Chapter 1

Foundations of Engineering Economy

Solutions to Problems
Qu significa el trmino valor del dinero en el tiempo?
1.1 Time value of money means that there is a certain worth in having money and the
worth changes as a function of time.

Mencione tres factores intangibles.

1.2 Morale, goodwill, friendship, convenience, aesthetics, etc.

a) Qu quiere decir criterio de evaluacin?

b) Cul es el criterio de evaluacin principalque se usa en el anlisis econmico?
1.3 (a) Evaluation criterion is the measure of value that is used to identify best.
(b) The primary evaluation criterion used in economic analysis is cost.

Liste tres criterios de evaluacin, adems del econmico, para seleccionar el mejor
restaurante.
1.4 Nearest, tastiest, quickest, classiest, most scenic, etc

Analice la importancia de identificar las alternativas en el proceso de la ingeniera

econmica.
1.5 If the alternative that is actually the best one is not even recognized as an
alternative, it obviously will not be able to be selected using any economic
analysis tools.

Cul es la diferencia entre el inters simple y el compuesto?

1.6 In simple interest, the interest rate applies only to the principal, while compound
Interest generates interest on the principal and all accumulated interest.

Qu significa tasa mnima aceptable de rendimiento?

1.7 Minimum attractive rate of return is the lowest rate of return (interest rate) that
a company or individual considers to be high enough to induce them to invest
their money.

Cul es la diferencia entre financiamiento con deuda y con capital propio? D un

ejemplo de cada uno.
1.8 Equity financing involves the use of the corporations or individuals own funds
for making investments, while debt financing involves the use of borrowed funds.
An example of equity financing is the use of a corporations cash or an
individuals savings for making an investment. An example of debt financing is a
loan (secured or unsecured) or a mortgage.

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La compaa Trucking Giant Yellow Corp.acord comprar a la empresa rival Roadway
en $966 millones a fin de reducir los costos denominados indirectos de oficina, por
ejemplo los costos por nmina y seguros que tienen un monto de $45 millones al ao.
Si los ahorros fueran los que se planearon, cul sera la tasa de rendimiento de la
inversin?
1.9 Rate of return = (45/966)(100)
= 4.65%

Si las utilidades por cada accin de Ford Motor Company se incrementaron de 22 a

29 centavos en el trimestre entre abril y junio en comparacin con el trimestre anterior,
cul fue la tasa de incremento en las utilidades de dicho trimestre?
1.10 Rate of increase = [(29 22)/22](100)
= 31.8%

Una compaa que ofrece una gran variedad de servicios recibi un prstamo de $2
millones para adquirir equipo nuevo y pag el monto principal del crdito ms $275 000
de intereses despus de un ao. Cul fue la tasa de inters del prstamo?
1.11 Interest rate = (275,000/2,000,000) (100)
= 13.75%

Cierta empresa de ingeniera que disea construcciones termin el proyecto de un ducto

por el que obtuvo una utilidad de $2.3 millones en un ao. Si la cantidad de dinero que
invirti la compaa fue de $6 millones, cul fue la tasa de rendimiento de la inversin?
1.12 Rate of return = (2.3/6) (100)
= 38.3%

La compaa US Filter celebr un contrato, para una planta pequea que desala agua,
con el que espera obtener una tasa de rendimiento de 28% sobre su inversin. Si
la empresa invirti $8 millones en equipo durante el primer ao, cul fue el monto
de la utilidad en dicho ao?
1.13 Profit = 8(0.28)
= $2,240,000

Una compaa constructora que cotiza al pblico report que acababa de pagar un
prstamo recibido un ao antes. Si la cantidad total de dinero que pag la empresa fue de
$1.6 millones y la tasa de inters sobre el prstamo fue de 10% anual, cunto dinero
recibi en prstamo la compaa un ao antes?
1.14 P + P(0.10) = 1,600,000
1.1P = 1,600,000
P = $1,454,545

Una compaa qumica que comienza a operar se fij la meta de obtener una tasa de
rendimiento de al menos 35% anual sobre su inversin. Si la empresa adquiri $50
millones como capital de riesgo, cunto debe percibir en el primer ao?
1.15 Earnings = 50,000,000(0.35)
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 = $17,500,000

Con una tasa de inters de 8% por ao, a cunto equivalen $10 000 de hoy, a) dentro
de un ao, y b) hace un ao?
1.16 (a) Equivalent future amount = 10,000 + 10,000(0.08)
= 10,000(1 + 0.08)
= $10,800

(b) Equivalent past amount: P + 0.08P = 10,000

1.08P = 10,000
P = $9259.26

Una empresa mediana de consultora en ingeniera trata de decidir si debe reemplazar

su mobiliario de oficina ahora o esperar un ao para hacerlo. Si espera un ao, se piensa
que el costo ser de $16 000. Con una tasa de inters de 10% por ao, cul sera el
costo equivalente hoy?
1.17 Equivalent cost now: P + 0.1P = 16,000
1.1P = 16,000
P = $14,545.45

