i VP5 $1,052,794,030.766 $952,850,720.677 $860,649,894.748 $775,481,808.319 $696,710,485.92

10 $775,481,808.3111 $775,481,808.3112 $775,481,808.3113 $775,481,808.3114 $775,481,808.3115 $775,481,808.3116 $775,481,808.3117 $775,481,808.3118 $775,481,808.3119 $775,481,808.3120 $775,481,808.3121 $775,481,808.3122 $775,481,808.3123 $775,481,808.3124 $775,481,808.3125 $775,481,808.312627282930313233

0.05 0.06 0.07-500000000 -499999999 -499999998

-$285,714,285.71 -$283,018,867.92 -$280,373,831.78-$1,930,433,732.30 -$1,840,021,762.85 -$1,755,895,385.23$1,838,508,316.47 $1,735,869,587.60 $1,641,023,724.52$1,052,794,030.76 $952,850,720.67 $860,649,894.74

InversionBeneficios 0 1 2 3FNE -500000000 -300000000 250000000 250000000

TIR 24.0138%

1 3 5 7 9 11 13 15 17 19 21 23 25

($200,000,000.00)

$0.00

$200,000,000.00

$400,000,000.00

$600,000,000.00

$800,000,000.00

$1,000,000,000.00

$1,200,000,000.00

Chart Title

Axis Title

0 1 2 3-1000 200 200 200

-8.4%

A VP VP B0 -16000 -16000 01 4500 $3,600.00 12 5500 $3,520.00 23 6000 $3,072.00 34 7000 $2,867.20 45 12000 $3,932.16 5

$ 991.36 TIR 27.55% TIR

VP -16000 VA

0.2 0.21 0.22 0.23$5,350.08 $5,468.25 $5,587.29 $5,707.21

VP -$2,964.77 -$2,900.70 -$2,838.90 -$2,779.25-$991.36 -$991.36 -$991.36 -$991.36

$4,476.89 $4,595.93 $4,715.85

0.08 0.09 0.1 0.11-499999997 -499999996 -499999995 -499999994

-$277,777,777.78 -$275,229,357.80 -$272,727,272.73 -$270,270,270.27-$1,677,520,349.74 -$1,604,414,425.29 -$1,536,141,776.43 -$1,472,308,002.79$1,553,259,583.09 $1,471,939,839.72 $1,396,492,524.02 $1,326,403,606.11

$775,481,808.31 $696,710,485.92 $623,765,256.30 $556,133,341.84

4 5 6 7250000000 250000000 250000000 250000000

1 3 5 7 9 11 13 15 17 19 21 23 25

($200,000,000.00)

$0.00

$200,000,000.00

$400,000,000.00

$600,000,000.00

$800,000,000.00

$1,000,000,000.00

$1,200,000,000.00

Chart Title

Axis Title

4200

VP-15000 -15000

6500 $5,200.007000 $4,480.007500 $3,840.008000 $3,276.80

12000 $3,932.16$5,728.96

40.94%

0.24 0.25 0.26 0.27$5,827.96 $5,949.55 $6,071.94 $6,195.13

-$2,721.66 -$2,666.04 -$2,612.30 -$2,560.36-$991.36 -$991.36 -$991.36 -$991.36

$4,836.60 $4,958.19 $5,080.58 $5,203.77

0.12 0.13 0.14 0.15-499999993 -499999992 -499999991 -499999990

-$267,857,142.86 -$265,486,725.66 -$263,157,894.74 -$260,869,565.22-$1,412,555,757.10 -$1,356,560,868.99 -$1,304,028,911.57 -$1,254,692,156.46$1,261,210,497.41 $1,200,496,344.24 $1,143,885,010.15 $1,091,036,657.79

$493,353,361.56 $435,009,626.57 $380,727,124.42 $330,167,102.58

8 9 10 11250000000 250000000 250000000 250000000

0.28 0.29 0.3$6,319.10 $6,443.83 $6,569.30

-$2,510.13 -$2,461.54 -$2,414.53-$991.36 -$991.36 -$991.36

$5,327.74 $5,452.47 $5,577.94

0.16 0.17 0.18 0.19-499999989 -499999988 -499999987 -499999986

-$258,620,689.66 -$256,410,256.41 -$254,237,288.14 -$252,100,840.34-$1,208,306,869.61 -$1,164,650,906.93 -$1,123,521,573.73 -$1,084,733,716.74$1,041,643,853.12 $995,428,125.58 $952,136,926.89 $911,540,938.44

$283,023,174.46 $239,017,881.17 $197,899,651.76 $159,440,112.10

0.2 0.21 0.22 0.23-499999985 -499999984 -499999983 -499999982

-$250,000,000.00 -$247,933,884.30 -$245,901,639.34 -$243,902,439.02-$1,048,118,021.39 -$1,013,519,490.45 -$980,796,083.16 -$949,817,496.50

$873,431,684.49 $837,619,413.59 $803,931,215.70 $772,209,346.75$123,431,699.49 $89,685,545.30 $58,029,593.36 $28,306,925.72

