Solución Flujo de Caja Arándanos 2021
Solución Flujo de Caja Arándanos 2021
Solución Flujo de Caja Arándanos 2021
-3,700,000
123,488,900
$75,829,732 $218,123,631
-14,339,582 -15,773,540
-3,011,312 -1,577,354
888,337 465,319
$59,367,175 $201,238,056
CAMPOSOL 2021
Gastos de Venta Fijos
Para el año que termina el 31 de Diciembre del 2021
Remuneraciones S/. 17,673,351
Mantenimiento 1,810,656
Agua 1,074,617
Energía Eléctrica 4,247,997
Fletes 8,138,490
Comunicaciones 3,961,994
Utiles escritorio 1,892,672
Promoción y Publicidad 7,465,540
Depreciación 0
Total Gastos Venta Fijos S/. 46,265,317 S/. 46,265,317
CAMPOSOL 2021
Resumen de Gastos Operación Fijos
Para el año que termina el 31 de Diciembre del 2021
Total Año
Gastos Administración S/. 27,914,187
45,200,000
lor Residual Capital Trabajo 45,200,000
AL COMERCIAL
3,500,000
18,000,000
15,000,000
60,000,000
240,000
-3,000,000
-15,000,000
-12,000,000
-50,000,000
-160,000
16,580,000
-4,891,100
11,688,900
80,000,000
160,000
91,848,900
31,640,000
$123,488,900
TABLA DE AMORTIZACIÓN
SERIE UNIFORME FRC
R= S/. -17,350,894
Bl
Number Effective
Industry Name of firms Beta D/E Ratio Tax rate
Advertising 49 1.34 51.47% 5.76%
Aerospace/Defense 73 1.28 29.45% 6.83%
Air Transport 21 1.58 153.33% 5.32%
Apparel 39 1.23 31.60% 12.06%
Auto & Truck 26 1.13 19.86% 3.88%
Auto Parts 38 1.4 31.68% 13.62%
Bank (Money Center) 7 1.12 170.39% 14.69%
Banks (Regional) 563 0.7 34.57% 19.29%
Beverage (Alcoholic) 21 0.82 21.42% 7.93%
Beverage (Soft) 32 1.22 16.65% 4.53%
Broadcasting 28 1.35 116.82% 11.54%
Brokerage & Investment Banking 31 1.17 182.48% 14.76%
Building Materials 44 1.19 18.75% 17.03%
Business & Consumer Services 160 1.09 22.39% 10.17%
Cable TV 11 0.93 60.12% 18.08%
Chemical (Basic) 35 1.16 44.76% 10.02%
Chemical (Diversified) 4 1.5 47.40% 3.90%
Chemical (Specialty) 81 1.1 19.47% 10.12%
Coal & Related Energy 18 0.92 41.65% 0.74%
Computer Services 83 1.2 26.94% 8.19%
Computers/Peripherals 46 1.29 7.58% 4.96%
Construction Supplies 48 1.11 27.94% 13.00%
Diversified 22 0.75 22.62% 7.24%
Drugs (Biotechnology) 581 0.99 15.30% 0.53%
Drugs (Pharmaceutical) 298 1.08 14.69% 2.18%
Education 35 1.13 25.70% 7.64%
Electrical Equipment 104 1.25 13.69% 4.98%
Electronics (Consumer & Office) 16 0.98 7.62% 4.87%
Electronics (General) 137 1.09 12.75% 6.66%
Engineering/Construction 48 1.06 25.59% 13.53%
Entertainment 108 1.01 15.23% 2.64%
Environmental & Waste Services 58 1.24 20.87% 5.90%
Farming/Agriculture 36 1.03 36.82% 7.65%
Financial Svcs. (Non-bank & Insuran 223 0.93 726.37% 15.60%
Food Processing 92 0.75 30.52% 10.54%
Food Wholesalers 15 1.4 46.92% 8.60%
Furn/Home Furnishings 32 1.11 28.65% 11.74%
Green & Renewable Energy 20 1.59 66.63% 1.43%
Healthcare Products 244 0.94 8.61% 4.15%
