

C"p (e %"* 500Ope"'#n 43900 43900 43900O%$! 22000 2000 2000 2000//: 352 704 704

$%") 22500 11052 23796 23796A'm)"%#+$! 33552 12744 47592

N*$)e%$! 16000pe'#$ 220:e!e! 12C+" 20

C$!%$! #$! p$ m"; %$%") me! %$%") "$C$ee! 8000 96000$%$! 2500 30000

C$m*!%#*)e 1000 20000 240000:"n% 5000 60000Impe+#!%$! 2000 24000C$m#!#$n 320 6400 76800

$%") 43900 450000p$ m"; %$%") p$ me!

In-e!$! 42240 844800 70400

*@

D)$ (e C""0 1 10

In-e!$! 844800 844800 844800G. =e C"p 336000C$!%$! 1 450000 450000 450000/em#!$! 44000 44000 44000=epe'#"'#n 132160 132160 132160/EA

U*%"! 218640 218640 554640


40/94

Impe!%$ 32796 32796 83196U Ne%"! 185844 185844 471444=ep 132160 132160 132160/EA 0 0 0G. =e '"p 0 0 336000D (e '"p 318004 318004 267604

In+e!#n 1120000 201600Re+en%" 336000C"p (e %"* 33552 33552

DC 1153552 116404 318004 637156

V/N?14@ 414440,8 14

'@

0,1n 4"! 2,8816958/e!%"m$ 500C$%" 173,50894 173,508942 173,508942 173,508942 173,508942In%ee! 105 43,1491058 30,1131221 15,7735401Am$%#> 68,5089420 130,359836 143,395819 157,735401S")($#n!$)%$

500 431,491058 301,1312217

157,7354019

0

L$! #n%ee!e! !$n men$e! ;e )"! %#)#("(e! *%"!, p$ %"n%$ (e!'en%"n

#mpe!%$!

(e)%" V/N 165,807871 ::

(@

' 0,19171354V/N 414440,811*"e 79453,9153V/S 567527,966me$" en 153087,155

e@

?:@ C"p"'#("( V")$ C$!%$ "n") V#(" %#) V")$A 100 60.000 22.000 10 18.000J 100 50.000 25.000 8 12.000

JUS A *! J


41/94

14 14+pn '#')$ 169899,155 165968,7929' 0,19171354 0,215570024CAUE 32571,9687 35777,89663V/C IND 232656,919 255556,4045

11. CL'NICA ( NUEVO E$UIPO

En $'%*e (e 1997, n -p$ (e m(#'$! #n+e!#$n#!%"! #n"- n" ne+" ')

#ne! (e !ep%#em*e (e 2003 p$(& +en(e!e '$n !e-#("( en US 600.000, !#n '$n!#(e" )" (e("

;e )" !$'#e("( %en-" en e!e m$men%$.

L$! (e$! (e )" ')


42/94


43/94

11.1. Solucina) Flujo de Caja del servicio de Medicina Nuclear.

0 1 2 3

+ Ingresos 344000 344000 344000

- Costos !eracionales "#$000 "#$000 "#$000

- %ueldo Mdicos "4#000 "4#000 "4#000

- &astos Financieros "30000 "20000 "10000

+ &anancias de Ca!ital 300000

- 'e!reciaciones (egales "133333.33 "133333.33 "133333.33

- Prdidas jercicio

= +tilidad ,ruta 4-.- $-.- 3-.-

- Im!uestos /1$) "-1$0.000$ "#$0.000$ "

= +tilidad Neta 40$1. 401. 312$1.-

+ Prdidas jercicio

+ 'e!reciaciones (egales 133333.33 133333.33 133333.33

- &anancias de Ca!ital "300000

= Flujo de Caja Operacional 173850 182350 145850

- Muina "400000- rans5ormaciones "20000

+ 6alor 7esidual 300000

- Ca!ital de ra8ajo "30000

+ 7ec. Ca!ital de ra8ajo 30000

+ Crdito 300000

- *morti9aciones "100000 "100000 "100000

= Flujo de Capitales -150000 -100000 -100000 230000

= Flujo de Caja -150000 73849.999 82349.999 375850

8) %e de8e calcular el 6PN del Pro:ecto al 12

6PN ; 2410.02 < 0

Por lo tanto= conviene invertir !orue el 6PN < 0= es decir= aumenta nuestra riue9a.

12. ERRORES EN FC VERSIN 2

Un '$)e-" #n-en#e$ e!%(# n ne-$'#$, #>$ e) '$e!p$n(#en%e )$ (e '"", '")') e) V/N '$n') ;e

n$ )e e! '$n+en#en%e. C$m$ e!%& '$n!'#en%e ;e %#ene +"'


44/94

/"-$ /!%"m$ 260 240 220

In+e!#n 1.240 C"p#%") (e "*"$ 360

D)$ (e C"" ?1.000@ ?46@ 144 1.184

V/N?@ M ?131@ M 14

Se p#(e

I(en%##'" )$! e$e! (e) )$ (e '"" (e) '$)e-".

H"'e e) )$ '$e'%$.

H"'e n" e'$men("'#n " p"%# (e )$! ne+$! e!)%"($!.

12.1. Solucin

"@ E$e!N$ (#!%#n-e en%e D)$ Ope"'#$n") D)$ C"p#%")e!

:e>')" Am$%#>"'#n '$n G"!%$! D#n"n'#e$!

N$ %$m" en '$n!#(e"'#n )" e'pe"'#n (e) C"p#%") (e "*"$

C")')" #mpe!%$ " %#)#("(e! ne-"%#+"!N$ '$)$'" G"n"n'#" (e C"p#%")N$ '$)$'" /(#(" (e Ee'#'#$ An%e#$

*@ D)$ (e C""0 1 2 3

+ Ingresos !eracionales $## -## ##

- Costos !eracionales "3# "3# "3#

- &astos Financieros "0 "40 "20

+ &anancias de Ca!ital 00

- 'e!reciaciones (egales "2#0 "2#0 "2#0

- Prdidas jercicio "13# "$

= +tilidad ,ruta "13# "$ #4

- Im!uestos /1$) "12.

= +tilidad Neta "13# "$ -1.1

+ Prdidas jercicio 13# $

+ 'e!reciaciones (egales 2#0 2#0 2#0

- &anancias de Ca!ital "00

= Flujo de Caja Operacional 142 32 455.1

- Inversi>n "1240

+ 6alor 7esidual 1000

- Ca!ital de ra8ajo "30

+ 7ec. Ca!ital de ra8ajo 30

+ Prstamo 00

- Pago Prstamo "200 "200 "200

= Flujo de Capitales -1000 -200 -200 110


45/94

= Flujo de Caja -1000 -58 12 115.1

6PN ; 13.2304 < 0


46/94

'@ Re'$men("'#n C$m$ V/N 0 en%$n'e! '$n+#ene "'e e) p$e'%$.