0.24 0.25 0.26 0.27-499999981 -499999980 -499999979 -499999978

-$241,935,483.87 -$240,000,000.00 -$238,095,238.10 -$236,220,472.44-$920,464,072.51 -$892,625,817.60 -$866,201,521.29 -$841,097,963.58$742,309,735.90 $714,100,654.08 $687,461,524.83 $662,281,861.08

$374,271.02 -$25,899,325.92 -$50,633,692.26 -$73,938,589.36

0.28 0.29 0.3-499999977 -499999976 -499999975

-$234,375,000.00 -$232,558,139.53 -$230,769,230.77-$817,229,201.14 -$794,515,923.96 -$772,884,874.76$638,460,313.39 $615,903,817.02 $594,526,826.74-$95,914,663.61 -$116,654,298.51 -$136,242,379.03

Periodos Flujos 0.01 $7.39 TIR 1 1.86048%0 -180 0.02 -$0.951 100 0.03 -$6.16 TIR 2 14.348%2 100 0.04 -$9.083 100 0.05 -$10.38 TIR 3 29.022%4 100 0.06 -$10.545 100 0.07 -$9.946 -100 0.08 -$8.857 -100 0.09 -$7.488 -100 0.1 -$5.979 -100 0.11 -$4.45

10 -100 0.12 -$2.9811 0 0.13 -$1.6112 0 0.14 -$0.3913 0 0.15 $0.6714 0 0.16 $1.5615 0 0.17 $2.2816 0 0.18 $2.8217 0 0.19 $3.1918 0 0.2 $3.4119 0 0.21 $3.4820 200 0.22 $3.41

0.23 $3.210.24 $2.900.25 $2.490.26 $1.980.27 $1.400.28 $0.740.29 $0.02

0.3 -$0.760.31 -$1.580.32 -$2.440.33 -$3.340.34 -$4.260.35 -$5.200.36 -$6.160.37 -$7.120.38 -$8.100.39 -$9.08

0.4 -$10.060.41 -$11.040.42 -$12.010.43 -$12.980.44 -$13.940.45 -$14.89

0.46 -$15.830.47 -$16.750.48 -$17.660.49 -$18.55

0.5 -$19.430.51 -$20.290.52 -$21.140.53 -$21.960.54 -$22.770.55 -$23.560.56 -$24.340.57 -$25.090.58 -$25.830.59 -$26.54

0.6 -$27.240.61 -$27.920.62 -$28.590.63 -$29.230.64 -$29.860.65 -$30.470.66 -$31.060.67 -$31.640.68 -$32.200.69 -$32.74

0.7 -$33.270.71 -$33.780.72 -$34.270.73 -$34.750.74 -$35.220.75 -$35.670.76 -$36.100.77 -$36.520.78 -$36.930.79 -$37.33

0.8 -$37.710.81 -$38.080.82 -$38.440.83 -$38.780.84 -$39.120.85 -$39.440.86 -$39.750.87 -$40.050.88 -$40.340.89 -$40.62

0.9 -$40.890.91 -$41.140.92 -$41.390.93 -$41.63

0.94 -$41.870.95 -$42.090.96 -$42.300.97 -$42.510.98 -$42.700.99 -$42.89

1 -$43.081.01 -$43.251.02 -$43.421.03 -$43.581.04 -$43.731.05 -$43.881.06 -$44.021.07 -$44.151.08 -$44.281.09 -$44.40

1.1 -$44.521.11 -$44.631.12 -$44.731.13 -$44.831.14 -$44.931.15 -$45.021.16 -$45.101.17 -$45.181.18 -$45.261.19 -$45.33

1.2 -$45.401.21 -$45.461.22 -$45.521.23 -$45.571.24 -$45.621.25 -$45.671.26 -$45.711.27 -$45.751.28 -$45.791.29 -$45.82

1.3 -$45.851.31 -$45.871.32 -$45.901.33 -$45.921.34 -$45.931.35 -$45.951.36 -$45.961.37 -$45.971.38 -$45.981.39 -$45.98

1.4 -$45.981.41 -$45.98

1.42 -$45.981.43 -$45.971.44 -$45.961.45 -$45.951.46 -$45.941.47 -$45.931.48 -$45.911.49 -$45.90

1.5 -$45.881.51 -$45.861.52 -$45.831.53 -$45.811.54 -$45.781.55 -$45.751.56 -$45.731.57 -$45.701.58 -$45.661.59 -$45.63

1.6 -$45.601.61 -$45.561.62 -$45.521.63 -$45.481.64 -$45.441.65 -$45.401.66 -$45.361.67 -$45.321.68 -$45.271.69 -$45.23

1.7 -$45.181.71 -$45.141.72 -$45.091.73 -$45.041.74 -$44.991.75 -$44.941.76 -$44.891.77 -$44.841.78 -$44.781.79 -$44.73

1.8 -$44.671.81 -$44.621.82 -$44.561.83 -$44.511.84 -$44.451.85 -$44.391.86 -$44.331.87 -$44.281.88 -$44.221.89 -$44.16

1.9 -$44.101.91 -$44.041.92 -$43.971.93 -$43.911.94 -$43.851.95 -$43.791.96 -$43.731.97 -$43.661.98 -$43.601.99 -$43.53

2 -$43.472.01 -$43.412.02 -$43.342.03 -$43.282.04 -$43.212.05 -$43.142.06 -$43.082.07 -$43.012.08 -$42.942.09 -$42.88

2.1 -$42.812.11 -$42.742.12 -$42.682.13 -$42.612.14 -$42.542.15 -$42.472.16 -$42.402.17 -$42.342.18 -$42.272.19 -$42.20

2.2 -$42.132.21 -$42.062.22 -$41.992.23 -$41.922.24 -$41.852.25 -$41.782.26 -$41.722.27 -$41.652.28 -$41.582.29 -$41.51

Tomr el valor presente neto y no tomar la TIR ya que el comportamiento del proyecto no es estable.

