Sesión 12 Previo A La Evaluación Económica Financiera 2021 00
July 10, 2022 | Author: Anonymous | Category: N/A
Short Description
Download Sesión 12 Previo A La Evaluación Económica Financiera 2021 00...
Description
=
@orjufmeiõb y hvmfumeiõb ah proyhetos ah Ibvhrsiõb
Hstuaio Heobõjieo pmrth 3
Uhjm =3
Lmvihr Sojhro @hcrhro 373=
Oclhtvos ah fm shsiõb Emfeufm, mbmfizm h ibthrprhtm hf rhsuftmao ah fms sikuihbths vmrimcfhs heobõjiems y `ibmbeihrms< Hf `fulo ah emlm, hf vmfor rhsiaumf ahf metivo, fm tmsm ah ahseuhbto, hf vmfor metumf bhto, fm tmsm ibthrbm ah rhtorbo y hf phrioao sustitutorim ahf empitmf, hbtrh otros.
Ibkhbihrêm heobõjiem
Hf emjpo ah meeiõb ah fos ibkhbihros hsíb `rheuhbhjhbh rhfmeiobmaos eob fos proyheos ah ibvhrsiõb, hf eumf rhquihrh ah mbífisis, mbífisis, hvmfumeiõb ah msms ah ibhrés, iahbtemeiõb ah rihskos, eífeufo ahf phrioao ah rhorbo ah fm ibvhrsiõb hbrh oros mspheos, quh phrjim mf ibvhrsiobis ibvhrsiobism m ojmr aheisiobhs, hb cmsh m fms mfhrbmtvms quh sh thbh, eob hf b ah optjizmr fos rheursos bmbeihros ah fms orkmbizmeiobhs, hs mnê aobah pmrteipm ah jmbhrm juy metvm fm ibkhbihrm heobõjiem mf proporeiobmr nhrrmjihbms y éebiems quh phrjim ojmr aheisiobhs maheumams
Ibkhbihrêm heobõjiem
Fos `ubamjhbtos ah fm ibkhbihrm heobõjiem msisthb m emfeufmr, eojpmrmr, mbmfizmr, proyhetmr, hstijmr hf rhsuftmao heobõjieo ah fms mfthrbmtivms ah ibvhrsiõb, pmrm fm eumf eob fm myuam ah fms jmthjítiems khbhrmb nhrrmjihbtms y téebiems quh phrjithb tojmr aheisiobhs quh erhmr PMFOS m fms hjprhsms.
Hfhjhbtos císieos ah fm hvmfumeiõb heobõjiem =. Norizobth thjpormf Hs hf tihjpo hb hf eumf hf proyheto tihbh viam ütif. Hb fm Krm`iem B¼ 7= y 73 hf norizobth thjpormf hs ah 5 quh puhahb shr mýos, jhshs, aêms hte.
Hfhjhbtos císieos ah fm hvmfumeiõb heobõjiem 3. Hf `fulo bhto ah h`hetivo Hf `fulo bhto ah h`hetivo hs fm ai`hrhbeim ahf totmf ah ibkrhsos jhbos fms smfiams ah h`hetivo hb emam phrioao quh aurh hf Norizobth thjpormf. Hlhjpfo<
Hfhjhbtos císieos ah fm hvmfumeiõb heobõjiem Qmsm ah ibthrés o tmsm ah rhbaijihbto 5. Qmsm Hf aibhro bo tihbh hf jisjo vmfor hb hf tihjpo, emjcim por h`heto ah fm ib`fmeiõb mf phrahr su poahr maquisitivo, fo eumf ub vmfor ah noy bo hs fo jisjo hb hf `uturo. Mf hxistir ai`hrhbeims hbtrh ub vmforhfibieimf ubub vmfor `ibmf sh fh ffmjm Ui eojpmrmrbos ibthrésy hb norizobth thjpormf suibthrés. hxprhsiõb hs ub porehbtmlh hf eumf sh fh ahbojibm tmsm ah ibthrés. Mnorm si fo vhjos ah ubm phrsphetivm ah ub ibvhrsiobistm tmjciéb khbhrm ub ibthrés porquh m ub ibieio eobtmcm hf eobeumf ub jobto ibieimf y hb hf tihjpo nm octhbiao utifiamahs sujmao mf `uturo ym bo hs fo jisjo hsm ai`hrhbeim octhbiam eojpmrmam eob su norizobth thjpormf sh fh ffmjm Qmsm ah rhbaijihbto
Wroyheto ah Ibvhrsiõb Chbh`ieios
WSHUHBQH
WSOYHEQO
@XQXSO
Ibvhrsiõb hs eumfquihr smeri`ieio ah Sheursos
rheursos noy eob fm hsphrmbzm ah rheicir chbh`ieios hb hf `uturo 9
Pmfor ahf Aibhro m Qrmvés ahf Qihjpo Xbo ah fos thjms jms rhfhvmbths y trmsehbahbths ah fm ibkhbihrêm heobõjiem hs mquhffm quh quh trmtm socrh fm rhfmeiõb quh quh hxisth hbtrh ub Uof (U/.) ahf aêm ah noy y ub Uof (U/.) hb hf `uturo. Mf rhspheto, vhmjos hf sikuihbth emso< Xbm ibvhrsiõb rhquihrh U/ 38,777 noy,, y o`rheh ibkrhsos bhtos ah h`hetivo mbumfhs ah< noy MÝO
Ibkrhso Bhto ah H`hetivo (U/.)