13. GERENTE ( NUEVO E$UIPAMIENTO

E) -een%e (e n" empe!" (e(#'"(" " )" #n$m&%#'" e'#*# )" $e%" (e n ne+$ e;#p"m#en%$'$mp%"'#$n") ;e )e pem#%#

'$n'e!#n (e '"!#n$! en e) '"!$ (e empe!"! m"$e!.A p"%# (e e!%" )


47/94

In!m$! 10 41.000 120.000 210.000 250.000 260.000G"!%$! *&!#'$! -ene")e! 0 7.000 18.000 21.000 23.000 22.000:"n%en#m#en%$ (e

e;#p$!,5 2.500 5.000 6.500 7.000 7.500

$%") G"!%$! 85.500 203.000 322.500 375.000 384.500


48/94

E) "#en($ (e) )$'") 'e!%" 1.000 : men!")e!, !e (e*e '"n'e)" "n%#'#p"("men%e, n%$ '$n n me! (e

-""n%" )"! !#-#en%e! #n+e!#$ne! ?" #ne! (e '"(" "$@

P%em V#("%#)

A$ 0

A$ 1

A$ 2

A$ 3

V")$ e+en%"?en "$ 5 en

C$n!%''#n 30 80.000 70.000E;#p"m#en%$ C$'#n" 10 15.000 20.000 30.000E;#p"m#en%$ '$me($e! 10 5.0 20.000 5.000O%$! e;#p$! 3 6.0 3.000 1.000Ve78 . R7? 8 777 8 >7> 12 ?78 8.

7 15 S9 78 /?7 ?7B87,


49/94

,ene5. "1$0 4 2 0 # 1126PN 1#.$4,*+ $2.$#

7eem!la9ar en un aAo6entas 100 110 110 110 110 110Costos 20 1 1# 20 24 2#6alor $0 2$.$

Inversi>n #0 12-.$

,ene5. "#0 2.$ 4 2 0 # 10-.$6PN 223.11,*+ $4.2-

7eem!la9ar en dos aAos ms6entas 100 $ 110 110 110 110 110Costos 20 2 1 1# 20 24 2#6alor 30 21.-$Inversi>n #0 10#.3-$

,ene5. "#0 #0 ".3-$ 4 2 0 # 103.-$6PN 2$0.#-,*+ $4.-

7eem!la9ar en tres aAos ms6entas 100 $ 0 110 110 110 110 110Costos 20 2 32 1 1# 20 24 2#6alor 0 1#.423-$Inversi>n #0

,ene5. "#0 #0 "34.11#-$ 4 2 0 # 100.423-$6PN 2$.1$,*+ $2.1-

Se (e*e eemp)">" )" ;e ( m"$ V/N. En e!%e '"!$, '$e!p$n(e " eemp)">" en %e! "$! m&!.


50/94

15. FA*RICA DE +ELADOS

Un" &*#'" (e e)"($!, e;#ee p"" )" p$(''#n (e ! p$('%$ e!%e))" n" m&;#n" ")%"men%ee!pe'


51/94

Sp$n-" ;e n$ e'#*#& me$e! #n-e!$! " %$ en ! %"*"$, ;e n$ pe(e "''e(e " $%$ %#p$ (e

#n"n'#"m#en%$, ;e n$ e!%& e+")"n($ $%"! ")%en"%#+"! (e #n+e!#n.

En e!%"! '$n(#'#$ne!, B; "'$n!e"


52/94

1. EMPRESA RU*RO VIDRIO ( *OTELLAS

Un" empe!" en e) *$ (e) +#(#$ %#ene en '"pe%" n p$e'%$ ;e '$n!#!%e en )" "*#'"'#n (e *$%e))"! (e

")%" '")#("( p"" +#n$ (e ep$%"'#n. /"" e))$, p)"ne" %#)#>" n" %e'n$)$-"'#n (e )" (e(" !e e")#>"& en !e#! '$%"! #-")e! (e '"p#%"), !#en($ )" p#me" (e e))"!

'"n'e)"(" e) '"%$ "$ (e $pe"'#n, m#en%"! ;e )$! #n%ee!e! !e&n '"n'e)"($! en $m" "n").

E) p$e'%$ e;#ee n '"p#%") (e %"*"$ e;#+")en%e " '"%$ me!e! (e '$!%$ +"#"*)e, e')en($

'$m#!#$ne! -"!%$! #n"n'#e$!. E) '"p#%") (e %"*"$ !e& #n"n'#"($ %$%")men%e '$n '"p#%") p$p#$.

Sp$n-" ;e )" %"!" e#-#(" p$ )$! #n+e!#$n#!%"! e! (e 12 "n") ;e )" %"!" (e #mpe!%$ " )"! %#)#("(e!e! (e 17.

E+")e e) p$e'%$ (e!(e e) pn%$ (e +#!%" (e )$! #n+e!#$n#!%"! '$n!%en($ )$! )$! (e '"" (e) p$e'%$

#n"n'#"($ '")')"n($ ! VAN. N$ e! ne'e!"#$ '")')" )" IR.

17.1. Solucin


53/94

/"" (e%em#n" e) m$n%$ (e )" (e(", !e e;#ee e!%#m" )" #n+e!#n (e) p$e'%$ en "'%#+$ #$, " ;e !e

#n(#'" ;e e) 75 (e e!%" #n+e!#n !e #n"n'#"& '$n (e(". Se pe(e '$n!%# )" !#-#en%e %"*)"


54/94

!"#$%&!O"$& '()

*ctivo

6alor 'e!reciaci>n

6alor a los 10 aAos 'eu(i8ro 7esidua B

Franuicia 4.000.000 400.000 0 0 -$ 3.000.000Camiones .000.000 00.000 0 1.200.000 -$ 4.$00.000(neas de !roducci>n .000.000 00.000 0 1.#00.000 -$ .-$0.000&al!>n #.000.000 #00.000 0 1.00.000 -$ .000.000

otal 2-.000.000 2.-00.000 0 4.00.000 20.2$0.000&anancia de Ca!ital 4.00.000

N%e!e ;e !e " #n')#($ en )"! #n+e!#$ne! )" "n;#'#", p$;e (e "'e($ ") enn'#"($ e! n "'%#+$

#n%"n-#*)e ;e !e pe(e (epe'#". A) '"*$ (e 10 "$!, e!" "n;#'#" ep#" p$ )$ %"n%$ +")e 'e$. E) e!%$

(e )$! "'%#+$! %#ene n +")$ e!#(") (#!%#n%$ (e 'e$. E!%$ -ene" n" -"n"n'#" (e '"p#%") ;e e!%& !e%" "

#mpe!%$, ;e "!'#en(e " G"n"n'#" (e C"p#%") M V")$ Re!#(") [ V")$ L#*$ M 4.600.000. =e e!%" m#!m"

%"*)" !e (e('e ;e )" (e(" "!'en(e& " 20.250.000 ?75 (e )"! #n+e!#$ne!@. Le-$, p$(em$! '")')" )"

%"*)" (e (e!"$))$ (e )" (e("

*$+*, '()

*A

'eudaInicial

Intereses

*morti9aci>n

'eudaFinal

1 20.2$0.000 2.02$.000 0 20.2$0.000

2 20.2$0.000 2.02$.000 0 20.2$0.000

3 20.2$0.000 2.02$.000 0 20.2$0.000

4 20.2$0.000 2.02$.000 3.3-$.000 1.#-$.000

$ 1.#-$.000 1.#-.$00 3.3-$.000 13.$00.000

13.$00.000 1.3$0.000 3.3-$.000 10.12$.000- 10.12$.000 1.012.$00 3.3-$.000 .-$0.000

# .-$0.000 -$.000 3.3-$.000 3.3-$.000

3.3-$.000 33-.$00 3.3-$.000 0

10 0 0 0 0

ot 13.12.$00 20.2$0.000

="n%e )$! p#me$! %e! "$! n$ !e "m$%#>", !e p"-"n !$)"men%e #n%ee!e! ?10 "n")@. A p"%# (e)

'"%$ "$ !e '$m#en>" "m$%#>" )" (e(" en !e#! '$%"! #-")e! (e '"p#%") (e 3.375.000 ?20.250.000F6@,

p"-&n($!e '"(" "$ %"m*#n )$! #n%ee!e!.