1 12 23 34 45 56 67 78 89 100111122133144155166177188199210221

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($40.00)

($30.00)

($20.00)

($10.00)

$0.00

$10.00

$20.00

Chart Title

Column E

1 12 23 34 45 56 67 78 89 100111122133144155166177188199210221

($50.00)

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($30.00)

($20.00)

($10.00)

$0.00

$10.00

$20.00

Chart Title

Column E

Periodos Flujos Tasa VAN0 -365 0.0% $35.001 200 0.5% $21.182 200 1.0% $9.833 200 1.5% $0.604 200 2.0% -$6.815 200 2.5% -$12.666 -200 3.0% -$17.177 -200 3.5% -$20.558 -200 4.0% -$22.989 -200 4.5% -$24.59

10 -200 5.0% -$25.5211 0 5.5% -$25.9012 0 6.0% -$25.8013 0 6.5% -$25.3314 0 7.0% -$24.5515 0 7.5% -$23.5316 0 8.0% -$22.3317 0 8.5% -$20.9818 0 9.0% -$19.5419 0 9.5% -$18.0320 400 10.0% -$16.49

10.5% -$14.9411.0% -$13.4011.5% -$11.8912.0% -$10.4212.5% -$9.0013.0% -$7.6513.5% -$6.3714.0% -$5.1614.5% -$4.0415.0% -$3.0015.5% -$2.0516.0% -$1.1816.5% -$0.4117.0% $0.2817.5% $0.8818.0% $1.4018.5% $1.8319.0% $2.1919.5% $2.4620.0% $2.6520.5% $2.7721.0% $2.8221.5% $2.8022.0% $2.72

1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76

($30.00)

($20.00)

($10.00)

$0.00

$10.00

$20.00

$30.00

$40.00

VAN

VAN

22.5% $2.5723.0% $2.3623.5% $2.0924.0% $1.7724.5% $1.4025.0% $0.9825.5% $0.5126.0% -$0.0026.5% -$0.5527.0% -$1.1427.5% -$1.7728.0% -$2.4328.5% -$3.1229.0% -$3.8429.5% -$4.5930.0% -$5.3730.5% -$6.1631.0% -$6.9831.5% -$7.8232.0% -$8.6732.5% -$9.5533.0% -$10.4333.5% -$11.3334.0% -$12.2534.5% -$13.1735.0% -$14.1035.5% -$15.0436.0% -$15.9936.5% -$16.9437.0% -$17.9037.5% -$18.8638.0% -$19.8238.5% -$20.7939.0% -$21.7639.5% -$22.7340.0% -$23.6940.5% -$24.6641.0% -$25.6341.5% -$26.5942.0% -$27.5542.5% -$28.5143.0% -$29.4643.5% -$30.4144.0% -$31.3544.5% -$32.2945.0% -$33.2345.5% -$34.1546.0% -$35.08

46.5% -$35.9947.0% -$36.9047.5% -$37.8048.0% -$38.7048.5% -$39.5849.0% -$40.4649.5% -$41.3350.0% -$42.2050.5% -$43.0551.0% -$43.9051.5% -$44.7352.0% -$45.5652.5% -$46.3853.0% -$47.2053.5% -$48.0054.0% -$48.7954.5% -$49.5855.0% -$50.3555.5% -$51.1256.0% -$51.8856.5% -$52.6357.0% -$53.3757.5% -$54.1058.0% -$54.8258.5% -$55.5359.0% -$56.2359.5% -$56.9360.0% -$57.6160.5% -$58.2961.0% -$58.9661.5% -$59.6162.0% -$60.2662.5% -$60.9063.0% -$61.5363.5% -$62.1664.0% -$62.7764.5% -$63.3765.0% -$63.9765.5% -$64.5666.0% -$65.1466.5% -$65.7167.0% -$66.2767.5% -$66.8268.0% -$67.3768.5% -$67.9169.0% -$68.4469.5% -$68.9670.0% -$69.47

70.5% -$69.9871.0% -$70.4871.5% -$70.9772.0% -$71.4572.5% -$71.9273.0% -$72.3973.5% -$72.8574.0% -$73.3174.5% -$73.7575.0% -$74.1975.5% -$74.6276.0% -$75.0576.5% -$75.4677.0% -$75.8777.5% -$76.2878.0% -$76.6878.5% -$77.0779.0% -$77.4579.5% -$77.8380.0% -$78.2080.5% -$78.5681.0% -$78.9281.5% -$79.2882.0% -$79.6282.5% -$79.9683.0% -$80.3083.5% -$80.6384.0% -$80.9584.5% -$81.2785.0% -$81.5885.5% -$81.8886.0% -$82.1886.5% -$82.4887.0% -$82.7787.5% -$83.0588.0% -$83.3388.5% -$83.6189.0% -$83.8889.5% -$84.1490.0% -$84.4090.5% -$84.6691.0% -$84.9191.5% -$85.1592.0% -$85.3992.5% -$85.6393.0% -$85.8693.5% -$86.0994.0% -$86.31

