proyecto

0
1
2
3

TIR
tasas de desc
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%

C
-$ 1,000.00
$ 1,100.00
-$ 180.00
$ 840.00

40%
VPN-proy 1
760.00
727.95
696.97
667.01
638.03
609.98
582.82
556.51
531.02
506.31
482.34
459.10
436.54
414.65
393.38
372.73
352.66
333.15
314.18
295.73
277.78
260.31
243.30
226.73
210.60
194.88
179.56
164.62
150.05
135.85
121.98

flujo de caja
D
$ 1,000.00
-$ 500.00
$ 660.00
-$ 1,800.00

20%
VPN-proy2
-640.0
-595.1
-552.0
-510.6
-470.8
-432.5
-395.6
-360.2
-326.0
-293.1
-261.5
-230.9
-201.5
-173.1
-145.7
-119.3
-93.7
-69.1
-45.3
-22.2
0.0
21.5
42.3
62.5
81.9
100.8
119.1
136.8
153.9
170.5
186.6

E
-$ 1,600.00
$ 10,000.00
-$ 10,000.00
$ 0.00

25%
400%
VPN-proy3
-1600.0
-1502.0
-1407.8
-1317.2
-1230.2
-1146.5
-1066.0
-988.6
-914.1
-842.5
-773.6
-707.2
-643.4
-581.9
-522.7
-465.8
-410.9
-358.1
-307.3
-258.3
-211.1
-165.7
-121.9
-79.7
-39.1
0.0
37.7
74.0
109.0
142.7
175.1

31%
32%
33%
34%
35%
36%
37%
38%
39%
40%
41%
42%
43%
44%
45%
46%
47%
48%
49%
50%
51%
52%
53%
54%
55%
56%
57%
58%
59%
60%
61%
62%
63%
64%
65%
66%
67%
68%
69%
70%
71%
72%
73%
74%
75%
76%
77%

108.46
95.25
82.36
69.76
57.46
45.44
33.69
22.21
10.98
(10.74)
(21.25)
(31.54)
(41.60)
(51.46)
(61.11)
(70.56)
(79.82)
(88.89)
(97.78)
(106.49)
(115.03)
(123.41)
(131.62)
(139.67)
(147.57)
(155.33)
(162.94)
(170.40)
(177.73)
(184.93)
(192.00)
(198.94)
(205.76)
(212.46)
(219.04)
(225.50)
(231.86)
(238.11)
(244.25)
(250.29)
(256.23)
(262.07)
(267.82)
(273.47)
(279.03)
(284.50)

202.2
217.4
232.1
246.3
260.2
273.6
286.7
299.3
311.6
323.6
335.2
346.6
357.6
368.2
378.7
388.8
398.6
408.2
417.6
426.7
435.5
444.2
452.6
460.8
468.8
476.6
484.2
491.6
498.8
505.9
512.7
519.5
526.0
532.4
538.7
544.8
550.8
556.6
562.3
567.9
573.3
578.7
583.9
589.0
593.9
598.8
603.6

206.4
236.5
265.6
293.5
320.4
346.4
371.3
395.4
418.5
440.8
462.3
482.9
502.8
521.9
540.3
558.0
575.0
591.4
607.1
622.2
636.7
650.7
664.1
676.9
689.3
701.1
712.5
723.3
733.8
743.8
753.3
762.4
771.2
779.5
787.5
795.1
802.4
809.3
815.9
822.1
828.1
833.7
839.1
844.2
849.0
853.5
857.8

78%
79%
80%
81%
82%
83%
84%
85%
86%
87%
88%
89%
90%
91%
92%
93%
94%
95%
96%
97%
98%
99%
100%
101%
102%
103%
104%
105%
106%
107%
108%
109%
110%
111%
112%
113%
114%
115%
116%
117%
118%
119%
120%
121%
122%
123%
124%

(289.89)
(295.19)
(300.41)
(305.55)
(310.61)
(315.59)
(320.50)
(325.33)
(330.09)
(334.78)
(339.40)
(343.96)
(348.45)
(352.87)
(357.23)
(361.53)
(365.77)
(369.95)
(374.07)
(378.13)
(382.14)
(386.10)
(390.00)
(393.85)
(397.65)
(401.39)
(405.09)
(408.74)
(412.35)
(415.90)
(419.41)
(422.88)
(426.30)
(429.68)
(433.02)
(436.32)
(439.57)
(442.79)
(445.97)
(449.11)
(452.21)
(455.27)
(458.30)
(461.29)
(464.25)
(467.18)
(470.07)