Healthcare Support Services 131 1.06 24.55% 7.72%
Heathcare Information and Technol 142 0.94 9.73% 3.57%
Homebuilding 29 1.69 21.97% 18.63%
Hospitals/Healthcare Facilities 31 1.41 70.98% 8.99%
Hotel/Gaming 66 1.79 46.01% 6.02%
Household Products 118 0.98 12.58% 5.87%
Information Services 79 1.25 10.37% 11.22%
Insurance (General) 23 0.92 26.64% 11.43%
Insurance (Life) 24 1.22 92.60% 14.28%
Insurance (Prop/Cas.) 52 0.86 23.48% 13.37%
Investments & Asset Management 687 1.05 27.93% 1.42%
Machinery 111 1.25 14.11% 10.58%
Metals & Mining 74 1.17 18.17% 2.07%
Office Equipment & Services 18 1.38 48.26% 8.96%
Oil/Gas (Integrated) 4 1.47 26.73% 19.34%
Oil/Gas (Production and Exploratio 183 1.32 31.13% 2.04%
Oil/Gas Distribution 21 1.4 87.16% 9.76%
Oilfield Svcs/Equip. 100 1.5 54.13% 3.89%
Packaging & Container 26 1.01 49.68% 17.09%
Paper/Forest Products 11 1.21 41.32% 12.01%
Power 50 0.83 71.54% 15.61%
Precious Metals 76 0.99 12.01% 3.11%
Publishing & Newspapers 21 1.69 36.81% 11.64%
R.E.I.T. 238 1.35 53.80% 1.94%
Real Estate (Development) 19 1.06 79.94% 2.60%
Real Estate (General/Diversified) 10 0.91 26.41% 9.94%
Real Estate (Operations & Services) 51 1.15 56.36% 6.54%
Recreation 60 1.23 29.58% 7.75%
Reinsurance 2 1.37 38.85% 22.96%
Restaurant/Dining 70 1.56 27.35% 7.11%
Retail (Automotive) 32 1.4 38.60% 14.20%
Retail (Building Supply) 16 1.52 13.44% 15.50%
Retail (Distributors) 68 1.28 32.38% 11.70%
Retail (General) 16 1.12 16.05% 18.45%
Retail (Grocery and Food) 15 0.3 68.24% 13.31%
Retail (Online) 60 1.1 8.16% 4.76%
Retail (Special Lines) 76 1.44 34.75% 14.67%
Rubber& Tires 2 1.16 154.55% 17.42%
Semiconductor 67 1.16 6.78% 6.80%
Semiconductor Equip 34 1.34 5.04% 9.19%
Shipbuilding & Marine 8 0.99 37.96% 3.19%
Shoe 12 1.19 5.78% 9.86%
Software (Entertainment) 88 1.2 2.04% 2.21%
Software (Internet) 36 1 7.67% 1.29%
Software (System & Application) 375 1.14 5.68% 3.36%
Steel 28 1.13 32.87% 13.30%
Telecom (Wireless) 17 0.96 78.31% 3.26%
Telecom. Equipment 82 1.08 8.73% 5.29%
Telecom. Services 42 0.85 100.48% 5.86%
Tobacco 16 1 25.98% 8.23%
Transportation 17 0.79 22.90% 14.40%
Transportation (Railroads) 4 0.73 19.94% 17.34%
Trucking 34 1.44 26.26% 16.04%
Utility (General) 16 0.89 69.22% 9.75%
Utility (Water) 14 0.77 34.34% 10.01%
Total Market 7229 1.09 40.09% 7.05%
Total Market (without financials) 5619 1.15 19.99% 6.01%
Bu
Unlevered Standard deviation
beta Standard in operating
Unlevered Cash/Firm corrected deviation income (last 10
beta value for cash HiLo Risk of equity years)
0.97 11.57% 1.1 0.6674 56.70% 13.52%
1.05 5.05% 1.11 0.4765 38.23% 19.61%
0.75 18.30% 0.91 0.402 40.19% 162.40%
1 9.26% 1.1 0.4896 43.49% 21.42%
0.99 3.38% 1.02 0.5955 54.78% 35.30%
