Hoja110%Tasa 10%ao 0ao 1ao 2ao 3ao 4Flujo efectivo-$900$540$540$540-$200VAN$306.30TIR31%10%Tasa 10%ao 0ao 1ao 2ao 3ao 4Flujo efectivo-$900$600$600$600-$200VAN$455.51TIR40.12%TR1.50IR1.51

Hoja2

EstrategiaVentas al aoCostos produccinInversin inicialVenta de maquinariaFlujo de salida de efectivo inicial1$5,000,0000,95 $/paquete$9 000.000No hay reventaCosto de la maquinaria$9,000,0002$10,000,0001,40 $/paquete$15 000.000$ 3 000.000Flujo de salida de efectivo inicial$9,000,000Flujos de efectivo netos incrementales123Cambio neto en ingreso de operacin$4,750,000$5,035,000$5,337,100(-) incremento neto en cargos por depreciacin fiscal$3,000,000$3,000,000$3,000,000cambio neto en ingreso antes de impuestos$1,750,000$2,035,000$2,337,100incremento neto en impuesto-$595,000-$691,900-$794,614cambio neto en ingreso despus de impuestos$1,155,000$1,343,100$1,542,486incremento neto de cargo por depreciacin fiscal$3,000,000$3,000,000$3,000,000flujo de efectivo neto incremental$4,155,000$4,343,100$4,542,486flujo de efectivo incremental para ltimo ao$4,542,486valor de rescate$0impuesto por renta$0flujo de efectivo neto al final del ao$4,542,486ao 0ao 1ao 2ao 3Flujo de efectivo-$9,000,000$4,155,0004343100$4,542,486VAN$1,405,365.97EstrategiaVentas al aoCostos produccinInversin inicialVenta de maquinariaFlujo de salida de efectivo inicial150000000,95 $/paquete$9 000.000No hay reventaCosto de la maquinaria$15,000,0002100000001,40 $/paquete$15 000.000$ 3 000.000Flujo de salida de efectivo inicial$15,000,000Flujos de efectivo netos incrementales123Cambio neto en ingreso de operacin$9,500,000$10,070,000$10,674,200(-) incremento neto en cargos por depreciacin fiscal$5,000,000$5,000,000$5,000,000cambio neto en ingreso antes de impuestos$4,500,000$5,070,000$5,674,200incremento neto en impuesto-$1,530,000-$1,723,800-$1,929,228cambio neto en ingreso despus de impuestos$2,970,000$3,346,200$3,744,972incremento neto de cargo por depreciacin fiscal$5,000,000$5,000,000$5,000,000flujo de efectivo neto incremental$7,970,000$8,346,200$8,744,972flujo de efectivo incremental para ltimo ao$8,744,972valor de rescate$3,000,000impuesto por renta$1,020,000flujo de efectivo neto al final del ao$12,764,972ao 0ao 1ao 2ao 3Flujo de efectivo-$15,000,000$7,970,000$8,346,200$12,764,972VAN$7,855,465.90

