Deber Presupuestaria 11-01-2015 (1)

NOMBRE: PRISCILA LOACHAMÍN LOACHAMÍN P9.1

DEBER N° 1 2° HEMISEMESTRE CURSO: CA10-4

Concepto de costo de capital Wren Manufac Manufacturing turing se se encuentra encuentra analiza analizando ndo su de toma de decisiones de inversión. Los dos proyectos que la empresa evaluó en los últimos meses fueron los proyectos 263 y 264. La siguiente tala resume las v  !sicas relacionadas con el an!lisis de cada proyecto y las decisiones correspondi

VARIABLES BÁSICAS COSTO VIDA ! RENDIMIENTO ESPERADO "INANCIAMIENTO MENOS COSTOSO "#$%&$ C'(&') *$(+#,( +#$(&'(/ DESICIN A% 3 &'3 R35%

PROYECTO26

PROYECTO2

64000 15años 8%

58000 15 años 15%

Deudas

Acciones 16%

7% Aceptar 8% ) 7% de" costo

Rechazar 15% * 16%

3/ E378 E378$ $ 7'( 7'( +' +'$* $* $ $%& %&'( '( *$ &'3 &'3 *$ *$ *$( ('% '%$( $( *$ 73 $+ $+$( $(3 3  $+7 $+7 3$+& $+&3% *$7 *$7 + +'$& $&' 26 26  $7 $$ >$ *#$@'(. +e acepta e" pro'ecto 6 'a -ue e" rendimiento es ma'or -ue e" costo de capita" fnancimiento en deudas, ' se rechaza rechaza e" pro'ecto pro'ecto 64 'a -ue e" rendimiento es costo de" capita" ' no es con.eniente e"e(ir "a $uente de fnanciamiento atra./s de estas estas decisi decisione ones s podr!a podr!an n no enefc enefciar iar a "os dueños dueños 'a -ue e" pro'e pro'ecto cto 6 so"o so"o t mar(ende" 1% entre e" rendimiento esperado ' e" costo de fnanciamiento

>/ S 73 $+$(3 3%&$%$ #%3 $(&#&#3 *$ 3+&37 ;#$ %7#$ #% 40 60 *$ 3+&37 +3&'%37 37#7$ (# '(&' +'$*' +'%*$3*' #(3%*' *$ 73 &3>73. C7#7' )040  / F )06 16/ Respuesta 0.124 Costo promedio ponderado

/ S S 73 $+$( $+$(3 3  $3 $3 #(3*' #(3*' $7 $7 '(&' '(&' +'$* +'$*' ' +'%* +'%*$3 $3*' *' ;#$ ;#$ ($ 37 37 >/ G;#, G;#, 3 3'%$ '%$( ( *$>$=3 *$>$=3% % $+$% $+$%*$ *$($ ($ $% $73 $73 % % '% 7'( 7'( +'$ +'$&'( &'( 2 Con este costo promedio de fnanciamiento, se har!a rechazado "a primera oportunidad #8% #8% de rendimiento rendimiento esperado $rente a" a" 1,4% promedio ponderado&, ' se har!a aceptado "a se(unda #15% de rendimiento

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

esperado $rente a" 1,4 % de costo promedio ponderado&

*/ C'+3$ C'+3$ 73( 3'%$( 3'%$( $+$%* $+$%**3( *3( +' 73 '+3@=3 '+3@=3 '% '% 7'( $(#7&3*' $(#7&3*' $7 %(' /. G#, ,&'*' *$ *$(% +3$$ $7 ( 3*$#3*' E+7;#$ Dependiendo Dependiendo de "a capacida capacidad d para para so".entar so".entar e" fnanciam fnanciamiento iento atra./s atra./s de "a $uen $uen accion ciones es , e" e" m/t m/tod odo o de de dec decis isi in n m; m;s ad adecua ecuado do es usa usando ndo e" e" co costo sto pr promed omedio io pon

P 9.2

Costo de la deuda usando ambos métodos "ctualmente# métodos  "ctualmente# Warren Warren $ndustries p vend vender er on onos os a %& a'o a'os# s# con con un un valo valorr a la la par par de de (%#) (%#))) )) y que que paga pagan n un int inter er*s *s a tasa cupón del %2+. ,omo resultado de las tasas de inter*s actuales# los onos se vend vender er a (%# (%#)% )%) ) cad cada a uno uno-- en en est este e pro proce ceso so## la la emp empre resa sa incu incurr rrir ir! ! en en cos costo tos s de de o (3) por ono. La empresa se encuentra en el nivel /scal del 4)+.

