4 3 4 4

10,5 9,4 14,1 14,7 10.5 9.4 14.1 14.7

3 4 4 4
9,3 11,6 11,8 14,2 9.3 11.6 11.8 14.2
3 4 3 2
9,5 12,5 9,8 14 9.5 12.5 9.8 14.0
4 4 4 2
13,2 14,3 15,3 20 13.2 14.3 15.3 20.0
4 2 2 2
14,4 10 13 17 14.4 10.0 13.0 17.0

10.5 9.4 14.1 14.7 9.3 10.5

9.3 11.6 11.8 14.2 9.4 11.6
9.5 12.5 9.8 14.0 9.5 11.8
13.2 14.3 15.3 20.0 9.8 12.5
14.4 10.0 13.0 17.0 10.0 13.0

Minimo = 9.3
Maximo = 20.0
ΔV = 10.7
Nro Clases = 5.0 11.45 13.60 15.75 17.90 20.05
IC = 2.14
Fr
Clases Linf Lsup C.C Fab Fab.acu
9,30 a 11,44 1 9.30 11.44 10.37 6 6
11,45 a 13,59 2 11.45 13.59 12.52 5 11
13,60 a 15,74 3 13.60 15.74 14.67 7 18
15,75 a 17,89 4 15.75 17.89 16.82 1 19
17,90 a 20,04 5 17.90 20.04 18.97 1 20
 10,5 9,4 14,1 14,7
9,3 11,6 11,8 14,2
9,5 12,5 9,8 14
13,2 14,3 15,3 20
14,4 10 13 17

13.2 14.4
14.0 14.7
14.1 15.3
14.2 17.0
14.3 20.0
Histograma de Frecuencia
Fa 8
7
6
5
4
3
Frerel Frerel.acu
2
30 30
1
25 55
35 90 0
9,30 a 11,44 11,45 a 13,59 13,60 a 15,74 15,75 a 17,89 17,90 a 20,04
5 95
5 100 Clases
uencia

4 15,75 a 17,89 17,90 a 20,04

Clases
 4 4 4 4
1310 1262 1599 690 1310 1262 1599 690
4 4 3 4
1207 1152 833 1117 1207 1152 833 1117
3 3 3 3
760 598 839 811 760 598 839 811
3 4 3 4
260 1222 733 1081 260 1222 733 1081
3 4 4 4
618 1391 1366 1988 618 1391 1366 1988

1,310 1,262 1,599 690

1,207 1,152 833 1,117
760 598 839 811
260 1,222 733 1,081
618 1,391 1,366 1,988

Minimo = 260
Maximo = 1,988
ΔV = 1,728
Nro Clases = 5.0 605.61 951.22 1,296.83 1,642.44 1,988.05
IC = 345.6
Fr
Clases Linf Lsup C.C Fab Fab.acu Frerel
Frerel.acu
EJERCICIO 5
Vo = 55,000.00
V2 = 90,000.00
VFT = 360,000.00
i= 8.0%
n= 5 años
V3-5 = ?
n0 = 5 años
n2 = 3 años
n3 = 2 años
n4 = 1 años
n5 = 0 años

VFT = VF0 + VF2 + VF3 + VF4 + VF5

V3 = V4 = V 5
VF = V * (1 + i) n

VF0 = V0 * (1 + i) n0
VF0 = 55.000,00 * (1 + 0,08 ) ^ 5 = 80.813,04
VF2 = V2 * (1 + i) n2
VF2 = 90.000,00 * (1 + 0,08 ) ^ 3 = 113.374,08

VF3 + VF4 + VF5 = VFT - VF0 - VF2

VF3 + VF4 + VF5 = 360.000,00 - 80.813,04 - 113.374,08
VF3 + VF4 + VF5 = 165,812.88

VF3 = V3 * (1 + i) 2
VF4 = V4 * (1 + i) 1 = V3 * (1 + i) 1
VF5 = V5 * (1 + i) 0 = V5 = V3