O%$ )$ e)e+"n%e e! e) '"p#%") (e %"*"$, ;e e;#+")e " '"%$ me!e! (e '$!%$ +"#"*)e e')en($'$m#!#$ne! -"!%$! #n"n'#e$!. H" ;e '$n!#(e" ;e en '#e%$! "$! e) n#+e) (e p$(''#n "men%", p$

)$ ;e !e #n'emen%" e) '"p#%") (e %"*"$. /"" '")')" e) '"p#%") (e %"*"$ #n#'#"), e) p#me "$ %enem$! n"

p$(''#n "n") (e 20.000 *$%e))"! "!m#m$! ;e e) '$mp$%"m#en%$ (e )" p$(''#n e! $m$-ne$, p$

)$ ;e )" p$(''#n men!") e! (e 1.667 *$%e))"!, $ (e 6.667 *$%e))"! en '"%$ me!e!, )$ ;e '$!%e"($ "

135 )" n#("( ?752535@, e(n(" en n '"p#%") (e %"*"$ #n#'#") (e 900.000. C"(" "$ en ;e !e p$('e

n "men%$ (e p$(''#n !e p$('e n #n'emen%$ (e) '"p#%") (e %"*"$, )$ ;e !e '")')" en )" !#-#en%e

%"*)"


55/94

VAN (12%) 16.2.6!!

C,!,/ *$ %,,O '()

*A

Producci>n

Producci>n

Costo+nitario

Ca!italde

6ariaci>n

1 20.000 1.- 13$ 00.000 00.000

$ 2#.000 2.333 13$ 1.20.000 30.000 30.000 2.$00 13$ 1.3$0.000 0.000

/$(em$! +e ;e !e p$('en #n'emen%$! (e) '"p#%") (e %"*"$ )$! "$! 1 ?#n#'#")@ 5 9. H" ;e %ene

'#("($ '$n e) e'$ (e ;e e!%$! #n'emen%$! !$n e;e#($! " p#n'#p#$ (e '"(" "$, p$ )$ ;e !e

'$n!#(e"n (en%$ (e )$! )$! (e '"" en )$! pe"'#$ne! (e (e(". E!%$! )$! (e '"" !eme!%"n en )" !#-#en%e p&-#n".

E) )$ (e '"" ne%$ '")')"($ e! )$ ;e ;e(" p"" )$! #n+e!#$n#!%"!, (e!p! (e p"-" )$! #n%ee!e!

"m$%#>"'#$ne!, !e (e*e (e!'$n%" en e!%e '"!$ ") 12, )$ ;e en%e-" n VAN (e 16.552.644. ="($ ;e

e) p$e'%$ %#ene VAN p$!#%#+$, e! (e'#, '*e en e'e!$ e) '$!%$ (e $p$%n#("( (e) '"p#%") e#-#($ " )"

#n+e!#n (e 12, '$n+#ene "'e e) p$e'%$.

F/O *$ C,, F!","C!,*O '()

0 1 2 3 4 $ -

Producci>n /+nidades) 20.000 20.000 20.000 20.000 2#.000 2#.000 2#.00

Precio /B) $#0 $#0 $#0 $#0 $#0 $#0 $#

6entas 11.00.0 11.00.0 11.00.0 11.00.0 1.240.0 1.240.00 1.240.0

Costos o!eracionales " " " " " "

Comisi>n de ventas "1-4.000 "1-4.000 "1-4.000 "1-4.000 "243.00 "243.00 "243.0

Costo 5ijo " " " " " "

Intereses " " " " " "

'e!reciaci>n " " " " " "

&anancia de ca!ital

+tilidad antes de im!uestos 1.$01.00 1.$01.00 1.$01.00 1.$01.00 $.32#.0 $..400 .003.0

Im!uestos /1-) "2$$.1-0 "2$$.1-0 "2$$.1-0 "2$$.1-0 "0$.13 "3.2## 1.020.

+tilidad des!us de im!uestos 1.24$.#3 1.24$.#3 1.24$.#3 1.24$.#3 4.422.# 4.-03.112 4.#3.23

'e!reciaci>n 2.-00.00 2.-00.00 2.-00.00 2.-00.00 2.-00.00 2.-00.000 2.-00.00

&anancia de ca!ital

Inversi>n activo 5ijo "

7ecu!eraci>n valores residuales

Inversi>n ca!ital de tra8ajo "00.000 "30.000

7ecu!eraci>n ca!ital de tra8ajo

Prstamo 20.2$0.000

*morti9aci>n de deuda 0 0 0 "3.3-$.00

"3.3-$.00

"3.3-$.000 3.3-$.00

Flujo de caja neto "-.$0.000 3.4$.#3 3.4$.#3 3.4$.#3 210.#30 3.-4-.# 4.02#.112 4.30#.23


56/94

1". ECONOM'A CON CERTIDUM*RESp$n-" ;e e#!%e n" e'$n$m"


57/94

525 30=#' 160 30526 30=#' 210 60527 30=#' 50 0528 30=#' 300 60


58/94

NN " !"*#en("! (e )$! '$n$'#m#en%$! ;e U(. " "(;##($ en )"! )%#m"! ')"!e! )e " pe(#($ " !%e( ;e

'")')e )$! e;e#m#en%$! (e '"p#%") (e %"*"$ ;e %en(& p"" e) '$m#en>$ (e )" $pe"'#n ;e,

!p$n#en($ ;e e!%e "'#n ;e !e-#& )" empe!" e! e) )#ne").

L"! +en%"! e!pe"("! (e) p$('%$ ;e +" " "*#'" !$n )"! ;e #-"n en e) !#-#en%e '"($

Ven%"! e!pe"("!

A$ 1 100

A$ 2 120

A$ 3 150


59/94

A$ 4 160


60/94

E) pe'#$ (e +en%" p"" e!%e "$ e! (e 2.100 .m. )" empe!" #n'emen%"& !! pe'#$! n 4 en e)

!e-n($ "$ n 3 en )$! "$! %e'e$ '"%$.

L" empe!" p"" "*#'" !%e p$('%$ ne'e!#%"& '$mp" 3 %#p$! (e m"%e#" p#m", ! '$n!m$ !e& e)

!#-#en%e

:"%e#" p#m" 1 ?(!. 40.000:"%e#" p#m" 2 ?(!. 25.000:"%e#" p#m" 3 ?(!. 15.000

A(em&! ne'e!#%" '$mp" epe!%$! p$ +")$ (e 20.000 .m., em*")"e! p$ 1.000 .m. en+"!e! p$ 2.500

.m.. L$! p$+ee($e! "men%"&n e) pe'#$ (e e!%$! "'%$e! p$('%#+$! n 2,5 e) !e-n($ "$ n 2

en )$! !#-#en%e! "$!.