3/ C37#7$ 7'( %J$('( %$&'( '>&$%*'( *$ 73 $%&3 *$7 >'%' N*. P$' *$ $%&3 *$ 7'( >'%'( - C'(&'( *$ K'&3% 1010-0 Respuesta 90 >/ M#$(& #$(&$ $ 7'( 7'( K#' K#'( ( *$ *$ $$ $$& & ' ' *$( *$(*$ *$ $7 +# +#% %&' *$ (& (&3 3 *$ *$ 73 73 $+ $+$( $(3 3* +735' "% *$ 3@' )(/

"7#' *$7 $$&'

0 1 2 15 15

80 10 1000

/ C37#7$ 7'( '(&'( *$ 73 *$#*3 3%&$(  *$(+#,( *$ +#$(&'( OBTENCIN DEL RAV DE UN BONO A 1 AOS 3n(resos netos de "a .ent de" ono a(o de" cupn Años a" .encimiento a"or a "a par

C'(&' *$ 73 *$#*3 3%&$( *$ +#$(&'(

80 10 15 1000

12.0

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

#1,09#120,4& 78%

*/ U&7$ 73 #73 *$ 3+'3% +33 37#73 7'( '(&'( *$ 73 *$#*3 *$(+#,( *$ +#$(&'(.

*

120F ))1000-90/1/ 90F10002 11 0

R$(+

0.1229226

12.26

$/ C'+3$ 7'( '(&'( *$ 73 *$#*3 37#73*'( $% 7'( %('( /  */. G#, GP' ;#, P9. P9.

P'>7$3 *$ ?%3%53( +$('%37$( C'(&' *$ *$ 73 73 *$ *$#*3 3% 3%&$(  *$ *$(+#,( *$ *$  +#$(&'( D3 D3* A> A>>'& $( $(& % %&$$ '+3 '+3 *$ >'%'( $&*'( $&*'( +' +' S'% S'%. O>&#' O>&#' 73 (J#$%&$ (J#$%&$ %'3% %'3% ('> BONO DE SONY a"or a "a par Costo

1000 :asa de cupn 0 Años de .encimiento =i.e" fsca"

R$37$ 7' (J#$%&$. 3/ C37#7$ $7 '(&' 3%&$( *$ +#$(&'( *$7 >'%' *$ S'%. S'%. OBTENCIN DEL RAV DE UN BONO A 10 AOS 3n(resos netos de "a .ent de" ono a(o de" cupn

0 60

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

*$ D3*. COSTO DE LA DEUDA DESPUQS DE IMPUESTOS Cost osto de "a deud deuda a despu espu/s /s de imp impuest uesto os cost costo o de "a deud euda ante antes s de im 2 tasa impositi.a& i #d9 #12:& #7%9#120,& 560%

P9.4

C'(&' C'(&' *$ 73 73 *$#*3 *$#*3 #(3%* #(3%*' ' 73 # #73 73 *$ 3+' 3+' 3 3% % P33 P33 3*3 3*3 #%' #%' *$ 7 (J#$%&$( >'%'( '% #% 37' 3 73 +3 *$ 1000 (#+'%$%*' +3J'( *$  3%#3 3%#37$ 7$( (  #% #%3 3 &3(3 &3(3 +' +'( (& &3 3 *$7 *$7 40 40 37 37# #7$ 7$ $7 '(& '(&' ' 37 37 $% $% $ $%& %&' ' *$ *$ +#$(&'( '% 73 #73 *$ 3+'3%.

BONO

VIDA )AOS/

A ? C D @

0 16 15 5 

*

90F ))1000-9/20/ 9F10002

COSTO DE DESCUENT COLOCACI O )-/ O N PRIMA )F/ > 5 > 40 > 0 > 15 > 0

#> 0& 10 10 #> 15& A "a par #> 60&

3 =d

TASA CUPN % 10% 1% % 11%

0 > 55

5 775

R$(+

0.094401 9.4 COSTO DE LA DEUDA DESPUQS DE IMPUESTOS Cost osto de "a deud deuda a despu espu/s /s de imp impuest uesto os cost costo o de "a deud euda ante antes s de im 2 tasa impositi.a&

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

*

100F ))1000-90/16/ 90F10002

3 =d

100 > 70

101875 85

R$(+

0.1042699

10.4

COSTO DE LA DEUDA DESPUQS DE IMPUESTOS 2 tasa impositi.a& i #d9 #12:& #10,49#120,40& 006055876 R$(+:

*

120F ))1000-9/1/ 9F10002

6.206

3 =d

10 > 55

1 775

R$(+

0.121202

12.

