Derivativoseriscovol 2

Plan1
Avaliao de Opes de Compra e de Venda do Tipo Europe

Mercados Derivativos
e Anlise de Risco - Volume 2
Reproduo No Autorizada
Inputs do Modelo de Black&Scholes de Precificao de Calls e
P.Vista $ 128.00 Tx.Juros Externa/Tx Div.
P.Exerccio $ 130.00 P.Barreira

DU at Vencim. 15
Tx.Juros - over anual 22.74% over anual
Volatilidade Admitida 47.19% ao ano
Precificao da Call - Tipo Europeu Precificao da Put - Tipo Euro

Prmio Justo $ 5.6759 Prmio Justo
Influncia das Variveis sobre a Call Influncia das Variveis sobre

Delta + 0.5115 Delta
Gama + 0.0271 Gama
Vega + 0.1245 Vega
R (Tx. Juros Interna) + 0.0290 R (Tx. Juros Interna)
R* (Tx. Juros Externa) - 0.0390 R* (Tx. Juros Externa)
Teta + 0.2445 Teta
Taxa de Hedge + 1.9550 Taxa de Hedge
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Tela de Inicializao
Esta Planilha Acompanha o Livro Mercados Derivativos e Anlise de Risco Volume
www.derivativoserisco.com.br
Elaborada por Andr Marins
Esta Planilha destina-se a Apoiar o Estudo do Mdulo de Mercado de Opes no Livro acima menciona
A Planilha e o Livro No Tratam do Aconselhamento de Quaisquer Modalidades de Operaes ou de Es
Reproduo Proibida - Protegida Pela Lei de Direitos Autorais
Primeira Parte
Apresentao da Planilha de Precificao de Op
A planilha est dividida em 4 partes:
1. Apresentao - so mostrados os procedimentos a serem seguidos para a utilizao das 3 p

mostradas a seguir. importante que se conhea os conceitos referentes a opes e ao modelo de pre
cao de Black&Scholes (constam nos captulos 22 a 25 do livro), para que seja possvel uma melhor c
preenso dos clculos.
2. Clculo da Volatilidade - constam dois mtodos para se calcular a volatilidade passada dos
os vista dos ativos-objeto. O clculo da volatilidade passada importante como estimativa da volat
futura, que a volatilidade que realmente importa, para o clculo dos prmios justos de calls e de puts
3. Clculo dos Prmios - a partir da insero das variveis (inputs) do modelo, obtm-se os pr
justos de calls e de puts, alm das letras gregas, que mostram estimativas de alteraes nos valores d
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variveis sobre os prmios justos de calls e de puts (o gama estima a influncia sobre o delta).
4. Estimativa das Volatilidades Implcitas - possvel calcular as volatilidades implcitas de

5 calls e de at 5 puts, a partir preenchimento dos Preos de Exerccios, dos prmios de mercado e das
estimativas iniciais das volatilidades implcitas. Conforme ser explicado adiante, nem sempre ser po
vel obter uma soluo para a busca, mesmo quando se tratar de opes sem Preo de Barreira. Quand
se tratar de opes com Preos de Barreira poder haver duas volatilidades implcitas, ou seja, duas vo
tilidades positivas diferentes que geram o mesmo prmio de mercado (duas razes).
Preenchimento dos Dados
Quanto ao preenchimento dos dados, eles devem ser preenchidos nos campos com as cores mo
tradas na coluna da esquerda abaixo. Na coluna do meio os resultados dos clculos sero exibidos e, n
coluna da direita, os campos tanto devem ser preenchidos, para servirem de estimativas iniciais, quan
neles sero exibidos os resultados das pesquisas, quando estes forem possveis.
Clulas onde devem Clulas onde sero

ser inseridos os Inputs exibidos os Outputs
$ XX $ XX
X% X%
$ XX $ XX
X% X%
$ XX $ XX
Segunda Parte
Estimativa das Volatilidades a Partir dos Retornos do
Comentrios
possvel calcular uma estimativa da volatilidade do ativo-objeto a partir dos retornos logartmi
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ativo-objeto verificados em uma janela temporal que pode ter o tamanho mnimo dos ltimos 20 dias
tamanho mximo igual aos retornos ocorridos ao longo dos ltimos 252 dias teis (aproximadamente 1
Preenchimentos dos Dados Necessrios ao Clculo
Deve-se preencher os preos do ativo-objeto verificados ao longo de pelo ou menos 21 dias, par
seja possvel obter o mnimo de 20 retornos logartmicos.
Para o clculo da volatilidade a partir do mtodo do alisamento exponencial dos pesos (EWMA) d
se incluir um alfa, que deve ser maior do que 0% e menor do que 100%. Geralmente utiliza-se alfas p
ao intervalo de 10% a 20%.
Resultados
Sero fornecidas tanto a volatilidade histrica, quanto a volatilidade obtida a partir do mtodo d
mento exponencial dos pesos (EWMA). Ambas estaro expressas na forma percentual anual. Qualquer
das duas poder ser considerada para ser inserida como um dos inputs necessrios ao clculo dos pr
os justos.
Terceira Parte
Planilha de Clculo
Comentrios
A planilha fornece os prmios justos de opes de compra (calls) e de opes de venda (puts) de
acordo com o modelo de precificao de opes de Black&Scholes.
Para que o clculo seja possvel necessrio que os 5 inputs do modelo (Preo Vista, Preo de
Exerccio, Tx.Juro - Tx. Over Anual - , Prazo e Volatilidade) sejam preenchidos.
Adicionalmente pode-se incluir mais um input, que pode ser a Taxa de Juros Externa, a Taxa de D
videndos ou a Taxa de Aluguel. Ambas devem ser preenchidas na forma de Tx. Over Anual.
possvel ainda incluir Preos de Barreira para as calls ou para as puts. Se o Preo de Barreira
for maior do que o Preo de Exerccio, somente a call ser precificada (a precificao da put no faria
sentido). Se o Preo de Barreira for menor do que o Preo de Exerccio, somente a put ser precificada
(a precificao da call no faria sentido). Se o campo referente ao Preo de Barreira estiver vazio ou
for preenchido com o nmero 0 (zero), o Preo de Barreira ser considerado como inexistente.
Resultados Fornecidos pela Planilha
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A planilha fornece os seguintes outputs:
Prmio justo da call e da put e as respectivas letras gregas, que representam as estimativas
influncias das variveis sobre a call e sobre a put.
Delta - estima a influncia do Preo Vista do Ativo-Objeto sobre o prmio da call ou da put;
Gama - estima a influncia do Preo Vista do Ativo-Objeto sobre o Delta da call ou da put;
Vega - estima a influncia da variao de um ponto percentual da Volatilidade Anual sobre o p
da call ou da put;
R (Tx. Juros Interna) - estima a influncia da variao de um ponto percentual da Tx. Juros
Anual sobre o prmio da call ou da put;
R* (Tx. Juros Externa) - estima a influncia da variao de um ponto percentual da Tx. Juro
na Anual sobre o prmio da call ou da put;
Teta - estima a influncia da variao de 1 Dia til sobre o prmio da call ou da
Quarta Parte
Estimativa das Volatilidades Implcitas
Inicialmente certifique-se de que o seu computador no esteja protegid
de macros em nvel elevado. Se isto ocorrer, o seu computador no poder e
constantes nesta planilha. Para modificar o nvel de proteo clique em [Fer
[Macro]/[Proteo]/[Nvel Intermedirio].
Comentrios
Trata-se da estimativa das Volatilidades Anuais do Ativo-Objeto, que tornam justos os prmios de
cado. de fundamental importncia estar ciente de que muitas vezes no ser possvel obter a volatil
implcita das opes. Em algumas dessas situaes possvel que, ao melhorar a estimativa inicial (to
la mais prxima da volatilidade procurada) e efetuar nova tentativa de clculo, o algortimo seja capaz
ter a volatilidade implcita da opo.
Entretanto, h situaes em que no possvel obter as volatilidades implcitas, ou seja, mesmo
varie a volatilidade de zero a + infinito, o prmio obtido se manter sempre superior, ou sempre inferio
mio que tiver sido inserido como sendo o prmio de mercado. Os algortmos de busca das volatilidades
citas desta planinha efetuam a seguinte crtica prvia: se o prmio de mercado inserido estiver maior d
o prmio mximo, ou menor do que o prmio mnimo quando se considera o intervalo de volatilidades
tas de 0% a 200% ao ano, trata-se de um prmio fora da realidade de mercado e a busca no iniciad
crticas so de fundamental importncia para que os tempos necessrios s buscas no sejam desnece
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riamente longos. Em determinadas situaes a agilidade dos clculos pode ser importante.
Quando se tratar de opes com preos de barreira, a funo prmio justo poder ser crescente
terminado intervalo de volatilidades e decrescente em outro intervalo de volatilidades, dentro do dom
mitido de 0% a 500%. Nos grficos que mostram os prmios variando em funo das volatilidades con
radas, pode-se optar pela exibio dos intervados de 0% a 60% a.a., de 0% a 100% a.a. ou de 0% a 2
Em alguns casos poder haver duas volatilidades implcitas (duas razes) e o conceito de volatili
implcitas deve ser utilizado com restries. Felizmente, os algortmos de busca nos avisam quando h
zes, e nos avisam que possvel obter a outra raiz, alterando-se a estimativa inicial de volatilidade imp
cial, com a ajuda dos grficos "Prmio Justo da Call Especificada (ou da Put Especificada) variando em
o das Volatilidades Consideradas".
Tambm importante ressaltar que as volatilidades implcitas negativas eventualmente encontr
algortimos de busca no devem ser consideradas, na medida em que no fazem sentido do ponto de
tatstico (seria o mesmo que admitir desvio-padro negativo). Os algortmos emitem mensagem de err
estas situaes ocorrem.
Nestes casos recomendamos a utilizao de um dos dois grficos que mostram os prmios varia
em funo das volatilidades consideradas. Estes grficos tambm podem ser utilizados para que se ob
melhora das estimativas iniciais de volatilidades implcitas.
As eventuais restries utilizao do conceito de volatilidades implcitas para a avaliao de op
com Preos de Barreira, que acabamos de mencionar, so anlogas s possveis restries utilizao
tradicional conceito de taxa interna de retorno (TIR) nos casos em que a funo valor presente de um fl
de caixa apresenta trechos crescentes e decrescentes em funo das taxas de juros, e tambm quand
mais de uma taxa interna de retorno (a funo valor presente apresentamais de uma raiz).
Para que o clculo seja possvel necessrio que cada uma das 5 calls ou 5 puts tenha um Preo
de Exercco, um prmio de mercado e uma estimativa de volatilidade preenchidos. Quando a opo tiv
Preo de Barreira, este dever ser preenchido. Se o campo referente ao Preo de Barreira estiver vazio
o Preo de Barreira ser considerado como inexistente.
Execuo dos Algortimos que Estimam as Volatilidades Implcitas
Basta clicar nos botes que esto situados esquerda dos respectivos prmios e os algortimos
aro a busca da volatilidade implcita.
Caso seja encontrada, a volatilidade implcita aparecer na clula, sendo executada a atualiza
volatilidade que estava anteriormente, de forma automtica.
Se no for possvel o clculo de forma automtica, aparecer uma mensagem de Erro. Neste ca
deve-se observar se os prmios e Preos de Exerccios inseridos esto dentro de valores razoveis, ou
se esto muito fora da realidade de mercado.
Para essa verificao deve-se selecionar a srie da call ou da put para a qual no foi possvel ca
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cular avolatilidade implcita, para ser exibida no grfico "Prmio Justo da Call Especificada (ou da Put E
cificada) Variando em Funo da Volatilidade" e avaliar se os prmios justos se tornam iguais s volatil
dentro do intervalo de volatilidade considerado, que de 0% a 200% ao ano (o domnio do grfico ig
intervalo que vai de 0% a 200% ao ano). Em tempos de normalidade, volatilidades acima de 60% ou 8
ano j sero consideradas acima do razovel, para a maioria dos ativos-objeto. Entretanto, em muitas
os prmios justos podero pernacer sempre abaixo ou sempre acima do prmio de mercado, mesmo c
a volatilidade variando de 0% a 200% ao ano, o que ser um indicador de que a opo estar excessiv
cara ou demasiadamente barata respctivamente.
Vale observar que um auditor provavelmente questionaria a lisura de operaes ocor
e que tivessem sido transacionadas utilizando-se prmios to caros ou to baratos. Poderia
tratar, por exemplo, de uma operao de fabricao de resultados, conforme descrito na se
1.4 do livro.
Naturalmente a fabricao de resultado tambm pode ocorrer mesmo utilizando-se d
es bem menores de volatilidades implcitas, embora possam acarretar resultados finance
previamente combinados entre as contrapartes, de grande monta.
Por exemplo, admita que um participante, interessado em ter prejuzos, em determin
dia comprasse de outro participante que quisesse ter lucro, calls de baixa liquidez e sem p
de barreira, utilizando volatilidade implcita de 50% ao ano. Se no dia seguinte a operao
desfeita utilizando-se volatilidade implcita de 30% ao ano, poderia estar havendo grande t
ferncia de resultados entre os participantes. Ao auditar essa operao, os auditores tamb
tenderiam a question-la, tendo em vista que o cenrio econmico dificilmente justificaria
terao to grande, em apenas um dia, da volatilidade futura do ativo-objeto, at a data de
cimento da call, ou seja, da volatilidade implcita da call daquele ativo-objeto.
Quando os algortmos no conseguirem obter a soluo, mesmo quando os valores referentes ao
Preos de Exerccios e aos prmios estiverem dentro da realidade de mercado (ou seja, quando as vola
dades implcitas referentes aos prmios estiverem dentro do intervalo de 0% at 60% a.a. ou de 0% at
a.a.) ou mesmo considerando-se intervalos de volatilidades de at 200% a.a., deve-se melhorar a estim
inicial de volatilidade a partir do grfico "Prmio Justo da Call Especificada (ou da Put Especificada", qu
permite a observao de uma boa estimativa inicial a ser inserida. A partir da nova estimativa deve-se
executar a tentativa de clculo da volatilidade implcita novamente. Essas situaes sero menos frequ
Entretanto, conforme dissemos anteriormente, poder haver situaes em que no seja po
vel obter as volatilidades implcitas, mas, felizmente, os algortmos nos previnem, o que no
impede de perder tempo em tentativas de clculos impossveis.
Por fim, lembramos que os algortimos de clculo das Volatilidades Implcitas, que tra
balham com iteraoes sucessivas, esto sujeitos a falhas. Portanto, sempre til verificar
se as volatilidades implcitas obtidas esto condizentes com os valores observados nos gr
cos "Prmio Justo da Call Especificada (ou da Put Especificada)". Tambm se pode confirmar
se determinada volatilidade implcita est correta, ao inserir a referida volatilidade como s
a volatilidade considerada, na parte referente precificao (terceira parte, que foi mencio
anteriormente), e verificar se o prmio obtido igual ao prmio de mercado. Caso afirmativ
Pgina 7
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a volatilidade implcita estar correta.
Observaes Finais
Comentrios Vlidos Para a Planilha e para o Livro
As opinies do autor no representam necessariamente a opinio de quaisquer entid

ou rgos nos quais o autor tenha trabalhado, ou para os quais o autor tenha menistrado a
Os exemplos citados ao longo do livro no tm relao com situaes ou casos ocorri

e qualquer semelhana entre ambos mera coincidncia.
A planilha foi desenvolvida a partir da verso 97 do Microsoft Excel. Portanto poder

utilizada a partir da mesma verso ou de verses posteriores.
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0.0032357557
0.001 0.0039682553
1.9504766902
2.3002773183
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4.1999985895
10.5005179659
10.9000896749
128
1
2
3
1000000000 4
1000000000 5
1000000000 6
160 7
1000000000 8
9
10
10 0.3
0.3
Pgina 10
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da do Tipo Europeu Estimativa das Volatilidades Implcitas de Op

www.derivativoserisco.com.br
Volatilidades Implcitas nas Calls
Preos de Prmios de
cao de Calls e de Puts Exerccio Mercado
over anual $ 110.00 $ 20.00

$ 120.00 $ 12.80
$ 130.00 $ 4.50
$ 140.00 $ 2.50
$ 150.00 $ 1.40
Volatilidades Anuais
o da Put - Tipo Europeu Volatilidades Implcitas nas Calls
$ 6.1002 0.7
x Volatilidade Estimada
59.2%
a das Variveis sobre a Put 0.6 56.5%
51.5% 52.9%
- 0.4885
0.5
+ 0.0271
37.7%
0.4
+ 0.1245
- 0.0370 0.3
+ 0.0372
0.2
+ 0.1401
+ 2.0471 0.1
0
$ 110.00 $ 120.00 Preos de
$ Exerccio
130.00 das Calls
$ 140.00 $ 150.00
Volatilidades Implcitas Volatilidade Admitida

Taxas Over de Rentabilidade
Taxas Over-Mensais de Rentabilidade

0.03 dos Financiamentos com Calls
0.025
0.02
0.015
0.01
0.005
Tx. Srie A Tx. Srie B

PVV
Tx. Srie C Tx. Srie D
Tx. Srie E Tx.Renda Fixa
Pgina 11
0.005
0
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Tx. Srie A Tx. Srie B

Tx.
PVV
Srie C Tx. Srie D
Tx. Srie E Tx.Renda Fixa
Volatilidades Implcitas nas

Preos de Prmios de
Exerccio Mercado
$ 115.00 $ 1.95
$ 120.00 $ 2.30
$ 125.00 $ 4.20
$ 140.00 $ 10.50
$ 140.00 $ 10.90
Volatilidades A nuais
Volatilidades Implcitas nas Puts
x Volatilidade Estimada
0.7
60.7%
58.6%
0.6
48.8%
0.5
0.4
31.5%
0.3
21.1%
0.2
0.1
0
$ 115.00 $ 120.00 $ 125.00 $ 140.00 $ 140.00
Preos de Exerccio das Puts

Volatilidades Implcitas Volatilidade Admitida
Taxas Over-Mensais de Rentabilidade

0.03 dos Financiamentos com Puts
0.025
Taxas Over de Rentabilidade
0.02
0.015
0.01
0.005
0
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
IN I N IN IN I N I N IN I N I N IN IN I N IN IN I N IN IN I N I N IN I N IN IN I N IN IN
D D D D D D D D D D D D D D D D D D D D D D D D D D
A A AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD
D D
# # # # # # # # # # # # # # # # # # # # # # # # # #
Tx. Srie A Tx. Srie B PVV

Tx. Srie C
Tx. Srie D Tx. Srie E Tx.Renda Fixa
Pgina 12
0.005
Taxas
0
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
Plan1 IN I N IN IN I N I N IN I N I N IN IN I N IN IN I N IN IN I N I N IN I N IN IN I N IN IN
D D D D D D D D D D D D D D D D D D D D D D D D D D
A A AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD AD
D D
# # # # # # # # # # # # # # # # # # # # # # # # # #
Tx. Srie A Tx. Srie B PVV

Tx. Srie C
Tx. Srie D Tx. Srie E Tx.Renda Fixa
se de Risco Volume 2.
s no Livro acima mencionado.

des de Operaes ou de Estratgias.
os Autorais
ificao de Opes
s para a utilizao das 3 partes

opes e ao modelo de precifi-
eja possvel uma melhor com-
a volatilidade passada dos pre-

como estimativa da volatilidade
os justos de calls e de puts.
o modelo, obtm-se os prmios

de alteraes nos valores das
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ncia sobre o delta).
volatilidades implcitas de at
prmios de mercado e das
ante, nem sempre ser poss-
m Preo de Barreira. Quando
implcitas, ou seja, duas vola-
s campos com as cores mos-

lculos sero exibidos e, na
e estimativas iniciais, quanto
Clulas onde devem

ser inseridos os Inputs
e nas quais tambm sero
exibidos os Outputs
X%
X%
X%
X%
X%
Este campo refere-se

insero e exibio dos
clculos das Volatilidades
Implcitas, quando forem
possveis os clculos.
dos Retornos do Passado
artir dos retornos logartmicos do
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nimo dos ltimos 20 dias teis e

teis (aproximadamente 1 ano).
pelo ou menos 21 dias, para que
encial dos pesos (EWMA) deve-

ralmente utiliza-se alfas prximos
btida a partir do mtodo do alisa-

ercentual anual. Qualquer uma
essrios ao clculo dos prmi-
opes de venda (puts) de
lo (Preo Vista, Preo de
Juros Externa, a Taxa de Di-

Tx. Over Anual.
s. Se o Preo de Barreira
cificao da put no faria
ente a put ser precificada
Barreira estiver vazio ou
como inexistente.
Pgina 15
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epresentam as estimativas das
prmio da call ou da put;

Delta da call ou da put;
Volatilidade Anual sobre o prmio
o percentual da Tx. Juros Interna
nto percentual da Tx. Juros Exter-
da call ou da put;
des Implcitas
no esteja protegido contra a ativao
utador no poder executar as macros
eo clique em [Ferramentas]/
ornam justos os prmios de mer-

er possvel obter a volatilidade
orar a estimativa inicial (torn-
lo, o algortimo seja capaz de ob-
implcitas, ou seja, mesmo que se

superior, ou sempre inferior ao pr-
de busca das volatilidades impl-
do inserido estiver maior do que
intervalo de volatilidades implci-
ado e a busca no iniciada. Estas
buscas no sejam desnecess--
Pgina 16
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ser importante.
usto poder ser crescente em de-
atilidades, dentro do domnio ad-
no das volatilidades conside-
a 100% a.a. ou de 0% a 200% a.a.
es) e o conceito de volatilidades
sca nos avisam quando h duas ra-
a inicial de volatilidade implcita ini-
Especificada) variando em fun-
as eventualmente encontradas pelos

azem sentido do ponto de vista es-
emitem mensagem de erro quando
mostram os prmios variando

r utilizados para que se obtenha
itas para a avaliao de opes

veis restries utilizao do
o valor presente de um fluxo
de juros, e tambm quando h
s de uma raiz).
s ou 5 puts tenha um Preo

chidos. Quando a opo tiver
o de Barreira estiver vazio ou
ades Implcitas
s prmios e os algortimos inici-
ndo executada a atualizao da
nsagem de Erro. Neste caso

o de valores razoveis, ou
a qual no foi possvel cal-
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l Especificada (ou da Put Espe-

se tornam iguais s volatilidades
(o domnio do grfico igual ao
idades acima de 60% ou 80% ao
to. Entretanto, em muitas situaes
mio de mercado, mesmo com
ue a opo estar excessivamente
sura de operaes ocorridas

ou to baratos. Poderia se
conforme descrito na seo
r mesmo utilizando-se distor-

retar resultados financeiros,
prejuzos, em determinado
baixa liquidez e sem preo
ia seguinte a operao fosse
estar havendo grande trans-
ao, os auditores tambm
dificilmente justificaria uma al-
vo-objeto, at a data de ven-
vo-objeto.
do os valores referentes aos
do (ou seja, quando as volatili-
% at 60% a.a. ou de 0% at 70%
., deve-se melhorar a estimativa
ou da Put Especificada", que
a nova estimativa deve-se tentar
tuaes sero menos frequentes
es em que no seja poss-
nos previnem, o que nos
dades Implcitas, que tra-

o, sempre til verificar
res observados nos grfi-
mbm se pode confirmar
ida volatilidade como sendo
ra parte, que foi mencionada
mercado. Caso afirmativo,
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nio de quaisquer entidades

utor tenha menistrado aulas.
tuaes ou casos ocorridos,
Excel. Portanto poder ser
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1.9504766902 0.4719 0.9052942664 0.1826547566 0.7622147514