94.5% -$86.5395.0% -$86.7495.5% -$86.9596.0% -$87.1596.5% -$87.3697.0% -$87.5597.5% -$87.7598.0% -$87.9398.5% -$88.1299.0% -$88.3099.5% -$88.48

100.0% -$88.65100.5% -$88.82

TIR 1 1.54%TIR 2 17%TIR 3 26%

1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76

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VAN

VAN

TIR MODIFICADA TIR 1 1.876%TIR 2 9.615%TIR 3 40.127%

AÑO Flujo de caja Tasa VAN Año Q+ Q-0 -15000 0.0% $1,489.00 0.00 0.00 -15000.001 10229 0.5% $962.93 1.00 10229.00 0.002 9609 1.0% $539.16 2.00 9609.00 0.003 15004 1.5% $203.01 3.00 15004.00 0.004 3774 2.0% -$58.30 4.00 3774.00 0.005 -9709 2.5% -$255.92 5.00 0.00 -9709.006 -18097 3.0% -$399.54 6.00 0.00 -18097.007 4217 3.5% -$497.61 7.00 4217.00 0.008 18298 4.0% -$557.43 8.00 18298.00 0.009 -12041 4.5% -$585.38 9.00 0.00 -12041.00

10 -10 5.0% -$586.95 10.00 0.00 -10.0011 -7500 5.5% -$566.92 11.00 0.00 -7500.0012 -11855 6.0% -$529.38 12.00 0.00 -11855.0013 -12070 6.5% -$477.90 13.00 0.00 -12070.0014 -6349 7.0% -$415.52 14.00 0.00 -6349.0015 13570 7.5% -$344.86 15.00 13570.00 0.0016 377 8.0% -$268.15 16.00 377.00 0.0017 -10068 8.5% -$187.30 17.00 0.00 -10068.0018 16642 9.0% -$103.92 18.00 16642.00 0.0019 1609 9.5% -$19.40 19.00 1609.00 0.0020 10859 10.0% $65.13 20.00 10859.00 0.00

1489 10.5% $148.7111.0% $230.5511.5% $309.9812.0% $386.5012.5% $459.6613.0% $529.1613.5% $594.7314.0% $656.2014.5% $713.4415.0% $766.3815.5% $814.9916.0% $859.2816.5% $899.2717.0% $935.0217.5% $966.6118.0% $994.1418.5% $1,017.7119.0% $1,037.4519.5% $1,053.4720.0% $1,065.9220.5% $1,074.92

21.0% $1,080.6221.5% $1,083.1722.0% $1,082.6922.5% $1,079.3423.0% $1,073.2523.5% $1,064.5624.0% $1,053.4024.5% $1,039.9125.0% $1,024.2225.5% $1,006.4526.0% $986.7226.5% $965.1527.0% $941.8627.5% $916.9528.0% $890.5328.5% $862.7029.0% $833.5529.5% $803.1930.0% $771.6930.5% $739.1631.0% $705.6531.5% $671.2632.0% $636.0632.5% $600.1233.0% $563.5033.5% $526.2734.0% $488.4934.5% $450.2135.0% $411.5035.5% $372.4036.0% $332.9636.5% $293.2337.0% $253.2637.5% $213.0738.0% $172.7238.5% $132.2439.0% $91.6639.5% $51.0240.0% $10.3440.5% -$30.3441.0% -$70.9941.5% -$111.6042.0% -$152.1342.5% -$192.5743.0% -$232.8843.5% -$273.0744.0% -$313.0944.5% -$352.95

45.0% -$392.6145.5% -$432.0746.0% -$471.3146.5% -$510.3347.0% -$549.1047.5% -$587.6148.0% -$625.8648.5% -$663.8449.0% -$701.5349.5% -$738.9450.0% -$776.0550.5% -$812.8551.0% -$849.3451.5% -$885.5152.0% -$921.3752.5% -$956.9053.0% -$992.0953.5% -$1,026.9654.0% -$1,061.4954.5% -$1,095.6855.0% -$1,129.5355.5% -$1,163.0356.0% -$1,196.1956.5% -$1,229.0157.0% -$1,261.4757.5% -$1,293.5958.0% -$1,325.3658.5% -$1,356.7959.0% -$1,387.8659.5% -$1,418.5860.0% -$1,448.9660.5% -$1,478.9961.0% -$1,508.6861.5% -$1,538.0162.0% -$1,567.0162.5% -$1,595.6663.0% -$1,623.9763.5% -$1,651.9464.0% -$1,679.5764.5% -$1,706.8665.0% -$1,733.8265.5% -$1,760.4566.0% -$1,786.7566.5% -$1,812.7267.0% -$1,838.3667.5% -$1,863.6868.0% -$1,888.6768.5% -$1,913.35