Hoja3ao 0ao 1ao 2ao 3ao 4ao 5ao 6ao 7ao 8ao 9ao 10Ventas$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000Costo de operacin-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000Margen bruto$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000Depreciacin mquina-$100,000-$100,000-$100,000$0$0$0$0$0$0$0Utilidad antes de impuestos$1,150,000$1,150,000$1,150,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000Impuestos 30%-$345,000-$345,000-$345,000-$375,000-$375,000-$375,000-$375,000-$375,000-$375,000-$375,000Utilidad despus de impuestos$805,000$805,000$805,000$875,000$875,000$875,000$875,000$875,000$875,000$875,000Depreciacin mquina$100,000$100,000$100,000$0$0$0$0$0$0$0Inversin$0$0$0$0$0$0$0$0$0$0Capital de trabajo$0$0$0$0$0$0$0$0$0$0Valor en libros$0$0$0$0$0$0$0$0$0$0Flujo de caja libre$905,000$905,000$905,000$875,000$875,000$875,000$875,000$875,000$875,000$875,000ao 0ao 1ao 2ao 3ao 4ao 5ao 6ao 7ao 8ao 9ao 10Ventas$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000Ganacia extraordinaria$200,000$0$0$0$0$0$0$0$0$0$150,000Costo de operacin-$125,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000Margen bruto$75,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,950,000Depreciacin mquina$0-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000Utilidad antes de impuestos$75,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,650,000Impuestos 30%-$22,500-$450,000-$450,000-$450,000-$450,000-$450,000-$450,000-$450,000-$450,000-$450,000-$495,000Utilidad despus de impuestos$52,500$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,155,000Depreciacin mquina-$3,000,000$300,000$300,000$300,000$300,000$300,000$300,000$300,000$300,000$300,000$300,000Inversin$0$0$0$0$0$0$0$0$0$0$0Capital de trabajo$300,000$0$0$0$0$0$0$0$0$0$0Valor en libros$0$0$0$0$0$0$0$0$0$0$0Flujo de caja libre-$2,647,500$1,350,000$1,350,000$1,350,000$1,350,000$1,350,000$1,350,000$1,350,000$1,350,000$1,350,000$1,455,000Flujo de caja incremental-$2,647,500$445,000$445,000$445,000$475,000$475,000$475,000$475,000$475,000$475,000$580,000VAN 10%$237,045.86ao 0ao 1ao 2ao 3ao 4ao 5ao 6ao 7ao 8ao 9ao 10Ventas$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000$3,000,000Costo de operacin-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000-$1,750,000Margen bruto$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000Depreciacin mquina-$100,000-$100,000-$100,000$0$0$0$0$0$0$0Utilidad antes de impuestos$1,150,000$1,150,000$1,150,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000$1,250,000Impuestos 50%-$575,000-$575,000-$575,000-$625,000-$625,000-$625,000-$625,000-$625,000-$625,000-$625,000Utilidad despus de impuestos$575,000$575,000$575,000$625,000$625,000$625,000$625,000$625,000$625,000$625,000Depreciacin mquina$100,000$100,000$100,000$0$0$0$0$0$0$0Inversin$0$0$0$0$0$0$0$0$0$0Capital de trabajo$0$0$0$0$0$0$0$0$0$0Valor en libros$0$0$0$0$0$0$0$0$0$0Flujo de caja libre$675,000$675,000$675,000$625,000$625,000$625,000$625,000$625,000$625,000$625,000ao 0ao 1ao 2ao 3ao 4ao 5ao 6ao 7ao 8ao 9ao 10Ventas$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000$3,600,000Ganacia extraordinaria$200,000$0$0$0$0$0$0$0$0$0$150,000Costo de operacin-$125,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000-$1,800,000Margen bruto$75,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,800,000$1,950,000Depreciacin mquina$0-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000-$300,000Utilidad antes de impuestos$75,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,500,000$1,650,000Impuestos 50%-$37,500-$750,000-$750,000-$750,000-$750,000-$750,000-$750,000-$750,000-$750,000-$750,000-$825,000Utilidad despus de impuestos$37,500$750,000$750,000$750,000$750,000$750,000$750,000$750,000$750,000$750,000$825,000Depreciacin mquina-$3,000,000$300,000$300,000$300,000$300,000$300,000$300,000$300,000$300,000$300,000$300,000Inversin$0$0$0$0$0$0$0$0$0$0$0Capital de trabajo$300,000$0$0$0$0$0$0$0$0$0$0Valor en libros$0$0$0$0$0$0$0$0$0$0$0Flujo de caja libre-$2,662,500$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,050,000$1,125,000Flujo de caja incremental-$2,662,500$375,000$375,000$375,000$425,000$425,000$425,000$425,000$425,000$425,000$500,000VAN 10%-$146,485.83

Hoja42.5550.1250.8928571429

Hoja5Portafolio% en Ford% en Microsoft150502257537525FordMicrosoftRendimiento esperado 12%8%Desviacin estandar8%5%Retorno esperadoPortafolio 110%Portafolio 29%Portafolio 311%0.0004

RiPi(Ri*Pi)(Ri- )2(Pi)-0.50.25-0.1250.07562500.2500.0006250.20.250.050.0056250.50.250.1250.0506250.050.13250.3640054945