Con qu tasa de inters son equivalentes una inversin de $40 000 hace un ao y otra
de $50 000 hoy?
1.18 40,000 + 40,000(i) = 50,000
i = 25%

Con qu tasa de inters equivalen $100 000 de ahora a $80 000 de hace un ao?
1.19 80,000 + 80,000(i) = 100,000
i = 25%

Ciertos certificados de depsito acumulan un inters simple de 10% anual. Si una

compaa invierte ahora $240 000 en dichos certificados para la adquisicin dentro de
tres aos de una mquina nueva, cunto tendr la empresa al final de ese periodo de
tiempo?
1.20 F = 240,000 + 240,000(0.10)(3)
= $312,000

Un banco local ofrece pagar un inters compuesto de 7% anual sobre las cuentas
de ahorro nuevas. Un banco electrnico ofrece 7.5% de inters simple anual por un
certificado de depsito a cinco aos. Cul oferta resulta ms atractiva para una empresa
que desea invertir ahora $1 000 000 para la expansin dentro de cinco aos de
una planta?
1.21 Compound amount in 5 years = 1,000,000(1 + 0.07) 5
= $1,402,552
Simple amount in 5 years = 1,000,000 + 1,000,000(0.075)(5)
= $1,375,000
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 Compound interest is better by $27,552

Badger Pump Company invirti $500 000 hace cinco aos en una nueva lnea de
productos que ahora redita $1 000 000. Qu tasa de rendimiento percibi la empresa
sobre la base de a) inters simple, y b) inters compuesto?
1.22 Simple: 1,000,000 = 500,000 + 500,000(i)(5)
i = 20% per year simple

Compound: 1,000,000 = 500,000(1 + i)5

(1 + i)5 = 2.0000
(1 + i) = (2.0000)0.2
i = 14.87%

Cunto tiempo tomar para que una inversin se duplique con 5% por ao, con a)
inters simple, y b) inters compuesto.
1.23 Simple: 2P = P + P(0.05)(n)
P = P(0.05)(n)
n = 20 years

Compound: 2P = P(1 + 0.05)n

(1 + 0.05)n = 2.0000
n = 14.2 years

Una empresa que manufactura oxidantes termales regenerativos hizo una inversin
hace diez aos que ahora redita $1 300 000. De cunto fue la inversin inicial con una
tasa de 15% anual de a) inters simple, y b) inters compuesto?
1.24 (a) Simple: 1,300,000 = P + P(0.15)(10)
2.5P = 1,300,000
P = $520,000

(b) Compound: 1,300,000 = P(1 + 0.15)10

4.0456P = 1,300,000
P = $321,340

Es frecuente que las empresas reciban prstamos de dinero con acuerdos que
requieren pagos peridicos exclusivamente por concepto de inters, para despus pagar
el monto principal del prstamo en una sola exhibicin. Con un arreglo como ste,
una compaa que manufactura productos qumicos para control de olores obtuvo
$400 000 a pagar durante tres aos al 10% de inters compuesto anual. Cul es la
diferencia en la cantidad total pagada entre dicho acuerdo (identificado como plan 1) y
el plan 2, con el cual la compaa no paga intereses mientras adeude el prstamo y lo
paga despus en una sola exhibicin?
1.25 Plan 1: Interest paid each year = 400,000(0.10)
= $40,000
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 Total paid = 40,000(3) + 400,000
= $520,000

Plan 2: Total due after 3 years = 400,000(1 + 0.10)3

= $532,400

Difference paid = 532,400 520,000

= $12,400

Cierta empresa que manufactura a granel mezcladores en lnea planea solicitar un

prstamo de $1.75 millones para actualizar una lnea de produccin. Si obtiene el dinero
ahora, puede hacerlo con una tasa de 7.5% de inters simple anual por cinco aos. Si
lo obtiene el ao prximo, la tasa de inters ser de 8% de inters compuesto anual, pero
slo ser por cuatro aos. a) Cunto inters (total) pagar en cada escenario, y b) la
empresa debe tomar el prstamo ahora o dentro de un ao? Suponga que la cantidad
total que se adeude se pagar cuando el prstamo venza, en cualquier caso.
1.26 (a) Simple interest total amount = 1,750,000(0.075)(5)
= $656,250

Compound interest total = total amount due after 4 years amount borrowed
= 1,750,000(1 + 0.08)4 1,750,000
= 2,380856 1,750,000
= $630,856

(b) The company should borrow 1 year from now for a savings of $656,250
$630,856 = $25,394