VF3 + VF4 + VF5 = V3 * (1 + i) 2 + V3 * (1 + i) 1 + V3

165,812.88 = V3 * [ (1 + i) 2 + (1 + i) 1 + 1 ] =
V3 = 165.812,88 / [( 1 + 0,08) ^ 2 + ( 1 + 0,08) ^ 1 ) + 1 ]
V3 = 51,075.92
V4 = 51,075.92
V5 = 51,075.92
 VF3 = 51.075,92 * (1 + 0,08) ^ 2 = 59.574,96
VF4 = 51.075,92 * (1 + 0,08) ^ 1 = 55.162,00
VF5 = 51,075.92

360,000.00 = 80.813,04 + 113.374,08 + 59.575 + 55.162,00 + 51.075,92

 EJERCICIO 6
V0 =
V1 =
V2 =
V3 =
V4 =
V5 =
V6 =
n0 =
n1 =
n2 =
n3 =
n4 =
n5 =
n6 =
i=
VF8 =

5 = 80.813,04 = 80,813.04 VF =

3 = 113.374,08 = 113,374.08 VF0 =

VF1 =
VF2 =
113.374,08 VF3 =
VF4 =
VF5 =
VF6 =

VF8 =
VF8 =

V3 * [ (1 + 0,08) ^ 2 + ( 1 + 0,08) ^ 1 ) + 1 ]
^ 2 + ( 1 + 0,08) ^ 1 ) + 1 ] EJERCICIO 7
VF =
i=
n=
n0 =
2 = 59.574,96 = 59,574.96 n1 =
1 = 55.162,00 = 55,162.00 n2 =
= 51,075.92 n3 =
165,812.88 V0 =
+ 59.575 + 55.162,00 + 51.075,92 V1 =
V2 =
V3 =

VFT =
V0 =
VF =

VF0 =
VF1 =
VF2 =
VF3 =

VFT =

VFT =

V0 =

V0 =

VF =

VF =

VF0 =
VF1 =
VF2 =
VF3 =
VF =
 100.00
100.00
100.00
100.00
100.00
300.00
300.00
8 años
7 años
6 años
5 años
4 años
3 años
2 años
10.0%
?

V * (1 + i) n

100,00 * (1 + 0,10 ) ^ 8 = 214,36 214.36

100,00 * (1 + 0,10 ) ^ 7 = 194,87 194.87
100,00 * (1 + 0,10 ) ^ 6 = 177,16 177.16
100,00 * (1 + 0,10 ) ^ 5 = 161,05 161.05
100,00 * (1 + 0,10 ) ^ 4 = 146,41 146.41
300,00 * (1 + 0,10 ) ^ 3 = 399,30 399.30
300,00 * (1 + 0,10 ) ^ 2 = 363,00 363.00
1,656.15
214,36 + 194,87 + 177 + 161,05 + 146,41 + 399,30 + 363,00
1,656.15

50,000.00 VF = VP * ( 1 - (1 + i)n ) / i
10.0%
3 años VP = VF * ( i / (1 + i)n - 1)
3 años
 2 años VP = 50.000,00 * ( 0,10 / ( (1 + 0,10 ) ^
1 años
0 años VP = 15,105.74
10,773.54
10,773.54 VP = V0 = V1 = V2 = V3
10,773.54
10,773.54 VP = VF +VF * ( 1 - (1 + i)^-n ) / i

VF0 + VF1 + VF2 + VF3

V1 = V 2 = V 3
V * (1 + i) n

V0 * (1 + i) n0
V1 * (1 + i) n1 = V0 * (1 + i) n1
V2 * (1 + i) n2 = V0 * (1 + i) n2
V3 * (1 + i) n3 = V0 * (1 + i) n3