COSTO DE LA DEUDA DESPUQS DE IMPUESTOS Cost osto de "a deud deuda a despu espu/s /s de imp impuest uesto os cost costo o de "a deud euda ante antes s de im 2 tasa impositi.a& i #d9 #12:& #1,589#120,40& .0 00754871 R$(+:

*

90F ))1000-9/2/ 9F10002

3 =d

06 5

R$(+

0.0912464

9.12

COSTO DE LA DEUDA DESPUQS DE IMPUESTOS

0 > 85

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

*

110F ))1000-920/22/ 920F10002

3 =d

110 > 0

11666664 60

R$(+

0.1112121

11.

COSTO DE LA DEUDA DESPUQS DE IMPUESTOS 2 tasa impositi.a& i #d9 #12:& #11,879#120,40& 0071077 R$(+:

P9.

.102

ronse set t ry ry5a 5all ll ys yste tems ms## $nc. $nc.## est! est! en en pl!t pl!tic icas as con con su su a E7 '(&' *$ 73 *$#*3 ron inversiones en relación con una emisión de onos nuevos. 0l anco informa a la e que diferentes vencimientos conllevan diferentes tasas cupón y distintos precios La empr empres esa a de dee e ele elegi girr ent entre re vari varias as alte alterna rnati tiva vas. s. 0n tod todos os los los cas casos os## los los ono onos s te te valor valor a la la par par de (%#))) (%#)))## y los costos costos de otac otación ión ser!n ser!n de de (3) (3) por ono. ono. La comp comp encuentra en un nivel /scal del 4)+. ,alcule el costo de /nanciamiento despu*s impuestos en cada una de las siguientes alternativas.

&$+' 37 $%$%& P3 ' ' *$(#$%&'

A7&$%3 &3 &3(3 #+% A B C D

*

% 7% 6% 5%

16 50 5 50 7 A A AR 10 275

90F ))1000-1220/16/ 1220F10002

3 =d

765 1110

R$(+

0.066969

6.69

0 > 1,0

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

*

0F ))1000-1020// 1020F10002

3 =d

70 > 1,00

66 1010

R$(+

0.06464

6.

COSTO DE LA DEUDA DESPUQS DE IMPUESTOS Cost osto de "a deud deuda a despu espu/s /s de imp impuest uesto os cost costo o de "a deud euda ante antes s de im 2 tasa impositi.a& i #d9 #12:& #6,559#120,40& .921 000708 R$(+:

*

60F ))1000-90// 90F10002

3 =d

6485714857 85

R$(+

0.06264646

6.26

COSTO DE LA DEUDA DESPUQS DE IMPUESTOS 2 tasa impositi.a&

60 > 70

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

2 tasa impositi.a& i #d9 #12:& #6,859#120,40& 00811456 R$(+:

.1

P'>7$3 *$ ?%3%53( +$('%37$( deuda despu/s despu/s de impuestos impuestos a pare pareBa Ba inte(rada inte(rada por Ric Ric ' +tac' +tac' +ta P9.6  Costo de "a deuda interesada en "a compra de su primer ote Decidieron so"icitar un pr/stamo por e" de compra de" ote, -ue es de >100,000 a $ami"ia se encuentra en e" ni.e" fsca" de in(resos de" 8% @/ C37# 37#7$ 7$ $7 '(& '(&' ' *$( *$(+# +#,( ,( *$ +# +#$( $(&' &'( ( *$7 *$7 +,( +,(&3 &3' ' 3 &3 &3, ,( ( *$ *$ 73 73 ($ ($ (# 3(3. ,% < #120,8& 00664

664%

/ GC#7 #$%&$ *$ ?%3%3$%&' $( $%'( '(&'(3 +33 73 373 S&3 

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

 

procedimien riales ntes.

64

;# ;#$ $ +' ;# $?3 3 7'

otenido por enor -ue e" acciones iene un

$ *$#*3 

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

 ;#$ '>&#' ' ;#,. e de erado

ede ual a una  pueden ación de

3%&$ $7

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

3%&$( 

,&'*' +$

(3*' $% 73 $ 7'( 37'

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

puestos < #1

( &$$($( (+#,( *$

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

 

co de presa e venta. dr!n un '1a se e

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

puestos < #1

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

Trusted by over 1 million members

Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.

   

r est; " precio $edera"  e" ien, os   esas

  ipoteca

 ;#$ $%*$