608.2
612.8
617.3
621.7
625.9
630.1
634.3
638.3
642.2
646.1
649.9
653.6
657.2
660.8
664.3
667.7
671.1
674.4
677.6
680.8
683.9
687.0
690.0
692.9
695.8
698.7
701.5
704.2
706.9
709.5
712.1
714.7
717.2
719.7
722.1
724.5
726.8
729.1
731.4
733.6
735.8
737.9
740.0
742.1
744.2
746.2
748.2

861.8
865.6
869.1
872.5
875.5
878.4
881.1
883.6
885.8
887.9
889.8
891.5
893.1
894.4
895.7
896.7
897.6
898.4
899.0
899.4
899.7
899.9
900.0
899.9
899.8
899.5
899.0
898.5
897.9
897.1
896.3
895.4
894.3
893.2
892.0
890.7
889.3
887.8
886.3
884.7
883.0
881.2
879.3
877.4
875.4
873.4
871.3

125%
126%
127%
128%
129%
130%
131%
132%
133%
134%
135%
136%
137%
138%
139%
140%
141%
142%
143%
144%
145%
146%
147%
148%
149%
150%
151%
152%
153%
154%
155%
156%
157%
158%
159%
160%
161%
162%
163%
164%
165%
166%
167%
168%
169%
170%
171%

(472.92)
(475.75)
(478.54)
(481.30)
(484.03)
(486.73)
(489.40)
(492.04)
(494.65)
(497.23)
(499.78)
(502.31)
(504.81)
(507.28)
(509.73)
(512.15)
(514.55)
(516.92)
(519.27)
(521.59)
(523.89)
(526.16)
(528.42)
(530.65)
(532.85)
(535.04)
(537.20)
(539.35)
(541.47)
(543.57)
(545.65)
(547.71)
(549.75)
(551.77)
(553.77)
(555.76)
(557.72)
(559.67)
(561.60)
(563.51)
(565.40)
(567.27)
(569.13)
(570.97)
(572.80)
(574.61)
(576.40)

750.1
752.0
753.9
755.8
757.6
759.4
761.2
763.0
764.7
766.4
768.0
769.7
771.3
772.9
774.5
776.0
777.6
779.1
780.6
782.0
783.5
784.9
786.3
787.7
789.1
790.4
791.7
793.0
794.3
795.6
796.9
798.1
799.3
800.5
801.7
802.9
804.1
805.2
806.4
807.5
808.6
809.7
810.7
811.8
812.9
813.9
814.9

869.1
866.9
864.6
862.3
859.9
857.5
855.0
852.4
849.9
847.2
844.5
841.8
839.1
836.3
833.4
830.6
827.6
824.7
821.7
818.7
815.7
812.6
809.5
806.3
803.2
800.0
796.8
793.6
790.3
787.0
783.7
780.4
777.0
773.7
770.3
766.9
763.4
760.0
756.5
753.1
749.6
746.1
742.6
739.1
735.5
732.0
728.4

172%
173%
174%
175%
176%
177%
178%
179%
180%
181%
182%
183%
184%
185%
186%
187%
188%
189%
190%
191%
192%
193%
194%
195%
196%
197%
198%
199%
200%
201%
202%
203%
204%
205%
206%
207%
208%
209%
210%
211%
212%
213%
214%
215%
216%
217%
218%

(578.18)
(579.94)
(581.68)
(583.41)
(585.13)
(586.83)
(588.51)
(590.18)
(591.84)
(593.48)
(595.11)
(596.72)
(598.32)
(599.91)
(601.48)
(603.04)
(604.59)
(606.13)
(607.65)
(609.16)
(610.66)
(612.15)
(613.62)
(615.08)
(616.53)
(617.97)
(619.40)
(620.82)
(622.22)
(623.62)
(625.00)
(626.37)
(627.74)
(629.09)
(630.43)
(631.76)
(633.08)
(634.39)
(635.70)
(636.99)
(638.27)
(639.54)
(640.81)
(642.06)
(643.30)
(644.54)
(645.77)