Defina los smbolos que se involucran si una compaa de construccin quiere saber
cunto dinero puede gastar dentro de tres aos en lugar de gastar $50 000 para adquirir
un camin nuevo hoy, cuando la tasa es de 15% de inters compuesto anual.
1.27 The symbols are F = ?; P = $50,000; i = 15%; n = 3

Diga la finalidad de cada una de las siguientes funciones disponibles en Excel.

a) FV(i%,n,A,P)
b) IRR(first_cell:last_cell)
c) PMT(i%,n,P,F)
d) PV(i%,n,A,F)
1.28 (a) FV(i%,n,A,P) finds the future value, F
(b) IRR(first_cell:last_cell) finds the compound interest rate, i
(c) PMT(i%,n,P,F) finds the equal periodic payment, A
(d) PV(i%,n,A,F) finds the present value, P

Cules son los valores de los smbolos de ingeniera econmica P, F, A, i y n, en las

funciones de Excel siguientes? Use a? para el smbolo por determinar.
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a) FV(7%,10, 2 000, 9 000)
b) PMT(11%,20, 14 000)
c) PV(8%,15, 1 000, 800)
1.29 (a) F = ?; i = 7%; n = 10; A = $2000; P = $9000
(b) A = ?; i = 11%; n = 20; P = $14,000; F = 0
(c) P = ?; i = 8%; n = 15; A = $1000; F = $800

Escriba el smbolo de ingeniera econmica correspondiente a cada una de las funciones

de Excel siguientes.
a) PV
b) PMT
c) NPER
d) IRR
e) FV
1.30 (a) PV = P (b) PMT = A (c) NPER = n (d) IRR = i (e) FV = F

En qu circunstancias puede quedar en blanco cierto parmetro que no se aplica en

una funcin disponible en Excel? Cundo debe colocarse una coma en su lugar?
1.31 For built-in Excel functions, a parameter that does not apply can be left blank
when it is not an interior one. For example, if there is no F involved when using
the PMT function to solve a particular problem, it can be left blank because it is
an end function. When the function involved is an interior one (like P in the PMT
function), a comma must be put in its position.

Clasifique como segura o riesgosa cada una de las inversiones siguientes.

a) Negocio de restaurante nuevo
b) Cuenta de ahorros en un banco
c) Certificado de depsito
d) Bono del gobierno
e) Idea de un pariente para hacerse rico rpido.
1.32 (a) Risky
(b) Safe
(c) Safe
(d) Safe
(e) Risky

Clasifique cada uno de los financiamientos que siguen como capital propio o con deuda.
a) Dinero de ahorros
b) Dinero de un certificado de depsito
c) Dinero de un familiar que es socio del negocio
d) Prstamo bancario
e) Tarjeta de crdito
1.33 (a) Equity
(b) Equity
(c) Equity
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 (d) Debt
(e) Debt

Ordene de mayor a menor las siguientes tasas de rendimiento o inters: bono del
gobierno, bono corporativo, tarjeta de crdito, prstamo bancario para negocio nuevo,
inters sobre cuenta de cheques.
1.34 Highest to lowest rate of return is as follows: Credit card, bank loan to new
business, corporate bond, government bond, interest on checking account

Califique de mayor a menor las tasas de inters que siguen: costo de capital, tasa de
rendimiento aceptable sobre una inversin riesgosa, tasa mnima aceptable de
rendimiento, tasa de rendimiento sobre una inversin segura, inters sobre una cuenta de
cheques, inters sobre una cuenta de ahorros.
1.35 Highest to lowest interest rate is as follows: rate of return on risky investment,
minimum attractive rate of return, cost of capital, rate of return on safe
investment, interest on savings account, interest on checking account.

Cinco proyectos diferentes tienen tasas de rendimiento calculadas de 8, 11, 12.4, 14 y

19% por ao. Una ingeniera quiere saber cules proyectos aceptar sobre la base de la
tasa de rendimiento. Ella sabe gracias al departamento de finanzas que por lo general
se usan fondos de la compaa, lo cual tiene un costo de capital de 18% por ao, para
financiar el 25% del capital de todos los proyectos. Despus se le comunic que el
dinero obtenido por prstamos cuesta actualmente 10% por ao. Si la TMAR se establece
exactamente con el costo promedio ponderado del capital, cules proyectos debieran
aceptarse?
1.36 WACC = (0.25)(0.18) + (0.75)(0.10) = 12%
Therefore, MARR = 12%

Select the last three projects: 12.4%, 14%, and 19%

Qu significa la convencin del final del periodo?

1.37 End of period convention means that the cash flows are assumed to have occurred
at the end of the period in which they took place.