L$! !")"#$! " p"-" e) p#me "$ !e


61/94

A]O 0 A]O 1 A]O 2 A]O 3 A]O 4ACIVO CIRCULANEEXISENCIAS 25000 30.000 32.130 34.411 28.000CLIENES 110.000 113.333 121.380 129.998ESORERPA 19000 19.053 19.435 19.823 20.220

/ASIVO CIRCULANE /ROVEE=ORES 48.000 50.220 52.814 55.572HACIEN=A 12.000 13.107 19.814 27.232

C$n e!%$! ("%$!, !e (e!e" '$n$'e )$! )$! (e '"" (e) p$e'%O

22. CALCULE PUNTEADO

" C$n!#(ee e) !#-#en%e p$e'%$ '$n )"! !#-#en%e! '""'%e

" Un" m";#n"#" (e 10,000,000 !e eemp)">" '"(" 6 "$!, pe'#$ (e +en%" 2,500,000." /"" p$(e p$('# )"! m"$e! n#("(e! " p"%# (e) '"%$ "$ !e e;e#& n" #n+e!#n "(#'#$n")

en O*"! D

" L$! '$!%$! #$! !$n 2,000,000. =e*#($ " )" "mp)#"'#n (e '"p"'#("( !e #n'emen%"n en 200,000." G"!%$! (e A(m#n#!%"'#n Ven%"! 800,000 ("n%e )$! p#me$! 4 "$!, )e-$ !e #n'emen%"n "

820,000." L$! G"!%$! (e Ven%" V"#"*)e! !$n '$m#!#$ne! (e) 2 (e )"! +en%"!." L" (epe'#"'#n (e O*"! D

" Se !"*e ;e " p"%# (e) $'%"+$ "$ )"! %#)#("(e! (e )" empe!" !e&n e!%"*)e!. Sp$n-" ;e )"empe!" n$ %em#n" (e $pe" ") %m#n$ (e )$! 8 "$! (e) $#>$n%e (e e+")"'#n.

" L" "!" (e Impe!%$! " )"! %#)#("(e! e! 17." L" %"!" (e (e!'en%$ e! 10.

Se p#(e ;e '")')e e) )$ (e '"".


62/94

23. PROPUESTA MA$ MINERA

/1@ U(. e! $ n p!pe$ empe!"#$ en e) ne-$'#$ (e Imp$%"'#n +en%" (e :";#n"#"!. E!%e ne-$'#$,

;e !e en'en%" en 'e'#m#en%$, )e -ene" n" en%"*#)#("( (e) 15. S#n em*"-$, en e) )%#m$ %#emp$ !e "n


63/94

-ene"($ ne+"! $p$%n#("(e! (e ne-$'#$ ;e U(. pe%en(e e+")", n" (e e))"! e! en%" en e) ne-$'#$ (e

"#en($ (e m";#n"#"! p"" empe!"! m#ne"!.

L" C$mp"

"!" (e In%e! (e =ep!#%$! " /)">$ 7 "n").

2.1. Solucin

In-e!$! 32 UD 12 M 384 UDF"$

G"!%$! en Ope"#$ 300.00012F16.000 ?UDF@ M 225 UDF"$

C$!%$ Re)e+"n%e (e) e;#p$ p"" (e#n# )" In+e!#n M US 35.000 0 1531,3 UD.

V")$ Re!#(") U3.500 M B153,1 UD ") "$ 7.

=epe'#"'#n M ?35.000 3.500@ F 7 M US 4.500B M 196,9BUD

E) "'%#+$ !e p$(


64/94

Re!pe'%$ " )$! #mpe!%$!, ("($ ;e " p(#(" %$($! )$! me!e!, n$ !e p"-".

En /e!$!

0 1 2 3 4 $

Ingresos 0 .144.0 .144.000 .144.0 .144.0 .144.000

&asto !erario 0 " " " " "3.00.000

&astos de Manteci>n 0 " "$-.000 " " "'e!reciaci>n 0 " " " " "3.1$0.400

+tilidad antes Im!. 0 " " " " "1.1#2.400

Im!uesto 0 0 0 0 0 0

+t. des!ues de Im!. 0 " " " " "1.1#2.400

'e!reciaci>n 0 3.1$0.4 3.1$0.400 3.1$0.4 3.1$0.4 3.1$0.400

Prdida de Ca!ital 0 0 0 0 0 0

Flujo !erativo 0 1.#.0 1.#.000 1.#.0 1.#.0 1.#.000

Inversi>n "

6alor 7esidual 0 0 0 0 0 #.-$0.400Flujo de Ca!itales " 0 0 0 0 #.-$0.400

Flujo de Caja " 1.#.0 1.#.000 1.#.0 1.#.0 10.-1#.400

Flujo *ctuali9ado " 1.-11.30 1.4##.01 1.23. 1.12$.2 $.32#.3

6*N "

Im!uesto 0=1$

asa 'cto 0=1$

En UD

0 1 2 3 4 $

Ingresos 0= 3#4=00 3#4=00 3#4=00 3#4= 3#4=00

&asto !erario 0= "22$=00 "22$=00 "22$=00 " "22$=00&astos de Manteci>n 0= "3=00 "3=00 "3=00 " "3=00'e!reciaci>n 0= "1=0 "1=0 "1=0 " "1=0

+tilidad antes Im!. 0= "-3=0 "-3=0 "-3=0 " "-3=0

Im!uesto 0= 0=00 0= 0= 0=00 0=00

+t. des!ues de Im!. 0= "-3=0 "-3=0 "-3=0 " "-3=0

'e!reciaci>n 0= 1=0 1=0 1=0 1= 1=0

Prdida de Ca!ital 0= 0=00 0= 0= 0=00 0=00

Flujo !erativo 0= 123=00 123=00 123=00 123= 123=00

Inversi>n "1$31=30

6alor 7esidual 0= 0=00 0= 0= 0=00 $4=0

Flujo de Ca!itales "1$31=30 0=00 0= 0= 0=00 $4=0

Flujo de Caja "1$31=30 123=00 123=00 123=00 123= =0Flujo *ctuali9ado "1$31=30 10= 3=01 #0=#- -0=3 333=0

6*N "#4-=0#

Im!uesto 0=1$

asa 'cto 0=1$


65/94

24.GALPN

/"" "'e e) m"n%en#m#en%$, )" empe!" $'p" n -")pn (e ! p$p#e("(, *#'"($ " 2 #)me%$!

(e )" p)"n%". E) -")pn %#ene n +")$ '$me'#"), #n')#($ e) %een$, (e 350 m#))$ne!, n +")$'$n%"*)e ?$ (e )#*$!@ (e 320 m#))$ne! ?80 m#))$ne! e) %een$ 240 m#))$ne! )" '$n!%''#n@. E)

-")pn !e '$n!% "'e (#e> "$!, '"n($ !e (e'#(# "'e e) m"n%en#m#en%$ #n%en$, )e e!%"

n" +#(" %#) %#*%"#" (e 5 "$!. A(em&!, en e) m"n%en#m#en%$ !e $'p" m";#n"#" )#+#"n"

m$*#)#"#$ "(;##($! en 70 m#))$ne! "'e 10 "$!, )$! ;e !e en'en%"n '$mp)e%"men%e

(epe'#"($!, pe$ !e p$(" e) m"n%en#m#en%$, %"n%$ e) -")pn '$m$ )" m";#n"#" e) m$*#)#"#$ p$(", )" empe!" (e*e& p"-" n (e!"'#$ e;#+")en%e " $'$ me!e! (e !e)($ " )$!

