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UNIVERSIDAD DE EL

FACULTAD
SALVADOR
Catedra:
Ingeniera
Tema:
Anlisis de Reemplazo
Adicional para el
Determinacin de la
Nuevo Activo
Carrera:
Ingeniera Civil

MULTIDISCIPLI
NARIA
ORIENTAL
DEPARTAMEN
TO DE
INGENIERIA Y
ARQUITECTUR
A

econmica
para Retencin
Defensor
Vida Econmica de un

Ciudad Universitaria Oriental, San Miguel, Lunes 10 de Noviembre de 2014


1. Una empresa constructora posee en la actualidad un tractor que
tiene un valor de mercado de $80,000. Los gastos de operacin y

mantenimiento y su valor de mercado al final de cada uno de los 5


aos que le quedan de vida til se presentan a continuacin:
Ao
Gastos de Operacin
y Mantenimiento
Valor de Mercado

1
$20,0
00
$70,0
00

2
$25,0
00
$60,0
00

3
$38,0
00
$50,0
00

4
$45,0
00
$40,0
00

5
$47,0
00
$30,0
00

La compaa est pensando en reemplazar con un tractor nuevo


de mayor capacidad, el precio de compra es de $220,000 y sus
gastos de operacin y mantenimiento, y el valor de mercado para
cada uno de los prximos cinco aos son los siguientes:
Ao
Gastos de
Operacin y
Mantenimient
o
Valor de
Mercado

1
$10,0
00

2
$12,0
00

3
$16,0
00

4
$17,0
00

5
$20,
000

$180,
000

$150,
000

$120,
000

$100,
000

$90,
000

Si se utiliza una tasa de retorno del 12%. Debera adquirirse el


nuevo tractor? Si as fuera, En qu tiempo se realizara el cambio?
Con el Mtodo del Valor Presente (VP) Se tiene que:
Valor Presente del Defensor (VPD):
VPD= [80,000 + 70,000(P/A, 12%, 5)-10,000(P/G, 12%, 5)][20,000(P/F, 12%, 1) + 25,000(P/F, 12%, 2) + 38,000(P/F,
12%, 3) + 45,000(P/F, 12%, 4) + 47,000(P/F, 12%, 5)]
VPD=[80,000 + 70,000(3.6048)-10,000(6.3970)][20,000(0.8929) + 25,000(0.7972) + 38,000(0.7118) +
45,000(0.6355) + 47,000(0.5674)]
VPD=268,366-120,101.7
VPD= $148,264.30
Valor Presente del Retador (VPR):
VPR=[180,000(P/F, 12%, 1) + 150,000(P/F, 12%, 2) +
120,000(P/F, 12%, 3) + 100,000(P/F, 12%, 4) + 90,000(P/F,
12%, 5)]-[220,000 + 10,000(P/F, 12%, 1) + 12,000(P/F, 12%,
2) + 16,000(P/F, 12%, 3) + 17,000(P/F, 12%, 4) + 20,000(P/F,
12%, 5)]

VPR=[180,000(0.8929) + 150,000(0.7972) +
120,000(0.7118) + 100,000(0.6355) + 90,000(0.5674)][220,000 + 10,000(0.8929) + 12,000(0.7972) +
16,000(0.7118) + 17,000(0.6355) + 20,000(0.5674)]
VPR=480,334-270,035.7
VPR= $208,298.30
El nuevo tractor genera un VP mayor, Esto significa que
sera mayor rentable su adquisicin.
Para ver en qu ao tendra que ser realizado su cambio, se hace
uso de la siguiente tabla:
N

VM

Perdida
del VM

80,00
0
70,00
0
60,00
0
50,00
0
40,00
0
30,00
0

------------10,000

1
2
3
4
5

Costo del
Capital=
12% del VM
al principio
del ao.

Gastos
anuale
s.