=
3,777
3 5
>,777 =7,777
1
=3,777 ¿Ahchrêmjos mehptmr fm propuhstm?
Pmfor ahf Aibhro m Qrmvés ahf Qihjpo Wmrm rhspobahr m fm ibthrrokmbth, ahchjos thbhr efmro hf `fulo ah `obaos sikuihbth<
>,777 IBKSHUOU
=7,777
=3,777
5
1
3,777
7 HKSHUOU
38,777
=
3
Pmfor ahf Aibhro m Qrmvés ahf Qihjpo Fm ibvhrsiõb metumf sh ahshjcofsmrí ah ibjhaimto, hb tmbto quh fos ibkrhsos shríb m `uturo. Hf ahshjcofso ibieimf hb eihrto, bo nmy ibehrtiaujcrh, fos `uturos `fulos sob ibeihrtos. Mbths ah maoptmr ubm aheisiõb socrh hf proyheto, hs bhehsmrio eoboehr fm rhfmeiõb quh hxisth hbtrh Xb Uof mf aêm ah noy (hvhbto eihrto) y Xb Uof hb hf `uturo (hvhbto ibeihrto).
Pmfor ahf Aibhro m Qrmvés ahf Qihjpo ¿ Euíf hs fm rhfmeiõb hbtrh ub Uof ah noy, y ub Uof hb hf `uturo ? Aienm rhfmeiõb sh eoboeh eojo hf …
Eobehpto ahf vmfor vm for ahf aibhro m trmvés ahf tihjpo
Qhjmrio Pmfor ahf aibhro m trmvés ahf tihjpo =. Pmfo forr `uturo 3. Pmfo forr pr prhs hshb hbth th 5. Pmf mfor or pr prhs hshb hbth th bh bhto to 1. Pmfo mforr `utu `uturo ro ah jüft jüftipfh ipfhss phri phrioao oaoss 8. Pmfo mforr prhs prhshbt hbth h ah ah jüftip jüftipfhs fhs phr phrioa ioaos os 0. Wh Whrê rêoa oaos os ah Em Empi pitm tmfiz fizme meiõ iõb b ;. Em Empi pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um >. Qms msm m ah Ibth Ibthré réss H`het H`hetivm ivm Mb Mbum umff 9. Qmsm ah Ibt Ibthré hréss H`he H`hetiv tivm m Jhbs Jhbsumf umf =7.. Mb =7 Mbum umfia fiama ma
=. Pmfor `uturo =. Pm Pmfo forr `ut `utur uroo 3. Pm Pmfo forr prhs prhshb hbth th 5. 1. 8. 0. ;.