69.0% -$1,937.7269.5% -$1,961.7670.0% -$1,985.5070.5% -$2,008.9371.0% -$2,032.0571.5% -$2,054.8772.0% -$2,077.3972.5% -$2,099.6173.0% -$2,121.5373.5% -$2,143.1674.0% -$2,164.5074.5% -$2,185.5675.0% -$2,206.3375.5% -$2,226.8276.0% -$2,247.0376.5% -$2,266.9777.0% -$2,286.6377.5% -$2,306.0278.0% -$2,325.1578.5% -$2,344.0179.0% -$2,362.6179.5% -$2,380.9580.0% -$2,399.0480.5% -$2,416.8781.0% -$2,434.4581.5% -$2,451.7882.0% -$2,468.8782.5% -$2,485.7283.0% -$2,502.3283.5% -$2,518.6984.0% -$2,534.8384.5% -$2,550.7385.0% -$2,566.4185.5% -$2,581.8686.0% -$2,597.0986.5% -$2,612.0987.0% -$2,626.8887.5% -$2,641.4588.0% -$2,655.8188.5% -$2,669.9589.0% -$2,683.8989.5% -$2,697.6290.0% -$2,711.1590.5% -$2,724.4891.0% -$2,737.6191.5% -$2,750.5492.0% -$2,763.2892.5% -$2,775.83

93.0% -$2,788.1993.5% -$2,800.3694.0% -$2,812.3594.5% -$2,824.1595.0% -$2,835.7895.5% -$2,847.2296.0% -$2,858.4996.5% -$2,869.5997.0% -$2,880.5197.5% -$2,891.2798.0% -$2,901.8698.5% -$2,912.2899.0% -$2,922.5499.5% -$2,932.64

100.0% -$2,942.57100.5% -$2,952.36101.0% -$2,961.98101.5% -$2,971.45102.0% -$2,980.78102.5% -$2,989.95103.0% -$2,998.97103.5% -$3,007.85104.0% -$3,016.58104.5% -$3,025.17105.0% -$3,033.62105.5% -$3,041.93106.0% -$3,050.10106.5% -$3,058.14107.0% -$3,066.05107.5% -$3,073.82108.0% -$3,081.46108.5% -$3,088.97109.0% -$3,096.36109.5% -$3,103.62110.0% -$3,110.76110.5% -$3,117.77111.0% -$3,124.66111.5% -$3,131.44112.0% -$3,138.09112.5% -$3,144.63113.0% -$3,151.05113.5% -$3,157.36114.0% -$3,163.56114.5% -$3,169.65115.0% -$3,175.63115.5% -$3,181.50116.0% -$3,187.26116.5% -$3,192.92

117.0% -$3,198.47117.5% -$3,203.92118.0% -$3,209.27118.5% -$3,214.52119.0% -$3,219.67119.5% -$3,224.72120.0% -$3,229.68120.5% -$3,234.54121.0% -$3,239.31121.5% -$3,243.98122.0% -$3,248.57122.5% -$3,253.06123.0% -$3,257.46123.5% -$3,261.78124.0% -$3,266.00124.5% -$3,270.14125.0% -$3,274.20125.5% -$3,278.17126.0% -$3,282.06126.5% -$3,285.87127.0% -$3,289.60127.5% -$3,293.24128.0% -$3,296.81128.5% -$3,300.30129.0% -$3,303.72129.5% -$3,307.05130.0% -$3,310.32130.5% -$3,313.51131.0% -$3,316.62131.5% -$3,319.67132.0% -$3,322.64132.5% -$3,325.54133.0% -$3,328.37133.5% -$3,331.14134.0% -$3,333.84134.5% -$3,336.47135.0% -$3,339.03135.5% -$3,341.53136.0% -$3,343.96136.5% -$3,346.33137.0% -$3,348.64137.5% -$3,350.89138.0% -$3,353.07138.5% -$3,355.19139.0% -$3,357.26139.5% -$3,359.26140.0% -$3,361.21140.5% -$3,363.10

141.0% -$3,364.93141.5% -$3,366.71142.0% -$3,368.43142.5% -$3,370.10143.0% -$3,371.71143.5% -$3,373.27144.0% -$3,374.78144.5% -$3,376.24145.0% -$3,377.64145.5% -$3,378.99146.0% -$3,380.30146.5% -$3,381.55147.0% -$3,382.76147.5% -$3,383.91148.0% -$3,385.02148.5% -$3,386.08149.0% -$3,387.10149.5% -$3,388.07150.0% -$3,389.00

Tasa de descuento gastos 8%Tasa de capitalizacion ingresos 10%

TIR modificada 9.3498%

Valor Actual Gastos $56,285.27Valor Final Ingresos $336,321.08

$49,991.98Otra forma de calcular la TIR

TIR modificada 9.3498%

Cuando se tiene multiples TIR, se obtiene la TIR modificada y es la que se compara con las TREMA

1 22 43 64 85 106127148169190211232253274295

($4,000.00)

($3,000.00)

($2,000.00)

($1,000.00)