815.9
816.9
817.9
818.9
819.9
820.8
821.8
822.7
823.6
824.5
825.4
826.3
827.2
828.1
828.9
829.8
830.6
831.4
832.3
833.1
833.9
834.7
835.5
836.2
837.0
837.8
838.5
839.3
840.0
840.7
841.5
842.2
842.9
843.6
844.3
845.0
845.6
846.3
847.0
847.6
848.3
848.9
849.6
850.2
850.8
851.4
852.1

724.8
721.2
717.7
714.0
710.4
706.8
703.2
699.6
695.9
692.3
688.6
685.0
681.3
677.6
673.9
670.3
666.6
662.9
659.2
655.5
651.8
648.1
644.4
640.7
637.0
633.3
629.6
625.9
622.2
618.5
614.8
611.1
607.4
603.7
600.0
596.3
592.6
588.9
585.2
581.5
577.8
574.2
570.5
566.8
563.1
559.4
555.8

219%
220%
221%
222%
223%
224%
225%
226%
227%
228%
229%
230%
231%
232%
233%
234%
235%
236%
237%
238%
239%
240%
241%
242%
243%
244%
245%
246%
247%
248%
249%
250%
251%
252%
253%
254%
255%
256%
257%
258%
259%
260%
261%
262%
263%
264%
265%

(646.98)
(648.19)
(649.39)
(650.59)
(651.77)
(652.94)
(654.11)
(655.27)
(656.42)
(657.56)
(658.70)
(659.82)
(660.94)
(662.05)
(663.15)
(664.25)
(665.34)
(666.42)
(667.49)
(668.56)
(669.62)
(670.67)
(671.71)
(672.75)
(673.78)
(674.81)
(675.83)
(676.84)
(677.84)
(678.84)
(679.83)
(680.82)
(681.80)
(682.77)
(683.73)
(684.69)
(685.65)
(686.60)
(687.54)
(688.47)
(689.40)
(690.33)
(691.25)
(692.16)
(693.07)
(693.97)
(694.87)

852.7
853.3
853.9
854.5
855.0
855.6
856.2
856.8
857.3
857.9
858.5
859.0
859.5
860.1
860.6
861.2
861.7
862.2
862.7
863.2
863.7
864.2
864.7
865.2
865.7
866.2
866.7
867.2
867.6
868.1
868.6
869.0
869.5
870.0
870.4
870.8
871.3
871.7
872.2
872.6
873.0
873.5
873.9
874.3
874.7
875.1
875.5

552.1
548.4
544.8
541.1
537.5
533.8
530.2
526.5
522.9
519.3
515.6
512.0
508.4
504.8
501.2
497.6
494.0
490.4
486.8
483.3
479.7
476.1
472.6
469.0
465.5
461.9
458.4
454.9
451.3
447.8
444.3
440.8
437.3
433.8
430.4
426.9
423.4
419.9
416.5
413.0
409.6
406.2
402.7
399.3
395.9
392.5
389.1

266%
267%
268%
269%
270%
271%
272%
273%
274%
275%
276%
277%
278%
279%
280%
281%
282%
283%
284%
285%
286%
287%
288%
289%
290%
291%
292%
293%
294%
295%
296%
297%
298%
299%
300%
301%
302%
303%
304%
305%
306%
307%
308%
309%
310%
311%
312%

(695.76)
(696.64)
(697.52)
(698.40)
(699.27)
(700.13)
(700.99)
(701.84)
(702.69)
(703.54)
(704.38)
(705.21)
(706.04)
(706.86)
(707.68)
(708.50)
(709.31)
(710.11)
(710.91)
(711.71)
(712.50)
(713.29)
(714.07)
(714.85)
(715.62)
(716.39)
(717.16)
(717.92)
(718.67)
(719.43)
(720.17)
(720.92)
(721.66)
(722.39)
(723.13)
(723.85)
(724.58)
(725.30)
(726.01)
(726.72)
(727.43)
(728.14)
(728.84)
(729.53)
(730.23)
(730.92)
(731.60)

875.9
876.3
876.7
877.1
877.5
877.9
878.3
878.7
879.1
879.5
879.8
880.2
880.6
881.0
881.3
881.7
882.0
882.4
882.8
883.1
883.5
883.8
884.2
884.5
884.8
885.2
885.5
885.9
886.2
886.5
886.8
887.2
887.5
887.8
888.1
888.4
888.8
889.1
889.4
889.7
890.0
890.3
890.6
890.9
891.2
891.5
891.8