1.14 6.36% 1.21 0.4759 37.14% 26.80%
0.5 51.78% 1.03 0.2381 22.23% NA
0.56 33.75% 0.84 0.2078 19.68% 119.22%
0.71 1.66% 0.72 0.5568 37.87% 39.41%
1.08 2.83% 1.12 0.7179 48.27% 6.09%
0.73 10.05% 0.81 0.5395 48.77% 31.18%
0.5 24.81% 0.67 0.4393 31.74% 48.44%
1.04 3.95% 1.09 0.36 34.54% 52.70%
0.94 5.06% 0.99 0.5196 41.17% 13.75%
0.65 2.25% 0.66 0.3561 20.07% 27.91%
0.88 6.51% 0.94 0.5277 45.02% 32.06%
1.12 7.57% 1.21 0.3781 37.29% 46.00%
0.97 3.23% 1 0.4865 40.72% 7.89%
0.7 14.34% 0.82 0.662 58.57% NA
1 5.28% 1.06 0.6098 48.44% 18.62%
1.22 2.36% 1.25 0.547 51.27% 11.66%
0.92 6.01% 0.98 0.409 40.01% 19.93%
0.65 7.79% 0.7 0.5904 30.11% 43.13%
0.89 8.13% 0.97 0.5862 50.80% 35.02%
0.97 3.74% 1.01 0.6577 56.17% 6.53%
0.95 14.06% 1.1 0.5554 41.50% 15.28%
1.13 5.20% 1.19 0.6305 57.66% 11.87%
0.92 12.54% 1.06 0.6272 52.54% 401.93%
0.99 5.53% 1.05 0.5047 43.45% 21.64%
0.89 8.46% 0.97 0.4492 36.36% 13.31%
0.91 5.52% 0.96 0.71 59.63% 32.97%
1.08 0.90% 1.09 0.6178 43.01% 10.52%
0.81 4.22% 0.85 0.5642 46.45% 17.94%
0.15 3.06% 0.15 0.3406 28.52% 42.27%
0.61 2.90% 0.63 0.4668 27.69% 19.23%
1.04 3.65% 1.08 0.4713 54.01% 27.98%
0.92 7.66% 0.99 0.5168 44.77% 22.94%
1.07 2.45% 1.1 0.7017 81.76% 101.84%
0.88 3.26% 0.91 0.5192 43.81% 22.60%
0.9 5.56% 0.95 0.5515 46.86% 27.44%
0.88 3.26% 0.91 0.536 46.28% 30.29%
1.45 8.41% 1.59 0.3841 39.47% 64.08%
0.93 3.37% 0.96 0.514 52.31% 15.38%
1.34 6.55% 1.44 0.4652 43.87% 81.77%
0.9 2.48% 0.92 0.6421 58.57% 6.04%
1.16 3.44% 1.2 0.4845 46.44% 28.56%
0.77 4.80% 0.81 0.4267 37.15% 33.96%
0.73 17.27% 0.88 0.3053 31.81% 15.34%
0.74 6.29% 0.78 0.2998 29.24% 30.07%
0.87 9.78% 0.97 0.1469 31.97% 11.86%
1.13 4.04% 1.18 0.4395 34.75% 15.20%
1.04 8.20% 1.13 0.6912 68.08% 43.46%
1.02 7.96% 1.11 0.4388 31.01% 12.27%
1.23 1.98% 1.25 0.3641 28.71% 99.79%
1.08 4.66% 1.13 0.6708 55.48% 221.32%
0.85 1.34% 0.86 0.4074 44.98% 38.51%
1.07 9.08% 1.18 0.5518 49.63% 61.61%
0.74 4.80% 0.78 0.3512 26.38% 10.74%
0.93 6.63% 1 0.4605 30.61% 52.83%
0.55 1.83% 0.56 0.2382 19.49% 9.47%
0.91 7.87% 0.99 0.749 56.29% 74.29%
1.34 8.83% 1.46 0.4536 30.80% 12.74%
0.97 2.00% 0.99 0.2516 32.65% 24.38%
0.67 9.62% 0.74 0.6845 51.32% 76.66%
0.76 8.80% 0.83 0.5515 30.70% 137.17%
0.81 6.85% 0.87 0.5358 41.43% 102.81%
1.01 5.96% 1.07 0.5375 50.35% 12.46%
1.07 17.51% 1.3 0.1556 25.95% 31.86%
1.3 2.55% 1.33 0.4678 42.76% 14.34%
1.09 2.75% 1.12 0.4984 44.49% 19.29%
1.39 2.16% 1.42 0.4447 44.73% 29.76%
1.04 2.66% 1.06 0.5123 43.10% 20.54%
1 3.83% 1.04 0.3914 33.88% 6.58%
0.2 5.65% 0.21 0.408 34.27% 32.25%
1.04 2.18% 1.07 0.5582 58.82% 76.49%
1.15 6.32% 1.23 0.4797 45.57% 19.80%
0.54 7.77% 0.59 0.5602 47.06% 50.21%
1.11 2.48% 1.14 0.4588 37.46% 30.70%
1.29 3.72% 1.34 0.4286 33.22% 55.70%
0.78 3.28% 0.8 0.524 51.04% 23.82%