2.3002773183 0.4719 0.7036641364 0.2408209798 0.5845306358
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Plan1
5.3847257602 0.4719 0.3164602879 0.3758265815 0.1682972078

10.5005179659 0.4719 -1.4806763774 0.9306535841 -1.532069431
11.139231249 0.4719 -0.970420856 0.8340816215 -1.047163237
0 0
0 0.01 #ADDIN?
0 0.02 #ADDIN?
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0 0.04 #ADDIN?
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0 0.06 #ADDIN?
0 0.07 #ADDIN?
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0 0.09 #ADDIN?
0 0.1 #ADDIN?
0.11 #ADDIN?
#ADDIN? 0.128 0.12 #ADDIN?
#ADDIN? 0.13 #ADDIN?
0.14 #ADDIN?
0.15 #ADDIN?
0.16 #ADDIN?
0.17 #ADDIN?
0.18 #ADDIN?
0.19 #ADDIN?
0.2 #ADDIN?
0.21 #ADDIN?
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0.23 #ADDIN?
0.24 #ADDIN?
0.25 #ADDIN?
0.26 #ADDIN?
0.27 #ADDIN?
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0.3 #ADDIN?
Pgina 21
Plan1
0.31 #ADDIN?
0.32 #ADDIN?
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0.35 #ADDIN?
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0.48 #ADDIN?
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0.51 #ADDIN?
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0.54 #ADDIN?
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0.56 #ADDIN?
0.57 #ADDIN?
0.58 #ADDIN?
0.59 #ADDIN?
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0.61 #ADDIN?
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0.63 #ADDIN?
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0.65 #ADDIN?
0.66 #ADDIN?
0.67 #ADDIN?
0.68 #ADDIN?
0.69 #ADDIN?
0.7 #ADDIN?
0.71 #ADDIN?
0.72 #ADDIN?
0.73 #ADDIN?
0.74 #ADDIN?
0.75 #ADDIN?
0.76 #ADDIN?
0.77 #ADDIN?
0.78 #ADDIN?
0.79 #ADDIN?
0.8 #ADDIN?
Pgina 22
Plan1
0.81 #ADDIN?
0.82 #ADDIN?
0.83 #ADDIN?
0.84 #ADDIN?
0.85 #ADDIN?
0.86 #ADDIN?
0.87 #ADDIN?
0.88 #ADDIN?
0.89 #ADDIN?
0.9 #ADDIN?
0.91 #ADDIN?
0.92 #ADDIN?
0.93 #ADDIN?
0.94 #ADDIN?
0.95 #ADDIN?
0.96 #ADDIN?
0.97 #ADDIN?
0.98 #ADDIN?
0.99 #ADDIN?
1 #ADDIN?
1.01 #ADDIN?
1.02 #ADDIN?
1.03 #ADDIN?
1.04 #ADDIN?
1.05 #ADDIN?
1.06 #ADDIN?
1.07 #ADDIN?
1.08 #ADDIN?
1.09 #ADDIN?
1.1 #ADDIN?
1.11 #ADDIN?
1.12 #ADDIN?
1.13 #ADDIN?
1.14 #ADDIN?
1.15 #ADDIN?
1.16 #ADDIN?
1.17 #ADDIN?
1.18 #ADDIN?
1.19 #ADDIN?
1.2 #ADDIN?
1.21 #ADDIN?
1.22 #ADDIN?
1.23 #ADDIN?
1.24 #ADDIN?
1.25 #ADDIN?
1.26 #ADDIN?
1.27 #ADDIN?
1.28 #ADDIN?
1.29 #ADDIN?
1.3 #ADDIN?
Pgina 23
Plan1
1.31 #ADDIN?
1.32 #ADDIN?
1.33 #ADDIN?
1.34 #ADDIN?
1.35 #ADDIN?
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1.37 #ADDIN?
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1.42 #ADDIN?
1.43 #ADDIN?
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1.45 #ADDIN?
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1.47 #ADDIN?
1.48 #ADDIN?
1.49 #ADDIN?
1.5 #ADDIN?
1.51 #ADDIN?
1.52 #ADDIN?
1.53 #ADDIN?
1.54 #ADDIN?
1.55 #ADDIN?
1.56 #ADDIN?
1.57 #ADDIN?
1.58 #ADDIN?
1.59 #ADDIN?
1.6 #ADDIN?
1.61 #ADDIN?
1.62 #ADDIN?
1.63 #ADDIN?
1.64 #ADDIN?
1.65 #ADDIN?
1.66 #ADDIN?
1.67 #ADDIN?
1.68 #ADDIN?
1.69 #ADDIN?
1.7 #ADDIN?
1.71 #ADDIN?
1.72 #ADDIN?
1.73 #ADDIN?
1.74 #ADDIN?
1.75 #ADDIN?
1.76 #ADDIN?
1.77 #ADDIN?
1.78 #ADDIN?
1.79 #ADDIN?
1.8 #ADDIN?
Pgina 24
Plan1
1.81 #ADDIN?
1.82 #ADDIN?
1.83 #ADDIN?
1.84 #ADDIN?
1.85 #ADDIN?
1.86 #ADDIN?
1.87 #ADDIN?
1.88 #ADDIN?
1.89 #ADDIN?
1.9 #ADDIN?
1.91 #ADDIN?
1.92 #ADDIN?
1.93 #ADDIN?
1.94 #ADDIN?
1.95 #ADDIN?
1.96 #ADDIN?
1.97 #ADDIN?
1.98 #ADDIN?
1.99 #ADDIN?
2 #ADDIN?
2.01 #ADDIN?
2.02 #ADDIN?
2.03 #ADDIN?
2.04 #ADDIN?
2.05 #ADDIN?
2.06 #ADDIN?
2.07 #ADDIN?
2.08 #ADDIN?
2.09 #ADDIN?
2.1 #ADDIN?
2.11 #ADDIN?
2.12 #ADDIN?
2.13 #ADDIN?
2.14 #ADDIN?
2.15 #ADDIN?
2.16 #ADDIN?
2.17 #ADDIN?
2.18 #ADDIN?
2.19 #ADDIN?
2.2 #ADDIN?
2.21 #ADDIN?
2.22 #ADDIN?
2.23 #ADDIN?
2.24 #ADDIN?
2.25 #ADDIN?
2.26 #ADDIN?
2.27 #ADDIN?
2.28 #ADDIN?
2.29 #ADDIN?
2.3 #ADDIN?
Pgina 25
Plan1
2.31 #ADDIN?
2.32 #ADDIN?
2.33 #ADDIN?
2.34 #ADDIN?
2.35 #ADDIN?
2.36 #ADDIN?
2.37 #ADDIN?
2.38 #ADDIN?
2.39 #ADDIN?
2.4 #ADDIN?
2.41 #ADDIN?
2.42 #ADDIN?
2.43 #ADDIN?
2.44 #ADDIN?
2.45 #ADDIN?
2.46 #ADDIN?
2.47 #ADDIN?
2.48 #ADDIN?
2.49 #ADDIN?
2.5 #ADDIN?
2.51 #ADDIN?
2.52 #ADDIN?
2.53 #ADDIN?
2.54 #ADDIN?
2.55 #ADDIN?
2.56 #ADDIN?
2.57 #ADDIN?
2.58 #ADDIN?
2.59 #ADDIN?
2.6 #ADDIN?
2.61 #ADDIN?
2.62 #ADDIN?
2.63 #ADDIN?
2.64 #ADDIN?
2.65 #ADDIN?
2.66 #ADDIN?
2.67 #ADDIN?
2.68 #ADDIN?
2.69 #ADDIN?
2.7 #ADDIN?
2.71 #ADDIN?
2.72 #ADDIN?
2.73 #ADDIN?
2.74 #ADDIN?
2.75 #ADDIN?
2.76 #ADDIN?
2.77 #ADDIN?
2.78 #ADDIN?
2.79 #ADDIN?
2.8 #ADDIN?
Pgina 26
Plan1
2.81 #ADDIN?
2.82 #ADDIN?
2.83 #ADDIN?
2.84 #ADDIN?
2.85 #ADDIN?
2.86 #ADDIN?
2.87 #ADDIN?
2.88 #ADDIN?
2.89 #ADDIN?
2.9 #ADDIN?
2.91 #ADDIN?
2.92 #ADDIN?
2.93 #ADDIN?
2.94 #ADDIN?
2.95 #ADDIN?
2.96 #ADDIN?
2.97 #ADDIN?
2.98 #ADDIN?
2.99 #ADDIN?
3 #ADDIN?
e 140
0 10.303060435
0.02 10.303060435
0.04 10.303060435
0.06 10.303060456
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0.1 10.303724189
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Pgina 27
Plan1
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1 12.82330187
Pgina 28
Plan1
c 125
0 7.422429E-15
0.02 7.422429E-15
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0.22 1.0134680286
Pgina 29
Plan1
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0.36 2.3843427853
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1 5.7843284483
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Pgina 30
Plan1
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1.9 7.5231849475
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2 7.6576668887
Pgina 31
Plan1
idades Implcitas de Opes de Compra e de Venda do Tipo Europeu

erivativoserisco.com.br
ades Implcitas nas Calls
Volatilidades Tx Over-Mensais Vegas Deltas Preos de Prmios Justos
Implcitas de Financiam. Implcitos Implcitos Barreira Volatil. Passada
51.45% 3.67% 0.0489 0.9142 $ 19.8068

59.20% 8.18% 0.1038 0.7269 $ 11.5964
37.75% 10.28% 0.1246 0.5040 $ 5.6759
52.88% 0.0716 0.2380 $ 160.00 $ 2.0754
56.49% 34.11% 0.0761 0.1602 $ 0.7656
Implcitas nas Calls Prmio Justo da Call Especificada,

dade Estimada em Funo da Volatilidade
6
56.5% 5
52.9%
4
Prmios Justos
37.7% 3
2
e
1
0
0 0 4 0 8 1 2 1 6 .2 2 4 2 8 3 2 3 6 .4 4 4 4 8 5 2 5 6 .6 6 4 6 8 7 2 7 6 .8 8 4 8 8 9 2 9 6 1
0. 0. 0. 0. 0 0. 0. 0. 0. 0 0. Volatilidades
0. 0. 0. 0 0. 0. 0. 0. 0 0. 0. 0. 0.
Exerccio
130.00 das Calls
$ 140.00 $ 150.00 Prmios Justos com Diferentes
Volatilidades
Volatilidade Admitida
Prmio de Mercado
Prmio Justo da Call Especificada,

em Funo da Volatilidade
7
is de Rentabilidade
mentos com Calls
6
1.267639E+22
112589655140 5
112589655140
4
112589655140
112589655140 3 d
0
0 0 8 1 6 2 4 3 2 .4 4 8 5 6 6 4 7 2 .8 8 8 9 6 0 4 1 2 .2 2 8 3 6 4 4 5 2 .6 6 8 7 6 8 4 9 2 2
0. 0. 0. 0. 0 0. 0. 0. 0. 0 0. 0. 1. 1. 1 1. 1. 1. 1. 1 1. 1. 1. 1.
Prmios Justos com Diferentes

Srie A Tx. Srie B Volatilidades
PVV
Srie C Tx. Srie D
Srie E Tx.Renda Fixa Prmio de Mercado
Pgina 32
1
0
0 08 16 24 32 .4 48 56Plan1
6 4 7 2 .8 8 8 9 6 0 4 1 2 .2 2 8 3 6 4 4 5 2 .6 6 8 7 6 8 4 9 2 2
0. 0. 0. 0. 0 0. 0. 0. 0. 0 0. 0. 1. 1. 1 1. 1. 1. 1. 1 1. 1. 1. 1.
Prmios Justos com Diferentes

Srie A Tx. Srie B Volatilidades
PVV
Srie C Tx. Srie D
Srie E Tx.Renda Fixa Prmio de Mercado
dades Implcitas nas Puts

Volatilidades Taxas Over Vegas Deltas Preos de Prmios Justos
Implcitas de Financiam. Implcitos Implcitos Barreira Volatil. Passada
58.65% -24.34% 0.0827 -0.1827 $ 1.08

48.83% -16.42% 0.0973 -0.2408 $ 2.14
60.73% 0.0563 -0.2567 $ 110.00 $ 3.32
21.06% 2.16% 0.0416 -0.9307 $ 12.59
31.46% 0.0428 -0.7785 $ 115.00 $ 11.52
Prmio Justo da Put Especificada,

Implcitas nas Puts em Funo da Volatilidade
Prmios Justos
dade Estimada 14
60.7% 12
10
6
31.5%
4
e
21.1%
2
0
0 0 4 0 8 1 2 1 6 .2 2 4 2 8 3 2 3 6 . 4 4 4 4 8 5 2 5 6 . 6 6 4 6 8 7 2 7 6 .8 8 4 8 8 9 2 9 6 1
0. 0. 0. 0. 0 0. 0. 0. 0. 0 0. 0. 0. 0. 0 0. 0. 0. 0. 0 0. 0. 0. 0.
Volatilidades
125.00 $ 140.00 $ 140.00 Prmio Justo com Diferentes Volatilidades
Prmio de Mercado
Exerccio das Puts Prmio Justo a Partir da Volatilidade Admitida
Volatilidade Admitida
de Rentabilidade Prmio Justo da Put Especificada,

ntos com Puts em Funo da Volatilidade
9
Prmios Justos
4
c
3
0
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
IN I N IN IN I N IN IN I N I N IN I N IN IN I N IN IN 0 0 8 1 6 2 4 3 2 .4 4 8 5 6 6 4 7 2 . 8 8 8 9 6 0 4 1 2 .2 2 8 3 6 4 4 5 2 .6 6 8 7 6 8 4 9 2 2
D D D D D D D D D D D D D D D D
A AD AD AD AD AD AD AD AD AD AD AD AD AD AD
D
0. 0. 0. 0. 0 0. 0. 0. 0. 0 0. 0. 1. 1. 1 1. 1. 1. 1. 1 1. 1. 1. 1.
# # # # # # # # # # # # # # #
Volatilidades
PVV Prmio Justo com Diferentes Volatilidades

Tx. Srie C
Prmio de Mercado
Tx.Renda Fixa
Prmio Justo a Partir da Volatilidade Admitida
Pgina 33
2
0
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
IN I N IN IN I N IN IN I N I N IN I N IN IN I N IN IN Plan1
0 0 8 1 6 2 4 3 2 .4 4 8 5 6 6 4 7 2 . 8 8 8 9 6 0 4 1 2 .2 2 8 3 6 4 4 5 2 .6 6 8 7 6 8 4 9 2 2
D D D D D D D D D D D D D D D D
A AD AD AD AD AD AD AD AD AD AD AD AD AD AD
D
0. 0. 0. 0. 0 0. 0. 0. 0. 0 0. 0. 1. 1. 1 1. 1. 1. 1. 1 1. 1. 1. 1.
# # # # # # # # # # # # # # #
Volatilidades
PVV Prmio Justo com Diferentes Volatilidades

Tx. Srie C
Prmio de Mercado
Tx.Renda Fixa
Prmio Justo a Partir da Volatilidade Admitida
Pgina 34
Plan1
117.02051 0.4719 1.3672259058 0.9142227461

93.045372 0.4719 0.6035151198 0.7269169699
64.516693 0.4719 0.0101185927 0.5040366656
37.905935 0.4719 -0.5355346 0.2961401192
20.510628 0.4719 -0.993474914 0.1602392849
0.2229659217 0.08269908 0 0 0.5 -0.143079515

0.27943168 0.09726272 0 0 0.5 -0.1191335006
Pgina 35
Plan1
0.4331747352 0.1185001 1.1847272 1.1792486 0.1191496026 1.0310855042

0.9372473489 0.04162855 0 0 0.5 -0.0513930536
0.8524878512 0.07779904 0.2391416 1.5928342 0.0555986976 1.5160917986
Pgina 36
Plan1
#ADDIN? #ADDIN? #ADDIN? 0.0244000278

Pgina 37
Plan1

Pgina 38
Plan1

Pgina 39
Plan1
115
10.303060435 11.5155697 10.9 -15.86335 1 -15.8682247033

10.303060435 11.5155697 10.9 -15.86335 1 -15.8682247033
10.303060435 11.5155697 10.9 -7.928013 1 -7.9377719769
10.303060456 11.5155697 10.9 -5.281276 0.9999999359 -5.2959142349
10.303081954 11.5155697 10.9 -3.956687 0.9999620018 -3.976205239
10.303724472 11.5155697 10.9 -3.160958 0.9992137448 -3.1853557415
10.308007986 11.5155697 10.9 -2.629659 0.9957264722 -2.6589359933
10.321403278 11.5155697 10.9 -2.249462 0.9877584556 -2.2836189589
10.34917492 11.5155697 10.9 -1.963705 0.9752178506 -2.0027411206
10.394577926 11.5155697 10.9 -1.740907 0.9591500806 -1.7848227464
10.458759674 11.5155697 10.9 -1.562181 0.9408773216 -1.6109759971
10.541383349 11.5155697 10.9 -1.415507 0.921540027 -1.4691813387
10.641276149 11.5155697 10.9 -1.292872 0.9019722892 -1.3514257483
10.75689127 11.5155697 10.9 -1.188728 0.8827266887 -1.2521617488
10.886586885 11.5155697 10.9 -1.099114 0.8641407955 -1.1674268564
11.02877638 11.5155697 10.9 -1.021123 0.8464018557 -1.0943152496
11.181999479 11.5155697 10.9 -0.952576 0.8295974166 -1.0306475625
11.344948425 11.5155697 10.9 -0.891806 0.813751461 -0.9747572209
11.516470301 11.5155697 10.9 -0.837517 0.7988489857 -0.9253480007
11.695557639 11.5155697 10.9 -0.788686 0.7848522413 -0.8813965668
11.881334132 11.5155697 10.9 -0.744494 0.7717112389 -0.8420842513
12.073039003 11.5155697 10.9 -0.704279 0.7593704217 -0.806748323
Pgina 40
Plan1
12.27001187 11.5155697 10.9 -0.667498 0.7477728095 -0.7748465473

12.471678911 11.5155697 10.9 -0.633702 0.7368624979 -0.7459309913
12.677540625 11.5155697 10.9 -0.60252 0.7265860955 -0.7196283774
12.887161207 11.5155697 10.9 -0.573638 0.7168934836 -0.6956251527
13.100159434 11.5155697 10.9 -0.546789 0.7077381472 -0.6736560029
13.316200888 11.5155697 10.9 -0.521748 0.699077243 -0.6534949199
13.534991358 11.5155697 10.9 -0.498322 0.6908715086 -0.634948182
13.756271233 11.5155697 10.9 -0.476343 0.683085081 -0.6178487882
13.979810756 11.5155697 10.9 -0.455667 0.6756852697 -0.6020520039
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14.892805434 11.5155697 10.9 -0.383689 0.6493956012 -0.5495922401
15.124990766 11.5155697 10.9 -0.367917 0.6435323953 -0.5386993979
15.358495701 11.5155697 10.9 -0.352885 0.6379127625 -0.5285472553
15.593214499 11.5155697 10.9 -0.338534 0.6325196863 -0.5190757555
15.829051523 11.5155697 10.9 -0.32481 0.6273376188 -0.5102311636
16.065920063 11.5155697 10.9 -0.311665 0.6223523369 -0.5019652559
16.303741324 11.5155697 10.9 -0.299055 0.6175508134 -0.4942346311
16.542443545 11.5155697 10.9 -0.286941 0.6129211014 -0.4870001222
16.781961223 11.5155697 10.9 -0.275287 0.6084522307 -0.4802262923
17.022234448 11.5155697 10.9 -0.264062 0.6041341147 -0.4738810009
17.263208309 11.5155697 10.9 -0.253237 0.5999574672 -0.4679350297
17.504832381 11.5155697 10.9 -0.242784 0.5959137278 -0.4623617572
17.747060266 11.5155697 10.9 -0.23268 0.5919949954 -0.4571368769
17.989849196 11.5155697 10.9 -0.222902 0.5881939677 -0.4522381512
18.233159673 11.5155697 10.9 -0.213429 0.5845038879 -0.4476451953
18.47695516 11.5155697 10.9 -0.204244 0.5809184959 -0.4433392886
18.721201796 11.5155697 10.9 -0.195328 0.5774319852 -0.4393032082
Pgina 41
Plan1
110
7.422429E-15 3.31947056 4.2 7.362124 9.050337E-14 7.3572444709

7.422429E-15 3.31947056 4.2 7.362124 9.050337E-14 7.3572444709
3.45777E-05 3.31947056 4.2 3.6847216 0.0001144764 3.6749626102
0.0042594997 3.31947056 4.2 2.4605473 0.0069362638 2.4459088231
0.0316599035 3.31947056 4.2 1.8496801 0.0321798383 1.8301620545
0.0957970976 3.31947056 4.2 1.4841356 0.0688864759 1.4597380933
0.195464116 3.31947056 4.2 1.2412525 0.107256236 1.2119755358
0.3240858329 3.31947056 4.2 1.0684617 0.1426561464 1.0343052089
0.4750571368 3.31947056 4.2 0.9394785 0.1737425554 0.9004425262
0.6430875123 3.31947056 4.2 0.8397004 0.2005381828 0.7957849396
0.824207693 3.31947056 4.2 0.7603659 0.2235179431 0.7115709203
1.0154875599 3.31947056 4.2 0.6958995 0.2432458997 0.6422249499
Pgina 42
Plan1
1.2147589327 3.31947056 4.2 0.642584 0.2602470272 0.5840300162