Costo
total
(Marginal)
(VM+CC+
GA)

------------------ -----------9,600
20,000

--------------

CAUE
(Costo
Anual
Uniforme
Equivalen
te)
------------

39,600

39,600
41,393.16
0
45,485.13
5
48,730.44
3
50,787.91
3

10,000

8,400

25,000

43,400

10,000

7,200

38,000

55,200

10,000

6,000

45,000

61,000

10,000

4,800

47,000

61,800

CAUE12%(1ao)=80,000(A/P, 12%, 1)-70,000(A/F, 12%, 1) +


[20,000(P/F, 12%, 1) (A/P, 12%, 1)]
CAUE12%(1ao)=19,600+20,000
CAUE12%(1ao)=$39,600.00
CAUE12%(2ao)=80,000(A/P, 12%, 2)-60,000(A/F, 12%, 2) +
[20,000(P/F, 12%, 1) + 25,000(P/F, 12%, 2)] (A/P, 12%, 2)
CAUE12%(2ao)=19,034 + 22,359.16
CAUE12%(2ao)=$41,393.160

CAUE12%(3ao)=80,000(A/P, 12%, 3)-50,000(A/F, 12%, 3) +


[20,000(P/F, 12%, 1) + 25,000(P/F, 12%, 2) + 38,000(P/F,
12%, 3)] (A/P, 12%, 3)
CAUE12%(3ao)=18,490.5 + 26,994.635
CAUE12%(3ao)=$45,485.135
CAUE12%(4ao)=80,000(A/P, 12%, 4)-50,000(A/F, 12%, 4) +
[20,000(P/F, 12%, 1) + 25,000(P/F, 12%, 2) + 38,000(P/F,
12%, 3) + 45,000(P/F, 12%, 4)] (A/P, 12%, 4)
CAUE12%(4ao)=17,969.20 + 30,761.243
CAUE12%(4ao)=$48,730.443
CAUE12%(5ao)=80,000(A/P, 12%, 5)-50,000(A/F, 12%, 5) +
[20,000(P/F, 12%, 1) + 25,000(P/F, 12%, 2) + 38,000(P/F,
12%, 3) + 45,000(P/F, 12%, 4) + 47,000(P/F, 12%, 5)] (A/P,
12%, 5)
CAUE12%(5ao)=17,470.50 + 33,317.413
CAUE12%(5ao)=$50,787.913
CAUE12%(1ao)= $39,600.00 es mnimo.
Para obtener ms beneficios econmicos es ms
conveniente comprar el nuevo tractor ya que el activo
presente produce menos ganancias. La compra debe
hacerse en el ao 1

2. Una empresa debe tomar la decisin de mantener o cambiar un


activo, uno nuevo costar $20,000, durar siete aos y tendr
costos anuales de mantenimiento de $300 el primer ao y
aumentando del segundo al cuarto ao en $100. A partir del quinto
ao se mantiene constante. Podr venderse al final de su vida til
en $3,000.
Se tienen los valores esperados de mantenimiento y valor de
mercado para el actual equipo.
Ao Adicional de
Retencin
1
2
3