V0 * (1 + i) n0 + V0 * (1 + i) n1 + V0 * (1 + i) n2 + V0 * (1 + i) n3

V0 * [ (1 + i) n0 + (1 + i) n1 + (1 + i) n2 + (1 + i) n3 ]

VFT / [ (1 + i) n0 + (1 + i) n1 + (1 + i) n2 + (1 + i) n3 ]

10,773.54

VP * (1 + i) n

VF0 + VF1 + VF2 + VF3

10.773,54 * (1 + 0,10 ) ^ 3 = 14.339,58 14,339.582

10.773,54 * (1 + 0,10 ) ^ 2 = 13.035,98 13,035.984
10.773,54 * (1 + 0,10 ) ^ 1 = 11.850,89 11,850.894
10.773,54 * (1 + 0,10 ) ^ 0 = 10.773,54 10,773.540
14.339,58 + 13.035,98 + 11.851 + 10.773,54 = 50,000.000
 ( 0,10 / ( (1 + 0,10 ) ^ 3) -1 ) = 15.105,74

1 - (1 + i)^-n ) / i
ACo = 35,000.00
AC1-15 = 78,100.00 30,000.00 48100
n = 15 años
i = 15.0%

In = Cn-1 * i

Cn = ACn + Cn-1 + In

CT = ACT + IT

ACT = ∑ ACn

IT = ∑ In

APORTES DE
AÑO CAPITAL ( Cn )
CAPITAL
(n) ( Cn = ACn + Cn-1 + In )
( ACn )
0 35,000.00 35.000,00 + 0,00 + 0,00 = 35,000.00
1 78,100.00 78.100,00 + 35.000,00 + 5.250,00 = 118,350.00
2 78,100.00 78.100,00 + 118.350,00 + 17.752,50 = 214,202.50
3 78,100.00 78.100,00 + 214.202,50 + 32.130,38 = 324,432.88
4 78,100.00 78.100,00 + 324.432,88 + 48.664,93 = 451,197.81
5 78,100.00 78.100,00 + 451.197,81 + 67.679,67 = 596,977.48
6 78,100.00 78.100,00 + 596.977,48 + 89.546,62 = 764,624.10
7 78,100.00 78.100,00 + 764.624,10 + 114.693,61 = 957,417.71
8 78,100.00 78.100,00 + 957.417,71 + 143.612,66 = 1,179,130.37
9 78,100.00 78.100,00 + 1.179.130,37 + 176.869,56 = 1,434,099.93
10 78,100.00 78.100,00 + 1.434.099,93 + 215.114,99 = 1,727,314.92
11 78,100.00 78.100,00 + 1.727.314,92 + 259.097,24 = 2,064,512.15
12 78,100.00 78.100,00 + 2.064.512,15 + 309.676,82 = 2,452,288.98
13 78,100.00 78.100,00 + 2.452.288,98 + 367.843,35 = 2,898,232.32
14 78,100.00 78.100,00 + 2.898.232,32 + 434.734,85 = 3,411,067.17
15 78,100.00 78.100,00 + 3.411.067,17 + 511.660,08 = 4,000,827.25
1,206,500.00 4,000,827.25
INTERES ANUAL INTERERES
( In ) ACUMULADOS

0.00 0.00
5,250.00 5,250.00
17,752.50 23,002.50
32,130.38 55,132.88
48,664.93 103,797.81
67,679.67 171,477.48
89,546.62 261,024.10
114,693.61 375,717.71
143,612.66 519,330.37
176,869.56 696,199.93
215,114.99 911,314.92
259,097.24 1,170,412.15
309,676.82 1,480,088.98
367,843.35 1,847,932.32
434,734.85 2,282,667.17
511,660.08 2,794,327.25
2,794,327.25
 Io =
VF = VPo * ( 1 + i )^n Q =
G =
VPo = VF * ( 1 + i )^-n n =
i =
VPo = Po + Go
Po =
P = Q * ( 1 - (1 + i)^-n ) / i
Po =
Go = (G / i ) * { [ ( 1 - (1 + i)^-n ) / i ] - ( n / (1 + i)^n ) }
Go =