1.4204015712 3.31947056 4.2 0.5978463 0.2749712443 0.5344128031
1.6311892627 3.31947056 4.2 0.5598482 0.2877914807 0.4915352275
1.8461814475 3.31947056 4.2 0.5272419 0.2990128189 0.454049362
2.0646470492 3.31947056 4.2 0.4990163 0.3088839622 0.4209442609
2.286010584 3.31947056 4.2 0.4743984 0.3176079332 0.3914468481
2.509813633 3.31947056 4.2 0.4527868 0.3253511172 0.3649558423
2.7356869669 3.31947056 4.2 0.4337071 0.3322505916 0.3409965476
2.9633301256 3.31947056 4.2 0.4167792 0.3384199535 0.3191892074
3.192496274 3.31947056 4.2 0.4016959 0.3439539185 0.2992263996
3.4229808356 3.31947056 4.2 0.3882056 0.3489319428 0.2808565969
3.6546128662 3.31947056 4.2 0.3761005 0.3534210821 0.2638720163
3.8872484342 3.31947056 4.2 0.3652075 0.357478255 0.2480995048
4.1207654918 3.31947056 4.2 0.3553811 0.3611520442 0.2333936143
4.3550598606 3.31947056 4.2 0.3464983 0.3644841374 0.219631273
4.5900420645 3.31947056 4.2 0.3384542 0.3675104859 0.2067076422
4.8256348067 3.31947056 4.2 0.3311589 0.3702622429 0.1945328599
5.0617709471 3.31947056 4.2 0.324535 0.3727665258 0.1830294592
5.2983918669 3.31947056 4.2 0.3185153 0.3750470405 0.1721303019
5.5354461372 3.31947056 4.2 0.3130414 0.3771245954 0.1617769128
5.7728884294 3.31947056 4.2 0.3080621 0.3790175254 0.1519181261
6.0106786162 3.31947056 4.2 0.3035325 0.3807420456 0.142508978
6.2487810267 3.31947056 4.2 0.2994128 0.3823125458 0.1335097944
6.4871638256 3.31947056 4.2 0.2956679 0.3837418384 0.1248854356
6.7257984923 3.31947056 4.2 0.2922667 0.3850413666 0.1166046662
6.9646593833 3.31947056 4.2 0.2891811 0.3862213814 0.1086396276
7.2037233615 3.31947056 4.2 0.2863864 0.3872910921 0.1009653936
7.4429694809 3.31947056 4.2 0.2838601 0.388258794 0.0935595947
7.682378718 3.31947056 4.2 0.2815821 0.3891319787 0.0864020982
7.9219337417 3.31947056 4.2 0.2795343 0.3899174285 0.0794747357
8.1616187153 3.31947056 4.2 0.2777001 0.3906212979 0.072761069
8.4014191254 3.31947056 4.2 0.2760647 0.3912491845 0.0662461892
8.6413216341 3.31947056 4.2 0.2746146 0.3918061901 0.0599165425
8.8813139506 3.31947056 4.2 0.2733373 0.392296974 0.05375978
9.1213847184 3.31947056 4.2 0.2722216 0.3927258004 0.0477646269
9.3615234183 3.31947056 4.2 0.2712573 0.3930965786 0.0419207674
9.6017202816 3.31947056 4.2 0.2704348 0.3934128994 0.0362187459
9.841966215 3.31947056 4.2 0.2697454 0.3936780668 0.0306498782
10.082252734 3.31947056 4.2 0.2691812 0.3938951259 0.0252061753
10.322571904 3.31947056 4.2 0.2687348 0.3940668877 0.0198802744
10.562916287 3.31947056 4.2 0.2683994 0.3941959513 0.0146653794
10.803278899 3.31947056 4.2 0.2681687 0.3942847233 0.0095552068
11.043653163 3.31947056 4.2 0.268037 0.3943354353 0.0045439387
11.284032876 3.31947056 4.2 0.2679987 0.3943501595 -0.0003738196
11.524412178 3.31947056 4.2 0.2680489 0.3943308229 -0.0052030777
11.764785517 3.31947056 4.2 0.268183 0.3942792194 -0.0099484934
12.005147627 3.31947056 4.2 0.2683966 0.3941970213 -0.0146144033
12.245493501 3.31947056 4.2 0.2686857 0.3940857896 -0.0192048502
12.485818375 3.31947056 4.2 0.2690464 0.3939469827 -0.0237236073
12.726117701 3.31947056 4.2 0.2694753 0.3937819651 -0.0281742001
Pgina 43
Plan1
12.966387136 3.31947056 4.2 0.2699691 0.3935920147 -0.0325599271

13.206622522 3.31947056 4.2 0.2705246 0.3933783294 -0.036883877
13.446819877 3.31947056 4.2 0.2711391 0.3931420336 -0.0411489457
13.686975374 3.31947056 4.2 0.2718097 0.3928841836 -0.0453578508
13.927085335 3.31947056 4.2 0.2725339 0.3926057725 -0.0495131451
14.16714622 3.31947056 4.2 0.2733093 0.3923077353 -0.0536172291
14.407154615 3.31947056 4.2 0.2741337 0.3919909526 -0.0576723621
14.647107224 3.31947056 4.2 0.2750049 0.391656255 -0.0616806724
14.887000861 3.31947056 4.2 0.2759209 0.3913044263 -0.0656441668
15.12683244 3.31947056 4.2 0.2768798 0.3909362068 -0.0695647387
15.366598973 3.31947056 4.2 0.2778798 0.3905522963 -0.0734441767
15.60629756 3.31947056 4.2 0.2789194 0.3901533572 -0.0772841712
15.845925384 3.31947056 4.2 0.2799967 0.3897400162 -0.0810863213
16.085479704 3.31947056 4.2 0.2811104 0.3893128674 -0.0848521407
16.324957855 3.31947056 4.2 0.282259 0.3888724743 -0.0885830636
16.564357238 3.31947056 4.2 0.2834411 0.3884193714 -0.0922804495
16.803675318 3.31947056 4.2 0.2846554 0.3879540662 -0.0959455883
17.042909621 3.31947056 4.2 0.2859008 0.3874770412 -0.0995797046
17.282057729 3.31947056 4.2 0.2871761 0.3869887552 -0.1031839618
17.521117277 3.31947056 4.2 0.2884801 0.3864896445 -0.1067594657
17.76008595 3.31947056 4.2 0.2898118 0.3859801247 -0.1103072684
17.998961481 3.31947056 4.2 0.2911702 0.3854605918 -0.1138283709
18.237741648 3.31947056 4.2 0.2925543 0.3849314233 -0.117323727
18.476424268 3.31947056 4.2 0.2939633 0.3843929791 -0.1207942453
18.715007202 3.31947056 4.2 0.2953962 0.3838456029 -0.1242407922
18.953488345 3.31947056 4.2 0.2968523 0.383289623 -0.1276641944
19.191865631 3.31947056 4.2 0.2983308 0.3827253528 -0.1310652408
19.430137025 3.31947056 4.2 0.2998308 0.3821530922 -0.1344446851
19.668300527 3.31947056 4.2 0.3013518 0.381573128 -0.1378032473
19.906354164 3.31947056 4.2 0.3028929 0.3809857345 -0.1411416158
20.144295994 3.31947056 4.2 0.3044536 0.3803911748 -0.1444604492
20.382124103 3.31947056 4.2 0.3060332 0.3797897005 -0.1477603775
20.619836603 3.31947056 4.2 0.307631 0.3791815529 -0.1510420042
20.857431629 3.31947056 4.2 0.3092466 0.3785669637 -0.1543059071
21.094907343 3.31947056 4.2 0.3108794 0.3779461547 -0.1575526402
21.332261928 3.31947056 4.2 0.3125288 0.3773193392 -0.1607827345
21.569493589 3.31947056 4.2 0.3141943 0.376686722 -0.1639966993
21.806600552 3.31947056 4.2 0.3158755 0.3760484995 -0.1671950234
22.043581061 3.31947056 4.2 0.3175719 0.375404861 -0.170378176
Pgina 44
Plan1
o Europeu
Call
e
4 8 2 6 1
.8 0.8 0.9 0.9
Volatilidade
Admitida
47.19% ao ano
Call
d
68 76 84 92 2
1. 1. 1. 1.
Pgina 45
68 76 84 92 2 Plan1
1. 1. 1. 1.
Put
e
4 8 2 6 1
.8 0.8 0.9 0.9
Volatilidade
Admitida
47.19% ao ano
Put
c
6 68 76 84 92 2
1. 1. 1. 1.
Pgina 46
6 68 76 84 92 2
Plan1
1. 1. 1. 1.
Pgina 47
Plan1
1.241699147 0.892826208 117.0205115 0.4719 1.3672259058

0.459089694 0.676915121 93.04537215 0.4719 0.6035151198
-0.08197956 0.467331483 64.51669319 0.4719 0.0101185927
-0.66455362 0.253168021 37.90593525 0.4719 -0.5355346004
-1.13128792 0.128966964 20.51062847 0.4719 -0.9934749137
0.556886308 0.124584896 20.00004248 20.0000424833 0.4719

0.547415205 0.124584896 12.80014391 12.8001439115 0.4719
Pgina 48
Plan1
0.151250362 0.062157642 4.499988445 4.499988445 0.4719

0.52049384 0.124584896 2.500096241 2.8920231527 0.4719
0.064748071 0.035037784 1.400065111 1.4000651106 0.4719
0
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Pgina 49
Plan1
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Pgina 50
Plan1

Pgina 51
Plan1

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Pgina 52
Plan1
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Pgina 53
Plan1
#ADDIN?
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Pgina 54
Plan1
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1 6.3655E-134 24.4502688 2.4997E-132 24.4453893026 2.8169551E-132

1 6.3655E-134 24.4502688 2.4997E-132 24.4453893026 2.8169551E-132
1 1.10064E-35 12.22879403 1.09077E-34 12.219035026 1.22993591E-34
0.999999941 3.85378E-17 8.156595601 1.723E-16 8.1419571004 1.94469536E-16
0.999964988 1.80484E-10 6.121716264 4.62864E-10 6.1021982625 5.23097435E-10
0.999277119 2.82705E-07 4.901764561 4.74898E-07 4.8773670596 5.37556295E-07
0.996080607 1.80725E-05 4.089276677 0.000021636 4.0599996744 2.45363922E-05
0.988803033 0.000248086 3.509625259 0.000224369 3.4754687563 0.0002549807
0.977397459 0.001473883 3.075496633 0.001050762 3.0364606301 0.0011968668
0.962854964 0.00531868 2.738383202 0.003087104 2.6944676987 0.003525058
0.946407523 0.013971354 2.469180407 0.006771146 2.4203854035 0.0077520326
0.929108195 0.029652501 2.249367166 0.012244573 2.1956926619 0.0140569744
0.911720455 0.054198086 2.06659609 0.019386115 2.0080420855 0.0223194098
0.894744534 0.088880596 1.912318987 0.027917646 1.8488854825 0.0322371752
0.878480985 0.134411176 1.780430006 0.037502807 1.7121170012 0.0434375544
0.86309163 0.191032101 1.666451523 0.047811758 1.5932590174 0.0555510482
0.848646938 0.258634681 1.567025319 0.058554387 1.4889533129 0.0682498316
0.835159649 0.336869031 1.479583344 0.069492237 1.3966318382 0.0812621555
0.822607541 0.425233185 1.402128228 0.080438479 1.3142972219 0.0943731009
0.810948392 0.523139894 1.333083098 0.091252268 1.2403725914 0.1074188069
0.800129602 0.629964023 1.271186456 0.101831162 1.173596449 0.1202783521
0.790094251 0.745074672 1.21541709 0.112103527 1.112947582 0.1328654714
Pgina 55
Plan1
0.78078483 0.867855971 1.164939461 0.122021749 1.0575904529 0.1451210985

0.772145449 0.997719778 1.119063343 0.131556558 1.0068348351 0.1570070757
0.764123082 1.134112781 1.077213548 0.140692437 0.9601055395 0.1685010504
0.756668195 1.276519813 1.038906917 0.149424015 0.9169194076 0.1795924366
0.74973498 1.424464692 1.003734622 0.157753272 0.8768676127 0.1902792747
0.743281368 1.577509485 0.971348405 0.165687406 0.8396018952 0.2005658181
0.737268894 1.735252814 0.941449757 0.173237213 0.8048237468 0.2104606981
0.73166249 1.89732764 0.913781343 0.180415876 0.7722758327 0.219975538
0.726430239 2.063398789 0.888120141 0.187238065 0.7417351296 0.2291239155
0.721543119 2.233160403 0.864271903 0.193719271 0.7130073912 0.2379205917
0.716974747 2.406333439 0.842066664 0.19987532 0.6859226521 0.2463809425
0.712701134 2.582663276 0.821355061 0.205722027 0.6603315486 0.2545205444
0.708700459 2.761917468 0.802005302 0.211274946 0.6361022895 0.2623548767
0.704952855 2.943883672 0.783900658 0.216549202 0.6131181451 0.2698991116
0.701440221 3.128367737 0.766937369 0.221559377 0.591275356 0.2771679695
0.698146043 3.315191976 0.751022893 0.226319439 0.5704813798 0.2841756238
0.695055239 3.504193589 0.736074429 0.230842702 0.5506534155 0.2909356422
0.692154019 3.695223248 0.722017669 0.235141807 0.5317171545 0.2974609544
0.689429758 3.88814381 0.708785734 0.239228726 0.513605719 0.3037638402
0.686870878 4.082829171 0.696318271 0.243114767 0.496258756 0.3098559307
0.684466753 4.279163228 0.684560676 0.246810595 0.4796216603 0.3157482208
0.682207616 4.477038948 0.673463422 0.250326256 0.4636449062 0.3214510877
0.680084474 4.676357536 0.662981486 0.253671206 0.4482834704 0.3269743142
0.67808904 4.877027676 0.653073848 0.256854335 0.4334963319 0.3323271152
0.676213667 5.078964864 0.643703053 0.259884005 0.4192460362 0.3375181653
0.674451287 5.282090796 0.634834834 0.262768071 0.405498317 0.3425556276
0.67279536 5.486332822 0.626437781 0.265513918 0.3922217632 0.3474471826
0.671239829 5.691623455 0.618483046 0.268128485 0.3793875279 0.3522000554
0.669779075 5.897899925 0.61094409 0.270618297 0.3669690719 0.356821044
Pgina 56
Plan1
9.38727E-14 5.9441E-249 33.56016925 3.1991E-247 33.5552897531 3.768826E-247

9.38727E-14 5.9441E-249 33.56016925 3.1991E-247 33.5552897531 3.768826E-247
0.000118942 1.18669E-64 16.78374425 1.60473E-63 16.7739852513 1.89132849E-63
0.007224377 3.63173E-30 11.19322908 2.20054E-29 11.1785905839 2.59538966E-29
0.033612855 6.52325E-18 8.399191377 2.24782E-17 8.3796733751 2.65373909E-17
0.072181034 3.96202E-12 6.723744652 8.85564E-12 6.6993471497 1.04676358E-11
0.112760873 6.50717E-09 5.607593418 1.0258E-08 5.5783164161 1.21428799E-08
0.150496751 6.37147E-07 4.811039609 7.50736E-07 4.7768831063 8.90165977E-07
0.183942399 1.36354E-05 4.214234189 1.25314E-05 4.1751981864 1.48863371E-05
0.213078523 0.000119111 3.750594363 8.82079E-05 3.7066788598 0.0001049975
0.23836526 0.000591601 3.380170452 0.000362204 3.3313754485 0.0004320898
0.260363568 0.002019531 3.077539934 0.001043584 3.0238654301 0.0012478371
Pgina 57
Plan1
0.279600059 0.005316413 2.825754461 0.00235847 2.7672004564 0.0028269989

0.296527981 0.011614503 2.61308056 0.004486507 2.5496470556 0.0053916012
0.311523971 0.022107382 2.431137181 0.007525757 2.3628241762 0.0090681359
0.324896649 0.037908443 2.27377822 0.011489662 2.2005857141 0.0138826829
0.336897892 0.059957516 2.136394097 0.016323652 2.058322091 0.0197796125
0.347733485 0.088977774 2.015459842 0.021928245 1.9325083353 0.0266483971
0.357572184 0.125470848 1.908233809 0.028180502 1.8204028025 0.034348843
0.36655309 0.169735431 1.812551543 0.034950509 1.7198410362 0.0427306705
0.37479152 0.221897327 1.726681479 0.042112442 1.6290914715 0.0516468282
0.382383654 0.281942785 1.649221873 0.049551094 1.5467523654 0.0609614853
0.389410196 0.349750399 1.579025845 0.057165065 1.471676837 0.0705540827
0.39593927 0.425119221 1.515145972 0.064867721 1.4029174633 0.0803207263
0.402028709 0.507792291 1.456792734 0.072586801 1.3396847249 0.0901739328
0.407727886 0.597475597 1.403302935 0.080263262 1.2813154256 0.1000414484
0.413079167 0.693852924 1.354115409 0.08784978 1.2272483992 0.1098646217
0.418119094 0.796597193 1.308752125 0.095309164 1.1770056156 0.1195966324
0.422879334 0.90537893 1.266803345 0.102612808 1.1301773343 0.1292007542
0.427387452 1.019872427 1.227915842 0.109739281 1.086410331 0.1386487465
0.431667545 1.139760106 1.191783489 0.116673076 1.045398478 0.1479194199
0.435740767 1.264735492 1.158139659 0.123403524 1.0068751477 0.1569973881
0.439625756 1.394505129 1.126751053 0.129923875 0.9706070411 0.1658719992
0.443338994 1.528789704 1.09741265 0.136230523 0.936389138 0.1745364342
0.446895109 1.667324589 1.06994355 0.142322359 0.904040538 0.1829869532
0.450307124 1.809859953 1.044183528 0.148200243 0.8734010151 0.1912222689
0.45358667 1.956160577 1.019990159 0.153866564 0.8443281463 0.199243031
0.456744164 2.106005449 0.997236419 0.159324884 0.8166949055 0.2070514017
0.459788966 2.259187231 0.975808652 0.164579648 0.7903876379 0.2146507098
0.462729504 2.415511627 0.95560486 0.169635953 0.7653043455 0.2220451685
0.46557339 2.5747967 0.936533245 0.174499352 0.7413532303 0.2292396472
0.468327513 2.736872179 0.918510965 0.179175711 0.7184514499 0.2362394865
0.470998126 2.901578746 0.901463067 0.183671081 0.6965240519 0.24305035
0.473590912 3.068767351 0.885321572 0.187991609 0.6755030562 0.2496781052
0.476111052 3.238298539 0.870024679 0.192143459 0.6553266625 0.256128729
0.478563277 3.410041805 0.855516081 0.196132753 0.6359385641 0.2624082329
0.480951914 3.583874986 0.841744367 0.199965529 0.6172873504 0.2685226045
0.48328093 3.759683688 0.828662503 0.203647705 0.5993259862 0.2744777611
0.485553969 3.937360735 0.816227373 0.207185052 0.5820113559 0.2802795159
0.487774382 4.116805672 0.804399381 0.210583179 0.5653038636 0.2859335506
0.489945256 4.297924286 0.793142099 0.213847519 0.5491670809 0.2914453967
0.49206944 4.480628165 0.782421955 0.216983317 0.5335674368 0.2968204212
0.49414957 4.664834295 0.772207961 0.219995633 0.5184739425 0.302063818
0.496188082 4.850464672 0.762471467 0.222889333 0.5038579479 0.3071806016
0.498187237 5.037445959 0.753185945 0.225669092 0.4896929254 0.3121756044
0.500149132 5.225709151 0.744326796 0.228339397 0.4759542764 0.3170534765
0.502075718 5.415189283 0.73587118 0.230904549 0.4626191595 0.3218186864
0.503968809 5.605825143 0.727797857 0.233368668 0.4496663362 0.3264755241
0.505830096 5.797559018 0.720087054 0.235735699 0.4370760326 0.3310281042
0.507661156 5.990336455 0.712720337 0.238009415 0.4248298156 0.3354803705
0.509463462 6.18410604 0.705680503 0.240193424 0.4129104808 0.339836101
0.511238393 6.378819194 0.698951474 0.242291179 0.401301952 0.3440989133
Pgina 58
Plan1
0.512987237 6.574429983 0.692518213 0.244305976 0.3899891904 0.3482722701

0.514711202 6.770894944 0.686366635 0.24624097 0.3789581116 0.352359485
0.516411423 6.968172924 0.680483535 0.248099172 0.3681955118 0.3563637283
0.518088962 7.166224927 0.674856523 0.249883462 0.3576889997 0.3602880331
0.519744819 7.365013979 0.669473959 0.251596593 0.347426935 0.3641353005
0.521379935 7.564504996 0.664324897 0.253241195 0.3373983722 0.3679083058
0.522995196 7.764664667 0.659399035 0.254819781 0.3275930097 0.371609704
0.524591434 7.965461339 0.654686668 0.256334755 0.3180011433 0.3752420348
0.526169438 8.166864919 0.650178649 0.257788416 0.308613623 0.3788077284
0.527729948 8.368846777 0.64586634 0.25918296 0.2994218146 0.3823091098
0.529273668 8.571379653 0.64174159 0.26052049 0.2904175633 0.3857484044
0.530801259 8.77443758 0.637796688 0.261803018 0.2815931614 0.3891277423
0.532313348 8.977995803 0.634024345 0.263032467 0.2729413176 0.3924491625
0.53381053 9.18203071 0.630417657 0.264210681 0.2644551297 0.3957146178
0.535293366 9.386519762 0.626970086 0.265339422 0.2561280586 0.3989259784
0.536762389 9.591441435 0.623675433 0.26642038 0.2479539048 0.4020850359
0.538218106 9.796775157 0.620527816 0.267455173 0.2399267871 0.4051935071
0.539660996 10.00250126 0.617521651 0.268445353 0.2320411217 0.4082530374
0.541091516 10.20860092 0.614651633 0.269392404 0.2242916042 0.4112652043
0.542510097 10.41505611 0.611912722 0.270297752 0.2166731921 0.4142315207
0.543917153 10.62184959 0.609300119 0.271162764 0.2091810887 0.4171534374
0.545313076 10.8289648 0.606809259 0.271988751 0.2018107289 0.4200323468
0.546698238 11.03638587 0.604435795 0.272776972 0.1945577645 0.4228695851
0.548072996 11.24409759 0.602175583 0.273528633 0.1874180522 0.4256664349
0.549437688 11.45208533 0.600024673 0.274244896 0.1803876413 0.428424128
0.550792637 11.66033505 0.597979295 0.274926874 0.1734627629 0.4311438475
0.552138151 11.86883325 0.596035851 0.275575638 0.1666398192 0.4338267303
0.553474526 12.07756696 0.594190907 0.276192217 0.1599153743 0.4364738687
0.554802041 12.28652368 0.592441178 0.2767776 0.1532861447 0.4390863132
0.556120966 12.49569139 0.590783525 0.277332738 0.1467489917 0.4416650737
0.557431557 12.7050585 0.589214946 0.277858546 0.1403009126 0.4442111217
0.55873406 12.91461387 0.587732568 0.278355906 0.1339390341 0.4467253918
0.560028709 13.12434672 0.58633364 0.278825665 0.1276606052 0.4492087837
0.56131573 13.33424668 0.585015525 0.279268639 0.1214629906 0.4516621634
0.562595338 13.54430373 0.5837757 0.279685615 0.1153436648 0.4540863649
0.563867738 13.75450819 0.582611742 0.28007735 0.1093002066 0.4564821914
0.565133129 13.96485073 0.581521329 0.280444574 0.1033302934 0.4588504168
0.5663917 14.1753223 0.580502233 0.280787991 0.0974316966 0.4611917871
0.567643633 14.38591417 0.579552313 0.281108279 0.0916022768 0.4635070212
Pgina 59
Plan1
128 0
15
0.227374
0.4719
0 0
0 0
0 0
0 0
0 0
0 0
0 0
$ 0.0000 1 0
$ 0.0001 1 0
$ 0.0000 1 0
$ 0.0001 1 0
$ 0.0001 1 0
$ 0.0005 1 0
$ 0.0003 1 0
$ 0.0000 1 1
$ 0.0005 1 0
$ 0.0001 1 1
19.3333096581 33.7192238308 64.3036890503 0