1.14 4.26% 1.19 0.4507 34.71% 18.31%
1.19 1.75% 1.21 0.6991 54.61% 58.02%
0.95 2.46% 0.98 0.6075 38.09% 26.28%
1.1 2.35% 1.12 0.5566 45.74% 24.52%
0.91 6.99% 0.98 0.4424 33.13% 46.71%
0.61 2.13% 0.63 0.6037 48.16% 67.46%
1.02 3.65% 1.06 0.5502 40.53% 14.84%
0.49 4.15% 0.51 0.5976 38.67% 26.21%
0.84 2.77% 0.86 0.6632 24.88% 5.57%
0.68 5.31% 0.72 0.4731 28.34% 23.64%
0.64 1.27% 0.65 0.3537 16.39% 11.54%
1.21 5.57% 1.28 0.4574 32.99% 148.80%
0.59 0.63% 0.6 0.1395 18.83% 8.86%
0.61 0.37% 0.61 0.3152 41.01% 13.97%
0.85 6.87% 0.91 0.4659 41.01% 10.28%
1 3.65% 1.04 0.5385 44.99% 10.31%
Average
2018 2019 2020 2021 (2017-22)
0.78 0.87 0.93 0.77 0.89
0.99 1.09 1.08 0.91 1.04
0.67 0.63 0.84 0.91 0.8
0.85 0.76 0.83 0.94 0.9
0.59 0.34 0.53 1.05 0.71
0.92 0.97 0.95 1.09 1.03
0.32 0.43 0.56 0.59 0.59
0.39 0.4 0.43 0.6 0.53
1.12 1.05 0.92 0.67 0.9
0.63 1.04 1.09 0.71 0.92
0.65 0.51 0.73 0.65 0.67
0.54 0.46 0.57 0.57 0.56
0.99 0.91 1.02 0.97 1
1.01 1 0.89 0.83 0.94
0.67 0.76 0.78 0.7 0.71
0.96 1.12 0.99 0.76 0.96
1.79 1.49 1.21 1.03 1.35
0.95 0.99 0.96 0.82 0.94
1.04 0.97 1.05 0.56 0.89
0.94 1.05 0.95 0.94 0.99
0.93 1.5 1.64 1.14 1.29
0.95 1.15 1.1 0.87 1.01
1.01 1.14 1.25 0.89 1
1.36 1.43 1.39 0.85 1.2
1.13 1.38 1.29 0.84 1.13
0.96 1.11 1.36 1.07 1.12
1.02 1.18 1.31 1 1.14
1.08 1.22 1.25 1.01 1.12
0.91 0.96 1.07 0.86 0.97
1.13 0.81 1.33 0.95 1.04
0.96 1.21 1.2 0.84 1.04
0.7 0.96 1.05 0.82 0.92
0.56 0.5 0.63 0.68 0.64
0.07 0.08 0.1 0.11 0.1
0.56 0.61 0.7 0.53 0.61
1.41 1.23 0.66 0.8 1.04
0.67 0.67 0.82 0.78 0.79
0.72 0.8 0.59 0.68 0.78
0.89 1.04 0.98 0.8 0.92
0.82 1.03 0.95 0.74 0.9
0.88 1.18 1.15 0.75 0.97
0.89 0.72 0.66 1.33 1.04
0.51 0.55 0.63 0.8 0.69
0.74 0.71 0.91 1.19 1
0.88 1 0.94 0.68 0.88
0.82 1.05 1.03 0.97 1.01
0.63 0.67 0.59 0.56 0.65
0.81 0.7 0.73 0.64 0.75
0.73 0.65 0.59 0.58 0.67
0.87 0.87 0.86 0.78 0.87
1.04 1.01 1.1 0.96 1.06
0.96 1.11 1.09 0.82 1.02
1.1 1.33 1.24 0.83 1.12
1.25 1.06 1.12 0.98 1.13
1 1.07 1.08 0.81 1.02
0.72 0.62 0.62 0.6 0.68
1.06 1.07 1.22 0.83 1.07
0.55 0.74 0.68 0.68 0.68
0.98 1.17 1.25 0.96 1.07
0.32 0.35 0.38 0.43 0.41
0.95 1.15 1.33 0.75 1.03
0.83 0.9 0.76 1.1 1.01
0.42 0.41 0.43 0.79 0.61
0.61 0.87 0.89 0.56 0.74
0.73 1.33 1.5 0.76 1.03
0.8 0.95 0.68 0.75 0.81
0.73 0.81 0.75 0.77 0.83
0.47 0.88 0.77 1.13 0.91
0.7 0.65 0.75 1.11 0.91
0.65 0.76 0.87 0.99 0.88
0.76 0.97 1.15 1.43 1.15
0.87 0.99 0.89 0.75 0.91
0.87 0.75 0.95 0.81 0.88
0.44 0.28 0.35 0.15 0.29
1.12 1.34 1.16 1.14 1.17
0.82 0.8 0.69 1.03 0.91
0.64 0.24 0.45 0.54 0.49
1.16 1.26 1.24 0.96 1.15
0.99 1.39 1.25 1.07 1.21
1.01 0.78 1.57 0.74 0.98
0.86 0.74 0.83 0.98 0.92
0.91 1.27 1.29 0.96 1.13
1.2 1.31 1.5 0.75 1.15
1.02 1.16 1.15 0.89 1.07
1.53 1.29 1.29 0.78 1.18
0.71 0.71 0.6 0.39 0.61