Pmforr prhs Pmfo prhshb hbth th bht bhtoo P@ ah ah jüft jüftip ipfh fhss phri phrioa oaos os PW ah ah jüf jüftitipf pfhs hs phr phrio ioao aoss Whrê Wh rêoa oaos os ah Empi Empitm tmfifizm zmei eiõb õb Empi Em pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um
>. Qmsm ah Ibth Ibthrés rés H`he H`hetiv tivmm Mbum Mbumff 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf =7. Mbu Mbumfi mfiama ama
Hlhjpfo< • Noy sh aispobh ah U/. 38,777 hb h`hetivo, y sh tihbh fm posicifiama ah ibvhrtir m ubm tmsm ah =7% mbumf, por ub
pfmzo ah ub mýo. • ¿Euíf shrí hf vmfor `uturo ah fm ophrmeiõb? @FXLO AH H@HEQIPO
? 7
38,777
=
Pmfor `uturo •
Hf vmfor `uturo ah fm ibvhrsiõb shrí< Pmfor `uuro : 38,777 + (7.= * 38,777) Pmfor `uuro : 38,777 + 3,877
Pmfor `uturo : 3;,877
@ÕSJXFM< P@ : W (= + r) Aobah< P@ < Pmfo mforr @u @uuro uro W < Wribe Wribeip ipmf mf r
< Qmsm ah ib ibhrés hrés mbumf
Pmfor `uturo Hlhreieio<
=. m hjprhsm hjprhsm DMSIBQ DMSIBQO O USF. USF. tojm hb mfqui mfquifhr fhr ub foemf eojhr eojhreimf eimf hb hf ehbtro ah fm eiuama, m ub mýo ah pfmzo, pmkm eojo kmrmbtêm U/. 0,777. ¿Euíf hs hf rhbaijihbto quh sh ahlmrí ah phreicir, si fm hjprhsm tihbh prhvisto octhbhr ub SOM ah =8% mbumf? S: 0977.77 U/
3.Losé Jmrhff lovhb hjprhsmrio sofieim présmjo m su Wmarh XU $ 8,777 pmrm `ormfhehr su empimf ah rmcmlo y o`rheh ahvofvhr ahbro ah ub mýo ah pfmzo por XU $ 8,038. ¿Euíf hs fm msm ah ibhrés? S:=3.8 %
3. Pmfor prhshbth
=. Pm Pmfo forr `u `utu turo ro
3. Pm Pmfo forr prh prhsh shbt bthh 5. 1. 8. 0. ;.
Pmforr prhs Pmfo prhshb hbth th bht bhtoo P@ ah ah jüft jüftip ipfh fhss phri phrioa oaos os PW ah ah jüf jüftitipf pfhs hs phr phrio ioao aoss Whrê Wh rêoa oaos os ah Empi Empitm tmfifizm zmei eiõb õb Empi Em pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um
>. Qmsm ah Ibth Ibthrés rés H`he H`hetiv tivmm Mbum Mbumff 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf =7. Mbu Mbumfi mfiama ama
Hlhjpfo< • ¿]uh embtiama ah aibhro sh ahch ibvhrtir noy, pmrm octhbhr U/. 3;,877 ahbtro ah ub mýo, si fm tmsm ah ibthrés
hs =7% mbumf? @FXLO AH H@HEQIPO 3;,877 7
?
=
Pmfor prhshbth
Pmfor Wrhshbh :
3;,877 = + 7.=
Pmfor Wrhshbth : U/. 38,777
@OSJXFM< PW : W / (= + r) Aobah< PW < Pmf mfor or Wrh Wrhshb shbh h W < Wr Wrib ibei eipm pmff r < Qmsm ah ib ibhrés hrés mbumf
Pmfor prhshbth Hlhreieio<
5. Xb mjiko mjiko suyo fh fh o`rheh o`rheh vhbahr vhbahr meeiob meeiobhs hs ah ubm ijpor ijportmbth tmbth hjprhsm, quh shrí rhaijiam êbthkrmjhbth ahbtro ah ub mýo por U/. =;,877. ¿]ué jobto o`rhehrêm pmkmr mnorm?. Eobsiahrh quh ustha metumfjhbth tihbh fm opeiõb ah ahpositmr su aibhro hb ubm euhbtm cmbemrim quh pmkm =3% mbumf m pfmzo `ilo. S:=8038.77 U/
Qmsm ah Ahseuhbto fm tmsm ah ibthrés ahf vmfor prhshbth M fm prhshbth sh eoboeh tmjciéb eojo QMUM AH AHUEXHBQO
PW :
W (= + r) QMUM AH AHUEXHBQO
Qmffhr =< Hf Ur. Sêos tihbh hb vhbtm ub thrrhbo, mf prheio ah XU $ 07,777 mf eobtmao. Xb mjiko fh propobh eojprmr hf thrrhbo m aieno prheio y pmkmr ahbtro ah ub mýo, hb h`hetivo. Xb posicfh eojprmaor o`rheh pmkmr mf emsn sihjprh quh rhcmlh hf hf prheio por por fo jhbos jhbos m XU $ 88,777. Hf Ur. Sêos tihbh fm opeiõb ah ibvhrtir su aibhro mf 9 % mbumf hb aõfmrhs mjhriembos. ¿]ué mfthrbmtivm eobvihbh mf Ur Ur.. Sêos?