9.454519627 28.7753079578 61.2965586193 0
0 24.5012894287 58.5216268273 0
Pgina 60
Plan1
0 5.8149515404 5.8149515404 10.303060435

0 17.6893369815 53.5685841103 10.303060435
Pgina 61
Plan1
0.0288237944 0.5114974382 -0.0863080167 0.465610783

#VALUE! #VALUE! #VALUE! #VALUE!
0.9142227461 1.2416991467 0.8928262075

0.7269169699 0.459089694 0.6769151214
0.5040366656 -0.0819795617 0.4673314831
0.2961401192 -0.6645536209 0.253168021
0.1602392849 -1.1312879182 0.1289669639
1.3672259058 0.9142227461 1.2416991467 0.892826208 0.0489272275

0.6035151198 0.7269169699 0.459089694 0.676915121 0.1038421679
Pgina 62
Plan1
0.0101185927 0.5040366656 -0.0819795617 0.467331483 0.1245785185

-0.5355346004 0.2961401192 -0.6645536209 0.253168021 0.1079414258
-0.9934749137 0.1602392849 -1.1312879182 0.128966964 0.0760576175
Pgina 63
Plan1
#ADDIN? #ADDIN? 0.024400028

#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
Pgina 64
Plan1
#ADDIN? #ADDIN? 0.024400028

#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
Pgina 65
Plan1
#ADDIN? #ADDIN? 0.024400028

#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
#ADDIN? #ADDIN? 0.024400028
Pgina 66
Plan1
a
b
c
d
e
a
b
c
d
e
e 150 0
0 9.4032E-200 9.403187E-200
0.02 9.4032E-200 9.403187E-200
0.04 3.1368E-52 3.1367953E-52
0.06 1.48089E-24 1.4808888E-24
0.08 1.09521E-14 1.0952139E-14
0.1 5.21952E-10 5.219515E-10
0.12 2.14557E-07 2.1455677E-07
0.14 9.09165E-06 9.0916526E-06
0.16 0.000112741 0.0001127412
0.18 0.000676243 0.0006762428
0.2 0.00256283 0.0025628301
0.22 0.0071523 0.0071522995
0.24 0.01613459 0.0161345902
0.26 0.03122591 0.0312259097
0.28 0.053940429 0.0539404293
0.3 0.085464774 0.0854647739
0.32 0.126622881 0.1266228809
0.34 0.177899095 0.1778990949
0.36 0.239489976 0.239489976
0.38 0.311364696 0.3113646958
0.4 0.393322702 0.3933227019
0.42 0.485043488 0.4850434884
Pgina 67
Plan1
0.44 0.586126967 0.5861269667

0.46 0.696124824 0.6961248242
0.48 0.814564072 0.8145640724
0.5 0.940964212 0.9409642118
0.52 1.074849377 1.0748493769
0.54 1.215756637 1.215756637
0.56 1.363241417 1.3632414171
0.58 1.5168808 1.5168808
0.6 1.676275295 1.6762752947
0.62 1.841049517 1.8410495168
0.64 2.010852111 2.0108521114
0.66 2.185355164 2.1853551641
0.68 2.36425328 2.36425328
0.7 2.547262459 2.5472624586
0.72 2.734118858 2.7341188584
0.74 2.924577516 2.9245775164
0.76 3.118411065 3.1184110655
0.78 3.315408483 3.3154084831
0.8 3.515373888 3.5153738883
0.82 3.718125401 3.7181254006
0.84 3.923494066 3.9234940663
0.86 4.131322857 4.1313228567
0.88 4.341465736 4.3414657359
0.9 4.553786799 4.5537867989
0.92 4.768159476 4.7681594755
0.94 4.984465798 4.9844657982
0.96 5.202595728 5.2025957279
0.98 5.422446536 5.4224465364
1 5.643922239 5.6439222386
Pgina 68
Plan1
d 140 160
0 2.21969E-58 2.2196911E-58
0.02 2.21969E-58 2.2196911E-58
0.04 1.70045E-16 1.700454E-16
0.06 2.13056E-08 2.1305577E-08
0.08 0.000021519 0.000021519
0.1 0.000664036 0.0006640364
0.12 0.004947551 0.0049475507
0.14 0.018342843 0.0183428428
0.16 0.046114453 0.0461144844
0.18 0.09151655 0.0915174904
0.2 0.155687958 0.1556992387
0.22 0.238248755 0.2383229139
Pgina 69
Plan1
0.24 0.337893566 0.338215714

0.26 0.452789323 0.453830835
0.28 0.580815606 0.5835264495
0.3 0.719722446 0.7257159451
0.32 0.867250046 0.8789390434
0.34 1.021224436 1.0418879904
0.36 1.1796296 1.2134098654
0.38 1.340655015 1.3924972038
0.4 1.502720202 1.5782736966
0.42 1.664480329 1.7699785676
0.44 1.824817941 1.9669514348
0.46 1.982825748 2.1686184759
0.48 2.137784506 2.3744801896
0.5 2.28913904 2.5841007717
0.52 2.436474445 2.7970989984
0.54 2.579493733 3.0131404531
0.56 2.71799762 3.2319309231
0.58 2.851866714 3.4532107983
0.6 2.981046151 3.6767503214
0.62 3.105532534 3.9023455559
0.64 3.225362966 4.1298149598
0.66 3.340605951 4.3589964675
0.68 3.451353884 4.5897449994
0.7 3.557716924 4.8219303309
0.72 3.659818014 5.0554352658
0.74 3.757788872 5.2901540643
0.76 3.851766778 5.5259910877
0.78 3.941892024 5.7628596275
0.8 4.028305905 6.0006808892
0.82 4.111149149 6.2393831097
0.84 4.190560718 6.478900788
0.86 4.266676881 6.7191740129
0.88 4.339630541 6.9601478742
0.9 4.409550743 7.201771946
0.92 4.476562327 7.4439998313
0.94 4.540785715 7.6867887609
0.96 4.602336782 7.930099238
0.98 4.661326806 8.1738947245
1 4.717862474 8.4181413606
1.02 4.772045938 8.662807717
1.04 4.823974897 8.9078645732
1.06 4.873742713 9.1532847189
1.08 4.921438535 9.3990427772
1.1 4.967147449 9.6451150455
1.12 5.010950623 9.8914793526
1.14 5.052925464 10.13811493
1.16 5.093145777 10.385002296
1.18 5.131681924 10.632123153
1.2 5.168600976 10.879460287
1.22 5.203966869 11.126997489
Pgina 70
Plan1
1.24 5.237840552 11.374719473

1.26 5.270280131 11.622611808
1.28 5.301341011 11.870660848
1.3 5.331076026 12.118853681
1.32 5.359535572 12.367178071
1.34 5.386767727 12.615622408
1.36 5.412818368 12.864175669
1.38 5.437731285 13.112827369
1.4 5.461548286 13.361567533
1.42 5.484309296 13.610386651
1.44 5.506052457 13.859275655
1.46 5.526814217 14.108225886
1.48 5.546629415 14.357229067
1.5 5.565531363 14.606277281
1.52 5.583551924 14.855362942
1.54 5.600721585 15.104478782
1.56 5.617069526 15.353617826
1.58 5.632623684 15.602773375
1.6 5.647410819 15.851938989
1.62 5.661456567 16.101108473
1.64 5.674785499 16.350275862
1.66 5.687421172 16.599435407
1.68 5.699386179 16.84858156
1.7 5.710702194 17.09770897
1.72 5.721390021 17.346812463
1.74 5.73146963 17.595887038
1.76 5.7409602 17.844927855
1.78 5.749880156 18.093930229
1.8 5.758247204 18.342889617
1.82 5.766078366 18.591801614
1.84 5.77339001 18.840661946
1.86 5.780197879 19.089466462
1.88 5.786517125 19.338211125
1.9 5.79236233 19.586892014
1.92 5.797747535 19.835505309
1.94 5.802686264 20.084047292
1.96 5.807191545 20.33251434
1.98 5.811275936 20.580902922
2 5.81495154 20.829209591
Pgina 71
Plan1
16.7655906621 48.3753955247
19.3207883308 51.8420389923
7.6576668887 7.6576668887
Pgina 72
Plan1
31.1322700256 66.2560618442
14.3666793636 14.3666793636
Pgina 73
Plan1
0 0 0.5 -0.12552676 0.450053271

0 0 0.5 -0.14442543 0.44258227
Pgina 74
Plan1
0 0 0.5 -0.09209815 0.463310027

0.3919269113 -1.5705090717 0.058148363 -1.69952809 0.044609863
0 0 0.5 -0.137813 0.445194103
Pgina 75
Plan1
1.0781208067 1.0781208067 1.093710388 0.137041009 0.978578576

2.1418818677 2.1418818677 0.724050482 0.234517372 0.608918671
3.3194705559 3.7929183748 0.369483016 0.355883865 0.254351205
12.5936904624 12.5936904624 -0.61485558 0.73067495 -0.72998739
11.5155696557 12.5936904624 -0.61485558 0.73067495 -0.72998739
19.806757477 19.806757477 1.479804918 0.930537342 1.364673107

11.5964014947 11.5964014947 0.724050482 0.765482628 0.608918671
5.6759470019 5.6759470019 0.028823794 0.511497438 -0.08630802
2.0754325542 2.2906300273 -0.61485558 0.26932505 -0.72998739
0.7656098685 0.7656098685 -1.21410674 0.112353483 -1.32923855
0.7656098685 1.4 -30.0026763 4.5277E-198 -30.0075558

0.7656098685 1.4 -30.0026763 4.5277E-198 -30.0075558
0.7656098685 1.4 -14.9976785 3.80162E-51 -15.0074376
0.7656098685 1.4 -9.99438612 8.06417E-24 -10.0090246
0.7656098685 1.4 -7.49152002 3.40402E-14 -7.51103803
0.7656098685 1.4 -5.98882447 1.05682E-09 -6.01322197
0.7656098685 1.4 -4.98621418 3.07869E-07 -5.01549118
0.7656098685 1.4 -4.26936691 9.80143E-06 -4.30352341
0.7656098685 1.4 -3.73112151 9.53146E-05 -3.77015751
0.7656098685 1.4 -3.31194404 0.00046325 -3.35585954
0.7656098685 1.4 -2.97611411 0.001459631 -3.02490911
0.7656098685 1.4 -2.70090058 0.0034576 -2.75457508
0.7656098685 1.4 -2.47114934 0.006733978 -2.52970334
0.7656098685 1.4 -2.2763691 0.011411964 -2.33980261
0.7656098685 1.4 -2.10906608 0.017469439 -2.17737908
0.7656098685 1.4 -1.96374482 0.024779846 -2.03693733
0.7656098685 1.4 -1.83628375 0.033157851 -1.91435576
0.7656098685 1.4 -1.72353108 0.042396265 -1.80648258
0.7656098685 1.4 -1.62303539 0.05229092 -1.7108664
0.7656098685 1.4 -1.53286138 0.062655006 -1.62557189
0.7656098685 1.4 -1.4514608 0.073325795 -1.54905081
0.7656098685 1.4 -1.3775803 0.084166454 -1.48004981
Pgina 76
Plan1
0.7656098685 1.4 -1.31019441 0.095065038 -1.41754342

0.7656098685 1.4 -1.24845601 0.105932054 -1.36068452
0.7656098685 1.4 -1.19165917 0.116697458 -1.30876718
0.7656098685 1.4 -1.13921089 0.127307602 -1.2611984
0.7656098685 1.4 -1.09060942 0.137722391 -1.21747643
0.7656098685 1.4 -1.04542734 0.147912753 -1.17717385
0.7656098685 1.4 -1.00329828 0.157858482 -1.13992429
0.7656098685 1.4 -0.96390642 0.167546422 -1.10541193
0.7656098685 1.4 -0.92697803 0.17696897 -1.07336304
0.7656098685 1.4 -0.89227472 0.186122852 -1.04353923
0.7656098685 1.4 -0.85958787 0.195008131 -1.01573188
0.7656098685 1.4 -0.82873419 0.203627418 -0.9897577
0.7656098685 1.4 -0.79955191 0.21198523 -0.96545492
0.7656098685 1.4 -0.77189778 0.220087488 -0.94268029
0.7656098685 1.4 -0.74564444 0.227941115 -0.92130645
0.7656098685 1.4 -0.72067833 0.235553725 -0.90121984
0.7656098685 1.4 -0.69689781 0.242933374 -0.88231883
0.7656098685 1.4 -0.67421169 0.250088368 -0.86451221
0.7656098685 1.4 -0.6525379 0.257027117 -0.84771791
0.7656098685 1.4 -0.63180234 0.263758021 -0.83186186
0.7656098685 1.4 -0.61193802 0.270289383 -0.81687703
0.7656098685 1.4 -0.59288414 0.276629346 -0.80270266
0.7656098685 1.4 -0.57458545 0.282785848 -0.78928346
0.7656098685 1.4 -0.5569916 0.288766584 -0.77656912
0.7656098685 1.4 -0.54005662 0.294578991 -0.76451364
0.7656098685 1.4 -0.52373847 0.300230228 -0.75307498
0.7656098685 1.4 -0.50799858 0.305727171 -0.74221459
0.7656098685 1.4 -0.49280155 0.311076408 -0.73189707
0.7656098685 1.4 -0.47811481 0.316284245 -0.72208983
Pgina 77
Plan1
2.0754325542 2.5 -15.8633452 5.68371E-57 -15.8682247

2.0754325542 2.5 -15.8633452 5.68371E-57 -15.8682247
2.0754325542 2.5 -7.92801298 1.1134E-15 -7.93777198
2.0754325542 2.5 -5.28127573 6.41437E-08 -5.29591423
2.0754325542 2.5 -3.95668724 3.79982E-05 -3.97620524
2.0754325542 2.5 -3.16095824 0.000786255 -3.18535574
2.0754325542 2.5 -2.62965899 0.004273528 -2.65893599
2.0754325542 2.5 -2.24946246 0.012241544 -2.28361896
2.0754325542 2.5 -1.96370512 0.024782149 -2.00274112
2.0754325542 2.5 -1.74090724 0.040849919 -1.78482275
2.0754325542 2.5 -1.56218099 0.059122678 -1.610976
2.0754325542 2.5 -1.41550683 0.078459973 -1.46918134
Pgina 78
Plan1
2.0754325542 2.5 -1.29287174 0.098027711 -1.35142575

2.0754325542 2.5 -1.18872824 0.117273311 -1.25216175
2.0754325542 2.5 -1.09911385 0.135859204 -1.16742686
2.0754325542 2.5 -1.02112274 0.153598144 -1.09431525
2.0754325542 2.5 -0.95257556 0.170402583 -1.03064756
2.0754325542 2.5 -0.89180571 0.186248539 -0.97475722
2.0754325542 2.5 -0.83751699 0.201151014 -0.925348
2.0754325542 2.5 -0.78868606 0.215147759 -0.88139657
2.0754325542 2.5 -0.74449424 0.228288761 -0.84208425
2.0754325542 2.5 -0.70427882 0.240629578 -0.80674832
2.0754325542 2.5 -0.66749754 0.25222719 -0.77484655
2.0754325542 2.5 -0.63370248 0.263137502 -0.74593099
2.0754325542 2.5 -0.60252037 0.273413904 -0.71962838
2.0754325542 2.5 -0.57363764 0.283106516 -0.69562515
2.0754325542 2.5 -0.54678899 0.292261853 -0.673656
2.0754325542 2.5 -0.52174841 0.300922757 -0.65349492
2.0754325542 2.5 -0.49832217 0.309128491 -0.63494818
2.0754325542 2.5 -0.47634328 0.316914919 -0.61784879
2.0754325542 2.5 -0.45566699 0.32431473 -0.602052
2.0754325542 2.5 -0.43616726 0.33135769 -0.58743177
2.0754325542 2.5 -0.41773377 0.338070888 -0.57387779
2.0754325542 2.5 -0.40026961 0.344478976 -0.56129312
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2.0754325542 2.5 -0.36791689 0.356467605 -0.5386994
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2.0754325542 2.5 -0.33853424 0.367480314 -0.51907576
2.0754325542 2.5 -0.32481015 0.372662381 -0.51023116
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2.0754325542 2.5 -0.28694061 0.387078899 -0.48700012
2.0754325542 2.5 -0.27528728 0.391547769 -0.48022629
2.0754325542 2.5 -0.26406249 0.395865885 -0.473881
2.0754325542 2.5 -0.25323701 0.400042533 -0.46793503
2.0754325542 2.5 -0.24278424 0.404086272 -0.46236176
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2.0754325542 2.5 -0.22290163 0.411806032 -0.45223815
2.0754325542 2.5 -0.21342918 0.415496112 -0.4476452
2.0754325542 2.5 -0.20424377 0.419081504 -0.44333929
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2.0754325542 2.5 -0.17004767 0.432486322 -0.42866119
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2.0754325542 2.5 -0.13204251 0.447475336 -0.41505353
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Pgina 79
Plan1
2.0754325542 2.5 -0.10463525 0.458332623 -0.40716427

2.0754325542 2.5 -0.09813359 0.460913106 -0.40554212
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2.0754325542 2.5 -0.08550524 0.465929866 -0.40267276
2.0754325542 2.5 -0.07936717 0.468370291 -0.40141419
2.0754325542 2.5 -0.0733395 0.470767981 -0.40026602
2.0754325542 2.5 -0.06741735 0.473124727 -0.39922338
2.0754325542 2.5 -0.06159615 0.475442222 -0.39828167
2.0754325542 2.5 -0.05587156 0.477722064 -0.39743658
2.0754325542 2.5 -0.0502395 0.479965769 -0.39668402
2.0754325542 2.5 -0.04469611 0.482174767 -0.39602014
2.0754325542 2.5 -0.03923776 0.484350416 -0.39544128
2.0754325542 2.5 -0.03386099 0.486494002 -0.39494401
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Pgina 80
Plan1
0.124584896
0.124584896
Pgina 81
Plan1
0.124584896
0.036297106
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Pgina 82
Plan1
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0.271289174 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
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0.767301054 1.078120807 1.093710388 0.137041009 0.978578576 0.1638941245
10
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0.728710826 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
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Pgina 83
Plan1
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Pgina 84
Plan1
5.25869E-57 0 -43.2291373 0 -43.2340168 0

5.25869E-57 0 -43.2291373 0 -43.2340168 0
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Pgina 85
Plan1
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0.273569761 0.69570417 -1.36786006 0.085677941 -1.51424507 0.0649818467
0.278456881 0.796813022 -1.31893475 0.093595464 -1.47019926 0.0707538978
0.283025253 0.904451994 -1.27291478 0.101524142 -1.42905879 0.0764936685
0.287298866 1.018390516 -1.22953603 0.109435448 -1.39055955 0.0821795154
0.291299541 1.138391115 -1.18856547 0.117305352 -1.35446848 0.0877934816
0.295047145 1.264213407 -1.14979666 0.125113816 -1.32057917 0.0933208606
0.298559779 1.395617251 -1.11304613 0.132844308 -1.28870815 0.0987497845
0.301853957 1.532365192 -1.07815025 0.140483356 -1.25869176 0.1040708447
0.304944761 1.674224309 -1.04496257 0.148020134 -1.23038359 0.1092767482
0.307845981 1.820967603 -1.01335172 0.155446096 -1.20365223 0.1143620109
0.310570242 1.972374985 -0.98319942 0.16275465 -1.17837943 0.1193226864
0.313129122 2.12823396 -0.95439895 0.169940868 -1.15445847 0.1241561285
0.315533247 2.28834007 -0.92685376 0.177001235 -1.13179277 0.1288607838
0.317792384 2.452497132 -0.90047626 0.183933428 -1.11029477 0.1334360128
0.319915526 2.620517333 -0.87518683 0.190736128 -1.08988485 0.1378819354
0.32191096 2.792221203 -0.85091295 0.197408854 -1.07049047 0.142199298
0.323786333 2.967437504 -0.82758838 0.203951824 -1.0520454 0.14638936
0.325548713 3.146003046 -0.80515253 0.210365833 -1.03448905 0.1504537972
0.32720464 3.327762456 -0.78354985 0.216652147 -1.01776586 0.154394619
0.328760171 3.512567918 -0.76272932 0.222812419 -1.00182484 0.1582140985
0.330220925 3.700278886 -0.74264403 0.228848611 -0.98661905 0.1619147137
0.33159212 3.890761779 -0.72325072 0.234762931 -0.97210524 0.1654990975
0.332878607 4.083889676 -0.70450947 0.240557776 -0.95824349 0.1689699955
0.334084903 4.279542006 -0.68638337 0.246235693 -0.94499689 0.1723302311
0.335215215 4.477604242 -0.66883825 0.251799332 -0.93233127 0.175582676
0.336273468 4.677967596 -0.65184241 0.257251419 -0.92021493 0.1787302258
0.337263328 4.88052873 -0.63536644 0.262594726 -0.90861846 0.18177578
0.338188223 5.085189467 -0.61938296 0.267832052 -0.89751448 0.1847222249
0.33905136 5.291856519 -0.60386651 0.272966199 -0.88687753 0.1875724205
0.339855741 5.500441228 -0.58879333 0.277999959 -0.87668386 0.1903291892
0.340604185 5.71085931 -0.57414127 0.282936103 -0.8669113 0.192995307
0.341299334 5.92303062 -0.55988962 0.287777366 -0.85753914 0.1955734969
Pgina 86
Plan1
0.341943672 6.136878921 -0.54601899 0.292526442 -0.84854801 0.1980664228

