Hoja1Con la pana1.- Coeficientes de ascenso y descensoTenemoVA0500u=1.4190675486Rf7%(nominal continua)d=0.7046880897n5aoso35%2.- Arbol Binominal para el Valor Actualizado de los Flujos de Cajag100%Ae3002877.30133800292027.59998342231428.82555903161428.8255590316Formulas1006.87635373521006.8763537352En= MAX ((1+x)Van-Ae;Van)709.5337742966709.5337742966709.5337742966Ej= MAX ((1+x)Vaj-Ae;E-j)500500500E-j = (P.Ej+1 + (1-P).Ej+1) e^Rf352.3440448594352.3440448594352.3440448594u=e^o(1^1/2)248.2926518957248.2926518957d=e^-o(1^1/2)174.9688745556174.9688745556e=2.7182818285123.2984819708P=(e^(Rf*1^(1/2))-d)/(u-d)86.8869717252Q= 1-P3.- Posibilidad del riesgo neutralP=0.367820091551.49%0.7143794589Q=48.51%4.- Arbol Binominal para valores esperadosEn= MAX ((1+x)Van-Ae;Van)5454.60267600573775.4818208729E5(+++++)5454.60267600572596.84364744352557.6511180632E5(++++-)2557.65111806321779.39789670481734.0345614987E5(+++--)1119.06754859331253.20221138581177.76046872211119.0675485933E5(--+-+)5001001.713454846882.0348332429763.3935634987E5(----+)500884.517061249700500E5(-----)5001019.35555281387001510.6604944909500Ej= MAX ((1+x)Vaj-Ae;E-j)E-j = (P.Ej+1 + (1-P).Ej+1) e^Rf2596.8436474435Ej(++++)3775.4818208729E-j(++++)3775.48182087295001734.03456149871734.0345614987763.3935634987763.3935634987700466.1969099532596.84364744352596.84364744351177.76046872211177.7604687221700683.1091136631510.66049449091510.66049449091779.39789670481779.3978967048882.0348332429882.03483324291019.35555281381019.35555281381253.20221138581253.2022113858884.517061249884.5170612491001.7134548461001.713454846

Hoja2

Hoja3