385.7
382.3
379.0
375.6
372.2
368.9
365.5
362.2
358.9
355.6
352.2
348.9
345.6
342.3
339.1
335.8
332.5
329.3
326.0
322.8
319.5
316.3
313.1
309.8
306.6
303.4
300.2
297.1
293.9
290.7
287.6
284.4
281.3
278.1
275.0
271.9
268.8
265.7
262.6
259.5
256.4
253.3
250.2
247.2
244.1
241.1
238.1

313%
314%
315%
316%
317%
318%
319%
320%
321%
322%
323%
324%
325%
326%
327%
328%
329%
330%
331%
332%
333%
334%
335%
336%
337%
338%
339%
340%
341%
342%
343%
344%
345%
346%
347%
348%
349%
350%
351%
352%
353%
354%
355%
356%
357%
358%
359%

(732.28)
(732.96)
(733.64)
(734.31)
(734.98)
(735.64)
(736.30)
(736.96)
(737.62)
(738.27)
(738.91)
(739.56)
(740.20)
(740.84)
(741.47)
(742.10)
(742.73)
(743.36)
(743.98)
(744.60)
(745.21)
(745.82)
(746.43)
(747.04)
(747.64)
(748.24)
(748.84)
(749.44)
(750.03)
(750.62)
(751.20)
(751.79)
(752.37)
(752.94)
(753.52)
(754.09)
(754.66)
(755.23)
(755.79)
(756.35)
(756.91)
(757.47)
(758.02)
(758.57)
(759.12)
(759.66)
(760.21)

892.1
892.4
892.7
892.9
893.2
893.5
893.8
894.1
894.3
894.6
894.9
895.2
895.4
895.7
896.0
896.2
896.5
896.8
897.0
897.3
897.6
897.8
898.1
898.3
898.6
898.8
899.1
899.3
899.6
899.8
900.1
900.3
900.5
900.8
901.0
901.3
901.5
901.7
902.0
902.2
902.4
902.7
902.9
903.1
903.3
903.6
903.8

235.0
232.0
229.0
226.0
223.0
220.0
217.0
214.1
211.1
208.1
205.2
202.2
199.3
196.4
193.5
190.5
187.6
184.7
181.9
179.0
176.1
173.2
170.4
167.5
164.7
161.8
159.0
156.2
153.4
150.6
147.8
145.0
142.2
139.4
136.7
133.9
131.1
128.4
125.7
122.9
120.2
117.5
114.8
112.1
109.4
106.7
104.0

360%
361%
362%
363%
364%
365%
366%
367%
368%
369%
370%
371%
372%
373%
374%
375%
376%
377%
378%
379%
380%
381%
382%
383%
384%
385%
386%
387%
388%
389%
390%
391%
392%
393%
394%
395%
396%
397%
398%
399%
400%

(760.75)
(761.28)
(761.82)
(762.35)
(762.88)
(763.41)
(763.94)
(764.46)
(764.98)
(765.50)
(766.02)
(766.53)
(767.04)
(767.55)
(768.06)
(768.56)
(769.06)
(769.56)
(770.06)
(770.56)
(771.05)
(771.54)
(772.03)
(772.52)
(773.00)
(773.49)
(773.97)
(774.44)
(774.92)
(775.39)
(775.87)
(776.34)
(776.81)
(777.27)
(777.74)
(778.20)
(778.66)
(779.12)
(779.57)
(780.03)
(780.48)

904.0
904.2
904.4
904.7
904.9
905.1
905.3
905.5
905.7
905.9
906.2
906.4
906.6
906.8
907.0
907.2
907.4
907.6
907.8
908.0
908.2
908.4
908.6
908.8
909.0
909.2
909.4
909.6
909.8
910.0
910.1
910.3
910.5
910.7
910.9
911.1
911.3
911.5
911.6
911.8
912.0

101.3
98.7
96.0
93.3
90.7
88.1
85.4
82.8
80.2
77.6
75.0
72.4
69.8
67.2
64.6
62.0
59.5
56.9
54.4
51.8
49.3
46.8
44.3
41.7
39.2
36.7
34.2
31.7
29.3
26.8
24.3
21.9
19.4
17.0
14.5
12.1
9.7
7.2
4.8
2.4
0.0