0.342539533 6.352331677 -0.53251125 0.297185977 -0.83991977 0.2004766858
0.343089115 6.569319837 -0.51934938 0.301758562 -0.8316374 0.2028068215
0.343594487 6.787777655 -0.50651742 0.306246731 -0.82368495 0.2050592972
0.344057601 7.007642498 -0.49400038 0.310652955 -0.81604741 0.2072365111
0.344480295 7.228854681 -0.48178416 0.314979643 -0.80871068 0.2093407914
0.344864309 7.4513573 -0.46985547 0.319229139 -0.8016615 0.2113743964
0.345211283 7.675096084 -0.45820183 0.323403722 -0.79488736 0.2133395144
0.345522771 7.900019247 -0.44681145 0.327505603 -0.78837647 0.2152382647
0.345800242 8.126077355 -0.43567319 0.331536931 -0.78211771 0.2170726984
0.346045086 8.353223198 -0.42477656 0.335499784 -0.77610058 0.2188447996
0.346258623 8.581411669 -0.41411162 0.339396181 -0.77031515 0.2205564865
0.346442104 8.810599652 -0.40366899 0.343228074 -0.76475201 0.2222096133
0.346596713 9.040745918 -0.39343976 0.346997353 -0.75940229 0.2238059716
0.34672358 9.271811018 -0.38341553 0.350705846 -0.75425755 0.2253472921
0.346823773 9.503757198 -0.37358829 0.354355324 -0.74930982 0.2268352461
0.346898312 9.7365483 -0.36395047 0.357947496 -0.7445515 0.2282714478
0.346948165 9.97014969 -0.35449489 0.361484017 -0.73997542 0.2296574554
0.346974253 10.20452817 -0.3452147 0.364966485 -0.73557473 0.2309947736
0.346977455 10.43965191 -0.33610341 0.368396444 -0.73134294 0.2322848547
0.346958609 10.67549036 -0.32715484 0.371775388 -0.72727387 0.2335291011
0.346918512 10.91201423 -0.31836311 0.375104759 -0.72336164 0.2347288662
0.346857926 11.14919538 -0.30972262 0.378385951 -0.71960065 0.2358854567
0.346777578 11.38700678 -0.30122802 0.381620311 -0.71598555 0.2370001343
0.346678162 11.62542244 -0.29287424 0.384809139 -0.71251127 0.2380741168
0.346560343 11.86441741 -0.28465641 0.387953693 -0.70917294 0.2391085803
0.346424755 12.10396766 -0.27656991 0.391055188 -0.70596594 0.2401046603
0.346272005 12.34405007 -0.26861029 0.394114796 -0.70288582 0.2410634534
0.346102674 12.58464241 -0.26077334 0.397133652 -0.69992837 0.2419860187
0.345917319 12.82572325 -0.25305501 0.400112853 -0.69708954 0.2428733793
0.345716472 13.06727194 -0.24545143 0.403053456 -0.69436546 0.2437265234
0.345500645 13.30926858 -0.2379589 0.405956486 -0.69175243 0.2445464061
0.345270327 13.551694 -0.23057388 0.408822932 -0.68924691 0.24533395
0.345025988 13.79452968 -0.22329297 0.411653751 -0.6868455 0.246090047
0.34476808 14.03775777 -0.21611291 0.414449868 -0.68454495 0.2468155591
0.344497036 14.28136103 -0.20903059 0.417212178 -0.68234213 0.2475113198
0.344213271 14.52532279 -0.20204302 0.419941545 -0.68023406 0.2481781348
0.343917185 14.76962699 -0.19514733 0.422638806 -0.67821786 0.2488167835
0.343609163 15.01425805 -0.18834075 0.425304771 -0.67629079 0.2494280199
Pgina 87
Plan1
Prmio Prmio Prmio Prmio

Call Mximo Mnimo Vol.=0% Vol.=500%
A 64.30368905 19.3333096581 19.33330966 64.30368905
B 61.29655862 9.454519627 9.454519627 61.29655862
C 58.52162683 0 0 58.52162683
D 5.81495154 0 0 4.603614404
E 53.56858411 0 0 53.56858411
A 110 0
0 19.33330966 19.3333096581 19.80675748 20

33.719223831 0.00001 19.33330966 19.3333096581 19.80675748 20
0.05 19.33330966 19.3333096581 19.80675748 20
0.1 19.33330966 19.3333096581 19.80675748 20
0.15 19.33331305 19.3333130534 19.80675748 20
19.333309658 0.2 19.33390126 19.3339012588 19.80675748 20
0.25 19.34132495 19.3413249488 19.80675748 20
0.3 19.3712181 19.3712181008 19.80675748 20
0.35 19.43957676 19.4395767628 19.80675748 20
64.30368905 0.4 19.55520698 19.5552069849 19.80675748 20
0.45 19.71981431 19.7198143081 19.80675748 20
0.5 19.93078526 19.9307852556 19.80675748 20
0.55 20.18356354 20.1835635402 19.80675748 20
19.333309658 0.6 20.47306976 20.473069764 19.80675748 20
0.65 20.79440959 20.794409594 19.80675748 20
0.7 21.14316961 21.1431696115 19.80675748 20
0.75 21.51550133 21.515501326 19.80675748 20
19.333309658 0.8 21.90810636 21.9081063581 19.80675748 20
0.85 22.31818139 22.3181813853 19.80675748 20
0.9 22.74335146 22.7433514626 19.80675748 20
0.95 23.18160476 23.1816047566 19.80675748 20
64.30368905 1 23.63123394 23.6312339439 19.80675748 20
Pgina 88
Plan1
1.05 24.0907858 24.0907857997 19.80675748 20

1.1 24.55901881 24.5590188095 19.80675748 20
1.15 25.03486796 25.0348679633 19.80675748 20
1.2 25.5174157 25.5174156981 19.80675748 20
1.25 26.00586797 26.0058679747 19.80675748 20
1.3 26.49953459 26.4995345853 19.80675748 20
1.35 26.99781292 26.9978129238 19.80675748 20
1.4 27.50017458 27.5001745773 19.80675748 20
1.45 28.00615422 28.0061542178 19.80675748 20
1.5 28.51534037 28.5153403678 19.80675748 20
1.55 29.0273677 29.0273676974 19.80675748 20
1.6 29.54191057 29.541910574 19.80675748 20
1.65 30.05867764 30.0586776414 19.80675748 20
1.7 30.57740725 30.5774072476 19.80675748 20
1.75 31.09786357 31.097863572 19.80675748 20
1.8 31.61983334 31.6198333356 19.80675748 20
1.85 32.14312299 32.1431229948 19.80675748 20
1.9 32.66755634 32.6675563399 19.80675748 20
1.95 33.19297243 33.1929724329 19.80675748 20
2 33.71922383 33.7192238308 19.80675748 20
3 44.26655946 44.2665594556 19.80675748 20
4 54.54518674 54.5451867357 19.80675748 20
5 64.30368905 64.3036890503 19.80675748 20
B 120 0
0 9.454519627 9.4545196271 11.59640149 12.8

28.775307958 0.00001 9.454519627 9.454519627 11.59640149 20
0.05 9.454519627 9.4545196271 11.59640149 12.8
0.1 9.455201038 9.4552010384 11.59640149 12.8
0.15 9.483936803 9.4839368032 11.59640149 12.8
9.454519627 0.2 9.603476177 9.6034761766 11.59640149 12.8
0.25 9.828126375 9.8281263753 11.59640149 12.8
0.3 10.13870399 10.1387039908 11.59640149 12.8
0.35 10.51302104 10.5130210394 11.59640149 12.8
61.296558619 0.4 10.93379547 10.9337954747 11.59640149 12.8
0.45 11.38871051 11.3887105125 11.59640149 12.8
0.5 11.86912347 11.8691234656 11.59640149 12.8
0.55 12.36892003 12.3689200317 11.59640149 12.8
9.454519627 0.6 12.88370381 12.8837038054 11.59640149 12.8
0.65 13.41025447 13.4102544726 11.59640149 12.8
0.7 13.94616903 13.9461690268 11.59640149 12.8
0.75 14.48962237 14.48962237 11.59640149 12.8
9.454519627 0.8 15.03920529 15.0392052857 11.59640149 12.8
0.85 15.59381295 15.5938129505 11.59640149 12.8
0.9 16.15256691 16.1525669066 11.59640149 12.8
0.95 16.71475954 16.7147595434 11.59640149 12.8
61.296558619 1 17.27981397 17.279813969 11.59640149 12.8
Pgina 89
Plan1
1.05 17.84725457 17.847254574 11.59640149 12.8

1.1 18.41668514 18.4166851405 11.59640149 12.8
1.15 18.98777235 18.9877723523 11.59640149 12.8
1.2 19.56023323 19.5602332262 11.59640149 12.8
1.25 20.13382542 20.1338254249 11.59640149 12.8
1.3 20.70833971 20.7083397146 11.59640149 12.8
1.35 21.28359404 21.283594037 11.59640149 12.8
1.4 21.85942881 21.8594288072 11.59640149 12.8
1.45 22.43570315 22.4357031545 11.59640149 12.8
1.5 23.01229189 23.0122918927 11.59640149 12.8
1.55 23.58908306 23.5890830614 11.59640149 12.8
1.6 24.16597592 24.1659759168 11.59640149 12.8
1.65 24.74287928 24.7428792789 11.59640149 12.8
1.7 25.31971016 25.319710165 11.59640149 12.8
1.75 25.89639265 25.8963926522 11.59640149 12.8
1.8 26.47285693 26.4728569264 11.59640149 12.8
1.85 27.04903848 27.0490384828 11.59640149 12.8
1.9 27.62487745 27.6248774507 11.59640149 12.8
1.95 28.20031802 28.2003180209 11.59640149 12.8
2 28.77530796 28.7753079578 11.59640149 12.8
3 40.11952905 40.1195290489 11.59640149 12.8
4 51.01395342 51.0139534163 11.59640149 12.8
5 61.29655862 61.2965586193 11.59640149 12.8
C 130 0
0 0.434634941 0.434634941 5.675947002 4.5

24.501289429 0.00001 0 0 5.675947002 12.8
0.05 0.434634941 0.434634941 5.675947002 4.5
0.1 1.04720781 1.0472078099 5.675947002 4.5
0.15 1.667276872 1.6672768716 5.675947002 4.5
0 0.2 2.289180074 2.2891800744 5.675947002 4.5
0.25 2.911753761 2.9117537611 5.675947002 4.5
0.3 3.534593463 3.5345934633 5.675947002 4.5
0.35 4.157512392 4.1575123923 5.675947002 4.5
58.521626827 0.4 4.780405527 4.7804055272 5.675947002 4.5
0.45 5.40320423 5.4032042304 5.675947002 4.5
0.5 6.025858077 6.025858077 5.675947002 4.5
0.55 6.648326592 6.6483265917 5.675947002 4.5
0 0.6 7.270575117 7.2705751167 5.675947002 4.5
0.65 7.892572587 7.8925725875 5.675947002 4.5
0.7 8.514290262 8.5142902622 5.675947002 4.5
0.75 9.135700961 9.1357009607 5.675947002 4.5
0 0.8 9.75677859 9.7567785897 5.675947002 4.5
0.85 10.37749784 10.3774978359 5.675947002 4.5
0.9 10.99783396 10.9978339631 5.675947002 4.5
0.95 11.61776267 11.6177626732 5.675947002 4.5
58.521626827 1 12.23726001 12.2372600105 5.675947002 4.5
Pgina 90
Plan1
1.05 12.85630229 12.8563022936 5.675947002 4.5

1.1 13.47486607 13.4748660665 5.675947002 4.5
1.15 14.09292806 14.0929280633 5.675947002 4.5
1.2 14.71046518 14.7104651821 5.675947002 4.5
1.25 15.32745447 15.3274544663 5.675947002 4.5
1.3 15.94387309 15.94387309 5.675947002 4.5
1.35 16.55969835 16.5596983477 5.675947002 4.5
1.4 17.17490765 17.1749076466 5.675947002 4.5
1.45 17.7894785 17.7894785009 5.675947002 4.5
1.5 18.40338853 18.4033885278 5.675947002 4.5
1.55 19.01661544 19.0166154447 5.675947002 4.5
1.6 19.62913707 19.6291370675 5.675947002 4.5
1.65 20.24093131 20.2409313093 5.675947002 4.5
1.7 20.85197618 20.8519761799 5.675947002 4.5
1.75 21.46224979 21.4622497861 5.675947002 4.5
1.8 22.07173033 22.0717303317 5.675947002 4.5
1.85 22.68039612 22.6803961183 5.675947002 4.5
1.9 23.28822555 23.2882255464 5.675947002 4.5
1.95 23.89519712 23.895197116 5.675947002 4.5
2 24.50128943 24.5012894287 5.675947002 4.5
3 36.40650111 36.40650111 5.675947002 4.5
4 47.79263647 47.7926364742 5.675947002 4.5
5 58.52162683 58.5216268273 5.675947002 4.5
d 140 160
0 2.69478E-11 2.6947805E-11 2.075432554 2.5

5.8149515404 0.00001 0 0 2.075432554 4.5
0.05 2.69478E-11 2.6947805E-11 2.075432554 2.5
0.1 0.000664036 0.0006640364 2.075432554 2.5
0.15 0.030173832 0.030173835 2.075432554 2.5
0 0.2 0.155687958 0.1556992387 2.075432554 2.5
0.25 0.39356297 0.3941606235 2.075432554 2.5
0.3 0.719722446 0.7257159451 2.075432554 2.5
0.35 1.099991537 1.1266435327 2.075432554 2.5
5.8149515404 0.4 1.502720202 1.5782736966 2.075432554 2.5
0.45 1.904162152 2.0672310122 2.075432554 2.5
0.5 2.28913904 2.5841007717 2.075432554 2.5
0.55 2.649319244 3.1222090384 2.075432554 2.5
0 0.6 2.981046151 3.6767503214 2.075432554 2.5
0.65 3.283552597 4.2442011397 2.075432554 2.5
0.7 3.557716924 4.8219303309 2.075432554 2.5
0.75 3.805268221 5.4079384138 2.075432554 2.5
0 0.8 4.028305905 6.0006808892 2.075432554 2.5
0.85 4.229022333 6.5989464998 2.075432554 2.5
0.9 4.409550743 7.201771946 2.075432554 2.5
0.95 4.571888226 7.8083811555 2.075432554 2.5
4.6036144037 1 4.717862474 8.4181413606 2.075432554 2.5
Pgina 91
Plan1
1.05 4.849123279 9.0305308619 2.075432554 2.5

1.1 4.967147449 9.6451150455 2.075432554 2.5
1.15 5.07325046 10.2615283099 2.075432554 2.5
1.2 5.168600976 10.8794602866 2.075432554 2.5
1.25 5.25423608 11.4986452172 2.075432554 2.5
1.3 5.331076026 12.118853681 2.075432554 2.5
1.35 5.399937953 12.7398860904 2.075432554 2.5
1.4 5.461548286 13.3615675326 2.075432554 2.5
1.45 5.516553798 13.983743643 2.075432554 2.5
1.5 5.565531363 14.6062772806 2.075432554 2.5
1.55 5.608996496 15.2290458286 2.075432554 2.5
1.6 5.647410819 15.8519389886 2.075432554 2.5
1.65 5.681188559 16.4748569662 2.075432554 2.5
1.7 5.710702194 17.09770897 2.075432554 2.5
1.75 5.736287376 17.7204119627 2.075432554 2.5
1.8 5.758247204 18.3428896167 2.075432554 2.5
1.85 5.776855956 18.9650714359 2.075432554 2.5
1.9 5.79236233 19.586892014 2.075432554 2.5
1.95 5.80499229 20.2082904057 2.075432554 2.5
2 5.81495154 20.8292095905 2.075432554 2.5
3 5.656758395 33.080557801 2.075432554 2.5
4 5.179523823 44.8470110968 2.075432554 2.5
5 4.603614404 55.9530014091 2.075432554 2.5
e 150 0
0 2.39335E-34 2.3933502E-34 0.765609868 1.4

17.689336982 0.00001 0 0 0.765609868 2.5
0.05 2.39335E-34 2.3933502E-34 0.765609868 1.4
0.1 5.21952E-10 5.219515E-10 0.765609868 1.4
0.15 3.58986E-05 3.5898612E-05 0.765609868 1.4
0 0.2 0.00256283 0.0025628301 0.765609868 1.4
0.25 0.022815269 0.022815269 0.765609868 1.4
0.3 0.085464774 0.0854647739 0.765609868 1.4
0.35 0.207402506 0.2074025062 0.765609868 1.4
53.56858411 0.4 0.393322702 0.3933227019 0.765609868 1.4
0.45 0.64004081 0.6400408103 0.765609868 1.4
0.5 0.940964212 0.9409642118 0.765609868 1.4
0.55 1.288703804 1.288703804 0.765609868 1.4
0 0.6 1.676275295 1.6762752947 0.765609868 1.4
0.65 2.097535683 2.097535683 0.765609868 1.4
0.7 2.547262459 2.5472624586 0.765609868 1.4
0.75 3.021085987 3.0210859872 0.765609868 1.4
0 0.8 3.515373888 3.5153738883 0.765609868 1.4
0.85 4.02711032 4.0271103204 0.765609868 1.4
0.9 4.553786799 4.5537867989 0.765609868 1.4
0.95 5.093309397 5.0933093971 0.765609868 1.4
53.56858411 1 5.643922239 5.6439222386 0.765609868 1.4
Pgina 92
Plan1
1.05 6.204145376 6.2041453758 0.765609868 1.4

1.1 6.772724704 6.7727247038 0.765609868 1.4
1.15 7.348591669 7.3485916691 0.765609868 1.4
1.2 7.930830841 7.930830841 0.765609868 1.4
1.25 8.518653749 8.5186537494 0.765609868 1.4
1.3 9.111377708 9.1113777078 0.765609868 1.4
1.35 9.708408602 9.7084086016 0.765609868 1.4
1.4 10.30922684 10.3092268375 0.765609868 1.4
1.45 10.91337582 10.9133758209 0.765609868 1.4
1.5 11.52045246 11.5204524614 0.765609868 1.4
1.55 12.13009931 12.1300993134 0.765609868 1.4
1.6 12.74199804 12.7419980399 0.765609868 1.4
1.65 13.35586395 13.3558639519 0.765609868 1.4
1.7 13.97144143 13.971441427 0.765609868 1.4
1.75 14.58850005 14.5885000486 0.765609868 1.4
1.8 15.20683134 15.2068313385 0.765609868 1.4
1.85 15.82624598 15.8262459827 0.765609868 1.4
1.9 16.44657146 16.4465714635 0.765609868 1.4
1.95 17.06765003 17.0676500348 0.765609868 1.4
2 17.68933698 17.6893369815 0.765609868 1.4
3 30.09908661 30.0990866102 0.765609868 1.4
4 42.1472872 42.1472871956 0.765609868 1.4
5 53.56858411 53.5685841103 0.765609868 1.4
Pgina 93
Plan1
Prmio Existncia de Preos de Crescente ou Quantidade de

Mercado Razes Barreira Decrescente Razes
20 sim 0 crescente 1
12.8 sim 0 crescente 1
2.5 sim sim crescente 1
13.42919118 1 13.41699243 1 0 0
67115.45901 1 67115.45901 1 0 0
13.42919118 1 13.41699243 1 0 0
6.723744652 1 6.69934715 1 0 0
4.49266206 0.999996483 4.456065807 0.999995826 0 0
3.380170452 0.999637796 3.331375449 0.99956791 0 0
2.715115238 0.996687364 2.654121483 0.99602424 0 0
2.27377822 0.988510338 2.200585714 0.986117317 0 0
1.960280171 0.975018474 1.874888915 0.969595996 0 0
1.726681479 0.957887558 1.629091472 0.948353172 0 0
1.546349024 0.938989851 1.436560265 0.92457851 0 0
1.403302935 0.919736738 1.281315426 0.899958552 0 0
1.287374203 0.901018054 1.153187943 0.875583374 0 0
1.191783489 0.883326924 1.045398478 0.85208058 0 0
1.111837404 0.866895967 0.953253642 0.829769213 0 0
1.044183528 0.851799757 0.873401015 0.808777731 0 0
0.986363419 0.838022595 0.803382155 0.789123057 0 0
0.936533245 0.825500648 0.74135323 0.770760353 0 0
0.893283018 0.814147185 0.685904253 0.753613256 0 0
0.855516081 0.803867247 0.635938564 0.737591767 0 0
0.82236665 0.794565873 0.590590382 0.722602545 0 0
0.793142099 0.786152481 0.549167081 0.708554603 0 0
Pgina 94
Plan1
0.767281732 0.778542986 0.511107963 0.69536227 0 0

0.744326796 0.771660603 0.475954276 0.682946524 0 0
0.723898322 0.76543592 0.443327052 0.671235404 0 0
0.705680503 0.759806576 0.412910481 0.660163899 0 0
0.689408058 0.754716743 0.384439286 0.649673556 0 0
0.674856523 0.750116538 0.357689 0.639711967 0 0
0.661834686 0.745961413 0.332468411 0.630232206 0 0
0.650178649 0.742211584 0.308613623 0.621192272 0 0
0.639747123 0.738831493 0.285983346 0.612554562 0 0
0.630417657 0.735789319 0.26445513 0.604285382 0 0
0.6220836 0.733056551 0.243922322 0.59635451 0 0
0.614651633 0.730607596 0.224291604 0.588734796 0 0
0.608039748 0.728419444 0.205480968 0.581401817 0 0
0.602175583 0.726471367 0.187418052 0.574333565 0 0
0.59699505 0.724744657 0.170038768 0.567510176 0 0
0.592441178 0.7232224 0.153286145 0.560913687 0 0
0.588463157 0.721889272 0.137109373 0.554527828 0 0
0.585015525 0.720731361 0.121462991 0.548337837 0 0
0.582057484 0.719736019 0.106306198 0.542330293 0 0
0.579552313 0.718891721 0.091602277 0.536492979 0 0
0.589680724 0.72229764 -0.14224433 0.443443508 0 0
0.655738684 0.744003863 -0.32016139 0.374422996 0 0
0.744168464 0.771612718 -0.47570663 0.317141699 0 0
6.296380808 1 6.284182057 1 0 0
31451.40716 1 31451.40716 1 0 0
6.296380808 1 6.284182057 1 0 0
3.157339467 0.999203921 3.132941965 0.999134682 0 0
2.115058604 0.982787524 2.078462351 0.981166602 0 0
1.59696786 0.944863564 1.548172856 0.939209658 0 0
1.288553164 0.901223262 1.227559409 0.890193796 0 0
1.084976491 0.861033966 1.011783986 0.844179326 0 0
0.941307261 0.826726289 0.855916005 0.803977879 0 0
0.835080183 0.798163718 0.737490175 0.769587842 0 0
0.753814538 0.774519704 0.64402578 0.740220642 0 0
0.690021898 0.754909792 0.568034389 0.714994191 0 0
0.638936897 0.738568008 0.504750637 0.693133005 0 0
0.597382625 0.724874024 0.450997614 0.674004366 0 0
0.563159683 0.713336923 0.404575922 0.65710537 0 0
0.534697073 0.703570327 0.36391456 0.642039094 0 0
0.510842727 0.695269406 0.327861464 0.628491794 0 0
0.490732597 0.688192206 0.295552582 0.616214105 0 0
0.473705938 0.682145191 0.266327172 0.605006376 0 0
0.459248838 0.676972258 0.239671321 0.594707465 0 0
0.446955577 0.672546433 0.21517931 0.585186239 0 0
0.436501581 0.668763574 0.192526563 0.576335118 0 0
Pgina 95
Plan1
0.427624096 0.66553759 0.171450327 0.568065157 0 0