5. Pmfor prhshbth bhto PWB - PMB Whrjith posicfhjobhtmrios. chbh`ieio o aé`ieit ah ubm ibvhrsiõb,eumbti`iemr hxprhsmao mhfvmforhs =. Pmfo Pmforr `u `utu turro 3. Pm Pmfo forr prhs prhshb hbth th
5. Pm Pmfo forr prhs prhshb hbth th bh bhto to 1. 8. 0. ;.
PWB :
(
Eoso meumf ah fm ibvhrsiõb
)
+
Pmfor prhshbh ahf ibkrhso `uuro
P@ ah ah jüft jüftip ipfh fhss phr phrio ioao aoss PW ah ah jüft jüftip ipfh fhss phri phrioa oaos os Whrêo Wh rêoao aoss ah Empit Empitmf mfiz izme meiõ iõbb Empi Em pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um
Hlhjpfo< Ui hf Ur. Ur. Sêos vhbah hf thrrhbo m su mjiko m XU $ 07,777
>. Qmsm Qmsm ah ah Ibth Ibthrés rés H`h H`heti etivm vm Mbu Mbumf mf 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf =7. Mbu Mbumfi mfiama ama
pmkmahro ahbtro y aieno ibjuhcfh tihbhWrhshbth ub eosto (vmfor metumf) ah ah XUub $ mýo, 87,777. ¿Eumf hs hf Pmfor Bhto mf 9% mbumf?. PWB : (87,777) + 07,777/=.79
PWB : XU $ 8,718.>;
Pmfor prhshbth bhto Hlhreieios< Noy sh eojprm ub pmquhth pmquhth ah meeiobhs meeiobhs prh`hrhbeimfhs por por XU $ =77,777 quh shríb rhaijiaos hb su totmfiama ahbtro ah ub mýo m ub vmfor ah XU $ ==3,777. ¿Euíf shrí hf PWB si fm tmsm ah ahseuhbto hs ah =7% mbumf?
S: =>=>.=> XU$
Uh hsphrm quh ub proyheto quh rhquihrh ubm ibvhrsiõb ah $ => 777, proauzem ub ibkrhso ah $ 37 777 mf emco ah ub mýo ¿Euíf shrí hf vmfor metumf bhto ah hstm ibvhrsiõb si sh mpfiemb fms sikuihbths tmsms ah ibthrés< m) =7%4 r : =>=.=> $ c) =3%? r : -=13.>0 $
1. Pmfor @uturo ah Jüftipfhs Whrêoaos • Pmfor `uturo ah ubm ibvhrsiõb< =. Pmfo Pmforr `u `utu turo ro 3. Pm Pmfo forr prhs prhshb hbth th
P@ : E7 ( = + r )Q
5. Pm Pmfo forr prhs prhshb hbth th bht bhtoo
1. P@ ah jüf jüftip tipfhs fhs phr phrioa ioaos os 8. PW ah ah jüf jüftitipf pfhs hs phr phrio ioao aoss 0. Wh Whrê rêoa oaos os ah Empi Empitm tmfifizm zmei eiõb õb ;. Em Empi pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um
Aobah<
>. Qmsm ah Ibth Ibthrés rés H`he H`hetiv tivmm Mbum Mbumff 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf =7. Mbu Mbumfi mfiama ama
E7 < Jobto ah fm ibvhrsiõb hb hf jojhbto metumf r < Qmsm ah ibthrés Q < Büjhro Büjhro ah phrêoaos quh quh aurm fm ibvhrsiõb
P@ < Pmfor @uturo
Hlhjpfo< Xbm phrsobm nm ibvhrtiao XU $ =8,777 hb ubm euhbtm cmbemrim quh pmkm ub ibthrés eojpuhsto ah 3.0% mbumf. ¿Eumf shrí hf jobto totmf meujufmao mf emco ah 8 mýos? Uh tihbh< E7 < XU $ =8,777
P@ : =8,777 ( =.730 )8
r Q
P@ : XU $ =;,781.7;
< 7.730 mbumf < 8 mýos
Qmffhr 3<
Xbm `mjifim euhbtm eob U/. 87,777 y hsphrm eofoemr hb ubm euhbtm cmbemrim quh pmkm =7.8% mbumf. ¿Euíf shrí hf jobto ahf ibthrés mf emco ah 8 mýos? S< U/. 53,5;3.51
Xbm phrsobm aispobh noy ah U/. 57,777 y ahshm ibvhrtir hb ubm euhbtm cmbemrim aurmbth > mýos m `ib ah aupfiemr su empitmf. ¿]ué tmsm ah ibthrés ahchrí kmbmr mbumfjhbth aieno `obao? S< 9.787>%
Amao quh fm tmsm ah ibthrés mbumf jms mftm o`rheiam por ub cmbeo hs ah 5.7%. ¿Eumbtos mýos ahchrí phrjmbhehr hf ahpõsito ah XU $ 37,777 pmrm aupfiemr su jobto?