%"*""($e! ;e (e"


66/94

"m*#n !e pe(e e!$)+e en %e! p"!$!1. DC S#%"'#n !#n p$e'%$2. DC S#%"'#n '$n p$e'%$3. =#een'#" ?2@ ?3@

1. DC S#%"'#n !#n

G"n"n'#" ?p(#("@ (e '"p#%")0 1 2 3 4 5 6

C$!%$=e!"'#$ pe!$n") m"n%en'#n=epe'#"'#n

56

48

56

48

56

48

56

48

56

48

56

U%#)#("( *%" 0 104 104 104 104 104 56Impe!%$ 0 15,6 15,6 15,6 15,6 15,6 8,4U%#)#("( ne%" 0 88,4 88,4 88,4 88,4 88,4 47,6?G"n"n'#"@ p(#(" (e '"p#%") 0 0 0 0 0 0 0

=epe'#"'#nV")$ e!#(")DLUO =ECAA

0

0

48

40,4

48

40,4

48

40,4

48

40,4

48

40,4

0

47,6

2. DC S#%"'#n '$n

0 1 2 3 4 5 6

G"n"n'#" ?p(#("@ (e'"p#%") C$!%$

50138 138 138 138 138 138

=e!"'#$ pe!$n")m"n%en'#n =epe'#"'#nU%#)#("( *%"

8

138 138 138 138 138 138Impe!%$ 6,3 20,7 20,7 20,7 20,7 20,7 20,7U%#)#("( ne%" 35,7

?G"n"n'#"@ p(#(" (e '"p#%") 50 0 0 0 0 0 0 =epe'#"'#n 0 0 0 0 0 0 0 V")$ e!#(") 370DLUO =E CAA 355,7

117,3117,3

117,3

117,3

117,3

117,3

3. =#een'#" ?2@ ?3@

0 1 2 3 4 5 6 G"n"n'#" ?p(#("@ (e '"p#%") 50 0 0 0 0 0 0 :"$ '$!%$ 0 82 82 82 82 82 82=e!"'#$ pe!$n") m"n%en'#n 8 0 0 0 0 0 0 :en$ (epe'#"'#n 0 48 48 48 48 48 0 :"$ ?men$@ %#)#("( *%" 42 34 34 34 34 34 82Impe!%$ 6,3 5,1 5,1 5,1 5,1 5,1 12,3:"$ ?men$@ %#)#("( ne%" 35,7 28,9 28,9 28,9 28,9 28,9 69,7?G"n"n'#"@ p(#(" (e '"p#%") 50 0 0 0 0 0 0 :en$ (epe'#"'#n 0 48 48 48 48 48 0


67/94

V")$ e!#(") 370 0 0 0 0 0 0 DLUO =E CAA 355,7 76,9 76,9 76,9 76,9 76,9 69,7

VANN$ '$n+#ene e%en")#>" )" m"n%en'#n

27,70

25. AMIGO E INVERSIONS/@ K7 ;9@ 87 89


68/94

C")')e e) )$ (e '"" (e) p$e'%$ (e n" e'$men("'#n " ! "m#-$ !$*e )" '$n+en#en'#" (e e")#>" e)

p$e'%$. Sp$n-" ;e n$ e#!%en #mpe!%$!.

25.1.Solucin=e) m#!m$ m$($ ;e en e) eemp)$ 2, (e*em$! '$ne''#$n" n )$ (e '"". E) e!)%"($ $*%en#($ !e

me!%" en )" !#-#en%e %"*)"

0 1 2 3 4 5

!nresos

Costos*epreciacione

s Capital+tilidad ,ntes !puestos

!puestos '156)

+tilidad *espus !puestos

*epreciaciones Capital

(28 (3 (4 (158 (15 (172(25 (31 (5 (139 (145 (151

(2 (2 (2 (20 (20 (20(830

(90 (17 (52 (1 (175 (101

(13 (2 (79 (249 (22 (151

(7 (15 (44 (141 (148 (858

(2 (2 (2 (20 (20 (20

(830

FCO 33 41 70 17 174 194

!nersiones

#alor residual

27(107

FCC - (0 (0 (0 (0 (0 (107

FC - (33 (41 (70 (17 (174 (301

#" '146)

!%

(105276

L$! pn%$! #mp$%"n%e! (e !%e p$*)em" !$n e) '&)')$ (e )"! (epe'#"'#$ne! (e )" G/ (e C"p#%").

Re")#>"em$! e) '&)')$ p"" '"(" n$ (e )$!


69/94

D =Valor Activos

=".600

=1.200[M ]tAos vida til $


70/94

/"" $*%ene e) +")$ (e )" G"n"n'#" $ /(#(" (e '"p#%") (e !%$! "'%#+$!, e! ne'e!"#$ '$n$'e e) +")$ (e

e+en%" (e e!%"!, e) '") en !%e '"!$ e! (e 1.500 c:d. Le-$ !e %#ene

i =t Prdida Capitalt =Vt VRt =VA Di VRt =(".600 6 1.200)1.500 ="00 [M ]

i =1

En !%e '"!$ %"m*#n e! p(#(" (e '"p#%") ?m$%#+$! ep)#'"($! "n%e#$men%e@.

V7


71/94

M U%#)#("( (e+en-"(" 0 146 20,45 148,8 1045,33 Impe!%$ " )" Ren%" ?15@ 0 0,00 0,00 22,32 156,80M U%#)#("( Ne%" 0 146,00 20,45 126,48 888,53O =epe'#"'#n Le-") 260 260 390 390O /(#(" (e) Ee'#'#$ "n%e#$ 146 20,45 G"n"n'#"! (e C"p#%") 650

M D)$ (e C"" Ope"'#$n") 0 114,00 385,55 536,93 628,53

D)$ (e C"p#%")e!

0 1 2 3 4

In+e!#n D#" 1300 650O V")$ Re!#(") (e A'%#+$! 1300 C"p#%") (e "*"$ 600O Re'pe"'#n (e C"p#%") (e "*"$ 600O /e!%"m$! 1000 Am$%#>"'#$ne! 215,50 237,05 260,76 286,83M D)$ (e C"p#%")e! 900 215,50 887,05 260,76 1613,17

D)$ (e C""

O D)$ (e C"" Ope"'#$n") 0,00 114,00 385,55 536,93 628,53O D)$ (e C"p#%")e! 900,00 215,50 887,05 260,76 1613,17M D)$ (e C"" /#+"($ 900 101,50 501,5 276,17 2241,700

L" "!" (e C$!%$ (e Op$%n#("( p"" e) empe!"#$ e! (e 8 e") "n").

E) empe!"#$ )e p#(e " U(. ;e )e e'$m#en(e !# '$n+#ene $ n$ "'e e) p$e'%$, '$men%&n($)e !# e#!%en $%"!$p'#$ne! ;e !e"n m&! '$n+en#en%e! ;e )" ;e ) " '$n!#(e"($. /"" %") ee'%$, U(. (e*e e")#>" )$!

!#-#en%e! '&)')$!

?2.0 p%!.@ C")')" e) V")$ /e!en%e Ne%$ (e) /$e'%$ )" IR. Re'$men(" !# *"$ e!%e e!'en"#$ )e '$n+#ene

e")#>" e) p$e'%$.