0.420108143 0.662796773 0.151735623 0.56030227 0 0
0.413776133 0.660480968 0.133204862 0.552984317 0 0
0.408480071 0.65853937 0.115710049 0.546058829 0 0
0.404095644 0.656928806 0.099126871 0.539481231 0 0
0.400517663 0.655612362 0.083350139 0.533213433 0 0
0.397656524 0.654558305 0.068290249 0.527222707 0 0
0.395435421 0.653739214 0.053870396 0.521480788 0 0
0.393788145 0.653131271 0.040024368 0.515963151 0 0
0.392657311 0.652713698 0.026694784 0.510648413 0 0
0.391992943 0.652468286 0.013831665 0.50551786 0 0
0.391751309 0.652379013 0.00139128 0.50055504 0 0
0.391893979 0.652431724 -0.0106648 0.495745441 0 0
0.392387043 0.652613871 -0.02237049 0.491076211 0 0
0.393200468 0.652914288 -0.03375581 0.486535935 0 0
0.394307556 0.653323007 -0.04484748 0.482114441 0 0
0.395684498 0.653831104 -0.05566929 0.477802634 0 0
0.397309989 0.654430559 -0.06624255 0.473592362 0 0
0.39916491 0.655114152 -0.07658638 0.469476299 0 0
0.401232054 0.655875358 -0.08671798 0.465447841 0 0
0.470800551 0.681108415 -0.2611245 0.396998248 0 0
0.566578554 0.714499726 -0.40932152 0.341151863 0 0
0.67284036 0.749475571 -0.54703473 0.292177436 0 0
-0.26516867 0.395439765 -0.27736742 0.390748998 0 0

-1356.34022 0 -1356.34023 0 0 0
-0.26516867 0.395439765 -0.27736742 0.390748998 0 0
-0.12343527 0.450881214 -0.14783277 0.441237372 0 0
-0.07212456 0.471251392 -0.10872081 0.456711969 0 0
-0.04341951 0.482683563 -0.09221451 0.463263804 0 0
-0.02375673 0.490523327 -0.08475049 0.466229879 0 0
-0.00861509 0.49656312 -0.08180759 0.467399859 0 0
0.00394305 0.501573045 -0.08144821 0.467542757 0 0
0.014886498 0.505938634 -0.08270351 0.467043647 0 0
0.024753485 0.509874203 -0.08503527 0.466116674 0 0
0.03386695 0.513508376 -0.08812056 0.464890428 0 0
0.042432399 0.516922999 -0.09175386 0.463446801 0 0
0.050586835 0.520172623 -0.09579818 0.461840433 0 0
0.058425108 0.523294992 -0.10015865 0.460109185 0 0
0.066014967 0.526317045 -0.10476755 0.458280132 0 0
0.073406096 0.529258516 -0.10957517 0.456373152 0 0
0.080635754 0.532134185 -0.11454426 0.454403181 0 0
0.087732439 0.534955332 -0.11964633 0.45238166 0 0
0.094718311 0.537730713 -0.12485921 0.450317508 0 0
0.101610868 0.540467224 -0.1301654 0.448217785 0 0
0.108424107 0.54317036 -0.13555091 0.446088157 0 0
Pgina 96
Plan1
0.115169359 0.545844557 -0.14100441 0.443933229 0 0

0.121855894 0.548493427 -0.14651663 0.441756783 0 0
0.128491373 0.551119937 -0.1520799 0.439561959 0 0
0.135082176 0.553726549 -0.15768785 0.437351389 0 0
0.141633665 0.556315313 -0.16333511 0.435127296 0 0
0.148150376 0.558887953 -0.16901715 0.432891577 0 0
0.154636173 0.561445924 -0.1747301 0.430645857 0 0
0.161094368 0.563990462 -0.18047066 0.428391544 0 0
0.167527818 0.566522619 -0.18623596 0.426129863 0 0
0.173938996 0.569043297 -0.19202353 0.423861886 0 0
0.180330057 0.57155327 -0.19783122 0.421588559 0 0
0.186702888 0.574053204 -0.20365714 0.419310718 0 0
0.193059146 0.576543676 -0.20949963 0.417029111 0 0
0.199400294 0.579025185 -0.21535724 0.414744404 0 0
0.205727625 0.581498161 -0.22122866 0.412457199 0 0
0.212042293 0.58396298 -0.22711274 0.410168039 0 0
0.218345323 0.586419968 -0.23300846 0.407877418 0 0
0.224637635 0.588869408 -0.2389149 0.405585786 0 0
0.230920052 0.591311544 -0.24483123 0.403293554 0 0
0.237193317 0.59374659 -0.25075672 0.401001103 0 0
0.361441393 0.641115245 -0.37048366 0.355511074 0 0
0.484559186 0.686005464 -0.49134089 0.311592683 0 0
0.607224865 0.728149154 -0.61265023 0.27005382 0 0
-6.34021461 1.14723E-10 -6.35241336 1.05981E-10 2.66417E-68 -17.2865315

-31731.5699 0 -31731.5699 0 0 -86463.1541
-6.34021461 1.14723E-10 -6.35241336 1.05981E-10 2.66417E-68 -17.2865315
-3.16095824 0.000786255 -3.18535574 0.000722881 1.0405E-18 -8.63411666
-2.09713987 0.017990598 -2.13373612 0.016432194 3.50853E-09 -5.74591215
-1.56218099 0.059122678 -1.610976 0.053592477 1.12811E-05 -4.29876021
-1.23876592 0.107716099 -1.29975967 0.096841675 0.000597653 -3.42802929
-1.02112274 0.153598144 -1.09431525 0.13690837 0.005993499 -2.84550889
-0.86392065 0.19381574 -0.94931191 0.171230999 0.026651995 -2.4276802
-0.74449424 0.228288761 -0.84208425 0.199870398 0.075553494 -2.11278385
-0.65025162 0.257764852 -0.76004038 0.223615225 0.16306886 -1.86650905
-0.57363764 0.283106516 -0.69562515 0.243331805 0.294961731 -1.66826933
-0.5098445 0.305080202 -0.64403076 0.259777742 0.472889794 -1.50496422
-0.45566699 0.32431473 -0.602052 0.273569761 0.69570417 -1.36786006
-0.40888612 0.341311619 -0.56746988 0.285197493 0.960648543 -1.25091049
-0.36791689 0.356467605 -0.5386994 0.295047145 1.264213407 -1.14979666
-0.33159697 0.370096805 -0.51457823 0.30342389 1.602670193 -1.06135142
-0.29905462 0.382449187 -0.49423463 0.310570242 1.972374985 -0.98319942
-0.2696232 0.393725073 -0.47700197 0.316680359 2.369924167 -0.9135242
-0.24278424 0.404086272 -0.46236176 0.32191096 2.792221203 -0.85091295
-0.21812839 0.413664538 -0.44990466 0.326389594 3.236492929 -0.79425033
-0.19532819 0.422568015 -0.43930321 0.330220925 3.700278886 -0.74264403
Pgina 97
Plan1
-0.17411854 0.43088615 -0.43029231 0.333491509 4.181407583 -0.69537173

-0.15428256 0.438693475 -0.42265508 0.336273468 4.677967596 -0.65184241
-0.13564106 0.446052522 -0.41621233 0.338627319 5.18827785 -0.61156788
-0.11804474 0.453016105 -0.41081476 0.340604185 5.71085931 -0.57414127
-0.10136817 0.4596291 -0.40633695 0.342247521 6.244409137 -0.53922085
-0.08550524 0.465929866 -0.40267276 0.343594487 6.787777655 -0.50651742
-0.07036553 0.471951364 -0.3997318 0.344677033 7.339948138 -0.47578467
-0.05587156 0.477722064 -0.39743658 0.345522771 7.900019247 -0.44681145
-0.04195652 0.483266678 -0.3957203 0.346155689 8.467189845 -0.41941573
-0.02856254 0.488606746 -0.39452506 0.346596713 9.040745918 -0.39343976
-0.01563917 0.493761129 -0.39380044 0.346864188 9.620049333 -0.36874616
-0.0031423 0.498746407 -0.39350233 0.346974253 10.20452817 -0.3452147
0.008966845 0.503577206 -0.39359193 0.346941168 10.79366841 -0.32273973
0.020722472 0.508266479 -0.39403506 0.346777578 11.38700678 -0.30122802
0.032154884 0.512825733 -0.3948014 0.346494732 11.98412459 -0.28059703
0.043291017 0.517265224 -0.39586402 0.346102674 12.58464241 -0.26077334
0.054154892 0.521594121 -0.39719889 0.3456104 13.18821548 -0.24169151
0.064768005 0.525820642 -0.39878453 0.345025988 13.79452968 -0.22329297
0.075149643 0.529952175 -0.40060164 0.344356718 14.40329812 -0.20552515
0.085317169 0.533995379 -0.40263287 0.343609163 15.01425805 -0.18834075
0.260190628 0.602641633 -0.47173443 0.31855818 27.42379941 0.077752014
0.408621112 0.658591132 -0.56727896 0.285262334 39.66748727 0.271792151
0.546474406 0.707630062 -0.67340069 0.250346206 51.34938701 0.437011237
-11.9959471 1.86562E-33 -12.0081458 1.60992E-33 0 0

-60010.2322 0 -60010.2322 0 0 0
-11.9959471 1.86562E-33 -12.0081458 1.60992E-33 0 0
-5.98882447 1.05682E-09 -6.01322197 9.09359E-10 0 0
-3.98238402 3.41137E-05 -4.01898027 2.92253E-05 0 0
-2.97611411 0.001459631 -3.02490911 0.001243539 0 0
-2.36991241 0.00889615 -2.43090617 0.007530557 0 0
-1.96374482 0.024779846 -2.03693733 0.020828162 0 0
-1.67188243 0.047273754 -1.75727369 0.039435585 0 0
-1.4514608 0.073325795 -1.54905081 0.060684753 0 0
-1.27866634 0.100507289 -1.38845509 0.082499255 0 0
-1.13921089 0.127307602 -1.2611984 0.103618688 0 0
-1.024002 0.152917165 -1.15818826 0.123393609 0 0
-0.92697803 0.17696897 -1.07336304 0.14155413 0 0
-0.84394246 0.19935078 -1.00252622 0.158044754 0 0
-0.77189778 0.220087488 -0.94268029 0.17292223 0 0
-0.7086458 0.239272154 -0.89162706 0.18629643 0 0
-0.6525379 0.257027117 -0.84771791 0.198297545 0 0
-0.60231335 0.273482788 -0.80969211 0.209058576 0 0
-0.5569916 0.288766584 -0.77656912 0.218706514 0 0
-0.51579852 0.302997568 -0.74757479 0.227358338 0 0
-0.47811481 0.316284245 -0.72208983 0.235119625 0 0
Pgina 98
Plan1
-0.44343914 0.328724067 -0.69961291 0.24208454 0 0

-0.41136131 0.340403811 -0.67973383 0.248336507 0 0
-0.38154247 0.351400382 -0.66211374 0.253949165 0 0
-0.35370026 0.361781765 -0.64647028 0.258987419 0 0
-0.32759747 0.371608017 -0.63256624 0.263508468 0 0
-0.30303341 0.380932201 -0.62020093 0.267562754 0 0
-0.2798371 0.389801243 -0.60920338 0.271194821 0 0
-0.257862 0.398256705 -0.59942703 0.274444079 0 0
-0.23698178 0.406335462 -0.59074556 0.277345459 0 0
-0.21708695 0.414070292 -0.58304948 0.279929996 0 0
-0.19808215 0.421490395 -0.57624343 0.282225328 0 0
-0.17988394 0.428621843 -0.57024397 0.28425612 0 0
-0.16241899 0.43548796 -0.56497777 0.286044443 0 0
-0.1456226 0.442109663 -0.56038013 0.28761009 0 0
-0.12943747 0.44850575 -0.55639375 0.288970854 0 0
-0.11381266 0.45469315 -0.5529677 0.290142766 0 0
-0.09870274 0.460687146 -0.55005653 0.291140302 0 0
-0.08406706 0.466501557 -0.54761959 0.291976566 0 0
-0.06986914 0.472148909 -0.54562042 0.292663441 0 0
-0.05607614 0.477640575 -0.54402618 0.293211729 0 0
0.16592842 0.565893359 -0.56599663 0.285698034 0 0
0.337924456 0.632289941 -0.63797562 0.261744776 0 0
0.489917081 0.687903712 -0.72995801 0.232707926 0 0
Pgina 99
Plan1
Prmio Prmio Prmio Prmio

Put Mximo Mnimo Vol.=0% Vol.=500%
A 48.37539552 0 0 48.37539552
B 51.84203899 0 0 51.84203899
C 10.39628026 0 0 10.39628026
D 66.25606184 10.30306044 10.30306044 66.25606184
E 17.88066632 10.30306044 10.30306044 17.88066632
A 115
0.5 -0.01219875 0.495133523 0 1.02016E-23

0.5 -2.43975E-06 0.499999027 16.76559066 0.00001 0
0.5 -0.01219875 0.495133523 0.05 1.02016E-23
0.5 -0.0243975 0.49026777 0.1 2.82705E-07
0.5 -0.03659625 0.485403466 0.15 0.000653959
0.5 -0.048795 0.480541332 0 0.2 0.013971354
0.5 -0.06099375 0.475682091 0.25 0.070215461
0.5 -0.07319251 0.470826465 0.3 0.191032101
0.5 -0.08539126 0.465975172 0.35 0.379820227
0.5 -0.09759001 0.46112893 48.37539552 0.4 0.629964023
0.5 -0.10978876 0.456288453 0.45 0.931938013
0.5 -0.12198751 0.451454455 0.5 1.276519813
0.5 -0.13418626 0.446627645 0.55 1.655817548
0.5 -0.14638501 0.44180873 0 0.6 2.063398789
0.5 -0.15858376 0.436998412 0.65 2.49411878
0.5 -0.17078251 0.43219739 0.7 2.943883672
0.5 -0.18298126 0.42740636 0.75 3.409430244
0.5 -0.19518001 0.422626012 0 0.8 3.88814381
0.5 -0.20737877 0.417857032 0.85 4.377914739
0.5 -0.21957752 0.413100102 0.9 4.877027676
0.5 -0.23177627 0.408355896 0.95 5.384076631
0.5 -0.24397502 0.403625084 48.37539552 1 5.897899925
Pgina 100
Plan1
0.5 -0.25617377 0.398908331 1.05 6.417530193

0.5 -0.26837252 0.394206295 1.1 6.942155756
0.5 -0.28057127 0.389519627 1.15 7.471090588
0.5 -0.29277002 0.384848972 1.2 8.003750811
0.5 -0.30496877 0.380194968 1.25 8.539636162
0.5 -0.31716752 0.375558246 1.3 9.07831528
0.5 -0.32936627 0.370939428 1.35 9.619413945
0.5 -0.34156503 0.366339131 1.4 10.16260561
0.5 -0.35376378 0.361757961 1.45 10.70760376
0.5 -0.36596253 0.357196519 1.5 11.2541556
0.5 -0.37816128 0.352655394 1.55 11.80203701
0.5 -0.39036003 0.34813517 1.6 12.35104827
0.5 -0.40255878 0.343636419 1.65 12.90101056
0.5 -0.41475753 0.339159706 1.7 13.45176307
0.5 -0.42695628 0.334705585 1.75 14.00316051
0.5 -0.43915503 0.330274603 1.8 14.55507109
0.5 -0.45135378 0.325867294 1.85 15.10737478
0.5 -0.46355253 0.321484184 1.9 15.65996179
0.5 -0.47575129 0.31712579 1.95 16.21273136
0.5 -0.48795004 0.312792616 2 16.76559066
0.5 -0.73192505 0.232107156 3 27.74178612
0.5 -0.97590007 0.164556993 4 38.34458494
0.5 -1.21987509 0.111256115 5 48.37539552
B 120
0.5 -0.01219875 0.495133523 0 3.61418E-11

0.5 -2.43975E-06 0.499999027 19.32078833 0.00001 0
0.5 -0.01219875 0.495133523 0.05 3.61418E-11
0.5 -0.0243975 0.49026777 0.1 0.000681411
0.5 -0.03659625 0.485403466 0.15 0.029417176
0.5 -0.048795 0.480541332 0 0.2 0.14895655
0.5 -0.06099375 0.475682091 0.25 0.373606748
0.5 -0.07319251 0.470826465 0.3 0.684184364
0.5 -0.08539126 0.465975172 0.35 1.058501412
0.5 -0.09759001 0.46112893 51.84203899 0.4 1.479275848
0.5 -0.10978876 0.456288453 0.45 1.934190885
0.5 -0.12198751 0.451454455 0.5 2.414603839
0.5 -0.13418626 0.446627645 0.55 2.914400405
0.5 -0.14638501 0.44180873 0 0.6 3.429184178
0.5 -0.15858376 0.436998412 0.65 3.955734846
0.5 -0.17078251 0.43219739 0.7 4.4916494
0.5 -0.18298126 0.42740636 0.75 5.035102743
0.5 -0.19518001 0.422626012 0 0.8 5.584685659
0.5 -0.20737877 0.417857032 0.85 6.139293323
0.5 -0.21957752 0.413100102 0.9 6.69804728
0.5 -0.23177627 0.408355896 0.95 7.260239916
0.5 -0.24397502 0.403625084 51.84203899 1 7.825294342
Pgina 101
Plan1
0.5 -0.25617377 0.398908331 1.05 8.392734947

0.5 -0.26837252 0.394206295 1.1 8.962165513
0.5 -0.28057127 0.389519627 1.15 9.533252725
0.5 -0.29277002 0.384848972 1.2 10.1057136
0.5 -0.30496877 0.380194968 1.25 10.6793058
0.5 -0.31716752 0.375558246 1.3 11.25382009
0.5 -0.32936627 0.370939428 1.35 11.82907441
0.5 -0.34156503 0.366339131 1.4 12.40490918
0.5 -0.35376378 0.361757961 1.45 12.98118353
0.5 -0.36596253 0.357196519 1.5 13.55777227
0.5 -0.37816128 0.352655394 1.55 14.13456343
0.5 -0.39036003 0.34813517 1.6 14.71145629
0.5 -0.40255878 0.343636419 1.65 15.28835965
0.5 -0.41475753 0.339159706 1.7 15.86519054
0.5 -0.42695628 0.334705585 1.75 16.44187303
0.5 -0.43915503 0.330274603 1.8 17.0183373
0.5 -0.45135378 0.325867294 1.85 17.59451886
0.5 -0.46355253 0.321484184 1.9 18.17035782
0.5 -0.47575129 0.31712579 1.95 18.74579839
0.5 -0.48795004 0.312792616 2 19.32078833
0.5 -0.73192505 0.232107156 3 30.66500942
0.5 -0.97590007 0.164556993 4 41.55943379
0.5 -1.21987509 0.111256115 5 51.84203899
C 125
0.5 -0.01219875 0.495133523 0 0.000713607

0.5 -2.43975E-06 0.499999027 7.657666889 0.00001 0
0.5 -0.01219875 0.495133523 0.05 0.000713607
0.5 -0.0243975 0.49026777 0.1 0.095797098
0.5 -0.03659625 0.485403466 0.15 0.397138664
0.5 -0.048795 0.480541332 0 0.2 0.823616092
0.5 -0.06099375 0.475682091 0.25 1.30885297
0.5 -0.07319251 0.470826465 0.3 1.808273005
0.5 -0.08539126 0.465975172 0.35 2.291364962
0.5 -0.09759001 0.46112893 10.39628026 0.4 2.741432799
0.5 -0.10978876 0.456288453 0.45 3.15215833
0.5 -0.12198751 0.451454455 0.5 3.523289894
0.5 -0.13418626 0.446627645 0.55 3.85751265
0.5 -0.14638501 0.44180873 0 0.6 4.158631761
0.5 -0.15858376 0.436998412 0.65 4.430642426
0.5 -0.17078251 0.43219739 0.7 4.677303872
0.5 -0.18298126 0.42740636 0.75 4.901975676
0.5 -0.19518001 0.422626012 0 0.8 5.107582018
0.5 -0.20737877 0.417857032 0.85 5.296633623
0.5 -0.21957752 0.413100102 0.9 5.471272146
0.5 -0.23177627 0.408355896 0.95 5.633320064
0.5 -0.24397502 0.403625084 10.39628026 1 5.784328448
Pgina 102
Plan1
0.5 -0.25617377 0.398908331 1.05 5.925619593

0.5 -0.26837252 0.394206295 1.1 6.058323725
0.5 -0.28057127 0.389519627 1.15 6.183409989
0.5 -0.29277002 0.384848972 1.2 6.301712335
0.5 -0.30496877 0.380194968 1.25 6.413951021
0.5 -0.31716752 0.375558246 1.3 6.520750446
0.5 -0.32936627 0.370939428 1.35 6.622653922
0.5 -0.34156503 0.366339131 1.4 6.720135941
0.5 -0.35376378 0.361757961 1.45 6.813612378
0.5 -0.36596253 0.357196519 1.5 6.903448995
0.5 -0.37816128 0.352655394 1.55 6.989968558
0.5 -0.39036003 0.34813517 1.6 7.073456813
0.5 -0.40255878 0.343636419 1.65 7.154167515
0.5 -0.41475753 0.339159706 1.7 7.232326678
0.5 -0.42695628 0.334705585 1.75 7.308136184
0.5 -0.43915503 0.330274603 1.8 7.381776849
0.5 -0.45135378 0.325867294 1.85 7.453411046
0.5 -0.46355253 0.321484184 1.9 7.523184948
0.5 -0.47575129 0.31712579 1.95 7.591230461
0.5 -0.48795004 0.312792616 2 7.657666889
0.5 -0.73192505 0.232107156 3 8.763421324
0.5 -0.97590007 0.164556993 4 9.639804548
0.5 -1.21987509 0.111256115 5 10.39628026
d 140
2.9711E-67 -17.2987302 2.40436E-67 0 10.30306044

0 -86463.1541 0 31.13227003 0.00001 10.30306044
2.9711E-67 -17.2987302 2.40436E-67 0.05 10.30306044
2.95913E-18 -8.65851417 2.38977E-18 0.1 10.30372447
4.57134E-09 -5.7825084 3.67974E-09 0.15 10.33323427
8.58781E-06 -4.34755521 6.88317E-06 10.30306044 0.2 10.45875967
0.00030399 -3.48902304 0.000242395 0.25 10.69722106
0.002217026 -2.91870139 0.001757464 0.3 11.02877638
0.007597868 -2.51307146 0.005984254 0.35 11.42970397
0.017309636 -2.21037386 0.013539613 66.25606184 0.4 11.88133413
0.03098509 -1.9762978 0.024060529 0.45 12.37029145
0.047631137 -1.79025684 0.036706316 0.5 12.88716121
0.066166638 -1.63915048 0.050590962 0.55 13.42526947
0.085677941 -1.51424507 0.064981847 10.30306044 0.6 13.97981076
0.105483568 -1.40949425 0.079344536 0.65 14.54726157
0.125113816 -1.32057917 0.093320861 0.7 15.12499077
0.144265112 -1.24433269 0.106688573 0.75 15.71099885
0.16275465 -1.17837943 0.119322686 10.30306044 0.8 16.30374132
0.180483457 -1.12090296 0.131164585 0.85 16.90200693
0.197408854 -1.07049047 0.142199298 0.9 17.50483238
0.213524857 -1.0260266 0.152439523 0.95 18.11144159
0.228848611 -0.98661905 0.161914714 66.25606184 1 18.7212018
Pgina 103
Plan1
0.243411187 -0.9515455 0.170663767 1.05 19.3335913