VPo =

VPo =

VF =

1,005,448.51 VF =

P = Q * ( ( (1 + i)^n -1) / ( i * (1 + i)^n ) P =

Go = (G / i ) * { [ ( ( (1 + i)^n -1) / ( i * (1 + i)^n ) ] - ( n / (1 + i)^n ) ] Go =

VF1 =

VF2 =

VF3 =

VFT =

AÑO

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
 Cant. Decimales = 6
35,000.00
30,000.00
15 años
15.0%

35.000,00 * ( 1 - ( 1 + 0,1500 ) ^ -15 / 0,1500

35,000.00 * 5.84737009863 = 204,657.95 204,657.95

30,000.00 *( 5.847370 - 1.843417278 ) = 800,790.56 800,790.56

15.0%

204.657,95 + 800.790,56

1,005,448.51

1.005.448,51 * ( 1 + 0,1500 ) ^ 15

8,181,396.52

204,657.95

35,000.00 * 8.137062 = 284,797.17

35,000.00 * 7.075706 = 247,649.71

0.00 * 1.000000 = 0.00

532,446.88

CAPITAL INTERERES INTERERES APORTES +

APORTES
IMPUTABLE ANUALES ACUMULADOS INTERES
35,000.00 0.00 0.00 0.00 35,000.00
30,000.00 35,000.00 5,250.00 5,250.00 70,250.00
30,000.00 70,250.00 10,537.50 15,787.50 110,787.50
30,000.00 110,787.50 16,618.13 32,405.63 157,405.63
30,000.00 157,405.63 23,610.84 56,016.47 211,016.47
30,000.00 211,016.47 31,652.47 87,668.94 272,668.94
30,000.00 272,668.94 40,900.34 128,569.28 343,569.28
30,000.00 343,569.28 51,535.39 180,104.67 425,104.67
30,000.00 425,104.67 63,765.70 243,870.37 518,870.37
 30,000.00 518,870.37 77,830.56 321,700.93 626,700.93
30,000.00 626,700.93 94,005.14 415,706.07 750,706.07
30,000.00 750,706.07 112,605.91 528,311.98 893,311.98
30,000.00 893,311.98 133,996.80 662,308.77 1,057,308.77
30,000.00 1,057,308.77 158,596.32 820,905.09 1,245,905.09
30,000.00 1,245,905.09 186,885.76 1,007,790.85 1,462,790.85
30,000.00 1,462,790.85 219,418.63 1,227,209.48 1,712,209.48
485,000.00 1,712,209.48 1,227,209.48 1,227,209.48 1,712,209.48
 Io = 0.00
ik = ( ( 1 + i )^1/k ) - 1 Q1 = 400,000.00
Q2 = 650,000.00
Jk = ik * k Vr = 0.00
n = 9 años
VAE = VPN * [ i / ( 1 - (1 + i)^-n ) ] n1 = 5 años
n2 = 4 años

VPN = - Io + P + Vra k = 1

i = 15.0%
P= Q * ( 1 - (1 + Jk/k)^-(n*k) ) ik = 0.15
Jk/k Jk = 0.15

Vra = Vr / (1 + Jk/k)^(n*k) P1 = 400,000.00 *

Vra = Vr / (1 + i)^n
Vra = 0.00 =
2.01135719
P/A = ( 1 - (1 + Jk/k)^-(n*k) )
Jk/k VPN1 = 0,00 + 1.340.862,00 + 0,00

P/F = ( 1 + Jk/k)^(n*k) P2 = 650,000.00 *

VPN2 = (0,00 + 1.855.735,70 + 0,00) / ( 1 + 0,1500)^5

P/A = ( 1 - (1 + i)^-n ) / i
VPN2 = 1,855,735.70 /
P/F = ( 1 + i )^n
VPNT = 2,263,490.62