Mantenimiento
Anual
$2,800
$2,500
$1,500

Valor de Mercado
$2,500
$2,000
$1,500

Se considera que no debe mantenerse el actual activo ms de tres


aos adicionales, tiempo en el cual tendr un precio de mercado
de $1,000, utilizando un TMAR igual al 15%. Hasta cundo se
mantendr el activo actual?
Para el defensor:
Ao 1
VA= -$1000(A/P, 15%, 1) + $2500(A/F, 15%, 1) [$2800(P/F,
15%, 1)] (A/P, 15%, 1)
VA= -$1000(1.15000) + $2500(1.0000) [$2800(0.8696)]
(1.1500)
VA= -$1,450.11 VUE
Ao 2
VA= -$1000(A/P, 15%, 2) + $2000(A/F, 15%, 2) [$2800(P/F,
15%, 1) + $2500 (P/F, 15%, 2)] (A/P, 15%, 2)
VA= -$1000(0.61512) + $2000(0.46512) [$2800(0.8696) +
$2500(0.7561)] (1.1500)
VA= -$2,345.35
Ao 3
VA= -$1000(A/P, 15%, 3) + $1500(A/F, 15%, 3) [$2800(P/F,
15%, 1) + $2500 (P/F, 15%, 2) + $1500(P/F, 15%, 3)] (A/P,
15%, 3)
VA= -$1000(0.43798) + $1500(0.28798) [$2800(0.8696) +
$2500(0.7561) + $1500(0.6575)] (0.43798)
VA= -$2,332.29
Para el retador:
Ao 1
VA= -$20,000(A/P, 15%, 1) + 0 [$300(P/F, 15%,1)] (A/P,
15%, 1)
VA= -$20,000(1.15000) + 0 [$300(0.8696)] (1.15000)
VA= -$23,300.00
Ao 2
VA= -$20,000(A/P, 15%, 2) + 0 [$300(P/F, 15%,1) +
$100(P/G, 15%, 2)] (A/P, 15%, 2) - $300
VA= -$20,000(0.61512) + 0 [$300(0.8696) + $100(0.7561)]
(0.61512) - $300
VA= -$12,809.38
Ao 3

VA= -$20,000(A/P, 15%, 3) + 0 [$300(P/F, 15%,1) +


[$100(P/G, 15%, 2) + $300(P/A, 15%, 2) + $100(P/G, 15%, 3)]
(A/P, 15%, 3) - $300
VA=-$20,000(0.43798) + 0 [$300(0.8696) + [$100(0.7561)
+ $300(1.6257) + $100(2.0712)] (0.43798) - $300
VA= -$9,511.30
Ao 4
VA= -$20,000(A/P, 15%, 4) + 0 [$300(P/F, 15%,1) +
[$100(P/G, 15%, 2) + $300(P/A, 15%, 2)] + [$100(P/G, 15%,
3) + $300(P/A, 15%, 3) + $100(P/G, 15%, 4)] (A/P, 15%, 4) $300
VA= -$20,000(0.35027) + 0 [$300(0.8696) + [$100(0.7561)
+ $300(1.6257)] + [$100(2.0712) + $300(2.2832) +
$100(3.7864)] (0.35027) - $300
VA= -$8,039.19
Ao 5
VA= -$20,000(A/P, 15%, 5) + 0 [$300(P/F, 15%,1) +
[$100(P/G, 15%, 2) + $300(P/A, 15%, 2)] + [$100(P/G, 15%,
3) + $300(P/A, 15%, 3)] + [$100(P/G, 15%, 4) + $300(P/A,
15%, 4)] + $600(P/A, 15%, 2) (P/F, 15%, 3)] (A/P, 15%, 5)
VA=-$20,000(0.29832) + 0 [$300(0.8696) + [$100(0.7561)
+ $300(1.6257)] + [$100(2.0712) + $300(2.2832)] +
[$100(3.7864) + $300(2.8550)] + $600(1.6257) (0.6575)]
(0.29832)
VA= -$7,038.19
Ao 6
VA= -$20,000(A/P, 15%, 6) + 0 [$300(P/F, 15%,1) +
[$100(P/G, 15%, 2) + $300(P/A, 15%, 2)] + [$100(P/G, 15%,
3) + $300(P/A, 15%, 3)] + [$100(P/G, 15%, 4) + $300(P/A,
15%, 4)] + $600(P/A, 15%, 2) (P/F, 15%, 3) + $600(P/A, 15%,
2) (P/F, 15%, 4)] (A/P, 15%, 6)
VA=-$20,000(0.26424) + 0 [$300(0.8696) + [$100(0.7561)
+ $300(1.6257)] + [$100(2.0712) + $300(2.2832)] +
[$100(3.7864) + $300(2.8550)] + $600(1.6257) (0.6575) +
$600(1.6257) (0.5718)] (0.26424)
VA= -$6,308.90