VPN vs TASA DE DESCUENTO

1,500.00
1,000.00

VPN

500.00
PROYECTO C

(500.00)

0%

100%

200%

300%

500%

PROYECTO D
PROYECTO E

(1,000.00)
(1,500.00)
(2,000.00)

400%

TASA DE DESCUENTO

tasa de descuento
tasa de reinversion

30%
30%

C
-$ 1,000.00
$ 1,100.00
-$ 180.00
$ 840.00

flujo de caja
D
$ 1,000.00
-$ 500.00
$ 660.00
-$ 1,800.00

METODOS DE EVALUACION
VPN
$ 121.98

$ 186.62

proyecto
0
1
2
3

TIR
TIR pond
TIRM

periodo
0
1
2
3

VPN
TIR

40%
30.70%
35%

20%
31.07%
36%

E
-$ 1,600.00
$ 10,000.00
-$ 10,000.00
$ 0.00

$ 175.15
25%
400%
31.00%
31%

Flujo convencional
ajuste flujo de reinversion al
C
caja
periodo 3
-$ 1,000.00
-$ 1,106.51
$ 1,100.00
$ 1,100.00
$ 1,859.00
-$ 180.00
$ 0.00
$ 0.00
$ 840.00
$ 840.00
$ 840.00

$ 121.98
40%

VPN
TIR con reinv
TIRM

Segn VPN cul es la mejor ??? AZ

Hay o no contradiccin con el VPN??? AZC

segn este criterio cul es mejor?? Comparado con el VPN hay o
Tir con reinversin de fondos liberados por el proyecto, ms no i

flujo de caja
(reinv)
-$ 1,106.51
$ 0.00
$ 0.00
$ 2,699.00

$ 121.98
34.61%
34.61%

inversion
flujo total de
sobrante
reinversion
-$ 6,410.65
-$ 7,517.16
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 14,084.20
$ 16,783.20

$ 0.00
30.0%

$ 121.98
30.7%

Alternativa mas costosa

periodo
0
1
2
3
VPN

E
-$ 1,600.00
$ 10,000.00
-$ 10,000.00
$ 0.00
$ 175.15
25%
400%

TIR

ajuste flujo reinversion flujo de caja

de caja
al periodo 3
(reinv)
-$ 7,517.16
-$ 7,517.16
$ 10,000.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00 $ 16,900.00 $ 16,900.00
VPN
TIR con reinv
TIRM

$ 175.15
31.0%
31%

omparado con el VPN hay o no coincidencia??? AZC

os por el proyecto, ms no incluye info sobre el sobrante.AZC

periodo
0
1
2
3
Mira la consistencia del VPN en todos
los casos. AZC
VPN
TIR

D
$ 1,000.00
-$ 500.00
$ 660.00
-$ 1,800.00

$ 186.62
20%

ajuste flujo reinversion flujo de caja

de caja
al periodo 3
(reinv)
-$ 1,203.91
-$ 1,203.91
$ 0.00
$ 0.00
$ 0.00
$ 660.00
$ 858.00
$ 0.00
$ 2,197.00
$ 2,197.00
$ 3,055.00

VPN
TIR con reinv
TIRM

$ 186.62
36%
36%

inversion flujo total de

sobrante
reinversion
-$ 6,313.25
-$ 7,517.16
$ 0.00
0
$ 0.00
0
$ 13,870.20
$ 16,925.20

$ 186.62
31.1%

Tasa de descuento
tasa de reinversion
Maquina
Onondaga
Oneida
Cayuga
Tuscarora
Seneca
Tisquesusa

30%
30%
Inversion ($) Ahorro anual ($)
30,000.00
11,000.00
50,000.00
17,000.00
55,000.00
19,000.00
60,000.00
20,000.00
70,000.00
25,000.00
75,000.00
27,000.00

FLUJOS DE CAJA
Onondaga
Oneida
Cayuga
Tuscarora
Seneca
Tisquesusa

0
(30,000.00)
(50,000.00)
(55,000.00)
(60,000.00)
(70,000.00)
(75,000.00)