P= Q * ( (1 + i)^n - 1 ) VAE = 2.263.490,62 * [ 0,150 / ( 1 - ( 1 + 0,150 )^-9 ) ]

i * (1 + i)^n
VAE = 2,263,490.62 *

VAE = 474,368.82

= 2.01135719
= 2.01135719

P/A = 3.35216

P/F = 2.01136

P1 = 400,000.00 *
 Cant. Decimales = 6

Tiempo de duración del mantenimiento en años

Costo anual uniforme del Mantenimiento
Tasa de Retorno Mínima (TMAR) semestral
Tasa de Retorno Mínima (TMAR) anual
Flujos netos
==> semestres / año Periodos
de efectivo
0 0.00
15.0000% 1 400,000.00
15.0000% 2 400,000.00
3 400,000.00
3.352155 = 1,340,862.00 4 400,000.00
5 400,000.00
6 650,000.00
0.00 7 650,000.00
8 650,000.00
9 650,000.00
340.862,00 + 0,00 = 1,340,862.00
4 0.00
2.854978 = 1,855,735.70 VPN
2,263,490.77
.855.735,70 + 0,00) / ( 1 + 0,1500)^5

2.011357 = 922,628.62

0,62 * [ 0,150 / ( 1 - ( 1 + 0,150 )^-9 ) ]

0.209574

0.00000

3.352155 = 1,340,862.00
 VPN anual
Costo Inicial del equipo 0
po de duración del mantenimiento en años 5
Costo anual uniforme del Mantenimiento 400,000
Tasa de Retorno Mínima (TMAR) semestral 15.00%
Tasa de Retorno Mínima (TMAR) anual 15.00%

Flujos descontados

0,00 / (1+0,1500)^0 = 0.00

400.000,00 / (1+0,1500)^1 = 347,826.09
400.000,00 / (1+0,1500)^2 = 302,457.47
1,141,991.35
400.000,00 / (1+0,1500)^3 = 263,006.49
400.000,00 / (1+0,1500)^4 = 228,701.30
400.000,00 / (1+0,1500)^5 = 198,870.69
650.000,00 / (1+0,1500)^6 = 281,012.94
936,728.86
650.000,00 / (1+0,1500)^7 = 244,359.08
650.000,00 / (1+0,1500)^8 = 212,486.15
650.000,00 / (1+0,1500)^9 = 184,770.57

0,00 / (1+0,1500)^4 = 0.00 Vr

2,263,490.77
2,263,490.77 €
 ik = ( ( 1 + i )^1/k ) - 1 Io = 110,000.00
Q = 33,000.00
Jk = ik * k Vr = 10,000.00
n = 5 años
VAE = VPN * [ i / ( 1 - (1 + i)^-n ) ] k = 1 ==> semestres / año
i = 15.0%

VPN = - Io + P + Vra ik = 0.15 15.0000%

Jk = 0.15 15.0000%
P= Q * ( 1 - (1 + Jk/k)^-(n*k) )
Jk/k

Vra = Vr / (1 + Jk/k)^(n*k) P = 16,593.16774 = 110,621.12

0.15000
Vra = Vr / (1 + i)^n
Vra = 10,000.00 = 4,971.77
2.01135719
P/A = ( 1 - (1 + Jk/k)^-(n*k) )
Jk/k VPN = 5,592.89

P/F = ( 1 + Jk/k)^(n*k) VAE = 5.592,89 * [ 0,150 / ( 1 - ( 1 + 0,150 )^-5 ) ]

VAE = 5,592.89 * 0.30

P/A = ( 1 - (1 + i)^-n ) / i
VAE = 1,668.45
P/F = ( 1 + i )^n

= 2.01135719 0.00000
= 2.01135719

P/A = 3.35216

P/F = 2.01136

(P/A,5%,10) = [(1+i)n-1 / i(1+i)n] = [ ( (1+i)^n -1 ) / (i(1+i)^n) ]