$0.00

$1,000.00

$2,000.00

VAN

VAN

Año A B B-A0 -10000 -40000 -30001 -14150 -7000 71502 -14150 -7000 71503 -14150 -7000 71504 -14150 -7000 71505 -23150 -7000 161506 -14150 -7000 71507 -14150 -7000 7150 %8 -14150 -7000 7150 0.00%9 -14150 -7000 7150 0.50%

10 -13150 -2000 11150 1.00%1.50%2.00%2.50%3.00%3.50%4.00%4.50%5.00%5.50%6.00%6.50%7.00%7.50%8.00%8.50%9.00%9.50%

10.00%10.50%11.00%11.50%12.00%12.50%13.00%13.50%14.00%14.50%15.00%15.50%16.00%16.50%17.00%17.50%

18.00%18.50%19.00%19.50%20.00%20.50%21.00%21.50%22.00%22.50%23.00%23.50%24.00%24.50%25.00%25.50%26.00%26.50%27.00%27.50%28.00%28.50%29.00%29.50%30.00%30.50%31.00%31.50%32.00%32.50%33.00%33.50%34.00%34.50%35.00%35.50%36.00%36.50%37.00%37.50%38.00%38.50%39.00%39.50%40.00%40.50%41.00%41.50%

42.00%42.50%43.00%43.50%44.00%44.50%45.00%45.50%46.00%46.50%47.00%47.50%48.00%48.50%49.00%49.50%50.00%50.50%51.00%51.50%52.00%52.50%53.00%53.50%54.00%54.50%55.00%55.50%56.00%56.50%57.00%57.50%58.00%58.50%59.00%59.50%60.00%60.50%61.00%61.50%62.00%62.50%63.00%63.50%64.00%64.50%65.00%65.50%

66.00%66.50%67.00%67.50%68.00%68.50%69.00%69.50%70.00%70.50%71.00%71.50%72.00%72.50%73.00%73.50%74.00%74.50%75.00%75.50%76.00%76.50%77.00%77.50%78.00%78.50%79.00%79.50%80.00%80.50%81.00%81.50%82.00%82.50%83.00%83.50%84.00%84.50%85.00%85.50%86.00%86.50%87.00%87.50%88.00%88.50%89.00%89.50%

90.00%90.50%91.00%91.50%92.00%92.50%93.00%93.50%94.00%94.50%95.00%95.50%96.00%96.50%97.00%97.50%98.00%98.50%99.00%99.50%

100.00%125.00%150.00%175.00%200.00%225.00%250.00%275.00%300.00%325.00%350.00%375.00%400.00%425.00%450.00%475.00%500.00%525.00%550.00%575.00%600.00%625.00%650.00%675.00%700.00%725.00%750.00%775.00%

800.00%825.00%850.00%875.00%900.00%925.00%950.00%975.00%

1000.00%1025.00%1050.00%1075.00%1100.00%1125.00%1150.00%1175.00%1200.00%

100000.00%

Van Proyecto A Van Proyecto B-$159,500.00 -$105,000.00-$155,512.32 -$103,356.14-$151,676.86 -$101,772.70-$147,986.59 -$100,246.96-$144,434.81 -$98,776.35-$141,015.19 -$97,358.46-$137,721.76 -$95,990.95-$134,548.81 -$94,671.64-$131,490.96 -$93,398.45-$128,543.09 -$92,169.39-$125,700.37 -$90,982.58-$122,958.18 -$89,836.23-$120,312.16 -$88,728.64-$117,758.15 -$87,658.18-$115,292.21 -$86,623.32-$112,910.58 -$85,622.60 Interseccion de Fisher-$110,609.71 -$84,654.60-$108,386.20 -$83,718.01-$106,236.83 -$82,811.55-$104,158.53 -$81,934.02-$102,148.37 -$81,084.25-$100,203.58 -$80,261.16

-$98,321.51 -$79,463.70-$96,499.63 -$78,690.86-$94,735.52 -$77,941.70-$93,026.91 -$77,215.28-$91,371.60 -$76,510.76-$89,767.49 -$75,827.30-$88,212.61 -$75,164.09-$86,705.05 -$74,520.39-$85,242.98 -$73,895.46-$83,824.69 -$73,288.61-$82,448.50 -$72,699.17-$81,112.85 -$72,126.52-$79,816.20 -$71,570.04-$78,557.13 -$71,029.14

0.00% 14.00% 28.00% 42.00% 56.00% 70.00% 84.00% 98.00% 700.00%

($180,000.00)

($160,000.00)

($140,000.00)

($120,000.00)

($100,000.00)

($80,000.00)

($60,000.00)

($40,000.00)

($20,000.00)