0.257251419 -0.92021493 0.178730226 1.1 19.94817548
0.270411848 -0.89213915 0.186159176 1.15 20.56458875
0.282936103 -0.8669113 0.192995307 1.2 21.18252072
0.294867239 -0.84418962 0.199281727 1.25 21.80170565
0.306246731 -0.82368495 0.205059297 1.3 22.42191412
0.317113896 -0.80515095 0.21036629 1.35 23.04294653
0.327505603 -0.78837647 0.215238265 1.4 23.66462797
0.337456166 -0.7731795 0.219708077 1.45 24.28680408
0.346997353 -0.75940229 0.223805972 1.5 24.90933772
0.356158469 -0.74690744 0.227559717 1.55 25.53210626
0.364966485 -0.73557473 0.230994774 1.6 26.15499942
0.373446182 -0.72529851 0.234134461 1.65 26.7779174
0.381620311 -0.71598555 0.237000134 1.7 27.40076941
0.389509749 -0.70755331 0.239611349 1.75 28.0234724
0.397133652 -0.69992837 0.241986019 1.8 28.64595005
0.404509605 -0.69304529 0.244140564 1.85 29.26813187
0.411653751 -0.6868455 0.246090047 1.9 29.88995245
0.418580926 -0.68127643 0.247848296 1.95 30.51135084
0.425304771 -0.67629079 0.24942802 2 31.13227003
0.530987341 -0.65417304 0.256500164 3 43.38361824
0.60710908 -0.70410792 0.240682784 4 55.15007153
0.668948401 -0.78286385 0.216853533 5 66.25606184
e 140
0.5 -0.01219875 0.495133523 0 10.30306044

0.5 -2.43975E-06 0.499999027 14.36667936 0.00001 10.30306044
0.5 -0.01219875 0.495133523 0.05 10.30306044
0.5 -0.0243975 0.49026777 0.1 10.30372419
0.5 -0.03659625 0.485403466 0.15 10.33258031
0.5 -0.048795 0.480541332 10.30306044 0.2 10.44478832
0.5 -0.06099375 0.475682091 0.25 10.6270056
0.5 -0.07319251 0.470826465 0.3 10.83774428
0.5 -0.08539126 0.465975172 0.35 11.04988374
0.5 -0.09759001 0.46112893 17.88066632 0.4 11.25137011
0.5 -0.10978876 0.456288453 0.45 11.43835343
0.5 -0.12198751 0.451454455 0.5 11.61064139
0.5 -0.13418626 0.446627645 0.55 11.76945193
0.5 -0.14638501 0.44180873 10.30306044 0.6 11.91641197
0.5 -0.15858376 0.436998412 0.65 12.05314279
0.5 -0.17078251 0.43219739 0.7 12.18110709
0.5 -0.18298126 0.42740636 0.75 12.30156861
0.5 -0.19518001 0.422626012 10.30306044 0.8 12.41559751
0.5 -0.20737877 0.417857032 0.85 12.5240922
0.5 -0.21957752 0.413100102 0.9 12.62780471
0.5 -0.23177627 0.408355896 0.95 12.72736496
0.5 -0.24397502 0.403625084 17.88066632 1 12.82330187
Pgina 104
Plan1
0.5 -0.25617377 0.398908331 1.05 12.9160611

0.5 -0.26837252 0.394206295 1.1 13.00601973
0.5 -0.28057127 0.389519627 1.15 13.09349816
0.5 -0.29277002 0.384848972 1.2 13.17876991
0.5 -0.30496877 0.380194968 1.25 13.26206949
0.5 -0.31716752 0.375558246 1.3 13.34359884
0.5 -0.32936627 0.370939428 1.35 13.42353258
0.5 -0.34156503 0.366339131 1.4 13.50202235
0.5 -0.35376378 0.361757961 1.45 13.57920032
0.5 -0.36596253 0.357196519 1.5 13.65518212
0.5 -0.37816128 0.352655394 1.55 13.73006925
0.5 -0.39036003 0.34813517 1.6 13.80395116
0.5 -0.40255878 0.343636419 1.65 13.87690684
0.5 -0.41475753 0.339159706 1.7 13.94900634
0.5 -0.42695628 0.334705585 1.75 14.02031189
0.5 -0.43915503 0.330274603 1.8 14.09087896
0.5 -0.45135378 0.325867294 1.85 14.16075709
0.5 -0.46355253 0.321484184 1.9 14.22999066
0.5 -0.47575129 0.31712579 1.95 14.29861948
0.5 -0.48795004 0.312792616 2 14.36667936
0.5 -0.73192505 0.232107156 3 15.64183212
0.5 -0.97590007 0.164556993 4 16.80548659
0.5 -1.21987509 0.111256115 5 17.88066632
Pgina 105
Plan1
Prmio Existncia de Preos de Crescente ou Quantidade de

Mercado Razes Barreira Decrescente Razes
1.95 sim 0 decrescente 1
2.3 sim 0 decrescente 1
4.2 sim sim decrescente 1
10.5 0 0 crescente 0
10.9 0 sim decrescente 0
1.02016E-23 1.078120807 1.95 9.785230997 6.51487E-23 9.773032246

0 1.078120807 1.95 48895.65811 0 48895.6581
1.02016E-23 1.078120807 1.95 9.785230997 6.51487E-23 9.773032246
2.82705E-07 1.078120807 1.95 4.901764561 4.74898E-07 4.87736706
0.000653959 1.078120807 1.95 3.278008667 0.000522711 3.241412414
0.013971354 1.078120807 1.95 2.469180407 0.006771146 2.420385403
0.070215461 1.078120807 1.95 1.986323202 0.023498724 1.925329447
0.191032101 1.078120807 1.95 1.666451523 0.047811758 1.593259017
0.379820227 1.078120807 1.95 1.439714431 0.074974104 1.354323175
0.629964023 1.078120807 1.95 1.271186456 0.101831162 1.173596449
0.931938013 1.078120807 1.95 1.141464559 0.126838326 1.031675801
1.276519813 1.078120807 1.95 1.038906917 0.149424015 0.916919408
1.655817548 1.078120807 1.95 0.956105096 0.16950957 0.821918836
2.063398789 1.078120807 1.95 0.888120141 0.187238065 0.74173513
2.49411878 1.078120807 1.95 0.831532775 0.202836361 0.672949013
2.943883672 1.078120807 1.95 0.783900658 0.216549202 0.613118145
3.409430244 1.078120807 1.95 0.74343274 0.228609864 0.560451476
3.88814381 1.078120807 1.95 0.708785734 0.239228726 0.513605719
4.377914739 1.078120807 1.95 0.678932419 0.248590342 0.471553654
4.877027676 1.078120807 1.95 0.653073848 0.256854335 0.433496332
5.384076631 1.078120807 1.95 0.630579272 0.264157828 0.398803004
5.897899925 1.078120807 1.95 0.61094409 0.270618297 0.366969072
Pgina 106
Plan1
6.417530193 1.078120807 1.95 0.593759819 0.276336384 0.33758605

6.942155756 1.078120807 1.95 0.578692243 0.281398426 0.310319723
7.471090588 1.078120807 1.95 0.565465271 0.28587867 0.284894
8.003750811 1.078120807 1.95 0.553848828 0.289841154 0.261078807
8.539636162 1.078120807 1.95 0.543649651 0.293341293 0.238680878
9.07831528 1.078120807 1.95 0.534704209 0.296427205 0.217536685
9.619413945 1.078120807 1.95 0.526873197 0.299140824 0.197506923
10.16260561 1.078120807 1.95 0.520037214 0.301518819 0.178472188
10.70760376 1.078120807 1.95 0.514093323 0.303593373 0.160329547
11.2541556 1.078120807 1.95 0.508952318 0.305392823 0.14298979
11.80203701 1.078120807 1.95 0.504536498 0.306942211 0.12637522
12.35104827 1.078120807 1.95 0.500777878 0.308263728 0.110417849
12.90101056 1.078120807 1.95 0.497616712 0.309377111 0.095057932
13.45176307 1.078120807 1.95 0.495000284 0.31029996 0.080242753
14.00316051 1.078120807 1.95 0.492881902 0.311048018 0.06592562
14.55507109 1.078120807 1.95 0.491220061 0.311635406 0.052065029
15.10737478 1.078120807 1.95 0.489977746 0.312074823 0.038623963
15.65996179 1.078120807 1.95 0.489121836 0.312377721 0.025569302
16.21273136 1.078120807 1.95 0.488622607 0.312554452 0.012871322
16.76559066 1.078120807 1.95 0.488453309 0.312614395 0.000503272
27.74178612 1.078120807 1.95 0.528948054 0.298420743 -0.202977
38.34458494 1.078120807 1.95 0.610189182 0.270868248 -0.36571089
48.37539552 1.078120807 1.95 0.707728862 0.239556825 -0.51214623
3.61418E-11 2.141881868 2.3 6.296380808 1.52338E-10 6.284182057

0 2.141881868 2.3 31451.40716 0 31451.40716
3.61418E-11 2.141881868 2.3 6.296380808 1.52338E-10 6.284182057
0.000681411 2.141881868 2.3 3.157339467 0.000796079 3.132941965
0.029417176 2.141881868 2.3 2.115058604 0.017212476 2.078462351
0.14895655 2.141881868 2.3 1.59696786 0.055136436 1.548172856
0.373606748 2.141881868 2.3 1.288553164 0.098776738 1.227559409
0.684184364 2.141881868 2.3 1.084976491 0.138966034 1.011783986
1.058501412 2.141881868 2.3 0.941307261 0.173273711 0.855916005
1.479275848 2.141881868 2.3 0.835080183 0.201836282 0.737490175
1.934190885 2.141881868 2.3 0.753814538 0.225480296 0.64402578
2.414603839 2.141881868 2.3 0.690021898 0.245090208 0.568034389
2.914400405 2.141881868 2.3 0.638936897 0.261431992 0.504750637
3.429184178 2.141881868 2.3 0.597382625 0.275125976 0.450997614
3.955734846 2.141881868 2.3 0.563159683 0.286663077 0.404575922
4.4916494 2.141881868 2.3 0.534697073 0.296429673 0.36391456
5.035102743 2.141881868 2.3 0.510842727 0.304730594 0.327861464
5.584685659 2.141881868 2.3 0.490732597 0.311807794 0.295552582
6.139293323 2.141881868 2.3 0.473705938 0.317854809 0.266327172
6.69804728 2.141881868 2.3 0.459248838 0.323027742 0.239671321
7.260239916 2.141881868 2.3 0.446955577 0.327453567 0.21517931
7.825294342 2.141881868 2.3 0.436501581 0.331236426 0.192526563
Pgina 107
Plan1
8.392734947 2.141881868 2.3 0.427624096 0.33446241 0.171450327

8.962165513 2.141881868 2.3 0.420108143 0.337203227 0.151735623
9.533252725 2.141881868 2.3 0.413776133 0.339519032 0.133204862
10.1057136 2.141881868 2.3 0.408480071 0.34146063 0.115710049
10.6793058 2.141881868 2.3 0.404095644 0.343071194 0.099126871
11.25382009 2.141881868 2.3 0.400517663 0.344387638 0.083350139
11.82907441 2.141881868 2.3 0.397656524 0.345441695 0.068290249
12.40490918 2.141881868 2.3 0.395435421 0.346260786 0.053870396
12.98118353 2.141881868 2.3 0.393788145 0.346868729 0.040024368
13.55777227 2.141881868 2.3 0.392657311 0.347286302 0.026694784
14.13456343 2.141881868 2.3 0.391992943 0.347531714 0.013831665
14.71145629 2.141881868 2.3 0.391751309 0.347620987 0.00139128
15.28835965 2.141881868 2.3 0.391893979 0.347568276 -0.0106648
15.86519054 2.141881868 2.3 0.392387043 0.347386129 -0.02237049
16.44187303 2.141881868 2.3 0.393200468 0.347085712 -0.03375581
17.0183373 2.141881868 2.3 0.394307556 0.346676993 -0.04484748
17.59451886 2.141881868 2.3 0.395684498 0.346168896 -0.05566929
18.17035782 2.141881868 2.3 0.397309989 0.345569441 -0.06624255
18.74579839 2.141881868 2.3 0.39916491 0.344885848 -0.07658638
19.32078833 2.141881868 2.3 0.401232054 0.344124642 -0.08671798
30.66500942 2.141881868 2.3 0.470800551 0.318891585 -0.2611245
41.55943379 2.141881868 2.3 0.566578554 0.285500274 -0.40932152
51.84203899 2.141881868 2.3 0.67284036 0.250524429 -0.54703473
110
0.000713607 3.319470556 4.2 2.949973064 0.001589008 2.937774313

0 3.319470556 4.2 14719.36844 0 14719.36844
0.000713607 3.319470556 4.2 2.949973064 0.001589008 2.937774313
0.095797098 3.319470556 4.2 1.484135595 0.068886476 1.459738093
0.397142059 3.319470556 4.2 0.999589356 0.158754638 0.962993103
0.824207693 3.319470556 4.2 0.760365924 0.223517943 0.71157092
1.316868261 3.319470556 4.2 0.619271615 0.26786872 0.55827786
1.846181447 3.319470556 4.2 0.527241867 0.299012819 0.454049362
2.397632067 3.319470556 4.2 0.463249012 0.321592944 0.377857756
2.963330126 3.319470556 4.2 0.416779215 0.338419954 0.319189207
3.53866298 3.319470556 4.2 0.381991456 0.351233851 0.272202697
4.120765492 3.319470556 4.2 0.355381123 0.361152044 0.233393614
4.707766532 3.319470556 4.2 0.334718011 0.368918907 0.200531751
5.298391867 3.319470556 4.2 0.318515313 0.375047041 0.172130302
5.891742362 3.319470556 4.2 0.305743703 0.379899898 0.147159941
6.487163826 3.319470556 4.2 0.295667948 0.383741838 0.124885436
7.084167344 3.319470556 4.2 0.287748878 0.386769486 0.104767614
7.682378718 3.319470556 4.2 0.281582113 0.389131979 0.086402098
8.28150535 3.319470556 4.2 0.276858423 0.390944409 0.069479658
8.881313951 3.319470556 4.2 0.273337296 0.392296974 0.05375978
9.481615163 3.319470556 4.2 0.270828854 0.393261333 0.039052587
10.08225273 3.319470556 4.2 0.269181194 0.393895126 0.025206175
Pgina 108
Plan1
10.68309573 3.319470556 4.2 0.268271346 0.39424523 0.012097577

11.28403288 3.319470556 4.2 0.2679987 0.39435016 -0.00037382
11.88496829 3.319470556 4.2 0.268280144 0.394241845 -0.01229113
12.48581837 3.319470556 4.2 0.269046415 0.393946983 -0.02372361
13.08650934 3.319470556 4.2 0.270239334 0.393488067 -0.03472944
13.68697537 3.319470556 4.2 0.271809673 0.392884184 -0.04535785
14.28715719 3.319470556 4.2 0.273715496 0.392151634 -0.05565078
14.88700086 3.319470556 4.2 0.275920859 0.391304426 -0.06564417
15.48645694 3.319470556 4.2 0.278394774 0.390354665 -0.075369
16.0854797 3.319470556 4.2 0.281110387 0.389312867 -0.08485214
16.6840266 3.319470556 4.2 0.284044307 0.388188213 -0.09411697
17.28205773 3.319470556 4.2 0.287176067 0.386988755 -0.10318396
17.8795355 3.319470556 4.2 0.290487684 0.385721586 -0.1120711
18.47642427 3.319470556 4.2 0.293963286 0.384392979 -0.12079425
19.0726901 3.319470556 4.2 0.297588818 0.383008505 -0.12936746
19.66830053 3.319470556 4.2 0.301351786 0.381573128 -0.13780325
20.26322438 3.319470556 4.2 0.305241046 0.380091287 -0.14611274
20.85743163 3.319470556 4.2 0.309246628 0.378566964 -0.15430591
21.45089324 3.319470556 4.2 0.313359584 0.377003743 -0.1623917
22.04358106 3.319470556 4.2 0.31757186 0.375404861 -0.17037818
33.69667112 3.319470556 4.2 0.415027089 0.339061036 -0.31689797
44.85168163 3.319470556 4.2 0.524748458 0.299879033 -0.45115162
55.36665966 3.319470556 4.2 0.639376282 0.261289087 -0.58049881
10.30306044 12.59369046 10.5 -6.34021461 1 -6.35241336

10.30306044 12.59369046 10.5 -31731.5699 1 -31731.5699
10.30306044 12.59369046 10.5 -6.34021461 1 -6.35241336
10.30372447 12.59369046 10.5 -3.16095824 0.999213745 -3.18535574
10.33323427 12.59369046 10.5 -2.09713987 0.982009402 -2.13373612
10.45875967 12.59369046 10.5 -1.56218099 0.940877322 -1.610976
10.69722106 12.59369046 10.5 -1.23876592 0.892283901 -1.29975967
11.02877638 12.59369046 10.5 -1.02112274 0.846401856 -1.09431525
11.42970397 12.59369046 10.5 -0.86392065 0.80618426 -0.94931191
11.88133413 12.59369046 10.5 -0.74449424 0.771711239 -0.84208425
12.37029145 12.59369046 10.5 -0.65025162 0.742235148 -0.76004038
12.88716121 12.59369046 10.5 -0.57363764 0.716893484 -0.69562515
13.42526947 12.59369046 10.5 -0.5098445 0.694919798 -0.64403076
13.97981076 12.59369046 10.5 -0.45566699 0.67568527 -0.602052
14.54726157 12.59369046 10.5 -0.40888612 0.658688381 -0.56746988
15.12499077 12.59369046 10.5 -0.36791689 0.643532395 -0.5386994
15.71099885 12.59369046 10.5 -0.33159697 0.629903195 -0.51457823
16.30374132 12.59369046 10.5 -0.29905462 0.617550813 -0.49423463
16.90200693 12.59369046 10.5 -0.2696232 0.606274927 -0.47700197
17.50483238 12.59369046 10.5 -0.24278424 0.595913728 -0.46236176
18.11144159 12.59369046 10.5 -0.21812839 0.586335462 -0.44990466
18.7212018 12.59369046 10.5 -0.19532819 0.577431985 -0.43930321
Pgina 109
Plan1
19.3335913 12.59369046 10.5 -0.17411854 0.56911385 -0.43029231

19.94817548 12.59369046 10.5 -0.15428256 0.561306525 -0.42265508
20.56458875 12.59369046 10.5 -0.13564106 0.553947478 -0.41621233
21.18252072 12.59369046 10.5 -0.11804474 0.546983895 -0.41081476
21.80170565 12.59369046 10.5 -0.10136817 0.5403709 -0.40633695
22.42191412 12.59369046 10.5 -0.08550524 0.534070134 -0.40267276
23.04294653 12.59369046 10.5 -0.07036553 0.528048636 -0.3997318
23.66462797 12.59369046 10.5 -0.05587156 0.522277936 -0.39743658
24.28680408 12.59369046 10.5 -0.04195652 0.516733322 -0.3957203
24.90933772 12.59369046 10.5 -0.02856254 0.511393254 -0.39452506
25.53210626 12.59369046 10.5 -0.01563917 0.506238871 -0.39380044
26.15499942 12.59369046 10.5 -0.0031423 0.501253593 -0.39350233
26.7779174 12.59369046 10.5 0.008966845 0.496422794 -0.39359193
27.40076941 12.59369046 10.5 0.020722472 0.491733521 -0.39403506
28.0234724 12.59369046 10.5 0.032154884 0.487174267 -0.3948014
28.64595005 12.59369046 10.5 0.043291017 0.482734776 -0.39586402
29.26813187 12.59369046 10.5 0.054154892 0.478405879 -0.39719889
29.88995245 12.59369046 10.5 0.064768005 0.474179358 -0.39878453
30.51135084 12.59369046 10.5 0.075149643 0.470047825 -0.40060164
31.13227003 12.59369046 10.5 0.085317169 0.466004621 -0.40263287
43.38361824 12.59369046 10.5 0.260190628 0.397358367 -0.47173443
55.15007153 12.59369046 10.5 0.408621112 0.341408868 -0.56727896
66.25606184 12.59369046 10.5 0.546474406 0.292369938 -0.67340069
115
10.30306044 11.51556966 10.9 -6.34021461 1 -6.35241336

10.30306044 11.51556966 10.9 -31731.5699 1 -31731.5699
10.30306044 11.51556966 10.9 -6.34021461 1 -6.35241336
10.30372447 11.51556966 10.9 -3.16095824 0.999213745 -3.18535574
10.33323427 11.51556966 10.9 -2.09713987 0.982009402 -2.13373612
10.45875967 11.51556966 10.9 -1.56218099 0.940877322 -1.610976
10.69722106 11.51556966 10.9 -1.23876592 0.892283901 -1.29975967
11.02877638 11.51556966 10.9 -1.02112274 0.846401856 -1.09431525
11.42970397 11.51556966 10.9 -0.86392065 0.80618426 -0.94931191
11.88133413 11.51556966 10.9 -0.74449424 0.771711239 -0.84208425
12.37029145 11.51556966 10.9 -0.65025162 0.742235148 -0.76004038
12.88716121 11.51556966 10.9 -0.57363764 0.716893484 -0.69562515
13.42526947 11.51556966 10.9 -0.5098445 0.694919798 -0.64403076
13.97981076 11.51556966 10.9 -0.45566699 0.67568527 -0.602052
14.54726157 11.51556966 10.9 -0.40888612 0.658688381 -0.56746988
15.12499077 11.51556966 10.9 -0.36791689 0.643532395 -0.5386994
15.71099885 11.51556966 10.9 -0.33159697 0.629903195 -0.51457823
16.30374132 11.51556966 10.9 -0.29905462 0.617550813 -0.49423463
16.90200693 11.51556966 10.9 -0.2696232 0.606274927 -0.47700197
17.50483238 11.51556966 10.9 -0.24278424 0.595913728 -0.46236176
18.11144159 11.51556966 10.9 -0.21812839 0.586335462 -0.44990466
18.7212018 11.51556966 10.9 -0.19532819 0.577431985 -0.43930321
Pgina 110
Plan1
19.3335913 11.51556966 10.9 -0.17411854 0.56911385 -0.43029231