= (1.05)10-1 / 0.05(1.05)10 = ( (1,05)^10 - 1 ) / ( 0,05* (1,05)^10 )
= 7.7217 = 7.7217349292
n = 10 años
i = 5.0%

26,856,320.00 223,802.67
 120
9.5%
85,550.00 10,266,000.00
 VPN anual
Costo Inicial del equipo 110,000
Tiempo de duración del mantenimiento en años 5
Costo anual uniforme del Mantenimiento 33,000
Tasa de Retorno Mínima (TMAR) semestral 15.00%
Tasa de Retorno Mínima (TMAR) anual 15.00%
Flujos netos
Periodos Flujos descontados
de efectivo
0 -110,000.00 -110.000,00 / (1+0,1500)^0 = -110,000.00
1 33,000.00 33.000,00 / (1+0,1500)^1 = 28,695.65
2 33,000.00 33.000,00 / (1+0,1500)^2 = 24,952.74
3 33,000.00 33.000,00 / (1+0,1500)^3 = 21,698.04
3.3522 4 33,000.00 33.000,00 / (1+0,1500)^4 = 18,867.86
5 33,000.00 33.000,00 / (1+0,1500)^5 = 16,406.83

Vr 4 10,000.00 10.000,00 / (1+0,1500)^4 = 5,717.53

VPN 6,338.65
6,338.65 6,338.65 €
94,214.29

16,406.83
 ik = ( ( 1 + i )^1/k ) - 1 Io = 70,000.00
Q = 10,000.00
Jk = ik * k Vr = 1,000.00
n = 4 años
VAE = VPN * [ i / ( 1 - (1 + i)^-n ) ] k = 2 ==> semestres / año
i = 6.0%

VPN = - Io + P + Vra ik = 0.0295630141 2.9563%

Jk = 0.0591 5.9100%
P= Q * ( 1 - (1 + Jk/k)^-(n*k) )
Jk/k

Vra = Vr / (1 + Jk/k)^(n*k) P = 2,078.26233 = 70,330.37

0.02955
Vra = Vr / (1 + i)^n
Vra = 1,000.00 = 792.09
1.26247696

VPN = 1,122.46

VAE = 1.122,46 * [ 0,060 / ( 1 - ( 1 + 0,060 )^-4 ) ]

VAE = 1,122.46 * 0.29

VAE = 323.93

= 1.26247696 0.00013
= 1.2623492998
 VPN anual
Costo Inicial del equipo 70,000
Tiempo de duración del mantenimiento en años 4
Costo anual uniforme del Mantenimiento 10,000
Tasa de Retorno Mínima (TMAR) semestral 2.96%
Tasa de Retorno Mínima (TMAR) anual 5.91%
Flujos netos
Periodos Flujos descontados
de efectivo
0 -70,000.00 -70.000,00 / (1+0,0296)^0 = -70,000.00
1 10,000.00 10.000,00 / (1+0,0296)^1 = 9,712.86
2 10,000.00 10.000,00 / (1+0,0296)^2 = 9,433.96
37,209.86
3 10,000.00 10.000,00 / (1+0,0296)^3 = 9,163.07
4 10,000.00 10.000,00 / (1+0,0296)^4 = 8,899.96
5 10,000.00 10.000,00 / (1+0,0296)^5 = 8,644.41
6 10,000.00 10.000,00 / (1+0,0296)^6 = 8,396.19
33,116.64
7 10,000.00 10.000,00 / (1+0,0296)^7 = 8,155.10
8 10,000.00 10.000,00 / (1+0,0296)^8 = 7,920.94

Vr 4 1,000.00 1.000,00 / (1+0,0600)^4 = 792.09

VPN 1,118.60
1,118.60 1,118.60 €