Ao 7
VA= -$20,000(A/P, 15%, 7) + $3,000(A/F, 15%,7) [$300(P/F,
15%,1) + [$100(P/G, 15%, 2) + $300(P/A, 15%, 2)] +
[$100(P/G, 15%, 3) + $300(P/A, 15%, 3)] + [$100(P/G, 15%,
4) + $300(P/A, 15%, 4)] + $600(P/A, 15%, 2) (P/F, 15%, 3) +
$600(P/A, 15%, 2) (P/F, 15%, 4) + $600(P/A, 15%, 2) (P/F,
15%, 5)] (A/P, 15%, 7)
VA=-$20,000(0.24036) + $3,000(0.09036) [$300(0.8696)
[$100(0.7561) + $300(1.6257)] + [$100(2.0712)
$300(2.2832)] + [$100(3.7864) + $300(2.8550)]
$600(1.6257) (0.6575) + $600(1.6257) (0.5718)
$600(1.6257) (0.4972)] (0.24036)
VA= -$5,650.30 VUE

+
+
+
+

VUE Defensor =$ 1.450 .11<$ 5.650 .30=VUE Retador

El activo actual
adicionales.

se

mantendr

los

tres

(3)

aos

3. Una motoniveladora con un costo inicial de $60,000 puede


emplearse un mximo de 6 aos. Su valor de salvamento se
determina mediante la ecuacin
S=60,000(1-0.15)n, donde n
es el nmero de aos despus de la compra, se calcula para cada
ao.
El costo de operacin de la motoniveladora ser constante en
$75,000 anuales. Cul es la vida til econmica de la maquina a
una tasa de inters del 18% anual?
n
Valor de
0
1
2
3
4
5
6

Salvamento
S=60,000(1-0.15)n
S=60,000
S=51,000
S=43,350
S=36,847.5
S=31,320.375
S=26,622.319
S=22,628.971

VS

Perdida

Costo del

Gastos

Costo

CAUE

del VM

Capital= 18%
del VS al
principio del
ao.
---------------------10,800

anuale
s.

total
(Margina
l)

----------75,000

------------94,800

60,000

51,000

------------9,000

43,350

7,650

9,180

75,000

91,830

36,847.5

6,502.5

7,803

75,000

89,305.5

31,320.3
75
26,622.3
19
22,628.9
71

5,527.12
5
4,698.05
6
3,993.34
8

6,632.550

75,000

5,637.668

75,000

4,792.017

75,000

87,159.6
75
85,335.7
24
83,785.3
65

5
6

-----------94,803.7
50
93,601.5
33
92,281.1
52
91,300.3
64
90,466.7
33
89,757.8
77

CAUE18%(1ao)=60,000(A/P, 18%, 1)-51,000(A/F, 18%, 1) +


[75,000(P/F, 18%, 1) (A/P, 18%, 1)]
CAUE18%(1ao)=19,800+75,003.75
CAUE18%(1ao)=$94,803.750
CAUE18%(2ao)=60,000(A/P, 18%, 2)-43,000(A/F, 18%, 2) +
[75,000(P/F, 18%, 1) + 75,000(P/F, 18%, 2)] (A/P, 18%, 2)
CAUE18%(2ao)=18,598.240+75,003.293
CAUE18%(2ao)=$93,601.533
CAUE18%(3ao)=60,000(A/P, 18%, 3)-36,847.5(A/F, 18%, 3) +
[75,000(P/F, 18%, 1) + 75,000(P/F, 18%, 2) + 75,000(P/F,
18%, 3)] (A/P, 18%, 3)
CAUE18%(3ao)=17,280.848+75,000.304
CAUE18%(3ao)=$92,281.152
CAUE18%(4ao)=60,000(A/P, 18%, 4)- 31,320.375 (A/F, 18%, 4) +
[75,000(P/F, 18%, 1) + 75,000(P/F, 18%, 2) + 75,000(P/F,
18%, 3) + 75,000(P/F, 18%, 4)] (A/P, 18%, 4)
CAUE18%(4ao)=16,299.031+75,001.333
CAUE18%(4ao)=$91,300.364
CAUE18%(5ao)=60,000(A/P, 18%, 5)- 26,622.319 (A/F, 18%, 5) +
[75,000(P/F, 18%, 1) + 75,000(P/F, 18%, 2) + 75,000(P/F,