?1.0 p%!.@ S# e) p$e'%$ p(#e" epe%#!e #n(e#n#("men%e en e) %#emp$, B!e


72/94

26.1. Solucin

/"%e "@

0 1 2 3 4O In-e!$! $pe"'#$n")e! 500 800 1000 1200O G"n"n'#"! (e C"p#%") 650 C$!%$! $pe"'#$n")e! 286 336 386 386 In%ee!e! (e '(#%$ 100 78,45 54,75 28,67 =epe'#"'#n Le-") 260 260 390 390 /(#(" (e) Ee'#'#$ "n%e#$ 146 20,45M U%#)#("( (e+en-"(" 0 146 20,45 148,8 1045,33 Impe!%$ " )" Ren%" ?15@ 0 0,00 0,00 22,32 156,80M U%#)#("( Ne%" 0 146,00 20,45 126,48 888,53O =epe'#"'#n Le-") 260 260 390 390O /(#(" (e) Ee'#'#$ "n%e#$ 146 20,45

G"n"n'#"! (e C"p#%") 650M D)$ (e C"" Ope"'#$n") 0 114,00 385,55 536,93 628,53

In+e!#n D#" 1300 650O V")$ Re!#(") (e A'%#+$! 1300 C"p#%") (e "*"$ 600O Re'pe"'#n (e C"p#%") (e "*"$ 600O /e!%"m$! 1000 Am$%#>"'#$ne! 215,50 237,05 260,76 286,83M D)$ (e C"p#%")e! 900 215,50 887,05 260,76 1613,17


#@ C=87 I7?77 /"" '")')" '$%"! #-")e! %#)#>"m$! e) D"'%$ (e Re'pe"'#n (e C"p#%")C$%" M 315,5/!%"m$ M 1000 DRCM F c ?1@n 1d '$n n M 4 ?"$!@/e


73/94

$%") Am$%#>"($ 1000


74/94

##@ C=87 8 D7/?7


75/94


C&)')$ (e) V/N

V/N M 455,56

2. CALCULAR FC -CORTO

C")')" e) )$ (e '"" " p"%# (e )$! !#-#en%e! ("%$!

A$ 0 1 2 3 4 5

=ESE:JOLSO 22.000

INGRESOS 30.000

GASOS 20.000

ACIVO CIRCULANE 1.500 3.000 3.500 3.800 4.000 4.500

/ASIVO CIRCULANE 1.000 1.500 2.000 2.000 2.500

E) pe'#$ (e +en%" !*#& "n")men%e n 5, m#en%"! ;e )$! '$!%e! !e #n'emen%"&n n 3 )$! ($!

p#me$! "$! n 2 )$! !#-#en%e!. L" "m$%#>"'#n !e& )#ne") $*%en#en($ n +")$ e!#(") #-") ") 10

(e) '$!%e. L" %"!" #mp$!#%#+" "!'#en(e ") 35.

2". CAMPERAE) p$p#e%"#$ (e )" empe!" CA:/ERA,S.A. !e p)"n%e" )" p$!#*#)#("( (e "mp)#" e) ne-$'#$ #n'$p$"n($ "

! p$(''#n %"m*#n )" "*#'"'#n (e '")>"($!. /"" e))$ ne'e!#%" e")#>" $*"! (e "'$n(#'#$n"m#en%$

p$

18.000 e$!. A!< m#!m$ !e ne'e!#%" '$mp" m";#n"#" p$ #mp$%e (e 88.230 e$!, "m$%#>&n($!e (e

$m" )#ne") ("n%e )$! (#e> "$! (e ! +#(" %#), m$men%$ en e) ;e " n$ %en(& +")$ e!#(") ")-n$.

"m*#n e! ne'e!"#$ ");#)" )" n"+e '$n%#-" p$ 14.200 e$! "n")e!, p"-"(e$! " p#n'#p#$! (e '"("

"$.


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L" ne+" #n+e!#n pem#%e e!%#m" n "men%$ (e )"! +en%"! "n")e! (e) ne-$'#$ (e 169.920 e$!, !#en($

p"" e))$ ne'e!"#$ "men%" )$! -"!%$! (e m"%e#"! p#m"! en 81.000 e$! "n")e! )$! -"!%$! (e

pe!$n") en 36.700 e$! ") "$. A(em&! )$! -"!%$! (e )> p"!"&n (e 3.520 " 5.984 e$!, m"n%en#n($!e

e) e!%$ (e -"!%$! -ene")e! en 4.820 e$!. L$! -"!%$! (e#+"($! (e )" #n"n'#"'#n (e) ne+$ p$e'%$!p$nen n p"-$ "n") (e 30.000 e$! (e )$! ;e 3.000 '$e!p$n(en " #n%ee!e! *"n'"#$!.


77/94

Se pe+ n" ("'#n (e 10 "$! p"" e!%e ne-$'#$.

S# e) %#p$ #mp$!#%#+$ !$*e *ene#'#$! e! e) 35, e) '$!%e (e '"p#%") p"" )" empe!" !e m"n%#ene en e) 12

"'%"), B!e" e)

p$e'%$.

29.1. Solucin

D)$ (e C""0 1 2 3 4 5 6

In-e!$! 28.800 36.000 64.800 158.400 165.600 172.800G. =e C"p 1.300C$!%$! 25.300 31.625 56.925 139.150 145.475 151.800=epe'#"'#n 2.600 2.600 2.600 2.600 2.600 2.600

U Ne%"! 900 1.775 5.275 16.650 17.525 17.100=ep 2.600 2.600 2.600 2.600 2.600 2.600G. =e '"p 1.300D $pe"'#$n") 3.500 4.375 7.875 19.250 20.125 18.400

In+e!#n 27.600


78/94

Re+en%" 10.700D '"p#%")e! 27.600 0 0 0 0 0 10.700

DC 27.600 3.500 4.375 7.875 19.250 20.125 29.100V/N?14@ 65.315,27

14

30. PLANTA DE CONCENTRADOS

Se p)"n%e" )" p$!#*#)#("( " n -p$ (e #n+e!#$n#!%"! (e e!%"*)e'e n p$e'%$ (e ")#men%$! '$n'en%"($!

p"" "n#m")e! "!< "%en(e )" (em"n(" (e) me'"($ n"'#$n") ep$%" e) e'e(en%e (e )" p$(''#n,

e!%#m"($ en n 30, " p""'#n p)en". E) pe'#$ (e +en%" p$%$ne)"(" !e e!%#m" en 140,000.

2. E) $#>$n%e (e) p$e'%$ !e " e!%#m"($ en 10 "$!, e) p#me$ p"" )" #n!%")"'#n, )$! 8 !#-#en%e! (en'#$n"m#en%$ e) )%#m$ (e )#;#("'#n.

3. E) m$n%$ (e )"! #n+e!#$ne! e! e) !#-#en%e

". Se "(;#ee n %een$ p$ 70g000,000

*. /"" )" '$n!%''#n (e #n!%")"'#$ne! "*#)e!, $#'#n"! "(m#n#!%"%#+"!, *$(e-"!, +


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#. L$! '$!%$! (e pe*"! pe!%" en m"'" "!'#en(en " 10g000,000.

. E!%e p$e'%$ e! #n%en!#+$ en m"n$ (e $*" n$ '")##'"(" p$ )$ %"n%$ !e pe'#!" n p$-"m" (e '"p"'#%"'#n;e 'e!%" 15g000,000.


80/94

. E) ee'%#+$ !e e!%#m" en 15 (" (e !e-$ '" p#m" "n") "!'#en(e " 22g500,000 p"" )" p$%e''#n (e )"!#n!%")"'#$ne! "*#)e!.

. L$! #mpe!%$! (e #n(!%#" '$me'#$ pe(#") !m"n ") "$ 12g000,000.

. E) '$!%$ (e )" nm#n" "(m#n#!%"%#+" e! (e 160g000,000 ") "$.


