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Taller N° 4 AEA 555


Datos
  | 0 | 1 | 2 | 3 | 4 |
Flujo neto | -600.000 | 150.000 | 240.000 | 235.000 | 335.000 |
Rent mercado | 12,80% | | | | |
Cap Propio | 80% | | | | |Beta | 1,5 | | | | |
Renta B.C. | 5,9% anual | | | | |
i | 3% | | | | |
i ut | 20% | | | | |
Método | Francés 4 años | | | | |

a).- Calcule VAN Financiero y Económico || |
| | | | | |
| CAPM = Ke= | RF+(Rm - Rf)β | | |
| | 0,059 + (0128-0,059) | | |
| Ke= | 0,1625 | | | |
| | | | | |
| WACC =Ko= | (D/(D+P) * Kd) (1-Tc) +(P/(D+P) * Ke) | |
| | (Wd *Kd) (1-Tc) + (Wp * Ke) | |
| | (0,2 * 0,03) (1-0,2) + (0,8 * 0,1625) | |
| Ko= | 0,1348 | | | |
| | | | | |
VAN | -600.000 + | 150.000 + | 240.000 + |´235.000 + | 335.000 |
Económico | | (1+0,1343) | (1+0,1343)^2 | (1+0,1343)^3 | (1+0,1343)^4 |
| | | | | |

Van | 81.366,74 | | | | |
Económico | | | | | |
| | | | | || Tabla de amortización | | | |
| | | | | |
R= | VP * i | = | 120000*0,3 | = | 32283 |
| (1(1+i)¯ᶰ) | | (1-(1+0,03)¯⁴ | | |
| | | | | |
| | | | | |
Periodo |Cuota | Interés | Amortización | Saldo | |
0 |   |   |   | 120000 | |
1 | 32283 | 3600 | 28683 | 91317 | |
2 | 32283 | 2740 | 29543 | 61774 | |
3 | 32283 | 1853 | 39430 | 31344 | |
4 |32283 | 940 | 31344 | 0 | |
| | | | | |
| 0 | 1 | 2 | 3 | 4 |
Flujo neto | -600.000 | 150000 | 240000 | 235000 | 335000 |
(-) Interés | | -3.600 | -2.470 | -1.853 | -940 |
(-)amortización | -28.683 | -29.543 | -30.430 | -31.344 |
(+) Préstamo | 120.000 | | | | |
(+) Ben Trib |   | 720 | 548 | 371 | 188 |
(=) Flujo | -480.000 | 118.473 | 208.265 | 203.088 | 302.904 |Financiero | | | | | |
| | | | | |
Ke = | 0,1625 | | | | |
| | | | | |
VAN FINAN = | -480000 + | 118.473 + | 208.265 + | 303.088 + | 302.904 |
| | (1+0,1625) |...