S< 35.119> mýos
S< 35 mýos, 78 jhs y =3 aêms
Amao quh fm tmsm ah ibthrés mbumf jms mftm o`rheiam por ub cmbeo hs ah 5.7%. ¿Eumbtos mýos ahchrí phrjmbhehr hf ahpõsito ah XU $ 37,777 pmrm aupfiemr su jobto?
S< 35.119> mýos
S< 35 mýos, 78 jhs y =3 aêms
Eífeufo eobehptumf ah ‖r‚
r:
(
P@ E7
=/Q
)
- =
Aobah< r
< Qmsm ah ibthrés
P@ < Pmfor Pmfor `uturo E7 < Jobto ah fm ibvhrsiõb hb hf jojhbto metumf Q < Büjhro ah phrêoaos quh aurm fm ibvhrsiõb
8. Pmfor Wrhshbth ah Jüftipfhs Whrêoaos Pmfor prhshbth ah ubm ibvhrsiõb =. Pmfo Pmforr `u `utu turo ro 3. Pm Pmfo forr prhs prhshb hbth th 5. Pmfo Pmforr prhs prhshb hbth th bht bhtoo 1. P@ aahh jüft jüftip ipfh fhss phri phrioa oaos os
EQ
PW :
( = + r )Q
8. P ah jü jüftftip ipfh fhss ph phri rioa oaos os 0. Whrê Whrêoa oaos os ah Empi Empitm tmfifizm zmei eiõb õb ;. Em Empi pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um >. Qmsm ah Ibth Ibthrés rés H`he H`hetiv tivmm Mbum Mbumff 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf =7. Mbu Mbumfi mfiama ama
Aobah< PW < Pmfor prhshbth EQ < @fulo ah h`hetivo hb fm `henm Q r < Qmsm ah ibthrés Q < Bü Büjhro jhro ah phrêoaos phrêoaos quh aurm aurm fm ibvhrsiõb
Hlhjpfo< Xbm phrsobm rheicirí U/. =7,777 ahbtro ah 8 mýos. Ui fm rhbtmcifiama quh hsphrm hs >.8% mbumf hb sus ibvhrsiobhs. ¿Euíf hs hf vmfor prhshbth ah su `uturo ibkrhso? Uh tihbh< PW < ? EQ < =7,777 r < 7.7>8 Q < 8 mýos
PW :
PW :
EQ ( = + r )Q =7,777 ( =.7>8)8
PW : 0,087.18
Qmffhr 5< Xb hjprhsmrio aheiah erhmr ub `obao pmrm ahstibmr m fos hstuaios ah post krmao ah su nilo ahbtro ah =7 mýos, euyo eosto hstijmao hs ah XU $ 57,777. Ui puhah ibvhrtir m rmzõb ah 5.;8% mbumf ah ibthrés. ¿Euíf ahch shr hf jobto ah su ibvhrsiõb metumf? S< XU $ 37,;07.0=
Xbm phrsobm hsphrm rhkmfmr ub mutojõvif m su nilo eumbao octhbkm su Krmao ah WnA ahbtro ah ; mýos. Hf eosto hstijmao ahf mutojõvif hs ah XU $ 17,777. Metumfjhbth aispobh ah XU $ 57,777. 57,777. ¿M qué tmsm ah ibthrés ahchrí ibvhrtir m pmrtir ah fm `henm?. S< 1.=981 %
Hf khr khrhbh hbh ah proaueeiõb proaueeiõb ah ubm pfmbm ah proehsmjihbo ah mfemeno`ms, mfemeno`ms, hsm rmmbao ah aheiair hbrh aos buhvms jíquibms pmrm su fêbhm ah proaueeiõb< Fm jmquibm M hbarí ub eoso ibieimf ah U/. =8 777, ub eoso ah ophrmeiõb mbumf ah U/. 3 >77 y ubm viam ütf ah 1 mýos. Fm jíquibm C eosmrí U/. 3= 777 y thbh ub eoso ah ophrmeiõb mbumf ah U/. 977 aurmbh su viam ütf ah 1 mýos. M ubm msm ah ibhrés ahf 9% mbumf. ¿Euíf ah fms jíquibms ahch shfheeiobmrsh pmrm su fêbhm ah proaueeiõb?
Xbm embmbh embmbh AW, AW, ahshm rjmr ub eobrmo eobrmo eeob ob fm smfm ah krmcmeiobhs krmcmeiobhs Amfjm UME. por eibeo mýos, por fo eumf rheicirí fm sujm ah XU $ 37, 777 por mýo. Uib hjcmrko, ahshm smchr m eumbo eorrhspobah su Pmfor Wrhshbh. Wor oro fmao Numrmbkmf Wroaueeiobhs UM. Fh o`rheh ub eobrmo ah eibeo mýos por XU $ >8, 777 pmkmahros noy. ¿Woarêm usha mshsormrfo si smch quh hf eoso mfhrbmtvo ah Aibm Wmuemr hs ah > por eihbo mbumf?