18%, 3) + 75,000(P/F, 18%, 4) + 75,000(P/F, 18%, 5)] (A/P,


18%, 5)
CAUE18%(5ao)=15,465.532 +75,001.201
CAUE18%(5ao)=$90,466.733
CAUE18%(6ao)=60,000(A/P, 18%, 6)- 22,628.971 (A/F, 18%, 6) +
[75,000(P/F, 18%, 1) + 75,000(P/F, 18%, 2) + 75,000(P/F,
18%, 3) + 75,000(P/F, 18%, 4) + 75,000(P/F, 18%, 5) +
75,000(P/F, 18%, 6] (A/P, 18%, 6)
CAUE18%(6ao)= 14,757.966+74,999.911
CAUE18%(6ao)=$89,757.877
CAUE18%(6ao)= $89,757.877 es mnimo.
La vida til econmica de la maquina es de 6 aos con
un CAUE18%(6ao)=$89,757.877
4. Una mquina que se compr hace tres aos en $140,000 ahora
es muy lenta para satisfacer una demanda creciente. La mquina
puede mejorarse ahora a un costo de $70,000 o venderse a una
pequea empresa en $40,000. La mquina actual tendr un costo
anual de operacin de $85,000. Si se mejora, la mquina que se
posee actualmente se mantendr en servicio tres aos ms y
despus se reemplazara con una mquina que ser utilizada en la
fabricacin de diversas lneas de productos. Esta mquina de
reemplazo, rendir servicios a la empresa por 8 aos, tendr un
costo de $220,000. Su valor de salvamento ser de $50,000 los
aos 1 al 5; de $20,000 el ao seis, y de $10,000 de ah en
adelante. Esta tendr un costo de operacin estimado de $65,000
anuales. La empresa le solicita a usted que lleve a cabo un anlisis
econmico al 20% anual utilizando un horizonte de tiempo de
cinco aos. Debera la compaa reemplazar la mquina que
posee actualmente o debera hacerlo en tres aos?
Dos opciones posibles:
1) Defensor n=3; Retador n=2
2) Defensor n=0; Retador n=5
Defensor n=3
VAD1= -(70,000 + 40,000) (A/P, 20%, 3) -85,000
VAD1= -110,000(0.47473) 85,000= $-137,220.00

Retador n=2
VAR1= -220,000(A/P, 20%, 2) 65,000 +50,000(A/F, 20%, 2)
VAR1= -220,000(0.65455) 65,000 + 50,000(0.45455)
VAR1= $-186,274
Retador n=3
VAR= -220,000(A/P, 20%, 3) 65,000 +50,000(A/F, 20%, 3)
VAR= -220,000(0.47473) 65,000 + 50,000(0.27473)
VAR= $-155,704.10
Retador n=4
VAR= -220,000(A/P, 20%, 4) 65,000 +50,000(A/F, 20%, 4)
VAR= -220,000(0.38629) 65,000 + 50,000(0.18629)
VAR= $-140,669.30
Defensor n=0
VAD2=0
Retador n=5
VAR2= -220,000 (A/P, 20%, 5) 65,000 + 50,000(A/F, 20%,
5)
VAR2= -220,000(0.33438) 65,000 + 50,000(0.13438)
VAR2=$-131,845.00
El Retador VAR2<VAD2
Como el VAR2<VAD2, el defensor tiene que ser reemplazado. l VA
en cada opcin se puede calcular para comprobarlo.
En la Opcin 1, donde el Defensor n=3 aos y Retador n=2 aos.
VA= [-137,220(P/A, 20%, 3)-186,274(P/A, 20%, 2) (P/F, 20%,
3)] (A/P, 20%, 5)
VA= [-137,220(2.1065)-186,274(1.5278) (0.5787)] (0.33438)
VA=$-151,723.529
En la Opcin 2, el Defensor es reemplazado, ahora Retador n=5
aos.
VA=$-131,845.00
El defensor tiene que ser reemplazado por el retador