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). L$! -"!%$! (e +en%"! !e e!%#m"n en 1O (e )"! +en%"! "n")e!.


82/94

5. Se e'#*e n '(#%$ " 6 "$!, p$ 255 m#))$ne!, '$n n "$ me%$ n" %"!" (e #n%e! (e $men%$ (e)32 "n"). E) '(#%$ !e p"-"& '$n '$%"! #-")e!.

6. E) pe'#$ (e +en%" p$ %$ne)"(" !e " '")')"($ en 140,000.

7. L" empe!" %#ene n" '"p"'#("( #n!%")"(" mm" (e 60,000 %$n ") "$.

8. L"! pe!%"'#$ne! !e e!%#m"n en n 45.

9. L$! "'%#+$! (epe'#")e! %#enen ") )#;#("!e e) p$e'%$ n +")$ '$me'#") e;#+")en%e ") 20 (e ! +")$ (e'$mp".

31. PLANTA PROCESADORA DE MANGO

Un -p$ (e #n+e!#$n#!%"! e!%& #n%ee!"($ en "(e)"n%" n p$e'%$ en ($n(e !e pe%en(e #n!%")" n"

pe;e" p)"n%" p$'e!"($" (e p)p" (e m"n-$, ("(" )" "*n("n'#" (e )" %" en )" e-#n en )"

(#!p$n#*#)#("( (e m"n$ (e $*".

Un e!%(#$ pe)#m#n" "$ )$! !#-#en%e! e!)%"($!

1. A) !e n" epe#en'#" ne+", !e " (e'#(#($ )#m#%" e) p$e'%$ " 6 "$! En e) p#me "$ !e e)"*$"&n)$! e!%(#$! '$mp)emen%"#$! !e ne-$'#"&n )$! e;#p$! ?S$n )"! #n+e!#$ne! ") #n#'#$ (e) p$e'%$@. E)p$e'%$ n'#$n"& ("n%e '#n'$ "$! !e )#;#("& en e) )%#m$. Se e!%#m" ;e e) +")$ (e !")+"men%$

(e )$! e;#p$! !e& (e) 40 (e ! +")$ (e '$mp".

2. L" '"p"'#("( #n!%")"(" %$%") !e " '")')"($ en 500 %$ne)"("! p$ "$.

3. E) pe'#$ (e +en%" en e) me'"($ e! (e 100.000 p$ %$ne)"("

4. E) '$!%$ e!%#m"($ p"" p$'e!" n" %$ne)"(" (e %" e! (e 50.000 (e )$! '")e! n 85 e! '$!%$+"#"*)e. L$! '$!%$! #$! !$n e) 15 (e) '$!%$ #n!%")"($ p"" p$'e!" )" %".

5. L"! #n+e!#$ne! e;e#("! !$n

E;#p$ 70g000.000

E!%(#$! -"!%$! (e m$n%"e 4g000.000

C"p#%") (e %"*"$ 3g000.000


83/94

6. L$! #n+e!#$n#!%"! "p$%"&n 50 m#))$ne! )"! ne'e!#("(e! "(#'#$n")e! (e '"p#%") !e '*#&n '$n n'(#%$ (e 27 m#))$ne!, p"-"(e$ en %e! "$! '$n '$%"! #-")e!, '$n n "$ (e -"'#" n" %"!" (e#n%e! (e) 15 "n").


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7. L" %"!" (e #mpe!%$ p"" e!%" #n(!%#" e) (e) 30

8. L$! p)"ne! (e p$(''#n +en%"! e!%&n ("($! p$ )" %#)#>"'#n (e )" '"p"'#("( #n!%")"(" en n 80p"" e) p#me "$ (e n'#$n"m#en%$Q 90 p"" e) !e-n($ 100 (e "))< en "(e)"n%e.

9. L$! "'%#+$! #$! !e (epe'#"&n en '#n'$ "$! )"! #n+e!#$ne! !e (#e#&n en '#n'$ "$!.

10. N$ !e '$n!#(e"& )" #n)"'#n.

Se e;#ee '$n$'e )$! )$! (e ee'%#+$ (e e!%e p$e'%$ ? S#n #n"n'#"'#n '$n #n"n'#"'#n@.

JALANCE /RELI:INAR

L" #n+e!#n (e )$! !$'#$! (e 50g000.000 '$n!%#%e e) p"%#m$n#$ (e )" empe!".

Sm"($ " )$! 27g000.000 (e) '(#%$ pem#%#& '*# )"! #n+e!#$ne! #n#'#")e! (e

A'%#+$! #$! 70g000.000

=#e#($! 4g000.000

C"p#%") (e %"*"$ 3g000.000

JALANCE INICIAL ?m#)e! @

ACIVOS /ASIVOS

C"" 3g000 O*)#-"'#$ne! 27g000

=#e#($! 4g000 /"%#m$n#$ 50g000

A'%#+$! #$! 70g000

C$n *"!e en )" '"p"'#("( (e )" p)"n%", )$! pe'#$! (e#n#($!, e")#>"em$! n e!%#m"($ (e +en%"!.

VENAS

0 1 2 3 4 5

C"n%#("(e! ?%$n@ 400 450 500 500

Ven%"! 40g000 45g000 50g000 50g000


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En e) p#me "$ n$ " p$(''#n, )" '") !e #n#'#" en e) !e-n($ "$ '$n%#n" "!%" e) !e%$ "$,

#n'emen%&n($!e )" p$(''#n (e "'e($ " )" '"p"'#("( #n!%")"(". En e) !e%$ "$! !e e!pe" )#;#(" )"

empe!". Ap"e'en )$! +")$e! (e +en%" (e )$! e;#p$! e'pe"'#n (e) '"p#%") (e %"*"$.


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/"" e")#>" e) "n&)#!#! e'$nm#'$ (e e!%e '"!$, ne'e!#%"m$! '$n#-" e) )$ (e '"" $ )$ (e ee'%#+$, e)

'") #em$! '$n!%en($ " me(#(" ;e e")#'em$! e) "n&)#!#!.

/RESU/UESO =E INVERSIONES CON RECURSOS /RO/IOS ?m#)e! @

0 1 2 3 4 5 6

A'%#+$! #$! 70g000 28g000

=#e#($! 4g000

C"p#%") (e %"*"$ 3g000 3g000

DLUO =E INVERSION 77g000 31g000

En e) )%#m$ "$ !e +en(en )$! e;#p$! !e e'pe" e) '"p#%") (e %"*"$ S$n #n-e!$!.

COSOS =E O/ERACION ?m#)e! @

0 1 2 3 4 5 6

C$!%$! #$! 3g750 3g750 3g750 3g750 3g750

C$!%$! +"#"*)e! 17g000 19g125 21g250 21g250 21g250

COSOS OALES 20g750 22g875 25g000 25g000 25g000

C$n e!%" "(" #n#'#") !e '$n%#n" '$n$m"n($ )$! )$! (e ee'%#+$, !"n($ )$! '"($! (e) m$(e)$

e!m#($ $ !#mp)##'"($.

32. PRO(ECTO 50 MIL UNIDADESC$n!#(ee e) !#-#en%e p$e'%$ ;e '$n!#(e" p$!#*)e +en(e 50,000 n#("(e! ") "$ (e n p$('%$ " 500

'"(" n" ("n%e )$! p#me$! ($! "$! " 600 " p"%# (e) %e'e "$, '"n($ e) p$('%$ !e ""

'$n!$)#("($ en e) me'"($.