0. Whrêoaos ah Empitmfizmeiõb =. Pmfo Pmforr `u `utu turo ro 3. Pm Pmfo forr prhs prhshb hbth th 5. Pmfo Pmforr prhs prhshb hbth th bht bhtoo 1. P@ aahh jüft jüftip ipfh fhss phri phrioa oaos os 8. PW ah ah j jüf üftitipf pfhs hs phr phrio ioao aoss
0.
Uh rh`ihrh m fos phrêoaos ah empitmfizmeiõb jhborhs m ub mýo. Fm eojposieiõb o empitmfizmeiõb ah ubm ibvhrsiõb aurmbth ‖j‚ vhehs mf mýo, hs< P@ :
hrêoao hrê oaoss ah Emp Empitm itmfiz fizmei meiõb õb
E
(
r =+ j
)
Qj
7
;. Em Empi pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um >. Qmsm ah Ibth Ibthrés rés H`he H`hetiv tivmm Mbum Mbumff 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf =7. Mbu Mbumfi mfiama ama
Aobah< E < Ibvhrsiõb ibieimf 7
r < Qmsm ah ibthrés mbumf hstipufma hstipufmam m j < Büjhro ah vhehs ah empitmfizmeiõb empitmfizmeiõb mf mýo Q < Büjhro ah mýos
Hlhjpfo< ¿Euíf shrí hf jobto totmf meujufmao mf `ibmf ah 1 mýos ah ubm ibvhrsiõb ah U/ =3,777 quh sh rhmfizm mf >% mbumf, empitmfizmcfh trijhstrmfjhbth? Uh tihbh< r
P@ : E7
< 7.7>
(
=+
r j
)
Qj
E7 < U/. =3,777 =0
j < 1 trijhstrhs Q 1
)
Qmffhr 1< • ¿Euíf shrí hf jobto totmf meujufmao mf `ibmf ah 8 mýos ah ubm ibvhrsiõb ah XU $ 57,777 quh sh rhmfizm mf 5.38% mbumf, empitmfizmcfh jhbsumfjhbth? S< XU $ 58,3>8.;7
Ahthrjibmr hf vmfor `uturo ahf emso mbthrior si fm empitmfizmeiõb oeurrihrm trijhstrmfjhbth. S< XU $ 58,3;7.3>
• ¿Euíf shrí hf jobto totmf meujufmao mf `ibmf ah 8 mýos ah ubm ibvhrsiõb ah XU $ 57,777 quh sh rhmfizm mf 5.38% mbumf, empitmfizmcfh< m. Uhjmbmf c. Aimrim
;. Empitmfizmeiõb Eobtêbum
rQ
P@ : E7 x h
=. Pmfo Pmforr `u `utu turo ro 3. Pm Pmfo forr prhs prhshb hbth th 5. 1. 8. 0.
Pmforr prhs Pmfo prhshb hbth th bht bhtoo P@ ah ah jüft jüftip ipfh fhss phri phrioa oaos os PW ah ah jüf jüftitipf pfhs hs phr phrio ioao aoss Whrê Wh rêoa oaos os ah Empi Empitm tmfifizm zmei eiõb õb
;. Emp Empitm itmfizm fizmeiõ eiõbb Eob Eobtib tibum um >. Qmsm ah Ibth Ibthrés rés H`he H`hetiv tivmm Mbum Mbumff 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf =7. Mbu Mbumfi mfiama ama
Aobah< E7 < Ibvhrs Ibvhrsiõb iõb ibieimf r < Qmsm ah ibhrés mbumf hstpufma hstpufmam m Q < Büjhro ah mýos quh eorrh fm ibvhr ibvhrsiõb siõb h
< Eobsmbh (Pmfor mproxijmao< 3.;=>5)
Uh rhmfizm ubm ibvhrsiõb ah U/. 8,777 m ubm tmsm ah ibthrés mbumf ah 0% empitmfizmcfh eobtibumjhbth. ¿Euíf shrí hf jobto mf emco ah ub mýo? P@ : 8,777 x 3.;=>57.70
P@ : 8,579.=>
¿Euíf shrí hf jobto mf emco ah aos mýos? P@ : 8,777 x 3.;=>57.70 x 3
P@ : 8,05;.19
>. Qmsm ah Ibthrés H`hetivm Mbumf (QHM) Xbm nhrrmjihbtm ah jmyor mpfiemeiõb, quh phrjith eobsiahrmr hf vmfor aibhro m trmvés ahf tihjpo hs fm Qmsm ah Ibthrés H`hetivm H`het ivm ahf Mbumf (QHM). =. Pmfo Pmforr `u `utu turo ro 3. Pm Pmfo forr prhs prhshb hbth th 5. 1. 8. 0. ;.