Identifique los siguientes flujos de entrada o salida de efectivo para Daimler-Chrysler:

impuesto sobre la renta, inters sobre un prstamo, valor de rescate, reembolsos a los
distribuidores, ingresos por ventas, servicios de contabilidad, reducciones de costo.
1.38 The following items are inflows: salvage value, sales revenues, cost reductions
The following items are outflows: income taxes, loan interest, rebates to dealers,
accounting services

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Construya un diagrama de flujo para los siguientes flujos de efectivo: flujo de salida
de $10 000 en el tiempo cero, flujo de salida de $3 000 anual entre los aos 1 y 3, y flujo
de entrada de $9 000 entre los aos 4 y 8 con una tasa de inters de 10% anual y un
monto futuro desconocido en el ao 8. F= ?
1.39 The cash flow diagram is: i = 10%
$9000

0 1 2 3
4 5 6 7 8

$3000

$10,000

Construya un diagrama de flujo para encontrar el valor presente de un flujo de salida

futuro de $40 000 en el ao 5, con una tasa de inters de 15% anual.
1.40 The cash flow diagram is: P=?
i = 15%

0 1 2 3 4 5

$40,000

Use la regla del 72 para calcular el tiempo que tomara para que una inversin inicial
de $10 000 creciera a $20 000, con una tasa de inters compuesto de 8% anual.
1.41 Time to double = 72/8
= 9 years

Calcule el tiempo que se requiere (de acuerdo con la regla del 72) para que el
dinero se cuadruplique con una tasa de inters compuesto de 9% anual.
1.42 Time to double = 72/9
= 8 years

Time to quadruple = (8)(2)

= 16 years

Utilice la regla del 72 para estimar la tasa de inters que se necesitara para que $5 000
se convirtieran en $10 000 en cuatro aos.
1.43 4 = 72/i
i = 18% per year

Si usted tiene ahora $62 500 en su cuenta de ahorros para el retiro y quiere jubilarse
cuando en sta haya $2 000 000, calcule la tasa de rendimiento que debe ganar la cuenta
para retirarse dentro de 20 aos sin agregar ms dinero a la cuenta.
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1.44 Account must double in value five times to go from $62,500 to $2,000,000 in 20
years. Therefore, account must double every 20/5 = 4 years.

Required rate of return = 72/4

= 18% per year

FE Review Solutions

1.45 Answer is (c)

1.46 2P = P + P(0.05)(n)
n = 20
Answer is (d)

1.47 Amount now = 10,000 + 10,000(0.10)

= $11,000

Answer is (c)

1.48 i = 72/9 = 8 %

Answer is (b)

1.49 Answer is (c)

1.50 Let i = compound rate of increase:

235 = 160(1 + i)5
(1 + i)5 = 235/160
(1 + i) = (1.469)0.2
(1 + i) = 1.07995
i = 7.995% = 8.0%

Answer is (c)

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Extended Exercise Solution

F=?
1. $2000

0 1 2 3 4

$500 $500 $500

$9000

F = [{[9000(1.08) 500] (1.08)} 500] (1.08) + (2000500)

= $10,960.60

or F = 9000(F/P,8%,3) 500(F/A,8%,3) + 2000

2. A spreadsheet uses the FV function as shown in the formula bar. F = $10,960.61.

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 3. F = [{[9000(1.08) 300] (1.08)} 500] (1.08) + (2000 1000)
= $11,227.33

Change is 2.02%. Largest maintenance charge is in the last year and, therefore, no
compound interest is accumulated by it.

4. The fastest method is to use the spreadsheet function:

FV(12.32%,3,500,9000) + 2000

It displays the answer:

F = $12,445.43

Case Study Solution

There is no definitive answer to the case study exercises. The following are
examples only.

1. The first four steps are: Define objective, information collection, alternative
definition and estimates, and criteria for decision-making.

Objective: Select the most economic alternative that also meets requirements such
as production rate, quality specifications, manufacturability for design
specifications, etc.

Information: Each alternative must have estimates for life (likely 10 years), AOC
and other costs (e.g., training), first cost, any salvage value, and the MARR. The
debt versus equity capital question must be addressed, especially if more than $5
million is needed.

Alternatives: For both A and B, some of the required data to perform an analysis
are:
P and S must be estimated.
AOC equal to about 8% of P must be verified.
Training and other cost estimates (annual, periodic, one-time) must be
finalized.
Confirm n = 10 years for life of A and B.
MARR will probably be in the 15% to 18% per year range.

Criteria: Can use either present worth or annual worth to select between A and B.

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 2. Consider these and others like them:
Debt capital availability and cost
Competition and size of market share required
Employee safety of plastics used in processing

3. With the addition of C, this is now a make/buy decision. Economic estimates

needed are:
Cost of lease arrangement or unit cost, whatever is quoted.
Amount and length of time the arrangement is available.

Some non-economic factors may be:

Guarantee of available time as needed.
Compatibility with current equipment and designs.
Readiness of the company to enter the market now versus later.

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