E) e!%(#$ %'n#'$ (e#n# n" %e'n$)$-

In(#e'%$! 5. L$! '$!%$! #$! (e "*#'"'#n !e e!%#m"n en 2,000,000. L$! -"!%$! (e "(m#n#!%"'#n

+en%"! !e e!%#m"n en 800,000 "n")e!. L$! -"!%$! (e +en%" +"#"*)e! '$e!p$n(en " '$m#!#$ne! (e) 2

!$*e )"! +en%"!.


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L" #n+e!#n en '"p#%") (e %"*"$ !e e!%#m" en 4,000.Se $*%en(& n p!%"m$ (e 80,000,000 " n" %"!" (e #n%e! (e 8 ;e (e*e& !e p"-"(" en '$%"!

"n")e! #-")e! ("n%e 8 "$!.

L" %"!" (e #mpe!%$! " )"! %#)#("(e! e! 15 e) '$!%$ (e $p$%n#("( (e) '"p#%") e! 12.


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E) $#>$n%e (e e+")"'#n e! (e 10 "$!, " ;e !e '$n!#(e" ;e (e!p! )"! '$n(#'#$ne! (e me'"($

!e&n m&! e!%"*)e! p$ )$ ;e e) +")$ pe!en%e (e )$! )$! %$! (e )" empe!" e! 139,000.C")')e e) )$ (e '"" e) +")$ pe!en%e ne%$.

2.1. Solucin! "#$ %$c&i"o #'c#l.

33.EMPRESA CA*LEUn" empe!" (e %e)e+#!#n p$ '"*)e !e en'en%" e!%(#"n($ )" '$n+en#en'#" (e #n+e%# en n

p$e'%$ (e "mp)#"'#n (e ! &e" (e !e+#'#$. L$! e!%(#$! %'n#'$! #n(#'"n ;e )" #n+e!#n#n#'#") !e

'$!%$ +"#"*)e p$ !"#$ e! (e!pe'#"*)e )$! '$!%$! -ene"($! p$ )" '$ne#n ") !e+#'#$ !$np"-"($! p$ e) !"#$.

E) '"p#%") (e %"*"$ "(#'#$n") e;e#($ p$ )" empe!" p"" e!%e p$e'%$ e! e;#+")en%e " nme! (e )$! '$!%$! #$! #mp%"*)e! ") p$e'%$.

/$ $%" p"%e, e) e!%(#$ (e me'"($ !e")" ;e e) pe'#$ ;e )"! pe!$n"! e!%&n (#!pe!%"! "p"-" e! (e US 25 men!")e!.

S# )"! epe'%"%#+"! (e !"#$! '$ne'%"($! ") !#!%em" e! )" ;e !e (e%"))" en e) '"($ Nh1, )" %"!" (e

#mpe!%$ (e )" empe!" e! (e 10, e) $#>$n%e (e e+")"'#n (e) p$e'%$ e! (e 10 "$! )" %"!"

(e!'en%$ e)e+"n%e e! (e 12, !e !$)#'#%" ;e

". C$n!%" e) )$ (e '"" (e) p$e'%$ ?50@.*. C")')e e) VAN (e) p$e'%$ ?20@.

C"($ Nh1 E!%#m"'#n (em"n(" ?!"#$! '$ne'%"($!@A$ Nh

U!"#$!1 150

2 1803 2704 3005 " 10 400

.1. Solucin! "#$ %$c&i"o #'c#l.


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34. RENOVACIN DE E$UIPOSU(. (e!e" en$+" ! e;#p$ p$ $%$ m&! m$(en$ ;e pem#%#7 9;/7 100 830 83 830 1739;/7 15 U. D7/7 >7 850 705 70 705 147


90/94

I7?9 F8 N7 705 70 705 147


91/94

VAN 1",262.23

FLUJO INCREMENTAL -ALTERNATIVA *!A

A)O 0 A)O A)O A)O A)OI@?7 30 30 300 3007 /7?7 9;/7 10000 33 33 330 530I;/715 1500 U. D7/7 >7 8500 28 28 280 450I7?9 16000F8 7 7500 28 28 280 450VAN 2,320.54

9@ C$n'ep%$ (e TIR epe!en%" )" %"!" (e #n%ee! m&! ")%" ;e n #n+e!#$n#!%" p$(


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"!" (e (e!'en%$ e)e+"n%e p"" e) !peme'"($ M 10 "n") Impe!%$! " )"! %#)#("(e! M 15 V")$ e!#(") (e )$! (e%e'%$e! M 20 (e ! +")$ (e '$mp"


93/94

L$! (e%e'%$e! !e (epe'#"n en 3 "$! Sp$n-" ;e "'%")men%e )" empe!" n$ pe(e (e!'$n%" !e !! %#)#("(e! )"! p(#("!

p$ $*$.

BC&) e! !#!%em" (e +#-#)"n'#" m&! '$n+en#en%e

5.1. Solucin

/e#$($U989>>7:"$e!

0 1

1.500.0

2

1.500.00

3

1.500.000

4

1.500.00

5

1.500.000C$!%$ $p 200.000 200.000 200.000 200.000 200.000Ven%"(e%e'%$

600.000

"men%$ 300.000 300.000 300.000 1.300.00 1.900.000"men%$ #mpe!%$ 45.000 45.000 45.000 195.000 285.000

F8 >7 CIn+e!#n 3.000.000:"$e! In-e!$! 1.500.0 1.500.00 1.500.000 1.500.00 1.500.000C$!%$ $p 200.000 200.000 200.000 200.000 200.000Ven%" (e%e'%$ 600.000"men%$ #mpe!%$! 45.000 45.000 45.000 195.000 285.000D)$ (e C"" 3.000.000 1.255.0 1.255.00 1.255.000 1.105.00 1.615.000

V")$ pe!en%e 1.878.517JAE 495.548

87?9 B D777 788 ;?>7:"$e! In-e!$!

0 1

800.000

2

800.000

3

800.000

4

800.000C$!%$ $p 250.000 250.000 250.000 250.000Ven%"(e%e'%$ 500.000 500.000 500.000

300.000

"men%$ 50.000 50.000 50.000 850.000"men%$ #mpe!%$ 7.500 7.500 7.500 127.500

F8 >7 CIn+e!#n 1.500.000:"$e! In-e!$! 800.000 800.000 800.000 800.000C$!%$ $p 250.000 250.000 250.000 250.000Ven%" (e%e'%$ 300.000"men%$ #mpe!%$! 7.500 7.500 7.500 127.500D)$ (e C"" 1.500.000 542.500 542.500 542.500 722.500

V")$ pe!en%e 342.594JAE 108.079

87?9 D777 788 ;?


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87?9 7 S7@?9>> 7/7/e#$($U989>>7:"$e! In-e!$!

0 1

600.000

2

600.000

3

600.000C$!%$ A$$ !e)($! -"(#"! 1.000.0 1.000.00 1.000.000"men%$ %#)#("( 350.000 350.000 350.000"men%$ #mpe!%$ 52.500 52.500 52.500

F8 >7 C:"$e! In-e!$! 600.000 600.000 600.000C$!%$ 1.250.000 A$$ !e)($! -"(#"! 1.000.0 1.000.00 1.000.000"men%$ #mpe!%$! 52.500 52.500 52.500D)$ (e C"" 1.250.000 297.500 297.500 1.547.500

V")$ pe!en%e 428.982JAE 172.500

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