Pmforr prhs Pmfo prhshb hbth th bht bhtoo P@ ah ah jüfti jüftipf pfhs hs phr phrio ioao aoss PW ah ah jüft jüftip ipfh fhss phri phrioa oaos os Whrêoa Whr êoaos os ah Emp Empitm itmfiz fizmei meiõb õb Empi Em pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um
>. Qms Qmsmm ah ah Ibth Ibthrés rés H`h H`hetiv etivmm Mbum Mbumff 9. Qms Qmsmm ah Ibt Ibthré hréss H`het H`hetivm ivm Jhb Jhbsum sumff =7. Mbu Mbumfi mfiama ama
Fm QHM sh pmrth ah fm tmsm ah ibthrés bojibmf, y sh mpfiem fm sikuihbth hxprhsiõb mfkhcrmiem<
rH
(
r =+ j
)
j
- =
: Aobah< r H < Qmsm Qmsm ah Ibthrés H`hetivm Mbumf (QHM) r < Qmsm ah ibthrés bojibmf mbumf j < Büjhro ah phrêoaos ah empitmfizmeiõb hb hf mýo
Qmsm ah Ibthrés H`hetivm Mbumf (QHM) Hlhjpfo< Ui fm tmsm ah ibthrés bojibmf mbumf hstipufmam hs ah 37%. ¿Euíf shrí fm tmsm ah ibthrés h`hetivm mbumf, si sh empitmfizm trijhstrmfjhbth?
rH :
(
r =+ j
)
j
rH :
- =
(= +
7.3 1
)
1
-=
rH : 3=.88 %
Hb hf procfhjm prhehahbth, ¿Euíf hs fm tmsm mbumf ah ibthrés h`hetivm si sh empitmfizm jhbsumfjhbth?
rH : 3=.91 %
• Ui fm tmsm ah ibthrés bojibmf mbumf hstipufmam hs ah 37%. ¿Euíf shrí fm tmsm ah ibthrés h`hetivm mbumf, si sh empitmfizm shjmbmfjhbth?
Ui fm tmsm ah ibthrés bojibmf mbumf hstipufmam hs ah 37%. ¿Euíf shrí fm tmsm ah ibthrés h`hetivm mbumf, si sh empitmfizm aimrimjhbth?
9. Qmsm ah Ibthrés H`hetivm Jhbsumf (QHJ) Fm ahthrjibmeiõb ah fmahQmsm ahh`hetivm Ibthrés mbumf, H`hetivm Jhbsumf QHJ, pmrth ah fm tmsm ibthrés y sh mpfiem fm sikuihbth hxprhsiõb mfkhcrmiem<
=. Pmfo Pmforr `u `utu turo ro 3. Pm Pmfo forr prhs prhshb hbth th 5. 1. 8. 0. ;.
Pmforr prhs Pmfo prhshb hbth th bht bhtoo P@ ah ah jüft jüftip ipfh fhss phri phrioa oaos os PW ah ah jüf jüftitipf pfhs hs phr phrio ioao aoss Whrê Wh rêoa oaos os ah Empi Empitm tmfifizm zmei eiõb õb Empi Em pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um
>. Qmsm ah Ibth Ibthrés rés H`he H`hetiv tivmm Mbum Mbumff 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf =7. Mbu Mbumfi mfiama ama
rQHJ :
(= +
r
) =/j- =
H
Aobah< r < Qmsm ah Ibthrés H`hetivm Jhbsumf (QHJ) QHJ
r H < Qmsm Qmsm ah Ibthrés H`hetivm Mbumf (QHM) j < Büjhro ah phrêoaos ah empitmfizmeiõb hb hf mýo
Qmsm ah Ibthrés H`hetivm Jhbsumf (QHJ) Hlhjpfo< • Xbm fêbhm ah eréaito eocrm ubm Qmsm ah Ibthrés H`hetivm Mbumf ah 38% hb JH. ¿Euíf hs fm tmsm ah ibthrés h`hetivm jhbsumf, si sh empitmfizm emam jhs?