19.94817548 11.51556966 10.9 -0.15428256 0.561306525 -0.42265508
20.56458875 11.51556966 10.9 -0.13564106 0.553947478 -0.41621233
21.18252072 11.51556966 10.9 -0.11804474 0.546983895 -0.41081476
21.80170565 11.51556966 10.9 -0.10136817 0.5403709 -0.40633695
22.42191412 11.51556966 10.9 -0.08550524 0.534070134 -0.40267276
23.04294653 11.51556966 10.9 -0.07036553 0.528048636 -0.3997318
23.66462797 11.51556966 10.9 -0.05587156 0.522277936 -0.39743658
24.28680408 11.51556966 10.9 -0.04195652 0.516733322 -0.3957203
24.90933772 11.51556966 10.9 -0.02856254 0.511393254 -0.39452506
25.53210626 11.51556966 10.9 -0.01563917 0.506238871 -0.39380044
26.15499942 11.51556966 10.9 -0.0031423 0.501253593 -0.39350233
26.7779174 11.51556966 10.9 0.008966845 0.496422794 -0.39359193
27.40076941 11.51556966 10.9 0.020722472 0.491733521 -0.39403506
28.0234724 11.51556966 10.9 0.032154884 0.487174267 -0.3948014
28.64595005 11.51556966 10.9 0.043291017 0.482734776 -0.39586402
29.26813187 11.51556966 10.9 0.054154892 0.478405879 -0.39719889
29.88995245 11.51556966 10.9 0.064768005 0.474179358 -0.39878453
30.51135084 11.51556966 10.9 0.075149643 0.470047825 -0.40060164
31.13227003 11.51556966 10.9 0.085317169 0.466004621 -0.40263287
43.38361824 11.51556966 10.9 0.260190628 0.397358367 -0.47173443
55.15007153 11.51556966 10.9 0.408621112 0.341408868 -0.56727896
66.25606184 11.51556966 10.9 0.546474406 0.292369938 -0.67340069
Pgina 111
Plan1
7.34929E-23 0 0 0.5 -0.01219875 0.504866477

0 0 0 0.5 -2.43975E-06 0.500000973
7.34929E-23 0 0 0.5 -0.01219875 0.504866477
5.37556E-07 0 0 0.5 -0.0243975 0.50973223
0.000594695 0 0 0.5 -0.03659625 0.514596534
0.007752033 0 0 0.5 -0.048795 0.519458668
0.027094078 0 0 0.5 -0.06099375 0.524317909
0.055551048 0 0 0.5 -0.07319251 0.529173535
0.087816648 0 0 0.5 -0.08539126 0.534024828
0.120278352 0 0 0.5 -0.09759001 0.53887107
0.151112009 0 0 0.5 -0.10978876 0.543711547
0.179592437 0 0 0.5 -0.12198751 0.548545545
0.205561546 0 0 0.5 -0.13418626 0.553372355
0.229123916 0 0 0.5 -0.14638501 0.55819127
0.250489864 0 0 0.5 -0.15858376 0.563001588
0.269899112 0 0 0.5 -0.17078251 0.56780261
0.287585764 0 0 0.5 -0.18298126 0.57259364
0.30376384 0 0 0.5 -0.19518001 0.577373988
0.318622707 0 0 0.5 -0.20737877 0.582142968
0.332327115 0 0 0.5 -0.21957752 0.586899898
0.345019182 0 0 0.5 -0.23177627 0.591644104
0.356821044 0 0 0.5 -0.24397502 0.596374916
Pgina 112
Plan1
0.367837578 0 0 0.5 -0.25617377 0.601091669

0.378158917 0 0 0.5 -0.26837252 0.605793705
0.387862676 0 0 0.5 -0.28057127 0.610480373
0.397015867 0 0 0.5 -0.29277002 0.615151028
0.405676523 0 0 0.5 -0.30496877 0.619805032
0.41389506 0 0 0.5 -0.31716752 0.624441754
0.421715432 0 0 0.5 -0.32936627 0.629060572
0.429176081 0 0 0.5 -0.34156503 0.633660869
0.436310742 0 0 0.5 -0.35376378 0.638242039
0.443149122 0 0 0.5 -0.36596253 0.642803481
0.449717458 0 0 0.5 -0.37816128 0.647344606
0.456038999 0 0 0.5 -0.39036003 0.65186483
0.462134406 0 0 0.5 -0.40255878 0.656363581
0.468022094 0 0 0.5 -0.41475753 0.660840294
0.473718522 0 0 0.5 -0.42695628 0.665294415
0.479238439 0 0 0.5 -0.43915503 0.669725397
0.484595099 0 0 0.5 -0.45135378 0.674132706
0.489800436 0 0 0.5 -0.46355253 0.678515816
0.494865227 0 0 0.5 -0.47575129 0.68287421
0.499799223 0 0 0.5 -0.48795004 0.687207384
0.580423495 0 0 0.5 -0.73192505 0.767892844
0.642709591 0 0 0.5 -0.97590007 0.835443007
0.695725664 0 0 0.5 -1.21987509 0.888743885
1.64792E-10 0 0 0.5 -0.01219875 0.504866477

0 0 0 0.5 -2.43975E-06 0.500000973
1.64792E-10 0 0 0.5 -0.01219875 0.504866477
0.000865318 0 0 0.5 -0.0243975 0.50973223
0.018833398 0 0 0.5 -0.03659625 0.514596534
0.060790342 0 0 0.5 -0.048795 0.519458668
0.109806204 0 0 0.5 -0.06099375 0.524317909
0.155820674 0 0 0.5 -0.07319251 0.529173535
0.196022121 0 0 0.5 -0.08539126 0.534024828
0.230412158 0 0 0.5 -0.09759001 0.53887107
0.259779358 0 0 0.5 -0.10978876 0.543711547
0.285005809 0 0 0.5 -0.12198751 0.548545545
0.306866995 0 0 0.5 -0.13418626 0.553372355
0.325995634 0 0 0.5 -0.14638501 0.55819127
0.34289463 0 0 0.5 -0.15858376 0.563001588
0.357960906 0 0 0.5 -0.17078251 0.56780261
0.371508206 0 0 0.5 -0.18298126 0.57259364
0.383785895 0 0 0.5 -0.19518001 0.577373988
0.394993624 0 0 0.5 -0.20737877 0.582142968
0.405292535 0 0 0.5 -0.21957752 0.586899898
0.414813761 0 0 0.5 -0.23177627 0.591644104
0.423664882 0 0 0.5 -0.24397502 0.596374916
Pgina 113
Plan1
0.431934843 0 0 0.5 -0.25617377 0.601091669

0.43969773 0 0 0.5 -0.26837252 0.605793705
0.447015683 0 0 0.5 -0.28057127 0.610480373
0.453941171 0 0 0.5 -0.29277002 0.615151028
0.460518769 0 0 0.5 -0.30496877 0.619805032
0.466786567 0 0 0.5 -0.31716752 0.624441754
0.472777293 0 0 0.5 -0.32936627 0.629060572
0.478519212 0 0 0.5 -0.34156503 0.633660869
0.484036849 0 0 0.5 -0.35376378 0.638242039
0.489351587 0 0 0.5 -0.36596253 0.642803481
0.49448214 0 0 0.5 -0.37816128 0.647344606
0.49944496 0 0 0.5 -0.39036003 0.65186483
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0.513464065 0 0 0.5 -0.42695628 0.665294415
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0.526407638 0 0 0.5 -0.46355253 0.678515816
0.530523701 0 0 0.5 -0.47575129 0.68287421
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0.603001752 0 0 0.5 -0.73192505 0.767892844
0.658848137 0 0 0.5 -0.97590007 0.835443007
0.707822564 0 0 0.5 -1.21987509 0.888743885
0.001652888 2.34753E-42 13.42919118 2.03921E-41 13.41699243 2.40417E-41

0 0 67115.45901 0 67115.45901 0
0.001652888 2.34753E-42 13.42919118 2.03921E-41 13.41699243 2.40417E-41
0.072181034 3.96202E-12 6.723744652 8.85564E-12 6.69934715 1.04676E-11
0.167775492 3.39526E-06 4.49266206 3.51692E-06 4.456065807 4.17387E-06
0.23836526 0.000591601 3.380170452 0.000362204 3.331375449 0.00043209
0.28832733 0.008015291 2.715115238 0.003312636 2.654121483 0.00397576
0.324896649 0.037908443 2.27377822 0.011489662 2.200585714 0.013882683
0.352768133 0.106267105 1.960280171 0.024981526 1.874888915 0.030404004
0.37479152 0.221897327 1.726681479 0.042112442 1.629091472 0.051646828
0.392733084 0.38650465 1.546349024 0.061010149 1.436560265 0.07542149
0.407727886 0.597475597 1.403302935 0.080263262 1.281315426 0.100041448
0.420532364 0.850253882 1.287374203 0.098981946 1.153187943 0.124416626
0.431667545 1.139760106 1.191783489 0.116673076 1.045398478 0.14791942
0.441502889 1.461099936 1.111837404 0.133104033 0.953253642 0.170230787
0.450307124 1.809859953 1.044183528 0.148200243 0.873401015 0.191222269
0.458280104 2.182191668 0.986363419 0.161977405 0.803382155 0.210876943
0.46557339 2.5747967 0.936533245 0.174499352 0.74135323 0.229239647
0.472303912 2.984871727 0.893283018 0.185852815 0.685904253 0.246386744
0.478563277 3.410041805 0.855516081 0.196132753 0.635938564 0.262408233
0.484424231 3.848295098 0.82236665 0.205434127 0.590590382 0.277397455
0.489945256 4.297924286 0.793142099 0.213847519 0.549167081 0.291445397
Pgina 114
Plan1
0.495173883 4.757476142 0.767281732 0.221457014 0.511107963 0.30463773

0.500149132 5.225709151 0.744326796 0.228339397 0.475954276 0.317053476
0.504903327 5.701558305 0.723898322 0.23456408 0.443327052 0.328764596
0.509463462 6.18410604 0.705680503 0.240193424 0.412910481 0.339836101
0.513852257 6.672558317 0.689408058 0.245283257 0.384439286 0.350326444
0.518088962 7.166224927 0.674856523 0.249883462 0.357689 0.360288033
0.522189994 7.664503266 0.661834686 0.254038587 0.332468411 0.369767794
0.526169438 8.166864919 0.650178649 0.257788416 0.308613623 0.378807728
0.530039439 8.67284456 0.639747123 0.261168507 0.285983346 0.387445438
0.53381053 9.18203071 0.630417657 0.264210681 0.26445513 0.395714618
0.537491881 9.694058039 0.6220836 0.266943449 0.243922322 0.40364549
0.541091516 10.20860092 0.614651633 0.269392404 0.224291604 0.411265204
0.544616483 10.72536798 0.608039748 0.271580556 0.205480968 0.418598183
0.548072996 11.24409759 0.602175583 0.273528633 0.187418052 0.425666435
0.551466554 11.76455391 0.59699505 0.275255343 0.170038768 0.432489824
0.554802041 12.28652368 0.592441178 0.2767776 0.153286145 0.439086313
0.558083805 12.80981334 0.588463157 0.278110728 0.137109373 0.445472172
0.56131573 13.33424668 0.585015525 0.279268639 0.121462991 0.451662163
0.564501298 13.85966277 0.582057484 0.280263981 0.106306198 0.457669707
0.567643633 14.38591417 0.579552313 0.281108279 0.091602277 0.463507021
0.624339487 24.9332498 0.589680724 0.27770236 -0.14224433 0.556556492
0.67405986 35.21187708 0.655738684 0.255996137 -0.32016139 0.625577004
0.719210855 44.97037939 0.744168464 0.228387282 -0.47570663 0.682858301
1 0 0 0.5 -0.01219875 0.504866477

1 0 0 0.5 -2.43975E-06 0.500000973
1 0 0 0.5 -0.01219875 0.504866477
0.999277119 0 0 0.5 -0.0243975 0.50973223
0.983567806 0 0 0.5 -0.03659625 0.514596534
0.946407523 0 0 0.5 -0.048795 0.519458668
0.903158325 0 0 0.5 -0.06099375 0.524317909
0.86309163 0 0 0.5 -0.07319251 0.529173535
0.828769001 0 0 0.5 -0.08539126 0.534024828
0.800129602 0 0 0.5 -0.09759001 0.53887107
0.776384775 0 0 0.5 -0.10978876 0.543711547
0.756668195 0 0 0.5 -0.12198751 0.548545545
0.740222258 0 0 0.5 -0.13418626 0.553372355
0.726430239 0 0 0.5 -0.14638501 0.55819127
0.714802507 0 0 0.5 -0.15858376 0.563001588
0.704952855 0 0 0.5 -0.17078251 0.56780261
0.69657611 0 0 0.5 -0.18298126 0.57259364
0.689429758 0 0 0.5 -0.19518001 0.577373988
0.683319641 0 0 0.5 -0.20737877 0.582142968
0.67808904 0 0 0.5 -0.21957752 0.586899898
0.673610406 0 0 0.5 -0.23177627 0.591644104
0.669779075 0 0 0.5 -0.24397502 0.596374916
Pgina 115
Plan1
0.666508491 0 0 0.5 -0.25617377 0.601091669

0.663726532 0 0 0.5 -0.26837252 0.605793705
0.661372681 0 0 0.5 -0.28057127 0.610480373
0.659395815 0 0 0.5 -0.29277002 0.615151028
0.657752479 0 0 0.5 -0.30496877 0.619805032
0.656405513 0 0 0.5 -0.31716752 0.624441754
0.655322967 0 0 0.5 -0.32936627 0.629060572
0.654477229 0 0 0.5 -0.34156503 0.633660869
0.653844311 0 0 0.5 -0.35376378 0.638242039
0.653403287 0 0 0.5 -0.36596253 0.642803481
0.653135812 0 0 0.5 -0.37816128 0.647344606
0.653025747 0 0 0.5 -0.39036003 0.65186483
0.653058832 0 0 0.5 -0.40255878 0.656363581
0.653222422 0 0 0.5 -0.41475753 0.660840294
0.653505268 0 0 0.5 -0.42695628 0.665294415
0.653897326 0 0 0.5 -0.43915503 0.669725397
0.6543896 0 0 0.5 -0.45135378 0.674132706
0.654974012 0 0 0.5 -0.46355253 0.678515816
0.655643282 0 0 0.5 -0.47575129 0.68287421
0.656390837 0 0 0.5 -0.48795004 0.687207384
0.68144182 0 0 0.5 -0.73192505 0.767892844
0.714737666 0 0 0.5 -0.97590007 0.835443007
0.749653794 0 0 0.5 -1.21987509 0.888743885
1 1.02016E-23 9.785230997 6.51487E-23 9.773032246 7.34929E-23

1 0 48895.65811 0 48895.6581 0
1 1.02016E-23 9.785230997 6.51487E-23 9.773032246 7.34929E-23
0.999277119 2.82705E-07 4.901764561 4.74898E-07 4.87736706 5.37556E-07
0.983567806 0.000653959 3.278008667 0.000522711 3.241412414 0.000594695
0.946407523 0.013971354 2.469180407 0.006771146 2.420385403 0.007752033
0.903158325 0.070215461 1.986323202 0.023498724 1.925329447 0.027094078
0.86309163 0.191032101 1.666451523 0.047811758 1.593259017 0.055551048
0.828769001 0.379820227 1.439714431 0.074974104 1.354323175 0.087816648
0.800129602 0.629964023 1.271186456 0.101831162 1.173596449 0.120278352
0.776384775 0.931938013 1.141464559 0.126838326 1.031675801 0.151112009
0.756668195 1.276519813 1.038906917 0.149424015 0.916919408 0.179592437
0.740222258 1.655817548 0.956105096 0.16950957 0.821918836 0.205561546
0.726430239 2.063398789 0.888120141 0.187238065 0.74173513 0.229123916
0.714802507 2.49411878 0.831532775 0.202836361 0.672949013 0.250489864
0.704952855 2.943883672 0.783900658 0.216549202 0.613118145 0.269899112
0.69657611 3.409430244 0.74343274 0.228609864 0.560451476 0.287585764
0.689429758 3.88814381 0.708785734 0.239228726 0.513605719 0.30376384
0.683319641 4.377914739 0.678932419 0.248590342 0.471553654 0.318622707
0.67808904 4.877027676 0.653073848 0.256854335 0.433496332 0.332327115
0.673610406 5.384076631 0.630579272 0.264157828 0.398803004 0.345019182
0.669779075 5.897899925 0.61094409 0.270618297 0.366969072 0.356821044
Pgina 116
Plan1
0.666508491 6.417530193 0.593759819 0.276336384 0.33758605 0.367837578

0.663726532 6.942155756 0.578692243 0.281398426 0.310319723 0.378158917
0.661372681 7.471090588 0.565465271 0.28587867 0.284894 0.387862676
0.659395815 8.003750811 0.553848828 0.289841154 0.261078807 0.397015867
0.657752479 8.539636162 0.543649651 0.293341293 0.238680878 0.405676523
0.656405513 9.07831528 0.534704209 0.296427205 0.217536685 0.41389506
0.655322967 9.619413945 0.526873197 0.299140824 0.197506923 0.421715432
0.654477229 10.16260561 0.520037214 0.301518819 0.178472188 0.429176081
0.653844311 10.70760376 0.514093323 0.303593373 0.160329547 0.436310742
0.653403287 11.2541556 0.508952318 0.305392823 0.14298979 0.443149122
0.653135812 11.80203701 0.504536498 0.306942211 0.12637522 0.449717458
0.653025747 12.35104827 0.500777878 0.308263728 0.110417849 0.456038999
0.653058832 12.90101056 0.497616712 0.309377111 0.095057932 0.462134406
0.653222422 13.45176307 0.495000284 0.31029996 0.080242753 0.468022094
0.653505268 14.00316051 0.492881902 0.311048018 0.06592562 0.473718522
0.653897326 14.55507109 0.491220061 0.311635406 0.052065029 0.479238439
0.6543896 15.10737478 0.489977746 0.312074823 0.038623963 0.484595099
0.654974012 15.65996179 0.489121836 0.312377721 0.025569302 0.489800436
0.655643282 16.21273136 0.488622607 0.312554452 0.012871322 0.494865227
0.656390837 16.76559066 0.488453309 0.312614395 0.000503272 0.499799223
0.68144182 27.74178612 0.528948054 0.298420743 -0.202977 0.580423495
0.714737666 38.34458494 0.610189182 0.270868248 -0.36571089 0.642709591
0.749653794 48.37539552 0.707728862 0.239556825 -0.51214623 0.695725664
Pgina 117
Plan1
Pgina 118
Plan1
Clculo da Volatilidade Passada, a ser Inserida na Tela
Reproduo Clculo da Volatilidade a Partir de 20

No Autorizada
Dias Preos Retornos Pesos Volatilidade

Vista Ln (Pt/Pt-1) Ajustados Histrica
0 128.00 + 0.00% 11.38% 47.19%
-1 128.00 - 1.55% 10.25%
-2 130.00 + 1.94% 9.22%
Pesos Ajustados
-3 127.50 + 2.78% 8.30% 12.00%
-4 124.00 - 7.46% 7.47%
-5 133.60 + 1.81% 6.72%
10.00%
-6 131.20 - 0.91% 6.05%
-7 132.40 + 0.15% 5.44%
8.00%
-8 132.20 - 1.50% 4.90%
-9 134.20 - 0.96% 4.41%
6.00%
-10 135.50 + 2.77% 3.97%
-11 131.80 - 0.15% 3.57%
-12 132.00 - 3.72% 3.22% 4.00%
-13 137.00 - 0.22% 2.89%
-14 137.30 - 1.66% 2.60%
2.00%
-15 139.60 + 1.52% 2.34%
-16 137.49 + 1.98% 2.11%
0.00%
-17 134.80 + 3.63% 1.90%
0
-1
-2
-3
-4
-5
-6
-7
-8
-18 130.00 - 6.91% 1.71%

-19 139.30 + 1.45% 1.54%
-20 137.30
129.74
135.40
Pgina 119
Plan1
125.70
126.90
129.35
134.60
131.40
137.80
129.95
130.70
132.60
129.74
135.40
129.90
127.60
129.90
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
Pgina 120
Plan1
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
Pgina 121
Plan1
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
Pgina 122
Plan1
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
Pgina 123
Plan1
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
Pgina 124
Plan1
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
127.45
126.80
124.37
122.80
124.50
127.60
125.35
128.40
126.26
130.80
132.88
129.70
128.40
131.20
128.45
128.40
126.26
130.80
132.88
129.70
128.40 - -
Total 100.00%
Pgina 125
Plan1
serida na Tela de Precificao
Retornos
Volatilidade Alfa
Ponderada
50.99% 10.00% Alfa
Distribuio dos Pesos de Cada Dia til,
para o Clculo da Volatilidade
Alisamento Exponencial dos Pesos
dos Retornos Ocorridos ao Longo de
at 42 Dias teis mais recentes da
Janela Temporal Especificada.
ltimos 42 Retornos
-11
-18
0
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
-12
-13
-14
-15
-16
-17
-19
-20
Pgina 126
Plan1
s
e
a
Pgina 127

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Plan1

Avaliao de Opes de Compra e de Venda do Tipo Europe

P.Exerccio $ 130.00 P.Barreira

Precificao da Call - Tipo Europeu Precificao da Put - Tipo Euro

Influncia das Variveis sobre a Call Influncia das Variveis sobre

Esta Planilha Acompanha o Livro Mercados Derivativos e Anlise de Risco Volume

Elaborada por Andr Marins

Reproduo Proibida - Protegida Pela Lei de Direitos Autorais

A planilha est dividida em 4 partes:

1. Apresentao - so mostrados os procedimentos a serem seguidos para a utilizao das 3 p

4. Estimativa das Volatilidades Implcitas - possvel calcular as volatilidades implcitas de

Preenchimento dos Dados

Clulas onde devem Clulas onde sero

Preenchimentos dos Dados Necessrios ao Clculo

Preenchimentos dos Dados Necessrios ao Clculo

Resultados Fornecidos pela Planilha

A planilha fornece os seguintes outputs:

Preenchimentos dos Dados Necessrios ao Clculo

Execuo dos Algortimos que Estimam as Volatilidades Implcitas

a volatilidade implcita estar correta.

Comentrios Vlidos Para a Planilha e para o Livro

As opinies do autor no representam necessariamente a opinio de quaisquer entid

Os exemplos citados ao longo do livro no tm relao com situaes ou casos ocorri

A planilha foi desenvolvida a partir da verso 97 do Microsoft Excel. Portanto poder

da do Tipo Europeu Estimativa das Volatilidades Implcitas de Op

cao de Calls e de Puts Exerccio Mercado

over anual $ 110.00 $ 20.00

Volatilidades Implcitas Volatilidade Admitida

Taxas Over-Mensais de Rentabilidade

Tx. Srie A Tx. Srie B

Tx. Srie A Tx. Srie B

Volatilidades Implcitas nas

Preos de Exerccio das Puts

Taxas Over-Mensais de Rentabilidade

Tx. Srie A Tx. Srie B PVV

Tx. Srie A Tx. Srie B PVV

s no Livro acima mencionado.

s para a utilizao das 3 partes

a volatilidade passada dos pre-

o modelo, obtm-se os prmios

ncia sobre o delta).

s campos com as cores mos-

Clulas onde devem

Este campo refere-se

dos Retornos do Passado

artir dos retornos logartmicos do

nimo dos ltimos 20 dias teis e

pelo ou menos 21 dias, para que

encial dos pesos (EWMA) deve-

btida a partir do mtodo do alisa-

opes de venda (puts) de

lo (Preo Vista, Preo de

Juros Externa, a Taxa de Di-

epresentam as estimativas das

prmio da call ou da put;

o percentual da Tx. Juros Interna

nto percentual da Tx. Juros Exter-

ornam justos os prmios de mer-

implcitas, ou seja, mesmo que se

as eventualmente encontradas pelos

mostram os prmios variando

itas para a avaliao de opes

s ou 5 puts tenha um Preo