$0.00

Van Proyecto AVan Proyecto B

-$77,334.24 -$70,503.28-$76,146.21 -$69,991.91-$74,991.77 -$69,494.53-$73,869.71 -$69,010.64-$72,778.87 -$68,539.78-$71,718.14 -$68,081.48-$70,686.45 -$67,635.33-$69,682.78 -$67,200.90-$68,706.15 -$66,777.79-$67,755.63 -$66,365.63-$66,830.31 -$65,964.05-$65,929.34 -$65,572.69-$65,051.88 -$65,191.22-$64,197.14 -$64,819.31-$63,364.37 -$64,456.65-$62,552.82 -$64,102.94-$61,761.79 -$63,757.89-$60,990.61 -$63,421.22-$60,238.64 -$63,092.67-$59,505.24 -$62,771.98-$58,789.81 -$62,458.90-$58,091.79 -$62,153.20-$57,410.62 -$61,854.64-$56,745.76 -$61,563.01-$56,096.71 -$61,278.09-$55,462.96 -$60,999.68-$54,844.05 -$60,727.58-$54,239.51 -$60,461.60-$53,648.91 -$60,201.56-$53,071.81 -$59,947.29-$52,507.83 -$59,698.61-$51,956.55 -$59,455.36-$51,417.60 -$59,217.38-$50,890.62 -$58,984.52-$50,375.24 -$58,756.62-$49,871.14 -$58,533.56-$49,377.98 -$58,315.19-$48,895.45 -$58,101.38-$48,423.23 -$57,892.00-$47,961.05 -$57,686.93-$47,508.60 -$57,486.04-$47,065.62 -$57,289.23-$46,631.84 -$57,096.38-$46,207.01 -$56,907.39-$45,790.87 -$56,722.14-$45,383.19 -$56,540.54-$44,983.73 -$56,362.49-$44,592.28 -$56,187.90

-$44,208.61 -$56,016.67-$43,832.52 -$55,848.72-$43,463.80 -$55,683.97-$43,102.27 -$55,522.32-$42,747.72 -$55,363.70-$42,399.98 -$55,208.03-$42,058.86 -$55,055.23-$41,724.21 -$54,905.24-$41,395.84 -$54,757.99-$41,073.60 -$54,613.39-$40,757.34 -$54,471.40-$40,446.90 -$54,331.93-$40,142.14 -$54,194.94-$39,842.91 -$54,060.36-$39,549.08 -$53,928.13-$39,260.51 -$53,798.20-$38,977.08 -$53,670.51-$38,698.65 -$53,545.01-$38,425.12 -$53,421.64-$38,156.35 -$53,300.35-$37,892.24 -$53,181.10-$37,632.67 -$53,063.84-$37,377.54 -$52,948.52-$37,126.74 -$52,835.10-$36,880.17 -$52,723.54-$36,637.73 -$52,613.78-$36,399.32 -$52,505.80-$36,164.86 -$52,399.54-$35,934.26 -$52,294.98-$35,707.41 -$52,192.07-$35,484.25 -$52,090.78-$35,264.68 -$51,991.08-$35,048.63 -$51,892.92-$34,836.02 -$51,796.27-$34,626.77 -$51,701.10-$34,420.80 -$51,607.38-$34,218.06 -$51,515.08-$34,018.45 -$51,424.17-$33,821.93 -$51,334.62-$33,628.41 -$51,246.39-$33,437.84 -$51,159.47-$33,250.16 -$51,073.82-$33,065.30 -$50,989.42-$32,883.20 -$50,906.25-$32,703.80 -$50,824.26-$32,527.06 -$50,743.46-$32,352.90 -$50,663.80-$32,181.29 -$50,585.27

-$32,012.17 -$50,507.84-$31,845.48 -$50,431.49-$31,681.18 -$50,356.20-$31,519.23 -$50,281.95-$31,359.56 -$50,208.72-$31,202.14 -$50,136.49-$31,046.92 -$50,065.24-$30,893.86 -$49,994.95-$30,742.92 -$49,925.60-$30,594.05 -$49,857.17-$30,447.22 -$49,789.65-$30,302.38 -$49,723.02-$30,159.50 -$49,657.26-$30,018.54 -$49,592.35-$29,879.46 -$49,528.29-$29,742.23 -$49,465.05-$29,606.80 -$49,402.62-$29,473.16 -$49,340.98-$29,341.26 -$49,280.13-$29,211.08 -$49,220.04-$29,082.57 -$49,160.70-$28,955.71 -$49,102.10-$28,830.48 -$49,044.22-$28,706.83 -$48,987.06-$28,584.74 -$48,930.59-$28,464.19 -$48,874.82-$28,345.15 -$48,819.71-$28,227.58 -$48,765.28-$28,111.46 -$48,711.49-$27,996.77 -$48,658.34-$27,883.48 -$48,605.83-$27,771.57 -$48,553.93-$27,661.01 -$48,502.64-$27,551.79 -$48,451.95-$27,443.86 -$48,401.84-$27,337.23 -$48,352.32-$27,231.85 -$48,303.36-$27,127.72 -$48,254.96-$27,024.80 -$48,207.11-$26,923.08 -$48,159.80-$26,822.55 -$48,113.02-$26,723.17 -$48,066.77-$26,624.93 -$48,021.03-$26,527.82 -$47,975.79-$26,431.80 -$47,931.06-$26,336.87 -$47,886.81-$26,243.01 -$47,843.05-$26,150.20 -$47,799.76