0.96 1.02 0.84 0.83 0.94
0.72 0.74 0.67 0.42 0.61
1.15 1.13 1.43 0.61 1.04
0.8 0.9 0.96 0.79 0.83
0.87 2.08 1.89 0.74 1.25
0.81 0.71 1.04 0.94 0.96
0.2 0.17 0.19 0.48 0.33
0.27 0.32 0.57 0.57 0.47
0.72 0.8 0.83 0.75 0.8
0.9 1 1.01 0.86 0.96
Betas por sector (EE. UU.)
i=
t=
d) VANE = ?
Beneficio Neto
Factor de Descuento
Año Flujo de Caja
WACC = %
Económico
Año 0
Año 1
Año 2
Año 3
Año 4
e) VANF = ?
Beneficio Neto
Factor de Descuento
Año Flujo de Caja
Ke = 16%
Financiero
Año 0
Año 1
Año 2
Año 3
Año 4
f) TIRE = ?
Beneficio Neto
Año Flujo de Caja
Económico
Año 0
Año 1
Año 2
Año 3
Año 4
TIRE
g) TIRF = ?
Beneficio Neto
Año Flujo de Caja
Financiero
Año 0
Año 1
Año 2
Año 3
Año 4
TIRF
h) B/C FINANCIERO
Inversiones* Costos*
Año
US$ US$
Año 0
Año 1
Año 2
Año 3
Año 4
Beneficio Neto
Beneficio Acumulado
Años
Actualizados
Beneficio Acumulado
Años Flujo de Caja Actualizados
Económico
Año 0
Año 1
Año 2
Año 3
Año 4
Año 3
Año 4
PR =
B/C ECONOMICO
Inversiones Costos
Año
US$ US$
Año 0
Año 1
Año 2
Año 3
Año 4
TIR MODIFICADA ECONÓMICA
Años Flujo Económico Inversión
Año 0
Año 1
Año 2
Año 3
Año 4
EVALUACIÓN ECONÓMICA
VANE
TIRE
I/R Econ
Periodo Recupero Econ
TIRM Econ
B/C Economico
EVALUACIÓN FINANCIERA
VANF
TIRF
I/R Fin
B/C Financiero
LUACIÓN CLÁSICA ARÁNDANOS CAMPOSOL
Kd = i(1 - t)
Kd =
Modelo CAPM
Ke = Rf+βl*(Rm-Rf)+Rpaís + R Liquidez
D/E
Ke =
WACC =
VANE
VANF
Beneficios
Ingresos + Valor Residual Factor de Descuento
Actualizados
US$ Ke Ke
Beneficios Actualizados
B/C =
Costos Actualizados
B/C =
meses
días
j) INDICE RENTABILIDAD
Beneficio Neto
Año Flujo de Caja
Financiero
Año 0
Año 1
Año 2
Año 3
Año 4
IR
Beneficios
Ingresos + Valor Residual Factor de Descuento
Actualizados
US$ WACC = % WACC = %
Beneficios Actualizados
B/C =
Costos Actualizados
B/C Economico =
V.Presente Inv. Flujo Inflows Flujo Modificado
TIRM
TIRM
β< 1 Menor Riesgo BVL
β = 1 Igual Riesgo BVL
β > 1 Mayor Riesgo BVL
Ke: Deuda =
Patrimonio =
Costos Actualizados
Ke
IR Financiero
Beneficio Acumulado
Actualizado
ctualizados
ANALISIS DE RIESGOS
el riesgo se mide con la desviacion estandar
Valor Esperado del VAN: (flujos de Caja Independientes)
Flujos de Caja
Periodo 1 Periodo 2
Probabilidad Flujo Caja Probabilidad
0.3 40,290,941 0.3
0.2 47,401,107 0.2
0.2 56,881,329 0.2
0.3 63,991,495 0.3
V.E.= V.E.=
n
At
VE (VAN )
t 1 (1 i ) t
Io
n
2
flujocaja ( Ax A) Px
2
x 1
n
t2
(1 i )
x 1
2t
Varianza G^2
FLUJO 1 FLUJO 2
Varianza σ^2
Desv Stand σ1 = σ2 = σ3 =
σProyecto
σProyecto
CV (Coef Var)= σProyecto
VAN ESPERADO
X VE (VAN )
z=
z
Posibilidad de quiebra
- 175,800,000.00 i= 5%
Periodo 3
Flujo Caja Probabilidad Flujo Caja
$50,983,095 0.3 $59,989,550
63,728,868 0.2 75,936,140
77,111,931 0.2 92,642,091
86,671,261 0.3 104,032,511
V.E.=
Flujo esperado.