1
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

TIR
34.82%
31.86%
32.47%
31.11%
33.77%
34.08%

2
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

TIR incr

27.32%
38.45%
15.10%
49.08%
38.45%

VNA
$ 34,006.93
$ 52,556.17
$ 58,739.25
$ 61,830.79
$ 77,288.49
$ 83,471.57

3
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

4
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

inversion
sobrante
(25,000.00)
-

flujo total de
reinversion
(75,000.00)
-

alternativa mas costosa

periodo
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR

Tisquesusa
(75,000.00)
27,000.00
27,000.00
27,000.00
27,000.00
27,000.00
27,000.00
27,000.00
27,000.00
27,000.00
27,000.00

reinversion al
periodo 10
$ 286,321.48
$ 220,247.29
$ 169,421.00
$ 130,323.84
$ 100,249.11
$ 77,114.70
$ 59,319.00
$ 45,630.00
$ 35,100.00
$ 27,000.00

8,471.57 VPN
34% TIR con reinv
TIRM
TIR pond

periodo
0
1
2
3

Oneida
(50,000.00)
17,000.00
17,000.00
17,000.00

reinversion al
periodo 10
$ 180,276.49
$ 138,674.22
$ 106,672.48

flujo de caja
(reinver)
(75,000.00)
$ 1,150,726.43
8,471.57
31%
31%
#NAME?
flujo de caja
(reinver)
(50,000.00)
-

4
5
6
7
8
9
10
VPN
TIR

$ 82,055.75
$ 63,119.81
$ 48,553.70
$ 37,349.00
$ 28,730.00
$ 22,100.00
$ 17,000.00

2,556.17 VPN
32% TIR con reinv

periodo
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR

17,000.00
17,000.00
17,000.00
17,000.00
17,000.00
17,000.00
17,000.00

Tuscarora
(60,000.00)
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00

reinversion al
periodo 10
$ 212,089.99
$ 163,146.14
$ 125,497.03
$ 96,536.18
$ 74,258.60
$ 57,122.00
$ 43,940.00
$ 33,800.00
$ 26,000.00
$ 20,000.00

1,830.79 VPN
31% TIR con reinv

$ 724,531.45
2,556.17
31%

$ 344,646.23 $ 1,069,177.68
30%

2,556.17
30.4364%

flujo de caja
inversion
flujo total de
(reinver)
sobrante
reinversion
(60,000.00)
(15,000.00)
(75,000.00)
$ 852,389.95 $ 206,787.74 $ 1,059,177.68
1,830.79
30%

30%

1,830.79
30.3139%

VPN
$ 4,006.93
$ 2,556.17
$ 3,739.25
$ 1,830.79
$ 7,288.49
$ 8,471.57

TIR Pond
30.68%
30.44%
30.63%
30.31%
31.21%
31.40%

5
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

6
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

periodo
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR

7
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

Onondaga
(30,000.00)
11,000.00
11,000.00
11,000.00
11,000.00
11,000.00
11,000.00
11,000.00
11,000.00
11,000.00
11,000.00

8
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

reinversion al
periodo 10
$ 116,649.49
$ 89,730.38
$ 69,023.37
$ 53,094.90
$ 40,842.23
$ 31,417.10
$ 24,167.00
$ 18,590.00
$ 14,300.00
$ 11,000.00

4,006.93 VPN
35% TIR con reinv

periodo
0
1
2
3

Cayuga
(55,000.00)
19,000.00
19,000.00
19,000.00

reinversion al
periodo 10
$ 201,485.49
$ 154,988.84
$ 119,222.18

9
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

10
11,000.00
17,000.00
19,000.00
20,000.00
25,000.00
27,000.00

flujo de caja
(reinver)
(30,000.00)
$ 468,814.47

inversion
sobrante
(45,000.00)
$ 620,363.21

4,006.93
32%

30%

flujo de caja
(reinver)
(55,000.00)
-

inversion
sobrante
(20,000.00)
-

4
5
6
7
8
9
10
VPN
TIR

$ 91,709.37
$ 70,545.67
$ 54,265.90
$ 41,743.00
$ 32,110.00
$ 24,700.00
$ 19,000.00

3,739.25 VPN
32% TIR con reinv

periodo
0
1
2
3
4
5
6
7
8
9
10
VPN
TIR

19,000.00
19,000.00
19,000.00
19,000.00
19,000.00
19,000.00
19,000.00

Seneca
(70,000.00)
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00
25,000.00

reinversion al
periodo 10
$ 265,112.48
$ 203,932.68
$ 156,871.29
$ 120,670.23
$ 92,823.25
$ 71,402.50
$ 54,925.00
$ 42,250.00
$ 32,500.00
$ 25,000.00