-$26,058.42 -$47,756.94-$25,967.66 -$47,714.57-$25,877.90 -$47,672.66-$25,789.12 -$47,631.20-$25,701.31 -$47,590.17-$25,614.45 -$47,549.58-$25,528.53 -$47,509.41-$25,443.54 -$47,469.66-$25,359.45 -$47,430.33-$25,276.26 -$47,391.39-$25,193.95 -$47,352.86-$25,112.50 -$47,314.73-$25,031.92 -$47,276.98-$24,952.17 -$47,239.61-$24,873.25 -$47,202.62-$24,795.15 -$47,166.00-$24,717.85 -$47,129.75-$24,641.34 -$47,093.85-$24,565.62 -$47,058.31-$24,490.66 -$47,023.12-$24,416.46 -$46,988.28-$21,472.37 -$45,596.81-$19,524.40 -$44,665.65-$18,142.57 -$43,999.64-$17,111.90 -$43,499.86-$16,313.65 -$43,111.05-$15,677.11 -$42,799.97-$15,157.58 -$42,545.44-$14,725.45 -$42,333.33-$14,360.33 -$42,153.84-$14,047.73 -$42,000.00-$13,777.05 -$41,866.67-$13,540.38 -$41,750.00-$13,331.67 -$41,647.06-$13,146.23 -$41,555.56-$12,980.38 -$41,473.68-$12,831.16 -$41,400.00-$12,696.18 -$41,333.33-$12,573.50 -$41,272.73-$12,461.51 -$41,217.39-$12,358.87 -$41,166.67-$12,264.45 -$41,120.00-$12,177.30 -$41,076.92-$12,096.62 -$41,037.04-$12,021.70 -$41,000.00-$11,951.96 -$40,965.52-$11,886.87 -$40,933.33-$11,825.98 -$40,903.23

-$11,768.90 -$40,875.00-$11,715.28 -$40,848.48-$11,664.82 -$40,823.53-$11,617.25 -$40,800.00-$11,572.31 -$40,777.78-$11,529.81 -$40,756.76-$11,489.54 -$40,736.84-$11,451.34 -$40,717.95-$11,415.06 -$40,700.00-$11,380.54 -$40,682.93-$11,347.66 -$40,666.67-$11,316.32 -$40,651.16-$11,286.40 -$40,636.36-$11,257.81 -$40,622.22-$11,230.46 -$40,608.70-$11,204.28 -$40,595.74-$11,179.19 -$40,583.33-$10,014.15 -$40,007.00

0.00% 14.00% 28.00% 42.00% 56.00% 70.00% 84.00% 98.00% 700.00%

($180,000.00)

($160,000.00)

($140,000.00)

($120,000.00)

($100,000.00)

($80,000.00)

($60,000.00)

($40,000.00)

($20,000.00)

$0.00

Van Proyecto AVan Proyecto B

TREMA= 12%Año Proyecto A Proyecto B Diferencia

0 -1000 -1000 01 500 100 -400 k VPN A2 400 300 -100 0% 3003 300 400 100 0.5% $287.114 100 600 500 1.0% $274.44

1.5% $261.99TIR 14.49% 11.79% 7.17% 2.0% $249.74VPN $42.39 -$5.53 -$47.93 2.5% $237.71

3.0% $225.873.5% $214.224.0% $202.774.5% $191.515.0% $180.425.5% $169.526.0% $158.796.5% $148.237.0% $137.847.5% $127.628.0% $117.558.5% $107.649.0% $97.899.5% $88.28

10.0% $78.8210.5% $69.5011.0% $60.3311.5% $51.2912.0% $42.3912.5% $33.6213.0% $24.9813.5% $16.4714.0% $8.0814.5% -$0.1815.0% -$8.3315.5% -$16.3616.0% -$24.2716.5% -$32.0817.0% -$39.7717.5% -$47.3518.0% -$54.8318.5% -$62.2019.0% -$69.4719.5% -$76.6520.0% -$83.7220.5% -$90.7021.0% -$97.58

21.5% -$104.3722.0% -$111.0722.5% -$117.6823.0% -$124.2023.5% -$130.6324.0% -$136.9824.5% -$143.2525.0% -$149.4425.5% -$155.5526.0% -$161.5826.5% -$167.5327.0% -$173.4027.5% -$179.2028.0% -$184.9328.5% -$190.59

VPN B400

$378.73$357.92$337.56$317.63$298.12$279.02$260.31$242.00$224.07$206.50$189.30$172.44$155.93$139.75$123.89$108.35$93.11$78.18$63.53$49.18$35.10$21.29$7.75-$5.53

-$18.56-$31.35-$43.89-$56.20-$68.28-$80.14-$91.78

-$103.21-$114.42-$125.44-$136.25-$146.87-$157.30-$167.55-$177.61-$187.50-$197.21-$206.76

0% 2% 3% 5% 6% 8% 9%11%

12%14%

15%17%

18%20%

21%23%

24%26%

27%28%

-400

-300

-200

-100

0

100

200

300

400

500

Column HVPN B

-$216.14-$225.35-$234.41-$243.31-$252.06-$260.67-$269.12-$277.44-$285.62-$293.66-$301.57-$309.34-$316.99-$324.52-$331.92

0% 2% 3% 5% 6% 8% 9%11%

12%14%

15%17%

18%20%

21%23%

24%26%

27%28%

-400

-300

-200

-100

0

100

200

300

400

500

Column HVPN B

TareaAño Proyecto A Proyecto B

0 -1200 -12001 1000 1002 500 6004 100 1080