Año 0 Año 1 Año 2 Año 3 Año 4
VAN ESPERADO
2
Px
FLUJO 3 FLUJO 4
σ4 =
G
GProyecto
(10.06)
(VAN )
m+2s m+3s
Flujo Caja ARÁNDANOS CAMPOSOL
Año 0 Año 1 Año 2
Cantidad (Toneladas) 37,280 44,552
Precio 7550 7400
Costo variable unitario -3624 -3552
Ventas 281,465,600 329,684,702
Costo Variable Total -135,103,488 -158,248,657
Gastos de Venta Fijos -46,265,317 -46,265,317
Gastos de Venta Variable -7,036,640 -8,242,118
Gastos Administración -27,914,187 -27,914,187
Depreciación Vehículos Agro ex* -12,000,000 -12,000,000
Depreciación Maquinarias* -2,500,000 -2,500,000
Depreciacion Muebles y Enseres* -500,000 -500,000
Amortizacion de Intangibles* -160,000 -160,000
Utilidad antes Impuestos 49,985,968 73,854,423
Impuesto a Renta (29.5%) -14,745,860 -21,787,055
Utilidad desp. Impuestos 35,240,107 52,067,368
Depreciación Vehículos Agro ex* 12,000,000 12,000,000
Depreciación Maquinarias 2,500,000 2,500,000
Depreciacion Muebles y Enseres 500,000 500,000
Amortizacion de Intangibles 160,000 160,000
Inversión Terreno -50,000,000
Inversión Vehículos Agro Exp -60,000,000
Inversion Maquinarias -25,000,000
Inversión Muebles y Enseres -5,000,000
Inversion Intangibles -800,000
Inversión Capital trabajo -35,000,000 -3,000,000 -3,500,000
Recuperación Valor Residual 0 0 0
Flujo Caja Económico -175,800,000 47,400,107 63,727,368
Préstamo 55,000,000
Amortización del Préstamo -11,850,894 -13,035,984
Intereses -5,500,000 -4,314,911
Ahorro Fiscal Intereses 1,622,500 1,272,899
Flujo de Caja Financiero -120,800,000 31,671,713 47,649,373
WACC 13.17%
VANE S/.101,551,316
TIRE 32.46%
OL
Año 3 Año 4
50,727 58,528
7200 7000
-3456 -3360
365,236,450 409,698,596
-175,313,496 -196,655,326
-46,265,317 -46,265,317
-9,130,911 -10,242,465
-27,914,187 -27,914,187
-12,000,000 -12,000,000
-2,500,000 -2,500,000
-500,000 -500,000
-160,000 -160,000
91,452,539 113,461,301
-26,978,499 -33,471,084
64,474,040 79,990,217
12,000,000 12,000,000
2,500,000 2,500,000
500,000 500,000
160,000 160,000
-3,700,000
0 123,488,900
75,934,040 218,639,117
-14,339,582 -15,773,540
-3,011,312 -1,577,354
888,337 465,319
59,471,483 201,753,542
ESCENARIOS VARIABLES
Se pide calcular los resultados del VAN Económico y la TIR Económica para cada escenario y comparar los resultad
OPTIMISTA
MODERADO
PESIMISTA
R ESCENARIOS
VANE TIRE