7,288.49 VPN
34% TIR con reinv

$ 809,770.45

$ 275,716.98

3,739.25
31%

30%

flujo de caja
(reinver)
(70,000.00)
$ 1,065,487.43

inversion
sobrante
(5,000.00)
$ 68,929.25

7,288.49
31%

30%

flujo total de
reinversion
(75,000.00)
$ 1,089,177.68
4,006.93
30.6784%

flujo total de
reinversion
(75,000.00)
-

$ 1,085,487.43
3,739.25
30.6340%
flujo total de
reinversion
(75,000.00)
$ 1,134,416.68
7,288.49
31.2113%

TIO

30%

FLUJO DE CAJA
AOS
0
Propuesta A
(30,000.00)
Propuesta B
(50,000.00)
Propuesta C
(70,000.00)
Propuesta D
(100,000.00)
Propuesta E
(140,000.00)

1
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

2
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

3
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

4
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

5
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

NOTA
a pesar de que los metodos de la TIR y el VPN pueden no ser consistentes bajo los supuestos de
este caso los metodos coinciden. Tanto como para la TIR como para el VPN las alternativas B y
justificables

RESPUESTA
La propuesta que debe escoger el inversionista es la E, debido que esta es la que genera
un mayor remanente o una mayor ganacia a una tasa de oportunidad del 30%

6
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

7
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

8
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

9
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

10
12,000.00
14,000.00
20,000.00
34,000.00
58,000.00

den no ser consistentes bajo los supuestos de alternativas mutuamente expluyentes, para
a la TIR como para el VPN las alternativas B y C deben se rechazadas, es decir, que no son
justificables

TIR
38%
25%
26%
32%
40%

VNA
$ 37,098.47
$ 43,281.55
$ 61,830.79
$ 105,112.34
$ 179,309.29

VPN
Ordenamiento
$ 7,098.47
2
($ 6,718.45)
4
($ 8,169.21)
5
$ 5,112.34
3
$ 39,309.29
1

tasa de descuento
Alternativa
en $
A
B
C

VPN
A
B
C

10%
periodo

0
(1,000.00)
(1,000.00)
(1,000.00)

1
100.00
264.00
0

2
100.00
264.00
0

3
100.00
264.00
0

4
100.00
264.00
1,762.00

5
100.00
264.00
0

tasa de descuento 10%

(620.92)
0.77
203.47

Para hallar la TIR ponderada

NPER
0
1
2
3
4
5
VPN
TIR

A
(1,000.00)
100.00
100.00
100.00
100.00
100.00

reinversion al flujo de caja

periodo 5
de la reinv
(1,000.00)
$ 146.41
$ 0.00
$ 133.10
$ 0.00
$ 121.00
$ 0.00
$ 110.00
$ 0.00
$ 100.00
$ 610.51

($ 620.92) VPN
-19% TIR con reinv
TIRM

(620.92)
-9%
-9%

Para hallar la TIR incremental.

NPER
0
1
2
3
4
5
TIR INC

B
(1,000.00)
264.00
264.00
264.00
264.00
264.00

C
(1,000.00)
$ 0.00
$ 0.00
$ 0.00
1,762.00
$ 0.00

B-C
264.00
264.00
264.00
(1,498.00)
264.00
26%

NPER
0
1
2
3
4
5
VPN
TIR

B
(1,000.00)
264.00
264.00
264.00
264.00
264.00
$ 0.77
10%

Criterios
VPN
TIR pond
TIR incre

A
(620.92)
-9%

reinversion al flujo de caja

periodo 5
de la reinv
(1,000.00)
$ 386.52
$ 0.00
$ 351.38
$ 0.00
$ 319.44
$ 0.00
$ 290.40
$ 0.00
$ 264.00
$ 1,611.75
VPN
TIR con reinv
TIRM

611.75
10%
10%

C
203.47
14%

0.77
10%

NPER
0
1
2
3
4
5
VPN
TIR

C
(1,000.00)
$ 0.00
$ 0.00
$ 0.00
1,762.00
$ 0.00

reinversion al flujo de caja

periodo 5
de la reinv
(1,000.00)
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 1,938.20
$ 0.00
$ 0.00
$ 1,938.20

$ 203.47 VPN
15% TIR con reinv
TIRM

938.20
14%
14%