=/j
rQHJ :
(= +
r H
)
- =
rQHJ :
(
= + 7.38
rQHJ : =.>;095 %
)
=/=3
- =
=7. Mbumfiama =. Pmfo Pmforr `u `utu turo ro 3. Pm Pmfo forr prhs prhshb hbth th 5. 1. 8. 0. ;.
Pmforr prhs Pmfo prhshb hbth th bht bhtoo P@ ah ah jüft jüftip ipfh fhss phri phrioa oaos os PW ah ah jüf jüftitipf pfhs hs phr phrio ioao aoss Whrê Wh rêoa oaos os ah Empi Empitm tmfifizm zmei eiõb õb Empi Em pitm tmfifizm zmei eiõb õb Eobt Eobtib ibum um
>. Qmsm ah Ibth Ibthrés rés H`he H`hetiv tivmm Mbum Mbumff 9. Qm Qmsm sm aahh Ibth Ibthré réss H`he H`hetitivm vm Jhbsumf
=7.Mbumfiama
Hs ubm eorrihbth ubi`orjh ah pmkos rhkufmrhs quh aurm ub büjhro `ilo ah phrêoaos. Hs ubo ah fos tipos jís eojubhs ah ibstrujhbtos `ibmbeihros. nipothems, hte.Hl.<
Whbsiobhs
ah
ehsmbtêm,
mfquifhrhs,
@orjufm pmrm hf vmfor prhshbth ah ubm mbumfiama PW : E
= -
= Q
T
r
r (= r)
Z
Hlhreieio< Xbm phrsobm phreicirí ibkrhsos mbumfhs ah U/. =7,777 aurmbth fos prõxijos 8 mýos. ¿Euíf hs hf vmfor vhramahro ah aienos ibkrhsos si fm tmsm ah ibthrés mpfiemcfh hs ah > % mbumf?
PW : E
PW : =7,777
= = r r(=+r)Q = 7.7>
PW : U/. 59,93;. 59,93;.=7 =7
-
= 7.7> (=.7>)8
8=
Emsos ah hbahuamjihbt hbahuamjihbto o Emso I
Ahvofueiõb ahf empitmf h ibthrhshs meujufmaos hb ub pmko übieo `ibmf (tmbto empitmf h ibthrhshs)
Emso II
Embehfmeiõb phriõaiem ah ibthrhshs y ahvofueiõb ahf empitmf mf térjibo ahf pfmzo (jétoao mjhriembo)
Emso III
Ahvofueiõb ahf empitmf y embehfmeiõb ah ibthrhshs hb euotms phriõaiems ikumfhs o ah euotms `ilms (jétoao `rmbeés).
Emso IP Emso P
Ahvofueiõb ahf empitmf hb euotms phriõaiems ikumfhs y fos ibthrhshs sh pmkmb mf `ibmf ah emam phrêoao. Jétoao mfhjíb o ah euotms mf rhcmtir. Jétoao ah euotms erheihbths. Uh mpfiem eumbao hf prhstmtmrio bo puhah pmkmr hspheimfjhbth hb hf prijhr phrêoao, sibo mphbms ubm jêbijm euotm, fm jisjm quh bo mfembzm bi siquihrm pmrm eucrir fos ibthrhshs.
83
@ibmbeimjihbto y erobokrmjm ah pmkos Xb pubto rhfhvmbth pmrm eobsiahrmr ahf préstmjo hs quh bo sh ahch kuimr übiemjhbth por fm tmsm ah ibthrés pmrm hvmfumr euíf eréaito hs jís eobvhbihbth. Otro ibaiemaor hs hf erobokrmjm ah pmkos. Ésth eobstituyh ub rhporth ahtmffmao ahf smfao ah fm ahuam, su mjortizmeiõb, fos ibthrhshs y eumfquihr maieiobmf quh fm ibstitueiõb ibefuym hb fm euotm m pmkmr phriõaiemjhbth. Eobehptos pmrm thbhr hb euhbtm<
• Wribeipmf< hs hf aibhro prhstmao, bo ibefuyh bibküb otro eobehpto. • Mjortizmeiõb< hs fm pmrth ahf pribeipmf quh sh hstm pmkmbao. • Umfao< hs fm pmrth ahf pribeipmf quh th `mftm pmkmr. •• Euotm77 y ubm viam ütf ah 1 mýos. Fm jíquibm C eosmrí U/. 3= 777 y thbh ub eoso ah ophrmeiõb mbumf ah U/. 977 aurmbh su viam ütf ah 1 mýos. M ubm msm ah ibhrés ahf 9% mbumf. ¿Euíf ah fms jíquibms ahch shfheeiobmrsh pmrm su fêbhm ah proaueeiõb?
View more...
Comments
